UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-58433

BMO Funds, Inc.

(Exact name of registrant as specified in charter)

790 N. Water Street

                Milwaukee, WI 53202                

(Address of principal executive offices) (Zip code)

John M. Blaser

BMO Asset Management Corp.

790 N. Water Street

                Milwaukee, WI 53202                

(Name and address of agent for service)

Copies to:

Michael P. O’Hare, Esq.

Stradley, Ronon, Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2021

Item 1. Reports to Stockholders.

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

BMO Funds February 28, 2021

Semi-Annual

report

Equity Funds

International & Global Funds

Fixed Income Funds

Money Market Funds

Table of Contents

Financial Information
Expense Example			1
Schedules of Investments:
Equity Funds:		Fixed Income Funds:
BMO Low Volatility Equity Fund	3	BMO Ultra Short Tax-Free Fund	24
BMO Dividend Income Fund	4	BMO Short Tax-Free Fund	26
BMO Large-Cap Value Fund	6	BMO Short-Term Income Fund	28
BMO Large-Cap Growth Fund	8	BMO Intermediate Tax-Free Fund	33
BMO Mid-Cap Value Fund	9	BMO Strategic Income Fund	36
BMO Mid-Cap Growth Fund	11	BMO Corporate Income Fund	40
BMO Small-Cap Value Fund	13	BMO Core Plus Bond Fund	45
BMO Small Cap Growth Fund	16	Money Market Funds:
International and Global Funds:		BMO Government Money Market Fund	49
BMO Global Low Volatility Equity Fund	18	BMO Tax-Free Money Market Fund	52
BMO Disciplined International Equity Fund	20	BMO Prime Money Market Fund	54
BMO Pyrford International Stock Fund	21
BMO LGM Emerging Markets Equity Fund	23
Notes to Schedules of Investments			57
Statements of Assets and Liabilities			58
Statements of Operations			63
Statements of Changes in Net Assets			69
Financial Highlights			76
Notes to Financial Statements			86

Not FDIC Insured No Bank Guarantee May Lose Value

Expense Example (Unaudited)

For the Six Months Ended February 28, 2021

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period ended February 28, 2021 (9/1/20-2/28/21).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Actual Expenses						Hypothetical Expenses
Fund	Beginning account value 9/1/20		Ending account value 2/28/21		Expenses paid during period 9/1/20- 2/28/21(1)		Ending account value 2/28/21		Expenses paid during period 9/1/20- 2/28/21(1)		Annualized Expense Ratio(1)
Low Volatility Equity Fund
Advisor	$	1,000.00	$	997.30	$	4.46	$	1,020.33	$	4.51		0.90	%
Institutional		1,000.00		998.80		3.22		1,021.57		3.26		0.65
Dividend Income Fund
Advisor		1,000.00		1,196.70		4.90		1,020.33		4.51		0.90
Institutional		1,000.00		1,197.40		3.54		1,021.57		3.26		0.65
Large-Cap Value Fund
Advisor		1,000.00		1,220.80		4.35		1,020.88		3.96		0.79
Institutional		1,000.00		1,222.90		2.98		1,022.12		2.71		0.54
Retirement class R-6		1,000.00		1,223.00		2.15		1,022.86		1.96		0.39
Large-Cap Growth Fund
Investor		1,000.00		1,091.40		4.10		1,020.88		3.96		0.79
Advisor		1,000.00		1,091.10		4.10		1,020.88		3.96		0.79
Institutional		1,000.00		1,092.70		2.80		1,022.12		2.71		0.54
Retirement class R-6		1,000.00		1,093.30		2.02		1,022.86		1.96		0.39
Mid-Cap Value Fund
Advisor		1,000.00		1,326.40		7.21		1,018.60		6.26		1.25
Institutional		1,000.00		1,327.40		5.77		1,019.84		5.01		1.00
Retirement class R-6		1,000.00		1,000.00		4.22		1,020.58		4.26		0.85
Mid-Cap Growth Fund
Advisor		1,000.00		1,225.90		6.95		1,018.55		6.31		1.26
Institutional		1,000.00		1,227.10		5.52		1,019.84		5.01		1.00
Retirement class R-6		1,000.00		1,219.40		4.62		1,020.63		4.21		0.84
Small-Cap Value Fund
Advisor		1,000.00		1,410.80		7.41		1,018.65		6.21		1.24
Institutional		1,000.00		1,411.70		5.92		1,019.89		4.96		0.99
Retirement class R-6		1,000.00		1,413.10		5.03		1,020.63		4.21		0.84

1

Expense Example (Unaudited) (continued)

	Actual Expenses						Hypothetical Expenses
Fund	Beginning account value 9/1/20		Ending account value 2/28/21		Expenses paid during period 9/1/20- 2/28/21(1)		Ending account value 2/28/21		Expenses paid during period 9/1/20- 2/28/21(1)		Annualized Expense Ratio(1)
Small-Cap Growth Fund
Advisor	$	1,000.00	$	1,387.00	$	7.34	$	1,018.65	$	6.21		1.24	%
Institutional		1,000.00		1,389.20		5.86		1,019.89		4.96		0.99
Global Low Volatility Equity Fund
Advisor		1,000.00		992.70		5.43		1,019.34		5.51		1.10
Institutional		1,000.00		993.70		4.20		1,020.58		4.26		0.85
Disciplined International Equity Fund
Advisor		1,000.00		1,130.40		6.07		1,019.09		5.76		1.15
Institutional		1,000.00		1,131.40		4.76		1,020.33		4.51		0.90
Pyrford International Stock Fund
Advisor		1,000.00		1,058.00		6.07		1,018.89		5.96		1.19
Institutional		1,000.00		1,059.60		4.80		1,020.13		4.71		0.94
Retirement class R-6		1,000.00		1,060.10		4.04		1,020.88		3.96		0.79
LGM Emerging Markets Equity Fund
Advisor		1,000.00		1,169.30		7.53		1,017.85		7.00		1.40
Institutional		1,000.00		1,170.00		6.19		1,019.09		5.76		1.15
Ultra Short Tax-Free Fund
Advisor		1,000.00		1,004.30		2.73		1,022.07		2.76		0.55
Institutional		1,000.00		1,005.60		1.49		1,023.31		1.51		0.30
Short Tax-Free Fund
Advisor		1,000.00		1,010.00		2.74		1,022.07		2.76		0.55
Institutional		1,000.00		1,010.70		1.99		1,022.81		2.01		0.40
Short-Term Income Fund
Advisor		1,000.00		1,004.00		2.98		1,021.82		3.01		0.60
Institutional		1,000.00		1,005.30		1.74		1,023.06		1.76		0.35
Intermediate Tax-Free Fund
Investor		1,000.00		1,017.00		2.70		1,022.12		2.71		0.54
Advisor		1,000.00		1,017.00		2.70		1,022.12		2.71		0.54
Institutional		1,000.00		1,018.10		1.50		1,023.31		1.51		0.30
Strategic Income Fund
Investor		1,000.00		1,044.80		4.06		1,020.83		4.01		0.80
Advisor		1,000.00		1,044.80		4.06		1,020.83		4.01		0.80
Institutional		1,000.00		1,046.10		2.79		1,022.07		2.76		0.55
Corporate Income Fund
Investor		1,000.00		1,004.60		2.93		1,021.87		2.96		0.59
Advisor		1,000.00		1,004.60		2.93		1,021.87		2.96		0.59
Institutional		1,000.00		1,005.60		1.99		1,022.81		2.01		0.40
Core Plus Bond Fund
Investor		1,000.00		996.50		2.77		1,022.02		2.81		0.56
Advisor		1,000.00		996.50		2.77		1,022.02		2.81		0.56
Institutional		1,000.00		998.50		1.54		1,023.26		1.56		0.31
Government Money Market Fund
Investor		1,000.00		1,000.10		2.23		1,022.56		2.26		0.45
Premier		1,000.00		1,000.10		0.99		1,023.80		1.00		0.20
Tax-Free Money Market Fund
Investor		1,000.00		1,000.00		2.23		1,022.56		2.26		0.45
Premier		1,000.00		1,000.10		0.99		1,023.80		1.00		0.20
Prime Money Market Fund
Investor		1,000.00		1,000.10		2.23		1,022.56		2.26		0.45
Premier		1,000.00		1,000.10		0.99		1,023.80		1.00		0.20

(1) Expenses are equal to the Funds’ annualized expense ratios for the period September 1, 2020 through February 28, 2021, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). These expenses and ratios are exclusive of acquired fund fees and expenses.

2

February 28, 2021 (Unaudited)

Schedules of Investments BMO Funds

Low Volatility Equity Fund

Description	Shares		Value
Common Stocks — 99.0%
Communication Services — 7.6%
Broadcasting — 0.5%
Discovery, Inc., Class A (1)(2)		20,067	$	1,064,153
Cable & Satellite — 1.5%
Charter Communications, Inc., Class A (1)(2)		5,385		3,303,267
Integrated Telecommunication Services — 2.7%
AT&T, Inc.		53,921		1,503,856
Verizon Communications, Inc.		80,269		4,438,876
				5,942,732
Interactive Home Entertainment — 1.7%
Electronic Arts, Inc.		29,068		3,894,240
Interactive Media & Services — 1.2%
Alphabet, Inc., Class C (1)		1,371		2,792,535
Total Communication Services				16,996,927
Consumer Discretionary — 9.6%
Automotive Retail — 2.2%
AutoZone, Inc. (1)(2)		4,183		4,851,945
Education Services — 0.4%
Graham Holdings Co., Class B (2)		1,368		821,936
General Merchandise Stores — 3.1%
Dollar General Corp.		15,220		2,876,428
Dollar Tree, Inc. (1)		6,223		611,098
Target Corp.		18,997		3,484,810
				6,972,336
Internet & Direct Marketing Retail — 2.2%
Amazon.com, Inc. (1)		1,337		4,135,247
eBay, Inc. (2)		15,383		867,909
				5,003,156
Restaurants — 0.5%
Domino’s Pizza, Inc.		2,900		1,004,879
Specialized Consumer Services — 1.2%
Terminix Global Holdings, Inc. (1)		58,023		2,611,615
Total Consumer Discretionary				21,265,867
Consumer Staples — 22.4%
Agricultural Products — 1.9%
Ingredion, Inc. (2)		45,349		4,090,480
Food Retail — 3.9%
Casey’s General Stores, Inc. (2)		8,260		1,668,189
Kroger Co. (2)		80,686		2,598,896
Sprouts Farmers Market, Inc. (1)		211,780		4,470,676
				8,737,761
Household Products — 2.6%
Church & Dwight Co., Inc. (2)		24,398		1,921,343
Procter & Gamble Co.		31,780		3,925,783
				5,847,126
Hypermarkets & Super Centers — 3.8%
Costco Wholesale Corp.		11,225		3,715,475
Walmart, Inc.		36,425		4,732,336
				8,447,811
Packaged Foods & Meats — 8.1%
Campbell Soup Co. (2)		42,930		1,952,456
Conagra Brands, Inc. (2)		48,351		1,640,550
Flowers Foods, Inc. (2)		199,490		4,338,908

Description	Shares		Value
Common Stocks (continued)
Consumer Staples (continued)
Packaged Foods & Meats (continued)
General Mills, Inc.		73,194	$	4,026,402
Hershey Co.		26,357		3,838,897
J.M. Smucker Co.		4,070		455,840
Kellogg Co. (2)		9,306		537,049
Tyson Foods, Inc., Class A		17,873		1,209,466
				17,999,568
Soft Drinks — 2.1%
PepsiCo, Inc.		36,626		4,731,713
Total Consumer Staples				49,854,459
Financials — 7.6%
Financial Exchanges & Data — 1.8%
Morningstar, Inc.		17,998		4,036,052
Investment Banking & Brokerage — 0.8%
Houlihan Lokey, Inc. (2)		12,486		793,610
Virtu Financial, Inc., Class A		39,564		1,078,910
				1,872,520
Property & Casualty Insurance — 2.2%
Allstate Corp.		44,918		4,788,259
Reinsurance — 2.8%
Everest Re Group, Ltd.		17,454		4,220,552
RenaissanceRe Holdings, Ltd. (2)		12,418		2,073,557
				6,294,109
Total Financials				16,990,940
Healthcare — 20.2%
Biotechnology — 5.0%
AbbVie, Inc.		31,477		3,391,332
Amgen, Inc.		8,938		2,010,335
Gilead Sciences, Inc.		68,056		4,178,638
United Therapeutics Corp. (1)		9,654		1,613,956
				11,194,261
Healthcare Equipment — 3.0%
Baxter International, Inc.		42,035		3,265,699
Medtronic PLC		29,259		3,422,425
				6,688,124
Healthcare Technology — 1.5%
Cerner Corp.		31,150		2,153,711
Teladoc Health, Inc. (1)(2)		5,623		1,243,189
				3,396,900
Pharmaceuticals — 10.7%
Bristol-Myers Squibb Co.		74,313		4,557,616
Eli Lilly and Co.		31,312		6,415,516
Johnson & Johnson		28,441		4,506,761
Merck & Co., Inc.		54,409		3,951,182
Pfizer, Inc.		126,298		4,229,720
				23,660,795
Total Healthcare				44,940,080
Industrials — 6.3%
Aerospace & Defense — 2.4%
Lockheed Martin Corp.		11,633		3,841,798
Northrop Grumman Corp.		5,294		1,544,048
				5,385,846
Environmental & Facilities Services — 3.7%
Republic Services, Inc.		31,150		2,775,153
Waste Management, Inc.		48,385		5,365,413
				8,140,566

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

3

February 28, 2021 (Unaudited)

Schedules of Investments

Low Volatility Equity Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Industrials (continued)
Research & Consulting Services — 0.2%
FTI Consulting, Inc. (1)		4,159	$	476,414
Total Industrials				14,002,826
Information Technology — 6.9%
Application Software — 1.2%
Citrix Systems, Inc. (2)		20,299		2,711,540
Communications Equipment — 1.6%
Motorola Solutions, Inc.		19,606		3,440,461
Data Processing & Outsourced Services — 1.7%
Fiserv, Inc. (1)		14,259		1,645,061
Genpact, Ltd.		10,971		443,667
Mastercard, Inc., Class A		4,937		1,746,958
				3,835,686
Internet Services & Infrastructure — 0.4%
Palo Alto Networks, Inc. (1)		2,584		925,873
Systems Software — 2.0%
Microsoft Corp.		18,834		4,376,645
Total Information Technology				15,290,205
Materials — 2.0%
Gold — 2.0%
Newmont Corp.		80,502		4,377,699
Real Estate — 5.5%
Office REIT’s — 1.7%
Equity Commonwealth		132,710		3,743,749
Residential REIT’s — 0.9%
Equity LifeStyle Properties, Inc.		31,802		1,960,593
Specialized REIT’s — 2.9%
CubeSmart		17,812		658,332
Extra Space Storage, Inc.		9,282		1,166,747
Public Storage		20,304		4,749,918
				6,574,997
Total Real Estate				12,279,339
Utilities — 10.9%
Electric Utilities — 6.3%
American Electric Power Co., Inc.		59,300		4,438,605
Avangrid, Inc.		37,806		1,730,003
Entergy Corp.		45,161		3,920,426
Xcel Energy, Inc.		66,160		3,876,314
				13,965,348
Multi-Utilities — 2.7%
Ameren Corp. (2)		41,976		2,949,653
CMS Energy Corp. (2)		56,314		3,047,151
				5,996,804
Water Utilities — 1.9%
American Water Works Co., Inc.		30,896		4,383,525
Total Utilities				24,345,677
Total Common Stocks (identified cost $185,659,927)				220,344,019

Description	Shares		Value
Short-Term Investments — 9.6%
Collateral Pool Investments for Securities on Loan — 8.9%
BMO Government Money Market Fund — Premier Class, 0.010% (3)(4)			$	19,769,220
Mutual Funds — 0.7%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		1,701,579		1,701,579
Total Short-Term Investments (identified cost $21,470,799)				21,470,799
Total Investments — 108.6% (identified cost $207,130,726)				241,814,818
Other Assets and Liabilities — (8.6)%				(19,249,459	)
Total Net Assets — 100.0%			$	222,565,359

Dividend Income Fund

Description	Shares		Value
Common Stocks — 97.6%
Communication Services — 7.0%
Advertising — 0.5%
Omnicom Group, Inc. (2)		20,705	$	1,423,055
Broadcasting — 1.6%
Nexstar Media Group, Inc., Class A		32,497		4,469,962
Cable & Satellite — 2.0%
Comcast Corp., Class A		105,265		5,549,571
Integrated Telecommunication Services — 2.9%
AT&T, Inc. (2)		72,180		2,013,100
Verizon Communications, Inc.		109,932		6,079,240
				8,092,340
Total Communication Services				19,534,928
Consumer Discretionary — 8.0%
Apparel, Accessories & Luxury Goods — 0.4%
VF Corp.		15,458		1,223,192
Computer & Electronics Retail — 1.5%
Best Buy Co., Inc. (2)		40,829		4,097,190
General Merchandise Stores — 2.3%
Target Corp.		34,220		6,277,317
Home Improvement Retail — 2.0%
Lowe’s Cos., Inc.		34,215		5,465,846
Hotels, Resorts & Cruise Lines — 1.8%
Travel & Leisure Co.		84,665		5,116,306
Total Consumer Discretionary				22,179,851
Consumer Staples — 4.9%
Food Distributors — 1.2%
Sysco Corp. (2)		40,819		3,250,417
Household Products — 0.8%
Procter & Gamble Co.		18,738		2,314,705
Hypermarkets & Super Centers — 0.8%
Walmart, Inc.		17,100		2,221,632
Soft Drinks — 0.7%
PepsiCo, Inc.		14,943		1,930,486

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

4

BMO Funds

Dividend Income Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Consumer Staples (continued)
Tobacco — 1.4%
Philip Morris International, Inc. (2)		47,350	$	3,978,347
Total Consumer Staples				13,695,587
Energy — 3.7%
Integrated Oil & Gas — 0.8%
Chevron Corp. (2)		22,132		2,213,200
Oil & Gas-Exploration & Production — 2.2%
ConocoPhillips		50,979		2,651,418
EOG Resources, Inc.		54,238		3,501,605
				6,153,023
Oil & Gas-Refining & Marketing — 0.7%
Marathon Petroleum Corp. (2)		37,107		2,026,784
Total Energy				10,393,007
Financials — 15.0%
Asset Management & Custody Banks — 1.7%
Ameriprise Financial, Inc.		21,802		4,823,474
Consumer Finance — 2.0%
Ally Financial, Inc. (2)		92,841		3,852,901
Discover Financial Services (2)		18,553		1,745,281
				5,598,182
Diversified Banks — 3.1%
Citigroup, Inc.		106,017		6,984,400
U.S. Bancorp		30,141		1,507,050
				8,491,450
Investment Banking & Brokerage — 5.2%
Goldman Sachs Group, Inc.		23,815		7,608,416
Morgan Stanley		89,765		6,900,236
				14,508,652
Life & Health Insurance — 0.5%
Lincoln National Corp.		25,553		1,453,199
Multi-Line Insurance — 0.5%
Hartford Financial Services Group, Inc.		26,358		1,336,087
Property & Casualty Insurance — 0.8%
Allstate Corp.		20,968		2,235,189
Regional Banks — 1.2%
Citizens Financial Group, Inc.		76,559		3,325,723
Total Financials				41,771,956
Healthcare — 11.9%
Biotechnology — 1.7%
AbbVie, Inc. (2)		43,103		4,643,917
Healthcare Equipment — 1.6%
Medtronic PLC		39,445		4,613,882
Healthcare Services — 1.1%
CVS Health Corp. (2)		46,507		3,168,522
Managed Healthcare — 0.6%
UnitedHealth Group, Inc. (2)		5,034		1,672,395
Pharmaceuticals — 6.9%
Bristol-Myers Squibb Co.		58,029		3,558,919
Eli Lilly and Co.		14,160		2,901,242
Johnson & Johnson		51,306		8,129,949
Merck & Co., Inc.		63,347		4,600,259
				19,190,369
Total Healthcare				33,289,085

Description	Shares		Value
Common Stocks (continued)
Industrials — 10.6%
Aerospace & Defense — 2.3%
Lockheed Martin Corp.		7,706	$	2,544,906
Northrop Grumman Corp.		6,219		1,813,834
Raytheon Technologies Corp.		28,645		2,062,154
				6,420,894
Construction Machinery & Heavy Trucks — 2.8%
Caterpillar, Inc.		23,311		5,032,378
Cummins, Inc. (2)		10,799		2,734,307
				7,766,685
Electrical Components & Equipment — 2.6%
Eaton Corp. PLC		32,262		4,200,190
Hubbell, Inc. (2)		18,096		3,212,221
				7,412,411
Environmental & Facilities Services — 0.5%
Waste Management, Inc.		11,602		1,286,546
Industrial Conglomerates — 0.5%
Carlisle Cos., Inc.		9,090		1,320,322
Industrial Machinery — 1.9%
Parker-Hannifin Corp.		12,496		3,585,852
Timken Co.		23,899		1,872,487
				5,458,339
Total Industrials				29,665,197
Information Technology — 22.4%
Communications Equipment — 3.7%
Cisco Systems, Inc.		126,319		5,667,933
Motorola Solutions, Inc.		26,364		4,626,355
				10,294,288
IT Consulting & Other Services — 1.4%
Amdocs, Ltd.		30,360		2,301,591
Leidos Holdings, Inc.		18,997		1,680,285
				3,981,876
Semiconductor Equipment — 3.4%
Applied Materials, Inc.		29,925		3,536,836
KLA Corp.		11,714		3,645,748
Lam Research Corp. (2)		3,843		2,179,711
				9,362,295
Semiconductors — 7.8%
Broadcom, Inc. (2)		16,457		7,732,651
Intel Corp.		39,554		2,404,092
QUALCOMM, Inc.		47,273		6,438,110
Texas Instruments, Inc.		30,089		5,183,432
				21,758,285
Systems Software — 5.0%
Microsoft Corp.		41,650		9,678,627
Oracle Corp.		66,684		4,301,785
				13,980,412
Technology Distributors — 0.6%
CDW Corp.		10,006		1,569,842
Technology Hardware, Storage & Peripherals — 0.5%
Seagate Technology PLC (2)		20,705		1,516,227
Total Information Technology				62,463,225
Materials — 4.9%
Diversified Chemicals — 1.2%
Huntsman Corp.		122,216		3,336,497

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

5

February 28, 2021 (Unaudited)

Schedules of Investments

Dividend Income Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Materials (continued)
Fertilizers & Agricultural Chemicals — 0.9%
CF Industries Holdings, Inc. (2)		58,679	$	2,656,985
Gold — 1.0%
Newmont Corp.		48,976		2,663,315
Specialty Chemicals — 1.0%
PPG Industries, Inc. (2)		20,518		2,766,236
Steel — 0.8%
Reliance Steel & Aluminum Co.		17,135		2,265,247
Total Materials				13,688,280
Real Estate — 4.5%
Healthcare REIT’s — 0.5%
Omega Healthcare Investors, Inc.		34,946		1,297,894
Residential REIT’s — 0.7%
Camden Property Trust		19,724		2,054,255
Specialized REIT’s — 3.3%
CyrusOne, Inc.		19,829		1,301,377
Gaming and Leisure Properties, Inc.		81,646		3,625,082
Lamar Advertising Co., Class A		34,216		2,962,764
Life Storage, Inc.		15,515		1,301,709
				9,190,932
Total Real Estate				12,543,081
Utilities — 4.7%
Electric Utilities — 1.9%
Entergy Corp.		32,245		2,799,188
NRG Energy, Inc. (2)		71,737		2,619,118
				5,418,306
Gas Utilities — 0.5%
UGI Corp. (2)		35,169		1,347,325
Independent Power Producers & Energy Traders — 2.3%
AES Corp.		242,535		6,441,729
Total Utilities				13,207,360
Total Common Stocks (identified cost $190,103,095)				272,431,557
Short-Term Investments — 9.5%
Collateral Pool Investments for Securities on Loan — 7.5%
Collateral pool allocation (4)				20,805,575
Mutual Funds — 2.0%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		5,719,482		5,719,482
Total Short-Term Investments (identified cost $26,525,057)				26,525,057
Total Investments — 107.1% (identified cost $216,628,152)				298,956,614
Other Assets and Liabilities — (7.1)%				(19,844,681	)
Total Net Assets — 100.0%			$	279,111,933

Large-Cap Value Fund

Description	Shares		Value
Common Stocks — 98.5%
Communication Services — 8.2%
Broadcasting — 1.7%
Discovery, Inc., Class A (1)(2)		94,883	$	5,031,645
Cable & Satellite — 1.8%
Comcast Corp., Class A (2)		99,504		5,245,851
Integrated Telecommunication Services — 2.0%
Verizon Communications, Inc. (2)		107,974		5,970,962
Interactive Home Entertainment — 1.0%
Electronic Arts, Inc. (2)		23,360		3,129,539
Interactive Media & Services — 1.7%
Alphabet, Inc., Class C (1)		2,488		5,067,708
Total Communication Services				24,445,705
Consumer Discretionary — 9.4%
Apparel, Accessories & Luxury Goods — 0.8%
Carter’s, Inc. (2)		28,853		2,408,360
Footwear — 1.4%
Deckers Outdoor Corp. (1)(2)		13,143		4,286,064
General Merchandise Stores — 2.8%
Dollar Tree, Inc. (1)		31,336		3,077,195
Target Corp. (2)		29,476		5,407,077
				8,484,272
Home Improvement Retail — 0.9%
Lowe’s Cos., Inc.		17,226		2,751,853
Homefurnishing Retail — 1.4%
Williams-Sonoma, Inc. (2)		31,410		4,123,819
Hotels, Resorts & Cruise Lines — 1.0%
Travel & Leisure Co.		49,553		2,994,488
Leisure Products — 1.1%
Polaris, Inc. (2)		26,639		3,137,009
Total Consumer Discretionary				28,185,865
Consumer Staples — 6.9%
Household Products — 1.7%
Procter & Gamble Co.		41,722		5,153,919
Hypermarkets & Super Centers — 2.4%
Walmart, Inc. (2)		55,952		7,269,284
Packaged Foods & Meats — 2.8%
Conagra Brands, Inc. (2)		49,477		1,678,755
General Mills, Inc.		34,404		1,892,564
Hershey Co.		15,460		2,251,749
Tyson Foods, Inc., Class A (2)		37,929		2,566,655
				8,389,723
Total Consumer Staples				20,812,926
Energy — 2.6%
Oil & Gas-Exploration & Production — 2.6%
Cimarex Energy Co.		30,922		1,793,167
EOG Resources, Inc. (2)		91,805		5,926,931
Total Energy				7,720,098
Financials — 22.6%
Asset Management & Custody Banks — 2.4%
Ameriprise Financial, Inc.		19,079		4,221,038
T. Rowe Price Group, Inc. (2)		18,022		2,922,087
				7,143,125

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

6

BMO Funds

Large-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Financials (continued)
Consumer Finance — 2.2%
American Express Co. (2)		19,141	$	2,589,012
Capital One Financial Corp.		32,286		3,880,454
				6,469,466
Diversified Banks — 2.7%
Citigroup, Inc.		123,714		8,150,278
Investment Banking & Brokerage — 4.9%
Goldman Sachs Group, Inc.		18,368		5,868,209
Morgan Stanley (2)		80,112		6,158,209
Raymond James Financial, Inc. (2)		23,737		2,771,057
				14,797,475
Other Diversified Financial Services — 0.8%
Voya Financial, Inc. (2)		39,681		2,391,971
Property & Casualty Insurance — 1.9%
Allstate Corp. (2)		53,229		5,674,211
Regional Banks — 6.2%
Citizens Financial Group, Inc. (2)		139,134		6,043,981
KeyCorp (2)		237,029		4,773,764
Regions Financial Corp. (2)		255,838		5,277,938
Zions Bancorp NA		45,151		2,400,679
				18,496,362
Reinsurance — 1.5%
Everest Re Group, Ltd.		18,471		4,466,473
Total Financials				67,589,361
Healthcare — 13.9%
Biotechnology — 0.9%
Exelixis, Inc. (1)(2)		121,694		2,635,892
Healthcare Equipment — 2.9%
Baxter International, Inc. (2)		49,829		3,871,215
Medtronic PLC		41,311		4,832,148
				8,703,363
Healthcare Facilities — 0.9%
Universal Health Services, Inc., Class B (1)(2)		21,385		2,680,182
Healthcare Services — 1.9%
Cigna Corp. (2)		17,220		3,614,478
DaVita, Inc. (1)(2)		20,540		2,097,750
				5,712,228
Healthcare Technology — 0.5%
Cerner Corp. (2)		23,661		1,635,921
Pharmaceuticals — 6.8%
Eli Lilly and Co.		21,453		4,395,505
Jazz Pharmaceuticals PLC (1)		23,191		3,897,016
Johnson & Johnson (2)		47,474		7,522,730
Merck & Co., Inc.		60,935		4,425,100
				20,240,351
Total Healthcare				41,607,937
Industrials — 15.2%
Aerospace & Defense — 0.9%
Northrop Grumman Corp. (2)		9,439		2,752,979
Agricultural & Farm Machinery — 1.8%
AGCO Corp. (2)		41,873		5,421,716
Building Products — 2.4%
Masco Corp.		71,689		3,815,289

Description	Shares		Value
Common Stocks (continued)
Industrials (continued)
Building Products (continued)
Owens Corning (2)		40,961	$	3,318,660
				7,133,949
Construction & Engineering — 1.4%
Quanta Services, Inc.		48,066		4,030,334
Construction Machinery & Heavy Trucks — 1.3%
Allison Transmission Holdings, Inc.		105,902		4,015,804
Electrical Components & Equipment — 0.5%
Hubbell, Inc. (2)		8,854		1,571,673
Environmental & Facilities Services — 0.9%
Clean Harbors, Inc. (1)(2)		31,373		2,671,411
Human Resource & Employment Services — 0.6%
Robert Half International, Inc. (2)		24,576		1,911,767
Industrial Conglomerates — 1.1%
Carlisle Cos., Inc.		21,852		3,174,003
Industrial Machinery — 1.2%
Timken Co. (2)		45,682		3,579,185
Railroads — 1.0%
Kansas City Southern		14,280		3,032,215
Trading Companies & Distributors — 2.1%
United Rentals, Inc. (1)		14,299		4,252,236
WW Grainger, Inc. (2)		5,338		1,989,526
				6,241,762
Total Industrials				45,536,798
Information Technology — 9.9%
Communications Equipment — 2.1%
Cisco Systems, Inc. (2)		48,593		2,180,368
F5 Networks, Inc. (1)		21,169		4,021,687
				6,202,055
Data Processing & Outsourced Services — 1.0%
Euronet Worldwide, Inc. (1)		20,107		3,022,283
Electronic Equipment & Instruments — 0.8%
Zebra Technologies Corp., Class A (1)(2)		4,851		2,422,735
Electronic Manufacturing Services — 0.6%
Jabil, Inc. (2)		42,394		1,830,149
IT Consulting & Other Services — 0.5%
CACI International, Inc., Class A (1)		7,142		1,580,810
Semiconductors — 1.6%
Texas Instruments, Inc.		26,929		4,639,059
Systems Software — 2.5%
Microsoft Corp. (2)		18,761		4,359,681
Oracle Corp.		49,223		3,175,376
				7,535,057
Technology Distributors — 0.8%
CDW Corp.		16,026		2,514,319
Total Information Technology				29,746,467
Materials — 1.6%
Diversified Chemicals — 0.7%
Huntsman Corp.		71,271		1,945,698
Paper Packaging — 0.9%
International Paper Co. (2)		57,162		2,838,094
Total Materials				4,783,792

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

7

February 28, 2021 (Unaudited)

Schedules of Investments

Large-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Real Estate — 4.4%
Residential REIT’s — 1.0%
Camden Property Trust		28,052	$	2,921,616
Retail REIT’s — 1.4%
Brixmor Property Group, Inc. (2)		210,986		4,152,204
Specialized REIT’s — 2.0%
Gaming and Leisure Properties, Inc.		50,799		2,255,476
Lamar Advertising Co., Class A		43,497		3,766,405
				6,021,881
Total Real Estate				13,095,701
Utilities — 3.8%
Electric Utilities — 1.9%
Avangrid, Inc. (2)		40,127		1,836,211
Entergy Corp.		43,918		3,812,522
				5,648,733
Independent Power Producers & Energy Traders — 1.9%
AES Corp. (2)		217,814		5,785,140
Total Utilities				11,433,873
Total Common Stocks (identified cost $224,583,599)				294,958,523
Short-Term Investments — 17.4%
Collateral Pool Investments for Securities on Loan — 16.0%
Collateral pool allocation (4)				47,847,800
Mutual Funds — 1.4%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		4,247,319		4,247,319
Total Short-Term Investments (identified cost $52,095,119)				52,095,119
Total Investments — 115.9% (identified cost $276,678,718)				347,053,642
Other Assets and Liabilities — (15.9)%				(47,601,918	)
Total Net Assets — 100.0%			$	299,451,724

Large-Cap Growth Fund

Description	Shares		Value
Common Stocks — 97.9%
Communication Services — 11.9%
Interactive Home Entertainment — 1.9%
Electronic Arts, Inc.		31,977	$	4,283,959
Take-Two Interactive Software, Inc. (1)(2)		26,480		4,884,501
				9,168,460
Interactive Media & Services — 10.0%
Alphabet, Inc., Class A (1)		2,980		6,025,292
Alphabet, Inc., Class C (1)		10,657		21,706,817
Facebook, Inc., Class A (1)		75,544		19,461,645
				47,193,754
Total Communication Services				56,362,214

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary — 12.6%
Apparel, Accessories & Luxury Goods — 0.6%
Carter’s, Inc. (2)		35,024	$	2,923,453
Footwear — 2.4%
Deckers Outdoor Corp. (1)		20,601		6,718,192
NIKE, Inc., Class B		33,944		4,574,972
				11,293,164
General Merchandise Stores — 1.3%
Target Corp.		33,899		6,218,433
Home Improvement Retail — 1.7%
Lowe’s Cos., Inc.		49,071		7,839,092
Internet & Direct Marketing Retail — 6.0%
Amazon.com, Inc. (1)		7,572		23,419,666
Etsy, Inc. (1)		23,187		5,107,401
				28,527,067
Leisure Products — 0.6%
YETI Holdings, Inc. (1)(2)		41,335		2,842,608
Total Consumer Discretionary				59,643,817
Consumer Staples — 4.0%
Household Products — 1.1%
Procter & Gamble Co.		41,083		5,074,983
Hypermarkets & Super Centers — 0.9%
Walmart, Inc.		32,455		4,216,554
Packaged Foods & Meats — 1.1%
Hershey Co.		34,660		5,048,229
Personal Products — 0.9%
Estee Lauder Cos., Inc., Class A (2)		15,919		4,550,605
Total Consumer Staples				18,890,371
Financials — 3.0%
Diversified Banks — 1.5%
U.S. Bancorp		137,007		6,850,350
Property & Casualty Insurance — 1.5%
Allstate Corp.		67,799		7,227,373
Total Financials				14,077,723
Healthcare — 13.1%
Biotechnology — 3.1%
Exelixis, Inc. (1)		124,962		2,706,677
Neurocrine Biosciences, Inc. (1)(2)		32,274		3,534,326
Vertex Pharmaceuticals, Inc. (1)(2)		40,182		8,540,684
				14,781,687
Healthcare Facilities — 0.5%
Acadia Healthcare Co., Inc. (1)(2)		44,737		2,471,272
Healthcare Services — 0.6%
DaVita, Inc. (1)(2)		28,604		2,921,326
Healthcare Supplies — 1.8%
Align Technology, Inc. (1)		14,931		8,467,519
Healthcare Technology — 0.8%
Veeva Systems, Inc., Class A (1)		13,024		3,648,153
Life Sciences Tools & Services — 0.8%
Bio-Techne Corp.		10,195		3,687,430
Pharmaceuticals — 5.5%
Bristol-Myers Squibb Co.		54,327		3,331,875
Eli Lilly and Co.		42,147		8,635,499
Horizon Therapeutics PLC (1)		67,644		6,149,516
Jazz Pharmaceuticals PLC (1)		20,006		3,361,808

