BMO Intermediate Tax-Free Fund MITFX

Filed pursuant to Rule 497(e) Registration No. 033-48907

BMO FUNDS, INC.

BMO Government Money Market Fund and BMO Prime Money Market Fund

Supplement dated February 9, 2015 to the Prospectus dated December 29, 2014

The information in the Prospectus under “Fund Summary – BMO Government Money Market Fund – Management of the Fund – Portfolio Managers” is replaced with the following:

Portfolio Managers. Peter J. Arts and Boyd R. Eager have co-managed the Fund since February 2012. Mr. Arts, Co-Head of Taxable Fixed Income, a Managing Director, and a Portfolio Manager of the Adviser, joined the Adviser in 1994. Mr. Eager, a Director and Portfolio Manager of the Adviser, joined the Adviser in 1996.

The information in the Prospectus under “Fund Summary – BMO Prime Money Market Fund – Management of the Fund – Portfolio Managers” is replaced with the following:

The information regarding the BMO Government Money Market Fund and the BMO Prime Money Market Fund in the Prospectus under “BMO Funds Information – Portfolio Managers” is replaced with the following:

Peter J. Arts and Boyd R. Eager have co-managed the GOVERNMENT MONEY MARKET FUND and the PRIME MONEY MARKET FUND since February 2012. Both members of the team share investment decision making responsibilities with respect to each Fund. The biographical information for Mr. Arts and Mr. Eager is described above.

Thank you for your investment in the BMO Funds. Please contact BMO Funds U.S. Services at 1-800-236-FUND for additional information.

Please retain this supplement with your Prospectus for future reference.

Filed pursuant to Rule 497(e) Registration No. 033-48907

BMO FUNDS, INC.

BMO Micro-Cap Fund

Supplement dated February 6, 2015 to the Prospectus and Summary Prospectus dated December 29, 2014

On February 4, 2015, the Board of Directors of BMO Funds, Inc. (the “Board”) approved a Plan of Liquidation (the “Plan”) for the BMO Micro-Cap Fund (the “Fund”), subject to shareholder approval, upon the recommendation of BMO Asset Management Corp. (the “Adviser”) to liquidate the Fund. After considering a variety of factors, the Board concluded that it was in the best interests of the Fund and its shareholders that the Fund be closed and liquidated.

Shareholders will receive a proxy statement discussing the Board’s decision to recommend liquidation of the Fund and requesting that shareholders vote to approve the Plan at a special meeting of shareholders. If the Plan is approved by shareholders, the Fund will be liquidated on or after the date of the shareholder meeting (the “Liquidation Date”). You may continue to purchase and redeem shares in the ordinary course, or exchange your shares for shares of other BMO Funds, until the Liquidation Date. Any shareholders who have not redeemed their shares prior to the Liquidation Date will have their shares redeemed in cash and will receive a check representing their proportionate interest in the net assets of the Fund as of the Liquidation Date. Shareholders (other than tax- qualified plans or tax-exempt accounts) will recognize gain or loss for tax purposes on the redemption of their Fund shares in the liquidation.

Important Information for Retirement Plan Investors If you are a retirement plan investor, you should consult your tax advisor regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account or a Simplified Employee Pension (SEP) IRA, you may roll the proceeds into another Individual Retirement Account within sixty (60) days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you receive a distribution from a 403(b)(7) Custodial Account (tax-sheltered account) or a Keogh account, you must roll the distribution into a similar type of retirement plan within sixty (60) days in order to avoid disqualification of your plan and the severe tax consequences that it can bring.

Thank you for your investment in the BMO Funds. Please contact BMO Funds U.S. Services at 1-800-236- FUND for additional information.

Please retain this supplement with your Prospectus for future reference. Filed pursuant to Rule 497(e) Registration No. 033-48907

BMO FUNDS, INC.

BMO International and BMO Equity Funds Global Funds BMO Fixed Income Funds BMO Low Volatility Equity Fund BMO Global Low BMO TCH Intermediate Volatility Equity Fund Income Fund

BMO Dividend Income Fund BMO Pyrford Global BMO Monegy High Yield Equity Fund Bond Fund

BMO Small-Cap Value Fund BMO LGM Emerging BMO Multi-Asset Income Markets Equity Fund Fund

BMO Small-Cap Core Fund BMO TCH Emerging Markets Bond Fund

(each, a “Fund” and collectively, the “Funds”)

Supplement dated February 6, 2015 to:

Investor Class (Class Y) Prospectus for the Funds dated December 29, 2014

On February 4, 2015, the Board of Directors (the “Board”) of BMO Funds, Inc. (the “Corporation”) voted to approve the redesignation and conversion of Class Y shares of each Fund listed above into Class A shares of the same Fund (the “Conversion”) pursuant to a plan of redesignation and conversion (the “Plan”), subject to shareholder approval. The Board also voted to approve one or more amendments to the Corporation’s Articles of Incorporation, as amended (the “Articles of Incorporation”), to terminate Class Y shares of the Funds.

Class Y shareholders of each Fund will be asked to approve the Conversion, as well as one or more amendments to the Articles of Incorporation to terminate the Class Y shares of the Funds, at a special meeting of shareholders. Class Y shareholders will receive a proxy statement describing in detail the Conversion and the Board’s consideration of the Conversion and the Plan, along with a proxy card and voting instructions.

If the Conversion is approved, any outstanding Class Y shares of a Fund on the date of redesignation and conversion will be automatically converted into Class A shares of the Fund. The Conversion will not be treated as a taxable event for federal income purposes.

Thank you for your investment in the BMO Funds. Please contact BMO Funds U.S. Services at 1-800-236- FUND for additional information.

Please retain this supplement with your Prospectus for future reference. Filed pursuant to Rule 497(e) Registration No. 033-48907

BMO FUNDS, INC.

BMO Small-Cap Growth Fund

Supplement dated February 6, 2015 to the Prospectus dated December 29, 2014

Effective immediately, the section entitled “Fund Closing” on page 31 of the Prospectus is deleted in its entirety.

Please retain this supplement with your Prospectus for future reference. Filed pursuant to Rule 497(e) Registration No. 033-48907

BMO FUNDS, INC.

Supplement dated February 6, 2015 to the Prospectuses dated December 29, 2014

Effective immediately, the third paragraph in the Prospectuses under “How to Buy Shares – How Do I Purchase Shares?” has been revised to read as follows:

The minimum investment for Class I shares does not apply to current employees of BMO Financial Corp. and its affiliates, the spouse or domestic partner or children of a current employee of BMO Financial Corp. or its affiliates, or to the directors of the BMO Funds, provided such persons purchase shares directly from the BMO Funds. Persons investing in Class I shares in this manner are not eligible to participate in the Systematic Investment Program or Checkwriting described in the tables below.

Please retain this supplement with your Prospectus for future reference. BMO Funds Prospectus

December 29, 2014

Investor Institutional Advisor Retirement Retirement Class Class Class Class Class (Class Y) (Class I) (Class A) (Class R3) (Class R6) Equity Funds BMO Low Volatility Equity Fund MLVYX MLVEX BLVAX BMO Dividend Income Fund MDIYX MDIVX BADIX BMO Large-Cap Value Fund MREIX MLVIX BALVX BMO Large-Cap Growth Fund MASTX MLCIX BALGX BMO Mid-Cap Value Fund MRVEX MRVIX BAMCX BMVDX BMVGX BMO Mid-Cap Growth Fund MRMSX MRMIX BGMAX BMGDX BMGGX BMO Small-Cap Value Fund MRSYX MRSNX BACVX BSVDX BSVGX BMO Small-Cap Core Fund BSCYX BSCNX BCCAX BMO Small-Cap Growth Fund MRSCX MSGIX BMO Micro-Cap Fund BMMYX BMMIX BMACX

International and Global Funds BMO Global Low Volatility Equity Fund BGLVX BGLBX BAEGX BMO Pyrford Global Equity Fund BGEYX BGENX BAGEX BMO Pyrford International Stock Fund MISYX MISNX BPIAX BISDX BISGX BMO LGM Emerging Markets Equity Fund MEMYX MIEMX BAEMX BMO TCH Emerging Markets Bond Fund MEBYX MEBIX BAMEX

Fixed Income Funds BMO Ultra Short Tax-Free Fund MUYSX MUISX BAUSX BMO Short Tax-Free Fund MTFYX MTFIX BASFX BMO Short-Term Income Fund MSINX MSIFX BTMAX BMO Intermediate Tax-Free Fund MITFX MIITX BITAX BMO Mortgage Income Fund MRGIX MGIIX BMTAX BMO TCH Intermediate Income Fund MAIBX MIBIX BAIIX BMO TCH Corporate Income Fund MCIYX MCIIX BATIX BMO TCH Core Plus Bond Fund MCYBX MCBIX BATCX BMO Monegy High Yield Bond Fund MHBYX MHBNX BMHAX BMO Multi-Asset Income Fund BMAYX BMANX BAMIX

Money Market Funds BMO Government Money Market Fund MGYXX MGNXX BMO Tax-Free Money Market Fund MTFXX MFIXX BMO Prime Money Market Fund MARXX MAIXX

Shares of the BMO Funds are not bank deposits or other obligations of, or issued, endorsed or guaranteed by, BMO Harris Bank N.A. 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 (FDIC), or any other government agency, and may lose value.

As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Table of Contents Fund Summary ...... 1 Equity Funds BMO Low Volatility Equity Fund...... 1 BMO Dividend Income Fund...... 5 BMO Large-Cap Value Fund...... 8 BMO Large-Cap Growth Fund...... 11 BMO Mid-Cap Value Fund...... 15 BMO Mid-Cap Growth Fund...... 19 BMO Small-Cap Value Fund...... 22 BMO Small-Cap Core Fund...... 26 BMO Small-Cap Growth Fund...... 29 BMO Micro-Cap Fund ...... 32

International and Global Funds BMO Global Low Volatility Equity Fund ...... 35 BMO Pyrford Global Equity Fund...... 38 BMO Pyrford International Stock Fund ...... 41 BMO LGM Emerging Markets Equity Fund ...... 45 BMO TCH Emerging Markets Bond Fund...... 49

Fixed Income Funds BMO Ultra Short Tax-Free Fund...... 52 BMO Short Tax-Free Fund...... 56 BMO Short-Term Income Fund...... 60 BMO Intermediate Tax-Free Fund...... 64 BMO Mortgage Income Fund ...... 68 BMO TCH Intermediate Income Fund...... 72 BMO TCH Corporate Income Fund ...... 76 BMO TCH Core Plus Bond Fund...... 80 BMO Monegy High Yield Bond Fund...... 84 BMO Multi-Asset Income Fund ...... 88

Money Market Funds BMO Government Money Market Fund...... 92 BMO Tax-Free Money Market Fund ...... 95 BMO Prime Money Market Fund...... 98

Additional Information Regarding Principal Investment Strategies and Risks ...... 101

How to Buy Shares ...... 112

How to Redeem and Exchange Shares...... 121

Additional Conditions for Redemption...... 124

Account and Share Information ...... 126

BMO Funds Information...... 130

BMO Large-Cap Low Volatility Alpha Composite...... 137

BMO Small-Cap Core Composite ...... 138

BMO Disciplined Micro-Cap Composite...... 139

BMO Global Low Volatility Alpha Composite...... 140

Pyrford International Equity (Base Currency US$) Composite..... 141

Financial Highlights...... 142 FUND SUMMARY BMO Low Volatility Equity Fund

Investment Objective: prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary To provide capital appreciation. expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from Fees and Expenses of the Fund exceeding 0.90% for Class Y, 0.65% for Class I, and 0.90% for Class A through December 31, 2015. This expense limitation agreement may not be termi- This table describes the fees and expenses that you may pay if nated prior to December 31, 2015 without the consent of the Fund’s Board you buy and hold shares of the Fund. You may qualify for sales of Directors, unless terminated due to the termination of the investment charge discounts if you and your family invest, or agree to invest advisory agreement. in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts is Example available from your financial professional and under “How to Buy This example is intended to help you compare the cost of inves- Shares – Sales Charge” on page 113 of this Prospectus and under ting in the Fund with the cost of investing in other funds. The “How to Buy Shares – Waivers and Reductions of Sales Charges – example assumes that you invest $10,000 in the Fund for the Class A Shares” beginning on page 114 of this Prospectus and time periods indicated and then redeem all of your shares at the “How to Buy Shares” beginning on page B-43 of the Fund’s end of those periods. The example also assumes that your Statement of Additional Information. investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the Shareholder Fees (fees paid same. The costs in the one-year example and for the first year of directly from your investment) Class Y Class I Class A the three-, five-, and ten-year examples reflect the Adviser’s Maximum Sales Charge (Load) agreement to waive fees and reimburse expenses through Imposed on Purchases (as a December 31, 2015. Although your actual costs and returns may percentage of offering price) None None 5.00% be higher or lower, based on these assumptions your costs would be: Maximum Deferred Sales Charge (Load) (as a Class Y Class I Class A percentage of shares 1Year $ 92 $ 66 $ 587 redeemed within 18 months of purchase)(1) None None 1.00% 3Years $ 338 $ 260 $ 822 Redemption Fee None None None 5Years $ 604 $ 470 $ 1,074 Annual Fund Operating Expenses (expenses that you pay each 10 Years $ 1,365 $ 1,074 $ 1,796 year as a percentage of the value of your investment) Portfolio Turnover Management Fees 0.50% 0.50% 0.50% The Fund incurs transaction costs, such as commissions, when it Distribution (12b-1) Fees None None 0.25% buys and sells securities (or turns over its portfolio). A higher Other Expenses(2) 0.64% 0.39% 0.39% portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a tax- Total Annual Fund Operating able account. These costs, which are not reflected in annual fund Expenses 1.14% 0.89% 1.14% operating expenses or in the example, affect the Fund’s Fee Waiver and Expense performance. During the most recent fiscal year, the Fund’s port- Reimbursement(3) (0.24)% (0.24)% (0.24)% folio turnover rate was 47% of the average value of its portfolio. Total Annual Fund Operating Principal Investment Strategies Expenses After Fee Waiver and The Fund invests at least 80% of its assets in a broadly diversified Expense Reimbursement(3) 0.90% 0.65% 0.90% portfolio of common stocks of large-sized U.S. companies similar (1)The Maximum Deferred Sales Charge on Class A shares is applied only to in size, at the time of purchase, to those within the Russell 1000® purchases of $1,000,000 or more that are redeemed within 18 months of purchase. Index. The largest company by market capitalization in the Russell 1000® Index was approximately $651.2 billion as of (2)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year. October 31, 2014 and the median market capitalization of companiesintheIndexasofthesamedatewasapproximately (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to $7.9 billion.

EQUITY FUNDS 1 BMO Low Volatility Equity Fund (cont.)

The Fund invests in stocks that exhibit less volatile stock price Models are susceptible to input errors that may cause the result- patterns when compared to stocks in the Russell 1000® Index. ing information to be incorrect. The Adviser selects low volatility, undervalued stocks using a Management Risks. The Adviser’s judgments about the attrac- unique, quantitative approach based on the Adviser’s multi- tiveness, value, level of expected volatility, and potential factor risk/return models. This strategy seeks to provide the Fund appreciation of the Fund’s investments may prove to be with lower downside risk and meaningful upside participation incorrect. Accordingly, no guarantee exists that the investment ® relative to the Russell 1000 Index. techniques used by the Fund’s managers will produce the From time to time, the Fund maintains a portion of its assets in desired results. In addition, the Adviser’s strategy may limit the cash. The Fund may increase its cash holdings in response to Fund’s gains in rising markets. market conditions or in the event attractive investment oppor- Quantitative Model Investment Risks. The success of a tunities are not available. quantitative investment model depends on the analyses and Principal Risks assessments that were used in developing such model. Incorrect analyses and assessments or inaccurate or incomplete data The Fund cannot assure that it will achieve its investment would adversely affect performance. There can be no assurance objective. An investment in the Fund is not a deposit of BMO that the Model will enable the Fund to achieve its investment Harris Bank N.A., or any of its affiliates, and is not insured or guar- objective. anteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by Portfolio Turnover Risks. A high portfolio rate (100% or more) investing in the Fund. In addition, the Fund is subject to the fol- may result in the realization and distribution to shareholders of a lowing risks. greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax Stock Market Risks. The Fund is subject to fluctuations in the liability. High portfolio turnover also may result in higher trans- stock market, which has periods of increasing and decreasing action costs, which may negatively affect Fund performance. values. Stocks are more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the Fund Performance financial condition of the companies in which the Fund invests The bar chart and table show the historical performance of the declines or if overall market and economic conditions deterio- Fund’s shares and provide some indication of the risks of inves- rate. If the value of the Fund’s investments goes down, you may ting in the Fund. The bar chart shows the Fund’s total returns lose money. before taxes for the 2013 calendar year, while the table com- Sector Risks. Companies with similar characteristics, such as pares the Fund’s average annual total returns to the returns of a those within the same industry, may be grouped together in broad measure of market performance and an index of funds broad categories called sectors. To the extent the Fund invests with similar investment objectives. Please keep in mind that past its assets in a particular sector, the Fund’s performance may be performance, before and after taxes, does not represent how the more susceptible to any economic, business, or other develop- Fund will perform in the future. Investors may obtain updated ments that generally affect that sector. performance information for the Fund at www.bmofunds.com. Style Risks. Investments in value stocks are subject to the risk Class Y—Annual Total Returns (calendar year 2013) that their intrinsic values may never be realized by the market, 30% that a stock judged to be undervalued may actually be 27.06% appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can 20% react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks). 10% Information Risks. When the quantitative models (“Models”) and information and data (“Data”) used in managing the Fund 0% prove to be incorrect or incomplete, any investment decisions 2013 made in reliance on the Models and Data may not produce the * The bar chart does not reflect the payment of any sales charges. If these desired results and the Fund may realize losses. The success of charges had been reflected, the returns shown would have been lower. Models that are predictive in nature is dependent largely upon The return for the Class Y shares of the Fund from January 1, 2014 through the accuracy and reliability of the supplied historical data. All September 30, 2014 was 7.53%.

2 EQUITY FUNDS BMO Low Volatility Equity Fund (cont.)

During the periods shown in the bar chart for the Fund: Management of the Fund Quarter Ended Returns Adviser. BMO Asset Management Corp. Best quarter 3/31/2013 13.47% Worst quarter 6/30/2013 1.90% Portfolio Managers. David A. Corris, Jason C. Hans, and Ernesto Average Annual Total Returns through 12/31/13(1) Ramos, Ph.D., co-manage the Fund. Mr. Corris, a Director and a Portfolio Manager of the Adviser, joined the Adviser in 2008 and Since has co-managed the Fund since April 2013. Mr. Hans, a Director 1Year Inception and a Portfolio Manager of the Adviser, joined the Adviser in Class Y (Inception 9/28/12) 2008 and has co-managed the Fund since its inception in 2012. Dr. Ramos, Head of Equities, a Managing Director, and a Portfolio Return Before Taxes 27.06% 19.05% Manager of the Adviser, joined the Adviser in 2005 and has co- Return After Taxes on Distributions 26.37% 18.54% managed the Fund since its inception in 2012. Return After Taxes on Distributions Purchase and Sale of Fund Shares and Sale of Fund Shares 15.62% 14.48% Minimums. To open an account, your first investment must be Class I (Inception 9/28/12) at least $1,000 for Class Y and Class A shares and $2,000,000 for Return Before Taxes 27.36% 19.37% Class I shares. For Class Y and Class A, the minimum subsequent Russell 1000® Index (reflects no purchase amount is $50. deduction for fees, expenses or taxes) 33.11% 25.83% You may sell (redeem) your shares of the Fund on any day the LLCCFI (reflects deduction of fees and no New York Stock Exchange is open for business using one of the deduction for sales charges or taxes) 31.82% 25.42% following methods, depending on the elections you made in (1)Because Class A shares have not been offered for a full calendar year, the your account application: information provided represents returns of Class Y and Class I shares. Class A Phone. Call 1-800-236-FUND (3863). shares (without the reflection of the payment of sales charges) would have substantially similar annual returns because the shares are invested in the Wire/Electronic Transfer. Upon written request sent to the same portfolio of securities. The performance of Class A shares (without the address below under “Mail,” redemption proceeds can be reflection of the payment of sales charges) will be the same as the Class Y shares because the Class A and Class Y shares have the same Total Annual directly deposited by Electronic Funds Transfer or wired to your Fund Operating Expenses. However, Class A shares do charge a front-end previously designated domestic commercial bank. sales charge, so the performance of Class A shares reflecting the payment of Mail. Send a written request, indicating your name, the Fund sales charges would be lower than Class Y shares. name, your account number, and the number of shares or the After-tax returns are calculated using the highest historical dollar amount you want to redeem, to: BMO Funds U.S. Services, individual marginal federal income tax rates and do not reflect P.O. Box 55931, Boston, MA 02205-5931. the effect of any applicable state and local taxes. Actual after-tax Systematic Withdrawal Program. If your account balance is at returns depend on an investor’s tax situation and may differ from least $10,000, you may have predetermined amounts of at least those shown. After-tax returns shown are not relevant to invest- $100 withdrawn from your account on a monthly or quarterly ors holding shares through tax-deferred programs, such as IRAs basis. or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I and Class A will vary. BMO Funds Website. Go to www.bmofunds.com. The Russell 1000® Index measures the performance of the large- Tax Information cap segment of the U.S. equity universe. It includes approx- The Fund intends to make distributions that may be taxed as imately 1,000 of the largest securities based on a combination of ordinary income or long-term capital gains for federal income their market cap and current index membership. tax purposes. The Lipper Large-Cap Core Funds Index (LLCCFI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.

EQUITY FUNDS 3 BMO Low Volatility Equity Fund (cont.)

Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

4 EQUITY FUNDS BMO Dividend Income Fund

Investment Objective: age commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary To provide capital appreciation and current income. course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class Y, 0.65% for Class I, and 0.90% for Class A through Fees and Expenses of the Fund December 31, 2015. This expense limitation agreement may not be terminated prior to December 31, 2015 without the consent of the Fund’s Board This table describes the fees and expenses that you may pay if of Directors, unless terminated due to the termination of the investment you buy and hold shares of the Fund. You may qualify for sales advisory agreement. charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Example Funds. More information about these and other discounts is This example is intended to help you compare the cost of inves- available from your financial professional and under “How to Buy ting in the Fund with the cost of investing in other funds. The Shares – Sales Charge” on page 113 of this Prospectus and under example assumes that you invest $10,000 in the Fund for the time “How to Buy Shares – Waivers and Reductions of Sales Charges – periods indicated and then redeem all of your shares at the end of Class A Shares” beginning on page 114 of this Prospectus and those periods. The example also assumes that your investment “How to Buy Shares” beginning on page B-43 of the Fund’s has a 5% return each year and that the Fund’s operating expenses Statement of Additional Information. are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three, five- and ten- Shareholder Fees (fees paid year examples reflect the Adviser’s agreement to waive fees and directly from your investment) Class Y Class I Class A reimburse expenses through December 31, 2015. Although your Maximum Sales Charge (Load) actual costs and returns may be higher or lower, based on these Imposed on Purchases (as a assumptions your costs would be: percentage of offering price) None None 5.00% Class Y Class I Class A Maximum Deferred Sales 1Year $ 92 $ 66 $ 587 Charge (Load) (as a percentage of shares 3Years $ 319 $ 240 $ 803 redeemed within 18 months 5Years $ 565 $ 429 $ 1,037 of purchase)(1) None None 1.00% 10 Years $ 1,269 $ 976 $ 1,706 Redemption Fee None None None Annual Fund Operating Expenses (expenses that you pay each Portfolio Turnover year as a percentage of the value of your investment) The Fund incurs transaction costs, such as commissions, when it Management Fees 0.50% 0.50% 0.50% buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and Distribution (12b-1) Fees None None 0.25% may result in higher taxes when Fund shares are held in a tax- Other Expenses(2) 0.55% 0.30% 0.30% able account. These costs, which are not reflected in annual fund Total Annual Fund Operating operating expenses or in the example, affect the Fund’s Expenses 1.05% 0.80% 1.05% performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 45% of the average value of its portfolio. Fee Waiver and Expense Reimbursement(3) (0.15)% (0.15)% (0.15)% Principal Investment Strategies Total Annual Fund Operating The Fund invests at least 80% of its net assets primarily in divi- Expenses After Fee Waiver and dend paying common stocks of large-sized U.S. companies sim- Expense Reimbursement(3) 0.90% 0.65% 0.90% ilar in size, at the time of purchase, to those within the Russell 1000® Value Index. The largest company by market capitalization (1)The Maximum Deferred Sales Charge on Class A shares is applied only to in the Russell 1000® Value Index was approximately $415.3 billion purchases of $1,000,000 or more that are redeemed within 18 months of purchase. as of October 31, 2014 and the median market capitalization of companies in the Index as of the same period was $7.3 billion. (2)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year. To provide both capital appreciation and current income, the (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its Adviser selects stocks using a unique, quantitative, value- investment advisory fee and reimburse expenses to the extent necessary to oriented approach, which focuses on companies with dividend prevent total annual operating expenses (excluding interest, taxes, broker- yields in excess of 1%.

EQUITY FUNDS 5 BMO Dividend Income Fund (cont.)

Principal Risks returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the The Fund cannot assure that it will achieve its investment returns of a broad measure of market performance and an index objective. An investment in the Fund is not a deposit of BMO of funds with similar investment objectives. Please keep in mind Harris Bank N.A., or any of its affiliates, and is not insured or guar- that past performance, before and after taxes, does not repre- anteed by the FDIC or any other government agency. The net sent how the Fund will perform in the future. Investors may asset value of the Fund will vary and you could lose money by obtain updated performance information for the Fund at investing in the Fund. In addition, the Fund is subject to the fol- www.bmofunds.com. lowing risks. Class Y—Annual Total Returns (calendar years 2012-2013) Stock Market Risks. The Fund is subject to fluctuations in the 30% stock market, which has periods of increasing and decreasing 28.49% values. Stocks are more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the 20% financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may 10% 11.55% lose money. Sector Risks. Companies with similar characteristics, such as 0% those within the same industry, may be grouped together in 2012 2013 broad categories called sectors. To the extent the Fund invests * The bar chart does not reflect the payment of any sales charges. If these its assets in a particular sector, the Fund’s performance may be charges had been reflected, the returns shown would have been lower. more susceptible to any economic, business, or other develop- The return for the Class Y shares of the Fund from January 1, 2014 through ments that generally affect that sector. September 30, 2014 was 8.76%. Income Risks. The Fund can only distribute to shareholders During the periods shown in the bar chart for the Fund: what it earns. Therefore, if the amount of interest and/or divi- Quarter Ended Returns dends the Fund receives from its investments declines, the Best quarter 3/31/2013 11.38% amount of dividends shareholders receive from the Fund will Worst quarter 6/30/2012 (0.57)% also decline. In addition, depending upon market conditions, Average Annual Total Returns through 12/31/13(1) income producing common stock that meets the Fund’s investment criteria may not be widely available and/or may be Since highly concentrated in only a few market sectors. This may limit 1Year Inception the ability of the Fund to produce current income. Class Y (Inception 12/29/11) Style Risks. Investments in value stocks are subject to the risk Return Before Taxes 28.49% 19.42% that their intrinsic values may never be realized by the market, Return After Taxes on Distributions 26.70% 18.36% that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even Return After Taxes on Distributions though in theory they are already undervalued. Value stocks can and Sale of Fund Shares 17.42% 15.09% react differently to issuer, political, market, and economic devel- Class I (Inception 12/29/11) opments than the market as a whole, and other types of stocks Return Before Taxes 28.76% 19.73% (e.g., growth stocks). Russell 1000® Value Index (reflects no Management Risks. The Adviser’s judgments about the attrac- deduction for fees, expenses or taxes) 32.53% 24.36% tiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee LEIFI (reflects deduction of fees and no exists that the investment techniques used by the Fund’s deduction for sales charges or taxes) 28.70% 20.69% managers will produce the desired results. (1)Because Class A shares have not been offered for a full calendar year, the information provided represents returns of Class Y and Class I shares. Class A Fund Performance shares (without the reflection of the payment of sales charges) would have The bar chart and table show the historical performance of the substantially similar annual returns because the shares are invested in the Fund’s shares and provide some indication of the risks of inves- same portfolio of securities. The performance of Class A shares (without the reflection of the payment of sales charges) will be the same as the Class Y ting in the Fund. The bar chart shows how the Fund’s total

6 EQUITY FUNDS BMO Dividend Income Fund (cont.)

shares because the Class A and Class Y shares have the same Total Annual Systematic Withdrawal Program. If your account balance is at Fund Operating Expenses. However, Class A shares do charge a front-end least $10,000, you may have predetermined amounts of at least sales charge, so the performance of Class A shares reflecting the payment of sales charges would be lower than Class Y shares. $100 withdrawn from your account on a monthly or quarterly basis. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect BMO Funds Website. Go to www.bmofunds.com. the effect of any applicable state and local taxes. Actual after-tax Tax Information returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to invest- The Fund intends to make distributions that may be taxed as ors holding shares through tax-deferred programs, such as IRAs ordinary income or long-term capital gains for federal income or 401(k) plans. After-tax returns are shown only for Class Y, and tax purposes. after-tax returns for Class I and Class A will vary. Payments to Broker-Dealers and Other The Russell 1000® Value Index (Russell 1000® Value) measures the Financial Intermediaries performance of those companies included in the Russell 1000® If you purchase shares of the Fund through a broker-dealer or Index with lower price-to-book ratios and lower forecasted other financial intermediary (such as a bank), the Fund and its growth values. related companies may pay the intermediary for the sale of The Lipper Equity Income Funds Index (LEIFI) tracks the total shares and related services. These payments may create a con- return performance of the 30 largest mutual funds included in flict of interest by influencing the broker-dealer or other this Lipper category. intermediary and your salesperson to recommend the Fund Management of the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information. Adviser. BMO Asset Management Corp. Portfolio Managers. Kenneth Conrad, Ph.D., and Casey J. Sambs have co-managed the Fund since April 2013. Dr. Conrad, a Vice President and a Portfolio Manager of the Adviser, joined the Adviser in 2008. Mr. Sambs, a Vice President and a Portfolio Manager of the Adviser, joined the Adviser in 2001. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

EQUITY FUNDS 7 BMO Large-Cap Value Fund

Investment Objective: Example To provide capital appreciation. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Fees and Expenses of the Fund example assumes that you invest $10,000 in the Fund for the This table describes the fees and expenses that you may pay if time periods indicated and then redeem all of your shares at the you buy and hold shares of the Fund. You may qualify for sales end of those periods. The example also assumes that your charge discounts if you and your family invest, or agree to invest investment has a 5% return each year and that the Fund’s in the future, at least $50,000 in Class A shares of certain BMO operating expenses are as shown in the table and remain the Funds. More information about these and other discounts is same. Although your actual costs and returns may be higher or available from your financial professional and under “How to Buy lower, based on these assumptions your costs would be: Shares – Sales Charge” on page 113 of this Prospectus and under “How to Buy Shares – Waivers and Reductions of Sales Charges – Class Y Class I Class A Class A Shares” beginning on page 114 of this Prospectus and 1Year $ 125 $ 100 $ 619 “How to Buy Shares” beginning on page B-43 of the Fund’s 3Years $ 390 $ 312 $ 871 Statement of Additional Information. 5Years $ 676 $ 542 $ 1,142 Shareholder Fees (fees paid 10 Years $ 1,489 $ 1,201 $ 1,914 directly from your investment) Class Y Class I Class A Maximum Sales Charge (Load) Portfolio Turnover Imposed on Purchases (as a The Fund incurs transaction costs, such as commissions, when it percentage of offering price) None None 5.00% buys and sells securities (or turns over its portfolio). A higher Maximum Deferred Sales portfolio turnover rate may indicate higher transaction costs and Charge (Load) (as a percentage may result in higher taxes when Fund shares are held in a tax- of shares redeemed within able account. These costs, which are not reflected in annual fund 18 months of purchase)(1) None None 1.00% operating expenses or in the example, affect the Fund’s Redemption Fee None None None performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 68% of the average value of its portfolio. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Principal Investment Strategies Management Fees 0.75% 0.75% 0.75% The Fund invests at least 80% of its assets in a broadly diversified portfolio of common stocks of large-sized U.S. companies similar Distribution (12b-1) Fees None None 0.25% in size, at the time of purchase, to those within the Russell 1000® Other Expenses(2) 0.48% 0.23% 0.23% Value Index. The largest company by market capitalization in the ® Total Annual Fund Operating Russell 1000 Value Index was approximately $415.3 billion as of October 31, 2014 and the median market capitalization of Expenses(3) 1.23% 0.98% 1.23% companies in the Index as of the same period was $7.3 billion. (1)The Maximum Deferred Sales Charge on Class A shares is applied only to The Adviser selects stocks using a unique, quantitative, value- purchases of $1,000,000 or more that are redeemed within 18 months of oriented approach. purchase. (2)“Other Expenses” for the Class A shares are based on estimated amounts for From time to time, the Fund maintains a portion of its assets in the current fiscal year. cash. The Fund may increase its cash holdings in response to (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its market conditions or in the event attractive investment oppor- investment advisory fee and reimburse expenses to the extent necessary to tunities are not available. prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary Principal Risks expenses, such as litigation and other expenses not incurred in the ordinary The Fund cannot assure that it will achieve its investment course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y, 0.99% for Class I, and 1.24% for Class A through objective. An investment in the Fund is not a deposit of BMO December 31, 2015. This expense limitation agreement may not be termi- Harris Bank N.A., or any of its affiliates, and is not insured or guar- nated prior to December 31, 2015 without the consent of the Fund’s Board anteed by the FDIC or any other government agency. The net of Directors, unless terminated due to the termination of the investment asset value of the Fund will vary and you could lose money by advisory agreement.

8 EQUITY FUNDS BMO Large-Cap Value Fund (cont.) investing in the Fund. In addition, the Fund is subject to the fol- Class Y—Annual Total Returns (calendar years 2004-2013) lowing risks. 40% Stock Market Risks. The Fund is subject to fluctuations in the 30% 33.72% 20% stock market, which has periods of increasing and decreasing 18.41% 10% 16.58% values. Stocks are more volatile than debt securities. The value of 9.97% 11.64% 10.72% equity securities purchased by the Fund may decline if the 0% 6.29% 5.75% (1.53)% financial condition of the companies in which the Fund invests -10% declines or if overall market and economic conditions deterio- -20% rate. If the value of the Fund’s investments goes down, you may -30% (32.50)% lose money. -40% 2004 2005 2006 2007 2008 2009 20102011 2012 2013 Sector Risks. Companies with similar characteristics, such as * The bar chart does not reflect the payment of any sales charges. If these those within the same industry, may be grouped together in charges had been reflected, the returns shown would have been lower. broad categories called sectors. To the extent the Fund invests The return for the Class Y shares of the Fund from January 1, 2014 through its assets in a particular sector, the Fund’s performance may be September 30, 2014 was 8.34%. more susceptible to any economic, business, or other developments that generally affect that sector. During the periods shown in the bar chart for the Fund: Style Risks. Investments in value stocks are subject to the risk Quarter Ended Returns Best quarter 9/30/2009 15.75% that their intrinsic values may never be realized by the market, Worst quarter 12/31/2008 (17.30)% that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even Average Annual Total Returns through 12/31/13(1) though in theory they are already undervalued. Value stocks can Since Class I react differently to issuer, political, market, and economic devel- Inception opments than the market as a whole, and other types of stocks 1 Year 5 Year 10 Year (1/31/08) (e.g., growth stocks). Class Y Management Risks. The Adviser’s judgments about the attrac- (Inception 9/30/93) tiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee Return Before Taxes 33.72% 13.67% 6.49% N.A. exists that the investment techniques used by the Fund’s Return After Taxes managers will produce the desired results. on Distributions 31.35% 13.12% 5.52% N.A. Fund Performance Return After Taxes on Distributions and The bar chart and table show the historical performance of the Sale of Fund Shares 20.88% 10.97% 5.23% N.A. Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total Class I returns before taxes have varied from year to year, while the (Inception 1/31/08) table compares the Fund’s average annual total returns to the Return Before Taxes 34.12% 13.96% N.A. 5.67% returns of a broad measure of market performance and an index Russell 1000® Value of funds with similar investment objectives. Please keep in mind (reflects no deduction for that past performance, before and after taxes, does not repre- fees, expenses or taxes) 32.53% 16.67% 7.58% 6.47% sent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at LMVFI (reflects www.bmofunds.com. deduction of fees and no deduction for sales charges or taxes) 34.78% 17.05% 6.85% 6.35% (1)Because Class A shares have not been offered for a full calendar year, the information provided represents returns of Class Y and Class I shares. Class A shares (without the reflection of the payment of sales charges) would have substantially similar annual returns because the shares are invested in the same portfolio of securities. The performance of Class A shares (without the reflection of the payment of sales charges) will be the same as the Class Y

EQUITY FUNDS 9 BMO Large-Cap Value Fund (cont.)

shares because the Class A and Class Y shares have the same Total Annual Mail. Send a written request, indicating your name, the Fund Fund Operating Expenses. However, Class A shares do charge a front-end name, your account number, and the number of shares or the sales charge, so the performance of Class A shares reflecting the payment of sales charges would be lower than Class Y shares. dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect Systematic Withdrawal Program. If your account balance is at the effect of any applicable state and local taxes. Actual after-tax least $10,000, you may have predetermined amounts of at least returns depend on an investor’s tax situation and may differ from $100 withdrawn from your account on a monthly or quarterly those shown. After-tax returns shown are not relevant to invest- basis. ors holding shares through tax-deferred programs, such as IRAs BMO Funds Website. Go to www.bmofunds.com. or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I and Class A will vary. Tax Information The Russell 1000® Value Index (Russell 1000® Value) measures the The Fund intends to make distributions that may be taxed as performance of those companies included in the Russell 1000® ordinary income or long-term capital gains for federal income Index with lower price-to-book ratios and lower forecasted tax purposes. growth values. Payments to Broker-Dealers and Other The Lipper Multi-Cap Value Funds Index (LMVFI) tracks the total Financial Intermediaries return performance of the 30 largest mutual funds included in this Lipper category. If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its Management of the Fund related companies may pay the intermediary for the sale of Adviser. BMO Asset Management Corp. shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other Portfolio Managers. David A. Corris, Jason C. Hans, and Ernesto intermediary and your salesperson to recommend the Fund Ramos, Ph.D., co-manage the Fund. Mr. Corris, a Director and a over another investment. Ask your salesperson or visit your Portfolio Manager of the Adviser, joined the Adviser in 2008 and financial intermediary’s website for more information. has co-managed the Fund since April 2013. Mr. Hans, a Director and a Portfolio Manager of the Adviser, joined the Adviser in 2008 and has co-managed the Fund since February 2012. Dr. Ramos, Head of Equities, a Managing Director, and a Portfolio Manager of the Adviser, joined the Adviser in 2005 and has co- managed the Fund since February 2012. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

10 EQUITY FUNDS BMO Large-Cap Growth Fund

Investment Objective: Example To provide capital appreciation. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Fees and Expenses of the Fund example assumes that you invest $10,000 in the Fund for the This table describes the fees and expenses that you may pay if time periods indicated and then redeem all of your shares at the you buy and hold shares of the Fund. You may qualify for sales end of those periods. The example also assumes that your charge discounts if you and your family invest, or agree to invest investment has a 5% return each year and that the Fund’s in the future, at least $50,000 in Class A shares of certain BMO operating expenses are as shown in the table and remain the Funds. More information about these and other discounts is same. Although your actual costs and returns may be higher or available from your financial professional and under “How to Buy lower, based on these assumptions your costs would be: Shares – Sales Charge” on page 113 of this Prospectus and under “How to Buy Shares – Waivers and Reductions of Sales Charges – Class Y Class I Class A Class A Shares” beginning on page 114 of this Prospectus and 1Year $ 126 $ 101 $ 620 “How to Buy Shares” beginning on page B-43 of the Fund’s 3Years $ 393 $ 315 $ 874 Statement of Additional Information. 5Years $ 681 $ 547 $ 1,147 Shareholder Fees (fees paid 10 Years $ 1,500 $ 1,213 $ 1,925 directly from your investment) Class Y Class I Class A Maximum Sales Charge (Load) Portfolio Turnover Imposed on Purchases (as a The Fund incurs transaction costs, such as commissions, when it percentage of offering price) None None 5.00% buys and sells securities (or turns over its portfolio). A higher Maximum Deferred Sales portfolio turnover rate may indicate higher transaction costs and Charge (Load) (as a percentage may result in higher taxes when Fund shares are held in a tax- of shares redeemed within able account. These costs, which are not reflected in annual fund 18 months of purchase)(1) None None 1.00% operating expenses or in the example, affect the Fund’s Redemption Fee None None None performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Principal Investment Strategies Management Fees 0.75% 0.75% 0.75% The Fund invests at least 80% of its assets in common stocks of large-sized U.S. companies similar in size, at the time of purchase, Distribution (12b-1) Fees None None 0.25% to those within the Russell 1000® Growth Index. The largest Other Expenses(2) 0.49% 0.24% 0.24% company by market capitalization in the Russell 1000® Growth Total Annual Fund Operating Index was approximately $651.2 billion as of October 31, 2014 and the median market capitalization of companies in the Index Expenses(3) 1.24% 0.99% 1.24% as of the same period was $8.8 billion. (1)The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of The Adviser selects stocks using a unique, quantitative, growth- purchase. oriented approach and looks for high quality companies with (2)“Other Expenses” for the Class A shares are based on estimated amounts for sustainable earnings growth that are available at reasonable the current fiscal year. prices based on the Adviser’s proprietary investment model. (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its From time to time, the Fund maintains a portion of its assets in investment advisory fee and reimburse expenses to the extent necessary to cash. The Fund may increase its cash holdings in response to prevent class total annual operating expenses (excluding interest, taxes, market conditions or in the event attractive investment oppor- brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary tunities are not available. course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y, 0.99% for Class I, and 1.24% for Class A through Principal Risks December 31, 2015. This expense limitation agreement may not be termi- The Fund cannot assure that it will achieve its investment nated prior to December 31, 2015 without the consent of the Fund’s Board objective. An investment in the Fund is not a deposit of BMO of Directors, unless terminated due to the termination of the investment advisory agreement.

EQUITY FUNDS 11 BMO Large-Cap Growth Fund (cont.)

Harris Bank N.A., or any of its affiliates, and is not insured or guar- Fund Performance anteed by the FDIC or any other government agency. The net The bar chart and table show the historical performance of the asset value of the Fund will vary and you could lose money by Fund’s shares and provide some indication of the risks of inves- investing in the Fund. In addition, the Fund is subject to the fol- ting in the Fund. The bar chart shows how the Fund’s total lowing risks. returns before taxes have varied from year to year, while the Stock Market Risks. The Fund is subject to fluctuations in the table compares the Fund’s average annual total returns to the stock market, which has periods of increasing and decreasing returns of a broad measure of market performance and an index values. Stocks are more volatile than debt securities. The value of of funds with similar investment objectives. Please keep in mind equity securities purchased by the Fund may decline if the that past performance, before and after taxes, does not repre- financial condition of the companies in which the Fund invests sent how the Fund will perform in the future. Investors may declines or if overall market and economic conditions deterio- obtain updated performance information for the Fund at rate. If the value of the Fund’s investments goes down, you may www.bmofunds.com. lose money. Class Y—Annual Total Returns (calendar years 2004-2013) Sector Risks. Companies with similar characteristics, such as 40% those within the same industry, may be grouped together in 30% 34.39% 33.70% broad categories called sectors. To the extent the Fund invests 20% its assets in a particular sector, the Fund’s performance may be 17.67% 10% 13.57% 14.44% more susceptible to any economic, business, or other develop- 8.96% 8.97% 0% 4.91% ments that generally affect that sector. (1.37)% -10% Style Risks. Due to their relatively high valuations, growth stocks -20% are typically more volatile than value stocks. Further, growth -30% (39.39)% stocks may not pay dividends or may pay lower dividends than -40% value stocks. This means they depend more on price changes for 2004 2005 2006 2007 2008 2009 20102011 2012 2013 returns and may be more adversely affected in a down market * The bar chart does not reflect the payment of any sales charges. If these compared to value stocks that pay higher dividends. charges had been reflected, the returns shown would have been lower. Management Risks. The Adviser’s judgments about the attrac- The return for the Class Y shares of the Fund from January 1, 2014 through September 30, 2014 was 8.85%. tiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee During the periods shown in the bar chart for the Fund: exists that the investment techniques used by the Fund’s Quarter Ended Returns managers will produce the desired results. Best quarter 9/30/2009 15.99% Worst quarter 12/31/2008 (22.17)% Information Risks. When the quantitative models (“Models”) and information and data (“Data”) used in managing the Fund prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Fund may realize losses. The success of Models that are predictive in nature is dependent largely upon the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors that may cause the resulting information to be incorrect. Quantitative Model Investment Risks. The success of a quantitative investment model depends on the analyses and assessments that were used in developing such model. Incorrect analyses and assessments or inaccurate or incomplete data would adversely affect performance. There can be no assurance that the Model will enable the Fund to achieve its investment objective.

12 EQUITY FUNDS BMO Large-Cap Growth Fund (cont.)

Average Annual Total Returns through 12/31/13(1) Management of the Fund Since Class I Adviser. BMO Asset Management Corp. Inception Portfolio Managers. David A. Corris, Jason C. Hans, and Ernesto 1 Year 5 Year 10 Year (1/31/08) Ramos, Ph.D., co-manage the Fund. Mr. Corris, a Director and a Class Y Portfolio Manager of the Adviser, joined the Adviser in 2008 and (Inception 11/20/92) has co-managed the Fund since April 2013. Mr. Hans, a Director Return Before Taxes 33.70% 19.00% 7.42% N.A. and a Portfolio Manager of the Adviser, joined the Adviser in 2008 and has co-managed the Fund since February 2012. Return After Taxes Dr. Ramos, Head of Equities, a Managing Director, and a Portfolio on Distributions 30.27% 18.11% 6.54% N.A. Manager of the Adviser, joined the Adviser in 2005 and has co- Return After Taxes managed the Fund since February 2012. on Distributions and Sale of Fund Shares 20.56% 15.42% 5.95% N.A. Purchase and Sale of Fund Shares Class I Minimums. To open an account, your first investment must be (Inception 1/31/08) at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent Return Before Taxes 34.05% 19.29% N.A. 8.72% purchase amount is $50. Russell 1000® Growth You may sell (redeem) your shares of the Fund on any day the (reflects no deduction for New York Stock Exchange is open for business using one of the fees, expenses or taxes) 33.48% 20.39% 7.83% 9.55% following methods, depending on the elections you made in LMLCGFI (reflects your account application: deduction of fees and no deduction for sales Phone. Call 1-800-236-FUND (3863). charges or taxes) 36.52% 20.53% 8.15% 8.22% Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be (1)Because Class A shares have not been offered for a full calendar year, the information provided represents returns of Class Y and Class I shares. Class A directly deposited by Electronic Funds Transfer or wired to your shares (without the reflection of the payment of sales charges) would have previously designated domestic commercial bank. substantially similar annual returns because the shares are invested in the Mail. Send a written request, indicating your name, the Fund same portfolio of securities. The performance of Class A shares (without the reflection of the payment of sales charges) will be the same as the Class Y name, your account number, and the number of shares or the shares because the Class A and Class Y shares have the same Total Annual dollar amount you want to redeem, to: BMO Funds U.S. Services, Fund Operating Expenses. However, Class A shares do charge a front-end P.O. Box 55931, Boston, MA 02205-5931. sales charge, so the performance of Class A shares reflecting the payment of sales charges would be lower than Class Y shares. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least After-tax returns are calculated using the highest historical $100 withdrawn from your account on a monthly or quarterly individual marginal federal income tax rates and do not reflect basis. the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from BMO Funds Website. Go to www.bmofunds.com. those shown. After-tax returns shown are not relevant to invest- Tax Information ors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and The Fund intends to make distributions that may be taxed as after-tax returns for Class I and Class A will vary. ordinary income or long-term capital gains for federal income tax purposes. The Russell 1000® Growth Index (Russell 1000® Growth) measures the performance of those companies included in the Russell 1000® Index with higher price-to-book ratios and higher forecasted growth values. The Lipper Multi-Cap Growth Funds Index (LMLCGFI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.

EQUITY FUNDS 13 BMO Large-Cap Growth Fund (cont.)

14 EQUITY FUNDS BMO Mid-Cap Value Fund

Investment Objective: (3)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment To provide capital appreciation. companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Fees and Expenses of the Fund Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales (4)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to charge discounts if you and your family invest, or agree to invest prevent class total annual operating expenses (excluding interest, taxes, in the future, at least $50,000 in Class A shares of certain BMO brokerage commissions, other investment-related costs, and extraordinary Funds. More information about these and other discounts is expenses, such as litigation and other expenses not incurred in the ordinary available from your financial professional and under “How to Buy course of the Fund’s business, and Acquired Fund Fees and Expenses) from Shares – Sales Charge” on page 113 of this Prospectus and under exceeding 1.24% for Class Y, 0.99% for Class I, 1.24% for Class A, 1.49% for Class R3, and 0.84% for Class R6 through December 31, 2015. This expense “How to Buy Shares – Waivers and Reductions of Sales Charges – limitation agreement may not be terminated prior to December 31, 2015 Class A Shares” beginning on page 114 of this Prospectus and without the consent of the Fund’s Board of Directors, unless terminated due “How to Buy Shares” beginning on page B-43 of the Fund’s to the termination of the investment advisory agreement. Statement of Additional Information. Example Shareholder Fees This example is intended to help you compare the cost of inves- (fees paid directly ting in the Fund with the cost of investing in other funds. The from your example assumes that you invest $10,000 in the Fund for the investment) Class Y Class I Class A Class R3 Class R6 time periods indicated and then redeem all of your shares at the Maximum Sales end of those periods. The example also assumes that your Charge (Load) investment has a 5% return each year and that the Fund’s Imposed on operating expenses are as shown in the table and remain the Purchases (as a same. Although your actual costs and returns may be higher or percentage of lower, based on these assumptions your costs would be: offering price) None None 5.00% None None Maximum Deferred Class Y Class I Class A Class R3 Class R6 Sales Charge (Load) 1Year $ 123 $ 98 $ 617 $ 149 $ 83 (as a percentage of shares redeemed 3Years $ 384 $ 306 $ 865 $ 462 $ 259 within 18 months of 5Years $ 665 $ 531 $ 1,132 $ 797 $ 450 purchase)(1) None None 1.00% None None 10 Years $ 1,466 $ 1,178 $ 1,893 $ 1,746 $ 1,002 Redemption Fee None None None None None Annual Fund Operating Expenses (expenses that you pay each year Portfolio Turnover as a percentage of the value of your investment) The Fund incurs transaction costs, such as commissions, when it Management Fees 0.69% 0.69% 0.69% 0.69% 0.69% buys and sells securities (or turns over its portfolio). A higher Distribution (12b-1) portfolio turnover rate may indicate higher transaction costs and Fees None None 0.25% 0.50% None may result in higher taxes when Fund shares are held in a tax- Other Expenses(2) 0.51% 0.26% 0.26% 0.26% 0.11% able account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s Acquired Fund Fees performance. During the most recent fiscal year, the Fund’s port- and Expenses(3) 0.01% 0.01% 0.01% 0.01% 0.01% folio turnover rate was 30% of the average value of its portfolio. Total Annual Fund Operating Principal Investment Strategies (4) Expenses 1.21% 0.96% 1.21% 1.46% 0.81% The Fund invests at least 80% of its assets in value-oriented (1)The Maximum Deferred Sales Charge on Class A shares is applied only to common stocks of medium-sized U.S. companies similar in size, purchases of $1,000,000 or more that are redeemed within 18 months of at the time of purchase, to those within the Russell Midcap® purchase. Value Index. The largest company by market capitalization in the (2)“Other Expenses” for the Class A, R3, and R6 shares are based on estimated Russell Midcap® Value Index was approximately $30.1 billion as amounts for the current fiscal year.