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

8

BMO Funds

Large-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Healthcare (continued)
Pharmaceuticals (continued)
Merck & Co., Inc.		62,405	$	4,531,851
				26,010,549
Total Healthcare				61,987,936
Industrials — 7.2%
Construction & Engineering — 1.1%
Quanta Services, Inc.		59,057		4,951,929
Electrical Components & Equipment — 1.2%
Sensata Technologies Holding PLC (1)(2)		102,778		5,888,152
Industrial Conglomerates — 2.5%
3M Co. (2)		48,272		8,450,496
Carlisle Cos., Inc.		22,710		3,298,628
				11,749,124
Industrial Machinery — 0.5%
IDEX Corp. (2)		12,177		2,376,585
Research & Consulting Services — 0.7%
TransUnion		38,908		3,276,443
Trading Companies & Distributors — 1.2%
WW Grainger, Inc. (2)		15,405		5,741,597
Total Industrials				33,983,830
Information Technology — 43.4%
Application Software — 3.6%
Adobe, Inc. (1)(2)		28,862		13,266,995
Intuit, Inc.		9,414		3,672,778
				16,939,773
Communications Equipment — 3.2%
Ciena Corp. (1)(2)		44,166		2,304,140
F5 Networks, Inc. (1)		38,017		7,222,470
Motorola Solutions, Inc.		30,683		5,384,253
				14,910,863
Data Processing & Outsourced Services — 7.7%
Mastercard, Inc., Class A		48,062		17,006,739
PayPal Holdings, Inc. (1)		48,768		12,672,365
Visa, Inc., Class A (2)		31,714		6,735,736
				36,414,840
Electronic Equipment & Instruments — 1.1%
Zebra Technologies Corp., Class A (1)		10,777		5,382,357
Electronic Manufacturing Services — 0.9%
IPG Photonics Corp. (1)(2)		18,613		4,231,666
Internet Services & Infrastructure — 1.5%
Okta, Inc. (1)(2)		9,002		2,353,573
Palo Alto Networks, Inc. (1)		12,937		4,635,456
				6,989,029
IT Consulting & Other Services — 0.4%
Gartner, Inc. (1)		11,940		2,137,738
Semiconductors — 5.9%
Broadcom, Inc.		16,610		7,804,541
NVIDIA Corp. (2)		16,407		9,000,552
Texas Instruments, Inc.		63,390		10,920,195
				27,725,288

Description	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Systems Software — 11.4%
Fortinet, Inc. (1)(2)		49,034	$	8,279,391
Microsoft Corp.		154,178		35,827,884
ServiceNow, Inc. (1)		18,442		9,838,069
				53,945,344
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc.		298,228		36,163,127
Total Information Technology				204,840,025
Materials — 1.9%
Commodity Chemicals — 1.4%
Dow, Inc. (2)		110,086		6,529,200
Specialty Chemicals — 0.5%
PPG Industries, Inc. (2)		16,746		2,257,696
Total Materials				8,786,896
Real Estate — 0.8%
Specialized REIT’s — 0.8%
Lamar Advertising Co., Class A		44,367		3,841,738
Total Common Stocks (identified cost $258,294,766)				462,414,550
Short-Term Investments — 6.7%
Collateral Pool Investments for Securities on Loan — 4.7%
Collateral pool allocation (4)				22,300,971
Mutual Funds — 2.0%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		9,278,082		9,278,082
Total Short-Term Investments (identified cost $31,579,053)				31,579,053
Total Investments — 104.6% (identified cost $289,873,819)				493,993,603
Other Assets and Liabilities — (4.6)%				(21,674,800	)
Total Net Assets — 100.0%			$	472,318,803

Mid-Cap Value Fund

Description	Shares		Value
Common Stocks — 99.0%
Communication Services — 3.9%
Broadcasting — 1.1%
Tegna Inc. (2)		27,456	$	500,523
Interactive Media & Services — 1.5%
Twitter, Inc. (1)		9,183		707,642
Publishing — 1.3%
News Corp., Class A		24,397		572,110
Total Communication Services				1,780,275
Consumer Discretionary — 11.1%
Apparel, Accessories & Luxury Goods — 2.3%
PVH Corp. (2)		5,429		542,683
Ralph Lauren Corp. (2)		4,412		516,557
				1,059,240
Auto Parts & Equipment — 1.1%
Lear Corp. (2)		3,139		521,356

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

9

February 28, 2021 (Unaudited)

Schedules of Investments

Mid-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Automotive Retail — 1.5%
AutoZone, Inc. (1)		576	$	668,114
Consumer Electronics — 1.4%
Garmin, Ltd.		5,186		643,168
Education Services — 1.5%
Graham Holdings Co., Class B		1,135		681,942
Homebuilding — 0.9%
PulteGroup, Inc.		8,814		397,600
Internet & Direct Marketing Retail — 1.0%
Qurate Retail, Inc. (2)		34,985		434,514
Specialized Consumer Services — 1.4%
Terminix Global Holdings, Inc. (1)		13,853		623,523
Total Consumer Discretionary				5,029,457
Consumer Staples — 3.2%
Brewers — 1.0%
Molson Coors Beverage Co., Class B (2)		10,485		466,058
Food Distributors — 1.1%
Sysco Corp.		6,277		499,838
Packaged Foods & Meats — 1.1%
Hershey Co.		3,374		491,423
Total Consumer Staples				1,457,319
Energy — 3.4%
Oil & Gas-Equipment & Services — 0.9%
Baker Hughes Co. (2)		17,697		433,223
Oil & Gas-Exploration & Production — 2.5%
Cimarex Energy Co.		12,450		721,975
Pioneer Natural Resources Co. (2)		2,658		394,899
				1,116,874
Total Energy				1,550,097
Financials — 17.9%
Asset Management & Custody Banks — 3.2%
Ameriprise Financial, Inc.		3,329		736,508
State Street Corp.		9,853		717,003
				1,453,511
Consumer Finance — 1.1%
Ally Financial, Inc.		11,707		485,841
Investment Banking & Brokerage — 3.4%
Evercore, Inc., Class A (2)		6,818		816,592
Raymond James Financial, Inc.		6,102		712,347
				1,528,939
Life & Health Insurance — 1.8%
Globe Life, Inc.		4,265		398,351
Principal Financial Group, Inc.		7,914		447,774
				846,125
Multi-Line Insurance — 3.0%
American Financial Group, Inc.		4,888		521,550
Hartford Financial Services Group, Inc.		16,319		827,210
				1,348,760
Regional Banks — 5.4%
Citizens Financial Group, Inc.		21,098		916,497
Comerica, Inc.		5,603		381,564
Regions Financial Corp.		32,392		668,247

Description	Shares		Value
Common Stocks (continued)
Financials (continued)
Regional Banks (continued)
Signature Bank		2,309	$	504,147
				2,470,455
Total Financials				8,133,631
Healthcare — 7.7%
Biotechnology — 0.6%
Exelixis, Inc. (1)		12,552		271,876
Healthcare Equipment — 3.0%
Steris PLC		3,532		617,394
Zimmer Biomet Holdings, Inc. (2)		4,654		758,881
				1,376,275
Healthcare Facilities — 1.3%
Acadia Healthcare Co., Inc. (1)		10,974		606,204
Life Sciences Tools & Services — 1.8%
Avantor, Inc. (1)		14,485		403,697
Charles River Laboratories International, Inc. (1)		1,387		396,876
				800,573
Pharmaceuticals — 1.0%
Jazz Pharmaceuticals PLC (1)		2,645		444,466
Total Healthcare				3,499,394
Industrials — 19.7%
Agricultural & Farm Machinery — 0.9%
AGCO Corp.		3,168		410,193
Construction & Engineering — 3.5%
Quanta Services, Inc.		6,002		503,268
Valmont Industries, Inc. (2)		4,563		1,079,286
				1,582,554
Construction Machinery & Heavy Trucks — 1.3%
Cummins, Inc.		2,354		596,033
Electrical Components & Equipment — 4.3%
EnerSys (2)		4,729		426,934
Hubbell, Inc. (2)		3,873		687,496
Regal Beloit Corp. (2)		6,278		858,015
				1,972,445
Environmental & Facilities Services — 2.6%
Clean Harbors, Inc. (1)		5,943		506,047
Republic Services, Inc.		7,515		669,511
				1,175,558
Industrial Conglomerates — 1.1%
Carlisle Cos., Inc.		3,446		500,531
Industrial Machinery — 1.9%
Crane Co.		5,304		444,794
Xylem, Inc.		4,399		437,964
				882,758
Research & Consulting Services — 1.7%
FTI Consulting, Inc. (1)		3,712		425,209
TransUnion		3,833		322,777
				747,986
Trucking — 2.4%
Ryder System, Inc. (2)		7,992		541,618
Schneider National, Inc., Class B (2)		23,967		554,356
				1,095,974
Total Industrials				8,964,032

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

10

BMO Funds

Mid-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Information Technology — 10.4%
Application Software — 1.0%
SS&C Technologies Holdings, Inc. (2)		6,975	$	462,303
Data Processing & Outsourced Services — 2.4%
Black Knight, Inc. (1)		6,372		488,669
Maximus, Inc. (2)		7,647		621,548
				1,110,217
Electronic Manufacturing Services — 1.6%
Jabil, Inc.		16,877		728,580
Internet Services & Infrastructure — 0.6%
Akamai Technologies, Inc. (1)(2)		2,961		279,814
IT Consulting & Other Services — 1.1%
Gartner, Inc. (1)		2,775		496,836
Semiconductors — 2.1%
ON Semiconductor Corp. (1)(2)		23,280		937,486
Technology Distributors — 1.6%
CDW Corp.		4,476		702,240
Total Information Technology				4,717,476
Materials — 6.4%
Commodity Chemicals — 1.3%
Valvoline, Inc. (2)		23,453		585,387
Metal & Glass Containers — 1.1%
Crown Holdings, Inc. (1)		5,377		513,826
Paper Packaging — 1.1%
WestRock Co. (2)		11,455		499,324
Specialty Chemicals — 1.0%
Celanese Corp.		3,396		471,738
Steel — 1.9%
Steel Dynamics, Inc.		20,500		852,390
Total Materials				2,922,665
Real Estate — 8.4%
Residential REIT’s — 4.1%
Camden Property Trust		6,344		660,728
Equity LifeStyle Properties, Inc.		10,305		635,303
Mid-America Apartment Communities, Inc. (2)		4,071		548,486
				1,844,517
Retail REIT’s — 0.9%
Realty Income Corp.		7,205		434,173
Specialized REIT’s — 3.4%
Gaming and Leisure Properties, Inc.		12,351		548,384
Lamar Advertising Co., Class A		7,358		637,129
Life Storage, Inc.		4,514		378,725
				1,564,238
Total Real Estate				3,842,928
Utilities — 6.9%
Electric Utilities — 3.2%
Entergy Corp.		5,863		508,967
Evergy, Inc. (2)		7,738		414,989
NRG Energy, Inc.		14,047		512,856
				1,436,812
Gas Utilities — 1.0%
UGI Corp. (2)		12,326		472,209

Description	Shares		Value
Common Stocks (continued)
Utilities (continued)
Independent Power Producers & Energy Traders — 1.4%
AES Corp.		23,340	$	619,910
Multi-Utilities — 1.3%
MDU Resources Group, Inc. (2)		21,288		598,193
Total Utilities				3,127,124
Total Common Stocks (identified cost $33,449,094)				45,024,398
Short-Term Investments — 18.9%
Collateral Pool Investments for Securities on Loan — 18.0%
Collateral pool allocation (4)				8,161,400
Mutual Funds — 0.9%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		419,779		419,779
Total Short-Term Investments (identified cost $8,581,179)				8,581,179
Total Investments — 117.9% (identified cost $42,030,273)				53,605,577
Other Assets and Liabilities — (17.9)%				(8,126,263	)
Total Net Assets — 100.0%			$	45,479,314

Mid-Cap Growth Fund

Description	Shares		Value
Common Stocks — 97.9%
Communication Services — 5.4%
Interactive Home Entertainment — 2.9%
Spotify Technology SA (1)		677	$	208,096
Take-Two Interactive Software, Inc. (1)		2,440		450,083
				658,179
Interactive Media & Services — 1.3%
Pinterest, Inc., Class A (1)		3,541		285,334
Movies & Entertainment — 1.2%
Roku, Inc. (1)		688		272,090
Total Communication Services				1,215,603
Consumer Discretionary — 10.6%
Automotive Retail — 2.3%
O’Reilly Automotive, Inc. (1)(2)		1,172		524,270
Education Services — 0.8%
Chegg, Inc. (1)(2)		1,774		171,244
Footwear — 2.2%
Deckers Outdoor Corp. (1)		1,499		488,839
General Merchandise Stores — 1.6%
Dollar Tree, Inc. (1)		3,664		359,805
Hotels, Resorts & Cruise Lines — 1.5%
Travel & Leisure Co.		5,758		347,956
Leisure Products — 2.2%
Polaris, Inc.		2,306		271,555
YETI Holdings, Inc. (1)		3,451		237,325
				508,880
Total Consumer Discretionary				2,400,994

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

11

February 28, 2021 (Unaudited)

Schedules of Investments

Mid-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Consumer Staples — 1.4%
Food Retail — 1.4%
Sprouts Farmers Market, Inc. (1)		14,970	$	316,017
Financials — 4.8%
Financial Exchanges & Data — 1.8%
MSCI, Inc. (2)		985		408,302
Investment Banking & Brokerage — 3.0%
LPL Financial Holdings, Inc.		2,928		385,149
Virtu Financial, Inc., Class A		10,375		282,926
				668,075
Total Financials				1,076,377
Healthcare — 20.9%
Biotechnology — 5.4%
BioMarin Pharmaceutical, Inc. (1)(2)		4,433		343,247
Exelixis, Inc. (1)		11,367		246,209
Ionis Pharmaceuticals, Inc. (1)(2)		3,151		165,112
Neurocrine Biosciences, Inc. (1)		4,168		456,438
				1,211,006
Healthcare Equipment — 2.9%
IDEXX Laboratories, Inc. (1)(2)		533		277,251
ResMed, Inc. (2)		991		191,045
Tandem Diabetes Care, Inc. (1)(2)		1,990		191,020
				659,316
Healthcare Services — 1.9%
Chemed Corp. (2)		376		167,399
LHC Group, Inc. (1)(2)		1,437		261,117
				428,516
Healthcare Supplies — 1.8%
Haemonetics Corp. (1)		1,547		195,696
ICU Medical, Inc. (1)(2)		1,018		211,235
				406,931
Healthcare Technology — 1.5%
Veeva Systems, Inc., Class A (1)		1,247		349,297
Life Sciences Tools & Services — 4.3%
Bio-Techne Corp.		957		346,137
Bruker Corp. (2)		4,877		297,400
PRA Health Sciences, Inc. (1)(2)		2,188		322,533
				966,070
Managed Healthcare — 1.6%
Molina Healthcare, Inc. (1)(2)		1,634		354,186
Pharmaceuticals — 1.5%
Horizon Therapeutics PLC (1)		3,846		349,640
Total Healthcare				4,724,962
Industrials — 14.2%
Building Products — 1.2%
Fortune Brands Home & Security, Inc.		3,319		275,942
Construction & Engineering — 1.5%
Valmont Industries, Inc.		1,405		332,325
Construction Machinery & Heavy Trucks — 1.3%
Cummins, Inc.		1,174		297,257
Electrical Components & Equipment — 2.8%
Generac Holdings, Inc. (1)		882		290,672
Sensata Technologies Holding PLC (1)		6,053		346,776
				637,448

Description	Shares		Value
Common Stocks (continued)
Industrials (continued)
Environmental & Facilities Services — 1.5%
Clean Harbors, Inc. (1)		3,985	$	339,323
Industrial Machinery — 1.7%
ITT, Inc.		4,527		375,650
Research & Consulting Services — 2.6%
CoStar Group, Inc. (1)		423		348,450
TransUnion		2,737		230,483
				578,933
Trucking — 1.6%
Old Dominion Freight Line, Inc. (2)		1,726		370,693
Total Industrials				3,207,571
Information Technology — 39.7%
Application Software — 13.6%
2U, Inc. (1)		8,824		349,695
Cadence Design Systems, Inc. (1)		2,457		346,658
Dropbox, Inc., Class A (1)(2)		11,042		248,942
Guidewire Software, Inc. (1)(2)		2,989		331,749
HubSpot, Inc. (1)		1,230		633,450
New Relic, Inc. (1)(2)		4,387		268,221
PTC, Inc. (1)		3,358		459,845
Synopsys, Inc. (1)		1,773		434,757
				3,073,317
Communications Equipment — 0.8%
Motorola Solutions, Inc.		985		172,848
Data Processing & Outsourced Services — 1.5%
Genpact, Ltd.		8,153		329,707
Electronic Components — 1.0%
Dolby Laboratories, Inc., Class A		2,298		224,354
Electronic Equipment & Instruments — 1.7%
Keysight Technologies, Inc. (1)		2,764		391,161
Internet Services & Infrastructure — 3.7%
GoDaddy, Inc., Class A (1)(2)		4,106		333,079
Palo Alto Networks, Inc. (1)		1,378		493,751
				826,830
IT Consulting & Other Services — 3.2%
CACI International, Inc., Class A (1)		594		131,476
EPAM Systems, Inc. (1)		749		279,834
LiveRamp Holdings, Inc. (1)		5,087		321,295
				732,605
Semiconductor Equipment — 7.7%
Brooks Automation, Inc.		3,441		286,154
KLA Corp.		1,419		441,635
MKS Instruments, Inc. (2)		1,668		275,053
SolarEdge Technologies, Inc. (1)(2)		678		202,254
Teradyne, Inc. (2)		4,081		524,858
				1,729,954
Semiconductors — 1.5%
ON Semiconductor Corp. (1)		8,626		347,369
Systems Software — 4.0%
CommVault Systems, Inc. (1)		4,689		298,830
Proofpoint, Inc. (1)		2,678		323,824
Qualys, Inc. (1)(2)		2,839		275,837
				898,491
Technology Distributors — 1.0%
CDW Corp.		1,485		232,981
Total Information Technology				8,959,617

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

12

BMO Funds

Mid-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Real Estate — 0.9%
Residential REIT’s — 0.9%
Equity LifeStyle Properties, Inc.		3,444	$	212,323
Total Common Stocks (identified cost $15,476,727)				22,113,464
Short-Term Investments — 26.4%
Collateral Pool Investments for Securities on Loan — 24.4%
Collateral pool allocation (4)				5,512,750
Mutual Funds — 2.0%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		462,454		462,454
Total Short-Term Investments (identified cost $5,975,204)				5,975,204
Total Investments — 124.3% (identified cost $21,451,931)				28,088,668
Other Assets and Liabilities — (24.3)%				(5,498,747	)
Total Net Assets — 100.0%			$	22,589,921

Small-Cap Value Fund

Description	Shares		Value
Common Stocks — 98.6%
Communication Services — 1.5%
Broadcasting — 1.0%
Tegna Inc.		50,394	$	918,683
Cable & Satellite — 0.5%
MSG Networks, Inc., Class A (1)(2)		26,004		441,028
Total Communication Services				1,359,711
Consumer Discretionary — 14.5%
Apparel Retail — 1.7%
Caleres, Inc. (2)		26,841		425,698
Genesco, Inc. (1)		11,929		536,089
Zumiez, Inc. (1)(2)		13,106		590,819
				1,552,606
Apparel, Accessories & Luxury Goods — 0.6%
Movado Group, Inc. (2)		24,501		558,623
Auto Parts & Equipment — 3.0%
American Axle & Manufacturing Holdings, Inc. (1)(2)		56,082		547,921
Dana, Inc. (2)		48,298		1,149,976
Modine Manufacturing Co. (1)		20,345		282,185
Standard Motor Products, Inc.		7,820		328,518
Stoneridge, Inc. (1)(2)		16,699		511,991
				2,820,591
Broadcasting — 0.6%
Gray Television, Inc. (2)		29,110		528,346
Casinos & Gaming — 1.1%
Boyd Gaming Corp. (1)(2)		10,694		627,738
Golden Entertainment, Inc. (1)		17,710		418,487
				1,046,225
Consumer Electronics — 0.5%
Universal Electronics, Inc. (1)		7,941		462,087

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Education Services — 0.8%
Graham Holdings Co., Class B		1,238	$	743,828
Home Furnishings — 0.9%
La-Z-Boy, Inc. (2)		19,591		834,772
Homebuilding — 2.2%
Century Communities, Inc. (1)(2)		11,663		645,314
M/I Homes, Inc. (1)(2)		8,359		417,114
Meritage Homes Corp. (1)		5,951		501,729
TRI Pointe Homes, Inc. (1)		25,683		487,977
				2,052,134
Leisure Products — 0.4%
Johnson Outdoors, Inc., Class A		3,201		386,297
Restaurants — 0.8%
Del Taco Restaurants, Inc. (2)		25,486		255,880
Dine Brands Global, Inc. (1)(2)		5,831		461,290
				717,170
Specialty Stores — 1.4%
Hibbett Sports, Inc. (1)(2)		12,265		788,149
MarineMax, Inc. (1)(2)		11,556		515,975
				1,304,124
Tires & Rubber — 0.5%
Goodyear Tire & Rubber Co. (1)(2)		29,893		502,501
Total Consumer Discretionary				13,509,304
Consumer Staples — 1.7%
Food Distributors — 0.3%
SpartanNash Co. (2)		11,818		215,442
Household Products — 1.4%
Central Garden & Pet Co., Class A (1)		19,621		814,468
Spectrum Brands Holdings, Inc.		6,546		507,642
				1,322,110
Total Consumer Staples				1,537,552
Energy — 4.0%
Oil & Gas-Equipment & Services — 1.8%
Matrix Service Co. (1)(2)		29,957		406,516
ProPetro Holding Corp. (1)(2)		58,497		670,961
Select Energy Services, Inc., Class A (1)(2)		45,950		290,404
Solaris Oilfield Infrastructure, Inc., Class A		30,510		360,323
				1,728,204
Oil & Gas-Exploration & Production — 0.6%
Penn Virginia Corp. (1)(2)		39,011		571,121
Oil & Gas-Refining & Marketing — 1.6%
Renewable Energy Group, Inc. (1)		8,484		659,801
World Fuel Services Corp.		25,953		806,619
				1,466,420
Total Energy				3,765,745
Financials — 27.2%
Asset Management & Custody Banks — 0.4%
Federated Hermes, Inc., Class B		13,981		373,572
Consumer Finance — 0.9%
Encore Capital Group, Inc. (1)(2)		9,387		313,713
Nelnet, Inc., Class A (2)		7,531		546,751
				860,464

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

13

February 28, 2021 (Unaudited)

Schedules of Investments

Small-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Financials (continued)
Investment Banking & Brokerage — 3.8%
Cowen, Inc., Class A (2)		19,849	$	671,889
Evercore, Inc., Class A (2)		5,726		685,803
Oppenheimer Holdings, Inc., Class A (2)		6,880		260,752
Stifel Financial Corp. (2)		21,542		1,315,786
StoneX Group, Inc. (1)(2)		5,541		319,660
Virtu Financial, Inc., Class A		12,108		330,185
				3,584,075
Property & Casualty Insurance — 1.9%
AMERISAFE, Inc.		8,251		482,849
Employers Holdings, Inc. (2)		16,629		553,579
ProAssurance Corp. (2)		30,650		758,587
				1,795,015
Regional Banks — 15.5%
1st Source Corp. (2)		7,050		312,808
Associated Banc-Corp		36,417		733,803
Bancorp, Inc. (1)		41,265		836,442
Banner Corp. (2)		14,318		741,386
Cadence BanCorp		35,648		731,497
Cathay General Bancorp (2)		27,907		1,050,419
Central Pacific Financial Corp.		24,044		544,116
Community Trust Bancorp, Inc. (2)		5,584		228,162
Financial Institutions, Inc. (2)		6,979		191,085
First Bancorp/Southern Pines NC		10,104		406,888
First Commonwealth Financial Corp. (2)		62,448		837,428
First Merchants Corp. (2)		20,291		853,237
Great Southern Bancorp, Inc.		2,954		155,942
Great Western Bancorp, Inc.		27,637		741,501
Hancock Whitney Corp. (2)		19,961		753,528
Heartland Financial USA, Inc. (2)		6,233		291,330
Hilltop Holdings, Inc. (2)		22,108		730,448
Independent Bank Corp.		13,705		283,282
International Bancshares Corp. (2)		21,081		918,710
Lakeland Bancorp, Inc. (2)		11,196		175,553
Peapack Gladstone Financial Corp. (2)		7,547		207,618
Preferred Bank		7,252		420,253
QCR Holdings, Inc.		4,434		183,568
TriCo Bancshares (2)		4,876		210,009
Trustmark Corp. (2)		25,110		757,318
Univest Financial Corp. (2)		9,368		235,605
Wintrust Financial Corp. (2)		11,801		869,262
				14,401,198
Thrifts & Mortgage Finance — 4.7%
Axos Financial, Inc. (1)		16,778		776,318
Essent Group, Ltd.		9,380		386,737
Flagstar Bancorp, Inc.		13,599		590,061
HomeStreet, Inc.		13,088		562,261
NMI Holdings, Inc., Class A (1)(2)		22,277		509,252
TrustCo Bank Corp.		41,234		283,690
Washington Federal, Inc.		15,265		461,308
WSFS Financial Corp.		14,371		763,675
				4,333,302
Total Financials				25,347,626
Healthcare — 5.3%
Biotechnology — 1.5%
Alkermes PLC (1)(2)		18,806		358,066
Coherus Biosciences, Inc. (1)		15,826		257,014

Description	Shares		Value
Common Stocks (continued)
Healthcare (continued)
Biotechnology (continued)
Vericel Corp. (1)(2)		16,069	$	775,812
				1,390,892
Healthcare Equipment — 2.3%
AngioDynamics, Inc. (1)		22,839		478,477
CONMED Corp.		5,804		714,240
Integer Holdings Corp. (1)(2)		5,668		499,861
Orthofix Medical, Inc. (1)		10,805		502,541
				2,195,119
Healthcare Facilities — 0.3%
Hanger, Inc. (1)(2)		11,409		250,770
Healthcare Technology — 0.8%
Computer Programs & Systems, Inc. (2)		14,745		463,730
HealthStream, Inc. (1)		12,918		300,989
				764,719
Life Sciences Tools & Services — 0.4%
Luminex Corp. (2)		10,338		336,192
Total Healthcare				4,937,692
Industrials — 19.5%
Air Freight & Logistics — 0.8%
Echo Global Logistics, Inc. (1)		10,274		286,234
Hub Group, Inc., Class A (1)		7,613		438,356
				724,590
Building Products — 1.2%
Masonite International Corp. (1)(2)		5,020		550,795
Quanex Building Products Corp.		21,783		529,980
				1,080,775
Construction & Engineering — 3.6%
EMCOR Group, Inc.		10,157		988,987
MYR Group, Inc. (1)(2)		8,528		502,726
Northwest Pipe Co. (1)(2)		7,911		269,211
Primoris Services Corp. (2)		25,085		839,595
Valmont Industries, Inc.		3,127		739,629
				3,340,148
Construction Machinery & Heavy Trucks — 0.8%
Astec Industries, Inc.		8,282		562,514
Miller Industries, Inc.		5,477		216,177
				778,691
Electrical Components & Equipment — 0.6%
Regal Beloit Corp.		3,796		518,800
Environmental & Facilities Services — 0.6%
Clean Harbors, Inc. (1)		6,888		586,513
Human Resource & Employment Services — 1.8%
Heidrick & Struggles International, Inc. (2)		6,676		239,602
Korn Ferry		12,748		784,639
TrueBlue, Inc. (1)(2)		30,765		640,835
				1,665,076
Industrial Machinery — 2.6%
Columbus McKinnon Corp. (2)		12,509		629,703
Crane Co.		7,824		656,121
Lydall, Inc. (1)(2)		15,920		554,493
Mueller Industries, Inc.		13,625		553,720
				2,394,037

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

14

BMO Funds

Small-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Industrials (continued)
Office Services & Supplies — 1.4%
Interface, Inc. (2)		26,457	$	328,596
Kimball International, Inc., Class B (2)		23,627		305,734
Steelcase, Inc., Class A		49,278		686,935
				1,321,265
Research & Consulting Services — 0.6%
Huron Consulting Group, Inc. (1)		10,608		539,947
Trading Companies & Distributors — 3.1%
Applied Industrial Technologies, Inc.		7,684		655,983
DXP Enterprises, Inc. (1)(2)		11,560		347,262
H&E Equipment Services, Inc. (2)		19,334		598,001
Herc Holdings, Inc. (1)(2)		5,751		504,708
NOW, Inc. (1)		76,465		812,823
				2,918,777
Trucking — 2.4%
ArcBest Corp. (2)		14,880		877,771
Covenant Logistics Group, Inc., Class A (1)(2)		11,099		201,780
Ryder System, Inc.		5,571		377,547
Schneider National, Inc., Class B		19,416		449,092
Werner Enterprises, Inc.		8,383		359,798
				2,265,988
Total Industrials				18,134,607
Information Technology — 7.6%
Application Software — 0.6%
Cognyte Software, Ltd. (1)		7,378		213,003
Verint Systems, Inc. (1)(2)		7,378		363,662
				576,665
Communications Equipment — 0.5%
Digi International, Inc. (1)		19,445		454,235
Electronic Components — 1.4%
Knowles Corp. (1)(2)		15,982		332,266
Vishay Intertechnology, Inc. (2)		41,215		983,802
				1,316,068
Electronic Equipment & Instruments — 0.2%
Vishay Precision Group, Inc. (1)		6,398		206,783
Electronic Manufacturing Services — 1.9%
Fabrinet (1)(2)		7,200		635,976
Plexus Corp. (1)		8,022		673,688
Sanmina Corp. (1)		13,060		465,197
				1,774,861
Semiconductor Equipment — 2.4%
Amkor Technology, Inc. (2)		51,523		1,230,885
Onto Innovation, Inc. (1)		1		62
Photronics, Inc. (1)		53,744		640,091
Ultra Clean Holdings, Inc. (1)		7,900		366,402
				2,237,440
Semiconductors — 0.6%
Diodes, Inc. (1)(2)		6,847		537,626
Total Information Technology				7,103,678
Materials — 6.4%
Commodity Chemicals — 2.8%
Hawkins, Inc. (2)		3,931		246,081
Koppers Holdings, Inc. (1)		19,402		648,221

Description	Shares		Value
Common Stocks (continued)
Materials (continued)
Commodity Chemicals (continued)
Orion Engineered Carbons SA (1)		41,808	$	740,001
Tronox Holdings PLC		51,025		935,798
				2,570,101
Construction Materials — 1.0%
US Concrete, Inc. (1)(2)		17,706		911,151
Forest Products — 0.8%
Boise Cascade Co.		14,902		744,206
Specialty Chemicals — 0.2%
FutureFuel Corp.		14,222		208,779
Steel — 1.6%
Carpenter Technology Corp. (2)		17,497		711,428
Schnitzer Steel Industries, Inc., Class A (2)		22,737		785,336
				1,496,764
Total Materials				5,931,001
Real Estate — 9.1%
Diversified REIT’s — 1.5%
Alexander & Baldwin, Inc. (1)		18,344		320,470
Gladstone Commercial Corp. (2)		11,341		211,850
Lexington Realty Trust		84,753		908,552
				1,440,872
Healthcare REIT’s — 1.4%
Healthcare Realty Trust, Inc.		18,607		536,998
Sabra Health Care REIT, Inc. (2)		42,849		737,860
				1,274,858
Industrial REIT’s — 2.3%
EastGroup Properties, Inc.		2,933		399,211
First Industrial Realty Trust, Inc.		17,047		728,077
STAG Industrial, Inc.		30,696		968,459
				2,095,747
Office REIT’s — 0.8%
Piedmont Office Realty Trust, Inc., Class A (2)		45,800		781,348
Real Estate Services — 0.4%
Newmark Group, Inc., Class A (2)		41,811		418,946
Residential REIT’s — 0.3%
UMH Properties, Inc.		13,767		235,002
Retail REIT’s — 1.3%
Getty Realty Corp. (2)		16,959		474,513
SITE Centers Corp.		18,906		252,206
Tanger Factory Outlet Centers, Inc. (2)		29,230		460,080
				1,186,799
Specialized REIT’s — 1.1%
National Storage Affiliates Trust		14,070		542,398
PotlatchDeltic Corp.		8,722		442,642
				985,040
Total Real Estate				8,418,612
Utilities — 1.8%
Electric Utilities — 0.7%
Portland General Electric Co. (2)		15,592		657,359
Gas Utilities — 0.4%
Southwest Gas Holdings, Inc. (1)(2)		6,112		381,083

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

15

February 28, 2021 (Unaudited)

Schedules of Investments

Small-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Utilities (continued)
Independent Power Producers & Energy Traders — 0.4%
Clearway Energy, Inc., Class C (2)		13,395	$	367,827
Multi-Utilities — 0.3%
Unitil Corp. (2)		6,399		267,734
Total Utilities				1,674,003
Total Common Stocks (identified cost $72,732,099)				91,719,531
Short-Term Investments — 17.4%
Collateral Pool Investments for Securities on Loan — 16.1%
Collateral pool allocation (4)				14,959,701
Mutual Funds — 1.3%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		1,224,144		1,224,144
Total Short-Term Investments (identified cost $16,183,845)				16,183,845
Total Investments — 116.0% (identified cost $88,915,944)				107,903,376
Other Assets and Liabilities — (16.0)%				(14,867,709	)
Total Net Assets — 100.0%			$	93,035,667

Small-Cap Growth Fund

Description	Shares		Value
Common Stocks — 98.3%
Communication Services — 1.3%
Advertising — 1.3%
TechTarget, Inc. (1)(2)		17,726	$	1,482,425
Consumer Discretionary — 13.1%
Auto Parts & Equipment — 0.9%
Gentherm, Inc. (1)		15,083		1,067,725
Casinos & Gaming — 0.9%
Golden Entertainment, Inc. (1)(2)		42,288		999,265
Consumer Electronics — 1.7%
Sonos, Inc. (1)(2)		51,370		2,000,348
Footwear — 2.9%
Crocs, Inc. (1)(2)		18,568		1,424,537
Deckers Outdoor Corp. (1)		3,707		1,208,890
Steven Madden, Ltd. (2)		21,673		801,684
				3,435,111
Homebuilding — 1.1%
Skyline Champion Corp. (1)		29,523		1,306,393
Homefurnishing Retail — 1.8%
Sleep Number Corp. (1)(2)		15,507		2,126,475
Internet & Direct Marketing Retail — 2.2%
CarParts.com, Inc. (1)(2)		59,151		1,048,747
Shutterstock, Inc. (2)		17,068		1,505,910
				2,554,657
Leisure Products — 0.9%
YETI Holdings, Inc. (1)		16,149		1,110,567