EQUITY FUNDS 15 BMO Mid-Cap Value Fund (cont.) of October 31, 2014 and the median market capitalization of Management Risks. The Adviser’s judgments about the attrac- companies in the Index as of the same period was $5.8 billion. tiveness, value, and potential appreciation of the Fund’s invest- The Adviser selects companies that exhibit traditional value ments may prove to be incorrect. Accordingly, no guarantee characteristics, such as a price-to-earnings ratio less than the S&P exists that the investment techniques used by the Fund’s 400® Index, higher-than-average dividend yields, or a lower- managers will produce the desired results. than-average price-to-book value. In addition, these companies Fund Performance may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings. The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of inves- Principal Risks ting in the Fund. The bar chart shows how the Fund’s total The Fund cannot assure that it will achieve its investment returns before taxes have varied from year to year, while the objective. An investment in the Fund is not a deposit of BMO table compares the Fund’s average annual total returns to the Harris Bank N.A., or any of its affiliates, and is not insured or guar- returns of a broad measure of market performance and an index anteed by the FDIC or any other government agency. The net of funds with similar investment objectives. Please keep in mind asset value of the Fund will vary and you could lose money by that past performance, before and after taxes, does not repre- investing in the Fund. In addition, the Fund is subject to the fol- sent how the Fund will perform in the future. Investors may lowing risks. obtain updated performance information for the Fund at www.bmofunds.com. Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing Class Y—Annual Total Returns (calendar years 2004-2013) values. Stocks are more volatile than debt securities. The value of 40% 36.63% 38.49% equity securities purchased by the Fund may decline if the 30%

20% 21.67% financial condition of the companies in which the Fund invests 19.09% 16.67% declines or if overall market and economic conditions deterio- 10% 13.88% 7.18% 0.75% 0% rate. If the value of the Fund’s investments goes down, you may (6.82)% lose money. -10% Sector Risks. Companies with similar characteristics, such as -20% -30% those within the same industry, may be grouped together in (37.17)% -40% broad categories called sectors. To the extent the Fund invests 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 its assets in a particular sector, the Fund’s performance may be * The bar chart does not reflect the payment of any sales charges. If these more susceptible to any economic, business, or other develop- charges had been reflected, the returns shown would have been lower. ments that generally affect that sector. The return for the Class Y shares of the Fund from January 1, 2014 through Style Risks. Investments in value stocks are subject to the risk September 30, 2014 was 5.46%. that their intrinsic values may never be realized by the market, During the periods shown in the bar chart for the Fund: that a stock judged to be undervalued may actually be Quarter Ended Returns appropriately priced, or that their prices may decline, even Best quarter 9/30/2009 21.90% though in theory they are already undervalued. Value stocks can Worst quarter 12/31/2008 (22.55)% react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks). Company Size Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

16 EQUITY FUNDS BMO Mid-Cap Value Fund (cont.)

Average Annual Total Returns through 12/31/13(1) The Lipper Mid-Cap Value Funds Index (LMCVFI) tracks the total return performance of the 30 largest mutual funds included in Since Class I this Lipper category. Inception 1 Year 5 Year 10 Year (1/31/08) Management of the Fund Class Y Adviser. BMO Asset Management Corp. (Inception 9/30/93) Portfolio Managers. Gregory S. Dirkse, Matthew B. Fahey, and Return Before Taxes 38.49% 20.64% 8.70% N.A. Brian J. Janowski co-manage the Fund. Mr. Dirkse, a Director and Return After Taxes on a Portfolio Manager of the Adviser, joined the Adviser in 1999 Distributions 33.96% 19.60% 7.41% N.A. and has co-managed the Fund since March 2011. Mr. Fahey, a Managing Director and a Portfolio Manager of the Adviser, Return After Taxes on joined the Adviser in 1984 and has co-managed the Fund since Distributions and June 1997. Mr. Janowski, a Director and a Portfolio Manager of Sale of Fund Shares 24.66% 16.85% 7.00% N.A. the Adviser, joined the Adviser in 2008 and has co-managed the Class I Fund since March 2011. (Inception 1/31/08) Purchase and Sale of Fund Shares Return Before Taxes 38.88% 20.94% N.A. 9.60% Minimums. To open an account, your first investment must be RMCVI (reflects no at least $1,000 for Class Y and Class A shares and $2,000,000 for deduction for fees, Class I shares. For Class Y and Class A, the minimum subsequent expenses or taxes) 33.46% 21.16% 10.26% 9.57% purchase amount is $50. LMCVFI (reflects Eligible retirement plans generally may open an account and deduction of fees and no purchase Class R3 and R6 shares by contacting BMO Funds U.S. deduction for sales Services. Please contact your plan administrator or recordkeeper charges or taxes) 36.38% 21.24% 9.42% 9.02% in order to sell (redeem) shares from your retirement plan. (1)Because Class A, Class R3, and Class R6 shares have not been offered for a You may sell (redeem) your shares of the Fund on any day the full calendar year, the information provided represents returns of Class Y and New York Stock Exchange is open for business using one of the Class I shares. Class A (without the reflection of the payment of sales charges), Class R3, and Class R6 shares would have substantially similar following methods, depending on the elections you made in annual returns because the shares are invested in the same portfolio of your account application: securities. The performance of Class A shares (without the reflection of the Phone. Call 1-800-236-FUND (3863). payment of sales charges) will be the same as the Class Y shares because the Class A and Class Y shares have the same Total Annual Fund Operating Wire/Electronic Transfer. Upon written request sent to the Expenses. However, Class A shares do charge a front-end sales charge, so address below under “Mail,” redemption proceeds can be the performance of Class A shares reflecting the payment of sales charges directly deposited by Electronic Funds Transfer or wired to your would be lower than Class Y shares. The performance of Class R3 and R6 shares will be different from the Class Y and Class I shares (Class R3 shares’ previously designated domestic commercial bank. performance will be lower and Class R6 shares’ performance will be higher) Mail. Send a written request, indicating your name, the Fund because they have different Total Annual Fund Operating Expenses. name, your account number, and the number of shares or the After-tax returns are calculated using the highest historical dollar amount you want to redeem, to: BMO Funds U.S. Services, individual marginal federal income tax rates and do not reflect P.O. Box 55931, Boston, MA 02205-5931. the effect of any applicable state and local taxes. Actual after-tax Systematic Withdrawal Program. If your account balance is at returns depend on an investor’s tax situation and may differ from least $10,000, you may have predetermined amounts of at least those shown. After-tax returns shown are not relevant to invest- $100 withdrawn from your account on a monthly or quarterly ors holding shares through tax-deferred programs, such as IRAs basis. or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I, Class A, Class R3, and Class R6 will vary. BMO Funds Website. Go to www.bmofunds.com. The Russell Midcap® Value Index (RMCVI) measures the perform- Tax Information ance of those companies included in the Russell Midcap® Index The Fund intends to make distributions that may be taxed as with lower price-to-book ratios and lower forecasted growth ordinary income or long-term capital gains for federal income values. Those companies are also included in the Russell 1000® tax purposes. Value Index.

EQUITY FUNDS 17 BMO Mid-Cap Value Fund (cont.)

18 EQUITY FUNDS BMO Mid-Cap Growth Fund

Investment Objective: prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary To provide capital appreciation. expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from Fees and Expenses of the Fund exceeding 1.24% for Class Y, 0.99% for Class I, 1.24% for Class A, 1.49% for Class R3, and 0.84% for Class R6 through December 31, 2015. This expense This table describes the fees and expenses that you may pay if limitation agreement may not be terminated prior to December 31, 2015 you buy and hold shares of the Fund. You may qualify for sales without the consent of the Fund’s Board of Directors, unless terminated due charge discounts if you and your family invest, or agree to invest to the termination of the investment advisory agreement. in the future, at least $50,000 in Class A shares of certain BMO Example Funds. More information about these and other discounts is available from your financial professional and under “How to Buy This example is intended to help you compare the cost of inves- Shares – Sales Charge” on page 113 of this Prospectus and under ting in the Fund with the cost of investing in other funds. The “How to Buy Shares – Waivers and Reductions of Sales Charges – example assumes that you invest $10,000 in the Fund for the Class A Shares” beginning on page 114 of this Prospectus and time periods indicated and then redeem all of your shares at the “How to Buy Shares” beginning on page B-43 of the Fund’s end of those periods. The example also assumes that your Statement of Additional Information. investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the Shareholder Fees same. Although your actual costs and returns may be higher or (fees paid directly lower, based on these assumptions your costs would be: from your investment) Class Y Class I Class A Class R3 Class R6 Class Y Class I Class A Class R3 Class R6 Maximum Sales 1Year $ 124 $ 99 $ 618 $ 150 $ 84 Charge (Load) 3Years $ 387 $ 309 $ 868 $ 465 $ 262 Imposed on Purchases (as a 5Years $ 670 $ 536 $ 1,137 $ 803 $ 455 percentage of 10 Years $ 1,477 $ 1,190 $ 1,903 $ 1,757 $ 1,014 offering price) None None 5.00% None None Maximum Deferred Portfolio Turnover Sales Charge (Load) (as a percentage of The Fund incurs transaction costs, such as commissions, when it shares redeemed buys and sells securities (or turns over its portfolio). A higher within 18 months of portfolio turnover rate may indicate higher transaction costs and purchase)(1) None None 1.00% None None may result in higher taxes when Fund shares are held in a tax- Redemption Fee None None None None None able account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s Annual Fund Operating Expenses (expenses that you pay each year performance. During the most recent fiscal year, the Fund’s port- as a percentage of the value of your investment) folio turnover rate was 57% of the average value of its portfolio. Management Fees 0.69% 0.69% 0.69% 0.69% 0.69% Principal Investment Strategies Distribution (12b-1) Fees None None 0.25% 0.50% None The Fund invests at least 80% of its assets in growth-oriented common stocks of medium-sized U.S. companies similar in size, Other Expenses(2) 0.53% 0.28% 0.28% 0.28% 0.13% at the time of purchase, to those within the Russell Midcap® Total Annual Fund Growth Index. The largest company by market capitalization in Operating the Russell Midcap® Growth Index was approximately $30.1 bil- (3) Expenses 1.22% 0.97% 1.22% 1.47% 0.82% lion as of October 31, 2014 and the median market capitalization (1)The Maximum Deferred Sales Charge on Class A shares is applied only to of companies in the Index as of the same period was $6.7 billion. purchases of $1,000,000 or more that are redeemed within 18 months of The Adviser selects stocks of companies with growth character- purchase. istics, including companies with above average earnings growth (2)“Other Expenses” for the Class A, R3, and R6 shares are based on estimated potential and companies where significant changes are taking amounts for the current fiscal year. place, such as new products, services, methods of distribution, or (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its overall business restructuring. investment advisory fee and reimburse expenses to the extent necessary to

EQUITY FUNDS 19 BMO Mid-Cap Growth Fund (cont.)

Principal Risks returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind The Fund cannot assure that it will achieve its investment that past performance, before and after taxes, does not repre- objective. An investment in the Fund is not a deposit of BMO sent how the Fund will perform in the future. Investors may Harris Bank N.A., or any of its affiliates, and is not insured or guar- obtain updated performance information for the Fund at anteed by the FDIC or any other government agency. The net www.bmofunds.com. asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the fol- Class Y—Annual Total Returns (calendar years 2004-2013) lowing risks. 40% 30% 33.64% 31.29% Stock Market Risks. The Fund is subject to fluctuations in the 28.83% 20% 24.54% stock market, which has periods of increasing and decreasing 16.95% 10% 11.98% 3.99% 9.01% values. Stocks are more volatile than debt securities. The value of 0% equity securities purchased by the Fund may decline if the -10% (3.07)% financial condition of the companies in which the Fund invests -20% declines or if overall market and economic conditions deterio- -30% (40.52)% rate. If the value of the Fund’s investments goes down, you may -40% -50% lose money. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sector Risks. Companies with similar characteristics, such as * The bar chart does not reflect the payment of any sales charges. If these those within the same industry, may be grouped together in charges had been reflected, the returns shown would have been lower. broad categories called sectors. To the extent the Fund invests The return for the Class Y shares of the Fund from January 1, 2014 through its assets in a particular sector, the Fund’s performance may be September 30, 2014 was 1.10%. more susceptible to any economic, business, or other develop- During the periods shown in the bar chart for the Fund: ments that generally affect that sector. Quarter Ended Returns Style Risks. Due to their relatively high valuations, growth stocks Best quarter 9/30/2010 17.17% are typically more volatile than value stocks. Further, growth Worst quarter 12/31/2008 (22.02)% stocks may not pay dividends or may pay lower dividends than Average Annual Total Returns through 12/31/13(1) value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market Since Class I compared to value stocks that pay higher dividends. Inception Company Size Risks. Generally, the smaller the market capital- 1 Year 5 Year 10 Year (1/31/08) ization of a company, the fewer the number of shares traded Class Y daily, the less liquid its stock, and the more volatile its price. (Inception 9/30/93) Companies with smaller market capitalizations also tend to have Return Before Taxes 28.83% 20.71% 9.19% N.A. unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and Return After Taxes on make these companies more likely to fail than companies with Distributions 23.88% 19.55% 8.58% N.A. larger market capitalizations. Return After Taxes on Management Risks. The Adviser’s judgments about the attrac- Distributions and Sale tiveness, value, and potential appreciation of the Fund’s invest- of Fund Shares 18.08% 16.75% 7.44% N.A. ments may prove to be incorrect. Accordingly, no guarantee Class I exists that the investment techniques used by the Fund’s (Inception 1/31/08) managers will produce the desired results. Return Before Taxes 29.11% 21.03% N.A. 9.72% Fund Performance RMCGI (reflects no deduction The bar chart and table show the historical performance of the for fees, expenses or taxes) 35.75% 23.38% 9.77% 9.98% Fund’s shares and provide some indication of the risks of inves- LMCGFI (reflects deduction of ting in the Fund. The bar chart shows how the Fund’s total fees and no deduction for returns before taxes have varied from year to year, while the sales charges or taxes) 36.52% 21.31% 9.49% 8.51% table compares the Fund’s average annual total returns to the

20 EQUITY FUNDS BMO Mid-Cap Growth Fund (cont.)

(1)Because Class A, Class R3, and Class R6 shares have not been offered for a You may sell (redeem) your shares of the Fund on any day the full calendar year, the information provided represents returns of Class Y and New York Stock Exchange is open for business using one of the Class I shares. Class A (without the reflection of the payment of sales charges), Class R3, and Class R6 shares would have substantially similar following methods, depending on the elections you made in annual returns because the shares are invested in the same portfolio of your account application: securities. The performance of Class A shares (without the reflection of the payment of sales charges) will be the same as the Class Y shares because the Phone. Call 1-800-236-FUND (3863). Class A and Class Y shares have the same Total Annual Fund Operating Wire/Electronic Transfer. Upon written request sent to the Expenses. However, Class A shares do charge a front-end sales charge, so address below under “Mail,” redemption proceeds can be the performance of Class A shares reflecting the payment of sales charges would be lower than Class Y shares. The performance of Class R3 and R6 directly deposited by Electronic Funds Transfer or wired to your shares will be different from the Class Y and Class I shares (Class R3 shares’ previously designated domestic commercial bank. performance will be lower and Class R6 shares’ performance will be higher) Mail. Send a written request, indicating your name, the Fund because they have different Total Annual Fund Operating Expenses. name, your account number, and the number of shares or the After-tax returns are calculated using the highest historical dollar amount you want to redeem, to: BMO Funds U.S. Services, individual marginal federal income tax rates and do not reflect P.O. Box 55931, Boston, MA 02205-5931. the effect of any applicable state and local taxes. Actual after-tax Systematic Withdrawal Program. If your account balance is at returns depend on an investor’s tax situation and may differ from least $10,000, you may have predetermined amounts of at least those shown. After-tax returns shown are not relevant to invest- $100 withdrawn from your account on a monthly or quarterly ors holding shares through tax-deferred programs, such as IRAs basis. or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I, Class A, Class R3, and Class R6 will vary. BMO Funds Website. Go to www.bmofunds.com. The Russell Midcap® Growth Index (RMCGI) measures the per- Tax Information formance of those companies included in the Russell Midcap® The Fund intends to make distributions that are expected to be Index with higher price-to-book ratios and higher forecasted taxed primarily as long-term capital gains for federal income tax growth values. Those companies are also included in the purposes. Russell 1000® Growth Index. The Lipper Mid-Cap Growth Funds Index (LMCGFI) tracks the Payments to Broker-Dealers and Other total return performance of the 30 largest mutual funds included Financial Intermediaries in this Lipper category. If you purchase shares of the Fund through a broker-dealer or Management of the Fund other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Adviser. BMO Asset Management Corp. shares and related services. These payments may create a con- Portfolio Managers. Patrick M. Gundlach and Kenneth S. Sal- flict of interest by influencing the broker-dealer or other mon co-manage the Fund. Mr. Gundlach, a Managing Director intermediary and your salesperson to recommend the Fund and a Portfolio Manager of the Adviser, joined the Adviser in over another investment. Ask your salesperson or visit your 2004 and has co-managed the Fund since July 2007. Mr. Salmon, financial intermediary’s website for more information. a Managing Director and a Portfolio Manager of the Adviser, joined the Adviser in 2000 and has co-managed the Fund since December 2004. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. Eligible retirement plans generally may open an account and purchase Class R3 and R6 shares by contacting BMO Funds U.S. Services. Please contact your plan administrator or recordkeeper in order to sell (redeem) shares from your retirement plan.

EQUITY FUNDS 21 BMO Small-Cap Value Fund

Investment Objective: (1)The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of To provide capital appreciation. purchase. Fees and Expenses of the Fund (2)“Other Expenses” for the Class A, R3, and R6 shares are based on estimated amounts for the current fiscal year. This table describes the fees and expenses that you may pay if (3)Acquired Fund Fees and Expenses represent the pro rata expense indirectly you buy and hold shares of the Fund. You may qualify for sales incurred by the Fund as a result of its investment in other investment charge discounts if you and your family invest, or agree to invest companies. Total Annual Fund Operating Expenses shown will not correlate in the future, at least $50,000 in Class A shares of certain BMO to the Fund’s ratio of expenses to average net assets appearing in the Funds. More information about these and other discounts is Financial Highlights tables, which do not include Acquired Fund Fees and available from your financial professional and under “How to Buy Expenses. Shares – Sales Charge” on page 113 of this Prospectus and under (4)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its “How to Buy Shares – Waivers and Reductions of Sales Charges – investment advisory fee and reimburse expenses to the extent necessary to Class A Shares” beginning on page 114 of this Prospectus and prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary “How to Buy Shares” beginning on page B-43 of the Fund’s expenses, such as litigation and other expenses not incurred in the ordinary Statement of Additional Information. course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y, 0.99% for Class I, 1.24% for Class A, 1.49% for Shareholder Fees (fees Class R3, and 0.84% for Class R6 through December 31, 2015. This expense paid directly from your limitation agreement may not be terminated prior to December 31, 2015 investment) Class Y Class I Class A Class R3 Class R6 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. Maximum Sales Charge (Load) Example Imposed on Purchases (as a percentage of This example is intended to help you compare the cost of inves- offering price) None None 5.00% None None ting in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the Maximum Deferred time periods indicated and then redeem all of your shares at the Sales Charge (Load) (as end of those periods. The example also assumes that your a percentage of shares redeemed within 18 investment has a 5% return each year and that the Fund’s months of purchase)(1) None None 1.00% None None operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of Redemption Fee None None None None None the three-, five-, and ten-year examples reflect the Adviser’s Annual Fund Operating Expenses (expenses that you pay each year agreement to waive fees and reimburse expenses through as a percentage of the value of your investment) December 31, 2015. Although your actual costs and returns may Management Fees 0.69% 0.69% 0.69% 0.69% 0.69% be higher or lower, based on these assumptions your costs would be: Distribution (12b-1) Fees None None 0.25% 0.50% None Class Y Class I Class A Class R3 Class R6 Other Expenses(2) 0.71% 0.46% 0.46% 0.46% 0.31% 1Year $ 127 $ 102 $ 621 $ 153 $ 87 Acquired Fund Fees 3Years $ 431 $ 353 $ 909 $ 508 $ 306 and Expenses(3) 0.01% 0.01% 0.01% 0.01% 0.01% 5Years $ 756 $ 623 $ 1,218 $ 887 $ 542 Total Annual Fund Operating Expenses 1.41% 1.16% 1.41% 1.66% 1.01% 10 Years $ 1,677 $ 1,395 $ 2,093 $ 1,952 $ 1,222 Fee Waiver and Expense Portfolio Turnover Reimbursement(4) (0.16)% (0.16)% (0.16)% (0.16)% (0.16)% The Fund incurs transaction costs, such as commissions, when it Total Annual Fund buys and sells securities (or turns over its portfolio). A higher Operating Expenses portfolio turnover rate may indicate higher transaction costs and After Fee Waiver and may result in higher taxes when Fund shares are held in a tax- Expense able account. These costs, which are not reflected in annual fund Reimbursement(4) 1.25% 1.00% 1.25% 1.50% 0.85% operating expenses or in the example, affect the Fund’s

22 EQUITY FUNDS BMO Small-Cap Value Fund (cont.) performance. During the most recent fiscal year, the Fund’s port- Small-Cap Company Risks. Generally, the smaller the market folio turnover rate was 43% of the average value of its portfolio. capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its Principal Investment Strategies price. Companies with smaller market capitalizations also tend to The Fund invests at least 80% of its assets in value oriented have unproven track records, a limited product or service base, common stocks of small-sized U.S. companies similar in size, at and limited access to capital. These factors also increase risks and the time of purchase, to those within the Russell 2000® Value make these companies more likely to fail than companies with Index. The largest company by market capitalization in the Rus- larger market capitalizations. ® sell 2000 Value Index was approximately $4.3 billion as of Management Risks. The Adviser’s judgments about the attrac- October 31, 2014 and the median market capitalization of tiveness, value, and potential appreciation of the Fund’s invest- companies in the Index as of the same period was $632 million. ments may prove to be incorrect. Accordingly, no guarantee The Adviser uses a disciplined investment process that identifies exists that the investment techniques used by the Fund’s companies that it believes have good value relative to their managers will produce the desired results. assets, sustainable cash flow, acceptable levels of debt, and Corporate Restructuring Risks. Securities of companies that potential for improving their business fundamentals. In addition, are involved in company turnarounds or corporate restructur- these companies may have under-appreciated assets, or be ings may present special risk because of the high degree of involved in company turnarounds or corporate restructurings. uncertainty that can be associated with such events. It is possible Principal Risks that the market price of securities of companies involved in company turnarounds or corporate restructurings may be sub- The Fund cannot assure that it will achieve its investment ject to significant and unpredictable fluctuations. objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guar- Fund Performance anteed by the FDIC or any other government agency. The net The bar chart and table show the historical performance of the asset value of the Fund will vary and you could lose money by Fund’s shares and provide some indication of the risks of inves- investing in the Fund. In addition, the Fund is subject to the fol- ting in the Fund. The bar chart shows how the Fund’s total lowing risks. returns before taxes have varied from year to year, while the Stock Market Risks. The Fund is subject to fluctuations in the table compares the Fund’s average annual total returns to the stock market, which has periods of increasing and decreasing returns of a broad measure of market performance and an index values. Stocks are more volatile than debt securities. The value of of funds with similar investment objectives. Please keep in mind equity securities purchased by the Fund may decline if the that past performance, before and after taxes, does not repre- financial condition of the companies in which the Fund invests sent how the Fund will perform in the future. Investors may declines or if overall market and economic conditions deterio- obtain updated performance information for the Fund at rate. If the value of the Fund’s investments goes down, you may www.bmofunds.com. lose money. Class Y—Annual Total Returns (calendar years 2012-2013) Sector Risks. Companies with similar characteristics, such as 40% those within the same industry, may be grouped together in 34.13% broad categories called sectors. To the extent the Fund invests 30% its assets in a particular sector, the Fund’s performance may be 25.54% more susceptible to any economic, business, or other develop- 20% ments that generally affect that sector. Style Risks. Investments in value stocks are subject to the risk 10% that their intrinsic values may never be realized by the mar- 0% ket, that a stock judged to be undervalued may actually be 2012 2013 appropriately priced, or that their prices may decline, even * The bar chart does not reflect the payment of any sales charges. If these though in theory they are already undervalued. Value stocks charges had been reflected, the returns shown would have been lower. can react differently to issuer, political, market, and economic The return for the Class Y shares of the Fund from January 1, 2014 through September 30, 2014 was (1.17)%. developments than the market as a whole, and other types of stocks (e.g., growth stocks).

EQUITY FUNDS 23 BMO Small-Cap Value Fund (cont.)

During the periods shown in the bar chart for the Fund: The Lipper Small-Cap Core Funds Index (LSCCFI) tracks the total Quarter Ended Returns return performance of the 30 largest funds included in this Best quarter 3/31/2013 13.89% category. Worst quarter 6/30/2012 (4.96)% Management of the Fund Average Annual Total Returns through 12/31/13(1) Adviser. BMO Asset Management Corp. Since Portfolio Managers. Gregory S. Dirkse, Matthew B. Fahey, and 1Year Inception Brian J. Janowski have co-managed the Fund since its inception Class Y (Inception 2/28/11) in 2011. Mr. Dirkse, a Director and a Portfolio Manager of the Return Before Taxes 34.13% 16.63% Adviser, joined the Adviser in 1999. Mr. Fahey, a Managing Director and a Portfolio Manager of the Adviser, joined the Return After Taxes on Distributions 29.83% 15.14% Adviser in 1984. Mr. Janowski, a Director and a Portfolio Manager Return After Taxes on Distributions of the Adviser, joined the Adviser in 2008. and Sale of Fund Shares 20.45% 12.66% Purchase and Sale of Fund Shares Class I (Inception 2/28/11) Minimums. To open an account, your first investment must be Return Before Taxes 34.41% 16.90% at least $1,000 for Class Y and Class A shares and $2,000,000 for Russell 2000® Value Index (reflects no Class I shares. For Class Y and Class A, the minimum subsequent deduction of fees, expenses or taxes) 34.52% 13.38% purchase amount is $50. LSCCFI (reflects deduction of fees and Eligible retirement plans generally may open an account and no deduction for sales charges or taxes) 36.13% 13.88% purchase Class R3 and R6 shares by contacting BMO Funds U.S. (1)Because Class A, Class R3, and Class R6 shares have not been offered for a Services. Please contact your plan administrator or recordkeeper full calendar year, the information provided represents returns of Class Y and in order to sell (redeem) shares from your retirement plan. Class I shares. Class A (without the reflection of the payment of sales You may sell (redeem) your shares of the Fund on any day the charges), Class R3, and Class R6 shares would have substantially similar annual returns because the shares are invested in the same portfolio of New York Stock Exchange is open for business using one of the securities. The performance of Class A shares (without the reflection of the following methods, depending on the elections you made in payment of sales charges) will be the same as the Class Y shares because the your account application: Class A and Class Y shares have the same Total Annual Fund Operating Expenses. However, Class A shares do charge a front-end sales charge, so Phone. Call 1-800-236-FUND (3863). the performance of Class A shares reflecting the payment of sales charges Wire/Electronic Transfer. Upon written request sent to the would be lower than Class Y shares. The performance of Class R3 and R6 address below under “Mail,” redemption proceeds can be shares will be different from the Class Y and Class I shares (Class R3 shares’ performance will be lower and Class R6 shares’ performance will be higher) directly deposited by Electronic Funds Transfer or wired to your because they have different Total Annual Fund Operating Expenses. previously designated domestic commercial bank. After-tax returns are calculated using the highest historical Mail. Send a written request, indicating your name, the Fund individual marginal federal income tax rates and do not reflect name, your account number, and the number of shares or the the effect of any applicable state and local taxes. Actual after-tax dollar amount you want to redeem, to: BMO Funds U.S. Services, returns depend on an investor’s tax situation and may differ from P.O. Box 55931, Boston, MA 02205-5931. those shown. After-tax returns shown are not relevant to invest- Systematic Withdrawal Program. If your account balance is at ors holding shares through tax-deferred programs, such as IRAs least $10,000, you may have predetermined amounts of at least or 401(k) plans. After-tax returns are shown only for Class Y, and $100 withdrawn from your account on a monthly or quarterly after-tax returns for Class I, Class A, Class R3, and Class R6 will vary. basis. The Russell 2000® Value Index is a market- weighted, value- BMO Funds Website. Go to www.bmofunds.com. oriented index of those small companies included in the Russell 2000® Index with lower price-to-book ratios and lower Tax Information forecasted growth values. The Fund intends to make distributions that may be taxed as ordinary income or long-term capital gains for federal income tax purposes.

24 EQUITY FUNDS BMO Small-Cap Value Fund (cont.)

EQUITY FUNDS 25 BMO Small-Cap Core Fund

Investment Objective: (3)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment To provide capital appreciation. companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Fees and Expenses of the Fund Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales (4)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to charge discounts if you and your family invest, or agree to invest prevent class total annual operating expenses (excluding interest, taxes, in the future, at least $50,000 in Class A shares of certain BMO brokerage commissions, other investment-related costs, and extraordinary Funds. More information about these and other discounts is expenses, such as litigation and other expenses not incurred in the ordinary available from your financial professional and under “How to Buy course of the Fund’s business, and Acquired Fund Fees and Expenses) from Shares – Sales Charge” on page 113 of this Prospectus and under exceeding 1.15% for Class Y, 0.90% for Class I, and 1.15% for Class A through December 31, 2015. This expense limitation agreement may not be termi- “How to Buy Shares – Waivers and Reductions of Sales Charges – nated prior to December 31, 2015 without the consent of the Fund’s Board Class A Shares” beginning on page 114 of this Prospectus and of Directors unless terminated due to the termination of the investment “How to Buy Shares” beginning on page B-43 of the Fund’s advisory agreement. Statement of Additional Information. Example Shareholder Fees (fees paid This example is intended to help you compare the cost of inves- directly from your investment) Class Y Class I Class A ting in the Fund with the cost of investing in other funds. The Maximum Sales Charge (Load) example assumes that you invest $10,000 in the Fund for the Imposed on Purchases (as a time periods indicated and then redeem all of your shares at the percentage of offering price) None None 5.00% end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s Maximum Deferred Sales operating expenses are as shown in the table and remain the Charge (Load) (as a same. The costs in the one-year example and for the first year of percentage of shares the three-, five-, and ten-year examples reflect the Adviser’s redeemed within 18 months agreement to waive fees and reimburse expenses through (1) of purchase) None None 1.00% December 31, 2015. Although your actual costs and returns may Redemption Fee None None None be higher or lower, based on these assumptions your costs Annual Fund Operating Expenses (expenses that you pay each would be: year as a percentage of the value of your investment) Class Y Class I Class A Management Fees 0.65% 0.65% 0.65% 1Year $ 118 $ 93 $ 612 Distribution (12b-1) Fees None None 0.25% 3Years $ 1,545 $ 1,475 $ 1,968 Other Expenses(2) 6.35% 6.10% 6.10% 5Years $ 2,915 $ 2,810 $ 3,269 Acquired Fund Fees and 10 Years $ 6,106 $ 5,946 $ 6,301 Expenses(3) 0.01% 0.01% 0.01% Total Annual Fund Operating Portfolio Turnover Expenses 7.01% 6.76% 7.01% The Fund incurs transaction costs, such as commissions, when it Fee Waiver and Expense buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and Reimbursement(4) (5.85)% (5.85)% (5.85)% may result in higher taxes when Fund shares are held in a tax- Total Annual Fund Operating able account. These costs, which are not reflected in annual fund Expenses After Fee Waiver and operating expenses or in the example, affect the Fund’s Expense Reimbursement(4) 1.16% 0.91% 1.16% performance. During the most recent fiscal period ended (1)The Maximum Deferred Sales Charge on Class A shares is applied only to August 31, 2014, the Fund’s portfolio turnover rate (not annual- purchases of $1,000,000 or more that are redeemed within 18 months of ized) was 43% of the average value of its portfolio. purchase. (2)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year.

26 EQUITY FUNDS BMO Small-Cap Core Fund (cont.)

Principal Investment Strategies Core Style Investing Risks. The returns on “core” securities may or may not move in tandem with the returns on other styles of The Fund invests at least 80% of its assets in a broadly diversified investing or the overall stock market. Thus, the value of the portfolio of common stocks of small-cap U.S. companies similar Fund’s investments will vary and at times may be lower or higher in size to those within the Russell 2000® Index. These small-cap than that of other types of investments. companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 2000® Index. Small-Cap Company Risks. Generally, the smaller the market The largest company by market capitalization in the Russell capitalization of a company, the fewer the number of shares 2000® Index was approximately $7.5 billion as of October 31, traded daily, the less liquid its stock, and the more volatile its 2014, and the median market capitalization of companies in the price. Companies with smaller market capitalizations also tend to Index as of the same period was $713 million. have unproven track records, a limited product or service base, The Fund pursues its investment objective in the small-cap sec- and limited access to capital. These factors also increase risks and tor by investing in a select group of small-cap companies make these companies more likely to fail than companies with believed to be undervalued relative to their future growth larger market capitalizations. potential. The Fund is designed to be a “core” fund that seeks to Information Risks. When the quantitative models (“Models”) combine both value and growth characteristics within the small- and information and data (“Data”) used in managing the Fund cap universe. The investment strategy focuses on company prove to be incorrect or incomplete, any investment decisions fundamentals by using a disciplined quantitative process to made in reliance on the Models and Data may not produce the identify companies that, in the Adviser’s opinion, exhibit improv- desired results and the Fund may realize losses. The success of ing investor interest, have a sustainable competitive advantage, Models that are predictive in nature is dependent largely upon have low financial risk, and will be able to outperform the market the accuracy and reliability of the supplied historical data. All over full market cycles. The quantitative process uses a multi- Models are susceptible to input errors that may cause the result- factor risk/return investment model based on internal research ing information to be incorrect. and extensive academic studies to select investments for the Management Risks. The Adviser’s judgments about the attrac- Fund. The model then ranks each stock in order of attractiveness. tiveness, value, and potential appreciation of the Fund’s invest- The Adviser periodically modifies the investment model based ments may prove to be incorrect. Accordingly, no guarantee upon its fundamental analysis of the output of the model and exists that the investment techniques used by the Fund’s the designated risk parameters. managers will produce the desired results. Principal Risks Quantitative Model Investment Risks. The success of a The Fund cannot assure that it will achieve its investment quantitative investment model depends on the analyses and objective. An investment in the Fund is not a deposit of BMO assessments that were used in developing such model. Incorrect Harris Bank N.A., or any of its affiliates, and is not insured or guar- analyses and assessments or inaccurate or incomplete data anteed by the FDIC or any other government agency. The net would adversely affect performance. There can be no assurance asset value of the Fund will vary and you could lose money by that the Model will enable the Fund to achieve its investment investing in the Fund. In addition, the Fund is subject to the fol- objective. lowing risks. Fund Performance Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing Performance information is not included because the Fund does values. Stocks are more volatile than debt securities. The value of not have one full calendar year of performance as of the date of equity securities purchased by the Fund may decline if the this Prospectus. financial condition of the companies in which the Fund invests Management of the Fund declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may Adviser. BMO Asset Management Corp. lose money. Portfolio Managers. Thomas Lettenberger and David A. Corris Sector Risks. Companies with similar characteristics, such as have co-managed the Fund since its inception in 2013. those within the same industry, may be grouped together in Mr. Lettenberger, a Portfolio Manager of the Adviser, joined the broad categories called sectors. To the extent the Fund invests Adviser in 2005. Mr. Corris, a Director and Portfolio Manager of its assets in a particular sector, the Fund’s performance may be the Adviser, joined the Adviser in 2008. more susceptible to any economic, business, or other developments that generally affect that sector.

EQUITY FUNDS 27 BMO Small-Cap Core Fund (cont.)

Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that may be taxed as ordinary income or long-term capital gains for federal income tax purposes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

28 EQUITY FUNDS BMO Small-Cap Growth Fund

Investment Objective: Class Y Class I To provide capital appreciation. 1Year $ 144 $ 118 Fees and Expenses of the Fund 3Years $ 446 $ 368 This table describes the fees and expenses that you may pay if 5Years $ 771 $ 638 you buy and hold shares of the Fund. 10 Years $ 1,691 $ 1,409

Shareholder Fees (fees paid directly from Portfolio Turnover your investment) Class Y Class I The Fund incurs transaction costs, such as commissions, when it Maximum Sales Charge (Load) Imposed buys and sells securities (or turns over its portfolio). A higher on Purchases None None portfolio turnover rate may indicate higher transaction costs and Redemption Fee None None may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund Annual Fund Operating Expenses (expenses that you pay each operating expenses or in the example, affect the Fund’s year as a percentage of the value of your investment) performance. During the most recent fiscal year, the Fund’s port- Management Fees 1.00% 1.00% folio turnover rate was 82% of the average value of its portfolio. Distribution (12b-1) Fees None None Principal Investment Strategies Other Expenses 0.40% 0.15% The Fund invests at least 80% of its assets in common stocks of Acquired Fund Fees and Expenses(1) 0.01% 0.01% small-sized U.S. companies similar in size, at the time of purchase, to those within the Russell 2000® Growth Index. The largest Total Annual Fund Operating Expenses(2) 1.41% 1.16% company by market capitalization in the Russell 2000® Growth (1)Acquired Fund Fees and Expenses represent the pro rata expense indirectly Index was approximately $7.5 billion as of October 31, 2014 and incurred by the Fund as a result of its investment in other investment the median market capitalization of companies in the Index as of companies. Total Annual Fund Operating Expenses shown will not correlate the same period was $821 million. to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and The Adviser selects stocks of companies with growth character- Expenses. istics, including companies with above-average earnings growth (2)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its potential and companies where significant changes are taking investment advisory fee and reimburse expenses to the extent necessary to place, such as new products, services, methods of distribution, or prevent class total annual operating expenses (excluding interest, taxes, overall business restructuring. brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary Principal Risks course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 1.44% for Class Y and 1.19% for Class I through December 31, The Fund cannot assure that it will achieve its investment 2015. This expense limitation agreement may not be terminated prior to objective. An investment in the Fund is not a deposit of BMO December 31, 2015 without the consent of the Fund’s Board of Directors, Harris Bank N.A., or any of its affiliates, and is not insured or guar- unless terminated due to the termination of the investment advisory anteed by the FDIC or any other government agency. The net agreement. asset value of the Fund will vary and you could lose money by Example investing in the Fund. In addition, the Fund is subject to the fol- This example is intended to help you compare the cost of inves- lowing risks. ting in the Fund with the cost of investing in other funds. The Stock Market Risks. The Fund is subject to fluctuations in the example assumes that you invest $10,000 in the Fund for the stock market, which has periods of increasing and decreasing time periods indicated and then redeem all of your shares at the values. Stocks are more volatile than debt securities. The value of end of those periods. The example also assumes that your equity securities purchased by the Fund may decline if the investment has a 5% return each year and that the Fund’s financial condition of the companies in which the Fund invests operating expenses are as shown in the table and remain the declines or if overall market and economic conditions deterio- same. Although your actual costs and returns may be higher or rate. If the value of the Fund’s investments goes down, you may lower, based on these assumptions your costs would be: lose money. Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in

EQUITY FUNDS 29 BMO Small-Cap Growth Fund (cont.) broad categories called sectors. To the extent the Fund invests During the periods shown in the bar chart for the Fund: its assets in a particular sector, the Fund’s performance may be Quarter Ended Returns more susceptible to any economic, business, or other develop- Best quarter 12/31/2011 19.81% ments that generally affect that sector. Worst quarter 9/30/2011 (24.00)% Style Risks. Due to their relatively high valuations, growth stocks Average Annual Total Returns through 12/31/13 are typically more volatile than value stocks. Further, growth Since Class I stocks may not pay dividends or may pay lower dividends than Inception value stocks. This means they depend more on price changes for 1 Year 5 Year 10 Year (1/31/08) returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends. Class Y (Inception 10/31/95) Small-Cap Company Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares Return Before Taxes 42.25% 25.00% 11.74% N.A. traded daily, the less liquid its stock, and the more volatile its Return After Taxes on price. Companies with smaller market capitalizations also tend to Distributions 36.25% 23.44% 10.25% N.A. have unproven track records, a limited product or service base, Return After Taxes on and limited access to capital. These factors also increase risks and Distributions and Sale make these companies more likely to fail than companies with of Fund Shares 25.17% 20.36% 9.36% N.A. larger market capitalizations. Class I Management Risks. The Adviser’s judgments about the attrac- (Inception 1/31/08) tiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee Return Before Taxes 42.58% 25.27% N.A. 12.49% exists that the investment techniques used by the Fund’s Russell 2000® Growth managers will produce the desired results. (reflects no deduction for Fund Performance fees, expenses or taxes) 43.30% 22.58% 9.41% 11.56% LSCGFI (reflects deduction The bar chart and table show the historical performance of the of fees and no deduction Fund’s shares and provide some indication of the risks of inves- for sales charges or taxes) 40.99% 22.20% 8.27% 9.76% ting in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the After-tax returns are calculated using the highest historical table compares the Fund’s average annual total returns to the individual marginal federal income tax rates and do not reflect returns of a broad measure of market performance and an index the effect of any applicable state and local taxes. Actual after-tax of funds with similar investment objectives. Please keep in mind returns depend on an investor’s tax situation and may differ from that past performance, before and after taxes, does not repre- those shown. After-tax returns shown are not relevant to invest- sent how the Fund will perform in the future. Investors may ors holding shares through tax-deferred programs, such as IRAs obtain updated performance information for the Fund at or 401(k) plans. After-tax returns are shown only for Class Y, and www.bmofunds.com. after-tax returns for Class I will vary. Class Y—Annual Total Returns (calendar years 2004-2013) The Russell 2000® Growth Index (Russell 2000® Growth) meas- 50% ures the performance of those companies included in the 40% 46.81% 42.25% Russell 2000® Index with higher price-to-book ratios and higher 35.59% 30% forecasted growth values. 20% 18.79% 16.67% 14.84% 10% 12.06% The Lipper Small-Cap Growth Funds Index (LSCGFI) tracks the 8.66% 0% total return performance of the 30 largest mutual funds included (3.82)% -10% in this Lipper category. -20% -30% -40% (42.50)% -50% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

The return for the Class Y shares of the Fund from January 1, 2014 through September 30, 2014 was (5.64)%

30 EQUITY FUNDS BMO Small-Cap Growth Fund (cont.)

Management of the Fund Fund Closing Adviser. BMO Asset Management Corp. Due to capacity constraints and related investment considerations, the Board of Directors of the Funds has approved the Portfolio Managers. Patrick M. Gundlach and Kenneth S. Sal- recommendation from the Adviser to limit new investors in the mon co-manage the Fund. Mr. Gundlach, a Managing Director Fund. Assets under management in the Adviser’s small-cap and a Portfolio Manager of the Adviser, joined the Adviser in growth strategy are approaching approximately $1.5 billion. 2004 and has co-managed the Fund since July 2007. Mr. Salmon, Accordingly, effective as of November 1, 2013 (the “Closing a Managing Director and a Portfolio Manager of the Adviser, Date”), the Fund was closed to new investors except as joined the Adviser in 2000 and has managed or co-managed the described below. Fund since April 2004. • Shareholders of the Fund, as a record or beneficial owner, as Purchase and Sale of Fund Shares of the Closing Date may continue to purchase additional Minimums. To open an account, your first investment must be Fund shares, including through reinvestment of dividends at least $1,000 for Class Y shares and $2,000,000 for Class I shares. and capital gains distributions and exchanges. For Class Y, the minimum subsequent purchase amount is $50. • Investors approved by the Fund prior to the Closing Date, You may sell (redeem) your shares of the Fund on any day the including financial advisors and retirement plans that have New York Stock Exchange is open for business using one of the approved the inclusion of the Fund as an investment option following methods, depending on the elections you made in for their existing and new clients or participants prior to the your account application: Closing Date, may purchase Fund shares following the Phone. Call 1-800-236-FUND (3863). Closing Date. Wire/Electronic Transfer. Upon written request sent to the • Wrap fee programs that purchased shares of the Fund on or address below under “Mail,” redemption proceeds can be before the Closing Date may purchase Fund shares directly deposited by Electronic Funds Transfer or wired to your following the Closing Date on behalf of existing and new previously designated domestic commercial bank. clients. Mail. Send a written request, indicating your name, the Fund • Investment advisors, banks, and trust companies that had an name, your account number, and the number of shares or the investment allocation to the Fund for a fee-based, wrap, dollar amount you want to redeem, to: BMO Funds U.S. Services, advisory, or other account as of the Closing Date may P.O. Box 55931, Boston, MA 02205-5931. purchase Fund shares following the Closing Date on behalf Systematic Withdrawal Program. If your account balance is at of existing and new clients. least $10,000, you may have predetermined amounts of at least • Fund-of-funds may purchase Fund shares following the $100 withdrawn from your account on a monthly or quarterly Closing Date. basis. BMO Funds Website. Go to www.bmofunds.com. • Directors of BMO Funds, Inc., employees of the Adviser and its affiliates, and their immediate household family members Tax Information may purchase Fund shares following the Closing Date. The Fund intends to make distributions that are expected to be • Customers of certain other financial intermediaries as taxed primarily as long-term capital gains for federal income tax approved by the Adviser may purchase Fund shares purposes. following the Closing Date. Payments to Broker-Dealers and Other The Adviser may, for any reason, make additional exceptions, Financial Intermediaries limit, reject or otherwise modify any exception, and reopen the Fund to new or existing shareholders at any time. If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

EQUITY FUNDS 31 BMO Micro-Cap Fund

Investment Objective: (3)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment To provide capital appreciation. companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Fees and Expenses of the Fund Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales (4)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to charge discounts if you and your family invest, or agree to invest prevent class total annual operating expenses (excluding interest, taxes, in the future, at least $50,000 in Class A shares of certain BMO brokerage commissions, other investment-related costs, and extraordinary Funds. More information about these and other discounts is expenses, such as litigation and other expenses not incurred in the ordinary available from your financial professional and under “How to Buy course of the Fund’s business, and Acquired Fund Fees and Expenses) from Shares – Sales Charge” on page 113 of this Prospectus and under exceeding 1.35% for Class Y, 1.10% for Class I, and 1.35% for Class A through December 31, 2015. This expense limitation agreement may not be termi- “How to Buy Shares – Waivers and Reductions of Sales Charges – nated prior to December 31, 2015 without the consent of the Fund’s Board Class A Shares” beginning on page 114 of this Prospectus and of Directors, unless terminated due to the termination of the investment “How to Buy Shares” beginning on page B-43 of the Fund’s advisory agreement. Statement of Additional Information. Example Shareholder Fees (fees paid This example is intended to help you compare the cost of inves- directly from your investment) Class Y Class I Class A ting in the Fund with the cost of investing in other funds. The Maximum Sales Charge (Load) example assumes that you invest $10,000 in the Fund for the Imposed on Purchases (as a time periods indicated and then redeem all of your shares at the percentage of offering price) None None 5.00% end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s Maximum Deferred Sales operating expenses are as shown in the table and remain the Charge (Load) (as a same. The costs in the one-year example and for the first year of percentage of shares the three-, five-, and ten-year examples reflect the Adviser’s redeemed within 18 months agreement to waive fees and reimburse expenses through (1) of purchase) None None 1.00% December 31, 2015. Although your actual costs and returns may Redemption Fee None None None be higher or lower, based on these assumptions your costs Annual Fund Operating Expenses (expenses that you pay each would be: year as a percentage of the value of your investment) Class Y Class I Class A Management Fees 0.90% 0.90% 0.90% 1Year $ 138 $ 113 $ 632 Distribution (12b-1) Fees None None 0.25% 3Years $ 1,489 $ 1,419 $ 1,914 Other Expenses(2) 5.71% 5.46% 5.46% 5Years $ 2,795 $ 2,689 $ 3,155 Acquired Fund Fees and 10 Years $ 5,881 $ 5,714 $ 6,087 Expenses(3) 0.01% 0.01% 0.01% Total Annual Fund Operating Portfolio Turnover Expenses 6.62% 6.37% 6.62% The Fund incurs transaction costs, such as commissions, when it Fee Waiver and Expense buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and Reimbursement(4) (5.26)% (5.26)% (5.26)% may result in higher taxes when Fund shares are held in a tax- Total Annual Fund Operating able account. These costs, which are not reflected in annual fund Expenses After Fee Waiver and operating expenses or in the example, affect the Fund’s Expense Reimbursement(4) 1.36% 1.11% 1.36% performance. During the most recent fiscal period ended (1)The Maximum Deferred Sales Charge on Class A shares is applied only to August 31, 2014, the Fund’s portfolio turnover rate (not annual- purchases of $1,000,000 or more that are redeemed within 18 months of ized) was 70% of the average value of its portfolio. purchase. (2)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year.

32 EQUITY FUNDS BMO Micro-Cap Fund (cont.)

Principal Investment Strategies increase risks and make these companies more likely to fail than companies with larger market capitalizations. The Fund invests at least 80% of its assets in a broadly diversified portfolio of common stocks of U.S. companies similar in size, at Management Risks. The Adviser’s judgments about the attrac- the time of purchase, to those within the Russell Microcap® tiveness, value, and potential appreciation of the Fund’s invest- Index. The largest company by market capitalization in the Rus- ments may prove to be incorrect. Accordingly, no guarantee sell Microcap® Index was approximately $2.8 billion as of exists that the investment techniques used by the Fund’s October 31, 2014 and the median market capitalization of managers will produce the desired results. companies in the Index as of the same period was $211 million. Corporate Restructuring Risks. Securities of companies that The Adviser uses a disciplined investment process that identifies are involved in company turnarounds or corporate restructur- companies that it believes have good value relative to their ings may present special risk because of the high degree of assets, sustainable cash flow, acceptable levels of debt, and uncertainty that can be associated with such events. It is possible potential for improving their business fundamentals. In addition, that the market price of securities of companies involved in these companies may have under-appreciated assets, or be company turnarounds or corporate restructurings may be sub- involved in company turnarounds or corporate restructurings. ject to significant and unpredictable fluctuations. Principal Risks Fund Performance The Fund cannot assure that it will achieve its investment Performance information is not included because the Fund does objective. An investment in the Fund is not a deposit of BMO not have one full calendar year of performance as of the date of Harris Bank N.A., or any of its affiliates, and is not insured or guar- this Prospectus. anteed by the FDIC or any other government agency. The net Management of the Fund asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the fol- Adviser. BMO Asset Management Corp. lowing risks. Portfolio Managers. David A. Corris and Thomas Lettenberger Stock Market Risks. The Fund is subject to fluctuations in the co-manage the Fund. Mr. Corris, a Director and Portfolio stock market, which has periods of increasing and decreasing Manager of the Adviser, joined the Adviser in 2008 and has co- values. Stocks are more volatile than debt securities. The value of managed the Fund since December 2013. Mr. Lettenberger, a equity securities purchased by the Fund may decline if the Portfolio Manager of the Adviser, joined the Adviser in 2005 and financial condition of the companies in which the Fund invests has co-managed the Fund since its inception in 2013. declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may Purchase and Sale of Fund Shares lose money. Minimums. To open an account, your first investment must be Sector Risks. Companies with similar characteristics, such as at least $1,000 for Class Y and Class A shares and $2,000,000 for those within the same industry, may be grouped together in Class I shares. For Class Y and Class A, the minimum subsequent broad categories called sectors. To the extent the Fund invests purchase amount is $50. its assets in a particular sector, the Fund’s performance may be You may sell (redeem) your shares of the Fund on any day the more susceptible to any economic, business, or other develop- New York Stock Exchange is open for business using one of the ments that generally affect that sector. following methods, depending on the elections you made in Micro-Cap Company Risks. Generally, micro-cap companies your account application: have fewer shares traded daily, less liquid stock, and more vola- Phone. Call 1-800-236-FUND (3863). tile prices than larger capitalization companies. Micro-cap Wire/Electronic Transfer. Upon written request sent to the companies are more vulnerable to adverse business or address below under “Mail,” redemption proceeds can be economic developments than companies with larger capital- directly deposited by Electronic Funds Transfer or wired to your izations. If the Fund wants to sell a large quantity of a micro-cap previously designated domestic commercial bank. company’s stock, it may have to sell at a lower price than the Adviser might prefer, or it may have to sell in smaller than Mail. Send a written request, indicating your name, the Fund desired quantities over a period of time. Micro-cap companies name, your account number, and the number of shares or the also tend to have unproven track records, limited management dollar amount you want to redeem, to: BMO Funds U.S. Services, experience, a limited product or service base, less publicly avail- P.O. Box 55931, Boston, MA 02205-5931. able information, and limited access to capital. These factors also

EQUITY FUNDS 33 BMO Micro-Cap Fund (cont.)

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that may be taxed as ordinary income or long-term capital gains for federal income tax purposes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

34 EQUITY FUNDS BMO Global Low Volatility Equity Fund

Investment Objective: (2)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year. To provide capital appreciation. (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its Fees and Expenses of the Fund investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, This table describes the fees and expenses that you may pay if brokerage commissions, other investment-related costs, and extraordinary you buy and hold shares of the Fund. You may qualify for sales expenses, such as litigation and other expenses not incurred in the ordinary charge discounts if you and your family invest, or agree to invest course of the Fund’s business, and Acquired Fund Fees and Expenses) from in the future, at least $50,000 in Class A shares of certain BMO exceeding 1.10% for Class Y, 0.85% for Class I, and 1.10% for Class A through December 31, 2015. This expense limitation agreement may not be termi- Funds. More information about these and other discounts is nated prior to December 31, 2015 without the consent of the Fund’s Board available from your financial professional and under “How to Buy of Directors, unless terminated due to the termination of the investment Shares – Sales Charge” on page 113 of this Prospectus and under advisory agreement. “How to Buy Shares – Waivers and Reductions of Sales Charges – Class A Shares” beginning on page 114 of this Prospectus and Example “How to Buy Shares” beginning on page B-43 of the Fund’s This example is intended to help you compare the cost of inves- Statement of Additional Information. ting in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the Shareholder Fees (fees paid time periods indicated and then redeem all of your shares at the directly from your end of those periods. The example also assumes that your investment) Class Y Class I Class A investment has a 5% return each year and that the Fund’s Maximum Sales Charge operating expenses are as shown in the table and remain the (Load) Imposed on same. The costs in the one-year example and for the first year of Purchases (as a percentage the three-, five-, and ten-year examples reflect the Adviser’s of offering price) None None 5.00% agreement to waive fees and reimburse expenses through Maximum Deferred Sales December 31, 2015. Although your actual costs and returns may Charge (Load) (as a be higher or lower, based on these assumptions your costs percentage of shares would be: redeemed within 18 Class Y Class I Class A months of purchase)(1) None None 1.00% 1Year $ 112 $ 87 $ 607 Redemption Fee (as a percentage of amount 3Years $ 2,687 $ 2,627 $ 3,053 redeemed, for shares held 5Years $ 4,842 $ 4,765 $ 5,100 less than 30 days) 2.00% 2.00% 2.00% Annual Fund Operating Expenses (expenses that you pay each 10 Years $ 8,815 $ 8,741 $ 8,874 year as a percentage of the value of your investment) Portfolio Turnover Management Fees 0.65% 0.65% 0.65% The Fund incurs transaction costs, such as commissions, when it Distribution (12b-1) Fees None None 0.25% buys and sells securities (or turns over its portfolio). A higher Other Expenses(2) 12.87% 12.62% 12.62% portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a tax- Total Annual Fund able account. These costs, which are not reflected in annual fund Operating Expenses 13.52% 13.27% 13.52% operating expenses or in the example, affect the Fund’s Fee Waiver and Expense performance. During the most recent fiscal period ended Reimbursement(3) (12.42)% (12.42)% (12.42)% August 31, 2014, the Fund’s portfolio turnover rate (not annual- Total Annual Fund ized) was 29% of the average value of its portfolio. Operating Expenses After Fee Waiver and Expense Principal Investment Strategies Reimbursement(3) 1.10% 0.85% 1.10% The Fund invests at least 80% of its assets in equity securities of companies located in the countries included, at the time of (1)The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase, in the MSCI All Country World Index, which includes purchase. 24 developed and 21 emerging market countries. The Fund

INTERNATIONAL AND GLOBAL FUNDS 35 BMO Global Low Volatility Equity Fund (cont.) normally invests at least 40% of its net assets in securities located its assets in a particular sector, the Fund’s performance may be outside the United States and will be diversified among at least more susceptible to any economic, business, or other develop- three countries. The Fund may invest in companies across all ments that generally affect that sector. market capitalizations. Management Risks. The Adviser’s judgments about the attrac- The Fund invests in a portfolio that exhibits less price volatility tiveness, value, level of expected volatility, and potential than the MSCI All Country World Index. The Adviser defines appreciation of the Fund’s investments may prove to be “volatility” as the standard deviation of the Fund’s returns com- incorrect. Accordingly, no guarantee exists that the investment pared to the standard deviation of the returns in the Index. techniques used by the Fund’s managers will produce the Under normal market conditions, the Adviser targets a range for desired results. In addition, the Adviser’s strategy may limit the the Fund that is 10–40% less volatile than the Index. Using a Fund’s gains in rising markets. unique, quantitative approach based on the Adviser’s multi- Foreign Securities Risks. Investing in foreign securities may factor risk/return models, the Adviser selects stocks that either involve additional risks, including currency-rate fluctuations, exhibit less price volatility than the Index and/or reduce the political and economic instability, differences in financial report- overall portfolio volatility due to their negative correlation to ing standards, less-strict regulation of the securities markets, and other stocks in the portfolio. This approach seeks to provide the possible imposition of foreign withholding taxes. Furthermore, Fund with lower downside risk and meaningful upside partic- the Fund may incur higher costs and expenses when making ipation relative to the Index. foreign investments, which will affect the Fund’s total return. In determining where a company is located, the Adviser relies on Emerging Markets Risks. Investments in emerging markets the country where the company is incorporated, but also may can involve risks in addition to and greater than those generally consider the country where the company’s revenues are derived associated with investing in more developed foreign markets, and the primary market listing for the class of shares to be pur- which may make emerging market securities more volatile and chased. Although the Fund invests primarily in companies potentially less liquid than securities issued in more developed located in countries included in the MSCI All Country World markets. Index, the Fund may invest up to 20% of its net assets in Company Size Risks. Generally, the smaller the market capital- companies located in countries not represented in this Index. ization of a company, the fewer the number of shares traded From time to time, the Fund maintains a portion of its assets in daily, the less liquid its stock, and the more volatile its price. cash. The Fund may increase its cash holdings in response to Companies with smaller market capitalizations also tend to have market conditions or in the event attractive investment oppor- unproven track records, a limited product or service base, and tunities are not available. limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with Principal Risks larger market capitalizations. The Fund cannot assure that it will achieve its investment Currency Risks. TotheextentthattheFundinvestsdirectlyin objective. An investment in the Fund is not a deposit of BMO foreign (non-U.S.) currencies or in securities denominated in, or Harris Bank N.A., or any of its affiliates, and is not insured or guar- that trade in, foreign (non-U.S.) currencies, it is subject to the risk anteed by the FDIC or any other government agency. The net that those currencies will decline in value relative to the U.S. dol- asset value of the Fund will vary and you could lose money by lar or, in the case of hedging positions, that the U.S. dollar will investing in the Fund. In addition, the Fund is subject to the fol- decline in value relative to the currency being hedged. lowing risks. Information Risks. When the quantitative models (“Models”) Stock Market Risks. The Fund is subject to fluctuations in the and information and data (“Data”) used in managing the Fund stock market, which has periods of increasing and decreasing prove to be incorrect or incomplete, any investment decisions values. Stocks are more volatile than debt securities. The value of made in reliance on the Models and Data may not produce the equity securities purchased by the Fund may decline if the desired results and the Fund may realize losses. The success of financial condition of the companies in which the Fund invests Models that are predictive in nature is dependent largely upon declines or if overall market and economic conditions deterio- the accuracy and reliability of the supplied historical data. All rate. If the value of the Fund’s investments goes down, you may Models are susceptible to input errors that may cause the result- lose money. ing information to be incorrect. Sector Risks. Companies with similar characteristics, such as Quantitative Model Investment Risks. The success of a those within the same industry, may be grouped together in quantitative investment model depends on the analyses and broad categories called sectors. To the extent the Fund invests assessments that were used in developing such model. Incorrect

36 INTERNATIONAL AND GLOBAL FUNDS BMO Global Low Volatility Equity Fund (cont.) analyses and assessments or inaccurate or incomplete data Tax Information would adversely affect performance. There can be no assurance The Fund intends to make distributions that are expected to be that the Model will enable the Fund to achieve its investment taxed primarily as long-term capital gains for federal income tax objective. purposes. Fund Performance Payments to Broker-Dealers and Other Performance information is not included because the Fund does Financial Intermediaries not have one full calendar year of performance as of the date of this Prospectus. If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its Management of the Fund related companies may pay the intermediary for the sale of Adviser. BMO Asset Management Corp. shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other Portfolio Managers. David A. Corris, Jay Kaufman, and Ernesto intermediary and your salesperson to recommend the Fund Ramos, Ph.D., co-manage the Fund. Mr. Corris, a Director and over another investment. Ask your salesperson or visit your Portfolio Manager of the Adviser, joined the Adviser in 2008 and financial intermediary’s website for more information. has co-managed the Fund since its inception in 2013. Mr. Kaufman, a Portfolio Manager of the Adviser, joined the Adviser and has co-managed the Fund since December 2013. Dr. Ramos, Head of Equities, a Managing Director, and a Portfolio Manager of the Adviser, joined the Adviser in 2005 and has co- managed the Fund since its inception in 2013. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com.

INTERNATIONAL AND GLOBAL FUNDS 37 BMO Pyrford Global Equity Fund

Investment Objective: (2)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year. To provide capital appreciation. (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its Fees and Expenses of the Fund investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, This table describes the fees and expenses that you may pay if brokerage commissions, other investment-related costs, and extraordinary you buy and hold shares of the Fund. You may qualify for sales expenses, such as litigation and other expenses not incurred in the ordinary charge discounts if you and your family invest, or agree to invest course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 1.15% for Class Y, 0.90% for Class I, and 1.15% for Class A through in the future, at least $50,000 in Class A shares of certain BMO December 31, 2015. This expense limitation agreement may not be termi- Funds. More information about these and other discounts is nated prior to December 31, 2015 without the consent of the Fund’s Board available from your financial professional and under “How to Buy of Directors unless terminated due to the termination of the investment Shares – Sales Charge” on page 113 of this Prospectus and under advisory agreement. “How to Buy Shares – Waivers and Reductions of Sales Charges – Class A Shares” beginning on page 114 of this Prospectus and Example “How to Buy Shares” beginning on page B-43 of the Fund’s This example is intended to help you compare the cost of inves- Statement of Additional Information. ting in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the Shareholder Fees (fees paid time periods indicated and then redeem all of your shares at the directly from your end of those periods. The example also assumes that your investment) Class Y Class I Class A investment has a 5% return each year and that the Fund’s Maximum Sales Charge operating expenses are as shown in the table and remain the (Load) Imposed on same. The costs in the one-year example and for the first year of Purchases (as a percentage the three-, five-, and ten-year examples reflect the Adviser’s of offering price) None None 5.00% agreement to waive fees and reimburse expenses through Maximum Deferred Sales December 31, 2015. Although your actual costs and returns may Charge (Load) (as a be higher or lower, based on these assumptions your costs percentage of shares would be: redeemed within 18 Class Y Class I Class A months of purchase)(1) None None 1.00% 1Year $ 117 $ 92 $ 611 Redemption Fee (as a percentage of amount 3Years $ 3,860 $ 3,810 $ 4,167 redeemed, for shares held 5Years $ 6,477 $ 6,426 $ 6,654 less than 30 days) 2.00% 2.00% 2.00% 10 Years $ 10,074 $ 10,055 $ 10,071 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover Management Fees 0.60% 0.60% 0.60% The Fund incurs transaction costs, such as commissions, when it Distribution (12b-1) Fees None None 0.25% buys and sells securities (or “turns over” its portfolio). A higher Other Expenses(2) 20.78% 20.53% 20.53% portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a tax- Total Annual Fund able account. These costs, which are not reflected in annual fund Operating Expenses 21.38% 21.13% 21.38% operating expenses or in the example, affect the Fund’s Fee Waiver and Expense performance. During the most recent fiscal period ended Reimbursement(3) (20.23)% (20.23)% (20.23)% August 31, 2014, the Fund’s portfolio turnover rate (not annual- Total Annual Fund ized) was 7% of the average value of its portfolio. Operating Expenses After Principal Investment Strategies Fee Waiver and Expense Reimbursement(3) 1.15% 0.90% 1.15% The Fund invests at least 80% of its assets in equity securities of U.S. and non-U.S. companies. The Fund normally invests at least (1)The Maximum Deferred Sales Charge on Class A shares is applied only to 40% of its net assets in securities of companies located outside of purchases of $1,000,000 or more that are redeemed within 18 months of purchase. the United States and will be diversified among a broad list of

38 INTERNATIONAL AND GLOBAL FUNDS BMO Pyrford Global Equity Fund (cont.) countries, which may include the United States. The Fund Management Risks. Pyrford’s judgments about the attractive- invests primarily in companies that are located in the countries ness, value, level of expected volatility, and potential apprecia- included in the MSCI World Index, which includes developed tion of the Fund’s investments may prove to be incorrect. countries outside of North America. Although the Fund may Accordingly, no guarantee exists that the investment techniques invest in companies across all market capitalizations, the Fund used by the Fund’s managers will produce the desired results. invests primarily in companies that, at the time of purchase, have Foreign Securities Risks. Investing in foreign securities may a minimum market capitalization of $2 billion. involve additional risks, including currency-rate fluctuations, The Fund’s sub-adviser is Pyrford International Ltd. (“Pyrford”), an political and economic instability, differences in financial report- affiliate of the Adviser. Pyrford seeks to minimize losses by ing standards, less-strict regulation of the securities markets, and adopting a highly defensive investment stance at times of per- possible imposition of foreign withholding taxes. Furthermore, ceived high risk, characterized by high valuation levels or high the Fund may incur higher costs and expenses when making levels of financial leverage. The Fund does not target a specific foreign investments, which will affect the Fund’s total return. volatility level, but aims to deliver volatility significantly below Emerging Markets Risks. Investments in emerging markets that of the MSCI World Index by being zero weight in any coun- can involve risks in addition to and greater than those generally try, sector, or stock that Pyrford believes has very poor value as associated with investing in more developed foreign markets, measured by established fundamental value metrics (such as which may make emerging market securities more volatile and dividend yields, return on equity, and P/E ratios). potentially less liquid than securities issued in more developed In determining the country designation of a particular company, markets. the sub-adviser primarily relies on the country where the com- Company Size Risks. Generally, the smaller the market capital- pany is incorporated, but also may consider the country where ization of a company, the fewer the number of shares traded the company’s revenues are derived and the primary market list- daily, the less liquid its stock, and the more volatile its price. ing for the class of shares to be purchased. Although the Fund Companies with smaller market capitalizations also tend to have invests primarily in companies that are included in the MSCI unproven track records, a limited product or service base, and World Index, the Fund may invest up to 20% of its net assets in limited access to capital. These factors also increase risks and companies designated to be in countries not represented in this make these companies more likely to fail than companies with index, including emerging market countries. larger market capitalizations. Principal Risks Currency Risks. TotheextentthattheFundinvestsdirectlyin foreign (non-U.S.) currencies or in securities denominated in, or The Fund cannot assure that it will achieve its investment that trade in, foreign (non-U.S.) currencies, it is subject to the risk objective. An investment in the Fund is not a deposit of BMO that those currencies will decline in value relative to the U.S. dol- Harris Bank N.A., or any of its affiliates, and is not insured or guar- lar or, in the case of hedging positions, that the U.S. dollar will anteed by the FDIC or any other government agency. The net decline in value relative to the currency being hedged. asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the fol- Fund Performance lowing risks. Performance information is not included because the Fund does Stock Market Risks. The Fund is subject to fluctuations in the not have one full calendar year of performance as of the date of stock market, which has periods of increasing and decreasing this Prospectus. values. Stocks are more volatile than debt securities. The value of Management of the Fund equity securities purchased by the Fund may decline if the Adviser. BMO Asset Management Corp. financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deterio- Sub-Adviser. Pyrford International Ltd., an affiliate of the Adviser. rate. If the value of the Fund’s investments goes down, you may Portfolio Managers. Suhail Arain, Bruce Campbell, Tony Cousins, lose money. Daniel McDonagh, and Paul Simons have co-managed the Fund Sector Risks. Companies with similar characteristics, such as since its inception in 2013. Mr. Arain, Head of Portfolio Manage- those within the same industry, may be grouped together in ment, North American Equities, joined Pyrford in 2008. broad categories called sectors. To the extent the Fund invests Mr. Campbell, Investment Chairman, founded Pyrford in 1982. its assets in a particular sector, the Fund’s performance may be Mr. Cousins, Chief Executive Officer and Chief Investment Officer, more susceptible to any economic, business, or other develop- joined Pyrford in 1989. Mr. McDonagh, Head of Portfolio ments that generally affect that sector. Management, Europe/UK, joined Pyrford in 1997. Mr. Simons, Head of Portfolio Management, Asia Pacific, joined Pyrford in 1996.

INTERNATIONAL AND GLOBAL FUNDS 39 BMO Pyrford Global Equity Fund (cont.)

40 INTERNATIONAL AND GLOBAL FUNDS BMO Pyrford International Stock Fund

Investment Objective: (1)The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of To provide capital appreciation. purchase. (2)“Other Expenses” for the Class A, R3, and R6 shares are based on estimated Fees and Expenses of the Fund amounts for the current fiscal year. This table describes the fees and expenses that you may pay if (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its you buy and hold shares of the Fund. You may qualify for sales investment advisory fee and reimburse expenses to the extent necessary to charge discounts if you and your family invest, or agree to invest prevent total annual operating expenses (excluding interest, taxes, broker- in the future, at least $50,000 in Class A shares of certain BMO age commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary Funds. More information about these and other discounts is course of the Fund’s business, and Acquired Fund Fees and Expenses) from available from your financial professional and under “How to Buy exceeding 1.24% for Class Y, 0.99% for Class I, 1.24% for Class A, 1.49% for Shares – Sales Charge” on page 113 of this Prospectus and under Class R3, and 0.84% for Class R6 through December 31, 2015. This expense “How to Buy Shares – Waivers and Reductions of Sales Charges – limitation agreement may not be terminated prior to December 31, 2015 Class A Shares” beginning on page 114 of this Prospectus and without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. “How to Buy Shares” beginning on page B-43 of the Fund’s Statement of Additional Information. Example Shareholder Fees (fees This example is intended to help you compare the cost of inves- paid directly from your ting in the Fund with the cost of investing in other funds. The investment) Class Y Class I Class A Class R3 Class R6 example assumes that you invest $10,000 in the Fund for the Maximum Sales time periods indicated and then redeem all of your shares at the Charge (Load) end of those periods. The example also assumes that your Imposed on Purchases investment has a 5% return each year and that the Fund’s (as a percentage of operating expenses are as shown in the table and remain the offering price) None None 5.00% None None same. The costs in the one-year example and for the first year of Maximum Deferred the three-, five-, and ten-year examples reflect the Adviser’s Sales Charge (Load) (as a percentage of agreement to waive fees and reimburse expenses through shares redeemed December 31, 2015. Although your actual costs and returns may within 18 months of be higher or lower, based on these assumptions your costs purchase)(1) None None 1.00% None None would be: Redemption Fee (as a percentage of amount Class Y Class I Class A Class R3 Class R6 redeemed, for shares held less than 30 days) 2.00% 2.00% 2.00% None None 1Year $ 126 $ 101 $ 620 $ 152 $ 86 Annual Fund Operating Expenses (expenses that you pay each year 3Years $ 400 $ 322 $ 880 $ 490 $ 287 as a percentage of the value of your investment) 5Years $ 694 $ 560 $ 1,159 $ 852 $ 506 Management Fees 0.74% 0.74% 0.74% 0.74% 0.74% 10 Years $ 1,531 $ 1,245 $ 1,955 $ 1,871 $ 1,135 Distribution (12b-1) Fees None None 0.25% 0.50% None Portfolio Turnover Other Expenses(2) 0.53% 0.28% 0.28% 0.28% 0.13% The Fund incurs transaction costs, such as commissions, when it Total Annual Fund Operating Expenses 1.27% 1.02% 1.27% 1.52% 0.87% buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and Fee Waiver and Expense may result in higher taxes when Fund shares are held in a tax- Reimbursement(3) (0.03)% (0.03)% (0.03)% (0.03)% (0.03)% able account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s Total Annual Fund Operating Expenses performance. During the most recent fiscal year, the Fund’s port- After Fee Waiver folio turnover rate was 6% of the average value of its portfolio. and Expense Reimbursement(3) 1.24% 0.99% 1.24% 1.49% 0.84% Principal Investment Strategies The Fund invests at least 80% of its assets in equity securities of companies located in a number of countries outside the United

INTERNATIONAL AND GLOBAL FUNDS 41 BMO Pyrford International Stock Fund (cont.)

States. The Fund invests primarily in companies that are located Stock Market Risks. The Fund is subject to fluctuations in the in the countries included, at the time of purchase, in the MSCI stock market, which has periods of increasing and decreasing EAFE Index, which includes developed countries outside of values. Stocks are more volatile than debt securities. The value of North America. Although the Fund may invest in companies equity securities purchased by the Fund may decline if the across all market capitalizations, the Fund invests primarily in financial condition of the companies in which the Fund invests companies that, at the time of purchase, have a minimum mar- declines or if overall market and economic conditions deterio- ket capitalization of $2 billion. rate. If the value of the Fund’s investments goes down, you may The Fund’s sub-adviser is Pyrford International Ltd. (“Pyrford”). lose money. Pyrford seeks to minimize losses by adopting a highly defensive Small-Cap Company Risks. Generally, the smaller the market investment stance at times of perceived high risk, characterized capitalization of a company, the fewer the number of shares by high valuation levels or high levels of financial leverage. The traded daily, the less liquid its stock, and the more volatile its Fund does not target a specific volatility level, but aims to deliver price. Companies with smaller market capitalizations also tend to volatility significantly below that of the MSCI EAFE Index by have unproven track records, a limited product or service base, being zero weight in any country, sector, or stock that Pyrford and limited access to capital. These factors also increase risks and believes has very poor value as measured by established make these companies more likely to fail than companies with fundamental value metrics (such as dividend yields, return on larger market capitalizations. equity, and P/E ratios). Currency Risks. TotheextentthattheFundinvestsdirectlyin In determining where a company is located, the sub-adviser foreign (non-U.S.) currencies or in securities denominated in, or primarily relies on the country where the company is that trade in, foreign (non-U.S.) currencies, it is subject to the risk incorporated, but also may consider the country where the that those currencies will decline in value relative to the U.S. dol- company’s revenues are derived and the primary market listing lar or, in the case of hedging positions, that the U.S. dollar will for the class of shares to be purchased. Although the Fund decline in value relative to the currency being hedged. invests primarily in companies that are included in the MSCI Sector Risks. Companies with similar characteristics, such as EAFE Index, the Fund may invest up to 20% of its net assets in those within the same industry, may be grouped together in companies located in countries not represented in this index, broad categories called sectors. To the extent the Fund invests including emerging market countries. its assets in a particular sector, the Fund’s performance may be Principal Risks more susceptible to any economic, business, or other developments that generally affect that sector. The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Management Risks. Pyrford’s judgments about the attractive- Harris Bank N.A., or any of its affiliates, and is not insured or guar- ness, value, and potential appreciation of the Fund’s investments anteed by the FDIC or any other government agency. The net may prove to be incorrect. Accordingly, no guarantee exists that asset value of the Fund will vary and you could lose money by the investment techniques used by the Fund’s managers will investing in the Fund. In addition, the Fund is subject to the fol- produce the desired results. lowing risks. Fund Performance Foreign Securities Risks. Investing in foreign securities may The bar chart and table show the historical performance of the involve additional risks, including currency-rate fluctuations, Fund’s shares and provide some indication of the risks of inves- political and economic instability, differences in financial report- ting in the Fund. The bar chart shows how the Fund’s total ing standards, less-strict regulation of the securities markets, and returns before taxes have varied from year to year, while the possible imposition of foreign withholding taxes. Furthermore, table compares the Fund’s average annual total returns to the the Fund may incur higher costs and expenses when making returns of a broad measure of market performance and an index foreign investments, which will affect the Fund’s total return. of funds with similar investment objectives. Please keep in mind Emerging Markets Risks. Investments in emerging markets that past performance, before and after taxes, does not repre- can involve risks in addition to and greater than those generally sent how the Fund will perform in the future. Investors may associated with investing in more developed foreign markets, obtain updated performance information for the Fund at which may make emerging market securities more volatile and www.bmofunds.com. potentially less liquid than securities issued in more developed markets.

42 INTERNATIONAL AND GLOBAL FUNDS BMO Pyrford International Stock Fund (cont.)

Class Y—Annual Total Returns (calendar years 2012-2013) the effect of any applicable state and local taxes. Actual after-tax 20% returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to invest-

15% 15.54% ors holding shares through tax-deferred programs, such as IRAs 14.91% or 401(k) plans. After-tax returns are shown only for Class Y, and 10% after-tax returns for Class I, Class A, Class R3, and Class R6 will vary. The Morgan Stanley Capital International Europe, Australasia, Far 5% East Index (EAFE) is a free-float adjusted market capitalization weighted index that is designed to measure the equity market 0% 2012 2013 performance of developed markets, excluding the United States and Canada. * The bar chart does not reflect the payment of any sales charges. If these charges had been reflected, the returns shown would have been lower. The Lipper International Multi-Cap Core Funds Index (LIMCCFI) The return for the Class Y shares of the Fund from January 1, 2014 through tracks the total return performance of the 30 largest mutual September 30, 2014 was 2.75%. funds included in this Lipper category. During the periods shown in the bar chart for the Fund: Management of the Fund Quarter Ended Returns Best quarter 9/30/2013 7.05% Adviser. BMO Asset Management Corp. Worst quarter 6/30/2012 (3.01)% Sub-Adviser. Pyrford International Ltd., an affiliate of the Adviser. (1) Average Annual Total Returns through 12/31/13 Portfolio Managers. Bruce Campbell, Tony Cousins, Daniel Since McDonagh, and Paul Simons have co-managed the Fund since 1Year Inception its inception in 2011. Mr. Campbell, Investment Chairman, founded Pyrford in 1987. Mr. Cousins, Chief Executive Officer and Class Y (Inception 12/29/11) Chief Investment Officer, joined Pyrford in 1989. Mr. McDonagh, Return Before Taxes 14.91% 15.12% Head of Portfolio Management, Europe/UK, joined Pyrford in Return After Taxes on Distributions 14.37% 14.75% 1997. Mr. Simons, Head of Portfolio Management, Asia Pacific, joined Pyrford in 1996. Return After Taxes on Distributions and Sale of Fund Shares 9.02% 11.93% Purchase and Sale of Fund Shares Class I (Inception 12/29/11) Minimums. To open an account, your first investment must be Return Before Taxes 15.21% 15.44% at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent EAFE (reflects no deduction of fees, purchase amount is $50. expenses or taxes) 22.78% 20.71% Eligible retirement plans generally may open an account and LIMCCFI (reflects deduction of fees and no purchase Class R3 and R6 shares by contacting BMO Funds U.S. deduction for sales charges or taxes) 21.05% 20.16% Services. Please contact your plan administrator or recordkeeper (1)Because Class A, Class R3, and Class R6 shares have not been offered for a in order to sell (redeem) shares from your retirement plan. full calendar year, the information provided represents returns of Class Y and Class I shares. Class A (without the reflection of the payment of sales You may sell (redeem) your shares of the Fund on any day the charges), Class R3, and Class R6 shares would have substantially similar New York Stock Exchange is open for business using one of the annual returns because the shares are invested in the same portfolio of following methods, depending on the elections you made in securities. The performance of Class A shares (without the reflection of the payment of sales charges) will be the same as the Class Y shares because the your account application: Class A and Class Y shares have the same Total Annual Fund Operating Phone. Call 1-800-236-FUND (3863). Expenses. However, Class A shares do charge a front-end sales charge, so the performance of Class A shares reflecting the payment of sales charges Wire/Electronic Transfer. Upon written request sent to the would be lower than Class Y shares. The performance of Class R3 and R6 address below under “Mail,” redemption proceeds can be shares will be different from the Class Y and Class I shares (Class R3 shares’ directly deposited by Electronic Funds Transfer or wired to your performance will be lower and Class R6 shares’ performance will be higher) previously designated domestic commercial bank. because they have different Total Annual Fund Operating Expenses. Mail. Send a written request, indicating your name, the Fund After-tax returns are calculated using the highest historical name, your account number, and the number of shares or the individual marginal federal income tax rates and do not reflect

INTERNATIONAL AND GLOBAL FUNDS 43 BMO Pyrford International Stock Fund (cont.) dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that are expected to be taxed as ordinary income or long-term capital gains for federal income tax purposes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

44 INTERNATIONAL AND GLOBAL FUNDS BMO LGM Emerging Markets Equity Fund

Investment Objective: (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to To provide capital appreciation. prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary Fees and Expenses of the Fund expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from This table describes the fees and expenses that you may pay if exceeding 1.40% for Class Y, 1.15% for Class I, and 1.40% for Class A through you buy and hold shares of the Fund. You may qualify for sales December 31, 2015. This expense limitation agreement may not be termi- charge discounts if you and your family invest, or agree to invest nated prior to December 31, 2015 without the consent of the Fund’s Board in the future, at least $50,000 in Class A shares of certain BMO of Directors, unless terminated due to the termination of the investment Funds. More information about these and other discounts is advisory agreement. available from your financial professional and under “How to Buy Example Shares – Sales Charge” on page 113 of this Prospectus and under “How to Buy Shares – Waivers and Reductions of Sales Charges – This example is intended to help you compare the cost of inves- Class A Shares” beginning on page 114 of this Prospectus and ting in the Fund with the cost of investing in other funds. The “How to Buy Shares” beginning on page B-43 of the Fund’s example assumes that you invest $10,000 in the Fund for the Statement of Additional Information. time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your Shareholder Fees (fees paid investment has a 5% return each year and that the Fund’s directly from your investment) Class Y Class I Class A operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of Maximum Sales Charge (Load) the three-, five-, and ten-year examples reflect the Adviser’s Imposed on Purchases (as a agreement to waive fees and reimburse expenses through percentage of offering price) None None 5.00% December 31, 2015. Although your actual costs and returns may Maximum Deferred Sales be higher or lower, based on these assumptions your costs Charge (Load) (as a would be: percentage of shares redeemed within 18 months Class Y Class I Class A of purchase)(1) None None 1.00% 1Year $ 143 $ 117 $ 635 Redemption Fee (as a 3Years $ 475 $ 397 $ 951 percentage of amount redeemed, for shares held less 5Years $ 831 $ 699 $ 1,289 than 30 days) 2.00% 2.00% 2.00% 10 Years $ 1,833 $ 1,555 $ 2,241 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover Management Fees 0.90% 0.90% 0.90% The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher Distribution (12b-1) Fees None None 0.25% portfolio turnover rate may indicate higher transaction costs and Other Expenses(2) 0.65% 0.40% 0.40% may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund Total Annual Fund Operating operating expenses or in the example, affect the Fund’s Expenses 1.55% 1.30% 1.55% performance. During the most recent fiscal year, the Fund’s port- Fee Waiver and Expense folio turnover rate was 38% of the average value of its portfolio. Reimbursement(3) (0.15)% (0.15)% (0.15)% Principal Investment Strategies Total Annual Fund Operating Expenses After Fee Waiver and The Fund invests at least 80% of its assets in equity securities of Expense Reimbursement(3) 1.40% 1.15% 1.40% foreign companies located in emerging markets or whose primary business activities or principal trading markets are in (1)The Maximum Deferred Sales Charge on Class A shares is applied only to emerging markets. The Fund may invest in equity securities of purchases of $1,000,000 or more that are redeemed within 18 months of purchase. any market capitalization. The Fund’s sub-adviser, LGM Invest- ments Limited (“LGM Investments”), considers emerging markets (2)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year. to be those markets in any country other than Canada,

INTERNATIONAL AND GLOBAL FUNDS 45 BMO LGM Emerging Markets Equity Fund (cont.)

Luxembourg,theU.S.,Australia,Austria,Belgium,Denmark,Fin- daily, the less liquid its stock, and the more volatile its price. land, France, Germany, Greece, Ireland, Israel, Italy, Japan, the Companies with smaller market capitalizations also tend to have Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, unproven track records, a limited product or service base, and Switzerland, and the United Kingdom. LGM Investments may limited access to capital. These factors also increase risks and make adjustments to the list of emerging markets countries make these companies more likely to fail than companies with from time to time based on economic criteria, market changes, larger market capitalizations. or other factors. Management Risks. LGM Investments’ judgments about the LGM Investments uses a “bottom-up,” fundamental approach to attractiveness, value, and potential appreciation of the Fund’s identify quality, growth companies typically with dominant investments may prove to be incorrect. Accordingly, no guaran- industry positions, strong balance sheets, and cash flows to tee exists that the investment techniques used by the Fund’s support a sustainable dividend payout. managers will produce the desired results. Principal Risks Fund Performance The Fund cannot assure that it will achieve its investment The bar chart and table show the historical performance of the objective. An investment in the Fund is not a deposit of BMO Fund’s shares and provide some indication of the risks of inves- Harris Bank N.A., or any of its affiliates, and is not insured or guar- ting in the Fund. The bar chart shows how the Fund’s total anteed by the FDIC or any other government agency. The net returns before taxes have varied from year to year, while the asset value of the Fund will vary and you could lose money by table compares the Fund’s average annual total returns to the investing in the Fund. In addition, the Fund is subject to the fol- returns of a broad measure of market performance and an index lowing risks. of funds with similar investment objectives. Please keep in mind Stock Market Risks. The Fund is subject to fluctuations in the that past performance, before and after taxes, does not repre- stock market, which has periods of increasing and decreasing sent how the Fund will perform in the future. Investors may values. Stocks are more volatile than debt securities. The value of obtain updated performance information for the Fund at equity securities purchased by the Fund may decline if the www.bmofunds.com. LGM Investments assumed its role as sub- financial condition of the companies in which the Fund invests adviser of the Fund effective December 28, 2012. From declines or if overall market and economic conditions deterio- December 29, 2011 to December 28, 2012, Lloyd George Man- rate. If the value of the Fund’s investments goes down, you may agement (Hong Kong) Limited (“LGM(HK)”), another affiliate of lose money. the Adviser, served as the Fund’s sub-adviser. Prior to December 29, 2011, the Fund was known as the Marshall Sector Risks. Companies with similar characteristics, such as Emerging Markets Equity Fund and was managed by another those within the same industry, may be grouped together in sub-adviser. The performance results shown in the bar chart and broad categories called sectors. To the extent the Fund invests table are from periods during which the Fund was managed by its assets in a particular sector, the Fund’s performance may be LGM Investments, LGM(HK), or another sub-adviser. more susceptible to any economic, business, or other developments that generally affect that sector. Class Y—Annual Total Returns (calendar years 2009-2013) 70% Foreign Securities Risks. Investing in foreign securities may 60% 67.91% involve additional risks, including currency-rate fluctuations, 50% political, and economic instability, differences in financial report- 40% ing standards, less-strict regulation of the securities markets, and 30% 20% possible imposition of foreign withholding taxes. Furthermore, 19.20% 18.88% 10% the Fund may incur higher costs and expenses when making 0% (6.63)% foreign investments, which will affect the Fund’s total return. -10% (23.85)% Emerging Markets Risks. Investments in emerging markets -20% -30% can involve risks in addition to and greater than those generally 2009 2010 2011 2012 2013 associated with investing in more developed foreign markets, * The bar chart does not reflect the payment of any sales charges. If these which may make emerging market securities more volatile and charges had been reflected, the returns shown would have been lower. potentially less liquid than securities issued in more developed The return for the Class Y shares of the Fund from January 1, 2014 through markets. September 30, 2014 was 7.82%. Company Size Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded

46 INTERNATIONAL AND GLOBAL FUNDS BMO LGM Emerging Markets Equity Fund (cont.)

During the periods shown in the bar chart for the Fund: The Lipper Emerging Markets Funds Index (LEMFI) tracks the Quarter Ended Returns total return performance of the 30 largest mutual funds included Best quarter 6/30/2009 32.53% in this Lipper category. Worst quarter 9/30/2011 (23.81)% Average Annual Total Returns through 12/31/13(1) Management of the Fund Adviser. BMO Asset Management Corp. Since 1Year 5Year Inception Sub-Adviser. LGM Investments Limited, an affiliate of the Adviser. Class Y (Inception 12/22/08) Portfolio Managers. Irina Hunter and Rasmus Nemmoe co- Return Before Taxes (6.63)% 11.09% 11.33% manage the Fund. Ms. Hunter, a Senior Portfolio Manager at Return After Taxes on LGM Investments, joined Lloyd George Management (together Distributions (6.22)% 10.19% 10.43% with LGM Investments and its subsidiaries, “LGM”) in 2007 and Return After Taxes on has co-managed the Fund since December 2011. Mr. Nemmoe, Distributions and Sale of a Senior Portfolio Manager at LGM Investments, joined LGM in Fund Shares (2.76)% 9.48% 9.69% 2012 and has co-managed the Fund since December 2012. Class I (Inception 12/22/08) Purchase and Sale of Fund Shares Return Before Taxes (6.35)% 11.36% 11.60% Minimums. To open an account, your first investment must be EMI (reflects no deduction for at least $1,000 for Class Y and Class A shares and $2,000,000 for fees, expenses or taxes) 2.60% 14.79% 15.19% Class I shares. For Class Y and Class A, the minimum subsequent LEMFI (reflects deduction of fees purchase amount is $50. and no deduction for sales You may sell (redeem) your shares of the Fund on any day the charges or taxes) (1.29)% 15.17% 15.46% New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in (1)Because Class A shares have not been offered for a full calendar year, the information provided represents returns of Class Y and Class I shares. Class A your account application: shares (without the reflection of the payment of sales charges) would have Phone. Call 1-800-236-FUND (3863). substantially similar annual returns because the shares are invested in the same portfolio of securities. The performance of Class A shares (without the Wire/Electronic Transfer. Upon written request sent to the reflection of the payment of sales charges) will be the same as the Class Y address below under “Mail,” redemption proceeds can be shares because the Class A and Class Y shares have the same Total Annual directly deposited by Electronic Funds Transfer or wired to your Fund Operating Expenses. However, Class A shares do charge a front-end sales charge, so the performance of Class A shares reflecting the payment of previously designated domestic commercial bank. sales charges would be lower than Class Y shares. Mail. Send a written request, indicating your name, the Fund After-tax returns are calculated using the highest historical name, your account number, and the number of shares or the individual marginal federal income tax rates and do not reflect dollar amount you want to redeem, to: BMO Funds U.S. Services, the effect of any applicable state and local taxes. Actual after-tax P.O. Box 55931, Boston, MA 02205-5931. returns depend on an investor’s tax situation and may differ from Systematic Withdrawal Program. If your account balance is at those shown. After-tax returns shown are not relevant to invest- least $10,000, you may have predetermined amounts of at least ors holding shares through tax-deferred programs, such as IRAs $100 withdrawn from your account on a monthly or quarterly or 401(k) plans. After-tax returns are shown only for Class Y, and basis. after-tax returns for Class I and Class A will vary. BMO Funds Website. Go to www.bmofunds.com. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is Tax Information realized on the sale of Fund shares which provides an assumed The Fund intends to make distributions that are expected to be tax benefit to the shareholder that increases the after tax return. taxed as ordinary income and long-term capital gains for federal The Morgan Stanley Capital International Emerging Markets income tax purposes. Index (EMI) is a market capitalization-weighted equity index of companies representative of the market structure of emerging countries in Europe, Latin America, Africa, the Middle East, and Asia.

INTERNATIONAL AND GLOBAL FUNDS 47 BMO LGM Emerging Markets Equity Fund (cont.)

48 INTERNATIONAL AND GLOBAL FUNDS BMO TCH Emerging Markets Bond Fund

Investment Objective: (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to To maximize total return consistent with current income. prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary Fees and Expenses of the Fund expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from This table describes the fees and expenses that you may pay if exceeding 1.00% for Class Y, 0.85% for Class I, and 1.00% for Class A through you buy and hold shares of the Fund. You may qualify for sales December 31, 2015. This expense limitation agreement may not be termi- charge discounts if you and your family invest, or agree to invest nated prior to December 31, 2015 without the consent of the Fund’s Board in the future, at least $100,000 in Class A shares of certain BMO of Directors, unless terminated due to the termination of the investment Funds. More information about these and other discounts is advisory agreement. available from your financial professional and under “How to Buy Example Shares – Sales Charge” on page 113 of this Prospectus and under “How to Buy Shares – Waivers and Reductions of Sales Charges – This example is intended to help you compare the cost of inves- Class A Shares” beginning on page 114 of this Prospectus and ting in the Fund with the cost of investing in other funds. The “How to Buy Shares” beginning on page B-43 of the Fund’s example assumes that you invest $10,000 in the Fund for the Statement of Additional Information. time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your Shareholder Fees (fees paid investment has a 5% return each year and that the Fund’s directly from your investment) Class Y Class I Class A operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of Maximum Sales Charge (Load) the three-, five-, and ten-year examples reflect the Adviser’s Imposed on Purchases (as a agreement to waive fees and reimburse expenses through percentage of offering price) None None 3.50% December 31, 2015. Although your actual costs and returns may Maximum Deferred Sales be higher or lower, based on these assumptions your costs Charge (Load) (as a would be: percentage of shares redeemed within 18 months Class Y Class I Class A of purchase)(1) None None 1.00% 1Year $ 102 $ 87 $ 448 Redemption Fee (as a 3Years $ 759 $ 693 $ 1,083 percentage of amount redeemed, for shares held less 5Years $ 1,441 $ 1,326 $ 1,741 than 30 days) 2.00% 2.00% 2.00% 10 Years $ 3,264 $ 3,031 $ 3,500 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover Management Fees 0.60% 0.60% 0.60% The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher Distribution (12b-1) Fees None None 0.25% portfolio turnover rate may indicate higher transaction costs and Other Expenses(2) 2.50% 2.25% 2.25% may result in higher taxes when Fund shares are held in a tax- Total Annual Fund Operating able account. These costs, which are not reflected in annual fund Expenses 3.10% 2.85% 3.10% operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal period ended Fee Waiver and Expense August 31, 2014, the Fund’s portfolio turnover rate (not annual- (3) Reimbursement (2.10)% (2.00)% (2.10)% ized) was 72% of the average value of its portfolio. Total Annual Fund Operating Expenses After Fee Waiver and Principal Investment Strategies Expense Reimbursement(3) 1.00% 0.85% 1.00% The Fund invests at least 80% of its assets in debt securities of emerging market governments, of companies located in emerg- (1)The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of ing markets, or whose primary business activities or principal purchase. trading markets are in emerging markets. Debt securities include (2)“OtherExpenses”forClassAsharesarebasedonestimatedamountsforthe sovereign debt instruments and corporate bonds. The Fund’s Fund’s current fiscal year. sub-adviser, Taplin, Canida & Habacht, LLC (TCH), an affiliate of

INTERNATIONAL AND GLOBAL FUNDS 49 BMO TCH Emerging Markets Bond Fund (cont.) the Adviser, considers emerging markets to be those markets in concerns. If a governmental entity defaults on an obligation, the any country other than Canada, Luxembourg, the U.S., Australia, Fund may have limited recourse against the defaulting Austria, Belgium, Denmark, Finland, France, Germany, Greece, government and may lose its investment. Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Nor- Interest Rate Risks. Prices of fixed income securities rise and fall way, Portugal, Spain, Sweden, Switzerland, and the United King- in response to changes in the interest rate paid by similar secu- dom. TCH may make adjustments to the list of emerging market rities. Generally, when interest rates rise, prices of fixed income countries from time to time based on economic criteria, market securities fall. Interest rate changes have a greater effect on the changes, or other factors. price of fixed income securities with longer maturities. Although the Fund invests primarily in investment grade secu- Credit Risks. Credit risk is the possibility that an issuer or rities (i.e., rated BBB or Baa, or higher, or unrated and considered counterparty will default on a security or repurchase agreement by the sub-adviser to be comparable in quality), the Fund may by failing to pay interest or principal when due. If an issuer invest in debt securities that are below investment grade, also defaults, the Fund may lose money. Lower credit ratings corre- known as high yield securities or “junk bonds,” generally in spond to higher credit risk. Bonds rated lower than BBB or Baa accordance with the Fund’s current benchmark, the J.P. Morgan have speculative characteristics. Emerging Markets Bond Index Global Diversified. High yield securities may represent more than 20% of the Index. TCH uses High Yield Securities Risks. High yield securities, also referred macroeconomic, credit, and market analysis to select portfolio to as “junk bonds” or non-investment grade securities, are debt securities. Although the Fund expects to maintain an securities rated lower than BBB by Standard & Poor’s or Baa by intermediate- to long-term average effective maturity, there are Moody’s Investors Service. These securities tend to be more no maturity restrictions on individual holdings or on the overall sensitive to economic conditions than are higher-rated secu- portfolio. Effective maturity takes into account the possibility that rities, generally involve more credit risk than securities in the a bond may have prepayments or may be called by the issuer higher-rated categories and are predominantly considered to be before its stated maturity date. speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high Principal Risks yield securities is significantly greater than issuers of higher-rated The Fund cannot assure that it will achieve its investment securities because such securities are generally unsecured and objective. An investment in the Fund is not a deposit of BMO are often subordinated to other creditors. The Fund may have Harris Bank N.A., or any of its affiliates, and is not insured or guar- difficulty disposing of certain high yield securities because there anteed by the FDIC or any other government agency. The net may be a thin trading market for such securities. asset value of the Fund will vary and you could lose money by Call Risks. If the securities in which the Fund invests are investing in the Fund. In addition, the Fund is subject to the fol- redeemed by the issuer before maturity (or “called”), the Fund lowing risks. may have to reinvest the proceeds in securities that pay a lower Foreign Securities Risks. Investing in foreign securities may interest rate, which may decrease the Fund’s yield. This will most involve additional risks, including currency-rate fluctuations, likely happen when interest rates are declining. political and economic instability, differences in financial report- Liquidity Risks. Liquidity risk refers to the possibility that the ing standards, less-strict regulation of the securities markets, and Fund may not be able to sell or buy a security or close out an possible imposition of foreign withholding taxes. Furthermore, investment contract at a favorable price or time. Consequently, the Fund may incur higher costs and expenses when making theFundmayhavetoacceptalowerpricetosellasecurity,sell foreign investments, which will affect the Fund’s total return. other securities to raise cash, or give up an investment oppor- Emerging Markets Risks. Investments in emerging markets tunity, any of which could have a negative effect on the Fund’s can involve risks in addition to and greater than those generally performance. Infrequent trading of securities also may lead to an associated with investing in more developed foreign markets, increase in their price volatility. which may make emerging market securities more volatile and Management Risks. TCH’s judgments about the attractiveness, potentially less liquid than securities issued in more developed value, and potential appreciation of the Fund’s investments may markets. prove to be incorrect. Accordingly, no guarantee exists that the Sovereign Debt Risks. Sovereign debt instruments are subject investment techniques used by the Fund’s managers will pro- to the risk that a governmental entity may be unable to pay duce the desired results. interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, or political

50 INTERNATIONAL AND GLOBAL FUNDS BMO TCH Emerging Markets Bond Fund (cont.)

Fund Performance Tax Information Performance information is not included because the Fund does The Fund intends to make distributions that are expected to be not have one full calendar year of performance as of the date of taxed primarily as ordinary income for federal income tax pur- this Prospectus. poses. Management of the Fund Payments to Broker-Dealers and Other Adviser. BMO Asset Management Corp. Financial Intermediaries Sub adviser. Taplin, Canida & Habacht, LLC, a majority owned If you purchase shares of the Fund through a broker-dealer or subsidiary of the Adviser. other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Portfolio Managers. Tere Alvarez Canida, William J. Canida, Alan shares and related services. These payments may create a con- M. Habacht, Scott M. Kimball, and Daniela Mardarovici have co- flict of interest by influencing the broker-dealer or other managed the Fund since its inception in 2013. Ms. Alvarez intermediary and your salesperson to recommend the Fund Canida, President and Managing Principal of TCH, joined TCH in over another investment. Ask your salesperson or visit your 1985. Mr. Canida, Vice President and Principal of TCH, joined TCH financial intermediary’s website for more information. in 1985. Mr. Habacht, Vice President and Principal of TCH, joined TCH in 1987. Mr. Kimball, a Portfolio Manager of TCH, joined TCH in 2007. Ms. Mardarovici, a Portfolio Manager of TCH, joined TCH in 2012. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com.

INTERNATIONAL AND GLOBAL FUNDS 51 BMO Ultra-Short Tax-Free Fund

Investment Objective: (2)The management fee disclosed is a blended fee based on the Fund’s total assets as of August 31, 2014. Under the investment advisory agreement, the To provide current income exempt from federal income tax Fund pays a management fee of 0.20% on the Fund’s first $500,000,000 of consistent with preservation of capital. average daily net assets. (3)“Other Expenses” for the Class A shares are based on estimated amounts for Fees and Expenses of the Fund the current fiscal year. This table describes the fees and expenses that you may pay if (4)Acquired Fund Fees and Expenses represent the pro rata expense indirectly you buy and hold shares of the Fund. You may qualify for sales incurred by the Fund as a result of its investment in other investment charge discounts if you and your family invest, or agree to invest companies. Total Annual Fund Operating Expenses shown will not correlate in the future, at least $100,000 in Class A shares of certain BMO to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Funds. More information about these and other discounts is Expenses. available from your financial professional and under “How to Buy (5)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its Shares – Sales Charge” on page 113 of this Prospectus and under investment advisory fee and reimburse expenses to the extent necessary to “How to Buy Shares – Waivers and Reductions of Sales Charges – prevent class total annual operating expenses (excluding interest, taxes, Class A Shares” beginning on page 114 of this Prospectus and brokerage commissions, other investment-related costs, and extraordinary “How to Buy Shares” beginning on page B-43 of the Fund’s expenses, such as litigation and other expenses not incurred in the ordinary Statement of Additional Information. course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.55% for Class Y, 0.30% for Class I, and 0.55% for Class A through December 31, 2015. This expense limitation agreement may not be termi- Shareholder Fees (fees paid nated prior to December 31, 2015 without the consent of the Fund’s Board directly from your investment) Class Y Class I Class A of Directors, unless terminated due to the termination of the investment Maximum Sales Charge (Load) advisory agreement. Imposed on Purchases (as a Example percentage of offering price) None None 2.00% This example is intended to help you compare the cost of inves- Maximum Deferred Sales ting in the Fund with the cost of investing in other funds. The Charge (Load) (as a example assumes that you invest $10,000 in the Fund for the percentage of shares time periods indicated and then redeem all of your shares at the redeemed within 18 months end of those periods. The example also assumes that your of purchase)(1) None None 0.55% investment has a 5% return each year and that the Fund’s Redemption Fee None None None operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of Annual Fund Operating Expenses (expenses that you pay each the three-, five-, and ten-year examples reflect the Adviser’s year as a percentage of the value of your investment) agreement to waive fees and reimburse expenses through Management Fees(2) 0.19% 0.19% 0.19% December 31, 2015. Although your actual costs and returns may Distribution (12b-1) Fees None None 0.25% be higher or lower, based on these assumptions your costs would be: Other Expenses(3) 0.40% 0.15% 0.15% Class Y Class I Class A Acquired Fund Fees and 1Year $ 57 $ 32 $ 256 Expenses(4) 0.01% 0.01% 0.01% 3Years $ 188 $ 108 $ 384 Total Annual Fund Operating Expenses 0.60% 0.35% 0.60% 5Years $ 331 $ 192 $ 524 Fee Waiver and Expense 10 Years $ 746 $ 439 $ 931 Reimbursement(5) (0.04)% (0.04)% (0.04)% Portfolio Turnover Total Annual Fund Operating Expenses After Fee Waiver and The Fund incurs transaction costs, such as commissions, when it Expense Reimbursement(5) 0.56% 0.31% 0.56% buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and (1)The Maximum Deferred Sales Charge on Class A shares is applied only to may result in higher taxes when Fund shares are held in a tax- purchases of $1,000,000 or more that are redeemed within 18 months of purchase. able account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s

52 FIXED INCOME FUNDS BMO Ultra-Short Tax-Free Fund (cont.) performance. During the most recent fiscal year, the Fund’s port- Liquidity Risks. Liquidity risk refers to the possibility that the folio turnover rate was 86% of the average value of its portfolio. Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, Principal Investment Strategies theFundmayhavetoacceptalowerpricetosellasecurity,sell Under normal circumstances, the Fund invests at least 80% of its other securities to raise cash, or give up an investment oppor- assets in municipal securities, the income from which is exempt tunity, any of which could have a negative effect on the Fund’s from federal income tax (including the federal alternative mini- performance. Infrequent trading of securities also may lead to an mum tax (AMT)). The Fund normally maintains an average dollar- increase in their price volatility. weighted effective maturity of one year or less. Effective maturity High Yield Securities Risks. High yield securities, also referred takes into account the possibility that a bond may have to as “junk bonds” or non-investment grade securities, are debt prepayments or may be called by the issuer before its stated securities rated lower than BBB by Standard & Poor’s or Baa by maturity date. Moody’s Investors Service. These securities tend to be more The Fund invests primarily in municipal securities within the sensitive to economic conditions than are higher-rated secu- investment grade category (i.e., rated BBB or Baa, or higher, or rities, generally involve more credit risk than securities in the unrated and considered by the Adviser to be comparable in higher-rated categories and are predominantly considered to be quality) at the time of purchase. The Fund may also invest up to speculative. The issuers of high yield securities are typically more 10% of its assets in municipal securities that are below invest- leveraged, and the risk of loss due to default by an issuer of high ment grade, also known as high yield securities or “junk bonds.” yield securities is significantly greater than issuers of higher-rated Municipal securities include fixed and floating rate debt obliga- securities because such securities are generally unsecured and tions of states, territories, and possessions of the U.S., and political are often subordinated to other creditors. The Fund may have subdivisions and financing authorities of these entities that pro- difficulty disposing of certain high yield securities because there vide income exempt from federal income tax (including federal may be a thin trading market for such securities. AMT). Fund investments are selected after assessing factors such Income Risks. The Fund’s income could decline due to falling as the cyclical trend in interest rates, the shape of the municipal market interest rates. In a falling interest rate environment, the yield curve, tax rates, sector valuation, and municipal bond sup- Fund may be required to invest its assets in lower-yielding ply factors. securities. Principal Risks Municipal Securities Risks. Municipal bonds are subject to risks The Fund cannot assure that it will achieve its investment based on many factors, including economic and regulatory objective. An investment in the Fund is not a deposit of BMO developments, changes or proposed changes in the federal and Harris Bank N.A., or any of its affiliates, and is not insured or guar- state tax structure, deregulation, court rulings, and other factors. anteed by the FDIC or any other government agency. The net The value of municipal securities may be affected more by sup- asset value of the Fund will vary and you could lose money by ply and demand factors or the creditworthiness of the issuer investing in the Fund. In addition, the Fund is subject to the fol- than by market interest rates. Repayment of municipal securities lowing risks. depends on the ability of the issuer or project backing such Interest Rate Risks. Prices of fixed income securities rise and fall securities to generate taxes or revenues. There is a risk that in response to changes in the interest rate paid by similar secu- interest may be taxable on a municipal security that is otherwise rities. Generally, when interest rates rise, prices of fixed income expected to produce tax-exempt interest. securities fall. Interest rate changes have a greater effect on the Management Risks. The Adviser’s judgments about the attrac- price of fixed income securities with longer maturities. tiveness, value, and potential appreciation of the Fund’s invest- Credit Risks. Credit risk is the possibility that an issuer will ments may prove to be incorrect. Accordingly, no guarantee default on a security by failing to pay interest or principal when exists that the investment techniques used by the Fund’s due. If an issuer defaults, the Fund may lose money. Lower credit managers will produce the desired results. ratings correspond to higher credit risk. Bonds rated lower than Sector Risks. The Fund may invest its assets in municipal secu- BBB or Baa have speculative characteristics. rities that finance similar projects, such as those relating to Call Risks. If the securities in which the Fund invests are education, health care, transportation, and utilities. To the extent redeemed by the issuer before maturity (or “called”), the Fund the Fund invests its assets in a particular sector, the Fund’s per- may have to reinvest the proceeds in securities that pay a lower formance may be more susceptible to any economic, business, interest rate, which may decrease the Fund’s yield. This will most or other developments that generally affect that sector. likely happen when interest rates are declining.

FIXED INCOME FUNDS 53 BMO Ultra-Short Tax-Free Fund (cont.)

Fund Performance substantially similar annual returns because the shares are invested in the same portfolio of securities. The performance of Class A shares (without the The bar chart and table show the historical performance of the reflection of the payment of sales charges) will be the same as the Class Y Fund’s shares and provide some indication of the risks of inves- shares because the Class A and Class Y shares have the same Total Annual ting in the Fund. The bar chart shows how the Fund’s total Fund Operating Expenses. However, Class A shares do charge a front-end returns before taxes have varied from year to year, while the sales charge, so the performance of Class A shares reflecting the payment of sales charges would be lower than Class Y shares. table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index * The benchmark for the Fund is a blended benchmark, which consists of 50% Barclays 1 Year Municipal Bond Index (B1MBI) and 50% iMoneyNet of funds with similar investment objectives. Please keep in mind Money Market Fund Report Tax Free National Retail Index (IMNTFNR). that past performance, before and after taxes, does not repre- After-tax returns are calculated using the highest historical sent how the Fund will perform in the future. Investors may individual marginal federal income tax rates and do not reflect obtain updated performance information for the Fund at the effect of any applicable state and local taxes. Actual after-tax www.bmofunds.com. returns depend on an investor’s tax situation and may differ from Class Y—Annual Total Returns (calendar years 2010-2013) those shown. After-tax returns shown are not relevant to invest- 2% ors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and 1.61%

1.40% after-tax returns for Class I and Class A will vary.

1.18% 1% The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed 0.49% tax benefit to the shareholder that increases the after tax return.