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Restaurants — 0.7%
Wingstop, Inc.		5,701	$	776,191
Total Consumer Discretionary				15,376,732
Consumer Staples — 2.7%
Food Retail — 0.7%
Sprouts Farmers Market, Inc. (1)		36,249		765,216
Household Products — 0.8%
Central Garden & Pet Co., Class A (1)(2)		23,058		957,138
Packaged Foods & Meats — 1.2%
Freshpet, Inc. (1)(2)		8,973		1,398,711
Total Consumer Staples				3,121,065
Energy — 1.1%
Oil & Gas-Refining & Marketing — 1.1%
Renewable Energy Group, Inc. (1)(2)		17,236		1,340,444
Financials — 1.5%
Property & Casualty Insurance — 1.5%
AMERISAFE, Inc. (2)		12,706		743,555
Kinsale Capital Group, Inc.		5,678		999,669
Total Financials				1,743,224
Healthcare — 34.9%
Biotechnology — 17.0%
ACADIA Pharmaceuticals, Inc. (1)		14,908		730,045
Agios Pharmaceuticals, Inc. (1)(2)		17,006		806,765
Albireo Pharma, Inc. (1)(2)		18,882		658,226
Aldeyra Therapeutics, Inc. (1)(2)		76,041		932,263
Amicus Therapeutics, Inc. (1)(2)		43,142		529,784
Atara Biotherapeutics, Inc. (1)(2)		48,548		814,635
Castle Biosciences, Inc. (1)(2)		15,840		1,205,107
Coherus Biosciences, Inc. (1)(2)		44,361		720,423
Deciphera Pharmaceuticals, Inc. (1)(2)		12,477		546,243
Dicerna Pharmaceuticals, Inc. (1)(2)		31,763		856,966
Frequency Therapeutics, Inc. (1)(2)		31,155		1,533,138
Halozyme Therapeutics, Inc. (1)(2)		33,301		1,506,870
Natera, Inc. (1)(2)		11,720		1,360,575
Protagonist Therapeutics, Inc. (1)(2)		40,160		946,571
PTC Therapeutics, Inc. (1)(2)		16,855		962,420
Puma Biotechnology, Inc. (1)(2)		58,942		587,062
Radius Health, Inc. (1)(2)		40,017		744,716
Sangamo Therapeutics, Inc. (1)(2)		67,153		771,588
Travere Therapeutics, Inc. (1)		34,116		1,051,455
Vericel Corp. (1)(2)		36,647		1,769,317
Xencor, Inc. (1)(2)		18,902		931,302
				19,965,471
Healthcare Equipment — 5.2%
AtriCure, Inc. (1)(2)		17,825		1,163,438
Axogen, Inc. (1)(2)		60,249		1,331,503
Cardiovascular Systems, Inc. (1)(2)		21,697		896,086
iRhythm Technologies, Inc. (1)(2)		4,817		775,055
NuVasive, Inc. (1)		19,520		1,177,641
Tandem Diabetes Care, Inc. (1)(2)		8,116		779,055
				6,122,778
Healthcare Facilities — 0.9%
Select Medical Holdings Corp. (1)(2)		34,772		1,100,534
Healthcare Services — 2.2%
Option Care Health, Inc. (1)		60,546		1,161,878
R1 RCM, Inc. (1)(2)		51,216		1,415,610
				2,577,488

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

16

BMO Funds

Small-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Healthcare (continued)
Healthcare Supplies — 2.4%
BioLife Solutions, Inc. (1)(2)		25,941	$	1,017,665
Neogen Corp. (1)(2)		11,619		951,829
SI-BONE, Inc. (1)(2)		27,070		849,727
				2,819,221
Healthcare Technology — 2.9%
Inovalon Holdings, Inc., Class A (1)		36,824		904,397
Omnicell, Inc. (1)(2)		7,473		948,324
Phreesia, Inc. (1)(2)		24,363		1,492,234
				3,344,955
Life Sciences Tools & Services — 3.6%
Medpace Holdings, Inc. (1)		9,309		1,512,061
NeoGenomics, Inc. (1)(2)		23,916		1,218,998
Quanterix Corp. (1)		19,461		1,474,171
				4,205,230
Pharmaceuticals — 0.7%
Collegium Pharmaceutical, Inc. (1)(2)		35,730		842,871
Total Healthcare				40,978,548
Industrials — 14.8%
Air Freight & Logistics — 1.4%
Echo Global Logistics, Inc. (1)(2)		24,895		693,575
Hub Group, Inc., Class A (1)(2)		15,276		879,592
				1,573,167
Building Products — 1.7%
CSW Industrials, Inc. (2)		8,192		1,028,669
Gibraltar Industries, Inc. (1)(2)		11,531		1,007,233
				2,035,902
Construction & Engineering — 1.6%
Arcosa, Inc.		16,897		958,567
EMCOR Group, Inc. (2)		9,631		937,770
				1,896,337
Construction Machinery & Heavy Trucks — 0.7%
Astec Industries, Inc. (2)		12,200		828,624
Electrical Components & Equipment — 0.6%
American Superconductor Corp. (1)(2)		30,675		729,758
Environmental & Facilities Services — 0.9%
Covanta Holding Corp. (2)		74,113		1,041,288
Industrial Machinery — 4.1%
Evoqua Water Technologies Corp. (1)(2)		35,053		860,551
Mueller Industries, Inc. (2)		27,428		1,114,674
Mueller Water Products, Inc., Class A		67,322		867,781
Tennant Co. (2)		12,274		935,279
Watts Water Technologies, Inc., Class A		9,137		1,042,440
				4,820,725
Research & Consulting Services — 1.9%
Huron Consulting Group, Inc. (1)(2)		20,507		1,043,806
ICF International, Inc. (2)		13,384		1,116,895
				2,160,701
Trading Companies & Distributors — 1.9%
Applied Industrial Technologies, Inc. (2)		11,186		954,949
NOW, Inc. (1)		117,528		1,249,323
				2,204,272
Total Industrials				17,290,774

Description	Shares		Value
Common Stocks (continued)
Information Technology — 22.8%
Application Software — 7.6%
2U, Inc. (1)		24,983	$	990,076
Avaya Holdings Corp. (1)(2)		45,913		1,362,239
Blackline, Inc. (1)(2)		7,443		923,081
ChannelAdvisor Corp. (1)(2)		50,955		1,151,583
Cognyte Software, Ltd. (1)		13,648		394,018
Mitek Systems, Inc. (1)(2)		55,419		846,802
SPS Commerce, Inc. (1)		12,442		1,253,283
Verint Systems, Inc. (1)(2)		13,648		672,710
Workiva, Inc. (1)(2)		13,074		1,322,435
				8,916,227
Communications Equipment — 0.7%
Viavi Solutions, Inc. (1)(2)		47,029		761,164
Data Processing & Outsourced Services — 1.8%
ExlService Holdings, Inc. (1)		9,759		825,806
TTEC Holdings, Inc.		15,433		1,298,533
				2,124,339
Electronic Components — 1.1%
Rogers Corp. (1)(2)		7,150		1,297,582
Electronic Manufacturing Services — 1.4%
Plexus Corp. (1)(2)		10,372		871,040
TTM Technologies, Inc. (1)(2)		56,155		792,909
				1,663,949
Internet Software & Services — 0.9%
Quotient Technology, Inc. (1)(2)		82,257		1,103,889
IT Consulting & Other Services — 0.9%
LiveRamp Holdings, Inc. (1)(2)		16,384		1,034,813
Semiconductor Equipment — 4.4%
Advanced Energy Industries, Inc.		10,041		1,048,782
Brooks Automation, Inc. (2)		11,549		960,415
Cohu, Inc. (1)(2)		24,829		1,078,820
FormFactor, Inc. (1)		26,418		1,198,585
Photronics, Inc. (1)		73,556		876,052
				5,162,654
Semiconductors — 2.2%
Silicon Laboratories, Inc. (1)		7,811		1,216,485
Synaptics, Inc. (1)(2)		10,288		1,378,901
				2,595,386
Systems Software — 1.8%
CommVault Systems, Inc. (1)(2)		17,907		1,141,213
Tenable Holdings, Inc. (1)		23,881		976,972
				2,118,185
Total Information Technology				26,778,188
Materials — 3.0%
Construction Materials — 2.0%
Forterra, Inc. (1)(2)		47,643		1,108,652
Summit Materials, Inc., Class A (1)(2)		47,039		1,303,451
				2,412,103
Diversified Metals & Mining — 1.0%
Materion Corp. (2)		16,757		1,147,520
Total Materials				3,559,623
Real Estate — 2.4%
Industrial REIT’s — 1.4%
EastGroup Properties, Inc.		6,216		846,060
STAG Industrial, Inc.		27,536		868,761
				1,714,821

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

17

February 28, 2021 (Unaudited)

Schedules of Investments

Small-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Real Estate (continued)
Specialized REIT’s — 1.0%
QTS Realty Trust, Inc., Class A (2)		18,199	$	1,130,522
Total Real Estate				2,845,343
Utilities — 0.7%
Renewable Electricity — 0.7%
Ormat Technologies, Inc. (2)		8,931		765,119
Total Common Stocks (identified cost $74,350,534)				115,281,485
Short-Term Investments — 25.7%
Collateral Pool Investments for Securities on Loan — 25.3%
Collateral pool allocation (4)				29,650,010
Mutual Funds — 0.4%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		468,209		468,209
Total Short-Term Investments (identified cost $30,118,219)				30,118,219
Total Investments — 124.0% (identified cost $104,468,753)				145,399,704
Other Assets and Liabilities — (24.0)%				(28,127,871	)
Total Net Assets — 100.0%			$	117,271,833

Global Low Volatility Equity Fund

Description	Shares or Units		Value
Common Stocks — 98.5%
Belgium — 1.1%
Etablissements Franz Colruyt NV		228	$	13,656
Telenet Group Holding NV		423		16,863
UCB SA		153		15,218
				45,737
Bermuda — 1.3%
Enstar Group, Ltd. (1)		84		17,858
Kerry Logistics Network, Ltd.		12,500		36,421
				54,279
Canada — 8.8%
BCE, Inc.		1,120		47,903
Cogeco Communications, Inc.		447		40,418
George Weston, Ltd.		574		42,159
Granite Real Estate Investment Trust		710		40,672
Hydro One, Ltd. (5)		920		19,533
Kirkland Lake Gold, Ltd.		568		18,576
Loblaw Cos., Ltd.		592		28,530
Premium Brands Holdings Corp. (2)		260		21,046
Quebecor, Inc., Class B		2,845		73,551
Rogers Communications, Inc., Class B		342		14,816
Stella-Jones, Inc.		900		32,539
				379,743
Cayman Islands — 3.8%
China Feihe, Ltd. (5)		22,000		60,273
Tencent Holdings, Ltd.		1,200		102,495
				162,768

Description	Shares or Units		Value
Common Stocks (continued)
China — 0.8%
Agricultural Bank of China, Ltd., Class H		55,000	$	19,996
China Minsheng Banking Corp., Ltd., Class H		22,600		13,491
				33,487
France — 0.7%
Sanofi		316		28,900
Germany — 0.8%
Merck KGaA		130		21,104
Talanx AG (1)		301		12,515
				33,619
Hong Kong — 3.9%
CLP Holdings, Ltd.		5,000		48,766
HK Electric Investments & HK Electric Investments, Ltd.		42,000		41,153
HKT Trust & HKT, Ltd.		31,000		42,125
Hong Kong Exchanges & Clearing, Ltd.		300		18,302
Sun Art Retail Group, Ltd. (2)		22,000		19,003
				169,349
Hungary — 0.3%
Magyar Telekom Telecommunications PLC		8,989		12,206
Israel — 1.0%
Bank Leumi Le-Israel BM		4,074		24,923
Strauss Group, Ltd.		661		17,749
				42,672
Italy — 4.1%
A2A SpA		15,693		26,404
Enel SpA		10,834		102,535
Iren SpA		19,595		48,561
				177,500
Japan — 14.9%
Bridgestone Corp.		300		11,711
Chubu Electric Power Co., Inc.		4,700		57,651
DCM Holdings Co., Ltd.		1,600		15,806
FUJIFILM Holdings Corp.		300		17,083
Geo Holdings Corp.		2,000		22,440
Hogy Medical Co., Ltd.		300		8,570
KDDI Corp.		2,300		70,988
MEIJI Holdings Co., Ltd.		300		19,025
Mitsui Sugar Co., Ltd.		600		10,582
Morinaga Milk Industry Co., Ltd.		500		22,750
Nihon Kohden Corp.		500		13,551
Nippon Telegraph & Telephone Corp.		1,500		38,811
Paramount Bed Holdings Co., Ltd.		400		15,854
Seria Co., Ltd.		2,200		70,069
Sugi Holdings Co., Ltd. (2)		400		27,844
Sundrug Co., Ltd.		2,300		86,308
Suzuken Co., Ltd.		400		15,235
TIS, Inc.		800		16,616
Towa Pharmaceutical Co., Ltd.		800		15,731
Tsumura & Co.		800		25,104
Valor Holdings Co., Ltd.		700		14,782
Vital KSK Holdings, Inc.		1,100		8,090
Yakult Honsha Co., Ltd.		500		24,720
Yaoko Co., Ltd. (2)		200		12,252
				641,573
Mexico — 1.3%
Arca Continental SAB de C.V.		6,400		29,108
Qualitas Controladora SAB de C.V. (2)		4,700		25,507
				54,615

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

18

BMO Funds

Global Low Volatility Equity Fund (continued)

Description	Shares or Units		Value
Common Stocks (continued)
Netherlands — 3.3%
Flow Traders (5)		1,943	$	79,191
Koninklijke Ahold Delhaize NV		1,352		35,627
Pharming Group NV (1)(2)		19,413		25,765
				140,583
New Zealand — 2.6%
Fisher & Paykel Healthcare Corp., Ltd.		3,170		66,997
Spark New Zealand, Ltd.		13,442		44,580
				111,577
Philippines — 2.6%
Globe Telecom, Inc.		455		18,999
International Container Terminal Services, Inc.		12,800		31,631
Manila Electric Co.		5,720		31,948
PLDT, Inc.		1,160		30,793
				113,371
Singapore — 3.7%
Mapletree Industrial Trust		6,600		13,167
NetLink NBN Trust		111,100		79,155
Sheng Siong Group, Ltd.		28,800		33,694
Singapore Exchange, Ltd.		4,300		32,216
				158,232
South Korea — 0.2%
NHN KCP Corp.		218		9,013
Spain — 0.7%
Red Electrica Corp. SA		1,764		29,510
Switzerland — 5.0%
Bachem Holding AG		29		10,967
Nestle SA		753		78,640
Novartis AG		365		31,374
Roche Holding AG		233		76,318
Sonova Holding AG (1)		74		18,938
				216,237
Taiwan — 5.8%
Coretronic Corp.		14,000		24,127
Far EasTone Telecommunications Co., Ltd.		30,000		66,565
Fubon Financial Holding Co., Ltd.		30,000		53,747
Great Wall Enterprise Co., Ltd.		13,200		23,696
Lite-On Technology Corp.		10,000		21,327
Taichung Commercial Bank Co., Ltd.		50,196		20,005
Taiwan Secom Co., Ltd.		4,075		12,787
Tripod Technology Corp.		3,000		14,918
Uni-President Enterprises Corp.		6,000		14,476
				251,648
United Kingdom — 2.8%
Assura PLC		38,750		40,220
AstraZeneca PLC		239		23,125
SSE PLC		3,150		58,127
				121,472
United States — 29.0%
Allstate Corp.		872		92,955
Atrion Corp.		30		18,747
AutoZone, Inc. (1)		26		30,158
Clearway Energy, Inc., Class C		652		17,904
CMS Energy Corp.		675		36,524
Danaher Corp.		130		28,557
Eli Lilly and Co.		248		50,813
Equity LifeStyle Properties, Inc.		1,239		76,384
Extra Space Storage, Inc.		227		28,534

Description	Shares or Units		Value
Common Stocks (continued)
United States (continued)
Getty Realty Corp.		1,046	$	29,267
Globus Medical, Inc., Class A (1)		324		20,250
Hershey Co.		146		21,265
Home Depot, Inc.		57		14,725
Horizon Therapeutics PLC (1)		153		13,909
Kroger Co.		2,581		83,134
Merck & Co., Inc.		1,133		82,278
Moody’s Corp.		98		26,939
PepsiCo, Inc.		529		68,342
Pfizer, Inc.		1,834		61,421
Portland General Electric Co.		982		41,401
Progressive Corp.		218		18,737
S&P Global, Inc.		68		22,397
Safety Insurance Group, Inc.		296		23,408
Sprouts Farmers Market, Inc. (1)		2,289		48,321
Target Corp.		324		59,435
Teladoc Health, Inc. (1)		64		14,150
Verizon Communications, Inc.		1,302		72,001
Vocera Communications, Inc. (1)		373		15,979
Walmart, Inc.		672		87,306
Weis Markets, Inc.		485		25,923
Zoetis, Inc.		96		14,903
				1,246,067
Total Common Stocks (identified cost $3,699,698)				4,234,158
Short-Term Investments — 4.1%
Collateral Investment for Securities on Loan — 2.9%
BMO Government Money Market Fund — Premier Class, 0.010% (3)(4)		124,774		124,774
Mutual Funds — 1.2%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		51,194		51,194
Total Short-Term Investments (identified cost $175,968)				175,968
Total Investments — 102.6% (identified cost $3,875,666)				4,410,126
Other Assets and Liabilities — (2.6)%				(110,041	)
Total Net Assets — 100.0%			$	4,300,085

Industry	Value		% of Total Net Assets
Agriculture	$	23,696		0.6	%
Auto Parts & Equipment		11,711		0.3
Banks		78,415		1.9
Beverages		97,450		2.3
Biotechnology		36,732		0.9
Building Materials		32,539		0.8
Commercial Services		116,194		2.6
Computers		46,319		1.1
Diversified Financial Services		183,456		4.3
Electric		560,017		13.2
Electronics		39,045		0.9
Food		607,972		13.9
Healthcare-Products		191,464		4.5
Healthcare-Services		14,150		0.3
Insurance		190,980		4.4
Internet		102,495		2.4
Media		130,832		3.0
Mining		18,576		0.4
Office/Business Equipment		17,083		0.4
Pharmaceuticals		483,523		11.4
Real Estate Investment Trusts		228,244		5.3

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

19

February 28, 2021 (Unaudited)

Schedules of Investments

Global Low Volatility Equity Fund (continued)

Industry	Value			% of Total Net Assets
Retail	$	431,286			9.9	%
Software		16,616			0.4
Telecommunications		538,942			12.4
Transportation		36,421			0.9
Total Common Stocks		4,234,158			98.5
Collateral Investment for Securities on Loan		124,774			2.9
Mutual Funds		51,194			1.2
Total Investments		4,410,126			102.6
Other Assets and Liabilities		(110,041	)		(2.6	)
Net Assets	$	4,300,085			100.0	%

Disciplined International Equity Fund

Description	Shares or Units		Value
Common Stocks — 97.3%
Australia — 8.8%
BHP Group, Ltd.		32,381	$	1,224,101
Brambles, Ltd.		28,775		219,195
CSL, Ltd.		2,832		572,205
Rio Tinto PLC		14,492		1,249,171
Santos, Ltd.		70,905		394,454
				3,659,126
China — 1.7%
UBS Group AG		46,397		719,175
Denmark — 2.4%
Carlsberg A/S, Class B		3,950		621,674
Novo Nordisk A/S, Class B		2,562		182,053
Pandora A/S		2,259		219,771
				1,023,498
Finland — 1.7%
UPM-Kymmene OYJ		8,607		328,159
Valmet OYJ		11,949		401,083
				729,242
France — 6.2%
Arkema SA		1,110		122,543
Cie de Saint-Gobain		11,541		618,540
Eiffage SA		4,996		513,338
Sanofi		4,193		383,477
Sartorius Stedim Biotech		1,556		679,616
Schneider Electric SE		1,857		275,254
				2,592,768
Germany — 5.1%
Allianz SE		3,924		945,954
Brenntag AG		2,303		178,558
Deutsche Boerse AG		1,049		171,562
Deutsche Post AG		7,784		385,627
SAP SE		2,870		353,413
Symrise AG		655		76,437
				2,111,551
Hong Kong — 0.5%
WH Group, Ltd. (5)		237,000		212,664
Italy — 4.9%
A2A SpA		311,045		523,344
Azimut Holding SpA		5,011		114,935
Enel SpA		117,108		1,108,331
Eni SpA		26,543		303,666
				2,050,276

Description	Shares or Units		Value
Common Stocks (continued)
Japan — 23.0%
AGC, Inc.		6,700	$	245,133
Alfresa Holdings Corp.		10,000		192,692
Astellas Pharma, Inc.		13,000		204,156
Brother Industries, Ltd.		16,800		329,869
Chubu Electric Power Co., Inc.		34,000		417,046
Daito Trust Construction Co., Ltd.		2,500		276,983
Daiwa House Industry Co., Ltd.		27,100		763,463
Fujitsu, Ltd.		4,100		590,797
Hitachi, Ltd.		24,600		1,125,284
KDDI Corp.		14,100		435,189
K’s Holdings Corp.		20,400		273,480
MEIJI Holdings Co., Ltd.		3,000		190,253
Nichias Corp.		5,100		118,990
Obayashi Corp.		72,800		623,541
ORIX Corp.		22,100		373,499
Sekisui Chemical Co., Ltd.		18,600		330,663
Sekisui House, Ltd.		26,600		498,337
Seven & i Holdings Co., Ltd. (2)		9,200		348,425
Sony Corp.		3,800		396,416
Sumitomo Mitsui Financial Group, Inc. (2)		12,100		424,769
Taiheiyo Cement Corp.		10,700		266,208
TIS, Inc.		11,500		238,857
Toyota Motor Corp.		5,500		406,224
USS Co., Ltd.		27,200		516,467
				9,586,741
Jersey — 1.2%
Ferguson PLC		4,241		498,210
Netherlands — 7.3%
AerCap Holdings NV (1)		7,061		340,199
ASM International NV		2,636		711,152
ING Groep NV		68,459		746,615
Koninklijke Ahold Delhaize NV		32,947		868,189
Koninklijke KPN NV		84,269		275,335
PostNL NV (1)		25,888		110,042
				3,051,532
New Zealand — 0.7%
Fisher & Paykel Healthcare Corp., Ltd.		13,200		278,977
Norway — 1.3%
Telenor ASA		24,556		396,919
Yara International ASA		2,917		140,154
				537,073
Singapore — 3.9%
DBS Group Holdings, Ltd.		42,800		855,101
Singapore Exchange, Ltd.		32,300		241,996
United Overseas Bank, Ltd.		29,600		547,868
				1,644,965
Spain — 1.7%
Endesa SA		18,478		458,155
Industria de Diseno Textil SA		7,048		232,238
				690,393
Sweden — 2.6%
Boliden AB		5,287		209,441
SKF AB, Class B		32,872		895,777
				1,105,218
Switzerland — 13.8%
Credit Suisse Group AG		73,697		1,063,347
Nestle SA		7,624		796,218
Novartis AG		10,934		939,844
Roche Holding AG		3,897		1,276,437
Sonova Holding AG (1)		2,527		646,717
TE Connectivity, Ltd.		7,947		1,033,348
				5,755,911

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

20

BMO Funds

Disciplined International Equity Fund (continued)

Description	Shares or Units		Value
Common Stocks (continued)
United Kingdom — 10.5%
AstraZeneca PLC		2,490	$	240,927
Avast PLC (5)		76,959		495,353
Berkeley Group Holdings PLC		5,928		334,733
Dialog Semiconductor PLC (1)		6,210		482,528
GlaxoSmithKline PLC		47,815		793,262
Kingfisher PLC (1)		136,777		505,740
Legal & General Group PLC		59,330		214,334
Persimmon PLC		4,963		179,084
Royal Mail PLC (1)		31,869		200,998
Tate & Lyle PLC		25,885		262,178
Unilever PLC		7,682		399,527
United Utilities Group PLC		21,633		258,955
				4,367,619
Total Common Stocks (identified cost $32,170,363)				40,614,939
Short-Term Investments — 4.0%
Collateral Investment for Securities on Loan — 1.9%
BMO Government Money Market Fund — Premier Class, 0.010% (3)(4)		804,140		804,140
Mutual Funds — 2.1%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		861,072		861,072
Total Short-Term Investments (identified cost $1,665,212)				1,665,212
Total Investments — 101.3% (identified cost $33,835,575)				42,280,151
Other Assets and Liabilities — (1.3)%				(561,398	)
Total Net Assets — 100.0%			$	41,718,753

Industry	Value		% of Total Net Assets
Auto Manufacturers	$	406,224		1.0	%
Banks		4,356,875		10.3
Beverages		621,674		1.5
Biotechnology		572,205		1.4
Building Materials		1,248,871		3.0
Chemicals		517,692		1.2
Commercial Services		219,195		0.5
Computers		1,086,150		2.6
Cosmetics/Personal Care		399,527		1.0
Distribution/Wholesale		498,210		1.2
Diversified Financial Services		901,992		2.2
Electric		2,506,876		6.0
Electrical Components & Equipment		605,123		1.5
Electronics		1,033,348		2.5
Engineering & Construction		1,136,879		2.7
Food		2,677,927		6.4
Forest Products & Paper		328,159		0.8
Healthcare-Products		1,605,310		3.8
Healthcare-Services		192,692		0.5
Home Builders		1,342,817		3.2
Home Furnishings		396,416		0.9
Insurance		1,160,288		2.8
Machinery-Construction & Mining		1,125,284		2.7
Machinery-Diversified		401,083		0.9
Metal Fabricate/Hardware		895,777		2.1
Mining		2,682,713		6.4
Oil & Gas		698,120		1.7
Pharmaceuticals		4,020,156		9.7
Real Estate		1,040,446		2.5

Industry	Value			% of Total Net Assets
Retail	$	1,747,696			4.2	%
Semiconductors		1,193,680			2.9
Software		592,270			1.5
Telecommunications		1,107,443			2.6
Transportation		696,667			1.7
Trucking & Leasing		340,199			0.8
Water		258,955			0.6
Total Common Stocks		40,614,939			97.3
Collateral Investment for Securities on Loan		804,140			1.9
Mutual Funds		861,072			2.1
Total Investments		42,280,151			101.3
Other Assets and Liabilities		(561,398	)		(1.3	)
Net Assets	$	41,718,753			100.0	%

Pyrford International Stock Fund

Description	Shares		Value
Common Stocks — 93.2%
Australia — 10.1%
Brambles, Ltd.		1,846,257	$	14,063,960
Computershare, Ltd. (2)		1,212,171		12,376,991
QBE Insurance Group, Ltd.		1,263,271		9,030,099
Rio Tinto, Ltd.		78,615		7,693,761
Woodside Petroleum, Ltd.		825,415		15,604,785
Woolworths Group, Ltd.		542,936		16,459,822
				75,229,418
Finland — 2.6%
Kone OYJ, Class B		81,960		6,534,578
Sampo OYJ, A Shares		282,679		12,575,122
				19,109,700
France — 7.2%
Air Liquide SA		94,757		14,256,841
Bureau Veritas SA (1)		412,922		11,154,951
Legrand SA		91,430		7,933,849
Rubis SCA		154,866		7,092,965
Sanofi		146,567		13,404,510
				53,843,116
Germany — 7.1%
Brenntag AG		154,525		11,980,778
Deutsche Post AG		206,906		10,250,323
Fielmann AG (1)		108,564		8,553,515
GEA Group AG		246,178		8,500,890
SAP SE		107,466		13,233,423
				52,518,929
Hong Kong — 4.7%
AIA Group, Ltd.		712,800		8,918,673
China Mobile, Ltd.		1,658,000		11,478,782
Power Assets Holdings, Ltd.		1,217,569		6,765,624
VTech Holdings, Ltd.		942,600		7,905,180
				35,068,259
Indonesia — 2.0%
Bank Rakyat Indonesia Persero Tbk PT		24,021,900		7,945,446
Telekomunikasi Indonesia Persero Tbk PT		29,520,800		7,235,084
				15,180,530
Japan — 13.4%
ABC-Mart, Inc. (2)		192,500		10,943,759
Japan Tobacco, Inc.		1,134,568		20,489,173
KDDI Corp.		580,300		17,910,662
Mitsubishi Electric Corp.		1,070,800		15,756,366

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

21

February 28, 2021 (Unaudited)

Schedules of Investments

Pyrford International Stock Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Japan (continued)
Nabtesco Corp.		151,600	$	6,428,369
Nihon Kohden Corp.		360,700		9,775,902
Sumitomo Rubber Industries, Ltd.		1,013,400		11,265,810
Toyota Tsusho Corp.		160,600		6,719,602
				99,289,643
Malaysia — 2.8%
Axiata Group Bhd		8,122,067		7,123,740
Malayan Banking Bhd		6,868,934		13,627,558
				20,751,298
Netherlands — 2.3%
Koninklijke Philips NV (1)		133,630		7,248,156
Koninklijke Vopak NV		200,646		9,564,958
				16,813,114
Norway — 1.7%
Telenor ASA		787,898		12,735,440
Singapore — 5.7%
ComfortDelGro Corp., Ltd.		8,206,900		9,909,336
Singapore Technologies Engineering, Ltd.		1,810,600		5,105,637
Singapore Telecommunications, Ltd.		7,784,000		13,718,614
United Overseas Bank, Ltd.		753,002		13,937,370
				42,670,957
Sweden — 1.4%
Assa Abloy AB, Class B		129,878		3,256,217
Atlas Copco AB, A Shares		64,330		3,672,887
Essity AB, Class B (2)		117,155		3,521,352
				10,450,456
Switzerland — 11.0%
Geberit AG		6,636		3,911,640
Givaudan SA		1,048		3,948,218
Nestle SA		195,024		20,367,482
Novartis AG		194,919		16,754,484
Roche Holding AG		57,416		18,806,241
Schindler Holding AG		14,958		4,081,323
SGS SA		1,599		4,561,540
Zurich Insurance Group AG		21,862		8,928,415
				81,359,343
Taiwan — 2.8%
Advantech Co., Ltd.		309,359		4,026,304
Chunghwa Telecom Co., Ltd.		1,922,000		7,556,198
Merida Industry Co., Ltd.		107,000		1,094,875
Taiwan Semiconductor Manufacturing Co., Ltd.		388,000		8,441,899
				21,119,276
United Kingdom — 18.4%
BP PLC		2,091,990		8,503,231
British American Tobacco PLC		352,952		12,222,018
Bunzl PLC		238,511		7,433,407
GlaxoSmithKline PLC		841,428		13,959,481
IMI PLC		336,464		6,136,090
Imperial Brands PLC		492,171		9,140,282
Legal & General Group PLC		4,091,153		14,779,567
National Grid PLC		1,089,063		12,235,367
Reckitt Benckiser Group PLC		129,915		10,859,855
Royal Dutch Shell PLC, A Shares (2)		293,377		5,983,580
Royal Dutch Shell PLC, B Shares		506,099		9,783,928
Unilever PLC		273,322		14,198,541
Vodafone Group PLC		6,823,203		11,599,327
				136,834,674
Total Common Stocks (identified cost $603,176,015)				692,974,153

Description	Shares		Value
Preferred Stocks — 1.6%
Germany — 1.6%
Fuchs Petrolub SE		210,795	$	11,531,541
Total Preferred Stocks (identified cost $7,428,123)				11,531,541
Short-Term Investments — 8.6%
Collateral Investment for Securities on Loan — 2.9%
BMO Government Money Market Fund — Premier Class, 0.010% (3)(4)		21,483,211		21,483,211
Mutual Funds — 5.7%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		42,670,608		42,670,608
Total Short-Term Investments (identified cost $64,153,819)				64,153,819
Total Investments — 103.4% (identified cost $674,757,957)				768,659,513
Other Assets and Liabilities — (3.4)%				(25,390,606	)
Total Net Assets — 100.0%			$	743,268,907

Industry	Value			% of Total Net Assets
Agriculture	$	41,851,473			5.6	%
Auto Parts & Equipment		11,265,810			1.5
Banks		35,510,374			4.7
Building Materials		3,911,640			0.5
Chemicals		30,185,837			4.0
Commercial Services		29,780,451			4.0
Computers		16,403,295			2.2
Cosmetics/Personal Care		3,521,352			0.5
Distribution/Wholesale		14,153,009			1.9
Electric		6,765,624			0.9
Electrical Components & Equipment		7,933,849			1.1
Electronics		3,256,217			0.4
Engineering & Construction		5,105,637			0.7
Food		36,827,304			5.0
Gas		19,328,332			2.6
Hand/Machine Tools		4,081,323			0.6
Healthcare-Products		17,024,058			2.3
Home Furnishings		7,905,180			1.1
Household Products/Wares		25,058,396			3.4
Insurance		54,231,876			7.3
Leisure Time		1,094,875			0.2
Machinery-Construction & Mining		19,429,253			2.6
Machinery-Diversified		21,463,837			2.9
Mining		7,693,761			1.0
Miscellaneous Manufacturing		6,136,090			0.8
Oil & Gas		39,875,524			5.3
Pharmaceuticals		62,924,716			8.5
Pipelines		9,564,958			1.3
Retail		19,497,274			2.7
Semiconductors		8,441,899			1.1
Software		13,233,423			1.8
Telecommunications		89,357,847			12.0
Transportation		20,159,659			2.7
Total Common Stocks		692,974,153			93.2
Preferred Stocks		11,531,541			1.6
Collateral Investment for Securities on Loan		21,483,211			2.9
Mutual Funds		42,670,608			5.7
Total Investments		768,659,513			103.4
Other Assets and Liabilities		(25,390,606	)		(3.4	)
Net Assets	$	743,268,907			100.0	%

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

22

BMO Funds

LGM Emerging Markets Equity Fund

Description	Shares or Units		Value
Common Stocks — 96.3%
Brazil — 2.2%
Raia Drogasil SA		1,785,800	$	7,402,329
Cayman Islands — 5.9%
Tencent Holdings, Ltd.		239,500		20,456,362
China — 16.2%
ANTA Sports Products, Ltd.		841,000		12,902,681
Beijing Sinnet Technology Co., Ltd., Class A		1,366,000		4,026,105
By-health Co., Ltd., Class A		1,806,823		6,108,516
China Resources Gas Group, Ltd.		704,000		3,517,073
Dian Diagnostics Group Co., Ltd., Class A		826,800		4,357,978
Haier Smart Home Co., Ltd., Class H (1)		1,068,000		4,061,910
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		2,149,852		14,383,375
Zhejiang Supor Co., Ltd., Class A		577,318		6,729,419
				56,087,057
Hong Kong — 10.7%
AIA Group, Ltd.		1,255,800		15,712,780
Hong Kong Exchanges & Clearing, Ltd.		265,500		16,197,436
Vitasoy International Holdings, Ltd.		1,132,000		4,991,252
				36,901,468
India — 22.9%
Biocon, Ltd. (1)		853,279		4,534,333
Colgate-Palmolive India, Ltd.		244,335		5,220,194
HDFC Bank, Ltd. (1)		800,713		16,752,483
Infosys, Ltd.		668,044		11,381,794
Marico, Ltd.		1,276,120		6,860,328
Maruti Suzuki India, Ltd.		35,060		3,268,641
Nestle India, Ltd.		20,523		4,489,171
Reliance Industries, Ltd.		314,411		8,897,294
Tata Consultancy Services, Ltd.		330,565		13,062,682
Torrent Pharmaceuticals, Ltd.		137,298		4,515,877
				78,982,797
Indonesia — 2.5%
Bank Mandiri Persero Tbk PT		20,281,208		8,759,089
Jersey — 2.1%
Wizz Air Holdings PLC (1)(5)		99,744		7,378,954
Mexico — 3.6%
Wal-Mart de Mexico SAB de C.V.		4,361,800		12,413,440
Netherlands — 3.1%
Prosus NV		90,395		10,695,026
Nigeria — 1.1%
Guaranty Trust Bank PLC		48,352,103		3,640,353
Portugal — 1.6%
Jeronimo Martins SGPS SA		351,163		5,444,493
Russia — 2.8%
Moscow Exchange MICEX-RTS PJSC		4,229,600		9,792,489
South Africa — 4.2%
Clicks Group, Ltd.		538,884		8,716,877
Discovery, Ltd.		629,684		5,894,737
				14,611,614
South Korea — 2.4%
NAVER Corp.		24,849		8,294,059