0% The Barclays 1 Year Municipal Bond Index (B1MBI) is the 1-year 20102011 2012 2013 component of the Barclays Capital Municipal Bond Index, which * The bar chart does not reflect the payment of any sales charges. If these is an unmanaged index composed of long-term tax-exempt charges had been reflected, the returns shown would have been lower. bonds with a minimum credit rating of Baa. The return for the Class Y shares of the Fund from January 1, 2014 through September 30, 2014 was 0.70%. The iMoneyNet Money Market Fund Report Tax-Free National During the periods shown in the bar chart for the Fund: Retail Index (IMNTFNR) is an average of money funds with investment objectives similar to that of the Fund. Quarter Ended Returns Best quarter 9/30/2010 0.54% Management of the Fund Worst quarter 6/30/2013 (0.12)% Adviser. BMO Asset Management Corp. Average Annual Total Returns through 12/31/13(1) Portfolio Managers. Craig J. Mauermann, Duane A. McAllister, Since and Erik R. Schleicher co-manage the Fund. Mr. Mauermann, a 1Year Inception Managing Director and a Portfolio Manager of the Adviser, Class Y (Inception 9/30/09) joined the Adviser in 2004 and has co-managed the Fund since Return Before Taxes 0.49% 1.23% its inception in 2009. Mr. McAllister, a Managing Director and a Return After Taxes on Distributions 0.49% 1.23% Portfolio Manager of the Adviser, joined the Adviser in 2007 and has co-managed the Fund since its inception in 2009. Return After Taxes on Distributions Mr. Schleicher, a Vice President and Portfolio Manager of the and Sale of Fund Shares 0.57% 1.20% Adviser, joined the Adviser in 2008 and has co-managed the Class I (Inception 9/30/09) Fund since December 2013. Return Before Taxes 0.64% 1.46% Purchase and Sale of Fund Shares Blended Benchmark (reflects no deduction for fees, expenses or taxes)* 0.40% 0.59% Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for B1MBI (reflects deduction of fees and no Class I shares. For Class Y and Class A, the minimum subsequent deduction for sales charges or taxes) 0.05% 1.17% purchase amount is $50. (1)Because Class A shares have not been offered for a full calendar year, the You may sell (redeem) your shares of the Fund on any day the information provided represents returns of Class Y and Class I shares. Class A shares (without the reflection of the payment of sales charges) would have New York Stock Exchange is open for business using one of the

54 FIXED INCOME FUNDS BMO Ultra-Short Tax-Free Fund (cont.) following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that are primarily exempt from federal income tax; however, a portion of the Fund’s distributions may be subject to federal income tax. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

FIXED INCOME FUNDS 55 BMO Short Tax-Free Fund

Investment Objective: (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee or reimburse expenses to the extent necessary to To provide current income exempt from federal income tax prevent total annual operating expenses (excluding interest, taxes, broker- consistent with preservation of capital. age commissions, other investment related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary Fees and Expenses of the Fund course of the Fund’s business) from exceeding 0.55% for Class Y, 0.40% for Class I, and 0.55% for Class A through December 31, 2015. This expense This table describes the fees and expenses that you may pay if limitation agreement may not be terminated prior to December 31, 2015 you buy and hold shares of the Fund. You may qualify for sales without the consent of the Fund’s Board of Directors, unless terminated due charge discounts if you and your family invest, or agree to invest to the termination of the investment advisory agreement. in the future, at least $100,000 in Class A shares of certain BMO Example Funds. More information about these and other discounts is available from your financial professional and under “How to Buy This example is intended to help you compare the cost of inves- Shares – Sales Charge” on page 113 of this Prospectus and under ting in the Fund with the cost of investing in other funds. The “How to Buy Shares – Waivers and Reductions of Sales Charges – example assumes that you invest $10,000 in the Fund for the Class A Shares” beginning on page 114 of this Prospectus and time periods indicated and then redeem all of your shares at the “How to Buy Shares” beginning on page B-43 of the Fund’s end of those periods. The example also assumes that your Statement of Additional Information. investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the Shareholder Fees (fees paid same. The costs in the one-year example and for the first year of directly from your investment) Class Y Class I Class A the three-, five-, and ten-year examples reflect the Adviser’s Maximum Sales Charge (Load) agreement to waive fees and/or reimburse expenses through Imposed on Purchases (as a December 31, 2015. Although your actual costs and returns may percentage of offering price) None None 2.00% be higher or lower, based on these assumptions your costs would be: Maximum Deferred Sales Class Y Class I Class A Charge (Load) (as a percentage of shares redeemed within 1Year $ 56 $ 41 $ 255 (1) 18 months of purchase) None None 0.55% 3Years $ 246 $ 176 $ 441 Redemption Fee None None None 5Years $ 451 $ 324 $ 642 Annual Fund Operating Expenses (expenses that you pay each 10 Years $ 1,043 $ 753 $ 1,222 year as a percentage of the value of your investment) Management Fees 0.25% 0.25% 0.25% Portfolio Turnover Distribution (12b-1) Fees None None 0.25% The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher Other Expenses(2) 0.62% 0.37% 0.37% portfolio turnover rate may indicate higher transaction costs and Total Annual Fund Operating may result in higher taxes when Fund shares are held in a tax- Expenses 0.87% 0.62% 0.87% able account. These costs, which are not reflected in annual fund Fee Waiver and Expense operating expenses or in the example, affect the Fund’s Reimbursement(3) (0.32)% (0.22)% (0.32)% performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 69% of the average value of its portfolio. Total Annual Fund Operating Expenses After Fee Waiver and Principal Investment Strategies Expense Reimbursement(3) 0.55% 0.40% 0.55% The Fund invests at least 80% of its assets in municipal securities, (1)The Maximum Deferred Sales Charge on Class A shares is applied only to the income from which is exempt from federal income tax purchases of $1,000,000 or more that are redeemed within 18 months of (including the federal alternative minimum tax (AMT)). Fund purchase. investments include municipal securities with a minimum rating (2)“Other Expenses” for the Class A shares are based on estimated amounts for in the lowest investment grade category (i.e., rated BBB or Baa, or the current fiscal year. higher, or unrated and considered by the Adviser to be com- parableinquality)atthetimeofpurchase.TheFundmayalso invest up to 10% of its assets in municipal securities that are

56 FIXED INCOME FUNDS BMO Short Tax-Free Fund (cont.) below investment grade, also known as high yield securities or sensitive to economic conditions than are higher-rated secu- “junk bonds.” Municipal securities include debt obligations of rities, generally involve more credit risk than securities in the states, territories, and possessions of the U.S., and political sub- higher-rated categories and are predominantly considered to be divisions and financing authorities of these entities that provide speculative. The issuers of high yield securities are typically more income exempt from federal income tax (including federal AMT). leveraged, and the risk of loss due to default by an issuer of high The Adviser selects Fund investments after assessing factors yield securities is significantly greater than issuers of higher-rated such as the cyclical trend in interest rates, the shape of the securities because such securities are generally unsecured and municipal yield curve, tax rates, sector valuation, and municipal are often subordinated to other creditors. The Fund may have bond supply factors. The Fund normally maintains an average difficulty disposing of certain high yield securities because there dollar-weighted effective maturity of one to three years. Effective may be a thin trading market for such securities. maturity takes into account the possibility that a bond may have Income Risks. The Fund’s income could decline due to falling prepayments or may be called by the issuer before its stated market interest rates. In a falling interest rate environment, the maturity date. Fund may be required to invest its assets in lower-yielding Principal Risks securities. The Fund cannot assure that it will achieve its investment Municipal Securities Risks. Municipal bonds are subject to risks objective. An investment in the Fund is not a deposit of BMO based on many factors, including economic and regulatory Harris Bank N.A., or any of its affiliates, and is not insured or guar- developments, changes or proposed changes in the federal and anteed by the FDIC or any other government agency. The net state tax structure, deregulation, court rulings, and other factors. asset value of the Fund will vary and you could lose money by The value of municipal securities may be affected more by sup- investing in the Fund. In addition, the Fund is subject to the fol- ply and demand factors or the creditworthiness of the issuer lowing risks. than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such Interest Rate Risks. Prices of fixed income securities rise and fall securities to generate taxes or revenues. There is a risk that in response to changes in the interest rate paid by similar secu- interest may be taxable on a municipal security that is otherwise rities. Generally, when interest rates rise, prices of fixed income expected to produce tax-exempt interest. securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s invest- Credit Risks. Credit risk is the possibility that an issuer will ments may prove to be incorrect. Accordingly, no guarantee default on a security by failing to pay interest or principal when exists that the investment techniques used by the Fund’s due. If an issuer defaults, the Fund may lose money. Lower credit managers will produce the desired results. ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics. Sector Risks. The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to Call Risks. If the securities in which the Fund invests are education, health care, transportation, and utilities. To the extent redeemed by the issuer before maturity (or “called”), the Fund the Fund invests its assets in a particular sector, the Fund’s per- may have to reinvest the proceeds in securities that pay a lower formance may be more susceptible to any economic, business, interest rate, which may decrease the Fund’s yield. This will most or other developments that generally affect that sector. likely happen when interest rates are declining. Liquidity Risks. Liquidity risk refers to the possibility that the Fund Performance Fund may not be able to sell or buy a security or close out an The bar chart and table show the historical performance of the investment contract at a favorable price or time. Consequently, Fund’s shares and provide some indication of the risks of inves- the Fund may have to accept a lower price to sell a security, sell ting in the Fund. The bar chart shows the Fund’s total returns other securities to raise cash, or give up an investment oppor- before taxes for the 2013 calendar year, while the table com- tunity, any of which could have a negative effect on the Fund’s pares the Fund’s average annual total returns to the returns of a performance. Infrequent trading of securities also may lead to an broad measure of market performance and an index of funds increase in their price volatility. with similar investment objectives. Please keep in mind that past High Yield Securities Risks. High yield securities, also referred performance, before and after taxes, does not represent how the to as “junk bonds” or non-investment grade securities, are debt Fund will perform in the future. Investors may obtain updated securities rated lower than BBB by Standard & Poor’s or Baa by performance information for the Fund at www.bmofunds.com. Moody’s Investors Service. These securities tend to be more

FIXED INCOME FUNDS 57 BMO Short Tax-Free Fund (cont.)

Class Y—Annual Total Returns (calendar year 2013) those shown. After-tax returns shown are not relevant to invest- 1.5% ors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I and Class A will vary. 1.0% 1.07% The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is 0.5% realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after tax return. The Barclays Short (1–5 Year) Municipal Index (BSMI) includes 0% 2013 investment-grade tax-exempt bonds that are issued by state and * The bar chart does not reflect the payment of any sales charges. If these local governments and have maturities of 1 to 5 years. charges had been reflected, the returns shown would have been lower. The Lipper Short Municipal Debt Funds Index (LSMDI) tracks the The return for the Class Y shares of the Fund from January 1, 2014 through total return performance of the 30 largest mutual funds included September 30, 2014 was 2.48%. in this Lipper category. During the periods shown in the bar chart for the Fund: Management of the Fund Quarter Ended Returns Best quarter 3/31/2013 0.89% Adviser. BMO Asset Management Corp. Worst quarter 6/30/2013 (0.89)% Portfolio Managers. Duane A. McAllister and Erik R. Schleicher Average Annual Total Returns through 12/31/13(1) have co-managed the Fund since its inception in 2012. Mr. McAllister, a Managing Director and a Portfolio Manager of Since the Adviser, joined the Adviser in 2007. Mr. Schleicher, a Vice 1Year Inception President and Portfolio Manager of the Adviser, joined the Class Y (Inception 11/29/12) Adviser in 2008. Return Before Taxes 1.07% 1.66% Purchase and Sale of Fund Shares Return After Taxes on Distributions 1.07% 1.66% Minimums. To open an account, your first investment must be Return After Taxes on Distributions at least $1,000 for Class Y and Class A shares and $2,000,000 for and Sale of Fund Shares 1.15% 1.55% Class I shares. For Class Y and Class A, the minimum subsequent Class I (Inception 11/29/12) purchase amount is $50. Return Before Taxes 1.22% 1.81% You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business using one of the BSMI (reflects no deduction for fees, following methods, depending on the elections you made in expenses or taxes) 1.15% 1.01% your account application: LSMDI (reflects deduction of fees and no Phone. Call 1-800-236-FUND (3863). deduction for sales charges or taxes) 0.40% 0.25% Wire/Electronic Transfer. Upon written request sent to the (1)Because Class A shares have not been offered for a full calendar year, the address below under “Mail,” redemption proceeds can be information provided represents returns of Class Y and Class I shares. Class A directly deposited by Electronic Funds Transfer or wired to your shares (without the reflection of the payment of sales charges) would have substantially similar annual returns because the shares are invested in the previously designated domestic commercial bank. same portfolio of securities. The performance of Class A shares (without the Mail. Send a written request, indicating your name, the Fund reflection of the payment of sales charges) will be the same as the Class Y name, your account number, and the number of shares or the shares because the Class A and Class Y shares have the same Total Annual Fund Operating Expenses. However, Class A shares do charge a front-end dollar amount you want to redeem, to: BMO Funds U.S. Services, sales charge, so the performance of Class A shares reflecting the payment of P.O. Box 55931, Boston, MA 02205-5931. sales charges would be lower than Class Y shares. Systematic Withdrawal Program. If your account balance is at After-tax returns are calculated using the highest historical least $10,000, you may have predetermined amounts of at least individual marginal federal income tax rates and do not reflect $100 withdrawn from your account on a monthly or quarterly the effect of any applicable state and local taxes. Actual after-tax basis. returns depend on an investor’s tax situation and may differ from BMO Funds Website. Go to www.bmofunds.com.

58 FIXED INCOME FUNDS BMO Short Tax-Free Fund (cont.)

Tax Information The Fund intends to make distributions that are primarily exempt from federal income tax; however, a portion of the Fund’s distributions may be subject to federal income tax. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

FIXED INCOME FUNDS 59 BMO Short-Term Income Fund

Investment Objective: (3)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment To maximize total return consistent with current income. companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Fees and Expenses of the Fund Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales (4)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to charge discounts if you and your family invest, or agree to invest prevent class total annual operating expenses (excluding interest, taxes, in the future, at least $100,000 in Class A shares of certain BMO brokerage commissions, other investment-related costs, and extraordinary Funds. More information about these and other discounts is expenses, such as litigation and other expenses not incurred in the ordinary available from your financial professional and under “How to Buy course of the Fund’s business, and Acquired Fund Fees and Expenses) from Shares – Sales Charge” on page 113 of this Prospectus and under exceeding 0.60% for Class Y, 0.35% for Class I, and 0.60% for Class A through December 31, 2015. This expense limitation agreement may not be termi- “How to Buy Shares – Waivers and Reductions of Sales Charges – nated prior to December 31, 2015 without the consent of the Fund’s Board Class A Shares” beginning on page 114 of this Prospectus and of Directors, unless terminated due to the termination of the investment “How to Buy Shares” beginning on page B-43 of the Fund’s advisory agreement. Statement of Additional Information. Example Shareholder Fees (fees paid This example is intended to help you compare the cost of inves- directly from your investment) Class Y Class I Class A ting in the Fund with the cost of investing in other funds. The Maximum Sales Charge (Load) example assumes that you invest $10,000 in the Fund for the Imposed on Purchases (as a time periods indicated and then redeem all of your shares at the percentage of offering price) None None 2.00% end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s Maximum Deferred Sales operating expenses are as shown in the table and remain the Charge (Load) (as a same. The costs in the one-year example and for the first year of percentage of shares the three-, five-, and ten-year examples reflect the Adviser’s redeemed within 18 months agreement to waive fees and reimburse expenses through (1) of purchase) None None 0.55% December 31, 2015. Although your actual costs and returns may Redemption Fee None None None be higher or lower, based on these assumptions your costs Annual Fund Operating Expenses (expenses that you pay each would be: year as a percentage of the value of your investment) Class Y Class I Class A Management Fees 0.20% 0.20% 0.20% 1Year $ 63 $ 38 $ 262 Distribution (12b-1) Fees None None 0.25% 3Years $ 216 $ 136 $ 412 Other Expenses(2) 0.48% 0.23% 0.23% 5Years $ 382 $ 244 $ 574 Acquired Fund Fees and 10 Years $ 863 $ 559 $ 1,046 Expenses(3) 0.02% 0.02% 0.02% Portfolio Turnover Total Annual Fund Operating Expenses 0.70% 0.45% 0.70% The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher Fee Waiver and Expense portfolio turnover rate may indicate higher transaction costs and Reimbursement(4) (0.08)% (0.08)% (0.08)% may result in higher taxes when Fund shares are held in a tax- Total Annual Fund Operating able account. These costs, which are not reflected in annual fund Expenses After Fee Waiver and operating expenses or in the example, affect the Fund’s Expense Reimbursement(4) 0.62% 0.37% 0.62% performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 43% of the average value of its portfolio. (1)The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of Principal Investment Strategies purchase. (2)“Other Expenses” for the Class A shares are based on estimated amounts for The Fund invests at least 80% of its assets in fixed income secu- the current fiscal year. rities. Fund investments include corporate, asset-backed, and

60 FIXED INCOME FUNDS BMO Short-Term Income Fund (cont.) mortgage-backed securities with a minimum rating in the low- Asset-Backed/Mortgage-Backed Securities Risks. Asset- est investment grade category (i.e., rated BBB or Baa, or higher, or backed and mortgage-backed securities are subject to risks of unrated and considered by the Adviser to be comparable in prepayment. The Fund’s yield will be reduced if cash from pre- quality) at the time of purchase and bank instruments, paid securities is reinvested in securities with lower interest rates. repurchase agreements, and U.S. government securities. In addi- The risk of prepayment also may decrease the value of tion, the Fund may invest in securities issued by other invest- mortgage-backed securities. Asset-backed securities may have a ment companies that in turn invest in bonds and other financial higher level of default and recovery risk than mortgage-backed instruments. The Adviser changes the Fund’s weightings in securities. Both of these types of securities may decline in value these fixed income asset classes as it deems appropriate and because of mortgage foreclosures or defaults on the underlying uses macroeconomic, credit, and market analysis to select obligations. Credit risk is greater for mortgage-backed securities portfolio securities. The Fund normally maintains an average that are subordinate to another security. dollar-weighted effective maturity of six months to three years. Government Obligations Risks. No assurance can be given Effective maturity takes into account the possibility that a bond that the U.S. government will provide financial support to U.S. mayhaveprepaymentsormaybecalledbytheissuerbeforeits government-sponsored agencies or instrumentalities where it is stated maturity date. not obligated to do so by law. As a result, there is risk that these Principal Risks entities will default on a financial obligation. The Fund cannot assure that it will achieve its investment Income Risks. The Fund’s income could decline due to falling objective. An investment in the Fund is not a deposit of BMO market interest rates. In a falling interest rate environment, the Harris Bank N.A., or any of its affiliates, and is not insured or guar- Fund may be required to invest its assets in lower-yielding secu- anteed by the FDIC or any other government agency. The net rities. asset value of the Fund will vary and you could lose money by Management Risks. The Adviser’s judgments about the attrac- investing in the Fund. In addition, the Fund is subject to the fol- tiveness, value, and potential appreciation of the Fund’s invest- lowing risks. ments may prove to be incorrect. Accordingly, no guarantee Interest Rate Risks. Prices of fixed income securities rise and fall exists that the investment techniques used by the Fund’s in response to changes in the interest rate paid by similar secu- managers will produce the desired results. rities. Generally, when interest rates rise, prices of fixed income Investments in Other Investment Companies Risks. The securities fall. Interest rate changes have a greater effect on the Fund may invest in securities issued by other investment price of fixed income securities with longer maturities. companies, including exchange-traded funds. By investing in Credit Risks. Credit risk is the possibility that an issuer or another investment company, there is a risk that the value of the counterparty will default on a security or repurchase agreement underlying securities of the investment company may decrease. by failing to pay interest or principal when due. If an issuer The Fund will also bear its proportionate share of the other defaults, the Fund may lose money. Lower credit ratings corre- investment company’s fees and expenses. spond to higher credit risk. Bonds rated lower than BBB or Baa Fund Performance have speculative characteristics. The bar chart and table show the historical performance of the Call Risks. If the securities in which the Fund invests are Fund’s shares and provide some indication of the risks of inves- redeemed by the issuer before maturity (or “called”), the Fund ting in the Fund. The bar chart shows how the Fund’s total may have to reinvest the proceeds in securities that pay a lower returns before taxes have varied from year to year, while the interest rate, which may decrease the Fund’s yield. This will most table compares the Fund’s average annual total returns to the likely happen when interest rates are declining. returns of a broad measure of market performance and an index Liquidity Risks. Liquidity risk refers to the possibility that the of funds with similar investment objectives. Please keep in mind Fund may not be able to sell or buy a security or close out an that past performance, before and after taxes, does not repre- investment contract at a favorable price or time. Consequently, sent how the Fund will perform in the future. Investors may the Fund may have to accept a lower price to sell a security, sell obtain updated performance information for the Fund at other securities to raise cash, or give up an investment oppor- www.bmofunds.com. tunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

FIXED INCOME FUNDS 61 BMO Short-Term Income Fund (cont.)

Class Y—Annual Total Returns (calendar years 2004-2013) sales charge, so the performance of Class A shares reflecting the payment of 12% sales charges would be lower than Class Y shares. 11.55% 10% After-tax returns are calculated using the highest historical 8% individual marginal federal income tax rates and do not reflect 6% the effect of any applicable state and local taxes. Actual after-tax 5.63% 5.49% 4% 4.93% returns depend on an investor’s tax situation and may differ from 3.97% 2% those shown. After-tax returns shown are not relevant to invest- 2.05% 1.91% 0.46% 1.46% 0% ors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and -2% (3.13)% -4% after-tax returns for Class I and Class A will vary. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 The Return After Taxes on Distributions and Sale of Fund Shares * The bar chart does not reflect the payment of any sales charges. If these may be higher than other return figures when a capital loss is charges had been reflected, the returns shown would have been lower. realized on the sale of Fund shares which provides an assumed The return for the Class Y shares of the Fund from January 1, 2014 through tax benefit to the shareholder that increases the after tax return. September 30, 2014 was 0.66%. The Bank of America Merrill Lynch 1-3 Year U.S. Government/ During the periods shown in the bar chart for the Fund: Corporate Index (ML 1-3) is an index tracking short-term U.S. Quarter Ended Returns government and corporate securities with maturities between Best quarter 6/30/2009 4.02% 1 and 2.99 years. ML 1-3 is produced by Merrill Lynch Pierce Worst quarter 9/30/2008 (2.68)% Fenner & Smith. Average Annual Total Returns through 12/31/13(1) The Lipper Short Investment-Grade Debt Funds Index (LSIGDI) Since Class I tracks the total return performance of the 30 largest mutual Inception funds included in this Lipper category. 1 Year 5 Year 10 Year (5/31/07) Management of the Fund Class Y (Inception 11/1/92) Adviser. BMO Asset Management Corp. Return Before Taxes 0.46% 4.61% 3.37% N.A. Portfolio Managers. Peter J. Arts and Boyd R. Eager have co- managed the Fund since February 2012. Mr. Arts, Head of Tax- Return After Taxes on able Fixed Income, a Managing Director, and a Portfolio Manager Distributions (0.20)% 3.73% 2.18% N.A. of the Adviser, joined the Adviser in 1994. Mr. Eager, a Director Return After Taxes on and a Senior Portfolio Manager of the Adviser, joined the Adviser Distributions and Sale in 1996. of Fund Shares 0.26% 3.24% 2.16% N.A. Purchase and Sale of Fund Shares Class I (Inception 5/31/07) Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Return Before Taxes 0.82% 4.89% N.A. 3.82% Class I shares. For Class Y and Class A, the minimum subsequent ML 1-3 (reflects no purchase amount is $50. deduction of fees, expenses You may sell (redeem) your shares of the Fund on any day the or taxes) 0.70% 2.07% 2.90% 3.05% New York Stock Exchange is open for business using one of the LSIGDI (reflects deduction following methods, depending on the elections you made in of fees and no deduction your account application: for sales charges or taxes) 0.68% 4.14% 2.83% 2.86% Phone. Call 1-800-236-FUND (3863). (1)Because Class A shares have not been offered for a full calendar year, the Wire/Electronic Transfer. Upon written request sent to the information provided represents returns of Class Y and Class I shares. Class A shares (without the reflection of the payment of sales charges) would have address below under “Mail,” redemption proceeds can be substantially similar annual returns because the shares are invested in the directly deposited by Electronic Funds Transfer or wired to your same portfolio of securities. The performance of Class A shares (without the previously designated domestic commercial bank. reflection of the payment of sales charges) will be the same as the Class Y shares because the Class A and Class Y shares have the same Total Annual Mail. Send a written request, indicating your name, the Fund Fund Operating Expenses. However, Class A shares do charge a front-end name, your account number, and the number of shares or the

62 FIXED INCOME FUNDS BMO Short-Term Income Fund (cont.) dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that are expected to be taxed primarily as ordinary income for federal income tax purposes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

FIXED INCOME FUNDS 63 BMO Intermediate Tax-Free Fund

Investment Objective: Fund pays a management fee of 0.30% on the Fund’s first $500,000,000 of average daily net assets. To provide a high level of current income exempt from federal (3)“Other Expenses” for the Class A shares are based on estimated amounts for income tax consistent with preservation of capital. the current fiscal year. Fees and Expenses of the Fund (4)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment This table describes the fees and expenses that you may pay if companies. Total Annual Fund Operating Expenses shown will not correlate you buy and hold shares of the Fund. You may qualify for sales to the Fund’s ratio of expenses to average net assets appearing in the charge discounts if you and your family invest, or agree to invest Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. in the future, at least $100,000 in Class A shares of certain BMO Funds. More information about these and other discounts is (5)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to available from your financial professional and under “How to Buy prevent class total annual operating expenses (excluding interest, taxes, Shares – Sales Charge” on page 113 of this Prospectus and under brokerage commissions, other investment-related costs, and extraordinary “How to Buy Shares – Waivers and Reductions of Sales Charges – expenses, such as litigation and other expenses not incurred in the ordinary Class A Shares” beginning on page 114 of this Prospectus and course of the Fund’s business, and Acquired Fund Fees and Expenses) from “How to Buy Shares” beginning on page B-43 of the Fund’s exceeding 0.55% for Class Y, 0.50% for Class I, and 0.55% for Class A through December 31, 2015. This expense limitation agreement may not be termi- Statement of Additional Information. nated prior to December 31, 2015 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment Shareholder Fees (fees paid advisory agreement. directly from your investment) Class Y Class I Class A Example Maximum Sales Charge (Load) Imposed on Purchases (as a This example is intended to help you compare the cost of inves- percentage of offering price) None None 3.50% ting in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the Maximum Deferred Sales time periods indicated and then redeem all of your shares at the Charge (Load) (as a percentage end of those periods. The example also assumes that your of shares redeemed within 18 investment has a 5% return each year and that the Fund’s (1) months of purchase) None None 0.55% operating expenses are as shown in the table and remain the Redemption Fee None None None same. The costs in the one-year example and for the first year of Annual Fund Operating Expenses (expenses that you pay each the three-, five-, and ten-year examples reflect the Adviser’s year as a percentage of the value of your investment) agreement to waive fees and reimburse expenses through December 31, 2015. Although your actual costs and returns may Management Fees(2) 0.24% 0.24% 0.24% be higher or lower, based on these assumptions your costs Distribution (12b-1) Fees None None 0.25% would be: Other Expenses(3) 0.37% 0.12% 0.12% Class Y Class I Class A Acquired Fund Fees and 1Year $ 57 $ 38 $ 405 Expenses(4) 0.01% 0.01% 0.01% 3Years $ 192 $ 119 $ 536 Total Annual Fund Operating 5Years $ 340 $ 208 $ 678 Expenses 0.62% 0.37% 0.62% 10 Years $ 769 $ 468 $ 1,092 Fee Waiver and Expense Reimbursement(5) (0.06)% — (0.06)% Portfolio Turnover Total Annual Fund Operating The Fund incurs transaction costs, such as commissions, when it Expenses After Fee Waiver and buys and sells securities (or turns over its portfolio). A higher Expense Reimbursement(5) 0.56% 0.37% 0.56% portfolio turnover rate may indicate higher transaction costs and (1)The Maximum Deferred Sales Charge on Class A shares is applied only to may result in higher taxes when Fund shares are held in a tax- purchases of $1,000,000 or more that are redeemed within 18 months of able account. These costs, which are not reflected in annual fund purchase. operating expenses or in the example, affect the Fund’s (2)The management fee disclosed is a blended fee based on the Fund’s total performance. During the most recent fiscal year, the Fund’s port- assets as of August 31, 2014. Under the investment advisory agreement, the folio turnover rate was 35% of the average value of its portfolio.

64 FIXED INCOME FUNDS BMO Intermediate Tax-Free Fund (cont.)

Principal Investment Strategies theFundmayhavetoacceptalowerpricetosellasecurity,sell other securities to raise cash, or give up an investment oppor- The Fund invests at least 80% of its assets in municipal securities, tunity, any of which could have a negative effect on the Fund’s the income from which is exempt from federal income tax performance. Infrequent trading of securities also may lead to an (including the federal alternative minimum tax (AMT)). Fund increase in their price volatility. investments include municipal securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or High Yield Securities Risks. High yield securities, also referred higher, or unrated and considered by the Adviser to be com- to as “junk bonds” or non-investment grade securities, are debt parableinquality)atthetimeofpurchase.TheFundmayalso securities rated lower than BBB by Standard & Poor’s or Baa by invest up to 10% of its assets in municipal securities that are Moody’s Investors Service. These securities tend to be more below investment grade, also known as high yield securities or sensitive to economic conditions than are higher-rated secu- “junk bonds.” Municipal securities include debt obligations of rities, generally involve more credit risk than securities in the states, territories, and possessions of the U.S. and political sub- higher-rated categories and are predominantly considered to be divisions, and financing authorities of these entities that provide speculative. The issuers of high yield securities are typically more income exempt from federal income tax (including federal AMT). leveraged, and the risk of loss due to default by an issuer of high The Adviser selects Fund investments after assessing factors yield securities is significantly greater than issuers of higher-rated such as the cyclical trend in interest rates, the shape of the securities because such securities are generally unsecured and municipal yield curve, tax rates, sector valuation, and municipal are often subordinated to other creditors. The Fund may have bond supply factors. The Fund normally maintains an average difficulty disposing of certain high yield securities because there dollar-weighted effective maturity of three to ten years. Effective may be a thin trading market for such securities. maturity takes into account the possibility that a bond may have Municipal Securities Risks. Municipal bonds are subject to risks prepayments or may be called by the issuer before its stated based on many factors, including economic and regulatory maturity date. developments, changes or proposed changes in the federal and Principal Risks state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by sup- The Fund cannot assure that it will achieve its investment ply and demand factors or the creditworthiness of the issuer objective. An investment in the Fund is not a deposit of BMO than by market interest rates. Repayment of municipal securities Harris Bank N.A., or any of its affiliates, and is not insured or guar- depends on the ability of the issuer or project backing such anteed by the FDIC or any other government agency. The net securities to generate taxes or revenues. There is a risk that asset value of the Fund will vary and you could lose money by interest may be taxable on a municipal security that is otherwise investing in the Fund. In addition, the Fund is subject to the fol- expected to produce tax-exempt interest. lowing risks. Management Risks. The Adviser’s judgments about the attrac- Interest Rate Risks. Prices of fixed income securities rise and fall tiveness, value, and potential appreciation of the Fund’s invest- in response to changes in the interest rate paid by similar secu- ments may prove to be incorrect. Accordingly, no guarantee rities. Generally, when interest rates rise, prices of fixed income exists that the investment techniques used by the Fund’s securities fall. Interest rate changes have a greater effect on the managers will produce the desired results. price of fixed income securities with longer maturities. Sector Risks. The Fund may invest its assets in municipal secu- Credit Risks. Credit risk is the possibility that an issuer will rities that finance similar projects, such as those relating to default on a security by failing to pay interest or principal when education, health care, transportation, and utilities. To the extent due. If an issuer defaults, the Fund may lose money. Lower credit the Fund invests its assets in a particular sector, the Fund’s per- ratings correspond to higher credit risk. Bonds rated lower than formance may be more susceptible to any economic, business, BBB or Baa have speculative characteristics. or other developments that generally affect that sector. Call Risks. If the securities in which the Fund invests are Investments in Other Investment Companies Risks. The redeemed by the issuer before maturity (or “called”), the Fund Fund may invest in securities issued by other investment may have to reinvest the proceeds in securities that pay a lower companies, including exchange traded funds. By investing in interest rate, which may decrease the Fund’s yield. This will most another investment company, there is a risk that the value of the likely happen when interest rates are declining. underlying securities of the investment company may decrease. Liquidity Risks. Liquidity risk refers to the possibility that the The Fund will also bear its proportionate share of the other Fund may not be able to sell or buy a security or close out an investment company’s fees and expenses. investment contract at a favorable price or time. Consequently,

FIXED INCOME FUNDS 65 BMO Intermediate Tax-Free Fund (cont.)

Fund Performance Average Annual Total Returns through 12/31/13(1) The bar chart and table show the historical performance of the Since Class Fund’s shares and provide some indication of the risks of inves- IInception ting in the Fund. The bar chart shows how the Fund’s total 1 Year 5 Year 10 Year (12/27/10) returns before taxes have varied from year to year, while the Class Y (Inception 2/1/94) table compares the Fund’s average annual total returns to the Return Before Taxes (1.62)% 5.90% 4.13% N.A. returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind Return After Taxes on that past performance, before and after taxes, does not repre- Distributions (1.62)% 5.84% 4.02% N.A. sent how the Fund will perform in the future. Investors may Return After Taxes on obtain updated performance information for the Fund at Distributions and Sale of www.bmofunds.com. Fund Shares 0.21% 5.37% 3.97% N.A. Class Y—Annual Total Returns (calendar years 2004-2013) Class I (Inception12/27/10) 15% Return Before Taxes (1.51)% N.A. N.A. 4.73% 12.86% 10% BMB 1-15 (reflects no 9.16% deduction for fees, expenses 5% 6.66% or taxes) (1.05)% 4.80% 4.07% 4.08% 4.23% 3.52% 3.04% 2.51% 0.73% LIMDI (reflects deduction of 0% 0.94% (1.62)% fees and no deduction for sales charges or taxes) (1.73)% 5.12% 3.50% 4.00% -5% 2004 2005 2006 2007 2008 2009 20102011 2012 2013 (1)Because Class A shares have not been offered for a full calendar year, the information provided represents returns of Class Y and Class I shares. Class A * The bar chart does not reflect the payment of any sales charges. If these shares (without the reflection of the payment of sales charges) would have charges had been reflected, the returns shown would have been lower. substantially similar annual returns because the shares are invested in the The return for the Class Y shares of the Fund from January 1, 2014 through same portfolio of securities. The performance of Class A shares (without the September 30, 2014 was 5.94%. reflection of the payment of sales charges) will be the same as the Class Y shares because the Class A and Class Y shares have the same Total Annual During the periods shown in the bar chart for the Fund: Fund Operating Expenses. However, Class A shares do charge a front-end Quarter Ended Returns sales charge, so the performance of Class A shares reflecting the payment of Best quarter 9/30/2009 5.58% sales charges would be lower than Class Y shares. Worst quarter 12/31/2010 (3.16)% After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I and Class A will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after tax return. The Barclays 1-15 Year Blend Municipal Bond Index (BMB 1-15) is the 1-15 year Blend 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 and a range of maturities between 1 and 17 years.

66 FIXED INCOME FUNDS BMO Intermediate Tax-Free Fund (cont.)

The Lipper Intermediate Municipal Debt Funds Index (LIMDI) Payments to Broker-Dealers and Other tracks the total return performance of the 30 largest mutual Financial Intermediaries funds included in this Lipper category. If you purchase shares of the Fund through a broker-dealer or Management of the Fund other financial intermediary (such as a bank), the Fund and its Adviser. BMO Asset Management Corp. related companies may pay the intermediary for the sale of shares and related services. These payments may create a con- Portfolio Managers. John D. Boritzke and Duane A. McAllister flict of interest by influencing the broker-dealer or other co-manage the Fund. Mr. Boritzke, Head of Tax-Exempt Fixed intermediary and your salesperson to recommend the Fund Income, a Managing Director, and a Portfolio Manager of the over another investment. Ask your salesperson or visit your Adviser, joined the Adviser in 1983 and has managed the Fund financial intermediary’s website for more information. since its inception in 1994. Mr. McAllister, a Managing Director and a Portfolio Manager of the Adviser, joined the Adviser in 2007 and has co-managed the Fund since June 2007. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that are primarily exempt from federal income tax; however, a portion of the Fund’s distributions may be subject to federal income tax.

FIXED INCOME FUNDS 67 BMO Mortgage Income Fund

Investment Objective: prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary To provide current income. expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from Fees and Expenses of the Fund exceeding 0.80% for Class Y, 0.55% for Class I, and 0.80% for Class A through December 31, 2015. This expense limitation agreement may not be termi- This table describes the fees and expenses that you may pay if nated prior to December 31, 2015 without the consent of the Fund’s Board you buy and hold shares of the Fund. You may qualify for sales of Directors, unless terminated due to the termination of the investment charge discounts if you and your family invest, or agree to invest advisory agreement. in the future, at least $100,000 in Class A shares of certain BMO Funds. More information about these and other discounts is Example available from your financial professional and under “How to Buy This example is intended to help you compare the cost of inves- Shares – Sales Charge” on page 113 of this Prospectus and under ting in the Fund with the cost of investing in other funds. The “How to Buy Shares – Waivers and Reductions of Sales Charges – example assumes that you invest $10,000 in the Fund for the Class A Shares” beginning on page 114 of this Prospectus and time periods indicated and then redeem all of your shares at the “How to Buy Shares” beginning on page B-43 of the Fund’s end of those periods. The example also assumes that your Statement of Additional Information. investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the Shareholder Fees (fees paid same. The costs in the one-year example and for the first year of directly from your investment) Class Y Class I Class A the three-, five-, and ten-year examples reflect the Adviser’s Maximum Sales Charge (Load) agreement to waive fees and reimburse expenses through Imposed on Purchases (as a December 31, 2015. Although your actual costs and returns may percentage of offering price) None None 3.50% be higher or lower, based on these assumptions your costs would be: Maximum Deferred Sales Charge (Load) (as a Class Y Class I Class A percentage of shares 1Year $ 82 $ 56 $ 429 redeemed within 18 months of purchase)(1) None None 1.00% 3Years $ 281 $ 202 $ 621 Redemption Fee None None None 5Years $ 498 $ 361 $ 830 Annual Fund Operating Expenses (expenses that you pay each 10 Years $ 1,120 $ 823 $ 1,431 year as a percentage of the value of your investment) Portfolio Turnover Management Fees 0.40% 0.40% 0.40% The Fund incurs transaction costs, such as commissions, when it Distribution (12b-1) Fees None None 0.25% buys and sells securities (or turns over its portfolio). A higher Other Expenses(2) 0.52% 0.27% 0.27% portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a tax- Total Annual Fund Operating able account. These costs, which are not reflected in annual fund Expenses 0.92% 0.67% 0.92% operating expenses or in the example, affect the Fund’s Fee Waiver and Expense performance. During the most recent fiscal year, the Fund’s port- Reimbursement(3) (0.12)% (0.12)% (0.12)% folio turnover rate was 129% of the average value of its portfolio. Total Annual Fund Operating Principal Investment Strategies Expenses After Fee Waiver and The Fund invests at least 80% of its assets in mortgage-related Expense Reimbursement(3) 0.80% 0.55% 0.80% securities issued or sponsored by the U.S. government or its (1)The Maximum Deferred Sales Charge on Class A shares is applied only to agencies and instrumentalities. The securities in which the Fund purchases of $1,000,000 or more that are redeemed within 18 months of invests generally will have a minimum rating no lower than the purchase. lowest investment grade category (i.e., rated BBB or Baa, or (2)“Other Expenses” for the Class A shares are based on estimated amounts for higher, or unrated and considered by the Adviser to be com- the current fiscal year. parableinquality)atthetimeofpurchase. (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to

68 FIXED INCOME FUNDS BMO Mortgage Income Fund (cont.)

The Fund invests in the securities of U.S. government-sponsored Liquidity Risks. Liquidity risk refers to the possibility that the entities that are not backed by the full faith and credit of the U.S. Fund may not be able to sell or buy a security or close out an government, but are supported through federal loans or other investment contract at a favorable price or time. Consequently, benefits, including the Federal Home Loan Banks (FHLBs), theFundmayhavetoacceptalowerpricetosellasecurity,sell Federal National Mortgage Association (Fannie Mae), and other securities to raise cash, or give up an investment oppor- Federal Home Loan Mortgage Corporation (Freddie Mac). The tunity, any of which could have a negative effect on the Fund’s Fund also may invest in the securities of U.S. government- performance. Infrequent trading of securities also may lead to an sponsored entities that are supported by the full faith and credit increase in their price volatility. of the U.S. government, such as the Government National Asset-Backed/Mortgage-Backed Securities Risks. Asset- Mortgage Association (Ginnie Mae). Finally, the Fund may invest backed and mortgage-backed securities are subject to risks of in the securities of governmental entities that have no explicit prepayment. The Fund’s yield will be reduced if cash from pre- financial support from the U.S. government, but are regarded as paid securities is reinvested in securities with lower interest rates. having implied support because the U.S. government sponsors The risk of prepayment also may decrease the value of their activities, including the Farm Credit Administration and the mortgage-backed securities. Asset-backed securities may have a Financing Corporation. The Fund also may invest in non-agency higher level of default and recovery risk than mortgage-backed asset-backed and mortgage-backed securities. securities. Both of these types of securities may decline in value The Adviser considers macroeconomic conditions and uses because of mortgage foreclosures or defaults on the underlying credit and market analysis in developing the overall portfolio obligations. Credit risk is greater for mortgage-backed securities strategy. Current and historical interest rate relationships are that are subordinate to another security. used to evaluate market sectors and individual securities. The Government Obligations Risks. No assurance can be given Fund normally maintains an average dollar-weighted effective that the U.S. government will provide financial support to U.S. maturity of four to twelve years. Effective maturity takes into government-sponsored agencies or instrumentalities where it is account the possibility that a bond may have prepayments or not obligated to do so by law. As a result, there is risk that these may be called by the issuer before its stated maturity date. entities will default on a financial obligation. Principal Risks Income Risks. The Fund’s income could decline due to falling The Fund cannot assure that it will achieve its investment market interest rates. In a falling interest rate environment, the objective. An investment in the Fund is not a deposit of BMO Fund may be required to invest its assets in lower-yielding Harris Bank N.A., or any of its affiliates, and is not insured or guar- securities. anteed by the FDIC or any other government agency. The net Management Risks. The Adviser’s judgments about the attrac- asset value of the Fund will vary and you could lose money by tiveness, value, and potential appreciation of the Fund’s invest- investing in the Fund. In addition, the Fund is subject to the fol- ments may prove to be incorrect. Accordingly, no guarantee lowing risks. exists that the investment techniques used by the Fund’s Interest Rate Risks. Prices of fixed income securities rise and fall managers will produce the desired results. in response to changes in the interest rate paid by similar secu- Portfolio Turnover Risks. A high portfolio rate (100% or more) rities. Generally, when interest rates rise, prices of fixed income may result in the realization and distribution to shareholders of a securities fall. Interest rate changes have a greater effect on the greater amount of capital gains than if the Fund had a low price of fixed income securities with longer maturities. portfolio turnover rate. Therefore, you may have higher tax Credit Risks. Credit risk is the possibility that an issuer or liability. High portfolio turnover also may result in higher trans- counterparty will default on a security or repurchase agreement action costs, which may negatively affect Fund performance. by failing to pay interest or principal when due. If an issuer Fund Performance defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa The bar chart and table show the historical performance of the have speculative characteristics. Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total Call Risks. If the securities in which the Fund invests are returns before taxes have varied from year to year, while the redeemed by the issuer before maturity (or “called”), the Fund table compares the Fund’s average annual total returns to the may have to reinvest the proceeds in securities that pay a lower returns of a broad measure of market performance and an index interest rate, which may decrease the Fund’s yield. This will most of funds with similar investment objectives. Please keep in mind likely happen when interest rates are declining. that past performance, before and after taxes, does not

FIXED INCOME FUNDS 69 BMO Mortgage Income Fund (cont.) represent how the Fund will perform in the future. Investors may same portfolio of securities. The performance of Class A shares (without the obtain updated performance information for the Fund at reflection of the payment of sales charges) will be the same as the Class Y shares because the Class A and Class Y shares have the same Total Annual www.bmofunds.com. Fund Operating Expenses. However, Class A shares do charge a front-end Class Y—Annual Total Returns (calendar years 2004-2013) sales charge, so the performance of Class A shares reflecting the payment of 15% sales charges would be lower than Class Y shares.

12.71% After-tax returns are calculated using the highest historical 10% individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax 7.08% 5% 5.85% returns depend on an investor’s tax situation and may differ from 4.72% 5.20% 4.24% 3.81% those shown. After-tax returns shown are not relevant to invest- 2.33% 0.07% 0% ors holding shares through tax-deferred programs, such as IRAs (2.32)% or 401(k) plans. After-tax returns are shown only for Class Y, and -5% after-tax returns for Class I and Class A will vary. 2004 2005 2006 2007 2008 2009 20102011 2012 2013 The Return After Taxes on Distributions and Sale of Fund Shares * The bar chart does not reflect the payment of any sales charges. If these may be higher than other return figures when a capital loss is charges had been reflected, the returns shown would have been lower. realized on the sale of Fund shares which provides an assumed The return for the Class Y shares of the Fund from January 1, 2014 through tax benefit to the shareholder that increases the after tax return. September 30, 2014 was 3.93%. During the periods shown in the bar chart for the Fund: The Barclays U.S. MBS Index (BMI) tracks agency mortgage- backed pass-through securities guaranteed by Ginnie Mae, Quarter Ended Returns Best quarter 9/30/2009 5.39% Freddie Mac, and Fannie Mae. Worst quarter 6/30/2013 (2.39)% The Lipper U.S. Mortgage Funds Index (LUSMI) tracks the total Average Annual Total Returns through 12/31/13(1) return performance of the 30 largest mutual funds included in this Lipper category. Since Class IInception Management of the Fund 1 Year 5 Year 10 Year (5/31/07) Adviser. BMO Asset Management Corp. Class Y Portfolio Managers. Scott M. Kimball and Daniela Mardarovici (Inception 12/13/92) co-manage the Fund. Mr. Kimball, a Director and a Portfolio Return Before Taxes (2.32)% 5.18% 4.30% N.A. Manager of the Adviser, joined the Adviser’s affiliate, Taplin, Return After Taxes on Canida & Habacht, LLC (“TCH”) in 2007 and has co-managed the Distributions (3.31)% 3.63% 2.61% N.A. Fund since August 2013. Ms. Mardarovici, a Director and a Portfolio Manager of the Adviser, joined TCH in 2012 and has co- Return After Taxes on managed the Fund since August 2013. Distributions and Sale of Fund Shares (1.31)% 3.54% 2.74% N.A. Purchase and Sale of Fund Shares Class I Minimums. To open an account, your first investment must be (Inception 5/31/07) at least $1,000 for Class Y and Class A shares and $2,000,000 for Return Before Taxes (2.19)% 5.44% N.A. 4.90% Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. BMI (reflects no deduction for fees, You may sell (redeem) your shares of the Fund on any day the expenses or taxes) (1.41)% 3.69% 4.61% 4.87% New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in LUSMI (reflects deduction your account application: of fees and no deduction for sales charges or taxes) (1.21)% 4.92% 4.20% 4.62% Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the (1)Because Class A shares have not been offered for a full calendar year, the information provided represents returns of Class Y and Class I shares. Class A address below under “Mail,” redemption proceeds can be shares (without the reflection of the payment of sales charges) would have directly deposited by Electronic Funds Transfer or wired to your substantially similar annual returns because the shares are invested in the previously designated domestic commercial bank.

70 FIXED INCOME FUNDS BMO Mortgage Income Fund (cont.)

Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that are expected to be taxed primarily as ordinary income for federal income tax purposes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

FIXED INCOME FUNDS 71 BMO TCH Intermediate Income Fund

Investment Objective: (3)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment To maximize total return consistent with current income. companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Fees and Expenses of the Fund Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales (4)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to charge discounts if you and your family invest, or agree to invest prevent class total annual operating expenses (excluding interest, taxes, in the future, at least $100,000 in Class A shares of certain BMO brokerage commissions, other investment-related costs, and extraordinary Funds. More information about these and other discounts is expenses, such as litigation and other expenses not incurred in the ordinary available from your financial professional and under “How to Buy course of the Fund’s business, and Acquired Fund Fees and Expenses) from Shares – Sales Charge” on page 113 of this Prospectus and under exceeding 0.80% for Class Y, 0.55% for Class I, and 0.80% for Class A through December 31, 2015. This expense limitation agreement may not be termi- “How to Buy Shares – Waivers and Reductions of Sales Charges – nated prior to December 31, 2015 without the consent of the Fund’s Board Class A Shares” beginning on page 114 of this Prospectus and of Directors, unless terminated due to the termination of the investment “How to Buy Shares” beginning on page B-43 of the Fund’s advisory agreement. Statement of Additional Information. Example Shareholder Fees (fees paid This example is intended to help you compare the cost of inves- directly from your investment) Class Y Class I Class A ting in the Fund with the cost of investing in other funds. The Maximum Sales Charge (Load) example assumes that you invest $10,000 in the Fund for the Imposed on Purchases (as a time periods indicated and then redeem all of your shares at the percentage of offering price) None None 3.50% end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s Maximum Deferred Sales operating expenses are as shown in the table and remain the Charge (Load) (as a same. The costs in the one-year example and for the first year of percentage of shares the three-, five-, and ten-year examples reflect the Adviser’s redeemed within 18 months agreement to waive fees and reimburse expenses through (1) of purchase) None None 1.00% December 31, 2015. Although your actual costs and returns may Redemption Fee None None None be higher or lower, based on these assumptions your costs Annual Fund Operating Expenses (expenses that you pay each would be: year as a percentage of the value of your investment) Class Y Class I Class A Management Fees 0.40% 0.40% 0.40% 1Year $ 83 $ 57 $ 430 Distribution (12b-1) Fees None None 0.25% 3Years $ 280 $ 201 $ 620 Other Expenses(2) 0.50% 0.25% 0.25% 5Years $ 494 $ 358 $ 827 Acquired Fund Fees and 10 Years $ 1,110 $ 813 $ 1,422 Expenses(3) 0.01% 0.01% 0.01% Portfolio Turnover Total Annual Fund Operating Expenses 0.91% 0.66% 0.91% The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher Fee Waiver and Expense portfolio turnover rate may indicate higher transaction costs and Reimbursement(4) (0.10)% (0.10)% (0.10)% may result in higher taxes when Fund shares are held in a tax- Total Annual Fund Operating able account. These costs, which are not reflected in annual fund Expenses After Fee Waiver and operating expenses or in the example, affect the Fund’s Expense Reimbursement(4) 0.81% 0.56% 0.81% performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 118% of the average value of its portfolio. (1)The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of Principal Investment Strategies purchase. (2)“Other Expenses” for the Class A shares are based on estimated amounts for The Fund invests at least 80% of its assets in bonds. Fund invest- the current fiscal year. ments include corporate, asset-backed, and mortgage-backed

72 FIXED INCOME FUNDS BMO TCH Intermediate Income Fund (cont.) securities with a minimum rating in the lowest investment grade The risk of prepayment also may decrease the value of category (i.e., rated BBB or Baa, or higher, or unrated and consid- mortgage-backed securities. Asset-backed securities may have a ered by the Fund’s sub-adviser, Taplin, Canida & Habacht, LLC higher level of default and recovery risk than mortgage-backed (TCH), an affiliate of the Adviser, to be comparable in quality) at securities. Both of these types of securities may decline in value thetimeofpurchaseandrepurchaseagreementsandU.S.gov- because of mortgage foreclosures or defaults on the underlying ernment securities. TCH changes the Fund’s weightings in these obligations. Credit risk is greater for mortgage-backed securities sectors as it deems appropriate and uses macroeconomic, credit, that are subordinate to another security. and market analysis to select portfolio securities. The Fund Government Obligations Risks. No assurance can be given normally maintains an average dollar-weighted effective that the U.S. government will provide financial support to U.S. maturity of two to eight years. Effective maturity takes into government-sponsored agencies or instrumentalities where it is account the possibility that a bond may have prepayments or not obligated to do so by law. As a result, there is risk that these may be called by the issuer before its stated maturity date. entities will default on a financial obligation. Principal Risks Income Risks. The Fund’s income could decline due to falling The Fund cannot assure that it will achieve its investment market interest rates. In a falling interest rate environment, the objective. An investment in the Fund is not a deposit of BMO Fund may be required to invest its assets in lower-yielding secu- Harris Bank N.A., or any of its affiliates, and is not insured or guar- rities. anteed by the FDIC or any other government agency. The net Management Risks. TCH’s judgments about the attractiveness, asset value of the Fund will vary and you could lose money by value, and potential appreciation of the Fund’s investments may investing in the Fund. In addition, the Fund is subject to the fol- prove to be incorrect. Accordingly, no guarantee exists that the lowing risks. investment techniques used by the Fund’s managers will pro- Interest Rate Risks. Prices of fixed income securities rise and fall duce the desired results. in response to changes in the interest rate paid by similar secu- Portfolio Turnover Risks. A high portfolio rate (100% or more) rities. Generally, when interest rates rise, prices of fixed income may result in the realization and distribution to shareholders of a securities fall. Interest rate changes have a greater effect on the greater amount of capital gains than if the Fund had a low price of fixed income securities with longer maturities. portfolio turnover rate. Therefore, you may have higher tax Credit Risks. Credit risk is the possibility that an issuer or liability. High portfolio turnover also may result in higher trans- counterparty will default on a security or repurchase agreement action costs, which may negatively affect Fund performance. by failing to pay interest or principal when due. If an issuer Fund Performance defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa The bar chart and table show the historical performance of the have speculative characteristics. Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total Call Risks. If the securities in which the Fund invests are returns before taxes have varied from year to year, while the redeemed by the issuer before maturity (or “called”), the Fund table compares the Fund’s average annual total returns to the may have to reinvest the proceeds in securities that pay a lower returns of a broad measure of market performance and an index interest rate, which may decrease the Fund’s yield. This will most of funds with similar investment objectives. Please keep in mind likely happen when interest rates are declining. that past performance, before and after taxes, does not repre- Liquidity Risks. Liquidity risk refers to the possibility that the sent how the Fund will perform in the future. Investors may Fund may not be able to sell or buy a security or close out an obtain updated performance information for the Fund at investment contract at a favorable price or time. Consequently, www.bmofunds.com. the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Asset-Backed/Mortgage-Backed Securities Risks. Asset- backed and mortgage-backed securities are subject to risks of prepayment. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates.

FIXED INCOME FUNDS 73 BMO TCH Intermediate Income Fund (cont.)

Class Y—Annual Total Returns (calendar years 2004-2013) sales charge, so the performance of Class A shares reflecting the payment of 30% sales charges would be lower than Class Y shares. 25% 26.81% After-tax returns are calculated using the highest historical 20% individual marginal federal income tax rates and do not reflect 15% the effect of any applicable state and local taxes. Actual after-tax 10% returns depend on an investor’s tax situation and may differ from 8.01% 5% 2.01% 4.09% 4.61% 5.25% 5.25% those shown. After-tax returns shown are not relevant to invest- 0% 2.63% (0.16)% ors holding shares through tax-deferred programs, such as IRAs -5% or 401(k) plans. After-tax returns are shown only for Class Y, and -10% (12.67)% -15% after-tax returns for Class I and Class A will vary. 2004 2005 2006 2007 2008 2009 20102011 2012 2013 The Return After Taxes on Distributions and Sale of Fund Shares * The bar chart does not reflect the payment of any sales charges. If these may be higher than other return figures when a capital loss is charges had been reflected, the returns shown would have been lower. realized on the sale of Fund shares which provides an assumed The return for the Class Y shares of the Fund from January 1, 2014 through tax benefit to the shareholder that increases the after tax return. September 30, 2014 was 3.23%. During the periods shown in the bar chart for the Fund: The Barclays U.S. Intermediate Government/Credit Bond Index (BIGCBI) is an index comprised of government and corporate Quarter Ended Returns Best quarter 6/30/2009 17.52% bonds rated BBB or higher with maturities between one and ten Worst quarter 12/31/2008 (7.76)% years. Average Annual Total Returns through 12/31/13(1) The Lipper Short-Intermediate Investment-Grade Debt Funds Index (LSIDF) tracks the total return performance of the 30 larg- Since Class I est mutual funds included in this Lipper category. Inception 1 Year 5 Year 10 Year (5/31/07) Management of the Fund Class Y Adviser. BMO Asset Management Corp. (Inception 11/19/92) Sub-Adviser. Taplin, Canida & Habacht, LLC, a majority-owned Return Before Taxes (0.16)% 8.66% 4.19% N.A. subsidiary of the Adviser. Return After Taxes Portfolio Managers. William J. Canida, Scott M. Kimball, and on Distributions (0.71)% 7.81% 2.97% N.A. Daniela Mardarovici have co-managed the Fund since July 2013. Return After Taxes Mr. Canida, a Managing Director and a Portfolio Manager of the on Distributions and Adviser, joined TCH in 1985. Mr. Kimball, a Director and a Portfo- Sale of Fund Shares (0.09)% 6.48% 2.77% N.A. lio Manager of the Adviser, joined TCH in 2007. Ms. Mardarovici, a Class I Director and a Portfolio Manager of the Adviser, joined TCH in (Inception 5/31/07) 2012. Return Before Taxes 0.09% 8.94% N.A. 5.09% Purchase and Sale of Fund Shares BIGCBI (reflects no Minimums. To open an account, your first investment must be deduction for fees, at least $1,000 for Class Y and Class A shares and $2,000,000 for expenses or taxes) (0.86)% 3.96% 4.09% 4.68% Class I shares. For Class Y and Class A, the minimum subsequent LSIDF (reflects purchase amount is $50. deduction of fees and no You may sell (redeem) your shares of the Fund on any day the deduction for sales New York Stock Exchange is open for business using one of the charges or taxes) (0.15)% 5.22% 3.68% 4.15% following methods, depending on the elections you made in (1)Because Class A shares have not been offered for a full calendar year, the your account application: information provided represents returns of Class Y and Class I shares. Class A Phone. Call 1-800-236-FUND (3863). shares (without the reflection of the payment of sales charges) would have substantially similar annual returns because the shares are invested in the Wire/Electronic Transfer. Upon written request sent to the same portfolio of securities. The performance of Class A shares (without the address below under “Mail,” redemption proceeds can be reflection of the payment of sales charges) will be the same as the Class Y directly deposited by Electronic Funds Transfer or wired to your shares because the Class A and Class Y shares have the same Total Annual Fund Operating Expenses. However, Class A shares do charge a front-end previously designated domestic commercial bank.

74 FIXED INCOME FUNDS BMO TCH Intermediate Income Fund (cont.)

FIXED INCOME FUNDS 75 BMO TCH Corporate Income Fund

Investment Objective: (3)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment To maximize total return consistent with current income. companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Fees and Expenses of the Fund Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales (4)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to charge discounts if you and your family invest, or agree to invest prevent class total annual operating expenses (excluding interest, taxes, in the future, at least $100,000 in Class A shares of certain BMO brokerage commissions, other investment-related costs, and extraordinary Funds. More information about these and other discounts is expenses, such as litigation and other expenses not incurred in the ordinary available from your financial professional and under “How to Buy course of the Fund’s business, and Acquired Fund Fees and Expenses) from Shares – Sales Charge” on page 113 of this Prospectus and under exceeding 0.59% for Class Y, 0.55% for Class I, and 0.59% for Class A through December 31, 2015. This expense limitation agreement may not be termi- “How to Buy Shares – Waivers and Reductions of Sales Charges – nated prior to December 31, 2015 without the consent of the Fund’s Board Class A Shares” beginning on page 114 of this Prospectus and of Directors, unless terminated due to the termination of the investment “How to Buy Shares” beginning on page B-43 of the Fund’s advisory agreement. Statement of Additional Information. Example Shareholder Fees (fees paid This example is intended to help you compare the cost of inves- directly from your investment) Class Y Class I Class A ting in the Fund with the cost of investing in other funds. The Maximum Sales Charge (Load) example assumes that you invest $10,000 in the Fund for the Imposed on Purchases (as a time periods indicated and then redeem all of your shares at the percentage of offering price) None None 3.50% end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s Maximum Deferred Sales Charge operating expenses are as shown in the table and remain the (Load) (as a percentage of shares same. The costs in the one-year example and for the first year of redeemed within 18 months of the three-, five-, and ten-year examples reflect the Adviser’s (1) purchase) None None 0.55% agreement to waive fees and reimburse expenses through Redemption Fee None None None December 31, 2015. Although your actual costs and returns may Annual Fund Operating Expenses (expenses that you pay each be higher or lower, based on these assumptions your costs year as a percentage of the value of your investment) would be: Management Fees 0.25% 0.25% 0.25% Class Y Class I Class A Distribution (12b-1) Fees None None 0.25% 1Year $ 61 $ 51 $ 409 Other Expenses(2) 0.49% 0.24% 0.24% 3Years $ 225 $ 160 $ 567 Acquired Fund Fees and 5Years $ 402 $ 280 $ 738 Expenses(3) 0.01% 0.01% 0.01% 10 Years $ 916 $ 628 $ 1,234 Total Annual Fund Operating Expenses 0.75% 0.50% 0.75% Portfolio Turnover Fee Waiver and Expense The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher Reimbursement(4) (0.15)% — (0.15)% portfolio turnover rate may indicate higher transaction costs and Total Annual Fund Operating may result in higher taxes when Fund shares are held in a tax- Expenses After Fee Waiver and able account. These costs, which are not reflected in annual fund Expense Reimbursement(4) 0.60% 0.50% 0.60% operating expenses or in the example, affect the Fund’s (1)The Maximum Deferred Sales Charge on Class A shares is applied only to performance. During the most recent fiscal year, the Fund’s port- purchases of $1,000,000 or more that are redeemed within 18 months of folio turnover rate was 25% of the average value of its portfolio. purchase. Principal Investment Strategies (2)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year. The Fund invests at least 80% of its assets in corporate debt securities, including convertible debt securities. Although the

76 FIXED INCOME FUNDS BMO TCH Corporate Income Fund (cont.)

Fund will invest primarily in U.S. dollar denominated securities Call Risks. If the securities in which the Fund invests are with a minimum rating in the lowest investment grade category redeemed by the issuer before maturity (or “called”), the Fund (i.e., rated BBB or Baa, or higher, or unrated and considered by may have to reinvest the proceeds in securities that pay a lower the sub-adviser to be comparable in quality) at the time of pur- interest rate, which may decrease the Fund’s yield. This will most chase, the Fund may invest up to 20% of its assets in debt secu- likely happen when interest rates are declining. rities that are below investment grade, also known as high yield Liquidity Risks. Liquidity risk refers to the possibility that the securities or “junk bonds,” and non-U.S. dollar denominated for- Fund may not be able to sell or buy a security or close out an eign debt securities. The Fund also may invest in U.S. govern- investment contract at a favorable price or time. Consequently, ment securities, asset-backed and mortgage-backed securities, theFundmayhavetoacceptalowerpricetosellasecurity,sell and U.S. dollar denominated foreign debt securities. other securities to raise cash, or give up an investment oppor- The Fund’s sub-adviser is Taplin, Canida & Habacht, LLC (TCH), an tunity, any of which could have a negative effect on the Fund’s affiliate of the Adviser. TCH uses macroeconomic, credit, and performance. Infrequent trading of securities also may lead to an market analysis to select portfolio securities. The Fund normally increase in their price volatility. maintains an average dollar-weighted effective maturity of three Asset-Backed/Mortgage-Backed Securities Risks. Asset- to fifteen years. Effective maturity takes into account the possi- backed and mortgage-backed securities are subject to risks of bility that a bond may have prepayments or may be called by prepayment. The Fund’s yield will be reduced if cash from pre- the issuer before its maturity date. paid securities is reinvested in securities with lower interest rates. Principal Risks The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a The Fund cannot assure that it will achieve its investment higher level of default and recovery risk than mortgage-backed objective. An investment in the Fund is not a deposit of BMO securities. Both of these types of securities may decline in value Harris Bank N.A., or any of its affiliates, and is not insured or guar- because of mortgage foreclosures or defaults on the underlying anteed by the FDIC or any other government agency. The net obligations. Credit risk is greater for mortgage-backed securities asset value of the Fund will vary and you could lose money by that are subordinate to another security. investing in the Fund. In addition, the Fund is subject to the following risks. Government Obligations Risks. No assurance can be given that the U.S. government will provide financial support to U.S. Interest Rate Risks. TheFund’sincomecoulddeclinedueto government-sponsored agencies or instrumentalities where it is falling market interest rates. In a falling interest rate environment, not obligated to do so by law. As a result, there is risk that these the Fund may be required to invest its assets in lower-yielding entities will default on a financial obligation. securities. Credit Risks. Credit risk is the possibility that an issuer or Foreign Securities Risks. Investing in foreign securities may counterparty will default on a security or repurchase agreement involve additional risks, including currency-rate fluctuations, by failing to pay interest or principal when due. If an issuer political and economic instability, differences in financial report- defaults, the Fund may lose money. Lower credit ratings corre- ing standards, less-strict regulation of the securities markets, and spond to higher credit risk. Bonds rated lower than BBB or Baa possible imposition of foreign withholding taxes. Furthermore, have speculative characteristics. the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return. High Yield Securities Risks. High yield securities, also referred to as “junk bonds” or non-investment grade securities, are debt Income Risks. The Fund can only distribute to shareholders securities rated lower than BBB by Standard & Poor’s or Baa by what it earns. Therefore, if the amount of interest and/or divi- Moody’s Investors Service. These securities tend to be more dends the Fund receives from its investments declines, the sensitive to economic conditions than are higher-rated secu- amount of dividends shareholders receive from the Fund will rities, generally involve more credit risk than securities in the also decline. In a falling interest rate environment, the Fund may higher-rated categories and are predominantly considered to be be required to invest its assets in lower-yielding securities. speculative. The issuers of high yield securities are typically more Management Risks. TCH’s judgments about the attractiveness, leveraged, and the risk of loss due to default by an issuer of high value, and potential appreciation of the Fund’s investments may yield securities is significantly greater than issuers of higher-rated prove to be incorrect. Accordingly, no guarantee exists that the securities because such securities are generally unsecured and investment techniques used by the Fund’s managers will pro- are often subordinated to other creditors. The Fund may have duce the desired results. difficulty disposing of certain high yield securities because there may be a thin trading market for such securities.

FIXED INCOME FUNDS 77 BMO TCH Corporate Income Fund (cont.)

Fund Performance (1)Because Class A shares have not been offered for a full calendar year, the information provided represents returns of Class Y and Class I shares. Class A The bar chart and table show the historical performance of the shares (without the reflection of the payment of sales charges) would have Fund’s shares and provide some indication of the risks of inves- substantially similar annual returns because the shares are invested in the ting in the Fund. The bar chart shows how the Fund’s total same portfolio of securities. The performance of Class A shares (without the returns before taxes have varied from year to year, while the reflection of the payment of sales charges) will be the same as the Class Y shares because the Class A and Class Y shares have the same Total Annual table compares the Fund’s average annual total returns to the Fund Operating Expenses. However, Class A shares do charge a front-end returns of a broad measure of market performance and an index sales charge, so the performance of Class A shares reflecting the payment of of funds with similar investment objectives. Please keep in mind sales charges would be lower than Class Y shares. that past performance, before and after taxes, does not repre- After-tax returns are calculated using the highest historical sent how the Fund will perform in the future. Investors may individual marginal federal income tax rates and do not reflect obtain updated performance information for the Fund at the effect of any applicable state and local taxes. Actual after-tax www.bmofunds.com. returns depend on an investor’s tax situation and may differ from Class Y—Annual Total Returns (calendar years 2009-2013) those shown. After-tax returns shown are not relevant to invest- 25% ors holding shares through tax-deferred programs, such as IRAs 23.60% 20% or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I and Class A will vary. 15% The Return After Taxes on Distributions and Sale of Fund Shares

10% 12.10% may be higher than other return figures when a capital loss is 9.85% realized on the sale of Fund shares which provides an assumed 7.42% 5% tax benefit to the shareholder that increases the after tax return.

0.11% 0% The Barclays U.S. Credit Index (BCI) is an index that covers U.S. 20092010 2011 2012 2013 corporate and specified foreign debentures and secured notes * The bar chart does not reflect the payment of any sales charges. If these that meet specified maturity, liquidity and quality requirements. charges had been reflected, the returns shown would have been lower. The Lipper Core Plus Bond Funds Index (LCPBFI) tracks the total The return for the Class Y shares of the Fund from January 1, 2014 through return performance of the 30 largest mutual funds included in September 30, 2014 was 6.39%. this Lipper category. During the periods shown in the bar chart for the Fund: Quarter Ended Returns Management of the Fund Best quarter 6/30/2009 10.83% Worst quarter 6/30/2013 (2.76)% Adviser. BMO Asset Management Corp. Average Annual Total Returns through 12/31/13(1) Sub-Adviser. Taplin, Canida & Habacht, LLC, a majority-owned subsidiary of the Adviser. Since 1Year 5Year Inception Portfolio Managers. Tere Alvarez Canida, William J. Canida, Alan M. Habacht, Scott M. Kimball, and Daniela Mardarovici co- Class Y (Inception 12/22/08) manage the Fund. Ms. Alvarez Canida, President and Managing Return Before Taxes 0.11% 10.36% 10.33% Principal of TCH, joined TCH in 1985 and has co-managed the Return After Taxes on Fund since its inception in 2008. Mr. Canida, Vice President and Distributions (1.78)% 8.31% 8.29% Principal of TCH, joined TCH in 1985 and has co-managed the Return After Taxes on Fund since its inception in 2008. Mr. Habacht, Vice President and Distributions and Sale of Principal of TCH, joined TCH in 1987 and has co-managed the Fund Shares 0.37% 7.45% 7.44% Fund since its inception in 2008. Mr. Kimball, a Portfolio Manager of TCH, joined TCH in 2007 and has co-managed the Fund since Class I (Inception 12/22/08) February 2012. Ms. Mardarovici, a Portfolio Manager of TCH, Return Before Taxes 0.12% 10.56% 10.53% joined TCH in 2012 and has co-managed the Fund since BCI (reflects no deduction for December 2012. fees, expenses or taxes) (2.01)% 7.89% 7.95% Purchase and Sale of Fund Shares LCPBFI (reflects deduction of fees and no deduction for sales Minimums. To open an account, your first investment must be charges or taxes) (0.78)% 7.57% 7.71% at least $1,000 for Class Y and Class A shares and $2,000,000 for

78 FIXED INCOME FUNDS BMO TCH Corporate Income Fund (cont.)

Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that are expected to be taxed primarily as ordinary income for federal income tax purposes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

FIXED INCOME FUNDS 79 BMO TCH Core Plus Bond Fund

Investment Objective: (3)“Other Expenses” for the Class A shares are based on estimated amounts for the current fiscal year. To maximize total return consistent with current income. (4)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment Fees and Expenses of the Fund companies. Total Annual Fund Operating Expenses shown will not correlate This table describes the fees and expenses that you may pay if to the Fund’s ratio of expenses to average net assets appearing in the you buy and hold shares of the Fund. You may qualify for sales Financial Highlights tables, which do not include Acquired Fund Fees and charge discounts if you and your family invest, or agree to invest Expenses. in the future, at least $100,000 in Class A shares of certain BMO (5)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its Funds. More information about these and other discounts is investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, available from your financial professional and under “How to Buy brokerage commissions, other investment-related costs, and extraordinary Shares – Sales Charge” on page 113 of this Prospectus and under expenses, such as litigation and other expenses not incurred in the ordinary “How to Buy Shares – Waivers and Reductions of Sales Charges – course of the Fund’s business, and Acquired Fund Fees and Expenses) from Class A Shares” beginning on page 114 of this Prospectus and exceeding 0.59% for Class Y, 0.55% for Class I, and 0.59% for Class A through “How to Buy Shares” beginning on page B-43 of the Fund’s December 31, 2015. This expense limitation agreement may not be terminated prior to December 31, 2015 without the consent of the Fund’s Board Statement of Additional Information. of Directors, unless terminated due to the termination of the investment advisory agreement. Shareholder Fees (fees paid directly from your investment) Class Y Class I Class A Example Maximum Sales Charge (Load) This example is intended to help you compare the cost of inves- Imposed on Purchases (as a ting in the Fund with the cost of investing in other funds. The percentage of offering price) None None 3.50% example assumes that you invest $10,000 in the Fund for the Maximum Deferred Sales time periods indicated and then redeem all of your shares at the Charge (Load) (as a percentage end of those periods. The example also assumes that your of shares redeemed within 18 investment has a 5% return each year and that the Fund’s months of purchase)(1) None None 0.55% operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of Redemption Fee None None None the three-, five-, and ten-year examples reflect the Adviser’s Annual Fund Operating Expenses (expenses that you pay each agreement to waive fees and reimburse expenses through year as a percentage of the value of your investment) December 31, 2015. Although your actual costs and returns may be higher or lower, based on these assumptions your costs Management Fees(2) 0.23% 0.23% 0.23% would be: Distribution (12b-1) Fees None None 0.25% Class Y Class I Class A Other Expenses(3) 0.39% 0.14% 0.14% 1Year $ 61 $ 39 $ 409 Acquired Fund Fees and Expenses(4) 0.01% 0.01% 0.01% 3Years $ 199 $ 122 $ 542 Total Annual Fund Operating 5Years $ 348 $ 213 $ 686 Expenses 0.63% 0.38% 0.63% 10 Years $ 783 $ 480 $ 1,106 Fee Waiver and Expense Reimbursement(5) (0.03)% — (0.03)% Portfolio Turnover Total Annual Fund Operating The Fund incurs transaction costs, such as commissions, when it Expenses After Fee Waiver and buys and sells securities (or turns over its portfolio). A higher Expense Reimbursement(5) 0.60% 0.38% 0.60% portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a tax- (1)The Maximum Deferred Sales Charge on Class A shares is applied only to able account. These costs, which are not reflected in annual fund purchases of $1,000,000 or more that are redeemed within 18 months of purchase. operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s port- (2)The management fee disclosed is a blended fee based on the Fund’s total assets as of August 31, 2014. Under the investment advisory agreement, the folio turnover rate was 44% of the average value of its portfolio. Fund pays a management fee of 0.25% on the Fund’s first $500,000,000 of average daily net assets.

80 FIXED INCOME FUNDS BMO TCH Core Plus Bond Fund (cont.)

Principal Investment Strategies Moody’s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, The Fund invests at least 80% of its assets in bonds. Fund invest- generally involve more credit risk than securities in the higher- ments include corporate, asset-backed, mortgage-backed and rated categories and are predominantly considered to be spec- U.S. government securities. Although the Fund will invest ulative. The issuers of high yield securities are typically more primarily in securities with a minimum rating in the lowest leveraged, and the risk of loss due to default by an issuer of high investment grade category (i.e., rated BBB or Baa, or higher, or yield securities is significantly greater than issuers of higher-rated unrated and considered by the sub-adviser to be comparable in securities because such securities are generally unsecured and quality) at the time of purchase, the Fund may invest up to 20% are often subordinated to other creditors. The Fund may have of its assets in debt securities that are below investment grade, difficulty disposing of certain high yield securities because there also known as high yield securities or “junk bonds.” While the may be a thin trading market for such securities. Fund’s assets are predominantly U.S. dollar denominated, the Fund also may invest up to 20% of its assets in foreign debt Call Risks. If the securities in which the Fund invests are securities, all or a portion of which may be emerging markets redeemed by the issuer before maturity (or “called”), the Fund debt securities. may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most The Fund’s investment strategy is referred to as “Core Plus” likely happen when interest rates are declining. because the Fund’s sub-adviser, Taplin, Canida & Habacht, LLC (TCH), an affiliate of the Adviser, has the ability to add high yield Liquidity Risks. Liquidity risk refers to the possibility that the securities and emerging markets debt securities to a core portfo- Fund may not be able to sell or buy a security or close out an lio of investment grade fixed income securities. TCH’s strategy for investment contract at a favorable price or time. Consequently, achieving total return is to adjust the Fund’s weightings in these theFundmayhavetoacceptalowerpricetosellasecurity,sell sectorsasitdeemsappropriate.TCHusesmacroeconomic, other securities to raise cash, or give up an investment oppor- credit, and market analysis to select portfolio securities. The Fund tunity, any of which could have a negative effect on the Fund’s normally maintains an average dollar-weighted effective performance. Infrequent trading of securities also may lead to an maturity of three to ten years. Effective maturity takes into increase in their price volatility. account the possibility that a bond may have prepayments or Asset-Backed/Mortgage-Backed Securities Risks. Asset- may be called by the issuer before its stated maturity date. backed and mortgage-backed securities are subject to risks of Principal Risks prepayment. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The Fund cannot assure that it will achieve its investment The risk of prepayment also may decrease the value of objective. An investment in the Fund is not a deposit of BMO mortgage-backed securities. Asset-backed securities may have a Harris Bank N.A., or any of its affiliates, and is not insured or guar- higher level of default and recovery risk than mortgage-backed anteed by the FDIC or any other government agency. The net securities. Both of these types of securities may decline in value asset value of the Fund will vary and you could lose money by because of mortgage foreclosures or defaults on the underlying investing in the Fund. In addition, the Fund is subject to the fol- obligations. Credit risk is greater for mortgage-backed securities lowing risks. that are subordinate to another security. Interest Rate Risks. Prices of fixed income securities rise and fall Government Obligations Risks. No assurance can be given in response to changes in the interest rate paid by similar secu- that the U.S. government will provide financial support to U.S. rities. Generally, when interest rates rise, prices of fixed income government-sponsored agencies or instrumentalities where it is securities fall. Interest rate changes have a greater effect on the not obligated to do so by law. As a result, there is risk that these price of fixed income securities with longer maturities. entities will default on a financial obligation. Credit Risks. Credit risk is the possibility that an issuer or Foreign Securities Risks. Investing in foreign securities may counterparty will default on a security or repurchase agreement involve additional risks, including currency-rate fluctuations, by failing to pay interest or principal when due. If an issuer political and economic instability, differences in financial report- defaults, the Fund may lose money. Lower credit ratings corre- ing standards, less-strict regulation of the securities markets, and spond to higher credit risk. Bonds rated lower than BBB or Baa possible imposition of foreign withholding taxes. Furthermore, have speculative characteristics. the Fund may incur higher costs and expenses when making High Yield Securities Risks. High yield securities, also referred foreign investments, which will affect the Fund’s total return. to as “junk bonds” or non-investment grade securities, are debt Emerging Markets Risks. Investments in emerging markets securities rated lower than BBB by Standard & Poor’s or Baa by can involve risks in addition to and greater than those generally

FIXED INCOME FUNDS 81 BMO TCH Core Plus Bond Fund (cont.)

associated with investing in more developed foreign markets, Average Annual Total Returns through 12/31/13(1) which may make emerging market securities more volatile and Since potentially less liquid than securities issued in more developed 1Year 5Year Inception markets. Class Y (Inception 12/22/08) Management Risks. TCH’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may Return Before Taxes (1.50)% 7.51% 7.50% prove to be incorrect. Accordingly, no guarantee exists that the Return After Taxes on investment techniques used by the Fund’s managers will pro- Distributions (2.55)% 5.84% 5.84% duce the desired results. Return After Taxes on Fund Performance Distributions and Sale of Fund Shares (0.82)% 5.31% 5.30% The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of inves- Class I (Inception 12/22/08) ting in the Fund. The bar chart shows how the Fund’s total Return Before Taxes (1.32)% 7.77% 7.76% returns before taxes have varied from year to year, while the BABI (reflects no deduction for table compares the Fund’s average annual total returns to the fees, expenses or taxes) (2.02)% 4.44% 4.47% returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind LCPBFI (reflects deduction of that past performance, before and after taxes, does not repre- fees and no deduction for sales sent how the Fund will perform in the future. Investors may charges or taxes) (0.78)% 7.57% 7.71% obtain updated performance information for the Fund at (1)Because Class A shares have not been offered for a full calendar year, the www.bmofunds.com. information provided represents returns of Class Y and Class I shares. Class A shares (without the reflection of the payment of sales charges) would have Class Y—Annual Total Returns (calendar years 2009-2013) substantially similar annual returns because the shares are invested in the 15% same portfolio of securities. The performance of Class A shares (without the 13.24% reflection of the payment of sales charges) will be the same as the Class Y

10% 10.59% shares because the Class A and Class Y shares have the same Total Annual Fund Operating Expenses. However, Class A shares do charge a front-end 8.17% 7.67% sales charge, so the performance of Class A shares reflecting the payment of 5% sales charges would be lower than Class Y shares. After-tax returns are calculated using the highest historical 0% (1.50)% individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax -5% 2009 20102011 2012 2013 returns depend on an investor’s tax situation and may differ from * The bar chart does not reflect the payment of any sales charges. If these those shown. After-tax returns shown are not relevant to invest- charges had been reflected, the returns shown would have been lower. ors holding shares through tax-deferred programs, such as IRAs The return for the Class Y shares of the Fund from January 1, 2014 through or 401(k) plans. After-tax returns are shown only for Class Y, and September 30, 2014 was 5.46%. after-tax returns for Class I and Class A will vary. During the periods shown in the bar chart for the Fund: The Return After Taxes on Distributions and Sale of Fund Shares Quarter Ended Returns may be higher than other return figures when a capital loss is Best quarter 9/30/2009 5.53% realized on the sale of Fund shares which provides an assumed Worst quarter 6/30/2013 (2.92)% tax benefit to the shareholder that increases the after tax return. The Barclays U.S. Aggregate Bond Index (BABI) is an 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-backed securities. To qualify for inclusion, a bond or security must have at least one year to final maturity and be rated Baa3 or better, dollar denominated, non-convertible, fixed- rate and publicly issued.

82 FIXED INCOME FUNDS BMO TCH Core Plus Bond Fund (cont.)

The Lipper Core Plus Bond Funds Index (LCPBFI) tracks the total Tax Information return performance of the 30 largest mutual funds included in The Fund intends to make distributions that are expected to be this Lipper category. taxed as ordinary income for federal income tax purposes. Management of the Fund Payments to Broker-Dealers and Other Adviser. BMO Asset Management Corp. Financial Intermediaries Sub-Adviser. Taplin, Canida & Habacht, LLC, a majority-owned If you purchase shares of the Fund through a broker-dealer or subsidiary of the Adviser. other financial intermediary (such as a bank), the Fund and its Portfolio Managers. Tere Alvarez Canida, William J. Canida, Alan related companies may pay the intermediary for the sale of M. Habacht, Scott M. Kimball, and Daniela Mardarovici co- shares and related services. These payments may create a con- manage the Fund. Ms. Alvarez Canida, President and Managing flict of interest by influencing the broker-dealer or other Principal of TCH, joined TCH in 1985 and has co-managed the intermediary and your salesperson to recommend the Fund Fund since its inception in 2008. Mr. Canida, Vice President and over another investment. Ask your salesperson or visit your Principal of TCH, joined TCH in 1985 and has co-managed the financial intermediary’s website for more information. Fund since its inception in 2008. Mr. Habacht, Vice President and Principal of TCH, joined TCH in 1987 and has co-managed the Fund since its inception in 2008. Mr. Kimball, a Portfolio Manager of TCH, joined TCH in 2007 and has co-managed the Fund since February 2012. Ms. Mardarovici, a Portfolio Manager of TCH, joined TCH in 2012 and has co-managed the Fund since December 2012. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I shares. For Class Y and Class A, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business using one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com.

FIXED INCOME FUNDS 83 BMO Monegy High Yield Bond Fund

Investment Objective: prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary To maximize total return consistent with current income. expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from Fees and Expenses of the Fund exceeding 0.90% for Class Y, 0.65% for Class I, and 0.90% for Class A through December 31, 2015. This expense limitation agreement may not be termi- This table describes the fees and expenses that you may pay if nated prior to December 31, 2015 without the consent of the Fund’s Board you buy and hold shares of the Fund. You may qualify for sales of Directors, unless terminated due to the termination of the investment charge discounts if you and your family invest, or agree to invest advisory agreement. in the future, at least $100,000 in Class A shares of certain BMO Funds. More information about these and other discounts is Example available from your financial professional and under “How to Buy This example is intended to help you compare the cost of inves- Shares – Sales Charge” on page 113 of this Prospectus and under ting in the Fund with the cost of investing in other funds. The “How to Buy Shares – Waivers and Reductions of Sales Charges – example assumes that you invest $10,000 in the Fund for the Class A Shares” beginning on page 114 of this Prospectus and time periods indicated and then redeem all of your shares at the “How to Buy Shares” beginning on page B-43 of the Fund’s end of those periods. The example also assumes that your Statement of Additional Information. investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the Shareholder Fees (fees paid same. The costs in the one-year example and for the first year of directly from your investment) Class Y Class I Class A the three-, five-, and ten-year examples reflect the Adviser’s Maximum Sales Charge (Load) agreement to waive fees and reimburse expenses through Imposed on Purchases (as a December 31, 2015. Although your actual costs and returns may percentage of offering price) None None 3.50% be higher or lower, based on these assumptions your costs would be: Maximum Deferred Sales Charge (Load) (as a Class Y Class I Class A percentage of shares 1Year $ 92 $ 66 $ 439 redeemed within 18 months of purchase)(1) None None 1.00% 3Years $ 330 $ 251 $ 668 Redemption Fee None None None 5Years $ 587 $ 452 $ 916 Annual Fund Operating Expenses (expenses that you pay each 10 Years $ 1,322 $ 1,030 $ 1,626 year as a percentage of the value of your investment) Portfolio Turnover Management Fees 0.50% 0.50% 0.50% The Fund incurs transaction costs, such as commissions, when it Distribution (12b-1) Fees None None 0.25% buys and sells high yield securities (or turns over its portfolio). A Other Expenses(2) 0.60% 0.35% 0.35% higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held Total Annual Fund Operating in a taxable account. These costs, which are not reflected in Expenses 1.10% 0.85% 1.10% annual fund operating expenses or in the example, affect the Fee Waiver and Expense Fund’s performance. During the most recent fiscal year, the Reimbursement(3) (0.20)% (0.20)% (0.20)% Fund’s portfolio turnover rate was 42% of the average value of its Total Annual Fund Operating portfolio. Expenses After Fee Waiver and Principal Investment Strategies Expense Reimbursement(3) 0.90% 0.65% 0.90% The Fund invests at least 80% of its assets in a diversified portfolio (1)The Maximum Deferred Sales Charge on Class A shares is applied only to of domestic and foreign high yield, high risk fixed income secu- purchases of $1,000,000 or more that are redeemed within 18 months of rities (also referred to as “junk bonds”) within the non-investment purchase. grade corporate bond market. The Fund may invest in high yield, (2)“Other Expenses” for the Class A shares are based on estimated amounts for high risk fixed income securities of any maturity. The Fund’s sub- the current fiscal year. adviser seeks to generate excess returns by effectively balancing (3)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its risk and reward through vigorous asset selection criteria and investment advisory fee and reimburse expenses to the extent necessary to continuous monitoring of portfolio positions.

84 FIXED INCOME FUNDS BMO Monegy High Yield Bond Fund (cont.)

The Fund’s sub-adviser, Monegy, Inc. (“Monegy”), follows a dis- yield securities is significantly greater than issuers of higher-rated ciplined investment approach that combines quantitative securities because such securities are generally unsecured and investment screening processes with traditional fundamental are often subordinated to other creditors. The Fund may have credit analysis. The portfolio is monitored to determine the risk difficulty disposing of certain high yield securities because there and reward characteristics of each security, which allows the may be a thin trading market for such securities. Fund to generate long term excess returns with lower levels of Income Risks. The Fund’s income could decline due to falling volatility than The BofA Merrill Lynch US High Yield Constrained market interest rates. In a falling interest rate environment, the ® Index and The BofA Merrill Lynch US High Yield, BB-B Rated, Fund may be required to invest its assets in lower-yielding ® Constrained Index . The use of quantitative tools measures securities. credit risk objectively and captures continuous changes in risk and return efficiently. High levels of diversification minimize the Interest Rate Risks. Prices of fixed income securities rise and fall portfolio impact of principal losses stemming from unexpected in response to changes in the interest rate paid by similar secu- default and other event risks. rities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the Principal Risks price of fixed income securities with longer maturities. The Fund cannot assure that it will achieve its investment Liquidity Risks. Liquidity risk refers to the possibility that the objective. An investment in the Fund is not a deposit of BMO Fund may not be able to sell or buy a security or close out an Harris Bank N.A., or any of its affiliates, and is not insured or guar- investment contract at a favorable price or time. Consequently, anteed by the FDIC or any other government agency. The net theFundmayhavetoacceptalowerpricetosellasecurity,sell asset value of the Fund will vary and you could lose money by other securities to raise cash or give up an investment oppor- investing in the Fund. In addition, the Fund is subject to the fol- tunity, any of which could have a negative effect on the Fund’s lowing risks. performance. Infrequent trading of securities also may lead to an Call Risks. If the securities in which the Fund invests are increase in their price volatility. redeemed by the issuer before maturity (or “called”), the Fund Management Risks. Monegy’s judgments about the may have to reinvest the proceeds in securities that pay a lower attractiveness, value, and potential appreciation of the Fund’s interest rate, which may decrease the Fund’s yield. This will most investments may prove to be incorrect. Accordingly, no guaran- likely happen when interest rates are declining. tee exists that the investment techniques used by the Fund’s Credit Risks. Credit risk is the possibility that an issuer or managers will produce the desired results. counterparty will default on a security or repurchase agreement Fund Performance by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings corre- The bar chart and table show the historical performance of the spond to higher credit risk. Bonds rated lower than BBB or Baa Fund’s shares and provide some indication of the risks of inves- have speculative characteristics. ting in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the Foreign Securities Risks. Investing in foreign securities may table compares the Fund’s average annual total returns to the involve additional risks, including currency-rate fluctuations, returns of a broad measure of market performance and an index political and economic instability, differences in financial report- of funds with similar investment objectives. Please keep in mind ing standards, less-strict regulation of the securities markets, and that past performance, before and after taxes, does not repre- possible imposition of foreign withholding taxes. Furthermore, sent how the Fund will perform in the future. Investors may the Fund may incur higher costs and expenses when making obtain updated performance information for the Fund at foreign investments, which will affect the Fund’s total return. www.bmofunds.com. High Yield Securities Risks. High yield securities, also referred to as “junk bonds” or non-investment grade securities, are debt securities rated lower than BBB by Standard & Poor’s or Baa by Moody’s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high

FIXED INCOME FUNDS 85 BMO Monegy High Yield Bond Fund (cont.)

Class Y—Annual Total Returns (calendar years 2012-2013) ors holding shares through tax-deferred programs, such as IRAs 15% or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I and Class A will vary.

10% 10.79% The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed 5% 5.82% tax benefit to the shareholder that increases the after tax return. The Bank of America Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index (MLHYI) tracks the performance of BB-B rated 0% 2012 2013 U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market and is restricted to a maximum of 2% per * The bar chart does not reflect the payment of any sales charges. If these charges had been reflected, the returns shown would have been lower. issuer. The return for the Class Y shares of the Fund from January 1, 2014 through The Lipper High Current Yield Funds Index (LHYFI) tracks the September 30, 2014 was 1.89%. total return performance of the 30 largest funds included in this During the periods shown in the bar chart for the Fund: Lipper category. Quarter Ended Returns Management of the Fund Best quarter 9/30/2012 3.97% Worst quarter 6/30/2013 (1.41)% Adviser. BMO Asset Management Corp. Average Annual Total Returns through 12/31/13(1) Sub-Adviser. Monegy, Inc., an affiliate of the Adviser. Since Portfolio Managers. Lori J. Marchildon and Sadhana Valia have 1Year Inception co-managed the Fund since its inception in 2011. Class Y (Inception 12/29/11) Ms. Marchildon, Portfolio Manager, joined Monegy in 2001. Ms. Valia, Senior Portfolio Manager and Head of the High Yield Return Before Taxes 5.82% 8.20% Team, joined Monegy in 1998. Return After Taxes on Distributions 2.96% 5.75% Return After Taxes on Distributions Purchase and Sale of Fund Shares and Sale of Fund Shares 3.42% 5.31% Minimums. To open an account, your first investment must be at least $1,000 for Class Y and Class A shares and $2,000,000 for Class I (Inception 12/29/11) Class I shares. For Class Y and Class A, the minimum subsequent Return Before Taxes 6.18% 8.46% purchase amount is $50. MLHYI (reflects no deduction for fees, You may sell (redeem) your shares of the Fund on any day the expenses or taxes) 6.31% 10.36% New York Stock Exchange is open for business using one of the LHYFI (reflects deduction of fees and no following methods, depending on the elections you made in deduction for sales charges or taxes) 7.63% 11.49% your account application: (1)Because Class A shares have not been offered for a full calendar year, the Phone. Call 1-800-236-FUND (3863). information provided represents returns of Class Y and Class I shares. Class A Wire/Electronic Transfer. Upon written request sent to the shares (without the reflection of the payment of sales charges) would have substantially similar annual returns because the shares are invested in the address below under “Mail,” redemption proceeds can be same portfolio of securities. The performance of Class A shares (without the directly deposited by Electronic Funds Transfer or wired to your reflection of the payment of sales charges) will be the same as the Class Y previously designated domestic commercial bank. shares because the Class A and Class Y shares have the same Total Annual Fund Operating Expenses. However, Class A shares do charge a front-end Mail. Send a written request, indicating your name, the Fund sales charge, so the performance of Class A shares reflecting the payment of name, your account number, and the number of shares or the sales charges would be lower than Class Y shares. dollar amount you want to redeem, to: BMO Funds U.S. Services, After-tax returns are calculated using the highest historical P.O. Box 55931, Boston, MA 02205-5931. individual marginal federal income tax rates and do not reflect Systematic Withdrawal Program. If your account balance is at the effect of any applicable state and local taxes. Actual after-tax least $10,000, you may have predetermined amounts of at least returns depend on an investor’s tax situation and may differ from $100 withdrawn from your account on a monthly or quarterly those shown. After-tax returns shown are not relevant to invest- basis.

86 FIXED INCOME FUNDS BMO Monegy High Yield Bond Fund (cont.)

BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that are expected to be taxed primarily as ordinary income for federal income tax purposes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

FIXED INCOME FUNDS 87 BMO Multi-Asset Income Fund

Investment Objective: (3)Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment To maximize total return consistent with current income. companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Fees and Expenses of the Fund Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales (4)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to charge discounts if you and your family invest, or agree to invest prevent class total annual operating expenses (excluding interest, taxes, in the future, at least $100,000 in Class A shares of certain BMO brokerage commissions, other investment-related costs, and extraordinary Funds. More information about these and other discounts is expenses, such as litigation and other expenses not incurred in the ordinary available from your financial professional and under “How to Buy course of the Fund’s business, and Acquired Fund Fees and Expenses) from Shares – Sales Charge” on page 113 of this Prospectus and under exceeding 0.80% for Class Y, 0.55% for Class I, and 0.80% for Class A through December 31, 2015. This expense limitation agreement may not be termi- “How to Buy Shares – Waivers and Reductions of Sales Charges – nated prior to December 31, 2015 without the consent of the Fund’s Board Class A Shares” beginning on page 114 of this Prospectus and of Directors unless terminated due to the termination of the investment “How to Buy Shares” beginning on page B-43 of the Fund’s advisory agreement. Statement of Additional Information. Example Shareholder Fees (fees paid This example is intended to help you compare the cost of inves- directly from your investment) Class Y Class I Class A ting in the Fund with the cost of investing in other funds. The Maximum Sales Charge (Load) example assumes that you invest $10,000 in the Fund for the Imposed on Purchases (as a time periods indicated and then redeem all of your shares at the percentage of offering price) None None 3.50% end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s Maximum Deferred Sales operating expenses are as shown in the table and remain the Charge (Load) (as a same. The costs in the one-year example and for the first year of percentage of shares the three-, five-, and ten-year examples reflect the Adviser’s redeemed within 18 months agreement to waive fees and reimburse expenses through (1) of purchase) None None 1.00% December 31, 2015. Although your actual costs and returns may Redemption Fee None None None be higher or lower, based on these assumptions your costs Annual Fund Operating Expenses (expenses that you pay each would be: year as a percentage of the value of your investment) Class Y Class I Class A Management Fees 0.25% 0.25% 0.25% 1Year $ 156 $ 130 $ 500 Distribution (12b-1) Fees None None 0.25% 3Years $ 592 $ 516 $ 922 Other Expenses(2) 1.07% 0.82% 0.82% 5Years $ 1,055 $ 926 $ 1,369 Acquired Fund Fees and 10 Years $ 2,338 $ 2,073 $ 2,606 Expenses(3) 0.73% 0.73% 0.73% Total Annual Fund Operating Portfolio Turnover Expenses 2.05% 1.80% 2.05% The Fund incurs transaction costs, such as commissions, when it Fee Waiver and Expense buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and Reimbursement(4) (0.52%) (0.52%) (0.52%) may result in higher taxes when Fund shares are held in a tax- Total Annual Fund Operating able account. These costs, which are not reflected in annual fund Expenses After Fee Waiver and operating expenses or in the example, affect the Fund’s Expense Reimbursement(4) 1.53% 1.28% 1.53% performance. During the most recent fiscal period ended (1)The Maximum Deferred Sales Charge on Class A shares is applied only to August 31, 2014, the Fund’s portfolio turnover rate (not annual- purchases of $1,000,000 or more that are redeemed within 18 months of ized) was 0% of the average value of its portfolio. purchase. (2)“Other Expenses” for the Class A are based on estimated amounts for the current fiscal year.

88 FIXED INCOME FUNDS BMO Multi-Asset Income Fund (cont.)

Principal Investment Strategies Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing The Fund invests primarily in shares of different exchange-traded values. Stocks are more volatile than debt securities. The value of funds (“ETFs”) and mutual funds, including other BMO Funds (the equity securities purchased by the Fund may decline if the “underlying funds”). ETFs are investment companies that are financial condition of the companies in which the Fund invests bought and sold on a securities exchange. Each ETF tracks a declines or if overall market and economic conditions deterio- securities index or basket of securities. The Fund will invest in rate. If the value of the Fund’s investments goes down, you may underlying funds that offer exposure to equity and fixed income lose money. securities. The underlying funds may invest in equity securities of any market capitalization and include common stock, preferred Exchange-Traded Funds Risks. The market price of ETF shares stock, rights and warrants, and securities convertible into may trade at a discount to their net asset value or an active trad- common stock. The underlying funds also may invest in fixed ing market for ETF shares may not develop or be maintained. income and dividend paying securities of varying credit qualities, ETFs in which the Fund invests typically will not be able to repli- including government and corporate bonds, money market cate exactly the performance of the indices they track. The Fund instruments and high yield bonds or “junk bonds.” The under- will also bear its proportionate share of the ETF’s fees and lying funds may invest in fixed income securities of any maturity. expenses. The Adviser will continuously monitor the Fund and may make Income Risks. The Fund can only distribute to shareholders modifications to either the investment approach or the under- what it earns. Therefore, if the amount of interest and/or divi- lying fund allocations that the Adviser believes could benefit dends the Fund receives from its investments declines, the shareholders. The Adviser will monitor the underlying funds on amount of dividends shareholders receive from the Fund will an ongoing basis and may increase or decrease the Fund’s also decline. In a falling interest rate environment, the Fund may investment in one or several underlying funds. The underlying be required to invest its assets in lower-yielding securities. funds selections are made based on several considerations, Equity Risks. The prices of equity securities rise and fall daily. including the underlying fund’s investment team expertise, style These price movements may result from factors affecting or asset class exposures, portfolio characteristics, risk profile, and individual companies, industries, or the securities market as a investment process. whole. In addition, equity markets tend to move in cycles, which Although the Fund intends to invest primarily in a combination may cause stock prices to fall over short or extended periods of of underlying funds, the Fund may invest directly in equity and time. fixed income securities and money market securities. Fund of Funds Structure and Expenses Risks. The term “fund of funds” is typically used to describe an investment company, Principal Risks such as the Fund, that pursues its investment objective by inves- The Fund cannot assure that it will achieve its investment ting in other investment companies, including ETFs. Federal law objective. An investment in the Fund is not a deposit of BMO generally prohibits the Fund from acquiring shares of an ETF or Harris Bank N.A., or any of its affiliates, and is not insured or guar- other mutual fund if, immediately after such acquisition, the anteed by the FDIC or any other government agency. The net Fund and its affiliated persons would hold more than 3% of such asset value of the Fund will vary and you could lose money by investment company’s total outstanding shares. In addition, by investing in the Fund. In addition, the Fund is subject to the fol- investing in the Fund, you will indirectly bear fees and expenses lowing risks. charged by the underlying ETFs and funds in which the Fund Affiliated Fund Risks. The Adviser’s authority to select and invests in addition to the Fund’s direct fees and expenses. substitute underlying funds from a variety of affiliated and Fixed Income Risks. Interest rates rise and fall over time, which unaffiliated mutual funds may create a conflict of interest will affect an underlying ETF’s yield and share price. The credit because the Adviser and its affiliated companies typically receive quality of a portfolio investment could also cause an underlying fees from the affiliated funds. ETF’s share price to fall. An underlying ETF could lose money if Asset Allocation Risks. Investments in the Fund are subject to the issuer or counterparty defaults by failing to pay interest or risks related to the Adviser’s allocation choices. The selection of principal when due. Fixed income securities may be paid off ear- the underlying funds and ETFs and the allocation of the Fund’s lier or later than expected. Either situation could cause an under- assets among the various asset classes and market segments lying ETF to hold securities paying lower-than-market rates of could cause the Fund to lose value or cause the Fund to under- interest, which could hurt the ETF’s yield or share price. perform relevant benchmarks or other funds with similar Interest Rate Risks. Prices of fixed income securities rise and fall investment objectives. in response to changes in the interest rate paid by similar secu-

FIXED INCOME FUNDS 89 BMO Multi-Asset Income Fund (cont.) rities. Generally, when interest rates rise, prices of fixed income Sector Risks. Companies with similar characteristics, such as securities fall. Interest rate changes have a greater effect on the those within the same industry, may be grouped together in price of fixed income securities with longer maturities. broad categories called sectors. To the extent the Fund invests Credit Risks. Credit risk is the possibility that an issuer or its assets in a particular sector, the Fund’s performance may be counterparty will default on a security or repurchase agreement more susceptible to any economic, business, or other develop- by failing to pay interest or principal when due. If an issuer ments that generally affect that sector. defaults, the Fund may lose money. Lower credit ratings corre- Management Risks. The Adviser’s judgments about the attrac- spond to higher credit risk. Bonds rated lower than BBB or Baa tiveness, value, and potential appreciation of the Fund’s invest- have speculative characteristics. ments may prove to be incorrect. Accordingly, no guarantee Call Risks. If the securities in which the Fund invests are exists that the investment techniques used by the Fund’s redeemed by the issuer before maturity (or “called”), the Fund managers will produce the desired results. may have to reinvest the proceeds in securities that pay a lower Company Size Risks. Generally, the smaller the market capital- interest rate, which may decrease the Fund’s yield. This will most ization of a company, the fewer the number of shares traded likely happen when interest rates are declining. daily, the less liquid its stock, and the more volatile its price. Liquidity Risks. Liquidity risk refers to the possibility that the Companies with smaller market capitalizations also tend to have Fund may not be able to sell or buy a security or close out an unproven track records, a limited product or service base, and investment contract at a favorable price or time. Consequently, limited access to capital. These factors also increase risks and the Fund may have to accept a lower price to sell a security, sell make these companies more likely to fail than companies with other securities to raise cash, or give up an investment oppor- larger market capitalizations. tunity, any of which could have a negative effect on the Fund’s Fund Performance performance. Infrequent trading of securities also may lead to an increase in their price volatility. Performance information is not included because the Fund does not have one full calendar year of performance as of the date of Investments in Other Investment Companies Risks. The this Prospectus. Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in Management of the Fund another investment company, there is a risk that the value of the Adviser. BMO Asset Management Corp. underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other Portfolio Managers. Brent Schutte and Jeff Weniger have co- investment company’s fees and expenses. managed the Fund since its inception in 2013. Mr. Schutte, Senior Portfolio Manager of the Adviser, joined the Adviser in Government Obligations Risks. No assurance can be given 2012. Mr. Weniger, Portfolio Manager of the Adviser, joined the that the U.S. government will provide financial support to U.S. Adviser in 2012. Previously, Mr. Schutte and Mr. Weniger were government-sponsored agencies or instrumentalities where it is portfolio managers with the Adviser’s affiliate, BMO Harris Bank not obligated to do so by law. As a result, there is risk that these N.A., since 1995 and 2005, respectively. entities will default on a financial obligation. High Yield Securities Risks. High yield securities, also referred Purchase and Sale of Fund Shares to as “junk bonds” or non-investment grade securities, are debt Minimums. To open an account, your first investment must be securities rated lower than BBB by Standard & Poor’s or Baa by at least $1,000 for Class Y and Class A shares and $2,000,000 for Moody’s Investors Service. These securities tend to be more Class I shares. For Class Y and Class A, the minimum subsequent sensitive to economic conditions than are higher-rated secu- purchase amount is $50. rities, generally involve more credit risk than securities in the You may sell (redeem) your shares of the Fund on any day the higher-rated categories, and are predominantly considered to be New York Stock Exchange is open for business using one of the speculative. The issuers of high yield securities are typically more following methods, depending on the elections you made in leveraged, and the risk of loss due to default by an issuer of high your account application: yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and Phone. Call 1-800-236-FUND (3863). are often subordinated to other creditors. The Fund may have Wire/Electronic Transfer. Upon written request sent to the difficulty disposing of certain high yield securities because there address below under “Mail,” redemption proceeds can be may be a thin trading market for such securities. directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

90 FIXED INCOME FUNDS BMO Multi-Asset Income Fund (cont.)

Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Tax Information The Fund intends to make distributions that may be taxed as ordinary income or long-term capital gains for federal income tax purposes. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

FIXED INCOME FUNDS 91 BMO Government Money Market Fund

Investment Objective: same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s To provide current income consistent with stability of principal. agreement to waive fees and reimburse expenses through Fees and Expenses of the Fund December 31, 2015. Although your actual costs and returns may be higher or lower, based on these assumptions your costs This table describes the fees and expenses that you may pay if would be: you buy and hold shares of the Fund. Class Y Class I Shareholder Fees (fees paid directly from $46$20 your investment) Class Y Class I 1Year Maximum Sales Charge (Load) Imposed 3Years $ 164 $ 84 on Purchases (as a percentage of offering 5Years $ 293 $ 154 price) None None 10 Years $ 668 $ 359 Maximum Deferred Sales Charge (Load) (as a percentage of shares redeemed Principal Investment Strategies within 18 months of purchase) None None The Fund invests its assets in high quality, short-term money Redemption Fee None None market instruments and repurchase agreements. The Fund Annual Fund Operating Expenses (expenses that you pay each invests at least 80% of its assets in obligations issued and/or year as a percentage of the value of your investment) guaranteed by the U.S. government or by its agencies or instrumentalities and in repurchase agreements secured by such Management Fees 0.20% 0.20% obligations. The securities in which the Fund invests must be Distribution (12b-1) Fees None None rated in one of the two highest short-term rating categories by one or more nationally recognized statistical rating organizations Other Expenses 0.34% 0.09% or be determined by the Adviser to be of comparable quality to Total Annual Fund Operating Expenses 0.54% 0.29% securities having such ratings (except that U.S. Government securities and shares of other registered money market funds are Fee Waiver and Expense not subject to this requirement). The Adviser uses a “bottom-up” Reimbursement(1) (0.09)% (0.09)% approach, which evaluates debt securities against the context of Total Annual Fund Operating Expenses broader market factors such as the cyclical trend in interest rates, After Fee Waiver and Expense the shape of the yield curve, and debt security supply factors. Reimbursement(1) 0.45% 0.20% The Fund invests in the securities of U.S. government-sponsored (1)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its entities that are not backed by the full faith and credit of the U.S. investment advisory fee and reimburse expenses to the extent necessary to government, but are supported through federal loans or other prevent class total annual operating expenses(excluding interest, taxes, benefits, including the Federal Home Loan Banks (FHLBs), brokerage commissions, other investment-related costs, and extraordinary Federal National Mortgage Association (Fannie Mae), and expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from Federal Home Loan Mortgage Corporation (Freddie Mac). The exceeding 0.45% for Class Y and 0.20% for Class I through December 31, Fund also may invest in the securities of U.S. government- 2015. This expense limitation agreement may not be terminated prior to sponsored entities that are supported by the full faith and credit December 31, 2015 without the consent of the Fund’s Board of Directors, of the U.S. government, such as the Government National unless terminated due to the termination of the investment advisory Mortgage Association (Ginnie Mae). Finally, the Fund may invest agreement. in the securities of governmental entities that have no explicit Example financial support from the U.S. government, but are regarded as having implied support because the U.S. government sponsors This example is intended to help you compare the cost of inves- their activities, including the Farm Credit Administration and the ting in the Fund with the cost of investing in other funds. The Financing Corporation. The Fund invests in compliance with example assumes that you invest $10,000 in the Fund for the industry-standard regulatory requirements for money market time periods indicated and then redeem all of your shares at the funds for the quality, maturity, diversification, and liquidity of end of those periods. The example also assumes that your investments. investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the

92 MONEY MARKET FUNDS BMO Government Money Market Fund (cont.)

Principal Risks ments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s An investment in the Fund is not a deposit of BMO Harris Bank managers will produce the desired results. N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Although the Fund Fund Performance seeks to preserve the value of your investment at $1.00 per share, The bar chart and table show the historical performance of the it is possible to lose money by investing in the Fund. In addition, Fund’s shares and provide some indication of the risks of inves- the Fund is subject to the following risks. ting in the Fund. The bar chart shows how the Fund’s total Interest Rate Risks. Prices of fixed income securities rise and fall returns have varied from year to year, while the table compares in response to changes in the interest rate paid by similar secu- the Fund’s average annual total returns to the returns of an rities. Generally, when interest rates rise, prices of fixed income average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind securities fall. Interest rate changes have a greater effect on the that past performance does not represent how the Fund will price of fixed income securities with longer maturities. perform in the future. Investors may obtain the Fund’s current Credit Risks. Credit risk is the possibility that an issuer or 7-Day Net Yield or updated performance information at counterparty will default on a security or repurchase agreement www.bmofunds.com. by failing to pay interest or principal when due. If an issuer Class Y—Annual Total Returns (calendar years 2005-2013) defaults, the Fund may lose money. Lower credit ratings corre- 5% 4.85% spond to higher credit risk. 4.66% 4% Call Risks. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund 3% may have to reinvest the proceeds in securities that pay a lower 2.80% 2% interest rate, which may decrease the Fund’s yield. This will most 2.06% likely happen when interest rates are declining. 1%

0.17% Liquidity Risks. Liquidity risk refers to the possibility that the 0.01% 0.01% 0.01% 0.01% 0% Fund may not be able to sell or buy a security or close out an 2005 2006 2007 2008 2009 20102011 2012 2013 investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell The return for the Class Y shares of the Fund from January 1, 2014 through September 30, 2014 was 0.01%. other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s During the periods shown in the bar chart for the Fund: performance. Infrequent trading of securities also may lead to an Quarter Ended Returns increase in their price volatility. Additionally, significant Best quarter 12/31/2006 1.24% redemptions by large investors in the Fund could have a Worst quarter 3/31/2010 0.00% material adverse effect on the Fund’s other shareholders and the 7-Day Net Yield as of December 31, 2013 was 0.01%. net asset value could be affected by forced selling during peri- Average Annual Total Returns through 12/31/13 ods of high redemption pressures and/or illiquid markets. Since Government Obligations Risks. No assurance can be given 1Year 5Year Inception that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is Class Y (Inception 5/17/04) 0.01% 0.04% 1.57% not obligated to do so by law. As a result, there is risk that these Class I (Inception 5/28/04) 0.01% 0.09% 1.73% entities will default on a financial obligation. INGMMI (reflects deduction of Regulatory Changes Risk. The SEC recently adopted regu- fees and no deduction for sales lations that substantially change the way in which money mar- charges or taxes) 0.01% 0.02% 1.34% ket funds may be operated. The Fund is reviewing the LUSGMMFI (reflects deduction regulations and their impact, including liquidity of an investment of fees and no deduction for in the Fund and the Fund’s ability to maintain a stable net asset sales charges or taxes) 0.01% 0.03% 1.44% value per share. These changes may result in reduced yields from the Fund. The iMoneyNet, Inc. Government Money Market Index (INGMMI) Management Risks. The Adviser’s judgments about the attrac- is an average of money funds with investment objectives similar tiveness, value, and potential appreciation of the Fund’s invest- to that of the Fund.

MONEY MARKET FUNDS 93 BMO Government Money Market Fund (cont.)