Description	Shares or Units		Value
Common Stocks (continued)
Taiwan — 8.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		1,155,000	$	25,129,881
Win Semiconductors Corp.		391,000		5,341,549
				30,471,430
Thailand — 1.0%
Home Product Center PCL		7,748,900		3,419,956
United Kingdom — 1.4%
Unilever PLC		91,232		4,744,808
United States — 1.6%
Western Union Co.		237,525		5,515,330
Vietnam — 2.2%
Vietnam Dairy Products JSC		1,642,333		7,477,961
Total Common Stocks (identified cost $245,453,915)				332,489,015
Common Stock Units — 1.5%
Mexico — 1.5%
Fomento Economico Mexicano SAB de C.V.,		780,500		5,325,203
Total Common Stock Units (identified cost $6,411,340)				5,325,203
Short-Term Investments — 2.9%
Mutual Funds — 2.9%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		9,860,728		9,860,728
Total Short-Term Investments (identified cost $9,860,729)				9,860,728
Total Investments — 100.7% (identified cost $261,725,984)				347,674,946
Other Assets and Liabilities — (0.7)%				(2,368,914	)
Total Net Assets — 100.0%			$	345,306,032

Industry	Value			% of Total Net Assets
Airlines	$	7,378,954			2.1	%
Auto Manufacturers		3,268,641			0.9
Banks		29,151,925			8.5
Beverages		4,991,252			1.4
Biotechnology		4,534,333			1.3
Computers		24,444,476			7.1
Cosmetics/Personal Care		9,965,002			2.9
Diversified Financial Services		31,505,255			9.1
Food		38,655,328			11.3
Gas		3,517,073			1.0
Healthcare-Products		4,357,978			1.2
Home Furnishings		4,061,910			1.2
Housewares		6,729,419			1.9
Insurance		21,607,517			6.3
Internet		39,445,447			11.4
Oil & Gas		8,897,294			2.6
Pharmaceuticals		10,624,393			3.1
Retail		44,855,283			13.0
Semiconductors		30,471,430			8.8
Software		4,026,105			1.2
Total Common Stocks		332,489,015			96.3
Common Stock Units		5,325,203			1.5
Mutual Funds		9,860,728			2.9
Total Investments		347,674,946			100.7
Other Assets and Liabilities		(2,368,914	)		(0.7	)
Net Assets	$	345,306,032			100.0	%

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

23

February 28, 2021 (Unaudited)

Schedules of Investments

Ultra Short Tax-Free Fund

Description	Principal Amount		Value
Municipals — 91.6%
Alabama — 2.9%
Black Belt Energy Gas District, 0.982%, (LIBOR 1 Month), 12/01/2023, Call 9/1/2023 (6)	$	4,500,000	$	4,535,145
Other Securities		11,550,000		11,713,751
				16,248,896
Alaska — 0.4%
Other Securities		2,205,000		2,337,720
Arizona — 0.4%
Other Security		2,250,000		2,259,585
California — 4.4%
California Infrastructure & Economic Development Bank, 0.450%, 1/01/2050, Call 7/1/2021 (5)(6)		6,300,000		6,300,630
California Pollution Control Financing Authority
0.200%, 4/15/2021 (5)(6)		4,250,000		4,250,085
0.600%, 8/01/2040 (6)		4,225,000		4,214,606
Other Securities		9,690,000		9,800,944
				24,566,265
Colorado — 0.6%
Other Securities		3,515,000		3,571,262
Connecticut — 1.8%
Connecticut Housing Finance Authority, 0.500%, 5/15/2060, Call 5/15/2021 (6)		5,000,000		5,000,050
Other Securities		5,035,000		5,281,937
				10,281,987
District of Columbia — 0.1%
Other Security		360,000		361,303
Florida — 3.0%
Tender Option Bond Trust Receipts/Certificates, 0.170%, 4/01/2053, Call 4/1/2028 (5)(6)		8,000,000		8,000,000
Other Securities		8,900,000		8,906,380
				16,906,380
Georgia — 5.0%
Burke County Development Authority, 2.250%, 5/25/2023 (6)		4,000,000		4,149,640
Main Street Natural Gas, Inc.
0.600%, (SIFMA Municipal Swap Index Yield), 12/01/2023, Call 9/1/2023 (6)		5,000,000		5,012,150
0.827%, (LIBOR 1 Month), 9/01/2023, Call 6/1/2023 (6)		5,000,000		5,028,000
Other Securities		13,785,000		13,991,109
				28,180,899
Idaho — 0.7%
Other Security		3,655,000		3,655,000
Illinois — 11.3%
Chicago Park District, 5.000%, 1/01/2023		4,780,000		5,096,101

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Illinois Development Finance Authority, 0.550%, 11/01/2044, Call 8/3/2021 (6)	$	5,000,000	$	5,010,250
State of Illinois
5.000%, 11/01/2021		7,000,000		7,187,530
5.000%, 2/01/2022		6,040,000		6,263,118
Tender Option Bond Trust Receipts/Certificates
0.210%, 12/01/2027 (5)(6)		10,000,000		10,000,000
0.210%, 12/01/2027 (5)(6)		5,000,000		5,000,000
Other Securities		23,705,000		24,532,493
				63,089,492
Indiana — 2.2%
Other Securities		11,970,000		12,307,239
Iowa — 1.5%
Other Securities		8,290,000		8,359,670
Kansas — 1.2%
Other Securities		6,720,000		6,727,196
Kentucky — 4.4%
County of Carroll, 1.200%, 10/01/2034 (6)		5,000,000		5,010,600
Kentucky Public Energy Authority, 1.202%, (LIBOR 1 Month), 6/01/2025, Call 3/1/2025 (6)		5,000,000		5,080,000
Kentucky Rural Water Finance Corp., 1.250%, 2/01/2022, Call 3/24/2021		6,770,000		6,773,927
Other Securities		7,760,000		7,782,464
				24,646,991
Louisiana — 1.2%
Louisiana Public Facilities Authority, 0.680%, (SIFMA Municipal Swap Index Yield), 9/01/2057, Call 3/1/2023 (6)		5,000,000		4,994,450
Other Securities		1,395,000		1,419,969
				6,414,419
Maryland — 0.7%
Maryland Economic Development Corp., 1.700%, 9/01/2022		4,000,000		4,065,480
Massachusetts — 0.1%
Other Securities		550,000		554,965
Michigan — 0.7%
Other Securities		3,775,000		3,932,984
Minnesota — 0.5%
Other Security		2,750,000		2,750,193
Mississippi — 1.0%
Other Securities		5,085,000		5,715,301
Missouri — 0.5%
Other Security		3,000,000		3,013,950
Nebraska — 1.5%
Nebraska Public Power District, 0.600%, 1/01/2051, Call 1/1/2023 (6)		6,600,000		6,567,066
Other Securities		2,000,000		2,068,030
				8,635,096

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

24

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Nevada — 1.8%
State of Nevada Department of Business & Industry, 0.500%, 1/01/2050, Call 7/1/2021 (5)(6)	$	4,200,000	$	4,201,092
Other Securities		6,000,000		6,004,245
				10,205,337
New Hampshire — 0.0%
Other Security		220,000		238,887
New Jersey — 5.4%
Jersey City Municipal Utilities Authority, 3.000%, 7/01/2022		6,000,000		6,206,760
State of New Jersey, 4.000%, 6/01/2023		7,500,000		8,090,775
Township of Lyndhurst, 1.000%, 2/04/2022 (7)		4,000,000		4,026,600
Other Securities		11,410,000		11,706,875
				30,031,010
New Mexico — 0.6%
Other Securities		3,275,000		3,281,297
New York — 7.3%
Hempstead Union Free School District, SAW, 1.500%, 6/30/2021		4,000,000		4,016,640
Long Island Power Authority, 0.836%, (LIBOR 1 Month), 10/01/2023, Call 10/1/2022 (6)		4,000,000		4,004,680
Metropolitan Transportation Authority, 5.000%, 9/01/2022		6,000,000		6,372,420
Town of Alabama, 1.000%, 9/30/2021, Call 4/1/2021		4,685,000		4,686,780
Other Securities		21,460,000		21,960,318
				41,040,838
North Carolina — 1.0%
North Carolina Turnpike Authority, 5.000%, 2/01/2024		4,000,000		4,518,080
Other Security		1,250,000		1,257,712
				5,775,792
North Dakota — 0.1%
Other Security		750,000		761,730
Ohio — 3.7%
Port of Greater Cincinnati Development Authority, 3.000%, 5/01/2023, Call 5/1/2022		6,000,000		6,002,400
Other Securities		14,362,000		14,655,051
				20,657,451
Oklahoma — 3.3%
Oklahoma Development Finance Authority
0.120%, 8/15/2031, Call 3/1/2021 (6)		5,000,000		5,000,000
0.130%, 8/15/2031, Call 3/1/2021 (6)(7)		8,000,000		8,000,000
1.625%, 7/06/2023, Call 6/30/2022		4,400,000		4,408,184

Description	Principal Amount		Value
Municipals (continued)
Oklahoma (continued)
Other Security	$	1,000,000	$	1,003,660
				18,411,844
Pennsylvania — 8.1%
Delaware County Industrial Development Authority, 0.060%, 9/01/2045, Call 3/1/2021 (6)		6,900,000		6,900,000
Pennsylvania Economic Development Financing Authority, 0.700%, 8/01/2037 (6)		5,000,000		5,010,000
Pittsburgh Water & Sewer Authority, AGM, 0.680%, (SIFMA Municipal Swap Index Yield), 9/01/2040, Call 6/1/2023 (6)		6,800,000		6,816,932
Tender Option Bond Trust Receipts/Certificates, 0.210%, 12/01/2024 (5)(6)		6,910,000		6,910,000
Other Securities		19,285,000		19,645,959
				45,282,891
South Carolina — 1.4%
Patriots Energy Group Financing Agency, 0.942%, (LIBOR 1 Month), 2/01/2024, Call 11/1/2023 (6)		6,000,000		6,056,700
Other Security		1,500,000		1,500,000
				7,556,700
Tennessee — 0.6%
Other Securities		2,985,000		3,114,093
Texas — 2.7%
Mission Economic Development Corp., 0.180%, 5/01/2050 (6)(7)		5,000,000		4,999,750
Other Securities		9,975,000		10,342,868
				15,342,618
Virginia — 1.9%
Hampton Redevelopment & Housing Authority, 1.460%, 12/01/2022, Call 12/1/2021 (6)		4,000,000		4,035,520
Westmoreland County Industrial Development Authority, 2.000%, 6/01/2022, Call 12/1/2021		4,300,000		4,356,115
Other Security		2,000,000		2,000,220
				10,391,855
Washington — 1.5%
Tender Option Bond Trust Receipts/Certificates, 0.280%, 7/01/2026 (5)(6)		6,665,000		6,665,000
Other Security		1,795,000		1,806,955
				8,471,955
West Virginia — 1.1%
County of Harrison, 3.000%, 10/15/2037 (6)		5,000,000		5,055,700
Other Security		1,000,000		1,029,250
				6,084,950

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

25

February 28, 2021 (Unaudited)

Schedules of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Wisconsin — 5.0%
Burlington Area School District, 1.000%, 9/23/2021	$	4,300,000	$	4,317,587
Wisconsin Health & Educational Facilities Authority, 0.130%, 2/15/2053, Call 3/1/2021 (6)		12,750,000		12,750,000
Other Securities		10,700,000		10,806,785
				27,874,372
Total Municipals (identified cost $510,114,852)				513,105,893
Mutual Funds — 4.9%
Nuveen New York AMT-Free Quality Municipal Income Fund		12,000,000		12,000,000
Nuveen New York AMT-Free Municipal Credit Income Fund		11,320,000		11,320,000
Nuveen California AMT-Free Quality Municipal Income Fund		40,000		4,000,000
Total Mutual Funds (identified cost $27,320,000)				27,320,000
Short-Term Investments — 2.8%
Repurchase Agreements — 0.7%
Agreement with Fixed Income Clearing Corp., 0.010%, dated 2/26/2021, to be repurchased at $3,937,052 on 3/1/2021, collateralized by U.S. Government Treasury Obligation with a maturity of 1/31/2023, with a fair value of $4,015,869.		3,937,049		3,937,049
Short-Term Municipals — 2.1%
Florida — 1.3%
JEA Electric System Revenue		7,200,000		7,200,000
Texas — 0.8%
Other Securities		4,510,000		4,510,000
Total Short-Term Investments (identified cost $15,647,048)				15,647,049
Total Investments — 99.3% (identified cost $553,081,900)				556,072,942
Other Assets — 0.7%				3,870,406
Total Net Assets — 100.0%			$	559,943,348

Short Tax-Free Fund

Description	Principal Amount		Value
Municipals — 91.1%
Alabama — 3.2%
Black Belt Energy Gas District
0.982%, (LIBOR 1 Month), 12/01/2023, Call 9/1/2023 (6)	$	1,000,000	$	1,007,810
4.000%, 6/01/2021, Call 3/1/2021 (6)		1,000,000		1,007,600
4.000%, 6/01/2023		1,000,000		1,078,070
Other Securities		1,075,000		1,163,148
				4,256,628
Arizona — 0.1%
Other Securities		185,000		185,753
California — 4.5%
California Municipal Finance Authority, 5.000%, 2/01/2022		1,000,000		1,041,540
Golden State Tobacco Securitization Corp., 5.000%, 6/01/2022		1,000,000		1,057,460
Other Securities		3,685,000		3,822,845
				5,921,845
Colorado — 3.1%
Colorado Educational & Cultural Facilities Authority, 5.000%, 10/01/2021		1,000,000		1,024,980
Colorado Health Facilities Authority, 5.000%, 8/01/2025, Call 2/1/2025 (6)		1,000,000		1,148,820
Other Securities		1,825,000		1,859,842
				4,033,642
Connecticut — 2.5%
City of New Haven, AGM, 5.000%, 8/01/2024		1,000,000		1,145,920
State of Connecticut, 5.000%, 4/15/2023		1,000,000		1,098,820
Other Securities		1,050,000		1,050,880
				3,295,620
Delaware — 0.1%
Other Security		150,000		150,000
District of Columbia — 0.9%
Metropolitan Washington Airports Authority, 5.000%, 10/01/2024		1,000,000		1,154,820
Florida — 5.6%
City of Atlantic Beach, 3.250%, 11/15/2024, Call 3/3/2021		1,155,000		1,155,589
County of Martin, 0.030%, 7/15/2022, Call 3/1/2021 (6)		3,000,000		3,000,000
Other Securities		3,160,000		3,197,696
				7,353,285
Georgia — 7.1%
Burke County Development Authority
0.060%, 7/01/2049, Call 3/1/2021 (6)		1,700,000		1,700,000
2.925%, 3/12/2024 (6)		1,250,000		1,333,200
Main Street Natural Gas, Inc.
0.827%, (LIBOR 1 Month), 9/01/2023, Call 6/1/2023 (6)		1,500,000		1,508,400
5.000%, 5/15/2024		1,250,000		1,419,412

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

26

BMO Funds

Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Georgia (continued)
Other Securities	$	3,275,000	$	3,387,219
				9,348,231
Guam — 0.4%
Other Security		500,000		535,135
Illinois — 15.4%
Chicago Housing Authority, HUD SEC 8, 5.000%, 1/01/2023		1,000,000		1,071,980
City of Chicago Waterworks Revenue, 5.000%, 11/01/2021		1,445,000		1,488,234
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, 5.000%, 1/01/2023		1,000,000		1,084,960
Railsplitter Tobacco Settlement Authority, 5.000%, 6/01/2023		1,165,000		1,279,193
Sales Tax Securitization Corp., 5.000%, 1/01/2023		1,000,000		1,077,680
State of Illinois, 5.000%, 11/01/2022		2,000,000		2,129,880
University of Illinois, 5.000%, 3/15/2022		1,000,000		1,046,020
Other Securities		10,630,000		11,201,248
				20,379,195
Indiana — 1.4%
City of Whiting, 5.000%, 6/05/2026 (6)		1,000,000		1,219,870
Other Securities		650,000		656,214
				1,876,084
Iowa — 0.4%
Other Security		500,000		508,020
Kansas — 0.3%
Other Security		375,000		375,383
Kentucky — 4.0%
City of Berea, 0.030%, 6/01/2032, Call 3/1/2021 (6)		2,385,000		2,385,000
Kentucky Public Energy Authority, 1.202%, (LIBOR 1 Month), 6/01/2025, Call 3/1/2025 (6)		1,000,000		1,016,000
Other Securities		1,750,000		1,867,280
				5,268,280
Louisiana — 0.0%
Other Security		5,000		5,073
Maryland — 0.4%
Other Securities		505,000		521,090
Massachusetts — 2.4%
Commonwealth of Massachusetts, 1.700%, 8/01/2022 (6)		1,000,000		1,019,170
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.000%, 1/01/2023, Call 1/1/2023 (6)		1,200,000		1,301,724
Other Securities		855,000		911,915
				3,232,809

Description	Principal Amount		Value
Municipals (continued)
Michigan — 1.8%
Michigan Finance Authority, 3.500%, 11/15/2022 (6)	$	1,000,000	$	1,049,220
Other Securities		1,270,000		1,354,449
				2,403,669
Mississippi — 1.6%
Mississippi Business Finance Corp., 2.200%, 6/03/2024 (6)		1,250,000		1,313,500
Other Security		750,000		861,390
				2,174,890
Missouri — 0.2%
Other Security		250,000		258,980
Nebraska — 0.8%
Central Plains Energy Project, 5.000%, 1/01/2024, Call 10/1/2023 (6)		1,000,000		1,112,580
Nevada — 1.6%
City of North Las Vegas NV, AGM, 5.000%, 6/01/2023		1,000,000		1,094,950
Other Securities		950,000		987,897
				2,082,847
New Hampshire — 0.5%
Other Securities		555,000		624,415
New Jersey — 3.7%
State of New Jersey, 5.000%, 6/01/2025		1,000,000		1,177,330
Tobacco Settlement Financing Corp., 5.000%, 6/01/2022		1,000,000		1,056,010
Other Securities		2,390,000		2,652,328
				4,885,668
New Mexico — 0.8%
Other Security		1,000,000		1,000,430
New York — 7.5%
Metropolitan Transportation Authority
5.000%, 9/01/2022		1,500,000		1,593,105
5.000%, 11/15/2024 (6)		1,000,000		1,139,860
Triborough Bridge & Tunnel Authority, 0.393%, (SOFR), 2/01/2024, Call 11/1/2023 (6)(7)		2,000,000		2,000,540
TSASC, Inc., 5.000%, 6/01/2021		1,000,000		1,011,170
Other Securities		4,015,000		4,142,352
				9,887,027
North Carolina — 0.7%
Other Securities		950,000		950,538
North Dakota — 0.0%
Other Security		30,000		30,933
Ohio — 2.5%
American Municipal Power, Inc., 2.300%, 2/15/2022, Call 8/15/2021 (6)		1,000,000		1,006,620
Other Securities		2,325,000		2,361,998
				3,368,618
Oklahoma — 0.5%
Other Security		600,000		601,116
Pennsylvania — 2.8%
Commonwealth Financing Authority, 5.000%, 6/01/2022		1,000,000		1,056,400

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

27

February 28, 2021 (Unaudited)

Schedules of Investments

Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Pennsylvania (continued)
Northampton County General Purpose Authority, 1.126%, (LIBOR 1 Month), 8/15/2024, Call 2/15/2023 (6)	$	1,000,000	$	1,007,370
Other Securities		1,600,000		1,652,187
				3,715,957
South Carolina — 0.8%
Patriots Energy Group Financing Agency, 0.942%, (LIBOR 1 Month), 2/01/2024, Call 11/1/2023 (6)		1,000,000		1,009,450
Tennessee — 1.5%
Tennessee Energy Acquisition Corp., 4.000%, 5/01/2023, Call 2/1/2023 (6)		1,000,000		1,067,770
Other Securities		845,000		912,113
				1,979,883
Texas — 5.8%
Mission Economic Development Corp., 0.300%, 5/03/2021 (6)(7)		1,500,000		1,499,925
Tarrant County Cultural Education Facilities Finance Corp., 5.000%, 11/15/2022		1,000,000		1,072,080
Texas Municipal Gas Acquisition & Supply Corp. III, 5.000%, 12/15/2025 (7)		1,000,000		1,186,770
Other Securities		3,865,000		3,949,455
				7,708,230
Virginia — 1.2%
Other Securities		1,575,000		1,634,397
Washington — 1.5%
State of Washington, 5.000%, 2/01/2022		1,000,000		1,044,560
Other Security		1,000,000		995,680
				2,040,240
West Virginia — 1.7%
West Virginia Economic Development Authority, 2.550%, 4/01/2024 (6)		1,000,000		1,053,700
Other Securities		1,075,000		1,136,602
				2,190,302
Wisconsin — 1.8%
Other Securities		2,315,000		2,396,132
Total Municipals (identified cost $118,088,683)				120,457,195
Mutual Funds — 1.1%
Nuveen New York AMT-Free Quality Municipal Income Fund		1,400,000		1,400,000
Total Mutual Funds (identified cost $1,400,000)				1,400,000

Description	Principal Amount		Value
Short-Term Investments — 1.6%
Repurchase Agreements — 1.6%
Other Securities	$	2,040,999	$	2,040,999
Total Short-Term Investments (identified cost $2,040,999)				2,040,999
Total Investments — 93.8% (identified cost $121,529,682)				123,898,194
Other Assets — 6.2%				8,258,614
Total Net Assets — 100.0%			$	132,156,808

Short-Term Income Fund

Description	Principal Amount		Value
Asset-Backed Securities — 13.8%
Auto Floor Plan ABS — 1.0%
BMW Floorplan Master Owner Trust, Class A1, (Series 2018-1), 3.150%, 5/15/2023 (5)	$	2,000,000	$	2,012,973
Ford Credit Floorplan Master Owner Trust, Class A1, (Series 2020-1), 0.700%, 9/15/2025		900,000		905,680
				2,918,653
Automobiles — 6.0%
AmeriCredit Automobile Receivables Trust:
Class A3, (Series 2018-2), 3.150%, 3/20/2023		333,723		335,956
Class A3, (Series 2018-3), 3.380%, 7/18/2023		72,135		72,916
Class C, (Series 2017-1), 2.710%, 8/18/2022		437,370		440,020
Class C, (Series 2017-3), 2.690%, 6/19/2023		1,755,000		1,773,832
Class D, (Series 2016-3), 2.710%, 9/8/2022		1,740,133		1,741,122
Class D, (Series 2017-1), 3.130%, 1/18/2023		1,500,000		1,525,203
Avis Budget Rental Car Funding AESOP LLC, Class A, (Series 2016-1A), 2.990%, 6/20/2022 (5)		266,667		268,045
Chesapeake Funding II LLC, Class A1, (Series 2019-2A), 1.950%, 9/15/2031 (5)		596,978		606,217
Drive Auto Receivables Trust:
Class B, (Series 2020-1), 2.080%, 7/15/2024		1,000,000		1,013,039
Class C, (Series 2018-5), 3.990%, 1/15/2025		900,373		918,442
Class C, (Series 2019-4), 2.510%, 11/17/2025		2,000,000		2,044,355
Ford Credit Auto Lease Trust, Class A3, (Series 2020-B), 0.620%, 8/15/2023		1,000,000		1,004,196
Harley-Davidson Motorcycle Trust, Class A3, (Series 2021-A), 0.370%, 4/15/2026		2,000,000		1,997,243
Mercedes-Benz Master Owner Trust, Class A, (Series 2019-BA), 2.610%, 5/15/2024 (5)		2,375,000		2,443,316

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

28

BMO Funds

Short-Term Income Fund (continued)

Description	Principal Amount		Value
Asset-Backed Securities (continued)
Automobiles (continued)
Volkswagen Auto Loan Enhanced Trust, Class A4, (Series 2020-1), 1.260%, 8/20/2026	$	700,000	$	713,877
World Omni Auto Receivables Trust, Class A3, (Series 2017-B), 1.950%, 2/15/2023		113,947		114,688
				17,012,467
Credit Cards — 1.1%
Synchrony Card Funding LLC, Class A, (Series 2019-A1), 2.950%, 3/15/2025		297,000		305,432
World Financial Network Credit Card Master Trust:
Class A, (Series 2019-B), 2.490%, 4/15/2026		1,775,000		1,824,224
Class A, (Series 2019-C), 2.210%, 7/15/2026		895,000		921,334
				3,050,990
Other Financial — 5.1%
Ally Master Owner Trust, Class A, (Series 2018-2), 3.290%, 5/15/2023		1,500,000		1,509,455
Diamond Resorts Owner Trust, Class A, (Series 2019-1A), 2.890%, 2/20/2032 (5)		1,578,585		1,635,518
Ford Credit Floorplan Master Owner Trust, Class A2, (Series 2019-3), 0.708% (LIBOR 1 Month + 60 basis points), 9/15/2024 (6)		1,300,000		1,308,650
Marlin Receivables LLC, Class B, (Series 2018-1A), 3.540%, 5/22/2023 (5)		454,096		455,287
MMAF Equipment Finance LLC:
Class A3, (Series 2020-A), 0.970%, 4/9/2027 (5)		2,010,000		2,028,018
Class A4, (Series 2017-B), 2.410%, 11/15/2024 (5)		2,000,000		2,031,938
MVW Owner Trust, Class C, (Series 2018-1A), 3.900%, 1/21/2036 (5)		776,000		803,922
Pawnee Equipment Receivables LLC, Class A2, (Series 2019-1), 2.290%, 10/15/2024 (5)		1,487,258		1,507,300
Sierra Timeshare Conduit Receivables Funding LLC, Class B, (Series 2017-1A), 3.200%, 3/20/2034 (5)		559,709		566,835
Westgate Resorts, Class B, (Series 2020-1A), 3.963%, 3/20/2034 (5)		1,056,701		1,093,478
Westgate Resorts LLC:
Class B, (Series 2017-1A), 4.050%, 12/20/2030 (5)		936,434		931,558
Class B, (Series 2018-1A), 3.580%, 12/20/2031 (5)		540,975		539,822
				14,411,781

Description	Principal Amount		Value
Asset-Backed Securities (continued)
Pharmaceuticals — 0.6%
Sierra Timeshare Receivables Funding LLC, Class A, (Series 2018-2A), 3.500%, 6/20/2035 (5)	$	1,573,014	$	1,637,245
Total Asset-Backed Securities (identified cost $38,751,986)				39,031,136
Collateralized Mortgage Obligations — 4.2%
Federal Home Loan Mortgage Corporation — 0.2%
2.000%, 1/15/2024, (Series 4295)		182,833		184,438
3.000%, 2/15/2031, (Series 4013)		331,995		340,617
4.500%, 8/15/2039, (Series 3778)		234,267		242,914
				767,969
Federal National Mortgage Association — 1.2%
2.000%, 4/25/2045		2,665,000		2,758,275
2.500%, 6/25/2029, (Series 2014-34)		502,924		524,916
3.000%, 8/25/2040, (Series 2015-15)		12,276		12,267
3.643%, 7/25/2021, (Series 2011-M3)		14,482		14,467
				3,309,925
Private Sponsor — 2.8%
Banc of America Funding Trust:
Class 1A3, (Series 2007-C), 3.081%, 5/20/2036 (6)		81,186		81,694
Class 2A1, (Series 2005-5), 5.500%, 9/25/2035		144,952		156,449
Chase Mortgage Finance Trust:
Class A1, (Series 2005-S2), 5.500%, 10/25/2035		91,008		91,637
Class A3, (Series 2006-S4), 6.000%, 12/25/2036		163,963		113,232
FREMF Mortgage Trust:
Class B, (Series 2013-K26), 3.597%, 12/25/2045 (5)(6)		1,250,000		1,309,122
Class B, (Series 2014-K716), 3.929%, 8/25/2047 (5)(6)		1,500,000		1,511,838
Class C, (Series 2012-K21), 3.935%, 7/25/2045 (5)(6)		1,000,000		1,032,775
JP Morgan Mortgage Trust:
Class 1A5, (Series 2017-3), 3.500%, 8/25/2047 (5)(6)		15,642		15,641
Class 3A1, (Series 2007-A2), 3.035%, 4/25/2037 (6)		7,852		6,772
Class A4, (Series 2019-6), 3.500%, 12/25/2049 (5)(6)		61,054		61,277
Morgan Stanley Mortgage Loan Trust, Class 2A2, (Series 2004-10AR), 2.661%, 11/25/2034 (6)		102,847		106,348
OBX Trust:
Class 1A3, (Series 2019-EXP2), 4.000%, 6/25/2059 (5)(6)		1,539,601		1,609,767
Class A8, (Series 2019-INV1), 4.000%, 11/25/2048 (5)(6)		23,518		23,557
Sequoia Mortgage Trust, Class A1, (Series 2016-3), 3.500%, 11/25/2046 (5)(6)		1,629,475		1,668,100

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

29

February 28, 2021 (Unaudited)

Schedules of Investments

Short-Term Income Fund (continued)

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Private Sponsor (continued)
Wells Fargo Mortgage Backed Securities Trust, Class A1, (Series 2006-AR19), 2.806%, 12/25/2036 (6)	$	120,795	$	120,530
				7,908,739
Total Collateralized Mortgage Obligations (identified cost $12,022,741)				11,986,633
Commercial Mortgage Securities — 2.4%
Government National Mortgage Association — 0.2%
1.800%, 7/16/2037, (Series 2013-179)		234,617		235,625
2.100%, 4/16/2050, (Series 2016-92)		225,059		227,254
				462,879
Private Sponsor — 2.2%
Cantor Commercial Real Estate Lending, Class A1, (Series 2019-CF2), 2.048%, 11/15/2052		1,214,633		1,244,878
Citigroup Commercial Mortgage Trust, Class A1, (Series 2017-P7), 2.008%, 4/14/2050		178,854		179,228
GS Mortgage Securities Corp. Trust 2020-DUNE, Class A, (Series 2020-DUNE), 1.212% (LIBOR 1 Month + 110 basis points), 12/15/2036 (5)(6)		2,000,000		1,958,425
Morgan Stanley BAML Trust, Class A1, (Series 2016-C30), 1.389%, 9/15/2049		222,717		222,889
SLIDE 2018-FUN, Class B, (Series 2018-FUN), 1.362% (LIBOR 1 Month + 125 basis points), 6/15/2031 (5)(6)		939,412		932,403
UBS Commercial Mortgage Trust, Class A1, (Series 2017-C3), 1.935%, 8/15/2050		596,054		599,812
WFRBS Commercial Mortgage Trust, Class ASB, (Series 2013-C18), 3.676%, 12/15/2046		1,161,394		1,212,121
				6,349,756
Total Commercial Mortgage Securities (identified cost $6,775,144)				6,812,635
Corporate Bonds & Notes — 55.9%
Auto Manufacturers — 6.1%
American Honda Finance Corp.:
1.950%, 5/10/2023		650,000		671,399
2.050%, 1/10/2023 (2)		1,000,000		1,031,048
2.900%, 2/16/2024 (2)		1,000,000		1,069,558
3.450%, 7/14/2023		1,555,000		1,664,277
Ford Motor Credit Co. LLC, 1.521% (LIBOR 3 Month + 127 basis points), 3/28/2022 (6)		1,000,000		995,135
General Motors Financial Co., Inc.:
1.700%, 8/18/2023 (2)		1,200,000		1,227,208
1.784% (LIBOR 3 Month + 155 basis points), 1/14/2022 (6)		750,000		758,659
3.450%, 1/14/2022		750,000		767,338
4.150%, 6/19/2023 (2)		1,000,000		1,075,042

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Auto Manufacturers (continued)
PACCAR Financial Corp.:
1.900%, 2/7/2023	$	1,000,000	$	1,030,792
2.650%, 5/10/2022 (2)		600,000		617,171
2.650%, 4/6/2023		675,000		709,023
3.400%, 8/9/2023		1,500,000		1,611,316
Toyota Motor Credit Corp.:
0.500%, 8/14/2023 (2)		1,000,000		1,002,883
0.915% (LIBOR 3 Month + 69 basis points), 1/11/2022 (2)(6)		1,000,000		1,005,905
3.350%, 1/8/2024 (2)		850,000		920,491
Volkswagen Group of America Finance LLC, 0.875%, 11/22/2023 (5)		1,100,000		1,105,979
				17,263,224
Banks — 19.8%
BancorpSouth Bank, 4.125%, 11/20/2029 (2)		1,750,000		1,793,315
Bank of America Corp.:
0.981%, 9/25/2025 (2)		850,000		854,148
1.218% (LIBOR 3 Month + 100 basis points), 4/24/2023 (2)(6)		2,000,000		2,021,509
3.499%, 5/17/2022		1,000,000		1,006,649
Bank of New York Mellon Corp.:
1.600%, 4/24/2025		1,000,000		1,027,748
3.450%, 8/11/2023		1,000,000		1,076,634
Bank of Nova Scotia, 1.625%, 5/1/2023		2,000,000		2,053,883
Canadian Imperial Bank of Commerce, 3.500%, 9/13/2023		650,000		701,178
Citigroup, Inc.:
2.700%, 10/27/2022 (2)		1,000,000		1,037,205
1.178% (LIBOR 3 Month + 96 basis points), 4/25/2022 (6)		1,500,000		1,513,889
Customers Bancorp, Inc., 3.950%, 6/30/2022		1,000,000		1,034,011
Fifth Third Bancorp:
1.625%, 5/5/2023		1,000,000		1,025,235
3.650%, 1/25/2024 (2)		1,750,000		1,896,809
First Citizens BancShares, Inc., 3.375%, 3/15/2030		1,500,000		1,521,473
Flagstar Bancorp, Inc., 4.125%, 11/1/2030		1,000,000		1,013,915
Goldman Sachs Group, Inc.:
3.625%, 1/22/2023 (2)		1,650,000		1,749,068
3.625%, 2/20/2024 (2)		1,000,000		1,083,911
0.627%, 11/17/2023 (2)(6)		1,250,000		1,253,848
Home BancShares, Inc., 5.625%, 4/15/2027		1,000,000		1,025,607
Huntington Bancshares, Inc., 2.300%, 1/14/2022		1,144,000		1,162,149
Independent Bank Group, Inc., 5.875%, 8/1/2024		1,680,000		1,857,798
JPMorgan Chase & Co.:
0.563% (SOFR + 42 basis points), 2/16/2025 (6)		750,000		747,862
3.200%, 1/25/2023 (2)		1,500,000		1,582,088
KeyBank NA:
3.300%, 2/1/2022		1,000,000		1,027,776
3.375%, 3/7/2023		1,000,000		1,061,214
Mitsubishi UFJ Financial Group, Inc.:
3.535%, 7/26/2021		850,000		861,247
3.761%, 7/26/2023 (2)		1,000,000		1,076,909