The Lipper U.S. Government Money Market Funds Index Tax Information (LUSGMMFI) tracks the total return performance of the 30 largest The Fund intends to make distributions that are expected to be mutual funds included in this Lipper category. taxed primarily as ordinary income for federal income tax Management of the Fund purposes. Adviser. BMO Asset Management Corp. Payments to Broker-Dealers and Other Portfolio Managers. Peter J. Arts, Boyd R. Eager, and Genevieve Financial Intermediaries C. Lynkiewicz have co-managed the Fund since February 2012. If you purchase shares of the Fund through a broker-dealer or Mr. Arts, Co-Head of Taxable Fixed Income, a Managing Director, other financial intermediary (such as a bank), the Fund and its and a Portfolio Manager of the Adviser, joined the Adviser in related companies may pay the intermediary for the sale of 1994. Mr. Eager, a Director and a Portfolio Manager of the shares and related services. These payments may create a con- Adviser, joined the Adviser in 1996. Ms. Lynkiewicz, a Vice Presi- flict of interest by influencing the broker-dealer or other dent and a Portfolio Manager of the Adviser, joined the Adviser intermediary and your salesperson to recommend the Fund in 2007. over another investment. Ask your salesperson or visit your Purchase and Sale of Fund Shares financial intermediary’s website for more information. Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $10,000,000 for Class I shares. For Class Y, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the Federal Reserve Bank of New York is open for business and, alternatively, on any day the U.S. government securities markets are open and the Fund’s portfolio manager determines sufficient liquidity exists in those markets in one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis. BMO Funds Website. Go to www.bmofunds.com. Checkwriting. Write a check in an amount of at least $250.

94 MONEY MARKET FUNDS BMO Tax-Free Money Market Fund

Investment Objective: operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of To provide current income exempt from federal income tax the three-, five-, and ten-year examples reflect the Adviser’s consistent with stability of principal. agreement to waive fees and reimburse expenses through Fees and Expenses of the Fund December 31, 2015. Although your actual costs and returns may be higher or lower, based on these assumptions your costs This table describes the fees and expenses that you may pay if would be: you buy and hold shares of the Fund. Class Y Class I Shareholder Fees (fees paid directly from 1Year $46$20 your investment) Class Y Class I 3Years $ 162 $ 82 Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering 5Years $ 288 $ 149 price) None None 10 Years $ 657 $ 348 Maximum Deferred Sales Charge (Load) (as a percentage of shares redeemed Principal Investment Strategies within 18 months of purchase) None None The Fund invests primarily in fixed and floating rate municipal Redemption Fee None None bonds and notes, variable rate demand instruments, and other high-quality, short-term tax-exempt obligations maturing in 397 Annual Fund Operating Expenses (expenses that you pay each days or less. Under normal circumstances, the Fund invests its year as a percentage of the value of your investment) assets so that at least 80% of the annual interest income that the Management Fees 0.20% 0.20% Fund distributes will be exempt from federal income tax, includ- Distribution (12b-1) Fees None None ing federal alternative minimum tax (AMT). To maintain principal preservation, the Adviser places a strict Other Expenses 0.33% 0.08% emphasis on credit research. Using fundamental analysis, the Total Annual Fund Operating Expenses 0.53% 0.28% Adviser develops an approved list of issuers and securities that Fee Waiver and Expense meet the Adviser’s standards for minimal credit risk. The Adviser Reimbursement(1) (0.08)% (0.08)% continually monitors the credit risks of all of the Fund’s portfolio securities on an ongoing basis by reviewing financial data and Total Annual Fund Operating Expenses ratings of nationally recognized statistical rating organizations After Fee Waiver and Expense (NRSROs). The securities in which the Fund invests must be rated Reimbursement(1) 0.45% 0.20% in one of the two highest short-term rating categories by one or (1)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its more NRSROs or be determined by the Adviser to be of com- investment advisory fee and reimburse expenses to the extent necessary to parable quality to securities having such ratings (except that U.S. prevent class total annual operating expenses (excluding interest, taxes, Government securities and shares of other registered money brokerage commissions, other investment-related costs, and extraordinary market funds are not subject to this requirement). The Fund expenses, such as litigation and other expenses not incurred in the ordinary invests in compliance with industry-standard regulatory course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.45% for Class Y and 0.20% for Class I through December 31, requirements for money market funds for the quality, maturity, 2015. This expense limitation agreement may not be terminated prior to diversification, and liquidity of investments. December 31, 2015 without the consent of the Fund’s Board of Directors, The Fund seeks to enhance yield by taking advantage of favor- unless terminated due to the termination of the investment advisory agreement. able changes in interest rates and reducing the effect of unfavorable changes in interest rates. In seeking to achieve this Example objective, the Adviser targets a dollar-weighted average portfolio This example is intended to help you compare the cost of inves- maturity of 60 days or less based on its interest rate outlook. The ting in the Fund with the cost of investing in other funds. The interest rate outlook is developed by analyzing a variety of fac- example assumes that you invest $10,000 in the Fund for the tors, such as current and expected U.S. economic growth, cur- time periods indicated and then redeem all of your shares at the rent and expected interest rates and inflation, and the Federal end of those periods. The example also assumes that your Reserve Board’s monetary policy. By developing an interest rate investment has a 5% return each year and that the Fund’s outlook and adjusting the portfolio’s maturity accordingly, the

MONEY MARKET FUNDS 95 BMO Tax-Free Money Market Fund (cont.)

Adviser seeks to position the Fund to take advantage of yield ketfundsmaybeoperated.TheFundisreviewingtheregu- enhancing opportunities. lations and their impact, including liquidity of an investment in the Fund and the Fund’s ability to maintain a stable net asset Principal Risks value per share. These changes may result in reduced yields from An investment in the Fund is not a deposit of BMO Harris Bank the Fund. N.A., or any of its affiliates, and is not insured or guaranteed by Management Risks. The Adviser’s judgments about the attrac- the FDIC or any other government agency. Although the Fund tiveness, value, and potential appreciation of the Fund’s invest- seeks to preserve the value of your investment at $1.00 per share, ments may prove to be incorrect. Accordingly, no guarantee it is possible to lose money by investing in the Fund. In addition, exists that the investment techniques used by the Fund’s the Fund is subject to the following risks. manager will produce the desired results. Interest Rate Risks. Prices of fixed income securities rise and fall Sector Risks. The Fund may invest its assets in municipal secu- in response to changes in the interest rate paid by similar securities that finance similar projects, such as those relating to rities. Generally, when interest rates rise, prices of fixed income education, health care, transportation, and utilities. To the extent securities fall. Interest rate changes have a greater effect on the the Fund invests its assets in a particular sector, the Fund’s per- price of fixed income securities with longer maturities. formance may be more susceptible to any economic, business, Credit Risks. Credit risk is the possibility that an issuer will or other developments that generally affect that sector. default on a security by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit Fund Performance ratings correspond to higher credit risk. The bar chart and table show the historical performance of the Call Risks. If the securities in which the Fund invests are Fund’s shares and provide some indication of the risks of inves- redeemed by the issuer before maturity (or “called”), the Fund ting in the Fund. The bar chart shows how the Fund’s total may have to reinvest the proceeds in securities that pay a lower returns have varied from year to year, while the table compares interest rate, which may decrease the Fund’s yield. This will most the Fund’s average annual total returns to the returns of an likely happen when interest rates are declining. average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind Liquidity Risks. Liquidity risk refers to the possibility that the that past performance does not represent how the Fund will Fund may not be able to sell or buy a security or close out an perform in the future. Investors may obtain the Fund’s current investment contract at a favorable price or time. Consequently, 7-Day Net Yield or updated performance information at the Fund may have to accept a lower price to sell a security, sell www.bmofunds.com. other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s Class Y—Annual Total Returns (calendar years 2005-2013) performance. Infrequent trading of securities also may lead to an 4% increase in their price volatility. Additionally, significant 3% 3.35% redemptions by large investors in the Fund could have a 3.11% material adverse effect on the Fund’s other shareholders and the 2% 2.25% net asset value could be affected by forced selling during peri- 2.08% ods of high redemption pressures and/or illiquid markets. 1% Municipal Securities Risks. Municipal bonds are subject to risks 0.77% 0.18% based on many factors, including economic and regulatory 0.05% 0.04% 0.02% 0% developments, changes or proposed changes in the federal and 2005 2006 2007 2008 2009 20102011 2012 2013 state tax structure, deregulation, court rulings, and other factors. The return for the Class Y shares of the Fund from January 1, 2014 through The value of municipal securities may be affected more by sup- September 30, 2014 was 0.01%. ply and demand factors or the creditworthiness of the issuer During the periods shown in the bar chart for the Fund: than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such Quarter Ended Returns Best quarter 9/30/2007 0.85% securities to generate taxes or revenues. There is a risk that Worst quarter 12/31/2013 0.00% interest may be taxable on a municipal security that is otherwise 7-Day Net Yield as of December 31, 2013 was 0.01%. expected to produce tax-exempt interest. Regulatory Changes Risk. The SEC recently adopted regulations that substantially change the way in which money mar-

96 MONEY MARKET FUNDS BMO Tax-Free Money Market Fund (cont.)

Average Annual Total Returns through 12/31/13 Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least Since $100 withdrawn from your account on a monthly or quarterly 1Year 5Year Inception basis. Class Y (Inception 9/22/04) 0.02% 0.21% 1.31% BMO Funds Website. Go to www.bmofunds.com. Class I (Inception 6/29/05) 0.07% 0.41% 1.50% Checkwriting. Write a check in an amount of at least $250. IMNTFNR (reflects deduction of fees and no deduction for Tax Information sales charges or taxes) 0.01% 0.05% 1.09% The Fund intends to make distributions that are primarily LTEMMFI (reflects deduction exempt from federal income tax; however, a portion of the of fees and no deduction for Fund’s distributions may be subject to federal income tax. sales charges or taxes) 0.01% 0.05% 1.10% Payments to Broker-Dealers and Other The iMoneyNet, Inc. Fund Report/Tax-Free National Retail Index Financial Intermediaries (IMNTFNR) is an average of money funds with investment If you purchase shares of the Fund through a broker-dealer or objectives similar to that of the Fund. other financial intermediary (such as a bank), the Fund and its The Lipper Tax-Exempt Money Market Funds Index (LTEMMFI) related companies may pay the intermediary for the sale of tracks the total return performance of the 30 largest mutual shares and related services. These payments may create a con- funds in this Lipper category. flict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund Management of the Fund over another investment. Ask your salesperson or visit your Adviser. BMO Asset Management Corp. financial intermediary’s website for more information. Portfolio Manager. Craig J. Mauermann, a Managing Director and a Portfolio Manager of the Adviser, joined the Adviser in 2004 and has managed the Fund since its inception in 2004. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $10,000,000 for Class I shares. For Class Y, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the Federal Reserve Bank of New York is open for business and, alternatively, on any day the U.S. government securities markets are open and the Fund’s portfolio manager determines sufficient liquidity exists in those markets in one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

MONEY MARKET FUNDS 97 BMO Prime Money Market Fund

Investment Objective: same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: To provide current income consistent with stability of principal. Class Y Class I Fees and Expenses of the Fund 1Year $47$22 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 3Years $ 148 $ 68 5Years $ 258 $ 118 Shareholder Fees (fees paid directly from your investment) Class Y Class I 10 Years $ 579 $ 268 Maximum Sales Charge (Load) Imposed Principal Investment Strategies on Purchases (as a percentage of offering price) None None The Fund invests in high quality, short-term money market instruments, such as short-term commercial paper, corporate Maximum Deferred Sales Charge (Load) bonds and notes, asset-backed securities, bank instruments, (as a percentage of shares redeemed demand and variable rate demand instruments, U.S. govern- within 18 months of purchase) None None ment obligations, municipal securities, repurchase agreements, Redemption Fee None None and funding agreements. The Fund may invest in U.S. dollar- denominated instruments issued by foreign governments, Annual Fund Operating Expenses (expenses that you pay each corporations and financial institutions. The securities in which year as a percentage of the value of your investment) the Fund invests must be rated in one of the two highest short- Management Fees 0.14% 0.14% term rating categories by one or more nationally recognized Distribution (12b-1) Fees None None statistical rating organizations or be determined by the Adviser to be of comparable quality to securities having such ratings Other Expenses 0.31% 0.06% (except that U.S. Government securities and shares of other Acquired Fund Fees and Expenses(1) 0.01% 0.01% registered money market funds are not subject to this requirement). The Adviser uses a “bottom-up” approach, which Total Annual Fund Operating Expenses(2) 0.46% 0.21% evaluates debt securities of individual companies against the (1)Acquired Fund Fees and Expenses represent the pro rata expense indirectly context of broader market factors such as the cyclical trend in incurred by the Fund as a result of its investment in other investment interest rates, the shape of the yield curve, and debt security companies. Total Annual Fund Operating Expenses shown will not correlate supply factors. The Fund invests in compliance with industry- to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and standard regulatory requirements for money market funds for Expenses. the quality, maturity, diversification, and liquidity of investments. (2)BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its Principal Risks investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, An investment in the Fund is not a deposit of BMO Harris Bank brokerage commissions, other investment-related costs, and extraordinary N.A., or any of its affiliates, and is not insured or guaranteed by expenses, such as litigation and other expenses not incurred in the ordinary the FDIC or any other government agency. Although the Fund course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.45% for Class Y and 0.20% for Class I through December 31, seeks to preserve the value of your investment at $1.00 per share, 2015. This expense limitation agreement may not be terminated prior to it is possible to lose money by investing in the Fund. In addition, December 31, 2015 without the consent of the Fund’s Board of Directors, the Fund is subject to the following risks. unless terminated due to the termination of the investment advisory agreement. Interest Rate Risks. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar secu- Example rities. Generally, when interest rates rise, prices of fixed income This example is intended to help you compare the cost of inves- securities fall. Interest rate changes have a greater effect on the ting in the Fund with the cost of investing in other funds. The price of fixed income securities with longer maturities. example assumes that you invest $10,000 in the Fund for the Credit Risks. Credit risk is the possibility that an issuer or time periods indicated and then redeem all of your shares at the counterparty will default on a security or repurchase agreement end of those periods. The example also assumes that your by failing to pay interest or principal when due. If an issuer investment has a 5% return each year and that the Fund’s defaults, the Fund may lose money. Lower credit ratings corre- operating expenses are as shown in the table and remain the spond to higher credit risk.

98 MONEY MARKET FUNDS BMO Prime Money Market Fund (cont.)

Call Risks. If the securities in which the Fund invests are concerns. If a governmental entity defaults on an obligation, the redeemed by the issuer before maturity (or “called”), the Fund Fund may have limited recourse against the defaulting may have to reinvest the proceeds in securities that pay a lower government and may lose its investment. Financial markets have interest rate, which may decrease the Fund’s yield. This will most recently experienced increased volatility due to the uncertainty likely happen when interest rates are declining. surrounding the sovereign debt of certain European countries. Liquidity Risks. Liquidity risk refers to the possibility that the Regulatory Changes Risk. The SEC recently adopted regu- Fund may not be able to sell or buy a security or close out an lations that substantially change the way in which money mar- investment contract at a favorable price or time. Consequently, ket funds may be operated. The Fund is reviewing the the Fund may have to accept a lower price to sell a security, sell regulations and their impact, including liquidity of an investment other securities to raise cash, or give up an investment oppor- in the Fund and the Fund’s ability to maintain a stable net asset tunity, any of which could have a negative effect on the Fund’s value per share. These changes may result in reduced yields from performance. Infrequent trading of securities also may lead to an the Fund. increase in their price volatility. Additionally, significant Management Risks. The Adviser’s judgments about the attrac- redemptions by large investors in the Fund could have a tiveness, value, and potential appreciation of the Fund’s invest- material adverse effect on the Fund’s other shareholders and the ments may prove to be incorrect. Accordingly, no guarantee net asset value could be affected by forced selling during peri- exists that the investment techniques used by the Fund’s ods of high redemption pressures and/or illiquid markets. managers will produce the desired results. Asset-Backed Securities Risks. Asset-backed securities are subject to risks of prepayment. The Fund’s yield will be reduced if Fund Performance cash from prepaid securities is reinvested in securities with lower The bar chart and table show the historical performance of the interest rates. Asset-backed securities may decline in value Fund’s shares and provide some indication of the risks of inves- because of defaults on the underlying obligations. ting in the Fund. The bar chart shows how the Fund’s total Government Obligations Risks. No assurance can be given returns have varied from year to year, while the table compares that the U.S. government will provide financial support to U.S. the Fund’s average annual total returns to the returns of an government-sponsored agencies or instrumentalities where it is average of money funds with similar objectives and an index of not obligated to do so by law. As a result, there is risk that these funds with similar investment objectives. Please keep in mind entities will default on a financial obligation. that past performance does not represent how the Fund will perform in the future. Investors may obtain the Fund’s current Municipal Securities Risks. Municipal bonds are subject to risks 7-Day Net Yield or updated performance information at based on many factors, including economic and regulatory www.bmofunds.com. developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by sup- Class Y—Annual Total Returns (calendar years 2004-2013) ply and demand factors or the creditworthiness of the issuer 6% than by market interest rates. Repayment of municipal securities 5% 5.01% depends on the ability of the issuer or project backing such 4.75% 4% securities to generate taxes or revenues. There is a risk that interest may be taxable on a municipal security that is otherwise 3% 2.91% 2.75% expected to produce tax-exempt interest. 2%

Foreign Securities Risks. The value of instruments of foreign 1% 1.03% 0.44% issuers may be adversely affected by political, regulatory, and 0.02% 0.01% 0.01% 0.01% 0% economic developments, which developments may be similar 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 to or greater than those experienced by domestic issuers. In addition, financial information relating to foreign issuers may be The return for the Class Y shares of the Fund from January 1, 2014 through September 30, 2014 was 0.01%. more limited than financial information generally available for domestic issuers. During the periods shown in the bar chart for the Fund: Sovereign Debt Risks. Sovereign debt instruments are subject Quarter Ended Returns Best quarter 9/30/2007 1.26% to the risk that a governmental entity may be unable to pay Worst quarter 3/31/2013 0.00% interest or repay principal on its sovereign debt due to cash flow 7-Day Net Yield as of December 31, 2013 was 0.01% problems, insufficient foreign currency reserves, or political

MONEY MARKET FUNDS 99 BMO Prime Money Market Fund (cont.)

Average Annual Total Returns through 12/31/13 dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931. 1 Year 5 Year 10 Year Systematic Withdrawal Program. If your account balance is at Class Y (Inception 11/23/92) 0.01% 0.10% 1.68% least $10,000, you may have predetermined amounts of at least Class I (Inception 4/3/00) 0.04% 0.26% 1.89% $100 withdrawn from your account on a monthly or quarterly MFRA (reflects deduction of fees basis. and no deduction for sales BMO Funds Website. Go to www.bmofunds.com. charges or taxes) 0.02% 0.06% 1.48% Checkwriting. Write a check in an amount of at least $250. LMMFI (reflects deduction of fees and no deduction for sales Tax Information charges or taxes) 0.01% 0.06% 1.53% The Fund intends to make distributions that are expected to be taxed primarily as ordinary income for federal income tax The iMoneyNet, Inc. Money Fund Report Averages (MFRA) is an purposes. average of money funds with investment objectives similar to that of the Fund. Payments to Broker-Dealers and Other The Lipper Money Market Instrument Funds Index (LMMFI) Financial Intermediaries tracks the total return performance of the 30 largest mutual If you purchase shares of the Fund through a broker-dealer or funds included in this Lipper category. other financial intermediary (such as a bank), the Fund and its Management of the Fund related companies may pay the intermediary for the sale of shares and related services. These payments may create a con- Adviser. BMO Asset Management Corp. flict of interest by influencing the broker-dealer or other Portfolio Managers. Peter J. Arts, Boyd R. Eager, and Genevieve intermediary and your salesperson to recommend the Fund C. Lynkiewicz have co-managed the Fund since February 2012. over another investment. Ask your salesperson or visit your Mr. Arts, Co-Head of Taxable Fixed Income, a Managing Director, financial intermediary’s website for more information. and a Portfolio Manager of the Adviser, joined the Adviser in 1994. Mr. Eager, a Director and a Portfolio Manager of the Adviser, joined the Adviser in 1996. Ms. Lynkiewicz, a Vice Presi- dent and a Portfolio Manager of the Adviser, joined the Adviser in 2007. Purchase and Sale of Fund Shares Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $10,000,000 for Class I shares. For Class Y, the minimum subsequent purchase amount is $50. You may sell (redeem) your shares of the Fund on any day the Federal Reserve Bank of New York is open for business and, alternatively, on any day the U.S. government securities markets are open and the Fund’s portfolio manager determines sufficient liquidity exists in those markets in one of the following methods, depending on the elections you made in your account application: Phone. Call 1-800-236-FUND (3863). Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank. Mail. Send a written request, indicating your name, the Fund name, your account number, and the number of shares or the

100 MONEY MARKET FUNDS Additional Information Regarding Principal Investment Strategies and Risks

Each Fund’s investment objective is non-fundamental and may be changed without shareholder approval. In implementing their respective investment objectives, the Funds may invest in the following securities and use the following investment techniques as part of their investment strategies. Some of these securities, transactions, and investment techniques involve special risks, which are described below. The chart below presents the types of securities in which each Fund may invest as part of its principal investment strategies. Each Fund that has adopted a non-fundamental policy to invest at least 80% of its assets in the types of securities suggested by such Fund’s name will provide shareholders with at least 60 days’ notice of any change in this policy. The ULTRA SHORT TAX-FREE FUND, SHORT TAX-FREE FUND and INTERMEDIATE TAX-FREE FUND, which have each adopted a fundamental policy to invest at least 80% of its assets in the types of securities suggested by its name, may only change this policy with shareholder approval.

Global LGM Low Large- Large- Mid- Mid- Small- Small- Small- Low Pyrford Pyrford Emerging Volatility Dividend Cap Cap Cap Cap Cap Cap Cap Micro- Volatility Global International Markets Equity Income Value Growth Value Growth Value Core Growth Cap Equity Equity Stock Equity Equity Securities: Common Stocks ✓ ✓ ✓ ✓✓✓✓✓✓ ✓ ✓ ✓ ✓ ✓ Foreign Securities ✓✓ ✓ ✓

TCH Monegy TCH Tax- Ultra Short Short- TCH TCH Core High Multi- Emerging Government Free Prime Short Tax- Term Intermediate Mortgage Intermediate Corporate Plus Yield Asset Markets Money Money Money Tax-Free Free Income Tax-Free Income Income Income Bond Bond Income Bond Market Market Market Fixed Income Securities: Asset-Backed/ Mortgage-Backed Securities ✓✓✓✓✓ ✓ Bank Instruments ✓✓✓ Commercial Paper ✓✓✓✓ Convertible Securities ✓✓ Corporate Debt Securities ✓✓✓ ✓ ✓ ✓ ✓✓ ✓ ✓ ✓ Demand Instruments ✓✓ ✓ ✓✓ Dollar Rolls ✓✓✓ Foreign Securities ✓✓✓ ✓ ✓ Funding Agreements ✓ High Yield Securities ✓✓ ✓ ✓ ✓✓ ✓ ✓ Municipal Securities ✓✓✓ ✓ ✓✓ Repurchase Agreements ✓✓ ✓✓ Sovereign Debt ✓✓ U.S. Government Securities ✓✓✓✓✓✓✓✓ Variable Rate Demand Instruments ✓✓ ✓ ✓ ✓✓ Investment Companies: Exchange-Traded Funds ✓ Other Investment Companies ✓✓ ✓

ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS 101 Additional Information Regarding Principal Investment Strategies and Risks (cont.)

Equity Securities Certain fixed income securities may be supported by credit An investment in the equity securities of a company repre- enhancements. A credit enhancement is an arrangement in sents a proportionate ownership interest in that company. whichacompanyagreestopayamountsdueonafixed Common stocks and other equity securities generally increase income security if the issuer defaults. In some cases the com- or decrease in value based on the earnings of a company and pany providing the credit enhancement makes all payments on general industry and market conditions. A fund that invests directly to the security holders and receives reimbursement a significant amount of its assets in common stocks and other from the issuer. Normally, the credit enhancer has greater equity securities is likely to have greater fluctuations in share financial resources and liquidity than the issuer. For this reason, price than a fund that invests a significant portion of its assets the Adviser usually evaluates the credit risk of a fixed income in fixed income securities. Companies generally have dis- security based solely upon its credit enhancement (except for cretion as to the payment of any dividends or distributions. the MONEY MARKET FUNDS, where otherwise required by applicable regulation). Common Stocks. Common stocks are the most prevalent type of equity securities. Holders of common stock of an issuer Asset-Backed/Mortgage-Backed Securities. Asset-backed are entitled to receive the issuer’s earnings only after the issuer securities are payable from pools of obligations other than pays its creditors and any preferred shareholders. As a result, mortgages. Most asset-backed securities involve consumer or changes in the issuer’s earnings have a direct effect on the commercial debts with maturities of less than ten years. value of its common stock. However, almost any type of fixed income assets (including other fixed income securities) may be used to create an asset- Foreign Securities. Foreign securities include securities: backed security. Asset-backed securities may take the form of • of issuers domiciled outside of the United States, commercial paper, notes, or pass-through certificates. Asset- including securities issued by foreign governments, backed securities have prepayment risks.

• that primarily trade on a foreign securities exchange or in Mortgage-backed securities represent interests in pools of a foreign market, or mortgages. The mortgages that comprise a pool normally • that are subject to substantial foreign risk based on factors have similar interest rates, maturities, and other terms. Mort- such as whether a majority of an issuer’s revenue is gages may have fixed or adjustable interest rates. earned outside of the United States and whether an issuer’s principal business operations are located outside Mortgage-backed securities come in a variety of forms. Many of the United States. have extremely complicated terms. The simplest form of a Fixed Income Securities and Transactions mortgage-backed security is a pass-through certificate. An issuer of a pass-through certificate gathers monthly payments Fixed income securities pay interest, dividends, or distributions from an underlying pool of mortgages, deducts its fees and at a specified rate. The rate may be a fixed percentage of the expenses, and passes the balance of the payments on to the principal or adjusted periodically. The issuer of a fixed income certificate holders once a month. Holders of pass-through cer- security must repay the principal amount of the security, tificates receive a pro-rata share of all payments and pre- normally within a specified time. Fixed income securities payments from the underlying mortgages. As a result, the generally provide more regular income than equity securities. holders assume all the prepayment risks of the underlying However, the returns on fixed income securities are limited mortgages. and normally do not increase with the issuer’s earnings. This limits the potential appreciation of fixed income securities as Mortgage-backed securities may be issued or guaranteed by compared to equity securities. Ginnie Mae, Fannie Mae, and Freddie Mac, but also may be issued or guaranteed by other issuers, including private companies. The Adviser treats mortgage-backed securities

102 ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS Additional Information Regarding Principal Investment Strategies and Risks (cont.)

guaranteed by a government-sponsored entity as if issued or ilar, but not identical, mortgage-backed securities on a future guaranteed by a federal agency. Although such a guarantee date at a predetermined price. Normally, one or both secu- protects against credit risks, it does not reduce market and rities involved are “to be announced” mortgage-backed secu- prepayment risks. rities or “TBAs.” Dollar rolls are subject to interest rate risks and credit risks. These transactions may create leverage risks. Dollar Bank Instruments. Bank instruments are unsecured interest- roll transactions will cause a Fund to have an increased portfo- bearing deposits with banks. Bank instruments include bank lio turnover rate. accounts, time deposits, certificates of deposit, and banker’s acceptances. Instruments denominated in U.S. dollars and Funding Agreements. Funding Agreements (Agreements) issued by U.S. branches of foreign banks are referred to as are investment instruments issued by U.S. insurance compa- Yankee dollar instruments. Instruments denominated in U.S. nies. Pursuant to such Agreements, a Fund may make cash dollars and issued by non-U.S. branches of U.S. or foreign contributions to a deposit fund of the insurance company’s banks are commonly referred to as Eurodollar instruments. general or separate accounts. The insurance company then credits guaranteed interest to a Fund. The insurance company Commercial Paper. Commercial paper represents an issuer’s may assess periodic charges against an Agreement for obligation with a maturity of less than nine months. Compa- expense and service costs allocable to it, and the charges will nies typically issue commercial paper to pay for current be deducted from the value of the deposit fund. The purchase expenditures. Most issuers constantly reissue their commercial price paid for an Agreement becomes part of the general paper and use the proceeds (or bank loans) to repay maturing assets of the issuer. A Fund will only purchase Agreements paper. If the issuer cannot continue to obtain liquidity in this from issuers that meet quality and credit standards established fashion, its commercial paper may default. The short maturity by the Adviser. Generally, Agreements are not assignable or of commercial paper reduces both the interest rate and credit transferable without the permission of the issuing insurance risks as compared to other debt securities of the same issuer. companies, and an active secondary market in Agreements Convertible Securities. Convertible securities are fixed does not currently exist. Also, a Fund may not have the right to income securities that a Fund has the option to exchange for receive the principal amount of an Agreement from the equity securities at a specified conversion price. Consequently, insurance company on seven days’ notice or less. Therefore, the value of the convertible security may be exposed to the Agreements are typically considered to be illiquid stockmarketriskoftheunderlyingstockormaybeexposed investments. to the interest rate or credit risk of the issuer. High Yield Securities. High yield securities are debt securities Corporate Debt Securities. Corporate debt securities are that are rated below investment-grade. While high yield secu- fixed income securities issued by businesses. The credit risks of rities may offer higher yields than investment-grade securities, corporate debt securities vary widely among issuers. they are predominantly considered to have speculative characteristics and are sometimes called “junk bonds.” Demand Instruments. Demand instruments are corporate debt securities that the issuer must repay upon demand. Municipal Securities. Municipal securities, including munici- Other demand instruments require a third party, such as a pal bonds and notes, are fixed income securities issued by dealer or bank, to repurchase the security for its face value states, counties, cities, and other political subdivisions and upon demand. The Adviser treats demand instruments as authorities. Municipal notes are short-term tax-exempt secu- short-term securities, even though their stated maturity may rities. Many municipalities issue such notes to fund their cur- extend beyond one year. rent operations before collecting taxes or other municipal revenues. Municipalities also may issue notes to fund capital Dollar Rolls. Dollar rolls are transactions in which a Fund sells projects prior to issuing long-term bonds. Issuers typically mortgage-backed securities with a commitment to buy sim- repay the notes at the end of their fiscal year, either with taxes,

ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS 103 Additional Information Regarding Principal Investment Strategies and Risks (cont.)

other revenues, or proceeds from newly issued notes or include Ginnie Mae, Small Business Administration, Farm bonds. Municipal securities also may be issued by industrial Credit System Financial Assistance Corporation, Farmers and economic development authorities, school and college Home Administration, Federal Financing Bank, General Serv- authorities, housing authorities, healthcare facility authorities, ices Administration, and Washington Metropolitan Area municipal utilities, transportation authorities, and other public Transit Authority. Other government entities receive support agencies. The market categorizes tax-exempt securities by through federal subsidies, loans, or other benefits. Some gov- their source of repayment. Although many municipal secu- ernment entities have no explicit financial support from the rities are exempt from federal income tax, municipalities also U.S. government, but are regarded as having implied support may issue taxable securities in which the Funds may invest. because the federal government sponsors their activities. Such entities include the Farm Credit Administration and the Repurchase Agreements. Repurchase agreements are Financing Corporation. Any downgrade of the credit rating of transactions in which a Fund buys a security from a dealer or the securities issued by the U.S. government may result in a bank and agrees to sell the security back at a mutually agreed downgrade of securities issued by its agencies or upon time and price. The repurchase price exceeds the sale instrumentalities, including government-sponsored entities. price, reflecting a Fund’s return on the transaction. This return is unrelated to the interest rate on the underlying security. A Variable Rate Demand Instruments. Variable rate demand Fund will enter into repurchase agreements only with banks instruments are securities that require the issuer or a third and other recognized financial institutions, such as securities party, such as a dealer or bank, to repurchase the security for dealers, deemed creditworthy by the Adviser. The Fund’s its face value upon demand. The securities also pay interest at custodian will take possession of the securities subject to a variable rate intended to cause the securities to trade at their repurchase agreements. The Adviser and custodian will mon- face value. The MONEY MARKET FUNDS treat demand itor the value of the underlying security each day to ensure instruments as short-term securities, because their variable that the value of the security always equals or exceeds the interest rate adjusts in response to changes in market rates, repurchase price. Repurchase agreements are subject to credit even though their stated maturity may extend beyond risks. 397 days.

Sovereign Debt. Sovereign debt obligations are issued or Investment Companies guaranteed by foreign governments or their agencies and Exchange-Traded Funds.AninvestmentinanETFgenerally may be in the form of conventional securities or other types of presents the same primary risks as an investment in a conven- debt instruments, such as loans or loan participations. tional mutual fund (i.e., one that is not exchange traded) that Investment in sovereign debt may involve a high degree of has the same investment objective, strategies, and policies. risk due to the inability of governmental entities to repay the The price of an ETF can fluctuate within a wide range, and the principal or interest when due. Fund could lose money investing in an ETF if the prices of the U.S. Government Securities. U.S. government securities securities owned by the ETF go down. In addition, ETFs are include direct obligations of the U.S. government, including subject to risks that the market price of ETF shares may trade U.S. Treasury bills, notes, and bonds of varying maturities, and at a discount to their NAV, an active trading market for ETF those issued or guaranteed by various U.S. government shares may not develop or be maintained, or trading of ETF agencies and instrumentalities. Treasury securities are gen- shares may be halted if the listing exchange’s officials deem erally regarded as having the lowest credit risks. Agency secu- such action appropriate, the shares are de-listed from the rities are issued or guaranteed by a federal agency or other exchange, or the activation of market-wide “circuit breakers” government-sponsored entity acting under federal authority. (which are tied to large decreases in stock prices) halts stock Securities issued by certain government entities are supported trading generally. Additionally, ETFs have management fees, by the full faith and credit of the United States. Such entities which increase their cost.

104 ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS Additional Information Regarding Principal Investment Strategies and Risks (cont.)

Investments in Other Investment Companies.AFundmay instruments (for example, commercial paper and repurchase invest in securities issued by other investment companies. By agreements). This may cause a Fund to temporarily forgo investing in another investment company, there is a risk that greater investment returns for the safety of principal. When so the value of the underlying securities of that investment invested, a Fund may not achieve its investment objective. company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and Additional Principal Risk Information expenses (including management fees, administration fees, Affiliated Fund Risks. (MULTI-ASSET INCOME FUND) The and custodian fees) in addition to the Fees and Expenses of Adviser’s authority to select and substitute underlying funds the Fund. from a variety of affiliated and unaffiliated mutual funds may create a conflict of interest because the Adviser and its affili- Investment Techniques ated companies typically receive fees from the affiliated funds. Securities Lending. Certain Funds may lend portfolio secu- Asset Allocation Risks. (MULTI-ASSET INCOME FUND) rities to borrowers that the Adviser deems creditworthy. In Investments in the Fund are subject to risks related to the return, a Fund receives cash or liquid securities from the bor- Adviser’s allocation choices. The selection of the underlying rower as collateral. The borrower must furnish additional funds and ETFs and the allocation of the Fund’s assets among collateral if the market value of the loaned securities increases. the various asset classes and market segments could cause Also, the borrower must pay a Fund the equivalent of any the Fund to lose value or cause the Fund to underperform dividends or interest received on the loaned securities. Any relevant benchmarks or other funds with similar investment dividend equivalent payments will not be treated as “qualified objectives. dividend income” for federal income tax purposes and will generally be taxable as ordinary income for federal income tax Asset-Backed/Mortgage-Backed Securities Risks.(SHORT- purposes. TERM INCOME FUND, TCH INTERMEDIATE INCOME FUND, MORTGAGE INCOME FUND, TCH CORPORATE INCOME FUND, A Fund will reinvest cash collateral in securities that qualify as TCH CORE PLUS BOND FUND, PRIME MONEY MARKET FUND) an acceptable investment for the Fund. However, the Fund Asset-backed and mortgage-backed securities are subject to must pay interest to the borrower for the use of cash collateral. risks of prepayment. This is more likely to occur when interest Loans are subject to termination at the option of a Fund or the rates fall because many borrowers refinance mortgages to borrower. A Fund will not have the right to vote on securities take advantage of more favorable rates. Prepayments on while they are on loan, but it may terminate a loan in antici- mortgage-backed securities are also affected by other factors, pation of any important vote. A Fund may pay administrative suchasthevolumeofhomesales.AFund’syieldwillbe and custodial fees in connection with a loan and may pay a reduced if cash from prepaid securities is reinvested in secu- negotiated portion of the interest earned on the cash rities with lower interest rates. The risk of prepayment also may collateral to a securities lending agent or broker. Securities decrease the value of mortgage-backed securities. Asset- lending activities are subject to interest rate risks and credit backed securities may have a higher level of default and risks. recovery risk than mortgage-backed securities. However, both of these types of securities may decline in value because of Temporary Defensive Investments. To minimize potential mortgage foreclosures or defaults on the underlying losses and maintain liquidity to meet shareholder obligations. redemptions during adverse market, economic, political, or other conditions, or when it receives large cash inflows, each Credit risk is greater for mortgage-backed and asset-backed Fund (except the MONEY MARKET FUNDS) may temporarily securities that are subordinate to another security (i.e., if the use a different investment strategy by investing up to 100% of holder of a mortgage-backed security is entitled to receive its assets in cash or short-term, high quality money market payments only after payment obligations to holders of the

ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS 105 Additional Information Regarding Principal Investment Strategies and Risks (cont.)

other security are satisfied). The more deeply subordinate the base, and limited access to capital. These factors also increase security, the greater the credit risk associated with the security risks and make these companies more likely to fail than will be. Mortgage-backed securities issued by private issuers, companies with larger market capitalizations. whether or not such obligations are subject to guarantees by Core Style Investing Risks. (SMALL-CAP CORE FUND) The the private issuer, may entail greater risk than mortgage- returns on “core” securities may or may not move in tandem backed securities guaranteed by the U.S. government. The with the returns on other styles of investing or the overall performance of mortgage-backed securities issued by private stock market. Thus, the value of the Fund’s investments will issuers generally depends on the financial health of those vary and at times may be lower or higher than that of other institutions and the performance of the mortgage pool back- types of investments. ing such securities. An unexpectedly high rate of defaults on mortgages held by a mortgage pool may limit substantially Corporate Restructuring Risks. (SMALL-CAP VALUE FUND, the pool’s ability to make payments of principal or interest to MICRO-CAP FUND) Securities of companies that are involved the holder of such mortgage-backed securities, particularly if in company turnarounds or corporate restructurings may such securities are subordinated, thereby reducing the value present special risk because of the high degree of uncertainty of such securities and in some cases rendering them worth- that can be associated with such events. It is possible that the less. In addition, there can be no assurance that private market price of securities of companies involved in company insurers or guarantors providing credit enhancements can turnarounds or corporate restructurings may be subject to meet their obligations. Recent market events have caused the significant and unpredictable fluctuations. markets for asset-backed and mortgage-backed securities to Credit Risks. (TCH EMERGING MARKETS BOND FUND, FIXED experience significantly lower valuations and reduced INCOME FUNDS, MONEY MARKET FUNDS) Credit risk is the liquidity. possibility that an issuer will default on a security by failing to Call Risks. (FIXED INCOME FUNDS, MONEY MARKET FUNDS, pay interest or principal when due. If an issuer defaults, a Fund and TCH EMERGING MARKETS BOND FUND) If the securities in may lose money. Many fixed income securities receive credit which a Fund invests are redeemed by the issuer before ratingsfromservicessuchasStandard&Poor’sandMoody’s maturity (or “called”), the Fund may have to reinvest the pro- Investors Service. These services assign ratings to securities by ceeds in securities that pay a lower interest rate, which may assessing the likelihood of issuer default. Lower credit ratings decrease the Fund’s yield. This will most likely happen when correspond to higher credit risk. If a security has not received a interest rates are declining. rating, a Fund must rely entirely upon the Adviser’s credit assessment. Company Size Risks.(MID-CAPVALUEFUND,MID-CAP GROWTH FUND, SMALL-CAP VALUE FUND, SMALL-CAP CORE Fixed income securities generally compensate for greater FUND, SMALL-CAP GROWTH FUND, MICRO-CAP FUND, credit risk by paying interest at a higher rate. The difference GLOBAL LOW VOLATILITY EQUITY FUND, PYRFORD GLOBAL between the yield of a security and the yield of a U.S. Treasury EQUITY FUND, PYRFORD INTERNATIONAL STOCK FUND, LGM security with a comparable maturity (the spread) measures EMERGING MARKETS EQUITY FUND, MULTI-ASSET INCOME the additional interest paid for risk. Spreads may increase FUND) Generally, the smaller the market capitalization of a generally in response to adverse economic or market con- company, the fewer the number of shares traded daily, the ditions. A security’s spread also may increase if the security’s less liquid its stock, and the more volatile its price. Market rating is lowered, or the security is perceived to have an capitalization is determined by multiplying the number of a increased credit risk. An increase in the spread will cause the company’s outstanding shares by the current market price per price of the security to decline. share. Companies with smaller market capitalizations also tend Credit risk includes the possibility that a party to a transaction to have unproven track records, a limited product or service involving a Fund will fail to meet its obligations. This could

106 ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS Additional Information Regarding Principal Investment Strategies and Risks (cont.)

cause the Fund to lose the benefit of the transaction or pre- (which are tied to large decreases in stock prices) halts stock vent the Fund from selling or buying other securities to trading generally. Additionally, ETFs have management fees, implement its investment strategy. Credit markets are cur- which increase their cost. rently experiencing greater volatility due to recent market Foreign Securities Risks. (GLOBAL LOW VOLATILITY EQUITY events as noted below. FUND, PYRFORD GLOBAL EQUITY FUND, PYRFORD INTERNA- Currency Risks. (GLOBAL LOW VOLATILITY EQUITY FUND, TIONAL STOCK FUND, LGM EMERGING MARKETS EQUITY PYRFORD GLOBAL EQUITY FUND, PYRFORD INTERNATIONAL FUND, TCH EMERGING MARKETS BOND FUND, TCH CORPO- STOCK FUND) To the extent that a Fund invests directly in for- RATE INCOME FUND, TCH CORE PLUS BOND FUND, MONEGY eign (non-U.S.) currencies or in securities denominated in or HIGH YIELD BOND FUND, PRIME MONEY MARKET FUND) that trade in foreign currencies, the Fund is subject to the risk Investing in foreign securities may involve additional risks, that those currencies will decline in value relative to the U.S. including currency-rate fluctuations, political and economic dollar or, in the case of hedging positions, that the U.S. dollar instability, policies or sanctions limiting foreign investments, will decline in value relative to the currency being hedged. differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of Emerging Markets Risks. (GLOBAL LOW VOLATILITY EQUITY foreign withholding taxes. Furthermore, a Fund may incur FUND, PYRFORD GLOBAL EQUITY FUND, PYRFORD INTERNA- higher costs and expenses when making foreign investments, TIONAL STOCK FUND, LGM EMERGING MARKETS EQUITY which will affect the Fund’s total return. FUND, TCH CORE PLUS BOND FUND, TCH EMERGING MAR- KETS BOND FUND) Investments in emerging markets can Foreign issuers and foreign entities providing credit support or involve risks in addition to and greater than those generally a maturity-shortening structure can involve increased risks. associated with investing in more developed foreign markets. The value of instruments of foreign issuers may be adversely The extent of economic development, political stability, mar- affected by political, regulatory, and economic developments. ket depth, infrastructure, capitalization, and regulatory over- In addition, financial information relating to foreign issuers sight can be less than in more developed markets. Emerging may be more limited than financial information generally market economies can be subject to greater social, economic, available for domestic issuers. regulatory, and political uncertainties. All of these factors can Foreign securities may be denominated in foreign currencies, make emerging market securities more volatile and potentially except with respect to the PRIME MONEY MARKET FUND. less liquid than securities issued in more developed markets. Therefore, the value of a Fund’s assets and income in U.S. dol- Exchange-Traded Funds Risks. (MULTI-ASSET INCOME lars may be affected by changes in exchange rates and regu- FUND) An investment in an ETF generally presents the same lations, since exchange rates for foreign currencies change primary risks as an investment in a conventional mutual fund daily. The combination of currency risk and market risk tends (i.e., one that is not exchange traded) that has the same to make securities traded in foreign markets more volatile than investment objective, strategies, and policies. The price of an securities traded exclusively in the United States. Although ETF can fluctuate within a wide range, and the Fund could each Fund values its assets daily in U.S. dollars, the Fund will lose money investing in an ETF if the prices of the securities not convert its holdings of foreign currencies to U.S. dollars owned by the ETF go down. In addition, ETFs are subject to daily. Therefore, each Fund may be exposed to currency risks risks that the market price of ETF shares may trade at a dis- over an extended period of time. count to their NAV, an active trading market for ETF shares may not develop or be maintained, or trading of ETF shares Fund of Funds Structure and Expenses Risks.(MULTI- may be halted if the listing exchange’s officials deem such ASSET INCOME FUND) The Fund is known as a “fund of funds.” action appropriate, the shares are de-listed from the The term “fund of funds” is typically used to describe an exchange, or the activation of market-wide “circuit breakers” investment company, such as the Fund, that pursues its

ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS 107 Additional Information Regarding Principal Investment Strategies and Risks (cont.)

investment objective by investing in other investment involve more credit risk than securities in the higher-rated companies, including ETFs. Federal law generally prohibits the categories and are predominantly considered to be spec- Fund from acquiring shares of an ETF or other mutual fund if, ulative. During an economic downturn or a sustained period immediately after such acquisition, the Fund and its affiliated of rising interest rates, highly leveraged issuers of high yield persons would hold more than 3% of such investment securities may experience financial stress and may not have company’s total outstanding shares. This prohibition may sufficient revenues to meet their payment obligations. The risk prevent the Fund from allocating its investments in an optimal of loss due to default by an issuer of these securities is sig- manner. In addition, by investing in the Fund, you will nificantly greater than issuers of higher-rated securities indirectly bear fees and expenses charged by the underlying because such securities are generally unsecured and are often ETFs and funds in which the Fund invests in addition to the subordinated to other creditors. A Fund may have difficulty Fund’s direct fees and expenses. Furthermore, the use of a disposing of certain high yield securities because there may fund of funds structure could affect the timing, amount, and be a thin trading market for such securities. To the extent a character of distributions to you and therefore may increase secondary trading market does exist, it is generally not as liq- the amount of taxes payable by you. uid as the secondary market for higher-rated securities. Peri- ods of economic uncertainty generally result in increased Government Obligations Risks. (SHORT-TERM INCOME volatility in the market prices of these securities and thus in the FUND, TCH INTERMEDIATE INCOME FUND, MORTGAGE Fund’s net asset value. INCOME FUND, TCH CORPORATE INCOME FUND, TCH CORE PLUS BOND FUND, MULTI-ASSET INCOME FUND, GOVERN- Income Risks. (DIVIDEND INCOME FUND, SHORT-TERM MENT MONEY MARKET FUND, PRIME MONEY MARKET FUND) INCOME FUND, MORTGAGE INCOME FUND, TCH INTER- No assurance can be given that the U.S. government will pro- MEDIATE INCOME FUND, TCH CORPORATE INCOME FUND, vide financial support to U.S. government-sponsored agencies MONEGY HIGH YIELD BOND FUND, MULTI-ASSET INCOME or instrumentalities where it is not obligated to do so by law. FUND) The income shareholders receive from a Fund is based As a result, there is risk that these entities will default on a primarily on the dividends and interest the Fund earns from its financial obligation. For instance, securities issued by Ginnie investments, which can vary widely over the short- and long- Mae are supported by the full faith and credit of the U.S. gov- term. If prevailing market interest rates drop, distribution rates ernment. Securities issued by Fannie Mae and Freddie Mac of a Fund’s preferred stock holdings and any bond holdings have historically been supported only by the discretionary could drop as well. A Fund’s income also would likely be authority of the U.S. government. Fannie Mae and Freddie affected adversely when prevailing short-term interest rates Mac have been in conservatorship since 2008. Securities increase. issued by certain U.S. government agencies are supported Information Risks. (LOW VOLATILITY EQUITY FUND, SMALL- only by the credit of that agency. CAP CORE FUND, LARGE-CAP GROWTH FUND, GLOBAL LOW High Yield Securities Risks. (TCH EMERGING MARKETS VOLATILITY EQUITY FUND) When the quantitative models BOND FUND, ULTRA SHORT TAX-FREE FUND, SHORT TAX- (“Models”) and information and data (“Data”) used in manag- FREE FUND, INTERMEDIATE TAX-FREE FUND, TCH CORPORATE ing a Fund prove to be incorrect or incomplete, any invest- INCOME FUND, TCH CORE PLUS BOND FUND, MULTI-ASSET ment decisions made in reliance on the Models and Data may INCOME FUND, MONEGY HIGH YIELD BOND FUND) High yield not produce the desired results and the Fund may realize securities, also referred to as “junk bonds” or non-investment losses.ThesuccessofModelsthatarepredictiveinnatureis grade securities, are debt securities rated lower than BBB by dependent largely upon the accuracy and reliability of the Standard & Poor’s or Baa by Moody’s Investor Service. These supplied historical data. All Models are susceptible to input securities tend to be more sensitive to economic conditions errors that may cause the resulting information to be incorrect. than are higher-rated securities. As a result, they generally

108 ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS Additional Information Regarding Principal Investment Strategies and Risks (cont.)

Interest Rate Risks. (TCH EMERGING MARKETS BOND FUND, opportunities are more limited for fixed income securities that FIXED INCOME FUNDS, MONEY MARKET FUNDS) Prices of have not received any credit ratings, have received ratings fixed income securities rise and fall in response to changes in below investment grade, or are not widely held. These fea- the interest rate paid by similar securities. Generally, when tures may make it more difficult to sell or buy a security at a interest rates rise, prices of fixed income securities fall. How- favorable price or time. Consequently, a Fund may have to ever, market factors, such as the demand for particular fixed accept a lower price to sell a security, sell other securities to income securities, may cause the price of certain fixed income raise cash, or give up an investment opportunity, any of which securities to fall while the prices of other securities rise or could have a negative effect on the Fund’s performance. remain unchanged. Interest rate changes have a greater effect Infrequent trading of securities also may lead to an increase in on the price of fixed income securities with longer maturities. their price volatility.

Investment Ratings.WhenaFundinvestsininvestment Liquidity risk also refers to the possibility that a Fund may not grade bonds or other debt securities or convertible securities, be able to sell a security or close out an investment contract some may be rated in the lowest investment grade category when it wants to. If this happens, the Fund will be required to (i.e., BBB or Baa). Bonds rated lower than BBB by Standard & continue to hold the security or keep the position open and Poor’s or Baa by Moody’s Investors Service have speculative the Fund could incur losses. Recent market events have characteristics. The Adviser or Sub-Adviser, as applicable, will caused the markets for some of the securities in which the determine the credit quality of unrated bonds, which may Funds invest to experience reduced liquidity. have greater risk (but a potentially higher yield) than com- For the MONEY MARKET FUNDS, significant redemptions by parably rated bonds. If a bond is downgraded, the Adviser or large investors in a Fund could have a material adverse effect Sub-Adviser, as applicable, will re-evaluate the bond and on a Fund’s other shareholders and the net asset value could determine whether the bond should be retained or sold. The be affected by forced selling during periods of high securities in which the MONEY MARKET FUNDS invest must redemption pressures and/or illiquid markets. be rated in one of the two highest short-term rating catego- riesbyoneormoreNRSROsorbedeterminedbytheAdviser Management Risks. The Adviser’s or a Sub-Adviser’s judg- to be of comparable quality to securities having such ratings ments about the attractiveness, value, and potential apprecia- (except that U.S. Government securities and shares of other tion of a Fund’s investments may prove to be incorrect. registered money market funds are not subject to this Accordingly, no guarantee exists that the investment tech- requirement). niques used by the Funds’ managers will produce the desired results. In addition, with respect to LOW VOLATILITY EQUITY Investments in Other Investment Companies Risks. FUND and GLOBAL LOW VOLATILITY EQUITY FUND, the (SHORT-TERM INCOME FUND, INTERMEDIATE TAX-FREE Adviser’s strategy may limit the Fund’s gains in rising markets. FUND, and TAX-FREE MONEY MARKET FUND) The Funds may invest in securities issued by other investment companies. By Micro-Cap Company Risks. (MICRO-CAP FUND) Generally, investing in another investment company, there is a risk that micro-cap companies have fewer shares traded daily, less liq- the value of the underlying securities of the investment uid stock, and more volatile prices than larger capitalization company may decrease. The Fund will also bear its propor- companies. Micro-cap companies are more vulnerable to tionate share of the other investment company’s fees and adverse business or economic developments than companies expenses (including management fees, administration fees, with larger capitalizations. If the Fund wants to sell a large and custodian fees) in addition to the Fees and Expenses of quantity of a micro-cap company’s stock, it may have to sell at the Fund. a lower price than the Adviser might prefer, or it may have to Liquidity Risks. (TCH EMERGING MARKETS BOND FUND, sell in smaller than desired quantities over a period of time. FIXED INCOME FUNDS, MONEY MARKET FUNDS) Trading Micro-cap companies also tend to have unproven track

ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS 109 Additional Information Regarding Principal Investment Strategies and Risks (cont.)

records, limited management experience, a limited product or no assurance that the Model will enable the Fund to achieve service base, less publicly available information, and limited its investment objective. access to capital. These factors also increase risks and make Regulatory Risks. Future regulatory developments applicable these companies more likely to fail than companies with to mutual funds and financial institutions could limit or restrict larger market capitalizations. the ability of a Fund to use certain instruments as a part of its Municipal Securities Risks. (ULTRA SHORT TAX-FREE FUND, investment strategies. On December 10, 2013, regulators pub- SHORT TAX-FREE FUND, INTERMEDIATE TAX-FREE FUND, TAX- lished final rules implementing section 619 of the Dodd-Frank FREE MONEY MARKET FUND, PRIME MONEY MARKET FUND) Wall Street Reform and Consumer Protection Act (the “Volcker Certain types of municipal bonds are subject to risks based on Rule”), which prohibit banking entities from engaging in pro- many factors, including economic and regulatory develop- prietary trading of certain instruments and limit such entities’ ments, changes or proposed changes in the federal and state investments in, and relationships with “covered funds,” as tax structure, deregulation, court rulings, and other factors. defined in the rules. Banking entities subject to the rules are Local political and economic factors also may adversely affect required to fully comply by July 21, 2015. The Volcker Rule is the value and liquidity of municipal securities held by the likely to have a significant impact on banking entities, such as Fund. The value of municipal securities may be affected more the Bank of Montreal (BMO), and any covered funds in which by supply and demand factors or the creditworthiness of the banking entities currently invest or sponsor or in which a issuer than by market interest rates. Repayment of municipal banking entity may be a counterparty or service provider, and securities depends on the ability of the issuer or project back- may therefore have an impact on the Funds. A fund that is not ing such securities to generate taxes or revenues. A risk exists advised by an affiliate of a banking entity, such as BMO, may that interest may be taxable on a municipal security that is not be subject to these considerations. The full effect of the expected to produce tax-exempt interest. Volcker Rule on the Funds is not fully known at this time.

Portfolio Turnover Risks. (LOW VOLATILITY EQUITY FUND, Sector Risks. (EQUITY FUNDS, GLOBAL LOW VOLATILITY TCH INTERMEDIATE INCOME FUND, MORTGAGE INCOME EQUITY FUND, PYRFORD GLOBAL EQUITY FUND, PYRFORD FUND) A Fund’s portfolio turnover rate may vary from year to INTERNATIONAL STOCK FUND, LGM EMERGING MARKETS year. A high portfolio rate (100% or more) may result in the EQUITY FUND, ULTRA SHORT TAX-FREE FUND, SHORT TAX- realization and distribution to shareholders of a greater FREE FUND, INTERMEDIATE TAX-FREE FUND, MULTI-ASSET amount of capital gains than if the Fund had a low portfolio INCOME FUND, TAX-FREE MONEY MARKET FUND) Sector risk turnover rate. Therefore, you may have higher tax liability. High is the possibility that a certain sector may underperform other portfolio turnover also may result in higher transaction costs sectorsorthemarketasawhole.AsaFundinvestsmoreofits (such as brokerage commissions), which may negatively affect assets in a particular sector, the Fund’s performance may be aFund’sperformance. more susceptible to any economic, business, or other developments that generally affect that sector. Quantitative Model Investment Risks. (LOW VOLATILITY EQUITY FUND, LARGE-CAP GROWTH FUND, SMALL-CAP CORE Sovereign Debt Risks. (TCH EMERGING MARKETS BOND FUND, GLOBAL LOW VOLATILITY EQUITY FUND) The success FUND, PRIME MONEY MARKET FUND) Investment in sovereign of a quantitative investment model depends on the analyses debt may involve a high degree of risk due to the inability of and assessments that were used in developing such model. governmental entities to repay the principal or interest when Incorrect analyses and assessments or inaccurate or due. Financial markets have recently experienced increased incomplete data would adversely affect performance. Certain volatility due to the uncertainty surrounding the sovereign low-probability events or factors that are assigned little weight debt of certain European countries. mayoccurorprovetobemorelikelyormorerelevantthan expected, for short or extended periods of time. There can be

110 ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS Additional Information Regarding Principal Investment Strategies and Risks (cont.)

Stock Market Risks. (EQUITY FUNDS, GLOBAL LOW VOLA- (LARGE-CAP GROWTH FUND, MID-CAP GROWTH FUND, TILITY EQUITY FUND, PYRFORD GLOBAL EQUITY FUND, PYR- SMALL-CAP GROWTH FUND) Due to their relatively high valu- FORD INTERNATIONAL STOCK FUND, LGM EMERGING ations, growth stocks are typically more volatile than value MARKETS EQUITY FUND, MULTI-ASSET INCOME FUND) The stocks. For instance, the price of a growth stock may experi- Fundsaresubjecttofluctuationsinthestockmarket,which ence a larger decline on a forecast of lower earnings, a neg- has periods of increasing and decreasing values. Stocks are ative fundamental development, or an adverse market more volatile than debt securities. The value of equity secu- development. Further, growth stocks may not pay dividends rities purchased by the Fund may decline if the financial con- or may pay lower dividends than value stocks. This means dition of the companies in which the Fund invests declines or they depend more on price changes for returns and may be if overall market and economic conditions deteriorate. Greater more adversely affected in a down market compared to value volatility increases risk. If the value of a Fund’s investments stocks that pay higher dividends. goes down, you may lose money. In addition to the above principal risks, in recent years the U.S. Style Risks. (LOW VOLATILITY EQUITY FUND, DIVIDEND and international markets experienced dramatic volatility, INCOME FUND, LARGE-CAP VALUE FUND, MID-CAP VALUE lower valuations, and reduced liquidity. As a result, many of FUND, SMALL-CAP VALUE FUND) Investments in value stocks the risks affecting the Funds may be increased. Furthermore, are subject to the risk that their intrinsic values may never be although the Funds do not intend to invest for the purpose of realized by the market, that a stock judged to be undervalued seeking short-term profits, securities may be sold without may actually be appropriately priced, or that their prices may regard to the length of time they have been held when the decline, even though in theory they are already undervalued. Funds’ Adviser or a Sub-Adviser believes it is appropriate to do Value stocks can react differently to issuer, political, market, so in light of a Fund’s investment objective. As a result, certain and economic developments than the market as a whole, and Funds may have high turnover rates (e.g., in excess of 100%). A other types of stocks (e.g., growth stocks). Consequently, while higher portfolio turnover rate increases transaction expenses value stocks tend to be inexpensive relative to their earnings that may be borne directly by a Fund (and thus, indirectly by or assets compared to other types of stocks, they can continue itsshareholders),andaffectsFundperformance.Inaddition,a to be inexpensive for long periods of time and may not ever high rate of portfolio turnover may result in the realization of realize their full value. larger amounts of capital gains that, when distributed, are taxable to shareholders.

ADDITIONAL INFORMATION REGARDING PRINCIPAL INVESTMENT STRATEGIES AND RISKS 111 How to Buy Shares

Who Can Invest in the BMO Funds? Only adult U.S. citizens/ GOVERNMENT MONEY MARKET FUND and PRIME MONEY residents or a U.S. entity may invest in the BMO Funds, as long MARKET FUND that are received after 3:00 p.m. but before as they have a valid U.S. taxpayer identification (social security 4:00 p.m. (Central Time), BMO Funds U.S. Services will use its or employer identification) number. You may not place trans- best efforts to accept and process such purchase orders that actions in your account for the benefit of any person other day; however, no guarantee exists that BMO Funds U.S. Serv- than yourself (except for a transfer of shares to another ices will be able to do so. All purchase orders received in account). If the Funds determine that the registered owner of proper form and accepted by the time a Fund’s NAV is calcu- an account has permitted another person or entity who is not lated will receive that day’s NAV, regardless of when the order the registered or beneficial owner of the account to hold is processed. If the U.S. government securities markets close shares through that account, the Funds may reject future early, the MONEY MARKET FUNDS reserve the right to purchases in that account and any related accounts. determine their NAV at earlier times under those circumstances. Shares of the Funds are qualified for sale only in the United States and its territories and possessions. The Funds generally How is NAV Calculated? Each class’s NAV per share is the do not sell shares to investors residing outside the United value of a single share of the class. It is computed for each States., even if they are U.S. citizens or lawful permanent resi- class of a Fund by totaling the class’s pro rata share of the dents, except to investors with U.S. military APO or FPO value of the Fund’s investments, cash, and other assets, sub- addresses. tracting the class’s pro rata share of the value of the Fund’s general liabilities and the liabilities specifically allocated to the When Can Shares Be Purchased?Youcanbuythesharesof class, then dividing the result by the number of shares of that a Fund (other than the MONEY MARKET FUNDS), on any day class outstanding. For purposes of calculating the NAV, secu- theNewYorkStockExchange(NYSE)isopenforregularses- rities transactions and shareholder transactions are accounted sion trading. You can buy the shares of the MONEY MARKET for no later than one business day after the trade date. FUNDS on any day the Federal Reserve Bank of New York (Federal Reserve) is open for business and, alternatively, on any The MONEY MARKET FUNDS use the amortized cost method day the U.S. government securities markets are open and the to value portfolio securities in accordance with Rule 2a-7 MONEY MARKET FUND’s portfolio manager determines suffi- under the Investment Company Act of 1940, as amended (the cient liquidity exists in those markets. The NYSE is closed on “1940 Act”), to determine their respective NAVs. In determin- weekends and the following holidays: New Year’s Day, Martin ing the NAV for all other Funds, listed equity securities are Luther King, Jr. Day, President’s Day, Good Friday, Memorial valued each trading day at the last sale price or official closing Day, Independence Day, Labor Day, Thanksgiving Day, and price reported on a national securities exchange, including Christmas Day. NASDAQ. Securities listed on a foreign exchange are valued each trading day at the last closing price on the principal When you deliver your transaction request in proper form and exchange on which they are traded immediately prior to the it is accepted by the BMO Funds, or its authorized agent, your timefordeterminationofNAVoratfairvalueasdiscussed transaction is processed at the next determined net asset below. value (NAV) plus any applicable sales charge. The NAV is calculated for each Fund (other than the MONEY MARKET FUNDS) Equity securities without a reported trade, U.S. government at the end of regular trading (normally 3:00 p.m. Central Time) securities, listed corporate bonds, other fixed income and each day the NYSE is open. The NAV for the TAX-FREE MONEY asset-backed securities with maturities of 60 days or more, MARKET FUND is determined daily at 11:00 a.m. (Central Time). unlisted securities, and private placement securities are gen- The NAV for the PRIME MONEY MARKET FUND and erally valued at the mean of the latest bid and asked price as GOVERNMENT MONEY MARKET FUND is determined daily at furnished by an independent pricing service. Fixed income 4:00 p.m. (Central Time). For purchase orders for the securities that are not exchange traded are valued by an

112 HOW TO BUY SHARES How to Buy Shares (cont.)

independent pricing service, taking into consideration yield, of the NAV (“a subsequent event”). A subsequent event might liquidity, risk, credit quality, coupon, maturity, type of issue, and include a company-specific development (for example, any other factors or market data the pricing service deems announcement of a merger that is made after the close of the relevant. Fixed income securities with remaining maturities of foreign market), a development that might affect an entire 60 days or less at the time of purchase are valued at amortized market or region (for example, weather related events) or a cost, which approximates fair value. Investments in other potentially global development (such as a terrorist attack that open-end registered investment companies are valued at net may be expected to have an effect on investor expectations asset value. worldwide). The Board has retained an independent fair value pricing service to assist in valuing foreign securities when a Securities or other assets for which market valuations are not subsequent event has occurred. The service uses statistical readily available, or are deemed to be inaccurate, are valued at data based on historical performance of securities and mar- fair value as determined in good faith using methods kets, and other data in developing factors used to estimate fair approved by the Board. The Board oversees a value for that day. Pricing Committee, which is responsible for determinations of fair value, subject to the supervision of the Board. In Redemption Fee. Your redemption or exchange proceeds determining fair value, the Pricing Committee takes into may be reduced by a redemption fee of 2.00% account all information available and any factors it deems (INTERNATIONAL AND GLOBAL FUNDS only) if you redeem or appropriate. Consequently, the price of securities used by a exchange shares of a Fund less than 30 days after the pur- Fund to calculate its NAV may differ from quoted or pub- chase of such shares. The redemption fee is paid to the Fund. lished prices for the same securities. Fair value pricing The purpose of the fee is to offset the costs associated with involves subjective judgments. It is possible that the fair short-term trading in a Fund’s shares. See “How to Redeem value determined for a security is materially different than and Exchange Shares—Will I Be Charged a Fee for the value that could be realized upon the sale of that secu- Redemptions?,” “Additional Conditions for Redemption— rity and the difference may be material to the NAV of the Exchange Privilege,” and “Additional Conditions for respective Fund. Redemptions—Frequent Traders” below.

Certain securities held by the Funds, primarily in the INTERNA- Sales Charge. The applicable sales charge for the purchase of TIONAL AND GLOBAL FUNDS, may be listed on foreign Class A shares depends on the Fund in which you invest, as exchanges that trade on days when a Fund does not calculate set forth in the following table: its NAV. As a result, the market value of the Fund’s investments may change on days when you cannot purchase or sell Fund shares. In addition, a foreign exchange may not value its listed securitiesatthesametimethattheFundcalculatesitsNAV. Most foreign markets close well before the Funds value their 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 occur in the interim, which may affect a security’s value.

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

HOW TO BUY SHARES 113 How to Buy Shares (cont.)

Equity Funds and Global and International Funds (excluding Intermediate Tax-Free, TCH Corporate Income, and TCH Core the Small-Cap Growth and TCH Emerging Markets Bond Plus Bond Funds

Funds) Typical Sales Dealer Typical Charge as Concession Sales Dealer a%of Sales as a % of Charge as Concession Public Charge as Public a%of Sales as a % of Offering a%of Offering Public Charge Public Purchase Amount Price* NAV Price Offering as a % Offering Purchase Amount Price* of NAV Price Under $100,000 3.50% 3.63% 3.50% Under $50,000 5.00% 5.26% 5.00% $100,000-$249,999 3.00% 3.09% 3.00% $50,000-$99,999 4.00% 4.17% 4.00% $250,000-$499,999 2.25% 2.30% 2.25% $100,000-$249,999 3.25% 3.36% 3.25% $500,000-$999,999 1.75% 1.78% 1.75% $250,000-$499,999 2.50% 2.56% 2.50% $1,000,000-$4,999,999 0.00% 0.00% 0.55% $500,000-$999,999 1.75% 1.78% 1.75% $5,000,000-$9,999,999 0.00% 0.00% 0.50% $1,000,000-$4,999,999 0.00% 0.00% 1.00% $10,000,000-$49,999,999 0.00% 0.00% 0.40% $5,000,000-$9,999,999 0.00% 0.00% 0.75% $50,000,000 and above 0.00% 0.00% 0.25% $10,000,000-$49,999,999 0.00% 0.00% 0.50% * For purchases of $1,000,000 and above, a CDSC of 0.55% will apply to shares $50,000,000 and above 0.00% 0.00% 0.25% redeemed within 18 months of purchase. * For purchases of $1,000,000 and above, a Contingent Deferred Sales Charge Ultra Short Tax-Free, Short Tax-Free, and Short-Term Income (“CDSC”) of 1.00% will apply to shares redeemed within 18 months of purchase. Funds TCH Emerging Markets Bond, Mortgage Income, TCH Inter- Typical mediate Income, Monegy High Yield Bond, and Multi-Asset Sales Dealer Charge as Concession Income Funds a%of Sales as a % of Public Charge as Public Typical Offering a%of Offering Sales Dealer Purchase Amount Price* NAV Price Charge as Concession a%of Sales as a % of Under $100,000 2.00% 2.04% 2.00% Public Charge Public $100,000-$249,999 1.50% 1.52% 1.50% Offering as a % Offering $250,000-$499,999 Purchase Amount Price* of NAV Price 1.00% 1.01% 1.00% $500,000-$999,999 0.75% 0.76% 0.75% Under $100,000 3.50% 3.63% 3.50% $1,000,000-$4,999,999 0.00% 0.00% 0.55% $100,000-$249,999 3.00% 3.09% 3.00% $5,000,000-9,999,999 0.00% 0.00% 0.50% $250,000-$499,999 2.25% 2.30% 2.25% $10,000,000-$49,999,999 0.00% 0.00% 0.40% $500,000-$999,999 1.75% 1.78% 1.75% $50,000,000 and above 0.00% 0.00% 0.25% $1,000,000-$4,999,999 0.00% 0.00% 1.00% $5,000,000-$9,999,999 0.00% 0.00% 0.75% * For purchases of $1,000,000 and above, a CDSC of 0.55% will apply to shares $10,000,000-$49,999,999 0.00% 0.00% 0.50% redeemed within 18 months of purchase. $50,000,000 and above 0.00% 0.00% 0.25% Some or all of the sales charges may be paid as concessions to * For purchases of $1,000,000 and above, a CDSC of 1.00% will apply to shares Authorized Dealers, as that term is defined under “How Do I redeemed within 18 months of purchase. Purchase Shares?” below.

Waivers and Reductions of Sales Charges—Class A Shares. Investments of $1,000,000 or More. There is no initial sales charge on a lump sum Class A share purchase of the Funds of $1,000,000 or more, nor on any purchase into a Class A account with an accumulated value of $1,000,000 or more.

114 HOW TO BUY SHARES How to Buy Shares (cont.)

However, if you have taken advantage of this waiver and • Reinvested dividends and capital gain distributions; or redeem your shares within 18 months of purchase, a CDSC of • In the Funds’ discretion, shares issued in plans of 1.00% or 0.55%, as applicable, may be imposed on such shares reorganization, such as mergers, asset acquisitions and based on the lesser of original cost or current market value. exchange offers, to which a BMO Fund is a party. The CDSC may not apply if you are otherwise entitled to a In the Funds’ sole discretion, other purchases of Class A shares waiver of the initial sales charge as listed in “Waivers of Sales may be made without a sales charge from time to time. Charges” below. Also, the CDSC may not apply if you are entitled to a waiver as listed in “Contingent Deferred Sales Charge Reductions of Sales Charges. The following accounts are eligible Waivers” below. for account value aggregation for purposes of the right of accumulation and letters of intent: Waivers of Sales Charges. For the following categories of investors and circumstances, Class A shares may be purchased • Individual or joint accounts; at net asset value, without payment of any front-end sales • Roth and traditional Individual Retirement Accounts charge that would otherwise apply: (IRAs), Simplified Employee Pension accounts (SEPs), and SavingsInvestmentMatchPlansforEmployeesofSmall • Banks, broker-dealers, and other financial institutions Employers accounts (SIMPLEs); (including registered investment advisors and financial planners) that have entered into an agreement with the • Tax Sheltered Custodial Accounts (TSCAs); Distributor or one of its affiliates, purchasing shares on • Uniform Gifts to Minors Act (UGMA)/Uniform Transfers to behalf of clients participating in a fund supermarket or in a Minors (UTMA) accounts for which you, your spouse, or wrap program, asset allocation program, or other your domestic partner is parent or guardian of the minor program in which the clients pay an asset-based fee; child; • Registered representatives and other employees of • Revocable trust accounts for which you or an immediate affiliated or unaffiliated selling agents having a selling family member, individually, is the beneficial owner/ agreement with the Distributor; grantor; • Employer-sponsored defined contribution–type plans, • Accounts held in the name of your, your spouse’s, or your including 401(k) plans, 457 plans, 403(b) plans, profit- domestic partner’s sole proprietorship or single owner sharing and money purchase pension plans, defined limited liability company or S corporation; benefit plans and non-qualified deferred compensation plans, and individual retirement account (“IRA”) rollovers • Qualified retirement plan assets, provided that you are the involving retirement plan assets invested in the Funds sole owner of the business sponsoring the plan, are the and transferred in-kind to an IRA held at a financial sole participant (other than a spouse) in the plan, and intermediary that has an agreement with the Distributor have no intention of adding participants to the plan; and to service such accounts; • Investments in wrap accounts. • State sponsored college savings plans established under Section 529 of the Internal Revenue Code of 1986, as The following accounts are not eligible for account value amended (the “Code”); aggregation: • Direct rollovers (i.e., a rollover of Fund shares and not a • Accounts of pension and retirement plans with multiple reinvestment of redemption proceeds) from qualified participants, such as 401(k) plans (which are combined to employee benefit plans, provided that the rollover reduce the sales charge for the entire pension or involves a transfer to Class A shares in the same Fund or retirement plan and therefore are not used to reduce the another BMO Fund; sales charge for your individual accounts); • Trustees or other fiduciaries purchasing Class A shares for • Accounts invested in Class I, Class R3, and Class R6 shares employee benefit plans of employers with ten or more of the Funds. employees;

HOW TO BUY SHARES 115 How to Buy Shares (cont.)

Contingent Deferred Sales Charge Waivers. In the following cir- aggregated to provide a purchase credit towards fulfillment of cumstances, the CDSC will not be charged upon the the letter of intent. The letter may be dated as of a prior date redemption of Class A shares: to include any purchase made within the past 90 days. Prior • In the event of the shareholder’s death; tradepriceswillnotbeadjusted. • For which no sales commission or transaction fee was Rights of Accumulation paid to an authorized selling agent at the time of The sales charge you pay to purchase Class A shares of a Fund purchase; may be reduced or eliminated by: • Purchased through reinvestment of dividend and capital gain distributions; • combining concurrent purchases of Class A shares by you, your spouse, and your children under age 21; • In an account that has been closed because it falls below the minimum account balance; • combining concurrent purchases of Class A shares of two or more BMO Funds; • That result from required minimum distributions taken from retirement accounts upon the shareholder’s • accumulating purchases (in calculating the sales charge on an additional purchase, you may count the current attainment of age 70 1⁄2. NAV of previous Class A share purchases still invested in a • That result from returns of excess contributions made to BMO Fund); retirement plans or individual retirement accounts, so long as the selling agent returns the applicable portion of • signing a letter of intent to purchase a specific dollar any commission paid by the Distributor; amount of Class A shares within 13 months (call your investment representative for an application and more • Shares initially purchased by an employee benefit plan; or information); or • In the Funds’ discretion, shares issued in connection with • accumulating purchases of shares of other BMO Funds plans of reorganization, including but not limited to with subsequent purchases of the BMO Funds’ Class A mergers, asset acquisitions and exchange offers, to which shares that do not otherwise qualify for the Funds’ the BMO Fund is a party. reduced sales charges.

Letter Of Intent (Class A Shares Only) If your investment qualifies for a reduced sales charge due to A shareholder may sign a letter of intent committing to pur- accumulation of purchases, including due to accumulation of chase a certain amount of the same Class A shares within a investments in other mutual funds held at BMO Financial 13-monthperiodinordertocombinesuchpurchasesin Corp., you or your investment representative must notify BMO calculating the applicable sales charge. The Funds’ custodian Funds at the time of purchase of the existence of other will hold shares in escrow equal to the maximum applicable accounts and/or holdings eligible to be aggregated to reduce sales charge. If the shareholder completes the commitment, or eliminate the sales charge. Additional information concern- the escrowed shares will be released to his/her account. If the ing sales load breakpoints is available in the SAI. Sales load and commitment is not completed within 13 months, the cus- breakpoint discount information is also available, free of todian will redeem an appropriate number of escrowed charge and in a clear and prominent format, on the Funds’ shares to pay for the applicable sales charge. website at www.bmofunds.com.

While this letter of intent will not obligate the shareholder to How Do I Purchase Shares? You may purchase shares purchase the Class A shares, each purchase during the period through a broker/dealer, investment professional or financial will be at the sales charge applicable to the total amount institution (Authorized Dealers). Some Authorized Dealers may intended to be purchased. At the time a letter of intent is charge a transaction fee for this service. Consult your established, current balances in accounts in any Class A shares Authorized Dealer or service provider for more information, of any Fund, excluding money market accounts, will be including applicable fees. You also may purchase shares

116 HOW TO BUY SHARES How to Buy Shares (cont.)

directly from the Funds by the methods described below 1-800-236-FUND (3863) if you have pre-authorized the tele- under the “Fund Purchase Easy Reference Table” and sending phonepurchaseprivilege. your payment to the Funds by check or wire. Clients of BMO Each Fund reserves the right to reject any purchase request. It Harris Bank N.A. may purchase shares by contacting their is the responsibility of BMO Funds U.S. Services, any account officer. In connection with opening an account, you Authorized Dealer, or other service provider that has entered will be requested to provide information that will be used by into an agreement with a Fund, its distributor, or its admin- the Funds to verify your identity, as described in more detail istrative or shareholder services agent to promptly submit under “Important Information About Procedures for Opening purchase orders to the Fund. a New Account” below. You are not the owner of Fund shares (and therefore will not The minimum investment for each class of shares is listed in receive distributions) until payment for the shares is received the table below. An account may be opened with a smaller in “good funds.” Wires are generally “good funds” on the day amount as long as the minimum investment is reached within received and checks are “good funds” when deposited with 90 days. In certain circumstances, the minimum investments the Funds’ custodian, normally the next business day after listed in the table may be waived or lowered at the Funds’ receipt. Checks sent to the BMO Funds to purchase shares discretion. You may meet the minimum investment amount must be made payable to the “BMO Funds.” for Class I shares by aggregating multiple accounts with common ownership or discretionary control within a Fund, Purchase of Class R Shares. Class R shares are generally including accounts held at Authorized Dealers. If approved in available only to retirement plans established under Code advance by Fund management, clients of a financial adviser or sections 401(a) (including 401(k) plans), 403(b) or 457, and institutional consultant may qualify to purchase Class I shares if to nonqualified deferred compensation plans and certain the aggregate amount invested by the adviser or consultant voluntary employee benefit association and post- in a Fund meets the minimum investment amount. Different retirement benefit plans. Class R shares also are generally minimums may apply to accounts opened through third par- available only to retirement plans where plan level or ties. Call your Authorized Dealer for any additional limitations. omnibus accounts are held on the books of BMO Harris Bank N.A. Class R shares are generally available only to fee- The minimum investment for Class I shares does not apply to based programs or through retirement plan intermediaries. current employees of BMO Financial Corp. and its affiliates, or Class R6 shares may be available to institutional investors. to the directors of the BMO Funds, provided such persons Class R shares generally are not available to retail purchase shares directly from the BMO Funds. Persons inves- nonretirement accounts, traditional and Roth individual ting in Class I shares in this manner are not eligible to partic- retirement accounts (IRAs), Coverdell Education Savings ipate in the Systematic Investment Program or Checkwriting Accounts, SEPs, SARSEPs, and SIMPLE IRAs. described in the tables below. Important Information About Procedures for Opening a If you purchase shares of a Fund through a program of serv- New Account. The Funds are required to comply with various ices offered or administered by an Authorized Dealer or other anti-money laundering laws and regulations. To help the service provider, you should read the program materials, government fight the funding of terrorism and money laun- including information relating to fees, in conjunction with the dering activities, federal law requires all financial institutions, Fund’s Prospectus. Certain features of a Fund may not be including mutual funds, to obtain, verify, and record available or may be modified in connection with the program information that identifies each person who opens an of services provided. account. Consequently, when you open an account, the Onceyouhaveopenedanaccount,youmaypurchaseaddi- Funds must obtain certain personal information, including tional Fund shares by contacting BMO Funds U.S. Services at your full name, address, date of birth, social security number,

HOW TO BUY SHARES 117 How to Buy Shares (cont.)

and other information that will allow the Funds to identify you. all required information will affect the purchase price you The Funds also may ask for other identifying documents or receive for your shares. The Funds are not liable for fluctua- information. If you do not provide this information, the Funds tions in value experienced as a result of such delays in may be unable to open an account for you and your purchase processing. If at any time the Funds detect suspicious behav- orderwillnotbeinproperform.IntheeventtheFundsare ior or if certain account information matches government lists unable to verify your identity from the information provided, of suspicious persons, the Funds may determine not to open the Funds may, without prior notice to you, close your an account, may reject additional purchases, may close an account within five business days and redeem your shares at existing account, may file a suspicious activity report or may the NAV next determined after the account is closed. Any take other appropriate action. delay in processing your order due to your failure to provide

Fund Purchase Easy Reference Table

Minimum Investments

Class Y • To open an account–$1,000 • To add to an account (including through a Systematic Investment Program)–$50

Class I • To open an account–$2,000,000 (EQUITY, INTERNATIONAL and GLOBAL, and FIXED INCOME FUNDS) or $10,000,000 (MONEY MARKET FUNDS)

Class A • To open an account–$1,000 • To add to an account (including through a Systematic Investment Program)–$50

Class R3 • To open an account-Contact BMO Funds U.S. Services

Class R6 • To open an account-Contact BMO Funds U.S. Services

118 HOW TO BUY SHARES Fund Purchase Easy Reference Table (cont.)

Phone 1-800-236-FUND (3863)

• Contact BMO Funds U.S. Services. • Complete an application for a new account. • Once you have opened an account and if you authorized telephone privileges on your account application or by subsequently completing an authorization form, you may purchase additional shares or exchange shares from another BMO Fund having an identical shareholder registration.

Mail

• To open an account, send your completed account application and check payable to “BMO Funds” to the following address: BMO Funds U.S. Services P.O. Box 55931 Boston, MA 02205-5931 • To add to your existing Fund account, send in your check, payable to “BMO Funds,” to the same address. Indicate your Fund account number on the check.

Wire

• Notify BMO Funds U.S. Services and request wire instructions at 1-800-236-FUND (3863). • Mail a completed account application to the Fund at the address above under “Mail.” • Your bank may charge a fee for wiring funds. Wire orders are accepted only on days when the Fund and the Federal Reserve wire system are open for business.

Systematic Investment Program

• You can have money automatically withdrawn from your checking account ($50 minimum) on predetermined dates and invest it in a Fund at the next Fund share price determined after BMO Funds U.S. Services receives the order. • Call BMO Funds U.S. Services at 1-800-236-FUND (3863) to apply for this program.

BMO Funds Website

• You may purchase Fund shares at www.bmofunds.com.

HOW TO BUY SHARES 119 Fund Purchase Easy Reference Table (cont.)

Additional Information About Checks and Automated Clearing House (ACH) Transactions Used to Purchase Shares • If your check or ACH purchase does not clear, your purchase will be canceled and you will be charged a $15 fee and held liable for any losses incurred by the Fund. • If you purchase shares by check or ACH, you may not be able to receive proceeds from a redemption for up to seven days. • All checks should be made payable to “BMO Funds.” • The maximum ACH purchase amount is $50,000.

Employer-Sponsored Retirement Plans • Eligible retirement plans may open an account and purchase Class R shares by contacting an Authorized Dealer. Additional shares may be purchased through the plan’s administrator or recordkeeper.

120 HOW TO BUY SHARES How to Redeem and Exchange Shares

How Do I Redeem Shares? You may redeem your Fund requests that day; however, no guarantee exists that BMO shares by several methods, described below under the “Fund Funds U.S. Services will be able to do so. Different cut-off times Redemption Easy Reference Table.” You should note that for redemption requests through an Authorized Dealer may redemptions will be made only on days when a Fund com- be imposed. Please contact your Authorized Dealer for more putes its NAV. When your redemption request is received in information. proper form, it is processed at the next determined NAV. All redemption requests received in proper form by the time a Clients of BMO Harris Bank should contact their account officer Fund’s NAV is calculated will receive that day’s NAV, regardless to make redemption requests. Telephone or written requests of when the request is processed. Redemption proceeds will for redemptions must be received in proper form, as normally be mailed, or wired if by written request, the follow- described below, and can be made through BMO Funds U.S. ing business day, but in no event more than seven days, after Services or any Authorized Dealer. It is the responsibility of the request is made. BMO Funds U.S. Services, any Authorized Dealer or other serv- Will I Be Charged a Fee for Redemptions? A contingent ice provider to promptly submit redemption requests to a deferred sales charge (CDSC) of 1.00% or 0.55%, as applicable, Fund. applies to Class A shares of the Funds redeemed up to 18 Redemption requests for the Funds (other than the MONEY months after purchases of $1,000,000 or more. The CDSC is MARKET FUNDS) must be received in proper form by the close based on the current value of the shares being redeemed. You of trading on the NYSE, generally 3:00 p.m. (Central Time), for may be charged a transaction fee if you redeem Fund shares shares to be redeemed at that day’s NAV. Redemption through an Authorized Dealer or service provider (other than requests for the TAX-FREE MONEY MARKET FUND must be BMOFundsU.S.ServicesorBMOHarrisBank),orifyouare accepted by 11:00 a.m. (Central Time) for shares to be redeeming by wire. Consult your Authorized Dealer or service redeemed at that day’s NAV. Redemption requests for the provider for more information, including applicable fees. You GOVERNMENT MONEY MARKET FUND and PRIME MONEY will be charged a 2.00% short-term redemption fee MARKET FUND must be accepted by 4:00 p.m. (Central Time) (INTERNATIONAL AND GLOBAL FUNDS only) on shares that for shares to be redeemed at that day’s NAV. For redemption have been held for less than 30 days when redeemed (other requests for the GOVERNMENT MONEY MARKET FUND and than shares acquired through reinvestments of net capital PRIME MONEY MARKET FUND that are received after 3:00 p.m. gain or net investment income distributions), determined on a but before 4:00 p.m. (Central Time), BMO Funds U.S. Services first-in, first-out basis. See “Additional Conditions for will use its best efforts to accept and process such redemption Redemptions—Frequent Traders” below. Fund Redemption Easy Reference Table

Certain redemption requests may require a signature guarantee. See “Signature Guarantee” below for details.

Phone 1-800-236-FUND (3863)

• ContactBMOFundsU.S.Services. • If you have authorized the telephone redemption privilege in your account application or by a subsequent authorization form, you may redeem shares by telephone. If you are a customer of an Authorized Dealer, you must contact your account representative. • Not available to retirement accounts, for which redemptions must be done in writing.

HOW TO REDEEM AND EXCHANGE SHARES 121 Fund Redemption Easy Reference Table (cont.)

Mail

• Send in your written request to the following address, indicating your name, the Fund name, your account number, and the number of shares or the dollar amount you want to redeem to: BMO Funds U.S. Services P.O. Box 55931 Boston, MA 02205-5931 • For additional assistance, call BMO Funds U.S. Services at 1-800-236-FUND (3863).

Wire/Electronic Transfer

• Upon written request sent to the address above under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired directly to a domestic commercial bank previously designated by you in your account application or by subsequent form. • Wires of redemption proceeds will only be made on days on which the Funds and the Federal Reserve wire system are open for business. • Wire-transferred redemptions may be subject to an additional fee imposed by the bank receiving the wire.

Systematic Withdrawal Program

• If you have a Fund account balance of at least $10,000, you can have predetermined amounts of at least $100 automatically redeemed from your Fund account on predetermined dates on a monthly or quarterly basis. • Contact BMO Funds U.S. Services to apply for this program.

BMO Funds Website

• You may redeem Fund shares at www.bmofunds.com.

Employer-Sponsored Retirement Plans

• Shares held in eligible retirement plans may be sold through the plan’s administrator or recordkeeper.

122 HOW TO REDEEM AND EXCHANGE SHARES Fund Redemption Easy Reference Table (cont.)

Checkwriting (Money Market Funds (Class Y) Only)

• You can redeem shares of any MONEY MARKET FUND by writing a check in an amount of at least $250. You must have completed the checkwriting section of your account application and the attached signature card, or have completed a subsequent application form. The Fund will then provide you with the checks. • Your check is treated as a redemption order for Fund shares equal to the amount of the check. • A check for an amount in excess of your available Fund account balance will be returned marked “insufficient funds.” • Checks cannot be used to close your Fund account balance. • Checks deposited or cashed through foreign banks or financial institutions may be subject to local bank charges.

HOW TO REDEEM AND EXCHANGE SHARES 123 Additional Conditions for Redemption

Signature Guarantees. In the following instances, you must Exchange Privilege. You may exchange shares of a Fund for have a signature guarantee on written redemption requests: shares of the same class of any of the other BMO Funds free of • when you want a redemption to be sent to an address charge (and with respect to Class A shares, if you have pre- other than the one you have on record with a Fund; viously paid a sales charge), provided you meet the investment minimum of the Fund and you reside in a jurisdiction • when you want the redemption payable to someone where Fund shares may be lawfully offered for sale. An other than the shareholder of record; or exchange of shares of the INTERNATIONAL AND GLOBAL • when your redemption is to be sent to an address of FUNDS, if less than 30 days after purchase, may be subject to a record that was changed within the last 30 days. 2.00% short-term redemption fee. See “Will I Be Charged a Fee Your signature can be guaranteed by any federally insured for Redemptions?” An exchange is treated as a redemption financial institution (such as a bank or credit union) or a and a subsequent purchase, and is therefore a taxable trans- broker/dealer that is a domestic stock exchange member, but action for federal income tax purposes. not by a notary public. Signatures must be guaranteed if you request an exchange Limitations on Redemption Proceeds. Redemption pro- into another Fund with a different shareholder registration. ceeds normally are wired or mailed within one business day The exchange privilege may be modified or terminated at any after accepting a request in proper form. However, delivery of time. payment may be delayed up to seven days: Exchanges by Telephone. If you have completed the tele- • to allow your purchase payment to clear; phone authorization section on your account application or an authorization form obtained through BMO Funds U.S. Serv- • during periods of market volatility; or ices, you may telephone instructions to BMO Funds U.S. Serv- • when a shareholder’s trade activity or amount adversely ices to exchange between Fund accounts that have identical impacts a Fund’s ability to manage its assets. shareholder registrations. Customers of broker/dealers, finan- You will not accrue interest or dividends on uncashed checks cial institutions, or service providers should contact their from a Fund. If those checks are undeliverable and returned to account representatives. Telephone exchange instructions a Fund, the proceeds will be reinvested in shares of the Funds must be received by the Funds (other than the TAX-FREE that were redeemed. MONEY MARKET FUND) before the close of trading on the NYSE, generally 3:00 p.m. (Central Time), for shares to be Corporate Resolutions. Corporations, trusts, and institutional exchanged at the NAV calculated that day and to receive a organizations are required to furnish evidence of the authority dividend of the Fund into which you exchange, if applicable. of persons designated on the account application to effect Telephone exchange instructions must be received before transactions on behalf of the organizations. 11:00 a.m. (Central Time) with respect to the TAX-FREE MONEY MARKET FUND for shares to be exchanged at that day’s NAV Redemption in Kind. The Funds have reserved the right to and to receive a dividend of the Fund into which you pay the redemption price in whole or in part by a distribution exchange, if applicable. of a Fund’s portfolio securities. This means that the Funds are obligated to pay share redemptions to any one shareholder in The Funds will record your telephone instructions. The Funds cash only up to the lesser of $250,000 or 1.00% of a Fund’s net will not be liable for losses due to unauthorized or fraudulent assets represented by such share class during any 90-day telephone instructions as long as reasonable security proce- period. Generally, any share redemption payment greater than dures are followed. You will be notified of changes to tele- this amount will be paid in cash unless the Adviser determines phone transaction privileges. that payment should be in kind. Redemptions in kind are taxableforfederalincometaxpurposesinthesamemanner Frequent Traders. The Funds’ management or the Adviser as redemptions for cash. may determine from the amount, frequency, and pattern of exchanges or redemptions that a shareholder is engaged in

124 ADDITIONAL CONDITIONS FOR REDEMPTION Additional Conditions for Redemption (cont.)

excessive trading that is detrimental to a Fund or its other certain transactions in retirement accounts (e.g., IRA accounts shareholders. Such short-term or excessive trading into and and qualified employee benefit plans), disability or hardship, out of a Fund may harm all shareholders by disrupting forfeitures, required minimum distributions, systematic with- investment strategies, increasing brokerage, administrative, drawals, shares purchased through a systematic purchase and other expenses, decreasing tax efficiency, and diluting the plan, return of excess contributions, and loans. The Funds’ value of shares held by long-term shareholders. officers may, in their sole discretion, authorize waivers of the short-term redemption fee in other limited circumstances that The Board has approved policies that seek to discourage fre- do not indicate market timing strategies. All waivers quent purchases and redemptions and curb the disruptive authorized by the officers are reported to the Board. effects of frequent trading (the Market Timing Policy). Pursuant to the Market Timing Policy, a Fund may decline to accept an Although the Funds seek to detect and deter market timing application or may reject a purchase request, including an activity, their ability to monitor trades that are placed by exchange, from an investor who, in the sole judgment of the individual shareholders through omnibus accounts is limited Adviser, has a pattern of short-term or excessive trading or becausetheFundsmaynothavedirectaccesstotheunder- whose trading has been or may be disruptive to the Fund. The lying shareholder account information. Omnibus accounts are Funds, the Adviser, and affiliates thereof are prohibited from accounts maintained by financial intermediaries on behalf of entering into arrangements with any shareholder or other multiple beneficial shareholders. Due to policy, operational or person to permit frequent purchases and redemptions of system requirements and limitations, omnibus account hold- Fund shares. The Market Timing Policy does not apply to the ers, including qualified employee benefit plans, may use cri- MONEY MARKET FUNDS, which are typically used for cash teria and methods for tracking, applying, or calculating the management purposes and invest in highly liquid securities. redemption fee that may differ from those utilized by the However, the Adviser seeks to prevent the use of the MONEY Funds’ transfer agent. In addition, the Funds may rely on a MARKET FUNDS to facilitate frequent trading in other BMO financial intermediary’s market timing policy, even if those Funds in violation of the Market Timing Policy. policies are different from the Funds’ policy, when the Funds believe that the policy is reasonably designed to prevent Each Fund monitors and enforces the Market Timing Policy excessive trading practices that are detrimental to the Fund. If through: you purchase Fund shares through a financial intermediary, • the termination of a shareholder’s purchase and/or you should contact your financial intermediary for more exchange privileges; information on how the redemption fee is applied to • selective monitoring of trade activity; and redemptions or exchanges of your shares. • the imposition of a 2.00% short-term redemption fee for The Funds may request that financial intermediaries furnish redemptions or exchanges of shares of the INTERNATIONAL AND GLOBAL FUNDS, within 30 days the Funds with trading and identifying information relating to after purchase of such shares, determined on a first-in, beneficial shareholders, such as social security and account first-out basis. numbers, in order to review any unusual patterns of trading activity discovered in the omnibus account. The Funds also The redemption fee is deducted from redemption proceeds may request that the financial intermediaries take action to and is paid directly to the applicable Fund. prevent a particular shareholder from engaging in excessive A redemption of shares acquired as a result of reinvesting dis- trading and to enforce the Funds’ or their market timing poli- tributions is not subject to the redemption fee. The cies. Legal and technological limitations on the ability of redemption fee may not apply to shares redeemed in the case financial intermediaries may exist to restrict the trading of death, through an automatic, nondiscretionary rebalancing practices of their clients and they may impose restrictions or or asset allocation program, trade error correction, and limitations that are different from the Funds’ policies. As a involuntary redemptions imposed by the Fund or a financial result, the Funds’ ability to monitor and discourage excessive intermediary. In addition, the redemption fee will not apply to trading practices in omnibus accounts may be limited.

ADDITIONAL CONDITIONS FOR REDEMPTION 125 Account and Share Information

Fund Transactions Through BMO Funds Website.Ifyou cannot assure you that inquiries or trading activity will be have previously established an account with a Fund, you may completely secure. There also may be delays, malfunctions, or purchase, redeem, or exchange shares through the BMO other inconveniences generally associated with this medium. Funds’ website at www.bmofunds.com. You also may check There may be times when the website is unavailable for Fund your Fund account balance(s) and historical transactions transactions, which may be due to the Internet or the actions through the website. You cannot, however, establish a new or omissions of a third party—should this happen, you should Fund account through the website—you may only establish a consider purchasing, redeeming, or exchanging shares by new Fund account under the methods described in the “How another method. The Funds, their transfer agent, and BMO to Buy Shares” section. Funds U.S. Services are not responsible for any such delays or malfunctions and are not responsible for wrongful acts by Clients of BMO Harris Bank should contact their account officer third parties as long as reasonable security procedures are for information on the availability of transactions on the followed. website. Confirmations and Account Statements. You will receive Online Conditions. Because of security concerns and costs confirmation of purchases, redemptions, and exchanges associated with maintaining the website, purchases, (except for systematic program transactions). In addition, you redemptions, and exchanges through the website are subject will receive periodic statements reporting all account activity, to the following daily minimum and maximum transaction including systematic program transactions and distributions of amounts: net investment income and net capital gains. You may Minimum Maximum request photocopies of historical confirmations from prior Purchases: $50 $100,000 years.TheFundsmaychargeafeeforthisservice. Redemptions: By ACH: $50 By ACH: $50,000 By wire: $1,000 By wire: $50,000 Distributions of Net Investment Income and Net Capital Exchanges: $50 $100,000 Gains. Distributions of net investment income, if any, of the FIXED INCOME FUNDS (except MULTI-ASSET INCOME FUND) Your transactions through the website are effective at the and MONEY MARKET FUNDS are declared daily and paid time they are accepted by a Fund and are subject to all of the monthly. The MULTI-ASSET INCOME FUND’s distributions of conditions and procedures described in this Prospectus. net investment income are calculated and paid monthly. Pro- vided that your order is received in proper form, payment in You may not change your address of record, registration, or “good funds” is received and your order is accepted by the wiring instructions through the website. The website privilege time a Fund’s NAV is calculated, you will receive distributions may be modified at any time, but you will be notified in writ- declared that day. You will continue to receive distributions ing of any termination of the privilege. declared through, and including, the day you redeem your Online Risks. If you utilize the website for account histories or shares. transactions, you should be aware that the Internet is an Distributions of net investment income, if any, of the EQUITY unsecured, unregulated, and unpredictable environment. FUNDS and TCH EMERGING MARKETS BOND FUND are Your ability to use the website for transactions is dependent declared and paid quarterly. The INTERNATIONAL and upon the Internet and equipment, software, systems, data, GLOBAL FUNDS (except TCH EMERGING MARKETS BOND and services provided by various vendors and third parties FUND) declare and pay distributions of net investment (including telecommunications carriers, equipment manu- income annually. Distributions of net investment income are facturers, firewall providers, and encryption system providers). paid to all shareholders invested in the EQUITY FUNDS, and While the Funds and their service providers have established INTERNATIONAL and GLOBAL FUNDS on the record date, certain security procedures, the Funds and their transfer agent

126 ACCOUNT AND SHARE INFORMATION Account and Share Information (cont.)

which is the date on which a shareholder must officially own exchanging based upon a number of Fund shares, you must shares in order to earn a distribution. redeem or exchange enough shares to meet the minimum dollar amounts described above, but not so much as to In addition, each Fund distributes its net capital gains, if any, at exceed the maximum dollar amounts. least annually. If capital gains or losses were realized by a Fund, they could result in an increase or decrease in such Fund’s Accounts with Low Balances. Due to the high cost of main- distributions. Your distributions of net investment income and taining accounts with low balances, a Fund may redeem your net capital gains will be automatically reinvested in additional Class Y or Class A shares and pay you the proceeds if your sharesofthesameclassofthesameFundwithoutasales account balance falls below the required minimum value of charge, unless you elect cash payments. If you elect cash $1,000. Similarly, your Class I shares may be converted to Class payments and the payment is returned as undeliverable, your Y or Class A shares if your account balance falls below the cash payment will be reinvested in shares of the Fund and required minimum of $2,000,000. Before shares are redeemed your distribution option will convert to automatic reinvest- to close an account or converted from Class I shares to Class Y ment. If any distribution check remains uncashed for six or Class A shares, you will be notified in writing and allowed 30 months, the check amount will be reinvested in shares and days to purchase additional shares to meet the minimum you will not accrue any interest or distributions on this account balance requirement. amount prior to the reinvestment. Distributions of net Rule 12b-1 Plan. The Funds have adopted a Rule 12b-1 Plan, investment income and net capital gains are treated the same which allows them to pay an annual fee equal to a maximum for federal income tax purposes whether received in cash or in of 0.25% of the Class A and 0.50% of the Class R3 assets to the additional shares. distributor and financial intermediaries for the sale and dis- What are Distributions of Net If you purchase tribution of each Fund’s Class A and Class R3 shares and for Investment Income and Net Capital shares just before a services provided to shareholders of that class. Such activities Gains? Fund (other than a include, but are not necessarily limited to, compensating A distribution of net investment income MONEY MARKET brokers, dealers, financial intermediaries, and sales personnel is the money paid to shareholders that a FUND) declares a for distribution and shareholder services, recordkeeping, print- mutual fund has earned from the distribution of net ing and mailing prospectuses to persons other than current income on its investments after investment shareholders, printing and mailing sales literature, and paying any Fund expenses. A net income or net advertising. Because Rule 12b-1 fees are ongoing, over time capital gain distribution is the money capital gain, you these fees will increase the cost of your investment and may paid to shareholders from a mutual will pay the full cost you more than paying other types of sales charges. fund’s net profit realized from the sales pricefortheshares of portfolio securities. Multiple Classes. The BMO Funds have adopted a plan that and then receive a permits each Fund to offer more than one class of shares. All portion of the price back in the form of the distribution. Other shares of each Fund or class have equal voting rights and will than a distribution of tax-exempt interest received from the generally be entitled to vote in the aggregate and not by ULTRA SHORT TAX-FREE FUND, SHORT TAX-FREE FUND, or Fund or class. There may be circumstances, however, when INTERMEDIATE TAX-FREE FUND, the distribution will generally only shareholders of a particular Fund or class are entitled to be taxable to you for federal income tax purposes, unless you vote on matters affecting that Fund or class. Share classes may are investing through a tax deferred arrangement such as an have different sales charges and other expenses, which may IRA or a 401(k) plan. affect their performance. Shares may be redeemed or exchanged based on either a dollar amount or number of shares. If you are redeeming or

ACCOUNT AND SHARE INFORMATION 127 Account and Share Information (cont.)

Tax Information net capital gains and fund distributions of the TCH EMERGING Federal Income Tax. Each Fund intends to qualify and elect MARKETS BOND FUND, ULTRA SHORT TAX-FREE FUND, to be treated as a RIC under Subchapter M of the Code, pro- SHORT TAX-FREE FUND, SHORT-TERM INCOME FUND, vided that it complies with all applicable requirements regard- INTERMEDIATE TAX-FREE FUND, MORTGAGE INCOME FUND, ing the source of its income, diversification of its assets, and TCH INTERMEDIATE INCOME FUND, TCH CORPORATE the timing and amount of its distributions. There can be no INCOME FUND, TCH CORE PLUS BOND FUND, MONEGY HIGH assurance that a Fund will satisfy all requirements to be taxed YIELD BOND FUND, and MONEY MARKET FUNDS are as a RIC. expected to primarily consist of investment company taxable income. The Funds will send you an annual statement of your account activity to assist you in completing your federal, state, and local It is anticipated that the distributions from the ULTRA SHORT tax returns. You will be taxed in the same manner regardless TAX-FREE FUND, SHORT TAX-FREE FUND, INTERMEDIATE TAX- of whether you elect to receive distributions of investment FREE FUND, and TAX-FREE MONEY MARKET FUND will primar- company taxable income and net capital gains in cash or in ily consist of interest income that is generally exempt from additional Fund shares. Distributions from a Fund’s investment regular federal income tax, although a portion of a Fund’s dis- company taxable income (which includes but is not limited to tributions may not be exempt. Even if distributions are exempt dividends, interest, net short-term capital gains, and net gains from federal income tax, they may be subject to state and from foreign currency transactions), if any, generally are tax- local taxes. Each such Fund may invest up to 20% of its assets able to you as ordinary income (for non-corporate share- in securities the income of which is subject to federal AMT. holders, currently taxed at a maximum rate of 39.6%). For non- You may owe tax on a portion of your distributions if federal corporate shareholders, to the extent that distributions of AMT applies to you. You may be subject to federal income tax investment company taxable income are attributable to and on any net capital gains distributed or deemed to be dis- reported as “qualified dividend income,” such distributions tributed by these Funds. may be eligible for the reduced federal income tax rates Certain individuals, trusts, and estates may be subject to a applicable to long-term capital gains, provided certain holding Medicare tax of 3.8% (in addition to regular income tax). The periods and other requirements are satisfied by the share- Medicare tax is imposed on the lesser of (i) a taxpayer’s holder. Distributions of a Fund’s net capital gains (the excess of investment income, net of deductions properly allocable to net long-term capital gains over net short-term capital losses), such income or (ii) the amount by which the taxpayer’s modi- if any, are generally taxable as long term capital gains (for non- fied adjusted gross income exceeds certain thresholds corporate shareholders, currently taxed at a maximum rate of ($250,000 for married individuals filing jointly, $200,000 for 20%), regardless of how long such shareholder has held shares unmarried individuals, and $125,000 for married individuals of such Fund. Fund distributions from the LOW VOLATILITY filing separately). The Funds’ distributions (other than tax - EQUITY FUND, DIVIDEND INCOME FUND, LARGE-CAP VALUE exempt distributions made by the ULTRA SHORT TAX FREE FUND, LARGE-CAP GROWTH FUND, MID-CAP VALUE FUND, FUND, SHORT TAX FREE FUND, INTERMEDIATE TAX FREE SMALL-CAP VALUE FUND, SMALL-CAP CORE FUND, MICRO- FUND, and TAX-FREE MONEY MARKET FUND) are includable in CAP FUND, GLOBAL LOW VOLATILITY EQUITY FUND, PYR- a shareholder’s investment income for purposes of this Medi- FORD GLOBAL EQUITY FUND, and MULTI-ASSET INCOME care tax. In addition, any capital gain realized on the sale, FUND are expected to consist of both investment company redemption, or exchange of Fund shares is includable in a taxableincomeandnetcapitalgains.Funddistributionsfrom shareholder’s investment income for purposes of this Medi- the MID-CAP GROWTH FUND, SMALL-CAP GROWTH FUND, care tax. PYRFORD INTERNATIONAL STOCK FUND, and LGM EMERGING MARKETS EQUITY FUND are expected to primarily consist of

128 ACCOUNT AND SHARE INFORMATION Account and Share Information (cont.)

Distributions declared by a Fund during October, November selling, redeeming, or exchanging other shares of the same or December to shareholders of record during such month Fund at a loss, all or part of your loss will not be deductible and and paid by January 31 of the following year are treated for will instead increase the basis of the new shares to preserve federal income tax purposes as if received by shareholders on the loss until a future sale, redemption, or exchange. December 31 of the year in which the distribution was If you do not furnish a Fund with your correct social security declared. number or taxpayer identification number, if you fail to make If more than 50% of the value of a Fund’s total assets at the certain required certifications, and/or if the Fund receives close of its taxable year consists of stock or securities of foreign notification from the Internal Revenue Service (“IRS”) requiring corporations, the Fund may be eligible to elect to “pass backup withholding, the Fund is required by federal law to through” to you foreign taxes that it pays. If a Fund is eligible withhold federal income tax from your distributions (including for and makes this election, you will be required to include distributions of tax-exempt interest) and redemption pro- your share of those taxes in gross income as a distribution ceeds, at the rate set forth in the Code. Backup withholding is from the Fund. You will then be allowed to claim a credit (or a not an additional tax. Any amounts withheld may be credited deduction, if you itemize deductions) for such amounts on against your federal income tax liability, provided the appro- your federal income tax return, subject to certain limitations. priate information is furnished to the IRS. Tax-exempt holders of Fund shares, such as qualified retire- This section is not intended to be a full discussion of the ment plans, will not generally benefit from such deduction or federal income tax laws and the effect of such laws on you. credit. There may be other federal, state, foreign, or local tax consid- Your sale, redemption, or exchange of Fund shares may result erations applicable to a particular investor. Please consult your in a taxable capital gain or loss to you for federal income tax own tax advisor regarding federal, state, foreign, and local tax purposes, depending on whether the redemption proceeds considerations. (including in-kind proceeds) are more or less than your basis in the sold, redeemed or exchanged shares. The gain or loss will Cost Basis Reporting generally be treated as long-term capital gain or loss if the The Funds are required to report to certain shareholders and shares were held for more than one year, and if held for one the IRS the cost basis of any Fund shares acquired on or after year or less, as short-term capital gain or loss. Any loss arising January 1, 2012 when such shareholders subsequently sell, from the sale, redemption, or exchange of Fund shares held redeem, or exchange those Fund shares. Each Fund will for six months or less, however, is treated as a long-term capi- determine cost basis using the average cost method unless tal loss to the extent of any distributions of net capital gains you elect in writing (and not over the telephone) any alternate received or deemed to be received with respect to such IRS-approved cost basis method. Please see the SAI for more shares. Any loss realized upon the sale, exchange or information regarding cost basis reporting. redemption of shares of the ULTRA SHORT TAX FREE FUND, SHORT TAX FREE FUND, INTERMEDIATE TAX FREE FUND, or Portfolio Holdings TAX-FREE MONEY MARKET FUND that were held for six A description of the Funds’ policies and procedures with months or less will be disallowed to the extent of any tax - respect to the disclosure of the Funds’ portfolio securities is exempt distributions received with respect to such shares. In available in the Funds’ Statement of Additional Information determining the holding period of such shares for this pur- (SAI). pose, any period during which your risk of loss is offset by means of options, short sales, or similar transactions is not counted. If you purchase Fund shares (through reinvestment of distributions or otherwise) within thirty days before or after

ACCOUNT AND SHARE INFORMATION 129 BMO Funds Information

Management of the BMO Funds. The Board governs the Sub-Advisers’ Background. TCH is a registered investment Funds. The Board oversees the Adviser. The Adviser manages adviser that provides investment management services to each Fund’s assets, including buying and selling the under- investment companies, pension and profit sharing plans, state lying funds and any portfolio securities for the Funds (except or municipal government entities, corporations, charitable the PYRFORD GLOBAL EQUITY FUND, PYRFORD INTERNA- organizations, and individuals. TCH is a majority-owned sub- TIONAL STOCK FUND, LGM EMERGING MARKETS EQUITY sidiary of the Adviser. As of August 31, 2014, TCH had approx- FUND, TCH CORPORATE INCOME FUND, TCH CORE PLUS imately $10.3 billion in assets under management. TCH’s BOND FUND, MONEGY HIGH YIELD BOND FUND, and TCH address is 1001 Brickell Bay Drive, Suite 2100, Miami, EMERGING MARKETS BOND FUND). The Adviser’s address is Florida 33131. 115 S. LaSalle Street, Chicago, Illinois 60603. Monegy is a registered investment adviser that provides The Adviser has entered into a sub-advisory contract with investment management services to institutional investors in TCH, pursuant to which TCH manages the TCH INTERMEDIATE the United States, Canada, and Australia. Monegy is owned by INCOME, TCH CORPORATE INCOME FUND, TCH CORE PLUS the Adviser. As of August 31, 2014, Monegy had approx- BOND FUND, and TCH EMERGING MARKETS BOND FUND. imately $2.5 billion in assets under management. Monegy’s address is 302 Bay Street, 12th Floor, Toronto, ON, Canada The Adviser has entered into a sub-advisory contract with M5X 1A1. Monegy, pursuant to which Monegy manages the MONEGY HIGH YIELD BOND FUND’s portfolio, subject to oversight by Pyrford is a registered investment adviser that is a wholly- the Adviser. owned subsidiary of the Bank of Montreal Capital Markets (Holdings) Ltd, a BMO Financial Group company. As part of The Adviser has entered into a sub-advisory contract with BMO’s private client group, Pyrford provides wealth Pyrford, pursuant to which Pyrford manages the portfolios of management services to clients in North America, the Middle the PYRFORD GLOBAL EQUITY FUND and the PYRFORD East, UK, and Europe. As of August 31, 2014, Pyrford had INTERNATIONAL STOCK FUND, subject to oversight by the approximately $13.3 billion in assets under management. Adviser. Pyrford’s address is 79 Grosvenor Street, London, U.K. The Adviser has entered into a sub-advisory contract with LGM Investments is a registered investment adviser founded LGM Investments, pursuant to which LGM Investments in 1995 that specializes in Asia Pacific, global emerging market, manages the LGM EMERGING MARKETS EQUITY FUND, sub- and frontier equities and provides investment management ject to oversight by the Adviser. services to pension funds, foundations, government orga- Adviser’s Background. The Adviser is a registered invest- nizations, mutual funds, high net worth individuals, hedge ment adviser and a wholly-owned subsidiary of BMO Financial funds, and other funds sponsored by subsidiaries of LGM Corp., a financial services company headquartered in Chicago, Investments’ parent company, LGM (Bermuda) Limited Illinois, and an indirect wholly-owned subsidiary of the Bank of (formerly, Lloyd George Management (Bermuda) Limited) Montreal (BMO), a Canadian bank holding company. As of (together with its subsidiaries, “LGM”). LGM Investments is a August 31, 2014, the Adviser had approximately $34.1 billion wholly-owned subsidiary of LGM and an indirect wholly- in assets under management, of which approximately owned subsidiary of BMO. LGM Investments was named Lloyd $12.9 billion was in the BMO Funds’ assets. George Management (Europe) Limited until May 27, 2014. As of August 31, 2014, LGM Investments had approximately The Adviser, including its predecessor entities, has managed $2.9 billion in assets under management. LGM Investments’ investments for individuals and institutions since 1973. The address is 95 Wigmore Street, London, United Kingdom. Adviser has managed the BMO Funds since 1992.