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

30

BMO Funds

Short-Term Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Banks (continued)
Morgan Stanley:
0.529%, 1/25/2024	$	1,250,000	$	1,250,510
0.560%, 11/10/2023 (2)(6)		750,000		750,975
2.625%, 11/17/2021		1,250,000		1,270,826
3.125%, 1/23/2023 (2)		1,500,000		1,576,294
Peapack-Gladstone Financial Corp., 6.000%, 6/30/2026		500,000		504,662
PNC Bank NA, 3.500%, 6/8/2023		1,000,000		1,068,213
Royal Bank of Canada:
0.425%, 1/19/2024		1,650,000		1,644,484
0.500%, 10/26/2023		2,000,000		2,004,006
2.750%, 2/1/2022 (2)		400,000		409,270
Toronto-Dominion Bank, 3.250%, 3/11/2024 (2)		1,000,000		1,079,508
Truist Bank:
3.502%, 8/2/2022 (2)		750,000		759,895
3.689%, 8/2/2024		700,000		754,149
Truist Financial Corp., 2.200%, 3/16/2023 (2)		1,000,000		1,035,209
U.S. Bancorp, 1.450%, 5/12/2025 (2)		1,000,000		1,021,169
United Community Banks, Inc., 4.500%, 1/30/2028		1,000,000		988,033
Wells Fargo & Co.:
1.327% (LIBOR 3 Month + 111 basis points), 1/24/2023 (6)		1,000,000		1,008,737
2.625%, 7/22/2022		1,500,000		1,547,719
West Loop BC, 4.000%, 12/1/2027		2,000,000		2,072,477
Westpac Banking Corp.:
2.500%, 6/28/2022		500,000		514,924
2.800%, 1/11/2022		500,000		510,988
				55,839,126
Beverages — 0.7%
Coca-Cola Co., 3.200%, 11/1/2023		1,000,000		1,076,413
PepsiCo, Inc., 0.400%, 10/7/2023 (2)		1,000,000		1,003,705
				2,080,118
Computers — 2.1%
Apple Inc., 1.200%, 2/8/2028 (2)		1,175,000		1,149,225
Apple, Inc.:
0.750%, 5/11/2023		1,250,000		1,261,314
1.700%, 9/11/2022 (2)		725,000		741,544
2.400%, 5/3/2023 (2)		1,500,000		1,567,419
International Business Machines Corp., 3.375%, 8/1/2023 (2)		1,000,000		1,076,071
				5,795,573
Cosmetics/Personal Care — 0.8%
Colgate-Palmolive Co., 2.250%, 11/15/2022 (2)		1,300,000		1,344,673
Procter & Gamble Co., 2.150%, 8/11/2022		775,000		797,090
				2,141,763
Diversified Financial Services — 2.7%
AerCap Ireland Capital DAC:
3.500%, 5/26/2022		1,750,000		1,802,541
4.125%, 7/3/2023 (2)		1,000,000		1,063,485
American Express Co.:
3.400%, 2/22/2024 (2)		1,000,000		1,081,896
3.700%, 8/3/2023		1,500,000		1,615,135

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Diversified Financial Services (continued)
American Express Credit Corp., 2.700%, 3/3/2022	$	1,000,000	$	1,022,241
Capital One Financial Corp.:
3.050%, 3/9/2022		500,000		512,828
3.200%, 1/30/2023 (2)		500,000		525,309
				7,623,435
Electric — 1.7%
Entergy Louisiana LLC, 0.620%, 11/17/2023 (2)		1,200,000		1,202,583
NextEra Energy Capital Holdings, Inc.:
1.950%, 9/1/2022		1,000,000		1,024,960
3.150%, 4/1/2024 (2)		650,000		696,981
Southern Co., 0.600%, 2/26/2024		1,000,000		999,419
Xcel Energy, Inc., 0.500%, 10/15/2023		1,000,000		1,001,935
				4,925,878
Healthcare-Services — 1.6%
Anthem, Inc., 2.950%, 12/1/2022 (2)		1,661,000		1,729,382
UnitedHealth Group, Inc.:
2.375%, 8/15/2024 (2)		1,200,000		1,271,979
2.875%, 3/15/2023 (2)		1,500,000		1,576,565
				4,577,926
Insurance — 0.2%
Aon Corp., 2.200%, 11/15/2022		650,000		670,516
Internet — 0.5%
Amazon.com, Inc., 0.800%, 6/3/2025 (2)		1,500,000		1,495,898
Machinery-Construction & Mining — 1.4%
Caterpillar Financial Services Corp.:
0.650%, 7/7/2023		1,250,000		1,259,055
0.800%, 11/13/2025 (2)		750,000		740,619
1.950%, 11/18/2022		775,000		796,843
3.450%, 5/15/2023 (2)		1,000,000		1,067,949
				3,864,466
Machinery-Diversified — 1.1%
John Deere Capital Corp.:
2.800%, 1/27/2023		1,250,000		1,310,157
2.800%, 3/6/2023 (2)		750,000		788,567
3.200%, 1/10/2022		1,000,000		1,025,491
				3,124,215
Media — 1.1%
Comcast Corp., 3.700%, 4/15/2024 (2)		1,000,000		1,095,261
Walt Disney Co.:
1.650%, 9/1/2022 (2)		1,000,000		1,020,234
1.750%, 8/30/2024		1,000,000		1,037,650
				3,153,145
Oil & Gas — 3.8%
BP Capital Markets PLC, 2.500%, 11/6/2022		1,250,000		1,295,570
Chevron Corp.:
1.141%, 5/11/2023		1,000,000		1,017,564
1.554%, 5/11/2025 (2)		1,000,000		1,023,224
Equinor ASA, 2.450%, 1/17/2023		1,000,000		1,039,480
Exxon Mobil Corp.:
2.019%, 8/16/2024 (2)		2,250,000		2,352,880
2.397%, 3/6/2022		850,000		865,445

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

31

February 28, 2021 (Unaudited)

Schedules of Investments

Short-Term Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Oil & Gas (continued)
Phillips 66:
0.900%, 2/15/2024 (2)	$	1,000,000	$	1,001,051
3.700%, 4/6/2023		1,000,000		1,065,015
Shell International Finance BV, 3.500%, 11/13/2023 (2)		1,000,000		1,082,167
				10,742,396
Pharmaceuticals — 2.8%
AbbVie, Inc., 3.750%, 11/14/2023		500,000		541,116
Bristol-Myers Squibb Co.:
0.537%, 11/13/2023 (2)		2,600,000		2,604,730
0.750%, 11/13/2025 (2)		750,000		745,351
CVS Health Corp.:
2.625%, 8/15/2024 (2)		1,000,000		1,062,602
3.350%, 3/9/2021		1,000,000		1,000,562
3.700%, 3/9/2023		1,000,000		1,063,863
Johnson & Johnson, 2.625%, 1/15/2025 (2)		700,000		749,821
				7,768,045
Pipelines — 1.5%
Energy Transfer Operating LP, 3.600%, 2/1/2023		2,000,000		2,099,348
Kinder Morgan Energy Partners LP, 3.500%, 9/1/2023		1,903,000		2,026,835
				4,126,183
Retail — 1.7%
McDonald’s Corp., 3.350%, 4/1/2023 (2)		1,000,000		1,058,377
Walmart, Inc.:
2.650%, 12/15/2024 (2)		1,000,000		1,074,040
3.300%, 4/22/2024 (2)		1,500,000		1,620,613
3.400%, 6/26/2023 (2)		1,000,000		1,068,281
				4,821,311
Savings & Loans — 1.1%
Axos Financial, Inc., 4.875%, 10/1/2030		1,000,000		1,058,098
New York Community Bancorp, Inc., 5.900%, 11/6/2028 (2)		1,000,000		1,043,864
Sterling Bancorp, 4.000%, 12/30/2029		1,000,000		995,791
				3,097,753
Software — 2.1%
Microsoft Corp., 2.875%, 2/6/2024		1,500,000		1,604,029
Oracle Corp.:
1.900%, 9/15/2021		525,000		528,978
2.400%, 9/15/2023 (2)		1,500,000		1,573,207
2.500%, 5/15/2022		1,000,000		1,023,045
2.950%, 11/15/2024		1,000,000		1,078,345
				5,807,604
Telecommunications — 1.3%
AT&T, Inc., 3.900%, 3/11/2024		1,000,000		1,086,325
Verizon Communications, Inc.:
1.219% (LIBOR 3 Month + 100 basis points), 3/16/2022 (6)		750,000		757,539
4.150%, 3/15/2024		1,250,000		1,365,135
5.150%, 9/15/2023		500,000		557,960
				3,766,959

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Transportation — 1.8%
Union Pacific Corp.:
2.950%, 3/1/2022	$	1,685,000	$	1,730,664
3.500%, 6/8/2023		1,500,000		1,596,929
United Parcel Service, Inc., 2.200%, 9/1/2024		1,549,000		1,631,573
				4,959,166
Total Corporate Bonds & Notes (identified cost $154,211,328)				157,644,700
U.S. Government & U.S. Government Agency Obligations — 17.0%
Federal Farm Credit Bank — 0.7%
1.480%, 3/10/2026		2,000,000		2,000,274
Federal National Mortgage Association — 1.1%
0.625%, 4/22/2025		2,000,000		2,000,169
2.500%, 4/13/2021		1,000,000		1,002,882
				3,003,051
Sovereign — 2.0%
0.250%, 6/26/2023		1,250,000		1,250,470
0.375%, 4/8/2024		2,475,000		2,467,521
0.750%, 2/24/2026		1,875,000		1,868,820
				5,586,811
U.S. Treasury Bonds & Notes — 13.2%
0.125%, 10/15/2023		3,000,000		2,990,156
0.125%, 2/15/2024		2,000,000		1,989,219
0.250%, 9/30/2025		1,000,000		979,902
1.375%, 6/30/2023		5,000,000		5,135,351
1.500%, 2/28/2023 (2)		2,500,000		2,567,090
1.500%, 9/30/2024		2,000,000		2,074,062
1.625%, 4/30/2023		2,000,000		2,062,344
1.750%, 7/31/2024		2,000,000		2,091,016
2.000%, 5/31/2021		1,500,000		1,507,197
2.000%, 11/30/2022		1,000,000		1,032,422
2.125%, 12/31/2022 (2)		2,000,000		2,072,266
2.125%, 2/29/2024		1,000,000		1,054,023
2.250%, 1/31/2024		1,000,000		1,056,719
2.375%, 4/15/2021		2,000,000		2,005,697
2.625%, 7/15/2021		1,000,000		1,009,726
2.750%, 8/15/2021		2,000,000		2,024,937
2.750%, 7/31/2023		2,000,000		2,122,422
2.750%, 8/31/2023		1,750,000		1,860,127
2.750%, 11/15/2023		1,500,000		1,600,840
				37,235,516
Total U.S. Government & U.S. Government Agency Obligations
(identified cost $47,200,070)				47,825,652
U.S. Government Agency-Mortgage Securities — 2.0%
Federal Home Loan Mortgage Corporation — 1.6%
1.370%, 3/11/2025		2,300,000		2,300,647
3.000%, 12/9/2022		2,000,000		2,100,236
				4,400,883
Federal National Mortgage Association — 0.4%
2.000%, 12/1/2040, (Pool MA4204)		537,215		548,899
3.500%, 4/1/2026, (Pool AH9345)		46,445		49,547
4.000%, 11/1/2031, (Pool MA0908)		228,995		251,360
5.500%, 11/1/2033, (Pool 555880)		68,805		79,963

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

32

BMO Funds

Short-Term Income Fund (continued)

Description	Shares or Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)
Federal National Mortgage Association (continued)
5.500%, 2/1/2034	$	50,463	$	58,710
5.500%, 8/1/2037		110,362		128,862
				1,117,341
Government National Mortgage Association — 0.0%
7.500%, 8/15/2037, (Pool 668905)		12,158		12,562
Total U.S. Government Agency-Mortgage Securities
(identified cost $5,411,718)				5,530,786
Short-Term Investments — 15.5%
Collateral Pool Investments for Securities on Loan — 11.1%
Collateral pool allocation (4)				31,343,770
Corporate Bonds & Notes — 1.9%
AT&T, Inc., 0.407%, 12/14/2021		1,500,000		1,495,200
Fidelity National Information Service, Inc.:
0.243%, 3/15/2021		2,000,000		1,999,813
0.304%, 3/15/2021		2,000,000		1,999,767
				5,494,780
Mutual Funds — 2.5%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		6,927,631		6,927,631
Total Short-Term Investments (identified cost $43,766,181)				43,766,181
Total Investments — 110.8% (identified cost $308,139,168)				312,597,723
Other Assets and Liabilities — (10.8)%				(30,571,591	)
Total Net Assets — 100.0%			$	282,026,132

Intermediate Tax-Free Fund

Description	Principal Amount		Value
Municipals — 97.5%
Alabama — 2.6%
Black Belt Energy Gas District, 4.000%, 10/01/2026, Call 7/1/2026 (6)	$	11,500,000	$	13,288,135
Industrial Development Board of the City of Mobile Alabama, 0.040%, 6/01/2034, Call 3/1/2021 (6)		8,800,000		8,800,000
Other Securities		27,100,000		29,703,088
				51,791,223
Alaska — 0.5%
Other Securities		8,770,000		9,424,385
Arizona — 2.4%
Other Securities		42,175,000		46,806,272
Arkansas — 0.5%
Other Securities		9,790,000		10,354,977

Description	Principal Amount		Value
Municipals (continued)
California — 5.6%
San Francisco City & County Airport Comm-San Francisco International Airport, 5.000%, 5/01/2045, Call 5/1/2029 (8)	$	13,500,000	$	16,243,200
Other Securities		95,810,000		92,558,600
				108,801,800
Colorado — 2.7%
City & County of Denver, 5.000%, 8/01/2041, Call 8/1/2026		8,000,000		9,470,800
City & County of Denver Airport System Revenue, 5.000%, 11/15/2030, Call 11/15/2027 (8)		5,010,000		6,106,589
Other Securities		33,285,000		37,250,791
				52,828,180
Connecticut — 1.9%
Connecticut State Health & Educational Facilities Authority, 4.000%, 7/01/2038, Call 7/1/2029		5,430,000		6,070,903
Other Securities		25,475,000		30,269,004
				36,339,907
Delaware — 0.4%
Other Securities		6,795,000		7,385,283
District of Columbia — 0.6%
Other Securities		10,845,000		11,853,736
Florida — 4.4%
County of Orange Sales Tax Revenue, 5.000%, 1/01/2027, Call 1/1/2022		5,810,000		6,045,305
Sarasota County Public Hospital District, 5.000%, 7/01/2041, Call 7/1/2028		5,000,000		6,014,800
Volusia County Educational Facility Authority, 5.000%, 10/15/2044, Call 10/15/2029		5,850,000		7,037,199
Other Securities		60,545,000		67,266,902
				86,364,206
Georgia — 6.0%
Burke County Development Authority
0.020%, 11/01/2052, Call 3/1/2021 (6)		8,300,000		8,300,000
0.060%, 7/01/2049, Call 3/1/2021 (6)		7,500,000		7,500,000
Gainesville & Hall County Hospital Authority, 4.000%, 2/15/2040, Call 2/15/2030		7,000,000		8,006,040
Main Street Natural Gas, Inc.
0.600%, (SIFMA Municipal Swap Index Yield), 12/01/2023, Call 9/1/2023 (6)		10,000,000		10,024,300

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

33

February 28, 2021 (Unaudited)

Schedules of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Georgia (continued)
0.827%, (LIBOR 1 Month), 9/01/2023, Call 6/1/2023 (6)	$	11,500,000	$	11,564,400
4.000%, 12/02/2024, Call 9/1/2024 (6)		6,000,000		6,682,740
Other Securities		60,450,000		65,625,315
				117,702,795
Guam — 0.1%
Other Securities		2,310,000		2,637,188
Hawaii — 0.0%
Other Securities		1,000,000		1,098,925
Idaho — 0.1%
Other Security		1,000,000		1,115,310
Illinois — 16.8%
City of Chicago
5.000%, 1/01/2028		6,000,000		7,148,820
5.000%, 1/01/2040, Call 1/1/2029		9,400,000		10,787,816
5.000%, 1/01/2044, Call 1/1/2029		11,750,000		13,337,895
6.000%, 1/01/2038, Call 1/1/2027		10,000,000		11,855,700
Illinois Finance Authority
5.000%, 5/15/2043, Call 11/15/2028		5,000,000		5,925,050
5.000%, 1/01/2044, Call 1/1/2028		5,000,000		5,883,700
Illinois State Toll Highway Authority, 5.000%, 12/01/2032, Call 1/1/2026		7,790,000		9,272,593
Sales Tax Securitization Corp., 5.250%, 1/01/2043, Call 1/1/2029		5,000,000		6,032,600
State of Illinois
5.000%, 2/01/2026		7,000,000		8,026,060
5.000%, 6/01/2026		5,000,000		5,771,200
5.000%, 10/01/2029, Call 10/1/2028		5,000,000		5,921,250
5.000%, 6/15/2034, Call 6/15/2028		5,000,000		5,917,600
Other Securities		208,447,524		232,172,405
				328,052,689
Indiana — 1.8%
Other Securities		32,600,000		34,288,130
Iowa — 0.5%
Other Securities		8,983,000		9,843,058
Kansas — 0.3%
Other Securities		5,495,000		5,571,465
Kentucky — 2.1%
Kentucky Economic Development Finance Authority, 0.100%, 5/01/2034, Call 3/1/2021 (6)		6,235,000		6,235,000
Kentucky Public Energy Authority, 1.202%, (LIBOR 1 Month), 6/01/2025, Call 3/1/2025 (6)		7,000,000		7,112,000

Description	Principal Amount		Value
Municipals (continued)
Kentucky (continued)
Other Securities	$	23,400,000	$	27,904,423
				41,251,423
Louisiana — 1.1%
Other Securities		19,640,000		20,809,146
Maine — 0.4%
Other Securities		6,415,000		7,137,055
Maryland — 0.4%
Other Securities		7,305,000		7,496,165
Massachusetts — 1.3%
Other Securities		23,025,000		25,849,943
Michigan — 3.4%
Other Securities		58,835,000		65,552,345
Minnesota — 0.6%
Other Securities		10,049,988		10,963,350
Mississippi — 0.8%
Other Securities		13,635,000		15,115,313
Missouri — 2.3%
Tender Option Bond Trust Receipts/Certificates, 0.120%, 3/01/2050, Call 3/1/2030 (5)(6)		11,250,000		11,250,000
Other Securities		31,565,000		34,138,912
				45,388,912
Nebraska — 0.3%
Other Securities		5,620,000		5,802,964
Nevada — 0.7%
Other Securities		12,945,000		14,419,787
New Hampshire — 0.5%
Other Securities		8,785,000		9,451,556
New Jersey — 3.2%
New Jersey Transportation Trust Fund Authority, BAM TCRs, 5.250%, 6/15/2033, Call 6/15/2023		5,635,000		6,123,611
Other Securities		50,550,000		56,658,724
				62,782,335
New Mexico — 0.5%
New Mexico Hospital Equipment Loan Council, 5.000%, 7/01/2049, Call 7/1/2026		5,225,000		5,819,709
Other Securities		4,757,031		4,936,259
				10,755,968
New York — 6.4%
Metropolitan Transportation Authority
5.000%, 9/01/2022		8,930,000		9,484,285
5.000%, 2/01/2023		9,930,000		10,700,965
New York City Transitional Finance Authority Future Tax Secured Revenue
5.000%, 11/01/2024, Call 11/1/2022		5,715,000		6,167,514
5.000%, 8/01/2036, Call 8/1/2028		5,555,000		6,890,811
New York State Dormitory Authority, 5.000%, 3/15/2027, Call 3/15/2022		7,555,000		7,924,137

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

34

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
New York (continued)
New York Transportation Development Corp., 5.000%, 10/01/2035, Call 10/1/2030 (8)	$	6,000,000	$	7,406,460
Other Securities		67,750,000		76,570,325
				125,144,497
North Carolina — 0.8%
Other Securities		14,895,000		16,662,796
North Dakota — 0.9%
Other Securities		15,775,000		16,904,143
Ohio — 2.9%
Other Securities		52,820,000		55,885,850
Oklahoma — 0.7%
Other Securities		12,760,000		13,348,535
Oregon — 0.5%
Other Securities		10,215,000		10,434,589
Pennsylvania — 3.8%
Pennsylvania Turnpike Commission, 5.000%, 6/01/2042, Call 6/1/2027		5,450,000		6,384,947
Other Securities		61,825,000		68,463,744
				74,848,691
Rhode Island — 0.4%
Other Securities		7,105,000		7,368,860
South Carolina — 1.3%
Patriots Energy Group Financing Agency, 0.942%, (LIBOR 1 Month), 2/01/2024, Call 11/1/2023 (6)		8,000,000		8,075,600
Other Securities		15,795,000		17,323,033
				25,398,633
South Dakota — 0.5%
Other Securities		8,765,000		9,348,595
Tennessee — 1.6%
Knox County Health Educational & Housing Facility Board, 5.000%, 1/01/2042, Call 1/1/2027		5,815,000		6,755,402
Tennessee Energy Acquisition Corp., 5.000%, 2/01/2023		5,310,000		5,752,057
Tennessee Housing Development Agency, 3.500%, 7/01/2050, Call 7/1/2029		5,830,000		6,465,237
Other Securities		10,755,000		11,602,475
				30,575,171
Texas — 6.5%
City of Houston Airport System Revenue, 5.000%, 7/01/2038, Call 7/1/2028		5,000,000		6,004,250

Description	Shares or Principal Amount		Value
Municipals (continued)
Texas (continued)
Mission Economic Development Corp., 0.300%, 5/03/2021 (6)	$	14,300,000	$	14,299,285
North Texas Tollway Authority, 5.000%, 1/01/2048, Call 1/1/2028		5,000,000		5,952,000
State of Texas, 0.070%, 12/01/2051, Call 3/1/2021 (6)		9,000,000		9,000,000
Other Securities		82,680,000		92,420,492
				127,676,027
U. S. Virgin Islands — 0.2%
Other Securities		3,320,000		3,698,926
Utah — 0.6%
Other Securities		11,130,000		11,684,312
Vermont — 0.0%
Other Security		440,000		465,238
Virginia — 0.5%
Other Securities		7,950,000		8,941,283
Washington — 1.8%
FYI Properties, 5.000%, 6/01/2031, Call 6/1/2028		5,000,000		6,125,600
Other Securities		25,815,000		28,299,252
				34,424,852
West Virginia — 0.6%
Other Securities		9,435,000		11,097,290
Wisconsin — 2.7%
Other Securities		52,735,000		52,854,808
Wyoming — 0.0%
Other Security		1,000,000		1,007,910
Total Municipals (identified cost $1,787,136,795)				1,902,806,797
Mutual Funds — 0.8%
Nuveen New York AMT-Free Quality Municipal Income Fund		7,000,000		7,000,000
Nuveen New York AMT-Free Municipal Credit Income Fund		10,000,000		10,000,000
Total Mutual Funds (identified cost $17,000,000)				17,000,000
Short-Term Investments — 0.3%
Repurchase Agreements — 0.0%
Other Security		419,918		419,918
Short-Term Municipals — 0.3%
Texas — 0.3%
Other Securities		5,000,000		5,000,000
Total Short-Term Investments (identified cost $5,419,918)				5,419,918
Total Investments — 98.6% (identified cost $1,809,556,713)				1,925,226,715
Other Assets — 1.4%				26,650,582
Total Net Assets — 100.0%			$	1,951,877,297

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

35

February 28, 2021 (Unaudited)

Schedules of Investments

Strategic Income Fund

Description	Principal Amount		Value
Asset-Backed Securities — 0.1%
Federal Home Loan Mortgage Corporation — 0.1%
0.260% (LIBOR 1 Month + 13 basis points), 8/25/2031, (Series T-32) (6)	$	143,336	$	136,535
Total Asset-Backed Securities (identified cost $143,336)				136,535
Collateralized Mortgage Obligations — 10.0%
Federal National Mortgage Association — 0.2%
0.518% (LIBOR 1 Month + 40 basis points), 4/25/2034, (Series 2004-25) (6)		78,686		79,105
4.000%, 3/25/2041, (Series 2012-21)		125,707		133,205
				212,310
Private Sponsor — 7.0%
Alternative Loan Trust, Class 1A1, (Series 2004-24CB), 6.000%, 11/25/2034		469,061		476,531
Banc of America Funding Trust, Class 2A1, (Series 2005-5), 5.500%, 9/25/2035		144,953		156,449
Chase Mortgage Finance Trust:
Class 7A1, (Series 2007-A2), 3.264%, 7/25/2037 (6)		268,775		250,902
Class A1, (Series 2005-S2), 5.500%, 10/25/2035		273,024		274,910
ChaseFlex Trust , Class 4A3, (Series 2005-2), 6.000%, 5/25/2020		3,046		1,938
FREMF Mortgage Trust:
Class B, (Series 2019-K91), 4.252%, 4/25/2051 (5)(6)		1,000,000		1,132,637
Class B, (Series 2019-K95), 3.919%, 8/25/2052 (5)(6)		1,000,000		1,108,748
Class C, (Series 2018-K77), 4.160%, 5/25/2051 (5)(6)		1,000,000		1,088,571
GSR Mortgage Loan Trust, Class 2A4, (Series 2007-1F), 5.500%, 1/25/2037		55,201		63,647
Morgan Stanley Mortgage Loan Trust, Class 2A2, (Series 2004-10AR), 2.661%, 11/25/2034 (6)		189,750		196,209
Residential Asset Securitization Trust, Class A4, (Series 2005-A8CB), 5.500%, 7/25/2035		529,887		462,887
RFMSI Trust, Class A2, (Series 2006-S4), 6.000%, 4/25/2036		290,067		281,302
Structured Adjustable Rate Mortgage Loan Trust, Class 1A2, (Series 2004-18), 2.688%, 12/25/2034 (6)		264,772		259,924
Wells Fargo Mortgage Backed Securities Trust:
Class A1, (Series 2006-AR19), 2.806%, 12/25/2036 (6)		319,382		318,681
Class A1, (Series 2007-15), 6.000%, 11/25/2037		251,330		234,338
Class A6, (Series 2007-7), 6.000%, 6/25/2037		151,561		142,600
				6,450,274

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
WL Collateral CMO — 2.8%
Federal Home Loan Mortgage Corporation, Class M2, (Series 2021-HQA1), 2.300% (SOFR + 225 basis points), 8/25/2033 (5)(6)	$	2,000,000	$	2,010,407
Federal National Mortgage Association, Class 2M2, (Series 2016-C07), 4.468% (LIBOR 1 Month + 435 basis points), 5/25/2029 (6)		497,967		520,778
				2,531,185
Total Collateralized Mortgage Obligations (identified cost $8,810,550)				9,193,769
Commercial Mortgage Securities — 7.9%
Private Sponsor — 7.9%
BANK, Class A4, (Series 2018-BN15), 4.407%, 11/15/2061 (6)		750,000		876,482
Commercial Mortgage Trust, Class D, (Series 2013-CR12), 5.074%, 10/10/2046 (5)(6)		500,000		317,013
Commercial Mortgage Trust,, Class A4, (Series 2013-CR10), 4.210%, 8/10/2046 (6)		2,000,000		2,163,476
GS Mortgage Securities Trust, Class D, (Series 2013-GC16), 5.310%, 11/10/2046 (5)(6)		300,000		299,942
Wells Fargo Commercial Mortgage Trust:
Class B, (Series 2015-C26), 3.783%, 2/15/2048		750,000		797,809
Class C, (Series 2016-C36), 4.183%, 11/15/2059 (6)		2,000,000		1,751,210
Class D, (Series 2015-C26), 3.586%, 2/15/2048 (5)		720,000		630,156
WFRBS Commercial Mortgage Trust, Class D, (Series 2013-C16), 5.017%, 9/15/2046 (5)(6)		485,000		390,710
Total Commercial Mortgage Securities (identified cost $6,959,204)				7,226,798
Corporate Bonds & Notes — 74.6%
Aerospace/Defense — 2.3%
Boeing Co., 4.875%, 5/1/2025		350,000		390,587
Embraer Netherlands Finance BV, 6.950%, 1/17/2028 (5)		300,000		336,975
Howmet Aerospace, Inc., 6.875%, 5/1/2025		250,000		289,675
Spirit AeroSystems, Inc., 7.500%, 4/15/2025 (2)(5)		250,000		265,000
TransDigm, Inc., 5.500%, 11/15/2027		500,000		514,390
TransDigm, Inc.,, 4.625%, 1/15/2029 (2)(5)		350,000		344,750
				2,141,377
Agriculture — 2.5%
Altria Group, Inc., 5.950%, 2/14/2049		500,000		633,131
Bunge, Ltd. Finance Corp., 4.350%, 3/15/2024		500,000		550,915
JBS Investments II GmbH, 5.750%, 1/15/2028 (5)		500,000		526,255

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

36

BMO Funds

Strategic Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Agriculture (continued)
Vector Group Ltd., 5.750%, 2/1/2029 (5)	$	550,000	$	570,969
				2,281,270
Airlines — 2.1%
American Airlines, Inc., 11.750%, 7/15/2025 (5)		500,000		595,625
British Airways 2020-1 Class A Pass Through Trust, 4.250%, 5/15/2034 (5)		297,389		319,491
Delta Air Lines, Inc.:
2.900%, 10/28/2024 (2)		500,000		498,897
3.750%, 10/28/2029		150,000		149,082
United Airlines Pass Through Trust, 5.875%, 10/15/2027		292,747		329,090
				1,892,185
Auto Manufacturers — 1.2%
Ford Motor Co., 4.750%, 1/15/2043		500,000		506,375
Jaguar Land Rover Automotive PLC, 5.875%, 1/15/2028 (5)		350,000		357,700
Navistar International Corp., 9.500%, 5/1/2025 (5)		250,000		280,156
				1,144,231
Auto Parts & Equipment — 0.7%
American Axle & Manufacturing, Inc., 6.875%, 7/1/2028 (2)		250,000		265,000
Tenneco, Inc., 7.875%, 1/15/2029 (5)		300,000		336,834
				601,834
Banks — 4.2%
Banco Nacional de Costa Rica, 6.250%, 11/1/2023 (2)(5)		1,000,000		1,044,000
Banco Santander SA, 2.749%, 12/3/2030		450,000		444,484
BBVA Bancomer SA, 1.875%, 9/18/2025 (5)		400,000		404,050
CBB International Sukuk Programme Co. SPC, 3.950%, 9/16/2027 (5)		500,000		505,518
CIT Group, Inc., 3.929%, 6/19/2024		500,000		530,000
Deutsche Bank AG,, 3.729%, 1/14/2032 (2)		575,000		567,008
JPMorgan Chase & Co., 2.525%, 11/19/2041		350,000		331,924
				3,826,984
Beverages — 0.9%
Molson Coors Beverage Co., 4.200%, 7/15/2046		750,000		795,719
Building Materials — 1.5%
Cemex SAB de C.V., 7.375%, 6/5/2027 (5)		350,000		393,540
Cemex SAB de C.V.,, 3.875%, 7/11/2031 (5)		350,000		349,703
US Concrete, Inc., 5.125%, 3/1/2029 (5)		600,000		619,125
				1,362,368

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Chemicals — 2.4%
Braskem Netherlands Finance BV, 4.500%, 1/10/2028 (5)	$	500,000	$	517,500
Chemours Co., 5.750%, 11/15/2028 (5)		300,000		308,063
Nouryon Holding BV, 8.000%, 10/1/2026 (5)		500,000		532,987
OCP SA, 4.500%, 10/22/2025 (5)		750,000		808,999
				2,167,549
Commercial Services — 2.7%
Element Fleet Management Corp., 3.850%, 6/15/2025 (5)		350,000		369,423
Howard University, 2.801%, 10/1/2023		250,000		258,621
Prime Security Services Borrower LLC, 3.375%, 8/31/2027 (5)		500,000		488,065
United Rentals North America, Inc., 5.500%, 5/15/2027 (2)		750,000		794,531
WW International, Inc., 8.625%, 12/1/2025 (5)		500,000		522,777
				2,433,417
Computers — 1.6%
Dell International LLC, 5.300%, 10/1/2029 (5)		750,000		888,063
Seagate HDD Cayman:
4.091%, 6/1/2029 (5)		270,000		280,631
4.875%, 6/1/2027 (2)		253,000		281,867
				1,450,561
Diversified Financial Services — 1.8%
Ally Financial, Inc., 5.750%, 11/20/2025		400,000		457,029
Cantor Fitzgerald LP, 4.875%, 5/1/2024 (5)		500,000		555,875
Raymond James Financial, Inc., 4.650%, 4/1/2030		500,000		596,930
				1,609,834
Electric — 1.2%
Abu Dhabi National Energy Co. PJSC, 4.375%, 4/23/2025 (5)		500,000		562,685
Talen Energy Supply LLC, 6.500%, 6/1/2025 (2)		650,000		569,969
				1,132,654
Electrical Components & Equipment — 0.8%
Energizer Holdings, Inc., 4.750%, 6/15/2028 (5)		750,000		767,625
Electronics — 0.3%
Jabil, Inc., 3.000%, 1/15/2031		250,000		254,396
Engineering & Construction — 0.6%
Fluor Corp., 4.250%, 9/15/2028 (2)		500,000		511,250
Environmental Control — 1.1%
Stericycle, Inc., 3.875%, 1/15/2029 (5)		500,000		504,200
Waste Management, Inc., 0.750%, 11/15/2025 (2)		525,000		515,279
				1,019,479
Food — 2.3%
Albertsons Cos. LLC, 5.750%, 3/15/2025		80,000		82,792
MARB BondCo PLC, 3.950%, 1/29/2031 (5)		1,000,000		971,250

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

37

February 28, 2021 (Unaudited)

Schedules of Investments

Strategic Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Food (continued)
Minerva Luxembourg SA, 6.500%, 9/20/2026 (5)	$	500,000	$	525,625
Post Holdings, Inc., 5.000%, 8/15/2026 (2)(5)		500,000		522,012
				2,101,679
Forest Products & Paper — 1.1%
Suzano Austria GmbH, 7.000%, 3/16/2047 (2)(5)		750,000		987,000
Gas — 0.5%
National Fuel Gas Co., 2.950%, 3/1/2031		500,000		493,633
Healthcare-Services — 2.0%
Encompass Health Corp., 4.500%, 2/1/2028		250,000		260,325
HCA, Inc., 3.500%, 9/1/2030 (2)		500,000		517,483
Molina Healthcare, Inc., 4.375%, 6/15/2028 (5)		500,000		519,250
Tenet Healthcare Corp., 7.500%, 4/1/2025 (5)		535,000		582,570
				1,879,628
Home Furnishings — 0.8%
Whirlpool Corp., 4.750%, 2/26/2029		650,000		767,160
Insurance — 1.5%
Athene Holding, Ltd., 3.500%, 1/15/2031		500,000		518,783
Brighthouse Financial, Inc., 5.625%, 5/15/2030		500,000		605,071
SBL Holdings, Inc., 5.000%, 2/18/2031 (5)		250,000		246,581
				1,370,435
Internet — 0.3%
Expedia Group, Inc., 6.250%, 5/1/2025 (5)		250,000		292,343
Investment Companies — 2.6%
FS KKR Capital Corp., 3.400%, 1/15/2026		500,000		499,068
Goldman Sachs BDC, Inc., 3.750%, 2/10/2025 (2)		750,000		794,473
Icahn Enterprises LP, 4.750%, 9/15/2024 (2)		500,000		526,408
Owl Rock Capital Corp., 5.250%, 4/15/2024 (2)		500,000		548,006
				2,367,955
Iron/Steel — 1.9%
ArcelorMittal, 4.550%, 3/11/2026		750,000		836,008
GUSAP III LP, 4.250%, 1/21/2030 (2)(5)		500,000		538,975
United States Steel Corp., 6.875%, 8/15/2025 (2)		250,000		246,875
Vale Overseas, Ltd., 3.750%, 7/8/2030 (2)		150,000		159,608
				1,781,466
Leisure Time — 0.9%
NCL Corp., Ltd., 10.250%, 2/1/2026 (5)		300,000		349,500

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Leisure Time (continued)
Royal Caribbean Cruises, Ltd., 5.250%, 11/15/2022 (2)	$	500,000	$	510,390
				859,890
Lodging — 0.2%
MGM Resorts International, 6.750%, 5/1/2025 (2)		200,000		214,441
Media — 4.2%
AMC Networks, Inc., 5.000%, 4/1/2024 (2)		433,000		438,954
CSC Holdings LLC, 3.375%, 2/15/2031 (5)		300,000		288,375
Discovery Communications LLC, 3.950%, 3/20/2028		700,000		778,827
Scripps Escrow II, Inc., 3.875%, 1/15/2029 (5)		500,000		491,212
Sirius XM Radio, Inc., 5.375%, 7/15/2026 (2)(5)		750,000		776,475
Time Warner Cable LLC, 4.500%, 9/15/2042 (2)		500,000		546,682
Virgin Media Finance PLC, 5.000%, 7/15/2030 (5)		500,000		509,375
				3,829,900
Mining — 1.1%
Kinross Gold Corp., 6.875%, 9/1/2041		750,000		999,811
Miscellaneous Manufacturing — 0.6%
Trinity Industries, Inc., 4.550%, 10/1/2024		500,000		525,000
Oil & Gas — 2.9%
Comstock Resources, Inc., 9.750%, 8/15/2026		500,000		546,420
Diamond Offshore Drilling, Inc., 7.875%, 8/15/2025 (1)(9)		750,000		183,750
Occidental Petroleum Corp., 4.400%, 8/15/2049 (2)		500,000		441,250
PBF Holding Co. LLC, 7.250%, 6/15/2025 (2)		750,000		518,906
Valero Energy Corp., 2.150%, 9/15/2027		400,000		399,070
W&T Offshore, Inc., 9.750%, 11/1/2023 (5)		700,000		583,188
				2,672,584
Oil & Gas Services — 0.2%
Nine Energy Service, Inc., 8.750%, 11/1/2023 (5)		400,000		192,750
Packaging & Containers — 0.9%
Berry Global, Inc., 1.570%, 1/15/2026 (5)		350,000		350,676
Klabin Austria GmbH, 3.200%, 1/12/2031 (5)		500,000		495,875
				846,551
Pharmaceuticals — 3.6%
AdaptHealth LLC, 4.625%, 8/1/2029 (5)		375,000		376,065
Bausch Health Cos., Inc., 5.000%, 1/30/2028 (5)		500,000		510,625
HLF Financing Sarl LLC, 7.250%, 8/15/2026 (5)		300,000		312,300
Mylan, Inc., 5.200%, 4/15/2048		700,000		840,499

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

38

BMO Funds

Strategic Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Netherlands III BV:
4.100%, 10/1/2046	$	800,000	$	690,000
6.000%, 4/15/2024 (2)		500,000		524,912
				3,254,401
Pipelines — 3.7%
Buckeye Partners LP, 4.500%, 3/1/2028 (5)		500,000		507,500
Enable Midstream Partners LP, 4.950%, 5/15/2028		500,000		562,333
Energy Transfer Operating LP, 5.150%, 2/1/2043 (2)		750,000		788,488
EQM Midstream Partners LP, 4.000%, 8/1/2024		500,000		505,782
Sunoco Logistics Partners Operations LP, 5.400%, 10/1/2047		900,000		982,187
				3,346,290
Real Estate — 0.4%
Howard Hughes Corp., 4.125%, 2/1/2029 (5)		350,000		347,865
Real Estate Investment Trusts — 3.9%
Crown Castle International Corp., 2.900%, 4/1/2041		500,000		467,161
Diversified Healthcare Trust, 4.750%, 2/15/2028		500,000		493,750
Host Hotels & Resorts LP, 3.500%, 9/15/2030 (2)		500,000		506,273
iStar, Inc., 4.750%, 10/1/2024		600,000		616,815
MPT Operating Partnership LP, 4.625%, 8/1/2029		500,000		538,437
SBA Communications Corp., 4.875%, 9/1/2024		500,000		513,475
Service Properties Trust, 4.950%, 10/1/2029		500,000		483,438
				3,619,349
Retail — 3.4%
Beacon Roofing Supply, Inc., 4.875%, 11/1/2025 (2)(5)		450,000		453,969
Foundation Building Materials, Inc., 6.000%, 3/1/2029 (2)(5)		400,000		399,500
L Brands, Inc., 6.950%, 3/1/2033 (2)		500,000		556,250
PetSmart, Inc., 7.125%, 3/15/2023 (5)		500,000		501,525
QVC, Inc., 4.750%, 2/15/2027 (2)		500,000		528,128
Ross Stores, Inc., 4.600%, 4/15/2025		350,000		396,858
White Cap Buyer LLC, 6.875%, 10/15/2028 (2)(5)		250,000		265,469
				3,101,699
Semiconductors — 1.4%
Broadcom, Inc., 4.750%, 4/15/2029		600,000		684,942
Marvell Technology Group, Ltd., 4.875%, 6/22/2028 (2)		500,000		587,437
				1,272,379
Software — 1.5%
Citrix Systems, Inc., 3.300%, 3/1/2030 (2)		500,000		526,252
VMware, Inc., 3.900%, 8/21/2027		750,000		827,189
				1,353,441

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Sovereign — 2.5%
Argentine Government International Bond:
0.125%, 7/9/2030	$	85,626	$	31,253
0.125%, 7/9/2035		156,873		50,435
1.000%, 7/9/2029		9,405		3,729
Costa Rica Government International Bond, 5.625%, 4/30/2043 (5)		800,000		708,560
Dominican Republic International Bond, 4.875%, 9/23/2032 (5)		500,000		509,375
Oman Sovereign Sukuk Co., 4.397%, 6/1/2024 (5)		500,000		519,014
Turkiye Ihracat Kredi Bankasi AS, 5.000%, 9/23/2021 (5)		450,000		455,823
				2,278,189
Telecommunications — 1.9%
Telecom Italia SpA, 5.303%, 5/30/2024 (2)(5)		600,000		650,517
T-Mobile USA, Inc., 2.250%, 2/15/2026 (2)		350,000		349,090
Turk Telekomunikasyon AS, 4.875%, 6/19/2024 (2)(5)		750,000		781,905
				1,781,512
Transportation — 0.4%
Empresa de Transporte de Pasajeros Metro SA, 3.650%, 5/7/2030 (5)		350,000		388,422
Total Corporate Bonds & Notes (identified cost $65,486,595)				68,318,506
U.S. Government Agency-Mortgage Securities — 3.8%
Federal Home Loan Mortgage Corporation — 0.4%
3.500%, 4/1/2042		41,881		45,733
4.500%, 7/1/2040		14,837		16,726
5.000%, 12/1/2022		12,943		13,562
5.000%, 1/1/2040		134,347		156,239
5.500%, 10/1/2021		1,848		1,855
5.500%, 7/1/2035		28,581		33,203
6.000%, 12/1/2036		13,768		16,552
6.000%, 12/1/2037		4,537		5,100
7.500%, 4/1/2024		9,257		9,942
7.500%, 4/1/2027		8,285		9,375
8.000%, 8/1/2030		10,144		12,081
8.500%, 9/1/2024		4,549		4,911
9.500%, 2/1/2025		42		42
				325,321
Federal National Mortgage Association — 3.2%
2.500%, 9/1/2040		1,931,056		2,013,171
3.000%, 8/1/2032		123,455		131,791
4.000%, 3/1/2041		168,709		188,383
5.500%, 1/1/2023		21,764		24,180
5.500%, 2/1/2036		80,431		93,913
6.000%, 9/1/2021		10,948		11,059
6.500%, 8/1/2030		180,748		203,018
6.500%, 12/1/2031		11,057		12,590
6.500%, 11/1/2037		20,247		23,505
7.000%, 3/1/2029		22,487		26,228
7.000%, 7/1/2029		60,240		67,650
7.000%, 2/1/2030		43,949		49,114
7.500%, 10/1/2030		5,961		6,320
8.000%, 10/1/2028		70,116		78,363
8.000%, 4/1/2030		17,422		21,168
				2,950,453

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

39

February 28, 2021 (Unaudited)

Schedules of Investments

Strategic Income Fund (continued)

Description	Shares or Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)
Government National Mortgage Association — 0.2%
5.000%, 4/15/2034	$	132,561	$	155,786
7.000%, 8/15/2031		21,124		24,431
9.500%, 10/15/2024		4		4
				180,221
Total U.S. Government Agency-Mortgage Securities
(identified cost $3,350,995)				3,455,995
Short-Term Investments — 15.8%
Collateral Pool Investments for Securities on Loan — 13.4%
Collateral pool allocation (4)				12,310,519
Mutual Funds — 2.4%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		2,157,338		2,157,338
Total Short-Term Investments (identified cost $14,467,857)				14,467,857
Total Investments — 112.2% (identified cost $99,218,537)				102,799,460
Other Assets and Liabilities — (12.2)%				(11,163,671	)
Total Net Assets — 100.0%			$	91,635,789

Corporate Income Fund

Description	Principal Amount		Value
Corporate Bonds & Notes — 96.2%
Aerospace/Defense — 2.4%
BAE Systems PLC:
3.000%, 9/15/2050 (2)(5)	$	2,000,000	$	1,906,387
3.400%, 4/15/2030 (5)		1,800,000		1,956,641
Boeing Co.:
2.800%, 3/1/2024		2,000,000		2,087,943
4.875%, 5/1/2025		2,000,000		2,231,923
Spirit AeroSystems, Inc., 7.500%, 4/15/2025 (5)		2,000,000		2,120,000
				10,302,894
Agriculture — 3.7%
Altria Group, Inc., 3.700%, 2/4/2051		2,000,000		1,853,980
BAT Capital Corp., 4.540%, 8/15/2047		2,750,000		2,795,414
Bunge, Ltd. Finance Corp.:
3.250%, 8/15/2026		1,000,000		1,081,345
3.750%, 9/25/2027		1,800,000		2,008,836
Imperial Brands Finance PLC, 3.500%, 7/26/2026 (5)		1,750,000		1,888,487
JBS Investments II GmbH, 5.750%, 1/15/2028 (2) (5)		1,000,000		1,052,510
Philip Morris International, Inc.:
0.875%, 5/1/2026 (2)		2,000,000		1,964,002
2.900%, 11/15/2021		1,000,000		1,019,183
Vector Group Ltd., 5.750%, 2/1/2029 (5)		2,250,000		2,335,781
				15,999,538

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Airlines — 1.1%
Delta Air Lines, Inc.:
2.900%, 10/28/2024	$	1,960,000	$	1,955,677
3.750%, 10/28/2029		1,000,000		993,877
United Airlines Pass Through Trust, 5.875%, 10/15/2027		1,610,111		1,809,996
				4,759,550
Auto Manufacturers — 4.1%
Cummins, Inc., 1.500%, 9/1/2030		3,000,000		2,868,996
Daimler Finance North America LLC, 3.700%, 5/4/2023 (5)		750,000		800,613
Ford Motor Co., 5.291%, 12/8/2046		2,000,000		2,118,850
Ford Motor Credit Co. LLC:
1.521% (LIBOR 3 Month + 127 basis points), 3/28/2022 (6)		750,000		746,352
4.134%, 8/4/2025 (2)		1,500,000		1,581,562
General Motors Financial Co., Inc.:
4.000%, 1/15/2025		1,000,000		1,091,057
4.350%, 1/17/2027		1,500,000		1,686,622
Hyundai Capital America, 2.650%, 2/10/2025 (5)		2,000,000		2,083,892
Jaguar Land Rover Automotive PLC, 5.875%, 1/15/2028 (5)		1,500,000		1,533,000
Navistar International Corp., 9.500%, 5/1/2025 (5)		800,000		896,500
Toyota Motor Credit Corp., 3.400%, 4/14/2025 (2)		2,000,000		2,196,071
				17,603,515
Auto Parts & Equipment — 0.5%
American Axle & Manufacturing, Inc., 6.875%, 7/1/2028 (2)		1,450,000		1,537,000
Tenneco, Inc., 7.875%, 1/15/2029 (5)		500,000		561,390
				2,098,390
Banks — 14.7%
Banco Santander SA:
1.785% (LIBOR 3 Month + 156 basis points), 4/11/2022 (6)		2,000,000		2,029,429
2.749%, 12/3/2030 (2)		2,000,000		1,975,484
Bank of America Corp.:
2.592% (SOFR + 215 basis points), 4/29/2031 (6)		3,500,000		3,578,445
3.458% (LIBOR 3 Month + 97 basis points), 3/15/2025 (2)(6)		1,000,000		1,080,183
BBVA Bancomer SA, 1.875%, 9/18/2025 (5)		1,250,000		1,262,656
BNP Paribas SA, 2.824%, 1/26/2041 (5)		3,200,000		2,968,538
Capital One Financial Corp.:
1.180% (LIBOR 3 Month + 95 basis points), 3/9/2022 (6)		1,500,000		1,512,030
3.300%, 10/30/2024		1,250,000		1,356,062
Citigroup, Inc., 1.621% (LIBOR 3 Month + 143 basis points), 9/1/2023 (6)		2,000,000		2,036,349
Credit Suisse Group AG, 1.305% (SOFR + 98 basis points), 2/2/2027 (5)(6)		2,750,000		2,713,604

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

40

BMO Funds

Corporate Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Banks (continued)
Goldman Sachs Group, Inc.:
1.325% (LIBOR 3 Month + 111 basis points), 4/26/2022 (6)	$	1,000,000	$	1,001,682
4.223% (LIBOR 3 Month + 130 basis points), 5/1/2029 (6)		1,250,000		1,435,684
HSBC Holdings PLC:
1.848% (LIBOR 3 Month + 166 basis points), 5/25/2021 (6)		1,500,000		1,505,486
3.973% (LIBOR 3 Month + 161 basis points), 5/22/2030 (6)		2,150,000		2,392,715
JPMorgan Chase & Co.:
2.525%, 11/19/2041 (6)		2,100,000		1,991,545
2.739% (SOFR + 151 basis points), 10/15/2030 (2)(6)		3,000,000		3,141,339
3.509% (LIBOR 3 Month + 95 basis points), 1/23/2029 (6)		1,500,000		1,652,166
Lloyds Banking Group PLC, 2.907% (LIBOR 3 Month + 81 basis points), 11/7/2023 (6)		2,000,000		2,076,848
Macquarie Group Ltd., 1.340% (SOFR + 107 basis points), 1/12/2027 (5)(6)		1,500,000		1,487,065
Mizuho Financial Group, Inc., 1.234% (H15T1Y + 67 basis points), 5/22/2027 (6)		3,250,000		3,204,010
Morgan Stanley:
1.928% (SOFR + 102 basis points), 4/28/2032 (6)		1,000,000		966,031
2.699% (SOFR + 114 basis points), 1/22/2031 (6)		2,000,000		2,067,609
3.737% (LIBOR 3 Month + 85 basis points), 4/24/2024 (6)		2,750,000		2,936,087
National Securities Clearing Corp., 0.750%, 12/7/2025 (2)(5)		1,750,000		1,728,112
PNC Financial Services Group, Inc., 2.200%, 11/1/2024		2,000,000		2,114,487
Royal Bank of Canada:
0.898% (LIBOR 3 Month + 66 basis points), 10/5/2023 (6)		2,500,000		2,534,968
2.250%, 11/1/2024 (2)		2,000,000		2,108,880
Societe Generale SA, 1.488% (H15T1Y + 110 basis points), 12/14/2026 (5)(6)		2,000,000		1,983,706
Wells Fargo & Co.:
1.442% (LIBOR 3 Month + 123 basis points), 10/31/2023 (6)		2,000,000		2,035,485
2.572% (LIBOR 3 Month + 100 basis points), 2/11/2031 (6)		2,500,000		2,570,400
3.584% (LIBOR 3 Month + 131 basis points), 5/22/2028 (6)		2,000,000		2,210,218
				63,657,303
Beverages — 1.8%
Anheuser-Busch Cos. LLC, 4.900%, 2/1/2046		2,000,000		2,393,200
Constellation Brands, Inc., 2.875%, 5/1/2030 (2)		500,000		523,626
Fomento Economico Mexicano SAB de C.V., 3.500%, 1/16/2050		2,500,000		2,552,000
Molson Coors Beverage Co., 4.200%, 7/15/2046		2,000,000		2,121,917
				7,590,743

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Biotechnology — 1.1%
Amgen, Inc., 3.150%, 2/21/2040 (2)	$	1,500,000	$	1,536,086
Biogen, Inc., 2.250%, 5/1/2030		1,500,000		1,493,995
Regeneron Pharmaceuticals, Inc., 2.800%, 9/15/2050		2,000,000		1,770,657
				4,800,738
Building Materials — 0.5%
US Concrete, Inc., 5.125%, 3/1/2029 (5)		2,000,000		2,063,750
Chemicals — 3.2%
Braskem Netherlands Finance BV, 4.500%, 1/10/2028 (5)		1,000,000		1,035,000
Chemours Co., 5.750%, 11/15/2028 (2)(5)		1,000,000		1,026,875
Mosaic Co., 4.050%, 11/15/2027 (2)		2,500,000		2,827,048
Nouryon Holding BV, 8.000%, 10/1/2026 (2)(5)		1,000,000		1,065,975
Nutrien, Ltd., 4.125%, 3/15/2035		1,000,000		1,133,314
Nutrition & Biosciences, Inc., 3.268%, 11/15/2040 (5)		2,000,000		2,043,351
OCP SA, 4.500%, 10/22/2025 (5)		2,000,000		2,157,330
Orbia Advance Corp SAB de C.V.:
5.875%, 9/17/2044 (5)		500,000		595,005
6.750%, 9/19/2042 (2)(5)		1,500,000		1,950,817
				13,834,715
Commercial Services — 0.9%
ADT Security Corp., 4.125%, 6/15/2023 (2)		500,000		521,913
Element Fleet Management Corp., 3.850%, 6/15/2025 (5)		1,500,000		1,583,240
Quanta Services, Inc., 2.900%, 10/1/2030		1,750,000		1,809,883
				3,915,036
Computers — 1.6%
Apple, Inc., 3.750%, 11/13/2047 (2)		2,000,000		2,250,650
Dell International LLC, 8.350%, 7/15/2046 (2)(5)		2,000,000		3,037,306
Hewlett Packard Enterprise Co., 0.958% (LIBOR 3 Month + 72 basis points), 10/5/2021 (2)(6)		1,700,000		1,700,326
				6,988,282
Diversified Financial Services — 5.1%
BlackRock, Inc., 2.400%, 4/30/2030		2,000,000		2,076,839
Cantor Fitzgerald LP, 4.875%, 5/1/2024 (5)		2,000,000		2,223,500
E*TRADE Financial Corp., 3.800%, 8/24/2027 (2)		1,500,000		1,694,686
GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035		2,500,000		2,836,663
Jefferies Financial Group, Inc., 6.625%, 10/23/2043		500,000		651,818
Jefferies Group LLC, 6.500%, 1/20/2043		500,000		658,133
Legg Mason, Inc., 4.750%, 3/15/2026		500,000		583,463
Nasdaq, Inc.:
2.500%, 12/21/2040		2,500,000		2,277,321
3.250%, 4/28/2050		1,000,000		977,169

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

41

February 28, 2021 (Unaudited)

Schedules of Investments

Corporate Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Diversified Financial Services (continued)
Nomura Holdings, Inc., 2.648%, 1/16/2025	$	850,000	$	893,982
NTT Finance Corp., 1.591%, 4/3/2028 (5)		2,000,000		2,000,000
Private Export Funding Corp., 1.750%, 11/15/2024		2,000,000		2,080,363
Synchrony Financial, 3.950%, 12/1/2027		2,750,000		3,020,461
				21,974,398
Electric — 3.3%
Abu Dhabi National Energy Co. PJSC, 4.375%, 4/23/2025 (2)(5)		750,000		844,028
AEP Transmission Co. LLC, 3.800%, 6/15/2049		2,000,000		2,249,557
Alabama Power Co.:
3.750%, 3/1/2045		2,000,000		2,211,231
1.450%, 9/15/2030		2,500,000		2,377,453
Berkshire Hathaway Energy Co., 1.650%, 5/15/2031 (5)		850,000		811,930
Duke Energy Florida LLC, 2.500%, 12/1/2029 (2)		2,000,000		2,104,863
Public Service Electric and Gas Co., 3.200%, 8/1/2049 (2)		1,000,000		1,039,784
San Diego Gas & Electric Co., 4.100%, 6/15/2049		1,000,000		1,165,177
Talen Energy Supply LLC, 6.500%, 6/1/2025		1,500,000		1,315,313
				14,119,336
Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc., 4.750%, 6/15/2028 (5)		1,500,000		1,535,250
Electronics — 0.5%
Jabil, Inc., 3.000%, 1/15/2031 (2)		2,000,000		2,035,168
Engineering & Construction — 0.6%
Fluor Corp., 4.250%, 9/15/2028 (2)		2,500,000		2,556,250
Environmental Control — 0.2%
Stericycle, Inc., 3.875%, 1/15/2029 (5)		925,000		932,770
Food — 1.8%
JM Smucker Co., 3.550%, 3/15/2050		1,500,000		1,563,795
Kraft Heinz Foods Co., 4.375%, 6/1/2046		1,950,000		2,114,971
Kroger Co., 4.450%, 2/1/2047		1,000,000		1,163,131
MARB BondCo PLC, 3.950%, 1/29/2031 (5)		1,000,000		971,250
Mars, Inc., 2.375%, 7/16/2040 (5)		2,000,000		1,889,270
				7,702,417
Gas — 0.3%
National Fuel Gas Co., 2.950%, 3/1/2031		1,500,000		1,480,900
Hand/Machine Tools — 0.2%
Snap-on, Inc., 3.100%, 5/1/2050		1,000,000		1,024,340

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Healthcare-Products — 0.4%
Zimmer Biomet Holdings, Inc., 3.550%, 4/1/2025	$	1,500,000	$	1,633,271
Healthcare-Services — 2.0%
Anthem, Inc., 2.250%, 5/15/2030 (2)		3,300,000		3,309,540
Encompass Health Corp., 4.500%, 2/1/2028		1,000,000		1,041,300
Molina Healthcare, Inc., 4.375%, 6/15/2028 (5)		1,500,000		1,557,750
Tenet Healthcare Corp., 7.500%, 4/1/2025 (5)		700,000		762,240
Universal Health Services, Inc., 2.650%, 10/15/2030 (5)		2,000,000		1,981,270
				8,652,100
Insurance — 6.2%
Athene Holding, Ltd., 3.500%, 1/15/2031		1,500,000		1,556,348
Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050		1,500,000		1,442,531
Brighthouse Financial, Inc., 5.625%, 5/15/2030 (2)		1,000,000		1,210,142
Fidelity National Financial, Inc., 3.400%, 6/15/2030		1,642,000		1,758,901
Five Corners Funding Trust II, 2.850%, 5/15/2030 (5)		1,250,000		1,321,373
High Street Funding Trust II, 4.682%, 2/15/2048 (5)		2,500,000		2,893,033
Lincoln National Corp., 3.625%, 12/12/2026 (2)		2,000,000		2,234,746
Nationwide Financial Services, Inc., 3.900%, 11/30/2049 (2)(5)		2,500,000		2,674,177
New York Life Insurance Co., 3.750%, 5/15/2050 (5)		1,000,000		1,100,583
Pacific Life Global Funding II, 1.450%, 1/20/2028 (2)(5)		2,000,000		1,968,596
Prudential Financial, Inc.:
3.700%, 3/13/2051		2,000,000		2,186,380
3.935%, 12/7/2049		1,000,000		1,132,008
Teachers Insurance & Annuity Association of America, 3.300%, 5/15/2050 (5)		2,000,000		2,013,351
Unum Group:
4.000%, 3/15/2024		2,000,000		2,184,323
4.000%, 6/15/2029		1,000,000		1,101,079
				26,777,571
Internet — 1.8%
Alphabet, Inc., 2.050%, 8/15/2050		3,000,000		2,550,874
Amazon.com, Inc., 4.050%, 8/22/2047		1,500,000		1,771,186
eBay, Inc., 4.000%, 7/15/2042		1,500,000		1,659,088
Expedia Group, Inc., 6.250%, 5/1/2025 (5)		1,500,000		1,754,060
				7,735,208
Investment Companies — 1.0%
Ares Capital Corp., 3.625%, 1/19/2022		1,500,000		1,535,007
FS KKR Capital Corp., 3.400%, 1/15/2026 (2)		2,000,000		1,996,274
Icahn Enterprises LP, 4.375%, 2/1/2029 (5)		1,000,000		1,001,270
				4,532,551

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

42

BMO Funds

Corporate Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Iron/Steel — 0.9%
Nucor Corp., 4.400%, 5/1/2048	$	2,000,000	$	2,466,356
Vale Overseas, Ltd., 3.750%, 7/8/2030 (2)		1,350,000		1,436,467
				3,902,823
Leisure Time — 0.2%
Royal Caribbean Cruises, Ltd., 5.250%, 11/15/2022		1,000,000		1,020,780
Lodging — 1.1%
Hyatt Hotels Corp., 5.375%, 8/15/2021		1,000,000		1,008,286
MGM Resorts International, 6.750%, 5/1/2025 (2)		1,375,000		1,474,282
Travel and Leisure Co., 6.000%, 4/1/2027		2,000,000		2,231,250
				4,713,818
Machinery-Construction & Mining — 0.5%
Caterpillar, Inc., 3.803%, 8/15/2042		2,000,000		2,312,681
Machinery-Diversified — 0.4%
Westinghouse Air Brake Technologies Corp., 4.400%, 3/15/2024		1,500,000		1,638,143
Media — 3.0%
Charter Communications Operating LLC, 5.375%, 5/1/2047		2,000,000		2,330,429
Comcast Corp., 4.600%, 10/15/2038		1,750,000		2,163,844
Cox Communications, Inc., 4.600%, 8/15/2047 (2)(5)		1,500,000		1,796,846
Discovery Communications LLC, 3.950%, 3/20/2028		2,000,000		2,225,220
Scripps Escrow II, Inc., 3.875%, 1/15/2029 (5)		1,500,000		1,473,637
ViacomCBS, Inc., 4.375%, 3/15/2043 (2)		1,500,000		1,681,491
Virgin Media Finance PLC, 5.000%, 7/15/2030 (5)		1,250,000		1,273,438
				12,944,905
Mining — 0.8%
Corp Nacional del Cobre de Chile, 3.750%, 1/15/2031 (5)		600,000		657,350
Glencore Funding LLC, 4.125%, 5/30/2023 (5)		2,500,000		2,690,003
				3,347,353
Miscellaneous Manufacturing — 0.5%
Siemens Financieringsmaatschappij NV, 3.300%, 9/15/2046 (5)		2,000,000		2,109,094
Oil & Gas — 2.6%
Ecopetrol SA, 7.375%, 9/18/2043		1,500,000		1,878,000
EQT Corp., 3.900%, 10/1/2027 (2)		500,000		520,625
Exxon Mobil Corp., 3.095%, 8/16/2049		1,000,000		961,972
Occidental Petroleum Corp., 4.300%, 8/15/2039 (2)		1,250,000		1,112,500

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Oil & Gas (continued)
Petroleos Mexicanos, 6.875%, 8/4/2026	$	1,500,000	$	1,611,375
Shell International Finance BV, 3.750%, 9/12/2046		1,000,000		1,085,646
Valero Energy Corp.:
2.150%, 9/15/2027		2,000,000		1,995,350
4.000%, 4/1/2029 (2)		1,000,000		1,099,011
W&T Offshore, Inc., 9.750%, 11/1/2023 (5)		900,000		749,813
				11,014,292
Oil & Gas Services — 0.5%
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 4.080%, 12/15/2047		2,000,000		2,171,950
Packaging & Containers — 0.5%
Berry Global, Inc., 1.570%, 1/15/2026 (5)		2,125,000		2,129,101
Pharmaceuticals — 6.0%
AbbVie, Inc., 0.833% (LIBOR 3 Month + 65 basis points), 11/21/2022 (6)		550,000		554,496
AdaptHealth LLC, 4.625%, 8/1/2029 (5)		1,000,000		1,002,840
AstraZeneca PLC, 3.500%, 8/17/2023 (2)		2,000,000		2,143,020
Bayer US Finance II LLC, 4.875%, 6/25/2048 (5)		2,350,000		2,904,003
Bristol-Myers Squibb Co., 2.000%, 8/1/2022		2,500,000		2,559,563
CVS Health Corp.:
3.250%, 8/15/2029		2,000,000		2,163,027
4.300%, 3/25/2028		1,411,000		1,620,875
Eli Lilly and Co., 3.700%, 3/1/2045		1,000,000		1,118,887
Evernorth Health, Inc., 4.800%, 7/15/2046		1,500,000		1,671,517
HLF Financing Sarl LLC, 7.250%, 8/15/2026 (5)		1,750,000		1,821,750
Johnson & Johnson, 1.300%, 9/1/2030 (2)		2,200,000		2,099,249
Mylan, Inc., 5.200%, 4/15/2048		1,500,000		1,801,069
Shire Acquisitions Investments Ireland DAC, 2.875%, 9/23/2023		2,000,000		2,111,761
Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/1/2046		2,500,000		2,156,250
				25,728,307
Pipelines — 1.8%
Enable Midstream Partners LP, 4.950%, 5/15/2028 (2)		3,000,000		3,373,998
EQM Midstream Partners LP, 4.000%, 8/1/2024		1,500,000		1,517,348
MPLX LP, 4.800%, 2/15/2029 (2)		1,250,000		1,457,767
Sunoco Logistics Partners Operations LP, 5.300%, 4/1/2044		1,500,000		1,618,297
				7,967,410
Real Estate — 0.3%
Howard Hughes Corp., 4.125%, 2/1/2029 (5)		1,500,000		1,490,850

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

43

February 28, 2021 (Unaudited)

Schedules of Investments

Corporate Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Real Estate Investment Trusts — 3.5%
Crown Castle International Corp., 2.900%, 4/1/2041	$	2,000,000	$	1,868,643
EPR Properties, 5.250%, 7/15/2023 (2)		1,000,000		1,038,042
Host Hotels & Resorts LP, 3.500%, 9/15/2030		1,400,000		1,417,565
iStar, Inc., 5.500%, 2/15/2026		2,500,000		2,560,937
Kimco Realty Corp., 3.300%, 2/1/2025		1,250,000		1,350,254
Mid-America Apartments LP, 3.600%, 6/1/2027		2,275,000		2,522,182
Prologis LP, 2.250%, 4/15/2030 (2)		1,500,000		1,528,770
Rexford Industrial Realty LP, 2.125%, 12/1/2030 (2)		1,250,000		1,205,624
Service Properties Trust, 4.500%, 3/15/2025		1,500,000		1,500,938
				14,992,955
Retail — 4.9%
7-Eleven, Inc., 2.800%, 2/10/2051 (5)		2,000,000		1,831,813
Gap, Inc., 8.625%, 5/15/2025 (5)		1,300,000		1,451,398
Genuine Parts Co., 1.875%, 11/1/2030		1,500,000		1,417,994
Home Depot, Inc., 4.250%, 4/1/2046		2,000,000		2,397,150
L Brands, Inc., 6.950%, 3/1/2033 (2)		1,350,000		1,501,875
Lowe’s Cos., Inc., 3.000%, 10/15/2050		2,250,000		2,126,900
PetSmart, Inc., 7.125%, 3/15/2023 (5)		1,750,000		1,755,338
Ross Stores, Inc., 4.600%, 4/15/2025		2,000,000		2,267,762
Starbucks Corp.:
2.550%, 11/15/2030		1,000,000		1,030,238
3.750%, 12/1/2047		2,000,000		2,133,594
Walgreens Boots Alliance, Inc., 4.100%, 4/15/2050		2,000,000		2,082,144
Walmart, Inc., 3.700%, 6/26/2028 (2)		1,000,000		1,141,965
				21,138,171
Semiconductors — 1.2%
Broadcom, Inc., 4.750%, 4/15/2029		2,000,000		2,283,141
KLA Corp., 3.300%, 3/1/2050		1,750,000		1,777,398
Marvell Technology Group, Ltd., 4.875%, 6/22/2028 (2)		1,000,000		1,174,874
				5,235,413
Software — 2.7%
CA, Inc., 4.700%, 3/15/2027 (2)		2,500,000		2,811,927
Citrix Systems, Inc., 3.300%, 3/1/2030		3,000,000		3,157,515
Fiserv, Inc., 4.400%, 7/1/2049		2,000,000		2,362,343
Oracle Corp., 4.000%, 11/15/2047		1,000,000		1,104,255
VMware, Inc., 3.900%, 8/21/2027 (2)		2,000,000		2,205,837
				11,641,877

Description	Shares or Principal Amount		Value
Corporate Bonds & Notes (continued)
Sovereign — 1.1%
Bermuda Government International Bond, 2.375%, 8/20/2030 (5)	$	2,500,000	$	2,475,000
Export-Import Bank of Korea, 3.000%, 11/1/2022		2,250,000		2,344,870
				4,819,870
Telecommunications — 2.3%
AT&T, Inc.:
4.350%, 6/15/2045 (2)		1,000,000		1,094,758
4.500%, 5/15/2035		2,000,000		2,290,427
Motorola Solutions, Inc., 5.500%, 9/1/2044		1,000,000		1,222,651
Telecom Italia Capital SA, 7.200%, 7/18/2036 (2)		1,500,000		1,928,175
T-Mobile USA, Inc., 2.250%, 2/15/2026		1,000,000		997,400
Verizon Communications, Inc., 4.522%, 9/15/2048		2,000,000		2,348,551
				9,881,962
Transportation — 1.8%
CSX Corp., 3.800%, 4/15/2050		1,500,000		1,668,574
FedEx Corp., 4.050%, 2/15/2048 (2)		2,500,000		2,712,031
Union Pacific Corp., 3.250%, 2/5/2050		2,000,000		2,041,143
United Parcel Service, Inc., 5.200%, 4/1/2040		1,000,000		1,321,878
				7,743,626
Water — 0.2%
American Water Capital Corp., 2.800%, 5/1/2030		1,000,000		1,058,788
Total Corporate Bonds & Notes (identified cost $390,384,312)				415,310,153
Short-Term Investments — 12.5%
Collateral Pool Investments for Securities on Loan — 8.9%
Collateral pool allocation (4)				38,458,915
Mutual Funds — 3.6%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		15,428,353		15,428,353
Total Short-Term Investments (identified cost $53,887,268)				53,887,268
Total Investments — 108.7% (identified cost $444,271,580)				469,197,421
Other Assets and Liabilities — (8.7)%				(37,613,977	)
Total Net Assets — 100.0%			$	431,583,444