130 BMO FUNDS INFORMATION BMO Funds Information (cont.)

BMO is the ultimate parent company of the Adviser, TCH, joined the Adviser in 2008. Prior to 2008, Mr. Corris was a Monegy, Pyrford, and LGM Investments. Accordingly, the quantitative equity portfolio manager/researcher at Northern Adviser, TCH, Monegy, Pyrford, and LGM Investments are Trust Global Investments with responsibility for their global affiliates. active strategies. He is a CFA Charterholder. Mr. Hans, a Direc- tor and a Portfolio Manager of the Adviser, joined the Adviser All fees of the sub-advisers are paid by the Adviser. in 2008. Prior to 2008, Mr. Hans was a Managing Director and BMO Funds, Inc. and the Adviser have submitted an applica- Head of Research for Quantitative Services Group, an tion with the SEC for an exemptive order with respect to each independent quantitative research and model construction Fund that, if approved, would permit the Adviser, subject to firm. He is a CFA Charterholder. Dr. Ramos, Head of Equities, a certain conditions, to terminate existing sub-advisers or hire Managing Director, and a Portfolio Manager of the Adviser, new wholly-owned or non-affiliated sub-advisers for a Fund joined the Adviser in 2005. Mr. Corris has co-managed each and to materially amend the terms of the particular agree- Fund since April 2013. Mr. Hans and Dr. Ramos have co- ments with sub-advisers, or ton continue the employment of managed the LOW VOLATILITY EQUITY FUND since its existing sub-advisers after events that would otherwise cause inception in September 2012 and the LARGE-CAP VALUE an automatic termination of a sub-advisory agreement. This FUND and LARGE-CAP GROWTH FUND since February 2012. arrangement has been approved by the Board. Subject to Kenneth Conrad, Ph.D., and Casey J. Sambs have co- managed shareholder approval of the exemptive order, under the the DIVIDEND INCOME FUND since April 2013. Both members exemptive order, the Adviser would have the right to termi- of the team share investment decision making responsibilities nate, hire, and replace sub-advisers when the Board and the with respect to the Fund. Dr. Conrad, a Vice President and a Adviser feel that a change would benefit a Fund. Within Portfolio Manager of the Adviser, joined the Adviser in 2008. 90 days of obtaining a new sub-adviser, shareholders of a Prior to 2008, Dr. Conrad was a quantitative analyst for MEM- Fund would receive notification of the change, and the BERS Capital Advisors. He is a CFA Charterholder. Mr. Sambs, a Corporation will make available and maintain the notification Vice President and a Portfolio Manager of the Adviser, joined on its website for 90 days thereafter. The exemptive order the Adviser in 2001. He is a CFA Charterholder. would also exempt the Funds from certain requirements to disclose the compensation paid by the Adviser to a sub- Gregory S. Dirkse, Matthew B. Fahey, and Brian J. Janowski co- adviser. The manager of managers structure would enable to manage the MID-CAP VALUE FUND and SMALL-CAP VALUE the Funds to operate with greater efficiency and without FUND. All members of the team share investment decision incurring the expense and delays associated with obtaining making responsibilities with respect to each Fund. Mr. Dirkse, a shareholder approval of sub-advisory agreements. The struc- Director and a Portfolio Manager of the Adviser, joined the ture would not permit advisory fees paid by the Funds to be Adviser in 1999. He is a CFA Charterholder. Mr. Fahey, a Manag- increased or change the Adviser’s obligations under the ing Director and a Portfolio Manager of the Adviser, joined the investment advisory agreement. The Adviser has the ultimate Adviser in 1984. He is a CFA Charterholder. Mr. Janowski, a responsibility, subject to oversight by the Board, to oversee Director and a Portfolio Manager of the Adviser, joined the the sub-advisers and recommend their hiring, termination, Adviser in 2008. Prior to joining the Adviser, Mr. Janowski was and replacement. with American Family Insurance since 2002, where he was a Portfolio Manager and Equity Analyst. He is a CFA Charterholder. Portfolio Managers. David A. Corris, Jason C. Hans, and Mr. Dirkse and Mr. Janowski have co-managed the MID-CAP Ernesto Ramos, Ph.D., co-manage the LOW VOLATILITY VALUE FUND since March 2011. Mr. Fahey has managed or co- EQUITY FUND, LARGE-CAP VALUE FUND, and LARGE-CAP managed the MID-CAP VALUE FUND since June 1997. GROWTH FUND. All members of the team share investment Mr. Dirkse, Mr. Fahey, and Mr. Janowski have co-managed the decision making responsibilities with respect to each Fund. SMALL-CAP VALUE FUND since its inception in February 2011. Mr. Corris, a Director and a Portfolio Manager of the Adviser,

BMO FUNDS INFORMATION 131 BMO Funds Information (cont.)

Patrick M. Gundlach and Kenneth S. Salmon co-manage the was a global equities portfolio manager and research analyst MID-CAP GROWTH FUND and SMALL-CAP GROWTH FUND. with Scottish Windows from 2004 to 2008. Mr. Campbell, Both members of the team share investment decision making Investment Chairman responsible for worldwide investment responsibilities with respect to each Fund. Mr. Gundlach, a strategy, has over 40 years’ experience in the international Managing Director and a Portfolio Manager of the Adviser, investment industry and founded Pyrford (formerly, Elders joined the Adviser in 2004 and has co-managed the Funds Investment Management) in 1987. Mr. Cousins, Chief Executive since July 2007. He is a CFA Charterholder. Mr. Salmon, a Officer, Chief Investment Officer, and a member of the Invest- Managing Director and a Portfolio Manager of the Adviser, ment Strategy Committee, joined Pyrford in 1989. joined the Adviser in 2000. He has co-managed the MID-CAP Mr. McDonagh, Head of Portfolio Management, Europe/UK and GROWTH FUND since December 2004 and has managed or a member of the Investment Strategy Committee, joined Pyr- co-managed the SMALL-CAP GROWTH FUND since ford in 1997. Mr. Simons, Head of Portfolio Management, Asia April 2004. Pacific and a member of the Investment Strategy Committee, joined Pyrford in 1996. Mr. Campbell, Mr. Cousins, David A. Corris and Thomas Lettenberger co-manage the Mr. McDonagh, and Mr. Simons have co-managed the PYR- SMALL-CAP CORE FUND and the MICRO-CAP FUND. Both FORD INTERNATIONAL STOCK FUND since its inception. All members of the team share investment decision making members of the team share investment decision making responsibilities with respect to each Fund. The biographical responsibilities with respect to the Fund. information for Mr. Corris is described above. Mr. Corris has co- managed the MICRO-CAP FUND since December 2013 and LGM Investments and its affiliate LGM(HK) have managed the has co-managed the SMALL-CAP CORE FUND since its LGM EMERGING MARKETS EQUITY FUND since December inception in 2013. Mr. Lettenberger, a Portfolio Manager of the 2011. Irina Hunter and Rasmus Nemmoe co-manage the Adviser, joined the Adviser in 2005 and has co-managed each Fund. Ms. Hunter, a Senior Portfolio Manager at LGM Invest- Fund since its inception in 2013. He is a CFA Charterholder. ments, joined LGM in 2007 and has co-managed the Fund since December 2011. Mr. Nemmoe, a Senior Portfolio DavidA.Corris,JayKaufman,andErnestoRamos,Ph.D.,co- Manager at LGM Investments, joined LGM in 2012 and has co- manage the GLOBAL LOW VOLATILITY EQUITY FUND. All managed the Fund since December 2012. Previously, members of the team share investment decision making Mr. Nemmoe was a portfolio manager with BankInvest in responsibilities with respect to the Fund. The biographical Copenhagen from 2006 to 2012. information for Mr. Corris and Dr. Ramos is described above. Mr. Corris and Dr. Ramos have co-managed the Fund since its Craig J. Mauermann, Duane A. McAllister, and Erik R. Schleicher inception in 2013. Mr. Kaufman, a Portfolio Manager of the co-manage the ULTRA SHORT TAX-FREE FUND. All members Adviser, joined the Adviser in 2010. Prior to joining the Adviser, of the team share investment decision making responsibilities Mr. Kaufman was a Quantitative Investment Analyst with the with respect to the Fund. Mr. Mauermann, a Managing Direc- Strategic Investment Group from 2006 to 2008. tor and a Portfolio Manager of the Adviser, joined the Adviser in 2004. Mr. McAllister, a Managing Director and a Portfolio PyrfordhasmanagedthePYRFORDGLOBALEQUITYFUND Manager of the Adviser, joined the Adviser in 2007. He is a CFA since its inception in 2013 and the PYRFORD INTERNATIONAL Charterholder. Mr. Schleicher, a Vice President Portfolio STOCK FUND since its inception in December 2011. Suhail Arain, Manager of the Adviser, joined the Adviser in 2008 as a Bruce Campbell, Tony Cousins, Daniel McDonagh, and Paul municipal bond analyst. Prior to joining the Adviser, Simons have co-managed the PYRFORD GLOBAL EQUITY FUND Mr. Schleicher was a compliance officer with U.S. Bancorp since its inception in 2013. All members of the team share Fund Services since 2004. Mr. Mauermann and Mr. McAllister investment decision making responsibilities with respect to the have co-managed the Fund since its inception in September Fund. Mr. Arain, Head of Portfolio Management, North American 2009. Mr. Schleicher has co-managed the Fund since 2013. Equities, joined Pyrford in 2008. Prior to joining Pyrford, Mr. Arain

132 BMO FUNDS INFORMATION BMO Funds Information (cont.)

Duane A. McAllister and Erik R. Schleicher have co-managed Scott M. Kimball and Daniela Mardarovici co-manage the the SHORT TAX-FREE FUND since its inception in November MORTGAGE INCOME FUND. Both members of the team share 2012. Both members of the team share investment decision investment decision making responsibilities with respect to making responsibilities with respect to the Fund. The bio- the Fund. The biographical information for Mr. Kimball is graphical information for Mr. McAllister and Mr. Schleicher is described above. He has co-managed the Fund since August described above. 2013. The biographical information for Ms. Mardarovici is above. She has co-managed the Fund since August 2013. Peter J. Arts and Boyd R. Eager co-manage the SHORT-TERM INCOME FUND. Both members of the team share investment TCH has managed the TCH EMERGING MARKETS BOND FUND decision making responsibilities with respect to the Fund. since its inception in 2013 and the TCH CORPORATE INCOME Mr. Arts, Head of Taxable Fixed Income, a Managing Director, FUND and the TCH CORE PLUS BOND FUND since each and a Portfolio Manager of the Adviser, joined the Adviser in Fund’s inception in December 2008. TCH also manages the 1994 and has co-managed the Fund since February 2012. TCH EMERGING MARKETS BOND FUND. Tere Alvarez Canida, Mr. Eager, a Director and a Senior Portfolio Manager of the William J. Canida, Alan M. Habacht, Scott M. Kimball, and Dan- Adviser, joined the Adviser in 1996 and has co-managed the iela Mardarovici co-manage the Funds. All members of the Fund since February 2012. team share investment decision making responsibilities with respect to the Funds. Ms. Alvarez Canida is President and William J. Canida, Scott M. Kimball, and Daniela Mardarovici Managing Principal of TCH and joined TCH in 1985. have co-managed the TCH INTERMEDIATE INCOME FUND Ms. Alvarez Canida is a CFA Charterholder. The biographical since July 2013. All members of the team share investment information for Mr. Canida is above. Mr. Habacht is a Vice decision making responsibilities with respect to the Fund. President and Principal of TCH and joined TCH in 1987. The Mr. Canida is a Managing Director and a Portfolio Manager of biographical information for Mr. Kimball and Ms. Mardarovici is the Adviser and a Vice President and a Principal of the described above. Adviser’s affiliate, TCH. He joined TCH in 1985. Mr. Canida is a CFA Charterholder. Mr. Kimball is a Director and a Portfolio Monegy has managed the MONEGY HIGH YIELD BOND FUND Manager of the Adviser and a Portfolio Manager of TCH. He since its inception in December 2011. Lori J. Marchildon and joined TCH in 2007. Mr. Kimball is a CFA Charterholder. Sadhana Valia co-manage the Fund. Both members of the Ms. Mardarovici is a Director and a Portfolio Manager of the team share investment decision making responsibilities with Adviser and a Portfolio Manager of TCH. She joined TCH in respect to the Fund. Ms. Marchildon, a Portfolio Manager, a 2012 and the Adviser in 2005. Ms. Mardarovici is a CFA member of Monegy’s Investment Policy Committee, and an Charterholder. officer of Monegy, joined Monegy in 2001. Ms. Marchildon is a CFACharterholder.Ms.Valia,President,aDirector,Chair- John D. Boritzke and Duane A. McAllister co-manage the woman of the Investment Policy Committee, Senior Portfolio INTERMEDIATE TAX-FREE FUND. Both members of the team Manager, and Head of the High Yield Team at Monegy, joined share investment decision making responsibilities with respect Monegy in 1998. Ms. Valia is a CFA Charterholder. to the Fund. Mr. Boritzke, Head of Tax-Exempt Fixed Income, a Managing Director, and a Portfolio Manager of the Adviser, Brent Schutte and Jeff Weniger have co-managed the MULTI- joined the Adviser in 1983 and has managed or co-managed ASSET INCOME FUND since its inception in 2013. Both mem- the Fund since its inception in February 1994. He is a CFA bers of the team share investment decision making Charterholder. Mr. McAllister’s biographical information is responsibilities with respect to the Funds. Mr. Schutte, Senior described above. He has co-managed the Fund since Portfolio Manager of the Adviser, has 30 years’ experience in June 2007. the investment industry and joined the Adviser in 2012. He is a CFA Charterholder. Mr. Weniger, Portfolio Manager of the Adviser, joined the Adviser in 2012. He is a CFA Charterholder.

BMO FUNDS INFORMATION 133 BMO Funds Information (cont.)

Previously, Mr. Schutte and Mr. Weniger were portfolio manag- EQUITY FUNDS (except Small-Cap Core and Pyrford Global ers with the Adviser’s affiliate, BMO Harris Bank N.A. Equity), INTERNATIONAL and GLOBAL FUNDS, and FIXED INCOME FUNDS (except Multi-Asset Income): Peter J. Arts, Boyd R. Eager, and Genevieve C. Lynkiewicz have Advisory Fee co-managed the GOVERNMENT MONEY MARKET FUND and (as % of each Fund’s ADNA) the PRIME MONEY MARKET FUND since February 2012. All on the on the on the in excess members of the team share investment decision making first $500 next $200 next $100 of $800 Fund million million million million responsibilities with respect to the Fund. The biographical Low Volatility Equity 0.50% 0.49% 0.45% 0.40% information for Mr. Arts and Mr. Eager is described above. Dividend Income 0.50 0.49 0.45 0.40 Ms. Lynkiewicz, a Portfolio Manager of the Adviser, joined the Large-Cap Value 0.75 0.74 0.70 0.65 Adviser in 2007. She is a CFA Charterholder. Large-Cap Growth 0.75 0.74 0.70 0.65 Mid-Cap Value 0.685 0.67 0.57 0.51 Craig J. Mauermann has managed the TAX-FREE MONEY Mid-Cap Growth 0.685 0.67 0.57 0.51 MARKET FUND since its inception in September 2004. Small-Cap Value 0.685 0.68 0.62 0.61 Mr. Mauermann’s biographical information is described above. Small-Cap Growth 1.00 1.00 1.00 1.00 Micro-Cap 0.90 0.90 0.90 0.90 The Funds’ SAI provides additional information about the port- Global Low Volatility Equity 0.65 0.64 0.60 0.55 folio managers, including other accounts they manage, their Pyrford International ownership of Fund shares, and their compensation. Stock 0.735 0.72 0.62 0.56 LGM Emerging Markets Equity 0.90 0.89 0.85 0.80 Advisory Fees. The Adviser is entitled to receive from each TCH Emerging Markets Fund an investment advisory fee equal to a percentage of Bond 0.60 0.59 0.55 0.55 each Fund’s average daily net assets (ADNA) at the rates, and Ultra Short Tax-Free 0.20 0.19 0.10 0.10 Short Tax-Free subject to reduction at breakpoints for each Fund as shown in 0.25 0.24 0.15 0.15 Short-Term Income 0.20 0.19 0.10 0.10 the following tables. Intermediate Tax-Free 0.30 0.29 0.20 0.15 Mortgage Income 0.40 0.39 0.30 0.25 TCH Intermediate Income 0.40 0.39 0.30 0.25 TCH Corporate Income 0.25 0.24 0.15 0.10 TCH Core Plus Bond 0.25 0.24 0.15 0.10 Monegy High Yield Bond 0.50 0.50 0.50 0.50

SMALL-CAP CORE, PYRFORD GLOBAL EQUITY, and MULTI- ASSET INCOME FUNDS:

Advisory Fee (as % of each Fund’s ADNA) on the on the in excess first $1 next $1 of $2 Fund billion billion billion Small-Cap Core 0.65% 0.625% 0.60% Pyrford Global Equity 0.60 0.575 0.55 Multi-Asset Income 0.25 0.225 0.20

134 BMO FUNDS INFORMATION BMO Funds Information (cont.)

MONEY MARKET FUNDS: September 30, 2013, each Fund’s inception date, to August 31, 2014, the end of each Advisory Fee (as % of each Fund’s ADNA) Fund’s fiscal year. The negative advisory fees represent reimbursement of other operating expenses by the Adviser, in addition to the waiver of advisory fees, for this on the on the on the on the in excess first $2 next $2 next $2 next $2 of $8 period. Fund billion billion billion billion billion The Adviser has contractually agreed to waive or reduce its Government 0.200% 0.185% 0.170% 0.155% 0.140% Tax-Free 0.200 0.185 0.170 0.155 0.140 investment advisory fee and reimburse expenses to the extent Prime 0.150 0.135 0.120 0.105 0.090 necessary to prevent class total annual operating expenses (excluding acquired fund fees and expenses, interest, taxes, The following table reflects the investment advisory fee brokerage commissions, other investment-related costs, and paid by each Fund as a percentage of a Fund’s ADNA, dur- extraordinary expenses, such as litigation and other expenses ing the fiscal year ended August 31, 2014, after taking into not incurred in the ordinary course of a Fund’s business) from effect breakpoints and/or waivers by the Adviser during the exceeding the percentage of the average daily net assets of period. the class of each Fund, as set forth in the “Fees and Expenses Advisory Fee Received in of the Fund” section. This agreement may not be terminated Fund Fiscal 2014 prior to December 31, 2015 without the consent of the Funds’ Low Volatility Equity Fund 0.26% Board of Directors, unless terminated due to the termination Dividend Income Fund 0.35 Large-Cap Value Fund 0.75 of the investment advisory agreement. Additionally, the Large-Cap Growth Fund 0.75 agreement does not provide for recoupment by the Adviser Mid-Cap Value Fund 0.73 Mid-Cap Growth Fund 0.73 of waived fees or reimbursed expenses. Small-Cap Value Fund 0.56 Small-Cap Core Fund(1) (5.20) In addition, the Adviser has the discretion to waive its fee for Small-Cap Growth Fund 1.00 any Fund. Any such waivers by the Adviser are voluntary and (2) Micro-Cap Fund (4.37) may be terminated at any time in the Adviser’s sole discretion. Global Low Volatility Equity Fund(2) (11.76) Pyrford Global Equity Fund(1) (19.53) Pyrford International Stock Fund 0.75 The Funds’ August 31, 2014 Annual Report contains a dis- LGM Emerging Markets Equity cussion regarding the Board’s basis for approving the invest- Fund 0.75 ment advisory contract and sub-advisory contracts on behalf TCH Emerging Markets Bond Fund(2) (1.40) of the Funds. Ultra Short Tax-Free Fund 0.15 Short Tax-Free Fund 0.03 Affiliate Services and Fees. BMO Harris Bank provides serv- Short-Term Income Fund 0.12 Intermediate Tax-Free Fund 0.24 ices to the Funds as custodian of the assets (except for the Mortgage Income Fund 0.28 GLOBAL LOW VOLATILITY EQUITY FUND, PYRFORD GLOBAL TCH Intermediate Income Fund 0.30 EQUITY FUND, PYRFORD INTERNATIONAL STOCK FUND, LGM TCH Corporate Income Fund 0.25 TCH Core Plus Bond Fund 0.23 EMERGING MARKETS EQUITY FUND, and TCH EMERGING Monegy High Yield Bond Fund 0.30 MARKETS BOND FUND) and securities lending agent. For each Multi-Asset Income Fund(1) (0.28) Government Money Market Fund 0.02 domestic Fund, BMO Harris Bank’s custody fees are calculated Tax-Free Money Market Fund 0.11 at the annual rate of 0.005% on the first $10 billion of ADNA for Prime Money Market Fund 0.12 the BMO Funds it services plus 0.0025% of assets exceeding (1) The fee paid in 2014 by the SMALL-CAP CORE FUND, PYRFORD GLOBAL EQUITY $10 billion. BMO Harris Bank receives a fee as compensation FUND, and MULTI-ASSET INCOME FUND is for the period from December 27, 2013, for its services as securities lending agent. For shareholders each Fund’s inception date, to August 31, 2014, the end of each Fund’s fiscal year. The that bank with BMO Harris Bank, an affiliate of the Adviser, negative advisory fees represent reimbursement of other operating expenses by the Adviser, in addition to the waiver of advisory fees, for this period. BMO Harris Bank may offer certain bank privileges based on (2) The fee paid in 2014 by the MICRO-CAP FUND, GLOBAL LOW VOLATILITY EQUITY their overall relationship with BMO. FUND, and TCH EMERGING MARKETS BOND FUND is for the period from

BMO FUNDS INFORMATION 135 BMO Funds Information (cont.)

The Adviser serves as the Funds’ shareholder servicing agent, All fees of the sub-administrator are paid by the Adviser. recordkeeper, and administrator directly and through its divi- Payments to Financial Intermediaries. From time to time, sion, BMO Funds U.S. Services. The Adviser is entitled to the Adviser, BMO Harris Bank, BMO Harris Financial Advisors receive shareholder services fees from the Class Y shares of (member FINRA/SIPC), the distributor or their affiliates may eachFundattheannualrateof0.25%oftheFund’sADNA. enter into arrangements with each other or with brokers or The Adviser has the discretion to waive a portion of its fees. other financial intermediaries pursuant to which such parties However,anyfeewaiversarevoluntaryandmaybetermi- agree to perform administrative or other services on behalf of nated at any time in its sole discretion. The Adviser does not their clients who are Fund shareholders. Pursuant to these receive shareholder service fees from the Class A, R3, or R6 arrangements, the Adviser, BMO Harris Bank, BMO Harris shares of the Funds. Financial Advisors, the distributor or their affiliates may make The Adviser is the administrator of the Funds and UMB Fund payments to each other or to brokers or other financial inter- Services, Inc. (UMB) is the sub-administrator. mediaries from their own resources (including shareholder services fees paid by the Funds to the Adviser and Rule 12b-1 The Adviser, as administrator, is entitled to receive fees from fees paid by the Funds to the distributor) for services provided each of the Funds (except the MID-CAP VALUE FUND, MID- to clients who hold Fund shares. In addition, the Adviser or an CAP GROWTH FUND, SMALL-CAP VALUE FUND, SMALL-CAP affiliate may make payments to a financial intermediary, CORE FUND, PYRFORD GLOBAL EQUITY FUND, PYRFORD including affiliates such as BMO Harris Financial Advisors, INTERNATIONAL STOCK FUND, MULTI-ASSET INCOME FUND, based on the value of Fund shares held through the affiliate or and MONEY MARKET FUNDS) at the following annual rates as intermediary, to compensate it for introducing new share- a percentage of the Fund’s ADNA: holders to the Funds, and for other services. These payments Fee Fund’s ADNA may vary in amount and generally range from 0.05% to 0.40%. 0.0925% on the first $250 million The receipt of (or prospect of receiving) such payments or 0.0850% on the next $250 million compensation may provide the affiliate or intermediary and its 0.0800% on the next $200 million 0.0400% on the next $100 million salespersons with an incentive to favor sales of Fund shares, or 0.0200% on the next $200 million certain classes of those shares, over other investment alter- 0.0100% on ADNA in excess of $1.0 billion natives. You may wish to consider whether such arrange- The Adviser, as administrator, is entitled to receive a fee from ments exist when evaluating recommendations from the the MID-CAP VALUE FUND, MID-CAP GROWTH FUND, SMALL- affiliate or intermediary. CAP VALUE FUND, SMALL-CAP CORE FUND, PYRFORD Distributor. BMO Investment Distributors, LLC (BID) (formerly, GLOBAL EQUITY FUND, PYRFORD INTERNATIONAL STOCK M&I Distributors, LLC), a registered broker-dealer and member FUND, and MULTI-ASSET INCOME FUND of 0.15% of each of the Financial Industry Regulatory Authority, Inc., acts as Fund’s ADNA. principal distributor of the Funds’ shares. All fees of the The Adviser, as administrator, is entitled to receive fees from distributor are paid by the Adviser. BID is an affiliate of the the MONEY MARKET FUNDS at the following annual rates AdviserandBMOHarrisBank. based on the aggregate ADNA of the MONEY MARKET FUNDS combined:

Fee Combined ADNA 0.040% on the first $2 billion 0.030% on the next $2 billion 0.025% on the next $2 billion 0.020% on the next $2 billion 0.010% on ADNA in excess of $8 billion

136 BMO FUNDS INFORMATION Historical Performance for Similar Accounts BMO Large-Cap Low Volatility Alpha Composite

The following table shows the historical composite performance The Low Volatility Composite expenses are lower than the data for all of the Adviser’s advisory accounts that have sub- expenses of Class Y shares of the LOW VOLATILITY EQUITY FUND stantially similar investment policies, strategies, and objectives to after fee waivers and expense reimbursements. Accordingly, if those of the LOW VOLATILITY EQUITY FUND, known as the BMO the expenses of the Fund’s Class Y shares had been deducted Large-Cap Low Volatility Alpha Composite (the Low Volatility from the Low Volatility Composite’s returns, the returns would Composite). have been lower than those shown.

The Low Volatility Composite is not subject to the same types of Low Russell Volatility 1000® expenses as the LOW VOLATILITY EQUITY FUND and its member Periods Ended 8/31/14 Composite Index(1) accounts may be subject to different diversification require- 1Year 20.81% 25.36% ments, specific tax restrictions, and investment limitations 3Year 18.54% 20.80% imposed by the Code, foreign tax laws, and/or the 1940 Act than Since Inception(2) 17.57% 16.10% those imposed on the LOW VOLATILITY EQUITY FUND. The data (1) The Russell 1000® Index is a widely recognized index of large-capitalization U.S. is provided to illustrate the past performance of the Adviser in companies. The index is unmanaged and does not reflect any deduction for fees, managing accounts in a substantially similar manner as the LOW expenses, or taxes. A direct investment in an index is not possible. VOLATILITY EQUITY FUND as measured against a specific (2) The Low Volatility Composite commenced operations on January 1, 2011. The Low benchmark and does not represent the performance of the LOW Volatility Composite includes all of the Adviser’s discretionary institutional and mutual VOLATILITY EQUITY FUND. This performance data should not be fund accounts (including sub-advisory relationships) with substantially similar considered an indication of the future performance of the LOW investment policies, strategies, and objectives that have been managed by the Adviser VOLATILITY EQUITY FUND or the Adviser. for at least one full month.

The Adviser has calculated all returns included herein in compliance with the Global Investment Performance Standards (GIPS®). The GIPS standards for calculation of total return differ from the standard required by the SEC for calculation of average annual total returns.

The Low Volatility Composite returns are calculated on an annualized basis net of the highest management fee of 0.60% per annum, net of all actual fees and expenses, and gross of custodian fees and include the reinvestment of all income and dividends.

HISTORICAL PERFORMANCE FOR SIMILAR ACCOUNTS 137 Historical Performance for Similar Accounts BMO Disciplined Small-Cap Core Composite

The following table shows the historical composite performance The Disciplined Small-Cap Core Composite expenses are lower data for all of the Adviser’s advisory accounts that have sub- than the estimated expenses of Class Y shares of the SMALL-CAP stantially similar investment policies, strategies, and objectives to CORE FUND after fee waivers and expense reimbursements. those of the SMALL-CAP CORE FUND, known as the BMO Dis- Accordingly, if the expenses of the Fund’s Class Y shares had ciplined Small-Cap Core Composite (the Disciplined Small-Cap been deducted from the Disciplined Small-Cap Core Compo- Core Composite). site’s returns, the returns would have been lower than those shown. The Disciplined Small-Cap Core Composite is not subject to the same types of expenses as the SMALL-CAP CORE FUND and its Disciplined Small-Cap Russell member accounts may be subject to different diversification Core 2000® (1) requirements, specific tax restrictions, and investment limitations Periods Ended 8/31/14 Composite Index 1Year imposed by the Code, foreign tax laws, and/or the 1940 Act than 25.43% 17.68% 3Year those imposed on the SMALL-CAP CORE FUND. The data is pro- 24.33% 19.00% Since Inception(2) vided to illustrate the past performance of the Adviser in manag- 23.52% 18.63% ing accounts in a substantially similar manner as the SMALL-CAP (1) The Russell 2000® Index is a widely recognized index of small-capitalization U.S. CORE FUND as measured against a specific benchmark and does companies. The index is unmanaged and does not reflect any deduction for fees, not represent the performance of the SMALL-CAP CORE FUND. expenses, or taxes. A direct investment in an index is not possible. This performance data should not be considered an indication of (2) The Disciplined Small-Cap Core Composite commenced operations on July 1, 2010. thefutureperformanceoftheSMALL-CAPCOREFUNDorthe The Small-Cap Core Composite includes all of the Adviser’s discretionary institutional and mutual fund accounts (including sub-advisory relationships) with substantially Adviser. similar investment policies, strategies, and objectives that have been managed by the The Adviser has calculated all returns included herein in com- Adviser for at least one full month. pliance with the Global Investment Performance Standards (GIPS®). The GIPS standards for calculation of total return differ from the standard required by the SEC for calculation of average annual total returns.

The Disciplined Small-Cap Core Composite returns are calculated on an annualized basis net of the highest management fee of 0.90% per annum, net of all actual fees and expenses, and gross of custodian fees and include the reinvestment of all income and dividends.

138 HISTORICAL PERFORMANCE FOR SIMILAR ACCOUNTS Historical Performance for Similar Accounts BMO Disciplined Micro-Cap Composite

The following table shows the historical composite performance The Disciplined Micro-Cap Composite expenses are lower than data for all of the Adviser’s advisory accounts that have sub- the estimated expenses of Class Y shares of the MICRO-CAP stantially similar investment policies, strategies, and objectives to FUND after fee waivers and expense reimbursements. Accord- those of the MICRO-CAP FUND, known as the BMO Disciplined ingly, if the expenses of the Fund’s Class Y shares had been Micro-Cap Composite (the Disciplined Micro-Cap Composite). deducted from the Disciplined Micro-Cap Composite’s returns, the returns would have been lower than those shown. The Disciplined Micro-Cap Composite is not subject to the same types of expenses as the MICRO-CAP FUND and its member Disciplined Russell Micro-Cap Microcap® accounts may be subject to different diversification require- Periods Ended 8/31/14 Composite Index(1) ments, specific tax restrictions, and investment limitations 1Year 24.59% 16.49% imposed by the Code, foreign tax laws, and/or the 1940 Act than 5Year 21.78% 16.38% those imposed on the MICRO-CAP FUND. The data is provided Since Inception(2) 9.60% 4.46% to illustrate the past performance of the Adviser in managing (1) The Russell Microcap® Index is a widely recognized index of micro-capitalization U.S. accounts in a substantially similar manner as the MICRO-CAP companies. The index is unmanaged and does not reflect any deduction for fees, FUND as measured against a specific benchmark and does not expenses, or taxes. A direct investment in an index is not possible. represent the performance of the MICRO-CAP FUND. This per- (2) The Disciplined Micro-Cap Composite commenced operations on July 1, 2007. The formance data should not be considered an indication of the Disciplined Micro-Cap Composite includes all of the Adviser’s discretionary institutional future performance of the MICRO-CAP FUND or the Adviser. and mutual fund accounts (including sub-advisory relationships) with substantially similar investment policies, strategies, and objectives that have been managed by the The Adviser has calculated all returns included herein in com- Adviser for at least one full month. pliance with the Global Investment Performance Standards (GIPS®). The GIPS standards for calculation of total return differ from the standard required by the SEC for calculation of average annual total returns.

The Disciplined Micro-Cap Composite returns are calculated on an annualized basis net of the highest management fee of 1.00% per annum, net of all actual fees and expenses, and gross of custodian fees and include the reinvestment of all income and dividends.

HISTORICAL PERFORMANCE FOR SIMILAR ACCOUNTS 139 Historical Performance for Similar Accounts BMO Global Low Volatility Alpha Composite

The following table shows the historical composite performance The Global Low Volatility Composite expenses are lower than data for all of the Adviser’s advisory accounts that have sub- the estimated expenses of Class Y shares of the GLOBAL LOW stantially similar investment policies, strategies, and objectives to VOLATILITY EQUITY FUND after fee waivers and expense those of the GLOBAL LOW VOLATILITY EQUITY FUND, known as reimbursements. Accordingly, if the expenses of the Fund’s Class the BMO Global Low Volatility Alpha Composite (the Global Low Y shares had been deducted from the Global Low Volatility Volatility Composite). Composite’s returns, the returns would have been lower than those shown. The Global Low Volatility Composite is not subject to the same types of expenses as the GLOBAL LOW VOLATILITY EQUITY Global Low MSCI FUND and its member accounts may be subject to different Volatility ACWI (1) diversification requirements, specific tax restrictions, and Periods Ended 8/31/14 Composite Index 1Year investment limitations imposed by the Code, foreign tax laws, 21.15% 21.61% Since Inception(2) and/or the 1940 Act than those imposed on the GLOBAL LOW 15.53% 14.43% VOLATILITY EQUITY FUND. The data is provided to illustrate the (1) The MSCI ACWI Index is a widely recognized index designed to measure the equity past performance of the Adviser in managing accounts in a market performance of developed and emerging markets. The index is unmanaged and substantially similar manner as the GLOBAL LOW VOLATILITY does not reflect any deduction for fees, expenses, or taxes. A direct investment in an index is not possible. EQUITY FUND as measured against a specific benchmark and does not represent the performance of the GLOBAL LOW (2) The Global Low Volatility Composite commenced operations on March 30, 2012. The Global Low Volatility Composite includes all of the Adviser’s discretionary institutional VOLATILITY EQUITY FUND. This performance data should not be and mutual fund accounts (including sub-advisory relationships) with substantially considered an indication of the future performance of the similar investment policies, strategies, and objectives that have been managed by the GLOBAL LOW VOLATILITY EQUITY FUND or the Adviser. Adviser for at least one full month.

The Global Low Volatility Composite returns are calculated on an annualized basis net of the highest management fee of 0.80% per annum, net of all actual fees and expenses, and gross of custodian fees and include the reinvestment of all income and dividends.

140 HISTORICAL PERFORMANCE FOR SIMILAR ACCOUNTS Historical Performance for Similar Accounts Pyrford International Equity (Base Currency US$) Composite

The following table shows the historical composite performance The International Stock Composite expenses are lower than the data for all of Pyrford’s advisory accounts that have substantially expenses of Class Y shares of the PYRFORD INTERNATIONAL similar investment policies and strategies to those of the PYR- STOCK FUND. Accordingly, if the expenses of the Fund’s Class Y FORD INTERNATIONAL STOCK FUND, known as the Pyrford shares had been deducted from the International Stock International Equity (Base Currency US$) Composite (the Composite’s returns, the returns would have been lower than International Stock Composite). those shown.

The International Stock Composite is not subject to the same International MSCI Stock EAFE types of expenses as the PYRFORD INTERNATIONAL STOCK Periods Ended 8/31/14 Composite Index(1) FUND, and its member accounts may be subject to different 1Year 14.79% 16.92% diversification requirements, specific tax restrictions, and 5Year 11.29% 8.69% investment limitations imposed by the Code, foreign tax laws, 10 Year 9.37% 7.50% and/or the 1940 Act than those imposed on the PYRFORD Since Inception(2) 9.17% 5.92% INTERNATIONAL STOCK FUND. Consequently, the performance (1) The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market results for the International Stock Composite could have been capitalization index that is designed to measure the equity market performance of adversely affected if the portfolios in the Composite had been developed markets, excluding the US and Canada. The MSCI EAFE Index consists of the regulated under the federal securities and tax laws. The data is following 22 developed market country indices: Australia, Austria, Belgium, Denmark, provided to illustrate the past performance of Pyrford in manag- Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the ing a substantially similar portfolio as measured against a specific Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, benchmark and does not represent the performance of the and the United Kingdom. The index is unmanaged and does not reflect any deduction for fees, expenses, or taxes. A direct investment in an index is not possible. PYRFORD INTERNATIONAL STOCK FUND. This performance data should not be considered an indication of the future perform- (2) The International Stock Composite comprises all fully discretionary, international equity accounts with a market value greater than US$10 million, a base currency of US$ ance of the PYRFORD INTERNATIONAL STOCK FUND or Pyrford. and no hedging restrictions. The benchmark for the composite is the MSCI EAFE index. Pyrford has calculated all returns included herein in compliance The composite was first created on July 1, 1996. with the Global Investment Performance Standards (GIPS®). The GIPS standards for calculation of total return differ from the standards required by the SEC for calculation of average annual total returns.

The International Stock Composite returns are calculated net of the highest management fee of 0.75% per annum, net of all actual fees and expenses, and gross of custodian fees and include the reinvestment of all income and dividends. The International Stock Composite total returns reflect deduction of non-reclaimable withholding taxes on dividends, interest, and capital gains. The MSCI EAFE Index (gross) total returns reflect reinvestment of the total dividend amount distributed to persons residing in the country of the dividend-paying company.

HISTORICAL PERFORMANCE FOR SIMILAR ACCOUNTS 141 142 Financial Highlights–Investor Class of Shares (For a share outstanding throughout each period) The Financial Highlights will help you understand the financial performance of the shares of each Fund for the last five fiscal years or since inception. Some of the information is presented on a per share basis. Total returns represent the rate an investor would have earned (or lost) on an investment in a Fund, assuming reinvestment of any dividends and capital gains distributions. The information for the fiscal years ended August 31, 2011, 2012, 2013, and 2014 was derived from financial statements audited by KPMG LLP, the Funds’ independent registered public accounting firm, whose report, along with the Funds’ financial statements and notes thereto, is included in the Funds’ Annual Report dated August 31, 2014, which is available free of charge from the Funds. The information from the year ended August 31, 2010 was derived from financial statements audited by a different firm.

Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Net Asset Net Assets, Value, Investment Net Realized and Total from from Net Distributions to Value, Net Investment End of Period Portfolio Beginning Income Unrealized Investment Investment Shareholders from Total End of Total Gross Net Income (000 Turnover Period Ended August 31, of Period (Loss) Gain (Loss) Operations Income Net Realized Gain Distributions Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) 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 IACA HIGHLIGHTS FINANCIAL 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 IACA HIGHLIGHTS FINANCIAL Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Net Asset Net Assets, Value, Investment Net Realized and Total from from Net Distributions to Value, Net Investment End of Period Portfolio Beginning Income Unrealized Investment Investment Shareholders from Total End of Total Gross Net Income (000 Turnover Period Ended August 31, of Period (Loss) Gain (Loss) Operations Income Net Realized Gain Distributions Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) Rate(4) 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 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 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 64,882 114 143 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 50 144 Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Net Asset Net Assets, Value, Investment Net Realized and Total from from Net Distributions to Value, Net Investment End of Period Portfolio Beginning Income Unrealized Investment Investment Shareholders from Total End of Total Gross Net Income (000 Turnover Period Ended August 31, of Period (Loss) Gain (Loss) Operations Income Net Realized Gain Distributions Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) Rate(4) 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 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 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 IACA HIGHLIGHTS FINANCIAL 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 — IACA HIGHLIGHTS FINANCIAL Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Net Asset Net Assets, Value, Investment Net Realized and Total from from Net Distributions to Value, Net Investment End of Period Portfolio Beginning Income Unrealized Investment Investment Shareholders from Total End of Total Gross Net Income (000 Turnover Period Ended August 31, of Period (Loss) Gain (Loss) Operations Income Net Realized Gain Distributions Period Return(1)(4)Expenses Expenses(2) (Loss)(2) Omitted) Rate(4) 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) Net expense and net investment income (loss) ratios reflect the expense limitation agreement. (3) Redemption fees consisted of per share amounts less than $0.01. Effective February 8, 2012, the Ultra Short Tax-Free Fund discontinued its 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. 145 146 Financial Highlights–Institutional Class of Shares (For a share outstanding throughout each period)

Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Net Asset Net Assets, Value, Investment Net Realized and Total from from Net Distributions to Value, Net Investment End of Period Portfolio Beginning Income Unrealized Investment Investment Shareholders from Total End of Total Gross Net Income (000 Turnover Period Ended August 31, of Period (Loss) Gain (Loss) Operations Income Net Realized Gain Distributions Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) 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 IACA HIGHLIGHTS FINANCIAL 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 IACA HIGHLIGHTS FINANCIAL Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Net Asset Net Assets, Value, Investment Net Realized and Total from from Net Distributions to Value, Net Investment End of Period Portfolio Beginning Income Unrealized Investment Investment Shareholders from Total End of Total Gross Net Income (000 Turnover Period Ended August 31, of Period (Loss) Gain (Loss) Operations Income Net Realized Gain Distributions Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) Rate(4) 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 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 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 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 2.69 109,776 373 147 Rate(4) Portfolio Turnover (000 Omitted) Net Assets, End of Period Income (Loss)(2) Net Investment Net Expenses(2) Ratios to Average Net Assets(5) Gross Expenses Total Return(1)(4) Value, End of Period Net Asset Total Distributions Distributions to Net Realized Gain Shareholders from Income from Net Investment Shareholders Distributions to Total from Operations Investment Unrealized Gain (Loss) Net Realized and Net (Loss) Income Investment Value, of Period Net Asset Beginning Period Ended August 31, Intermediate Tax-Free Fund 20142013(3)2012(3)2011(3)(8)Mortgage Income Fund 20142013(3)2012(3)2011(3) $10.662010(3) 11.29TCH 10.75 10.37 Corporate Income Fund $0.312014 0.302013(3) 0.34 0.252012(3) $2011(3) 0.59 9.76 9.162010(3) 10.03 (0.56)TCH 10.08 Core 0.55 Plus 0.38 Bond Fund 2014 $ 0.15 0.23 0.90 9.49 0.212013(3) (0.26) 0.242012(3)2011(3) 0.35 $(0.31) 0.89 13.03 12.37 0.63 (0.39)2010(3) 0.23 12.35 (0.30) 0.22Monegy 12.48 High 0.24 Yield Bond 0.44 0.452014 11.57 (0.34) (0.25) 0.49 $(0.00) 0.55 (0.24)2013(3) 0.52 0.462012(3)(10) 0.43 (0.07) 0.53 0.48Multi-Asset 11.90 11.32 (0.35) Income 0.91 Fund $(0.31) (0.25)2014(14) 11.41 (0.01) 0.83 0.90 (0.27) 11.44Government — 0.17 (0.30) Money $11.25 0.32 0.33 Market Fund 10.81 (0.37)2014 (0.23) 0.99 0.43 0.09 1.362013 0.49 (0.31) (0.11) (0.35) 8.50% 1.322012 10.66 0.42 10.00 0.692011 10.32 10.32 (0.29) (0.25) (0.40) 0.65 — 0.36% (0.45)2010 1.52 11.29 (0.30) 0.61 (0.45) (2.40) 0.37Tax-Free 0.21 (0.52) Money 10.75 (0.36) 0.59 0.58 Market 0.36% Fund 10.002014 (0.54) 0.68 0.03 8.41 — 0.36 (0.70) 0.982013 (0.54) (0.27) 6.17 (0.30) (0.53) 1.042012 9.16 0.11 (0.21) 2.77% 0.70 0.322011 0.45 0.36 (0.12) 0.00 0.26 9.76 1.00 (0.33)2010 1.10 10.03 9.35 (0.28) 0.56 (0.34) (2.57) $ (0.31) 1.00 396,291Prime (0.47) (0.07) Money Market 1.00 0.45 Fund 0.75 (0.66) 0.27 4.492014 (0.50) 0.00 4.99 0.63 1.00 0.69 5.13 10.08 2.70 (0.64) 0.50 0.59 0.842013 0.00 (0.46) 35% 1.00 (0.28) (0.82)2012 0.00 12.37 13.07 (0.02) 0.682011 (0.61) 0.67 0.67 0.00 13.03 9.65 0.55 3.10 (0.08) 1.00 0.382010 (0.37) 0.00 12.35 11.32 (0.23) (0.59) (0.58) 3.54 352,883 — 0.54 1.00 11.02 0.55 12.48 (0.01) (0.61) — 1.00 0.66 0.55 0.55 0.00 (0.36)(1) 0.00 Based on 5.77 1.00 0.49 net 39 1.57 asset 0.00 (0.55) 345,109 (0.11) value 0.50 0.00 13.56 as of 1.00 0.55 end 11.32 of (0.73) period date. 0.00 11.94 166,269 (0.00) (0.14) 0.55 0.00 — 2.16 — (0.47) 0.63 0.00 11.90 55 2.33 0.00 0.49 2.45 0.00 0.85 1.00 0.50 0.00 0.01 11.41 0.09 0.54 59 0.00 8.82 1.00 35,880 0.00 11.44 9.41 (0.00) 1.00 0.55 3.52 — 0.00 (0.59) (0.72) 0.00 0.00 0.55 6.45 (0.00) 1.00 0.43 (0.37) 307 3.50 0.00 (0.00) 41,528 0.37 0.00 10.46 3.36 47,101 28,473 1.00 0.00 3.88 (0.00) 0.00 0.52 0.00 10.32 10.44 355 0.00 10.32 0.59 0.00 717 4.18 129 0.43 (0.00) 0.00 0.72 113,314 0.37 (0.11) 4.13 0.00 0.00 — 121,773 (0.00) 0.00 5.80 8.32 0.52 0.00 (0.00) 7.00 383 93,490 0.01 0.55 — (0.00) 0.00 (0.00) 91,611 10.27 0.55 25 2.44 (0.00) 0.83 0.85 123 2.89 76,263 — 0.00 (0.00) 0.85 52,317 79 (0.00) 3.68 — (0.00) — 3.83 0.00 (0.01) (0.00) 4.28 (0.00) 48 0.00 (0.00) 0.65 0.65 3.84 (0.00) 80 321,051 0.65 1.00 (0.00) (0.00) 1.07 422,941 1.00 0.00 (0.00) (0.00) 0.00 1.00 (0.00) 101 1.00 63,697 (0.00) (0.00) (0.00) 44 5.61 5.53 0.01 47,398 0.01 (0.00) 0.55 35,851 5.54 (0.00) (0.00) 84 0.04 0.01 1.00 (0.00) (0.00) 1.00 (0.00) 48 0.30 0.29 (0.00) 1.00 72 (0.01) (0.00) 0.30 0.31 2.29 1.00 0.09 49,722 37,307 0.03 1.00 48,574 0.13 0.07 (0.00) 0.13 — 1.00 (0.00) 34 42 0.27 0.17 0.29 0.16 — 0.28 16 (0.00) 0.31 0.28 1.00 45,675 0.55 0.01 0.29 0.01 1.00 0.20 0.19 0.28 (0.00) 1.00 0.04 0.01 0.01 0.20 (0.00) 0(6) 0.29 0.08 0.20 0.20 431,677 0.20 1.00 427,913 0.09 0.20 0.02 1.00 0.20 244,082 334,571 0.21 0.11 — — 0.21 0.19 0.25 0.18 — 0.25 0.30 — 0.20 314,001 453,901 0.53 0.21 0.20 696,785 0.21 — 582,585 — 0.01 613,935 — 0.20 0.08 607,761 — 0.20 0.19 — 1,968,436 — 2,590,312 0.19 1,934,167 — 0.25 — — 2,164,483 2,077,081 — —

148 FINANCIAL HIGHLIGHTS IACA HIGHLIGHTS FINANCIAL (2) Net expense and net investment income (loss) ratios reflect the expense limitation agreement. (3) Redemption fees consisted of per share amounts less than $0.01. Effective February 8, 2012, the Ultra Short Tax-Free Fund discontinued its 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. 149 150 Financial Highlights–Advisor Class of Shares (For a share outstanding throughout each period)

Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Distributions to Net Asset Net Assets, Value, Investment Net Realized Total from from Net Shareholders Value, Net Investment End of Period Portfolio Beginning Income and Unrealized Investment Investment from Net Total End of Total Gross Net Income (000 Turnover Year Ended August 31, of Period (Loss) Gain (Loss) Operations Income Realized Gain Distributions Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) 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 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 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 IACA HIGHLIGHTS FINANCIAL 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 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 IACA HIGHLIGHTS FINANCIAL Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Distributions to Net Asset Net Assets, Value, Investment Net Realized Total from from Net Shareholders Value, Net Investment End of Period Portfolio Beginning Income and Unrealized Investment Investment from Net Total End of Total Gross Net Income (000 Turnover Year Ended August 31, of Period (Loss) Gain (Loss) Operations Income Realized Gain Distributions Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) Rate(4) 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 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 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) Net expense and net investment income (loss) ratios reflect the expense limitation agreement. (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%. 151 152 Financial Highlights–Class R3 of Shares (For a share outstanding throughout each period)

Distributions to Ratios to Average Net Assets(5) Net Asset Net Shareholders Distributions to Net Asset Net Assets, Value, Investment Net Realized and Total from from Net Shareholders Value, Net Investment End of Period Portfolio Beginning Income Unrealized Gain Investment Investment from Net Total End of Total Gross Net Income (000 Turnover Year Ended August 31, of Period (Loss) (Loss) Operations Income Realized Gain Distributions Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) 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) Net expense and net investment income (loss) ratios reflect the expense limitation agreement. (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. IACA HIGHLIGHTS FINANCIAL IACA HIGHLIGHTS FINANCIAL Financial Highlights–Class R6 of Shares (For a share outstanding throughout each period)

Distributions to Ratios to Average Net Assets(5) Net Asset Net Net Shareholders Distributions to Net Assets, Value, Investment Realized and Total from from Net Shareholders Net Asset Net Investment End of Period Portfolio Beginning Income Unrealized Investment Investment from Net Total Value, End Total Gross Net Income (000 Turnover Year Ended August 31, of Period (Loss) Gain (Loss) Operations Income Realized Gain Distributions of Period Return(1)(4) Expenses Expenses(2) (Loss)(2) Omitted) 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) Net expense and net investment income (loss) ratios reflect the expense limitation agreement. (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. 153 PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793

The SAI is incorporated by reference into this Prospectus. Additional information about the Funds’ investments is contained in the SAI and the Annual and Semi-Annual Reports of the Funds as they become available. The Annual Report’s investment commentaries discuss market conditions and investment strategies that significantly affected the performance of each Fund during its last fiscal year. To obtain the SAI, Annual Report, Semi-Annual Report, and other information, free of charge, and to make inquiries, write to or call BMO Funds U.S. Services at 1-800-236-FUND (3863). You also may obtain these materials free of charge on the BMO Funds’ website at www.bmofunds.com. You may write to the SEC Public Reference Room at the regular mailing address or the e-mail address below and ask them to mail you information about the Funds, including the SAI. They will charge you a fee for this duplicating service. You can also visit the SEC Public Reference Room and review and copy documents while you are there. For more information about the operation of the Public Reference Room, call the SEC at the telephone number below. Public Reference Section: Securities and Exchange Commission Washington, D.C. 20549-1520 | [email protected] | 1-202-551-8090 Reports and other information about the Funds are also available on the EDGAR database on the SEC’s Internet site at http://www.sec.gov.

BMO Funds U.S. Services P.O. Box 55931 Boston, MA 02205-5931 1-414-287-8555 1-800-236-FUND (3863) www.bmofunds.com BMO Global Asset Management is the brand name for various affiliated entities of BMO Financial Group that provide investment management, retirement,and trust and custody services. Certain of the products and services offered under the brand name BMO Global Asset Management are designed specifically for various categories of investors in a number of different countries and regions and may not be available to all investors. Products and services are only offered to such investors in those countries and regions in accordance with applicable laws and regulations. BMO Financial Group is a service mark of Bank of Montreal. BMO Investment Distributors, LLC Distributor

Not FDIC Insured No Bank Guarantee May Lose Value

Investment Company Act File No. 811-58433 10-328-088