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

44

BMO Funds

Core Plus Bond Fund

Description	Principal Amount		Value
Asset-Backed Securities — 0.5%
Credit Cards — 0.5%
Discover Card Execution Note Trust, Class A5, (Series 2018-A5), 3.320%, 3/15/2024	$	6,000,000	$	6,103,511
Total Asset-Backed Securities (identified cost $6,054,004)				6,103,511
Collateralized Mortgage Obligations — 5.4%
Federal Home Loan Mortgage Corporation — 2.2%
3.244%, 8/25/2027, (Series K068)		6,000,000		6,720,872
3.310%, 5/25/2023, (Series K032) (6)		19,000,000		20,193,759
				26,914,631
Federal National Mortgage Association — 1.0%
3.369%, 7/25/2028, (Series 2018-M10) (6)		10,000,000		11,291,602
Private Sponsor — 0.5%
FREMF Mortgage Trust:
Class B, (Series 2019-K91), 4.252%, 4/25/2051 (5)(6)		3,500,000		3,964,229
Class B, (Series 2019-K95), 3.919%, 8/25/2052 (5)(6)		1,500,000		1,663,122
				5,627,351
WL Collateral CMO — 1.7%
Federal Home Loan Mortgage Corporation, Class M2, (Series 2021-HQA1), 2.300% (SOFR + 225 basis points), 8/25/2033 (5)(6)		18,500,000		18,596,263
Federal National Mortgage Association, Class 2M2, (Series 2016-C07), 4.468% (LIBOR 1 Month + 435 basis points), 5/25/2029 (6)		2,074,860		2,169,907
				20,766,170
Total Collateralized Mortgage Obligations (identified cost $61,562,772)				64,599,754
Commercial Mortgage Securities — 5.5%
Private Sponsor — 5.5%
BANK:
Class A4, (Series 2018-BN12), 4.255%, 5/15/2061 (6)		7,500,000		8,702,188
Class A5, (Series 2017-BNK7), 3.435%, 9/15/2060		10,000,000		11,120,438
Commercial Mortgage Trust, Class D, (Series 2013-CR12), 5.074%, 10/10/2046 (5)(6)		4,500,000		2,853,112
GS Mortgage Securities Trust:
Class B, (Series 2020-GC45), 3.405%, 2/13/2053 (6)		3,500,000		3,727,802
Class D, (Series 2013-GC16), 5.311%, 11/10/2046 (5)(6)		2,000,000		1,999,616
UBS-Barclays Commercial Mortgage Trust, Class A5, (Series 2012-C4), 2.850%, 12/10/2045		9,888,381		10,226,465
Wells Fargo Commercial Mortgage Trust:
Class A4, (Series 2017-C41), 3.472%, 11/15/2050		7,000,000		7,744,463

Description	Principal Amount		Value
Commercial Mortgage Securities (continued)
Private Sponsor (continued)
Class B, (Series 2015-C26), 3.783%, 2/15/2048	$	7,000,000	$	7,446,221
Class D, (Series 2015-C26), 3.586%, 2/15/2048 (5)		8,300,000		7,264,295
WFRBS Commercial Mortgage Trust, Class D, (Series 2013-C16), 5.017%, 9/15/2046 (5)(6)		6,609,000		5,324,129
Total Commercial Mortgage Securities (identified cost $61,640,552)				66,408,729
Corporate Bonds & Notes — 44.2%
Aerospace/Defense — 0.8%
BAE Systems PLC, 3.000%, 9/15/2050 (5)		2,500,000		2,382,984
Boeing Co., 4.875%, 5/1/2025		3,750,000		4,184,857
Spirit AeroSystems, Inc., 7.500%, 4/15/2025 (5)		3,500,000		3,710,000
				10,277,841
Agriculture — 1.7%
Altria Group, Inc., 5.950%, 2/14/2049		5,000,000		6,331,311
BAT Capital Corp., 4.540%, 8/15/2047 (2)		5,000,000		5,082,570
Bunge, Ltd. Finance Corp., 3.750%, 9/25/2027		4,000,000		4,464,081
Philip Morris International, Inc., 0.875%, 5/1/2026 (2)		5,000,000		4,910,005
				20,787,967
Airlines — 1.0%
Delta Air Lines, Inc.:
2.900%, 10/28/2024 (2)		2,000,000		1,995,589
3.750%, 10/28/2029		5,000,000		4,969,383
United Airlines Pass Through Trust, 5.875%, 10/15/2027		4,391,212		4,936,353
				11,901,325
Apparel — 0.5%
Tapestry, Inc., 4.125%, 7/15/2027 (2)		5,500,000		6,022,663
Auto Manufacturers — 1.7%
Cummins, Inc., 1.500%, 9/1/2030		2,000,000		1,912,664
Ford Motor Co.:
4.750%, 1/15/2043		5,000,000		5,063,750
5.291%, 12/8/2046		1,500,000		1,589,137
General Motors Co., 5.000%, 10/1/2028 (2)		2,000,000		2,333,248
General Motors Financial Co., Inc., 4.000%, 1/15/2025		4,000,000		4,364,227
Jaguar Land Rover Automotive PLC, 5.875%, 1/15/2028 (2)(5)		2,900,000		2,963,800
Navistar International Corp., 9.500%, 5/1/2025 (2)(5)		1,850,000		2,073,156
				20,299,982
Auto Parts & Equipment — 0.2%
American Axle & Manufacturing, Inc., 6.875%, 7/1/2028 (2)		2,000,000		2,120,000
Banks — 8.2%
Banco Santander SA, 1.785% (LIBOR 3 Month + 156 basis points), 4/11/2022 (6)		4,000,000		4,058,857
Bank of America Corp., 4.183%, 11/25/2027		7,500,000		8,476,899

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

45

February 28, 2021 (Unaudited)

Schedules of Investments

Core Plus Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Banks (continued)
Barclays PLC, 5.200%, 5/12/2026	$	5,000,000	$	5,702,375
BNP Paribas SA, 2.824%, 1/26/2041 (5)		6,000,000		5,566,009
Capital One Financial Corp., 1.180% (LIBOR 3 Month + 95 basis points), 3/9/2022 (2)(6)		1,500,000		1,512,030
CBB International Sukuk Programme Co. SPC, 3.950%, 9/16/2027 (5)		3,500,000		3,538,626
Citigroup, Inc., 1.621% (LIBOR 3 Month + 143 basis points), 9/1/2023 (6)		5,000,000		5,090,872
Goldman Sachs Group, Inc.:
1.325% (LIBOR 3 Month + 111 basis points), 4/26/2022 (2)(6)		5,000,000		5,008,412
4.223% (LIBOR 3 Month + 130 basis points), 5/1/2029 (6)		5,000,000		5,742,734
HSBC Holdings PLC, 3.973% (LIBOR 3 Month + 161 basis points), 5/22/2030 (6)		4,000,000		4,451,562
ING Groep NV, 4.100%, 10/2/2023		5,000,000		5,456,953
JPMorgan Chase & Co.:
1.241% (LIBOR 3 Month + 100 basis points), 1/15/2023 (2)(6)		4,000,000		4,034,348
2.525%, 11/19/2041 (6)		6,000,000		5,690,129
3.625%, 12/1/2027		5,000,000		5,544,198
Lloyds Banking Group PLC, 2.907% (LIBOR 3 Month + 81 basis points), 11/7/2023 (6)		7,500,000		7,788,181
Mizuho Financial Group, Inc., 0.837% (LIBOR 3 Month + 63 basis points), 5/25/2024 (6)		3,860,000		3,882,092
Morgan Stanley:
0.985% (SOFR + 72 basis points), 12/10/2026 (2)(6)		2,000,000		1,975,059
3.950%, 4/23/2027		5,000,000		5,635,135
PNC Financial Services Group, Inc., 2.200%, 11/1/2024 (2)		5,750,000		6,079,151
Regions Financial Corp., 2.250%, 5/18/2025		3,500,000		3,660,064
				98,893,686
Beverages — 0.7%
Fomento Economico Mexicano SAB de C.V., 3.500%, 1/16/2050		3,150,000		3,215,520
PepsiCo, Inc., 2.875%, 10/15/2049		5,500,000		5,421,476
				8,636,996
Building Materials — 0.2%
US Concrete, Inc., 5.125%, 3/1/2029 (5)		2,375,000		2,450,703
Chemicals — 1.3%
Braskem Netherlands Finance BV, 4.500%, 1/31/2030 (5)		1,500,000		1,525,425
Chemours Co., 5.750%, 11/15/2028 (2)(5)		3,000,000		3,080,625
Nouryon Holding BV, 8.000%, 10/1/2026 (2)(5)		4,500,000		4,796,887
Orbia Advance Corp SAB de C.V., 6.750%, 9/19/2042 (2)(5)		4,400,000		5,722,398
				15,125,335

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Commercial Services — 0.6%
Element Fleet Management Corp., 3.850%, 6/15/2025 (5)	$	3,850,000	$	4,063,649
Quanta Services, Inc., 2.900%, 10/1/2030 (2)		3,500,000		3,619,766
				7,683,415
Computers — 0.7%
Dell International LLC:
5.300%, 10/1/2029 (5)		2,500,000		2,960,208
8.350%, 7/15/2046 (2)(5)		2,000,000		3,037,305
Seagate HDD Cayman:
4.091%, 6/1/2029 (5)		1,091,000		1,133,958
4.875%, 6/1/2027 (2)		1,006,000		1,120,785
				8,252,256
Diversified Financial Services — 2.6%
Cantor Fitzgerald LP, 4.875%, 5/1/2024 (5)		5,000,000		5,558,751
GE Capital International Funding Co. Unlimited Co., 4.418%, 11/15/2035 (2)		1,500,000		1,701,998
Jefferies Financial Group, Inc., 6.625%, 10/23/2043		500,000		651,818
Jefferies Group LLC:
4.150%, 1/23/2030 (2)		5,000,000		5,645,680
6.500%, 1/20/2043		1,000,000		1,316,266
Legg Mason, Inc., 4.750%, 3/15/2026 (2)		1,950,000		2,275,507
Nasdaq, Inc., 1.650%, 1/15/2031		8,000,000		7,497,055
Synchrony Financial, 3.950%, 12/1/2027 (2)		6,500,000		7,139,271
				31,786,346
Electric — 1.4%
Berkshire Hathaway Energy Co.:
2.850%, 5/15/2051 (5)		6,500,000		6,057,067
4.050%, 4/15/2025 (5)		3,500,000		3,898,120
Consumers Energy Co., 2.500%, 5/1/2060		2,000,000		1,752,165
Duke Energy Florida LLC, 2.500%, 12/1/2029 (2)		5,000,000		5,262,158
				16,969,510
Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc., 4.750%, 6/15/2028 (5)		2,500,000		2,558,750
Engineering & Construction — 0.3%
Fluor Corp., 4.250%, 9/15/2028 (2)		4,000,000		4,090,000
Food — 1.9%
Albertsons Cos. LLC, 5.750%, 3/15/2025 (2)		448,000		463,633
JM Smucker Co., 2.375%, 3/15/2030 (2)		3,700,000		3,751,344
Kraft Heinz Foods Co., 4.375%, 6/1/2046 (2)		5,000,000		5,423,001
Kroger Co., 4.450%, 2/1/2047		5,000,000		5,815,655
MARB BondCo PLC, 3.950%, 1/29/2031 (5)		2,000,000		1,942,500
Pilgrim’s Pride Corp., 5.750%, 3/15/2025 (5)		5,500,000		5,615,775
				23,011,908
Healthcare-Services — 0.6%
Anthem, Inc., 2.375%, 1/15/2025 (2)		5,000,000		5,258,377

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

46

BMO Funds

Core Plus Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Healthcare-Services (continued)
Molina Healthcare, Inc., 4.375%, 6/15/2028 (5)	$	2,500,000	$	2,596,250
				7,854,627
Insurance — 3.0%
Athene Holding, Ltd., 3.500%, 1/15/2031		2,000,000		2,075,131
Berkshire Hathaway Finance Corp., 2.850%, 10/15/2050 (2)		2,500,000		2,404,219
Brighthouse Financial, Inc., 5.625%, 5/15/2030		2,750,000		3,327,889
Five Corners Funding Trust II, 2.850%, 5/15/2030 (5)		5,000,000		5,285,494
Manulife Financial Corp., 2.484%, 5/19/2027		3,500,000		3,677,173
Pacific Life Global Funding II, 1.450%, 1/20/2028 (5)		4,500,000		4,429,340
Reinsurance Group of America, Inc., 3.150%, 6/15/2030		3,750,000		3,978,795
Teachers Insurance & Annuity Association of America, 3.300%, 5/15/2050 (5)		4,300,000		4,328,705
Unum Group, 5.750%, 8/15/2042		5,930,000		7,096,975
				36,603,721
Internet — 1.1%
eBay, Inc.:
1.082% (LIBOR 3 Month + 87 basis points), 1/30/2023 (6)		5,000,000		5,061,582
4.000%, 7/15/2042		3,500,000		3,871,206
Expedia Group, Inc., 6.250%, 5/1/2025 (5)		3,500,000		4,092,806
				13,025,594
Investment Companies — 0.9%
FS KKR Capital Corp., 3.400%, 1/15/2026		3,500,000		3,493,479
Icahn Enterprises LP, 4.375%, 2/1/2029 (2)(5)		2,750,000		2,753,493
Owl Rock Capital Corp., 3.400%, 7/15/2026 (2)		4,000,000		4,110,952
				10,357,924
Leisure Time — 0.3%
Royal Caribbean Cruises, Ltd., 5.250%, 11/15/2022 (2)		3,500,000		3,572,730
Lodging — 0.4%
MGM Resorts International, 6.750%, 5/1/2025		2,375,000		2,546,487
Wyndham Destinations, Inc., 5.650%, 4/1/2024 (2)		2,250,000		2,404,451
				4,950,938
Media — 1.9%
Charter Communications Operating LLC, 5.375%, 5/1/2047		6,500,000		7,573,895
Discovery Communications LLC, 5.300%, 5/15/2049		5,000,000		6,169,555
Scripps Escrow II, Inc., 3.875%, 1/15/2029 (5)		3,500,000		3,438,487
Univision Communications, Inc., 6.625%, 6/1/2027 (5)		1,350,000		1,409,906

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Media (continued)
ViacomCBS, Inc., 4.375%, 3/15/2043 (2)	$	3,500,000	$	3,923,480
				22,515,323
Mining — 0.6%
Corp Nacional del Cobre de Chile, 3.750%, 1/15/2031 (5)		1,200,000		1,314,700
Glencore Funding LLC, 4.000%, 3/27/2027 (5)		5,000,000		5,602,056
				6,916,756
Oil & Gas — 1.9%
Diamond Offshore Drilling, Inc., 3.450%, 11/1/2023 (9)		5,000,000		1,225,000
EQT Corp., 3.900%, 10/1/2027 (2)		1,900,000		1,978,375
Exxon Mobil Corp., 3.095%, 8/16/2049 (2)		6,000,000		5,771,830
Occidental Petroleum Corp., 4.400%, 8/15/2049 (2)		3,750,000		3,309,375
Petroleos Mexicanos, 6.875%, 8/4/2026		2,611,000		2,804,867
Valaris PLC, 5.750%, 10/1/2044 (1)(9)		1,668,000		164,715
Valero Energy Corp., 2.150%, 9/15/2027 (2)		3,000,000		2,993,025
W&T Offshore, Inc., 9.750%, 11/1/2023 (5)		5,500,000		4,582,188
				22,829,375
Packaging & Containers — 0.6%
Berry Global, Inc., 1.570%, 1/15/2026 (5)		6,000,000		6,011,580
Klabin Austria GmbH, 3.200%, 1/12/2031 (5)		1,000,000		991,750
				7,003,330
Pharmaceuticals — 1.6%
Bayer US Finance II LLC, 4.250%, 12/15/2025 (2)(5)		5,000,000		5,621,901
HLF Financing Sarl LLC, 7.250%, 8/15/2026 (5)		3,000,000		3,123,000
Mylan, Inc., 5.200%, 4/15/2048		5,000,000		6,003,564
Teva Pharmaceutical Finance Netherlands III BV, 4.100%, 10/1/2046		5,000,000		4,312,500
				19,060,965
Pipelines — 0.5%
Energy Transfer Operating LP, 5.150%, 3/15/2045 (2)		4,000,000		4,205,026
Sunoco Logistics Partners Operations LP, 5.300%, 4/1/2044		2,000,000		2,157,730
				6,362,756
Real Estate — 0.3%
Howard Hughes Corp., 4.125%, 2/1/2029 (5)		3,500,000		3,478,650
Real Estate Investment Trusts — 2.0%
Crown Castle International Corp., 2.900%, 4/1/2041		4,000,000		3,737,287
EPR Properties, 5.250%, 7/15/2023		910,000		944,618
iStar, Inc., 5.500%, 2/15/2026		7,000,000		7,170,625
Rexford Industrial Realty LP, 2.125%, 12/1/2030 (2)		5,000,000		4,822,495
Service Properties Trust, 4.500%, 3/15/2025		2,500,000		2,501,562

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

47

February 28, 2021 (Unaudited)

Schedules of Investments

Core Plus Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Real Estate Investment Trusts (continued)
Simon Property Group LP, 3.250%, 9/13/2049 (2)	$	5,000,000	$	4,757,129
				23,933,716
Retail — 1.8%
Gap, Inc., 8.625%, 5/15/2025 (5)		2,500,000		2,791,150
L Brands, Inc., 6.950%, 3/1/2033 (2)		1,500,000		1,668,750
Lowe’s Cos., Inc., 3.000%, 10/15/2050 (2)		7,000,000		6,617,021
PetSmart, Inc., 7.125%, 3/15/2023 (2)(5)		3,000,000		3,009,150
Ross Stores, Inc., 4.600%, 4/15/2025		3,250,000		3,685,114
Walgreens Boots Alliance, Inc., 3.200%, 4/15/2030 (2)		3,500,000		3,745,613
				21,516,798
Semiconductors — 0.8%
Broadcom, Inc., 4.110%, 9/15/2028 (2)		3,000,000		3,321,381
Marvell Technology Group, Ltd., 4.875%, 6/22/2028 (2)		5,000,000		5,874,368
				9,195,749
Software — 0.7%
CA, Inc., 4.700%, 3/15/2027 (2)		4,000,000		4,499,083
Citrix Systems, Inc., 3.300%, 3/1/2030 (2)		4,000,000		4,210,020
				8,709,103
Telecommunications — 1.2%
Lumen Technologies, Inc., 7.600%, 9/15/2039 (2)		4,000,000		4,820,720
Motorola Solutions, Inc., 5.500%, 9/1/2044		3,000,000		3,667,953
Telecom Italia SpA, 5.303%, 5/30/2024 (2)(5)		6,000,000		6,505,170
				14,993,843
Water — 0.0%
American Water Capital Corp., 2.800%, 5/1/2030		250,000		264,697
Total Corporate Bonds & Notes (identified cost $503,128,991)				534,015,278
U.S. Government & U.S. Government Agency Obligations — 18.9%
U.S. Treasury Bonds & Notes — 18.9%
0.250%, 9/30/2025		20,000,000		19,598,047
0.375%, 4/30/2025 (2)		25,000,000		24,761,719
1.125%, 5/15/2040 (2)		15,000,000		12,716,602
1.500%, 10/31/2024 (2)		40,000,000		41,481,250
2.000%, 8/15/2025		25,000,000		26,478,515
2.000%, 2/15/2050		9,830,000		9,433,728
2.250%, 8/15/2049		10,000,000		10,139,453
2.375%, 5/15/2029		5,000,000		5,418,359
2.750%, 6/30/2025 (2)		40,000,000		43,632,812
2.875%, 5/15/2049 (2)		20,150,000		23,148,100
3.000%, 2/15/2049		5,000,000		5,871,875
3.375%, 11/15/2048		4,000,000		5,015,625
Total U.S. Government & U.S. Government Agency Obligations (identified cost $222,117,141)				227,696,085

Description	Principal Amount		Value
U.S. Government Agency-Mortgage Securities — 23.7%
Federal Home Loan Mortgage Corporation — 3.3%
3.000%, 11/1/2042	$	695,376	$	742,709
3.000%, 4/1/2043		942,125		1,021,864
3.000%, 4/1/2043		1,569,946		1,700,120
3.000%, 5/1/2043		1,384,268		1,472,564
3.000%, 7/1/2043		5,514,577		5,890,002
3.000%, 9/1/2043		5,927,445		6,330,987
3.000%, 4/1/2045		4,122,702		4,357,744
3.500%, 12/1/2040		581,122		634,449
3.500%, 12/1/2041		420,903		459,532
3.500%, 3/1/2042		154,383		168,556
3.500%, 12/1/2042		321,058		348,335
3.500%, 11/1/2043		3,096,544		3,355,624
3.500%, 1/1/2044		2,964,716		3,212,764
3.500%, 2/1/2044		3,181,675		3,444,710
3.500%, 11/1/2044		2,089,539		2,253,858
4.000%, 4/1/2026		141,486		150,884
4.000%, 12/1/2039		284,801		314,164
4.000%, 12/1/2040		1,542,688		1,709,921
4.000%, 3/1/2041		123,784		136,315
4.000%, 8/1/2041		90,816		100,631
4.000%, 11/1/2041		336,729		373,123
4.500%, 3/1/2039		63,577		71,423
4.500%, 5/1/2039		261,212		294,469
4.500%, 2/1/2040		62,836		70,592
4.500%, 2/1/2041		538,388		606,852
5.000%, 12/1/2035		40,653		47,314
5.000%, 1/1/2038		17,854		20,849
5.000%, 3/1/2038		64,315		74,858
5.000%, 3/1/2038		18,534		21,560
5.000%, 2/1/2039		125,679		139,664
5.000%, 1/1/2040		96,379		112,085
6.000%, 6/1/2037		19,628		22,886
6.000%, 1/1/2038		35,712		41,649
				39,703,057
Federal National Mortgage Association — 20.3%
1.500%, 9/1/2035		18,373,419		18,563,909
1.500%, 2/1/2051		19,974,322		19,595,410
2.000%, 1/1/2036		24,648,033		25,468,518
2.000%, 7/1/2050		6,740,490		6,787,735
2.000%, 7/1/2050		18,598,357		18,736,282
2.000%, 8/1/2050		9,293,883		9,359,025
2.500%, 9/1/2040		5,636,655		5,876,345
2.500%, 4/1/2050		13,179,231		13,632,820
2.500%, 9/1/2050		4,699,614		4,861,360
3.000%, 3/1/2043		2,058,808		2,228,900
3.000%, 7/1/2043		3,470,142		3,690,447
3.000%, 7/1/2043		7,339,598		7,859,533
3.000%, 9/1/2044		3,772,314		3,990,441
3.000%, 1/1/2045		4,933,912		5,232,736
3.000%, 6/1/2045		3,445,516		3,641,731
3.000%, 3/1/2046		6,517,244		6,864,133
3.000%, 7/1/2046		8,172,643		8,632,792
3.000%, 4/1/2049		9,759,652		10,214,027
3.000%, 9/1/2049		11,045,929		11,565,358
3.000%, 9/1/2049		10,853,325		11,350,575
3.000%, 11/1/2049		2,566,688		2,684,305
3.500%, 5/1/2042		588,423		638,230
3.500%, 10/1/2042		476,472		520,130
3.500%, 10/1/2042		425,740		461,672
3.500%, 10/1/2042		532,725		579,387
3.500%, 11/1/2042		278,905		302,562
3.500%, 12/1/2042		622,220		676,674
3.500%, 12/1/2047		2,098,472		2,234,120
3.500%, 3/1/2049		11,324,876		11,999,096
3.500%, 4/1/2049		5,532,892		5,862,833

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

48

BMO Funds

Core Plus Bond Fund (continued)

Description	Shares or Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)
Federal National Mortgage Association (continued)
3.500%, 6/1/2049	$	8,431,071	$	8,932,285
3.500%, 10/1/2049		5,157,287		5,464,251
4.000%, 11/1/2040		160,018		175,684
4.000%, 1/1/2041		164,149		180,154
4.000%, 2/1/2041		1,187,979		1,309,606
4.000%, 2/1/2041		189,432		207,909
4.000%, 3/1/2041		116,621		130,221
4.000%, 11/1/2041		173,138		190,622
4.000%, 9/1/2048		2,600,044		2,791,292
4.500%, 6/1/2039		387,783		437,041
4.500%, 8/1/2041		180,289		201,049
5.000%, 7/1/2022		22,069		23,123
5.000%, 3/1/2035		132,806		153,072
5.000%, 5/1/2042		282,376		326,076
5.500%, 2/1/2034		23,111		26,888
5.500%, 8/1/2037		225,227		262,984
5.500%, 6/1/2038		32,597		38,215
6.000%, 12/1/2038		12,963		15,055
6.500%, 10/1/2037		23,427		27,551
6.500%, 11/1/2037		10,124		11,753
				245,015,917
Government National Mortgage Association — 0.1%
4.000%, 10/15/2040		193,965		212,473
4.000%, 12/15/2040		238,486		260,798
4.000%, 4/15/2041		300,176		332,405
5.500%, 8/20/2038		48,861		54,582
5.500%, 2/15/2039		24,790		28,659
6.000%, 12/15/2038		34,563		39,983
6.000%, 1/15/2039		15,610		18,415
				947,315
Total U.S. Government Agency-Mortgage Securities (identified cost $278,931,816)				285,666,289
Short-Term Investments — 12.9%
Collateral Pool Investments for Securities on Loan — 11.1%
Collateral pool allocation (4)				134,607,299
Mutual Funds — 1.8%
BMO Government Money Market Fund — Premier Class, 0.010% (3)		21,450,109		21,450,109
Total Short-Term Investments (identified cost $156,057,408)				156,057,408
Total Investments — 111.1% (identified cost $1,289,492,684)				1,340,547,054
Other Assets and Liabilities — (11.1)%				(133,500,874	)
Total Net Assets — 100.0%			$	1,207,046,180

Government Money Market Fund

Description	Shares or Principal Amount		Value
Mutual Funds — 6.5%
Goldman Sachs Money Market Fund — Premier Class, 0.036%		133,403,729	$	133,403,729
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.010%		131,746,662		131,746,662
Total Mutual Funds				265,150,391
Repurchase Agreements — 38.1%
Agreement with Canadian Imperial Bank of Commerce, 0.020%, dated 2/26/2021, to be repurchased at $300,000,500 on 3/1/2021, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2057, with a fair value of $306,000,003	$	300,000,000		300,000,000
Agreement with Canadian Imperial Bank of Commerce, 0.070%, dated 1/27/2021, to be repurchased at $100,006,417 on 3/1/2021, collateralized by U.S. Government Agency Obligations with various maturities to 8/20/2069, with a fair value of $102,000,070		100,000,000		100,000,000
Agreement with Fixed Income Clearing Corp., 0.000%, dated 2/26/2021, to be repurchased at $9,235,055 on 3/1/2021, collateralized by U.S. Government Treasury Obligation with a maturity of 4/15/2021, with a fair value of $9,419,837		9,235,055		9,235,055
Agreement with Fixed Income Clearing Corp., 0.010%, dated 2/26/2021, to be repurchased at $570,000,475 on 3/1/2021, collateralized by U.S. Government Treasury Obligation with various maturities to 10/15/2024, with a fair value of $581,400,027		570,000,000		570,000,000
Agreement with Goldman Sachs Group, Inc., 0.020%, dated 2/26/2021, to be repurchased at $195,000,325 on 3/1/2021, collateralized by U.S. Government Agency Obligations with various maturities to 12/1/2050, with a fair value of $198,900,000		195,000,000		195,000,000

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

49

February 28, 2021 (Unaudited)

Schedules of Investments

Government Money Market Fund (continued)

Description	Principal Amount		Value
Repurchase Agreements (continued)
Agreement with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.020%, dated 2/26/2021, to be repurchased at $200,000,333 on 3/1/2021, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2051, with a fair value of $204,000,001	$	200,000,000	$	200,000,000
Agreement with TD Securities USA LLC, 0.040%, dated 2/24/2021, to be repurchased at $195,001,517 on 3/3/2021, collateralized by U.S. Government Agency Obligations with various maturities to 7/15/2030, with a fair value of $198,901,569		195,000,000		195,000,000
Total Repurchase Agreements				1,569,235,055
U.S. Government & U.S. Government Agency Obligations — 45.4%
Federal Farm Credit Bank — 10.8%
0.041% 5/13/2021 (10)		11,000,000		10,999,108
0.060% (SOFR + 4 basis points) 7/8/2022 (6)		20,000,000		19,998,628
0.060% (SOFR + 4 basis points) 7/11/2022 (6)		25,000,000		24,998,271
0.065% (SOFR + 5 basis points) 8/25/2022 (6)		15,000,000		14,997,737
0.075% (SOFR + 6 basis points) 12/13/2022 (6)		15,000,000		14,999,729
0.080% (SOFR + 6 basis points) 10/21/2022 (6)		23,000,000		23,000,000
0.091% 12/28/2021 (10)		15,000,000		14,988,675
0.100% (SOFR + 8 basis points) 10/14/2022 (6)		10,000,000		10,000,000
0.101% 9/22/2021 (10)		15,000,000		14,991,458
0.101% 10/6/2021 (10)		8,000,000		7,995,133
0.106% (LIBOR 1 Month) 3/17/2021 (6)		15,000,000		14,999,958
0.112% 6/30/2021 (10)		20,000,000		19,992,606
0.112% 11/19/2021 (10)		20,000,000		19,983,928
0.120% (SOFR + 10 basis points) 2/22/2022 (6)		20,000,000		20,013,917
0.121% (LIBOR 1 Month + 2 basis points) 3/17/2021 (6)		21,800,000		21,799,870
0.122% 3/10/2021 (10)		5,000,000		4,999,850
0.122% 10/13/2021 (10)		18,000,000		17,986,440
0.130% (FCPR DLY — 312 basis points) 9/10/2021 (6)		20,000,000		19,998,929
0.130% (SOFR + 11 basis points) 5/18/2021 (6)		15,000,000		15,000,000
0.140% (SOFR + 12 basis points) 3/18/2021 (6)		10,000,000		10,000,068
0.155% (U.S. Federal Funds Effective Rate (continuous series) + 9 basis points) 3/10/2021 (6)		15,000,000		14,999,982
0.180% (SOFR + 16 basis points) 5/7/2021 (6)		9,000,000		9,000,503

Description	Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations (continued)
Federal Farm Credit Bank (continued)
0.192% (LIBOR 1 Month + 8 basis points) 8/13/2021 (6)	$	20,000,000	$	20,000,000
0.198% (LIBOR 1 Month + 8 basis points) 8/25/2021 (6)		12,000,000		12,000,000
0.219% (LIBOR 1 Month + 10 basis points) 9/9/2021 (6)		4,000,000		4,000,000
0.224% (LIBOR 1 Month + 11 basis points) 11/2/2021 (6)		10,000,000		10,000,000
0.250% (FCPR DLY — 300 basis points) 3/22/2021 (6)		10,000,000		9,999,942
0.260% (SOFR + 24 basis points) 7/7/2021 (6)		10,000,000		10,000,000
0.283% (LIBOR 1 Month + 16 basis points) 7/1/2021 (6)		14,000,000		14,000,000
0.300% (SOFR + 28 basis points) 4/1/2021 (6)		15,000,000		15,000,000
2.550% 3/11/2021		5,000,000		5,003,394
				445,748,126
Federal Home Loan Bank — 27.9%
0.025% (SOFR + 1 basis points) 5/14/2021 (6)		20,000,000		20,000,000
0.030% (SOFR + 1 basis points) 3/9/2021 (6)		40,000,000		40,000,000
0.030% (SOFR + 1 basis points) 6/4/2021 (6)		30,000,000		30,000,000
0.035% (SOFR + 2 basis points) 5/21/2021 (6)		25,000,000		25,000,000
0.035% (SOFR + 2 basis points) 6/15/2021 (6)		30,000,000		30,000,000
0.035% (SOFR + 2 basis points) 7/20/2021 (6)		25,000,000		25,000,000
0.040% 4/14/2021 (10)		25,000,000		24,998,808
0.040% 5/12/2021 (10)		50,000,000		49,996,100
0.040% (SOFR + 2 basis points) 8/9/2021 (6)		30,000,000		30,000,000
0.040% (SOFR + 2 basis points) 8/23/2021 (6)		20,000,000		20,000,000
0.045% 6/28/2021		30,000,000		29,999,504
0.055% (SOFR + 4 basis points) 3/10/2021 (6)		20,000,000		20,000,000
0.055% (SOFR + 4 basis points) 4/13/2021 (6)		25,000,000		25,000,000
0.060% (SOFR + 4 basis points) 3/17/2021 (6)		25,000,000		25,000,000
0.060% (SOFR + 4 basis points) 4/23/2021 (6)		20,000,000		20,000,000
0.070% (SOFR + 5 basis points) 5/26/2021 (6)		20,000,000		20,000,000
0.070% (SOFR + 5 basis points) 6/14/2021 (6)		20,000,000		20,000,000
0.070% (SOFR + 5 basis points) 7/16/2021 (6)		25,000,000		25,000,000
0.075% (SOFR + 6 basis points) 5/14/2021 (6)		38,550,000		38,548,050
0.076% 4/28/2021 (10)		30,000,000		29,996,375
0.080% (SOFR + 6 basis points) 5/12/2022 (6)		25,000,000		25,000,000
0.080% (SOFR + 6 basis points) 5/20/2022 (6)		20,000,000		20,000,000
0.080% (SOFR + 6 basis points) 12/8/2022 (6)		20,000,000		20,000,000
0.085% 5/11/2021		20,000,000		19,999,792

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

50

BMO Funds

Government Money Market Fund (continued)

Description	Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations (continued)
Federal Home Loan Bank (continued)
0.088% (LIBOR 3 Month — 14 basis points) 6/2/2021 (6)	$	22,755,000	$	22,755,423
0.095% (SOFR + 8 basis points) 7/8/2021 (6)		29,500,000		29,497,118
0.095% (SOFR + 8 basis points) 7/23/2021 (6)		10,000,000		10,000,000
0.100% (SOFR + 8 basis points) 3/4/2021 (6)		20,000,000		20,000,000
0.100% (SOFR + 8 basis points) 2/18/2022 (6)		10,000,000		10,000,000
0.103% (LIBOR 1 Month — 1 basis points) 4/5/2021 (6)		15,000,000		15,000,000
0.107% (LIBOR 1 Month — 2 basis points) 4/27/2021 (6)		15,000,000		15,000,033
0.116% 3/3/2021 (10)		11,000,000		10,999,930
0.117% (LIBOR 1 Month + 1 basis points) 8/16/2021 (6)		25,000,000		25,001,767
0.120% 6/4/2021		15,000,000		14,999,553
0.125% 7/2/2021		10,000,000		9,998,917
0.125% 9/1/2021		15,000,000		14,999,480
0.125% 9/30/2021		6,140,000		6,139,758
0.131% (LIBOR 1 Month + 2 basis points) 3/19/2021 (6)		20,000,000		20,000,000
0.135% (SOFR + 12 basis points) 3/12/2021 (6)		11,000,000		11,000,000
0.140% (SOFR + 12 basis points) 2/28/2022 (6)		15,000,000		15,000,000
0.150% (SOFR + 13 basis points) 3/11/2021 (6)		20,000,000		20,000,000
0.155% (SOFR + 14 basis points) 3/10/2021 (6)		20,000,000		19,999,975
0.160% 4/5/2021		15,000,000		14,999,820
0.160% (SOFR + 14 basis points) 8/18/2021 (6)		15,000,000		15,000,000
0.161% (LIBOR 1 Month + 5 basis points) 5/20/2021 (6)		20,000,000		20,000,000
0.178% 3/9/2021 (10)		8,621,000		8,620,665
0.180% (SOFR + 16 basis points) 5/7/2021 (6)		22,200,000		22,203,577
0.180% (SOFR + 16 basis points) 11/26/2021 (6)		15,000,000		15,000,000
0.188% 5/27/2021 (10)		12,000,000		11,994,635
0.190% (SOFR + 17 basis points) 4/9/2021 (6)		10,000,000		10,000,000
0.250% (SOFR + 23 basis points) 4/13/2021 (6)		15,000,000		15,000,000
0.407% 3/18/2021 (10)		10,000,000		9,998,111
0.417% 3/19/2021 (10)		10,000,000		9,997,950
1.125% 7/14/2021		5,245,000		5,264,950
1.625% 12/20/2021		10,000,000		10,120,857
1.875% 7/7/2021		8,420,000		8,472,586
2.250% 6/11/2021		13,040,000		13,118,464
2.375% 9/10/2021		20,000,000		20,244,187
2.625% 12/10/2021		15,000,000		15,291,693
				1,149,258,078
Federal Home Loan Mortgage Corporation — 1.3%
0.091% 5/10/2021		20,000,000		20,000,000
0.160% (SOFR + 14 basis points) 12/10/2021 (6)		10,000,000		9,983,495
0.170% (SOFR + 15 basis points) 3/4/2022 (6)		8,000,000		8,009,687

Description	Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations (continued)
Federal Home Loan Mortgage Corporation (continued)
0.210% (SOFR + 19 basis points) 6/2/2022 (6)	$	10,000,000	$	10,000,000
1.750% 3/26/2021		5,000,000		5,006,341
				52,999,523
Federal National Mortgage Association — 2.1%
0.150% (SOFR + 13 basis points) 6/11/2021 (6)		20,000,000		20,000,264
0.210% (SOFR + 19 basis points) 4/5/2021 (6)		17,500,000		17,500,000
0.210% (SOFR + 19 basis points) 5/27/2022 (6)		5,000,000		5,009,359
0.300% (SOFR + 28 basis points) 7/6/2021 (6)		10,000,000		10,000,000
0.360% (SOFR + 34 basis points) 12/30/2021 (6)		15,000,000		15,000,000
2.500% 4/13/2021		17,770,000		17,822,350
				85,331,973
Sovereign — 3.3%
0.090% (3-Month T-Bill Index) 9/15/2026 (6)		8,625,000		8,625,000
0.090% (3-Month T-Bill Index) 8/13/2027 (6)		10,000,000		10,000,000
0.090% (3-Month T-Bill Index) 10/15/2030 (6)		10,000,000		10,000,000
0.100% (3-Month T-Bill Index) 1/20/2027 (6)		15,000,000		15,000,000
0.100% (3-Month T-Bill Index) 6/20/2027 (6)		12,997,561		12,997,561
0.100% (3-Month T-Bill Index) 6/20/2027 (6)		4,333,333		4,333,333
0.100% (3-Month T-Bill Index) 9/20/2027 (6)		13,500,000		13,500,000
0.100% (3-Month T-Bill Index) 2/15/2028 (6)		9,307,440		9,307,440
0.100% (3-Month T-Bill Index) 1/15/2030 (6)		16,166,040		16,166,040
0.100% (3-Month T-Bill Index) 1/20/2035 (6)		12,773,800		12,773,800
0.100% (3-Month T-Bill Index) 1/20/2035 (6)		4,913,000		4,913,000
0.100% (3-Month T-Bill Index) 4/20/2035 (6)		4,954,000		4,954,000
0.100% (3-Month T-Bill Index) 4/20/2035 (6)		14,862,000		14,862,000
				137,432,174
Total U.S. Government & U.S. Government Agency Obligations				1,870,769,874
U.S. Treasury Bills — 10.7%
U.S. Treasury Bonds & Notes — 10.7%
United States Treasury Bill:
0.028% 3/16/2021 (10)		50,000,000		49,999,427
0.031% 4/8/2021 (10)		33,500,000		33,498,922
0.031% 4/8/2021 (10)		11,500,000		11,499,107
0.037% 3/9/2021 (10)		25,000,000		24,999,797
0.039% 4/6/2021 (10)		40,000,000		39,998,480
0.041% 4/27/2021 (10)		30,000,000		29,998,133
0.061% 3/11/2021 (10)		45,000,000		44,999,060
0.074% 4/29/2021 (10)		30,000,000		29,996,435
0.080% 3/4/2021 (10)		20,000,000		19,999,868
0.082% 3/23/2021 (10)		10,000,000		9,999,505
0.082% 3/30/2021 (10)		10,000,000		9,999,348
0.083% 4/20/2021 (10)		10,000,000		9,998,861
0.083% 4/27/2021 (10)		10,000,000		9,998,710

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

51

February 28, 2021 (Unaudited)

Schedules of Investments

Government Money Market Fund (continued)

Description	Principal Amount		Value
U.S. Treasury Bills (continued)
U.S. Treasury Bonds & Notes (continued)
0.084% 4/1/2021 (10)	$	10,000,000	$	9,999,285
0.089% 4/20/2021 (10)		20,000,000		19,997,556
United States Treasury Cash Management Bill:
0.091% 5/11/2021 (10)		10,000,000		9,998,225
0.091% 5/18/2021 (10)		10,000,000		9,998,050
United States Treasury Note:
0.169% (Treasury Money Market Yield 3 Month + 14 basis points), 4/30/2021 (6)		15,935,000		15,935,760
2.250% 4/30/2021		50,000,000		50,181,091
				441,095,620
Total Investments — 100.7% (at amortized cost)				4,146,250,940
Other Assets and Liabilities — (0.7)%				(28,188,122	)
Total Net Assets — 100.0%			$	4,118,062,818

Tax-Free Money Market Fund

Description	Principal Amount		Value
Municipals — 98.0%
Alabama — 9.8%
Chatom Industrial Development Board, 0.250%, 8/1/2021 (6)	$	5,600,000	$	5,600,000
City of Oxford, 0.100%, 9/1/2041 (6)		12,745,000		12,745,000
Columbia Industrial Development Board:
0.040% 12/1/2037 (6)		100,000		100,000
0.040% 12/1/2037 (6)		2,900,000		2,900,000
Industrial Development Board of the City of Mobile Alabama:
0.040% 6/1/2034 (6)		200,000		200,000
0.130% 6/1/2034 (6)		10,000,000		10,000,000
Wilsonville Industrial Development Board, 0.010%, 1/1/2024 (6)		500,000		500,000
				32,045,000
California — 3.4%
Tender Option Bond Trust Receipts/Certificates:
0.130% 11/1/2023 (5)(6)		2,070,000		2,070,000
0.180% 9/1/2042 (5)(6)		8,945,000		8,945,000
				11,015,000
Connecticut — 3.5%
State of Connecticut, 0.070%, 5/15/2034 (6)		11,400,000		11,400,000
Delaware — 1.9%
Tender Option Bond Trust Receipts/Certificates, 0.180%, 1/1/2027 (5)(6)		6,200,000		6,200,000
Florida — 11.2%
City of Jacksonville:
0.030% 8/1/2036 (6)		11,400,000		11,400,000
0.120% 3/17/2021		8,000,000		8,000,000
0.120% 3/17/2021		200,000		200,000
County of St. Lucie, 0.030%, 9/1/2028 (6)		3,000,000		3,000,000

Description	Principal Amount		Value
Municipals (continued)
Florida (continued)
Highlands County Health Facilities Authority:
0.030% 11/15/2035 (6)	$	2,950,000	$	2,950,000
0.030% 11/15/2037 (6)		10,800,000		10,800,000
Miami-Dade County Industrial Development Authority, 0.010%, 6/1/2021 (6)		300,000		300,000
				36,650,000
Illinois — 9.3%
Illinois Educational Facilities Authority, 0.030%, 7/1/2033 (6)		1,046,000		1,046,000
Illinois Finance Authority, 0.030%, 7/1/2038 (6)		504,000		504,000
Phoenix Realty Special Account-U LP, 0.110%, 4/1/2025 (6)		8,075,000		8,075,000
Tender Option Bond Trust Receipts/Certificates:
0.080% 2/15/2025 (5)(6)		2,640,000		2,640,000
0.180% 1/1/2048 (5)(6)		4,500,000		4,500,000
0.200% 1/1/2026 (5)(6)		7,000,000		7,000,000
0.230% 11/15/2025 (5)(6)		6,670,000		6,670,000
				30,435,000
Indiana — 2.8%
Indiana Finance Authority:
0.010% 11/15/2033 (6)		700,000		700,000
0.020% 12/1/2034 (6)		725,000		725,000
Tender Option Bond Trust Receipts/Certificates, 0.180%, 4/1/2030 (5)(6)		7,770,000		7,770,000
				9,195,000
Iowa — 4.0%
Iowa Finance Authority:
0.070% 9/1/2036 (6)		6,200,000		6,200,000
0.070% 12/1/2042 (6)		7,000,000		7,000,000
				13,200,000
Maryland — 0.9%
Washington Suburban Sanitary Commission:
County Guarantee, 0.030% 6/1/2023 (6)		1,120,000		1,120,000
County Guarantee, 0.030% 6/1/2023 (6)		1,960,000		1,960,000
				3,080,000
Michigan — 0.9%
Michigan Finance Authority, 0.530%, (SIFMA Municipal Swap Index Yield), 8/9/2021 (6)		3,000,000		3,000,000
Minnesota — 1.3%
City of Ramsey, 0.230%, 12/1/2023 (6)		990,000		990,000
Minnesota Higher Education Facilities Authority, 0.140%, 3/1/2033 (6)		3,400,000		3,400,000
				4,390,000
Mississippi — 2.6%
Mississippi Business Finance Corp.:
0.010% 11/1/2035 (6)		200,000		200,000
0.030% 12/1/2030 (6)		300,000		300,000
0.030% 12/1/2030 (6)		300,000		300,000
0.030% 12/1/2030 (6)		300,000		300,000
0.300% 5/3/2021 (6)		7,500,000		7,500,000
				8,600,000

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

52

BMO Funds

Tax-Free Money Market Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Missouri — 4.3%
Health & Educational Facilities Authority of the State of Missouri, 0.010%, 11/15/2026 (6)	$	960,000	$	960,000
Tender Option Bond Trust Receipts/Certificates, 0.200%, 5/15/2041 (5)(6)		13,000,000		13,000,000
				13,960,000
Nebraska — 0.2%
Nebraska Investment Finance Authority, 0.500%, 9/1/2031 (6)		600,000		600,000
New Hampshire — 3.1%
New Hampshire Business Finance Authority, 0.080%, 9/1/2030 (6)		10,000,000		10,000,000
New Jersey — 1.5%
Township of South Brunswick, 2.000%, 9/28/2021		5,000,000		5,050,432
New York — 6.3%
City of New York:
0.030% 6/1/2044 (6)		250,000		250,000
0.040% 8/1/2044 (6)		6,000,000		6,000,000
County of Schoharie, 2.000%, 2/4/2022		3,500,000		3,557,176
New York City Transitional Finance Authority Future Tax Secured Revenue:
0.030% 8/1/2043 (6)		5,500,000		5,500,000
0.030% 2/1/2044 (6)		50,000		50,000
New York City Water & Sewer System:
0.010% 6/15/2050 (6)		800,000		800,000
0.020% 6/15/2033 (6)		1,240,000		1,240,000
0.030% 6/15/2039 (6)		300,000		300,000
New York State Dormitory Authority, 5.000%, 3/31/2021		3,000,000		3,010,960
				20,708,136
Ohio — 7.2%
American Municipal Power, Inc., 1.500%, 6/24/2021		2,000,000		2,006,673
Ohio Higher Educational Facility Commission, 0.020%, 1/1/2039 (6)		2,000,000		2,000,000
Ohio State University, 0.020%, 12/1/2044 (6)		1,150,000		1,150,000
Port of Greater Cincinnati Development Authority:
0.070% 11/1/2023 (6)		760,000		760,000
0.070% 11/1/2025 (6)		175,000		175,000
State of Ohio:
0.020% 3/15/2025 (6)		100,000		100,000
0.020% 12/1/2040 (6)		250,000		250,000
0.030% 3/15/2024 (6)		960,000		960,000
Tender Option Bond Trust Receipts/Certificates:
0.080% 6/1/2026 (5)(6)		4,000,000		4,000,000
0.100% 2/15/2046 (5)(6)		8,000,000		8,000,000
0.200% 6/1/2026 (5)(6)		4,000,000		4,000,000
				23,401,673
Pennsylvania — 0.6%
Manheim Township School District, 0.504%, (LIBOR 1 Month), 11/1/2021 (6)		2,000,000		2,001,835

Description	Principal Amount		Value
Municipals (continued)
Rhode Island — 0.6%
Rhode Island Health and Educational Building Corp., 0.020%, 9/1/2043 (6)	$	1,900,000	$	1,900,000
South Carolina — 1.5%
Charleston County School District, 5.000%, SCSDE, 5/12/2021		3,000,000		3,023,736
Town of Lexington Waterworks & Sewer System Revenue, 2.250%, 10/27/2021		2,000,000		2,025,828
				5,049,564
South Dakota — 1.8%
South Dakota Housing Development Authority, 0.150%, 11/1/2048 (6)		5,990,000		5,990,000
Texas — 15.6%
Board of Regents of the University of Texas System:
0.010% 8/1/2039 (6)		2,680,000		2,680,000
0.070% 3/4/2021		8,280,000		8,280,000
0.200% 4/6/2021		5,000,000		5,000,000
City of Houston Combined Utility System Revenue, 0.030%, 5/15/2034 (6)		1,625,000		1,625,000
City of San Antonio:
0.010% 3/24/2021		5,000,000		5,000,000
0.120% 4/6/2021		4,000,000		4,000,000
Harris County, 0.130%, 5/5/2021		10,000,000		10,000,000
Harris County Health Facilities Development Corp., 0.010%, 12/1/2041 (6)		140,000		140,000
Lower Neches Valley Authority Industrial Development Corp., 0.010%, 11/1/2051 (6)		250,000		250,000
State of Texas, 0.040%, 12/1/2046 (6)		315,000		315,000
Tarrant County Cultural Education Facilities Finance Corp.:
0.020% 11/15/2033 (6)		635,000		635,000
0.030% 11/15/2033 (6)		600,000		600,000
0.030% 11/15/2047 (6)		300,000		300,000
Tender Option Bond Trust Receipts/Certificates, 0.180%, 1/1/2040 (5)(6)		12,100,000		12,100,000
				50,925,000
Utah — 0.5%
City of Murray:
0.010% 5/15/2036 (6)		295,000		295,000
0.010% 5/15/2037 (6)		265,000		265,000
County of Weber, 0.010%, 2/15/2035 (6)		1,190,000		1,190,000
				1,750,000
Virginia — 0.1%
Loudoun County Economic Development Authority, 0.020%, 6/1/2043 (6)		400,000		400,000
Washington — 0.1%
Washington State Housing Finance Commission, 0.040%, 7/1/2028 (6)		180,000		180,000

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

53

February 28, 2021 (Unaudited)

Schedules of Investments

Tax-Free Money Market Fund (continued)

Description	Shares or Principal Amount		Value
Municipals (continued)
Wisconsin — 3.0%
Mauston School District, 1.500%, 6/30/2021	$	6,250,000	$	6,256,525
PMA Levy & Aid Anticipation Notes Program, 3.000%, 10/22/2021		3,470,000		3,531,261
Wisconsin Health & Educational Facilities Authority, 0.040%, 5/1/2030 (6)		125,000		125,000
				9,912,786
Total Municipals				321,039,426
Mutual Funds — 1.9%
Blackrock Liquidity Funds Tempfund Portfolio — Institutional Class, 0.030%		2,226,431		2,226,431
Federated Institutional Tax-Free Cash Trust — Institutional Class, 0.010%		4,084,210		4,084,210
Total Mutual Funds				6,310,641
Total Investments — 99.9% (at amortized cost)				327,350,067
Other Assets and Liabilities — 0.1%				223,151
Total Net Assets — 100.0%			$	327,573,218

Prime Money Market Fund

Description	Principal Amount		Value
Certificates of Deposit — 10.4%
Banks — 10.4%
Bank of Nova Scotia, 0.592% (LIBOR 3 Month + 40 basis points), 5/4/2021 (6)	$	3,500,000	$	3,502,185
Canadian Imperial Bank of Commerce:
0.070% 3/1/2021		15,000,000		15,000,000
0.258% (LIBOR 3 Month + 2 basis points), 7/1/2021 (6)		3,000,000		3,000,000
0.280% (SOFR + 25 basis points), 3/2/2021 (6)		2,500,000		2,500,000
Nordea Bank Abp:
0.207% (LIBOR 1 Month + 10 basis points), 9/15/2021 (6)		3,000,000		3,000,000
0.282% (LIBOR 3 Month + 10 basis points), 5/21/2021 (6)		3,000,000		3,000,000
Royal Bank of Canada:
0.230% (SOFR + 20 basis points), 8/6/2021 (6)		3,000,000		3,000,000
0.230% (SOFR + 20 basis points), 10/1/2021 (6)		3,250,000		3,250,000
0.356% (LIBOR 3 Month + 12 basis points), 6/18/2021 (6)		3,250,000		3,250,000
Skandinaviska Enskilda Banken AB:
0.180% 7/20/2021		3,000,000		3,000,000
0.220% 5/27/2021		3,000,000		2,999,855
Sumitomo Mitsui Banking Corp., 0.270% 5/10/2021		3,000,000		3,000,000

Description	Principal Amount		Value
Certificates of Deposit (continued)
Banks (continued)
Svenska Handelsbanken:
0.240% (LIBOR 3 Month + 5 basis points), 8/31/2021 (6)	$	3,000,000	$	3,000,000
0.262% (LIBOR 3 Month + 5 basis points), 7/30/2021 (6)		3,000,000		3,000,354
Toronto-Dominion Bank:
0.230% (SOFR + 20 basis points), 2/16/2022 (6)		2,500,000		2,500,000
0.340% (LIBOR 3 Month + 11 basis points), 6/10/2021 (6)		3,250,000		3,250,000
Total Certificates of Deposit				60,252,394
Commercial Paper — 81.6%
Asset-Backed Securities — 27.5%
CAFCO LLC, 0.152% 5/5/2021 (10)		3,000,000		2,999,187
Chariot Funding LLC:
0.193% 4/7/2021 (10)		3,000,000		2,999,414
0.203% 5/10/2021 (10)		3,000,000		2,998,833
Chesh LLC, 0.101% 3/1/2021 (10)		23,000,000		23,000,000
Crown Point Capital Co. LLC:
0.132% 3/4/2021 (10)		1,000,000		999,989
0.254% 3/8/2021 (10)		3,000,000		2,999,854
0.264% 3/8/2021 (10)		2,108,000		2,107,893
0.264% 4/7/2021 (10)		3,000,000		2,999,198
Glencove Funding LLC, 0.150% (OBFR01 + 8 basis points), 7/23/2021 (5)(6)		7,500,000		7,500,000
LMA Americas LLC:
0.162% 6/9/2021 (10)		3,000,000		2,998,667
0.203% 9/2/2021 (10)		2,500,000		2,497,431
0.203% 11/5/2021 (10)		2,750,000		2,746,196
0.223% 3/9/2021 (10)		3,000,000		2,999,853
0.244% 5/3/2021 (10)		3,000,000		2,998,740
0.274% 6/14/2021 (10)		2,500,000		2,498,031
Longship Funding LLC:
0.071% 3/5/2021 (10)		15,000,000		14,999,883
0.172% 4/19/2021 (10)		3,000,000		2,999,306
Old Line Funding LLC:
0.173% 7/15/2021 (10)		3,000,000		2,998,073
0.183% 3/12/2021 (10)		2,500,000		2,499,863
0.193% 9/10/2021 (10)		4,000,000		3,995,926
0.203% 4/13/2021 (10)		3,000,000		2,999,283
0.274% 6/14/2021 (10)		3,000,000		2,997,638
Ridgefield Funding Co.:
0.101% 3/2/2021 (10)		18,000,000		17,999,950
0.152% 3/23/2021 (10)		500,000		499,954
0.284% 5/6/2021 (10)		4,000,000		3,997,947
Sheffield Receivables Co. LLC:
0.132% 3/31/2021 (10)		3,000,000		2,999,675
0.142% 3/31/2021 (10)		2,100,000		2,099,755
0.162% 4/7/2021 (10)		2,500,000		2,499,589
0.193% 4/19/2021 (10)		3,000,000		2,999,224
0.244% 3/8/2021 (10)		3,000,000		2,999,860
0.244% 4/1/2021 (10)		3,000,000		2,999,380
0.254% 4/22/2021 (10)		3,000,000		2,998,917
Starbird Funding Corp., 0.213% 4/5/2021 (10)		2,500,000		2,499,490
Thunder Bay Funding LLC:
0.152% 5/10/2021 (10)		2,250,000		2,249,344
0.152% 6/22/2021 (10)		3,000,000		2,998,588
0.183% 8/16/2021 (10)		3,000,000		2,997,480
0.223% 7/8/2021 (10)		3,000,000		2,997,635

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

54

BMO Funds

Prime Money Market Fund (continued)

Description	Principal Amount		Value
Commercial Paper (continued)
Asset-Backed Securities (continued)
Toronto-Dominion Bank, 0.071% 3/1/2021 (10)	$	5,000,000	$	5,000,000
				159,670,046
Banks — 11.6%
Bank of Nova Scotia:
0.200% (SOFR + 17 basis points), 2/25/2022 (6)		3,000,000		2,999,993
0.243% (LIBOR 3 Month + 5 basis points), 11/8/2021 (6)		3,000,000		3,001,009
0.250% (SOFR + 22 basis points), 12/23/2021 (6)		3,000,000		3,000,000
Manhattan Asset Funding Co. LLC:
0.122% 4/19/2021 (10)		3,000,000		2,999,510
0.152% 5/3/2021 (10)		3,500,000		3,499,081
0.203% 7/12/2021 (10)		2,500,000		2,498,153
0.254% 4/20/2021 (10)		3,000,000		2,998,958
National Australia Bank, Ltd., 0.214% (LIBOR 1 Month + 10 basis points), 4/30/2021 (5)(6)		3,000,000		3,000,013
Nationwide Building Society:
0.122% 3/19/2021 (10)		3,000,000		2,999,820
0.172% 3/1/2021 (10)		3,000,000		3,000,000
Royal Bank of Canada, 0.329% (LIBOR 3 Month + 11 basis points), 12/16/2021 (6)		2,500,000		2,500,000
Swedbank AB:
0.071% 3/2/2021 (10)		15,000,000		14,999,971
0.071% 3/3/2021 (10)		7,398,000		7,397,971
Toronto-Dominion Bank:
0.243% 3/10/2021 (10)		3,150,000		3,149,811
0.254% 3/22/2021 (10)		3,000,000		2,999,562
0.259% 3/24/2021 (10)		3,000,000		2,999,511
0.322% (LIBOR 3 Month + 9 basis points), 12/3/2021 (5)(6)		3,000,000		3,000,000
				67,043,363
Diversified Financial Services — 42.5%
Atlantic Asset Securitization LLC:
0.152% 3/5/2021 (10)		3,000,000		2,999,950
0.152% 4/28/2021 (10)		3,552,000		3,551,142
0.183% 8/10/2021 (10)		3,000,000		2,997,570
Australia & New Zealand Banking Group, Ltd., 0.239% (LIBOR 3 Month + 2 basis points), 9/16/2021 (5)(6)		2,500,000		2,500,483
Bedford Row Funding Corp.:
0.162% 3/9/2021 (10)		3,000,000		2,999,893
0.173% 8/23/2021 (10)		3,000,000		2,997,521
0.244% 5/28/2021 (10)		3,000,000		2,998,240
0.289% (LIBOR 3 Month + 5 basis points), 9/20/2021 (5)(6)		3,000,000		3,000,000
0.304% (LIBOR 3 Month + 8 basis points), 10/21/2021 (5)(6)		3,000,000		3,000,000
Cargill Global Funding PLC, 0.061% 3/1/2021 (10)		22,000,000		22,000,000

Description	Shares or Principal Amount		Value
Commercial Paper (continued)
Diversified Financial Services (continued)
Collateralized Commercial Paper Co. LLC:
0.152% 5/18/2021 (10)	$	3,000,000	$	2,999,025
0.223% 10/29/2021 (10)		3,000,000		2,995,563
0.233% 3/4/2021 (10)		3,500,000		3,499,933
0.233% 4/21/2021 (10)		3,000,000		2,999,022
0.254% 6/4/2021 (10)		3,000,000		2,998,021
0.264% 7/26/2021 (10)		3,000,000		2,996,815
DNB NOR Bank ASA:
0.071% 3/5/2021 (10)		10,000,000		9,999,922
0.193% 7/12/2021 (10)		3,000,000		2,997,894
0.234% 1/13/2022 (10)		3,000,000		2,993,905
Erste Abwicklungsanstalt, 0.152% 3/15/2021 (10)		3,000,000		2,999,825
Gotham Funding Corp.:
0.142% 3/8/2021 (10)		3,500,000		3,499,905
0.142% 4/29/2021 (10)		3,000,000		2,999,312
0.152% 5/6/2021 (10)		3,000,000		2,999,175
0.203% 4/5/2021 (10)		3,000,000		2,999,417
0.203% 5/7/2021 (10)		3,000,000		2,998,883
IONIC Capital II Trust:
0.081% 3/1/2021 (10)		13,000,000		13,000,000
0.152% 3/17/2021 (10)		3,000,000		2,999,800
0.162% 3/12/2021 (10)		2,500,000		2,499,878
0.193% 6/4/2021 (10)		3,000,000		2,998,496
JP Morgan Securities LLC, 0.160% (SOFR + 14 basis points), 1/25/2022 (5)(6)		3,000,000		3,000,000
Liberty Funding LLC:
0.081% 3/1/2021 (10)		9,750,000		9,750,000
0.142% 5/3/2021 (10)		3,000,000		2,999,265
0.183% 4/6/2021 (10)		3,000,000		2,999,460
Mitsubishi UFJ Financial Group, Inc.:
0.203% 8/5/2021 (10)		3,000,000		2,997,383
0.203% 8/24/2021 (10)		3,000,000		2,997,067
Natixis S.A.:
0.061% 3/1/2021 (10)		10,000,000		10,000,000
0.076% 3/1/2021 (10)		10,000,000		10,000,000
0.132% 3/8/2021 (10)		2,506,000		2,505,937
Starbird Funding Corp.:
0.081% 3/1/2021 (10)		4,000,000		4,000,000
0.213% 5/12/2021 (10)		4,000,000		3,998,320
0.243% 3/12/2021 (10)		3,000,000		2,999,780
0.244% 5/10/2021 (10)		3,000,000		2,998,600
0.254% 5/10/2021 (10)		3,000,000		2,998,542
0.264% 6/4/2021 (10)		2,750,000		2,748,113
Suncorp Group Ltd., 0.081% 3/1/2021 (10)		15,000,000		15,000,000
Total Capital S.A., 0.051% 3/1/2021 (10)		22,000,000		22,000,000
Versailles CDS LLC:
0.162% 5/6/2021 (10)		3,000,000		2,999,120
0.172% 5/5/2021 (10)		3,000,000		2,999,079
Victory Receivables Corp.:
0.081% 3/3/2021 (10)		7,000,000		6,999,969
0.203% 4/7/2021 (10)		3,000,000		2,999,383
0.203% 5/4/2021 (10)		3,000,000		2,998,933
				246,508,541
Total Commercial Paper				473,221,950
Mutual Funds — 4.4%
Goldman Sachs Money Market Fund — Premier Class, 0.036%		16,556,428		16,556,428

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

55

February 28, 2021 (Unaudited)

Schedules of Investments

Prime Money Market Fund (continued)

Description	Shares or Principal Amount		Value
Mutual Funds (continued)
State Street Institutional U.S. Government Money Market Fund — Premier Class, 0.010%		9,056,353	$	9,056,353
Total Mutual Funds				25,612,781
Repurchase Agreements — 2.6%
Agreement with Fixed Income Clearing Corp., 0.000%, dated 2/26/2021, to be repurchased at $4,991,292 on 3/1/2021, collateralized by U.S. Government Treasury Obligation with a maturity of 4/15/2021, with a fair value of $5,091,152	$	4,991,291		4,991,291
Agreement with Fixed Income Clearing Corp., 0.010%, dated 2/26/2021, to be repurchased at $5,000,004 on 3/1/2021, collateralized by U.S. Government Treasury Obligation with a maturity of 10/15/2024 with a fair value of $5,100,006		5,000,000		5,000,000
Agreement with Merrill Lynch Pierce Fenner & Smith, Inc., 0.020%, dated 2/26/2021, to be repurchased at $5,000,008 on 3/1/2021, collateralized by U.S. Government Agency with various maturities to 12/19/2033, with a fair value of $5,101,027		5,000,000		5,000,000
Total Repurchase Agreements				14,991,291
U.S. Government & U.S. Government Agency Obligations — 1.0%
Sovereign — 1.0%
Federal National Mortgage Association , 0.380%, (SOFR + 36 basis points), 1/20/2022 (6)		5,500,000		5,500,000
Total U.S. Government & U.S. Government Agency Obligations				5,500,000
Total Investments — 100.0% (at amortized cost)				579,578,416
Other Assets and Liabilities — 0.0%				27,487
Total Net Assets — 100.0%			$	579,605,903

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

56

Notes to Schedules of Investments

The categories of investments are shown as a percentage of total net assets for each Fund as of February 28, 2021. Call dates contained within the Schedules of Investments represent the next possible date the security can be redeemed, at the option of the issuer, determined as of February 28, 2021. Maturity dates contained within the Schedules of Investments represent the stated legal maturity date or mandatory put date. Certain securities may be subject to demand features which allow the security to be redeemed prior to final maturity date. In accordance with Rule 2a-7, securities held in the money market funds provide for the return of principal and interest within 397 days due to a scheduled final maturity date or through specific demand features. Demand features entitle a Fund to receive the principal amount of the instrument from the issuer or a third party (1) on no more than 30 calendar days’ notice or (2) at specified intervals not exceeding 397 calendar days.

(1) Non-income producing.

(2) Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers.

(3) Denotes an investment in an affiliated entity. Please refer to Note 5, subsection Investments in Affiliated Issuers, in the Notes to Financial Statements.

(4) Please refer to Note 2, subsection Securities Lending, in the Notes to Financial Statements.

(5) Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based on criteria approved by the Board of Directors of the BMO Funds. At February 28, 2021 these securities amounted to:

	Amount		% of Total Net Assets
Global Low Volatility Equity Fund	$	158,997		3.70	%
Disciplined International Equity Fund		708,017		1.70
LGM Emerging Markets Equity Fund		7,378,954		2.14
Ultra Short Tax-Free Fund		62,868,525		11.23
Short Tax-Free Fund		3,802,042		2.88
Short-Term Income Fund		29,790,354		10.56

	Amount		% of Total Net Assets
Intermediate Tax-Free Fund	$	73,390,014		3.76	%
Strategic Income Fund		38,246,233		41.74
Corporate Income Fund		103,685,505		24.02
Core Plus Bond Fund		187,667,239		15.55
Tax-Free Money Market Fund		86,895,000		26.53
Prime Money Market Fund		25,000,496		4.31

(6) Denotes a variable rate security. The rate shown is the current interest rate as of February 28, 2021. Rate fluctuations are based underlying positions and/or other variables. For securities whose yields vary with a designated market index or market rate, the reference rate and spread are indicated in the description.

(7) Purchased on a when-issued or delayed delivery basis.

(8) Securities that are subject to alternative minimum tax of the Intermediate Tax-Free Fund portfolio represents 4.71%, as calculated based upon total portfolio market value.

(9) Issue is in default or bankruptcy.

(10) Each issue shows the rate of the discount at the time of purchase.

The following acronyms may be referenced throughout this report:

ACA     — American Capital Access Corporation ADED   — Arkansas Department of Economic Development ADR    — American Depository Receipt AGC     — Assured Guaranty Corporation AGM   — Assured Guaranty Municipal AMBAC   — American Municipal Bond Assurance Corporation AMT    — Alternative Minimum Tax BAM   — Build America Mutual Assurance Company BHAC   — Berkshire Hathaway Assurance Corporation BMA   — Bond Market Association CFC    — Cooperative Finance Corporation CIFG    — CDC IXIS Financial Guaranty CMI     — California Mortgage Insurance COLL   — Collateralized ETF    — Exchange Traded Fund FCPR DLY  — Federal Reserve Bank Prime Loan Rate FDIC    — Federal Depository Insurance Corporation FFCB   — Federal Farm Credit Bank FGIC    — Financial Guaranty Insurance Corporation FHA     — Federal Housing Administration FHLB    — Federal Home Loan Bank FHLMC   — Federal Home Loan Mortgage Corporation FNMA  — Federal National Mortgage Association FRN     — Floating Rate Note FSA     — Financial Security Assurance Corporation GDR    — Global Depository Receipt GNMA    — Government National Mortgage Association GO    — Government Obligation HFDC    — Health Facility Development Corporation HUD    — Department of Housing and Urban Development IDC    — Industrial Development Corporation IMI      — Investors Mortgage Insurance Company INS      — Insured LIBOR     — London Interbank Offered Rate LIQ      — Liquidity Agreement LLC      — Limited Liability Corporation LOC     — Letter of Credit LP      — Limited Partnership LT      — Limited Tax MAC     — Municipal Assurance Corporation MBIA   — Municipal Bond Insurance Association MHF     — Maryland Housing Fund MTN     — Medium Term Note NATL    — National Public Finance Guarantee OBFR    — Overnight Bank Funding Rate PCA     — Pollution Control Authority PLC      — Public Limited Company PSF      — Permanent School Fund Guaranteed PUFG    — Permanent University Fund Guarantee Q-SBLF    — Qualified School Bond Loan Fund RADIAN  — Radian Asset Assurance REITs    — Real Estate Investment Trusts REMIC    — Real Estate Mortgage Investment Conduit SAW     — State Aid Withholding SIFMA    — Securities Industry and Financial Markets Association SOFR    — Secured Overnight Financing Rate TCRs     — Transferable Custody Receipts TLGP    — Temporary Liquidity Guarantee Program TRANs    — Tax and Revenue Anticipation Notes UT     — Unlimited Tax VRNs    — Variable Rate Notes XLCA    — XL Capital Assurance

57

February 28, 2021 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Low Volatility Equity Fund			Dividend Income Fund			Large-Cap Value Fund			Large-Cap Growth Fund			Mid-Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value	$	240,113,239	(1)	$	293,237,132	(1)	$	342,806,323	(1)	$	484,715,521	(1)	$	53,185,798	(1)
Cash sweep investments in affiliated issuers, at value		1,701,579			5,719,482			4,247,319			9,278,082			419,779
Dividends and interest receivable		389,039			374,803			367,411			394,421			52,896
Receivable for capital stock sold		287,429			786,549			133,809			509,502			15,447
Prepaid expenses and other receivables		23,682			21,716			28,631			32,712			21,686
Total assets		242,514,968			300,139,682			347,583,493			494,930,238			53,695,606
Liabilities:
Payable for return of securities lending collateral		19,769,220			20,805,575			47,847,800			22,300,971			8,161,400
Payable for capital stock redeemed		71,850			78,955			137,339			111,375			1,102
Payable to affiliates, net (Note 5)		99,877			123,450			103,894			154,481			20,759
Other liabilities		8,662			19,769			42,736			44,608			33,031
Total liabilities		19,949,609			21,027,749			48,131,769			22,611,435			8,216,292
Total net assets	$	222,565,359		$	279,111,933		$	299,451,724		$	472,318,803		$	45,479,314
Net assets consist of:
Paid-in capital	$	200,195,546		$	216,549,263		$	228,517,353		$	245,890,524		$	41,305,745
Distributable earnings		22,369,813			62,562,670			70,934,371			226,428,279			4,173,569
Total net assets	$	222,565,359		$	279,111,933		$	299,451,724		$	472,318,803		$	45,479,314
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	—		$	—		$	—		$	22.42		$	—
Advisor class of shares:
Net asset value, offering price and redemption proceeds per share		14.90			16.20			16.41			22.38			11.72
Offering price per share(2)		15.68			17.05			17.27			23.56			12.34
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share		14.96			16.14			16.43			22.67			11.67
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share		—			—			16.45			22.73			11.66
Net assets:
Investor class of shares	$	—		$	—		$	—		$	66,459,186		$	—
Advisor class of shares		25,494,590			9,626,097			16,561,071			997,389			32,788,257
Institutional class of shares		197,070,769			269,485,836			245,022,784			115,980,240			6,414,922
Retirement class R-6 of shares		—			—			37,867,869			288,881,988			6,276,135
Total net assets	$	222,565,359		$	279,111,933		$	299,451,724		$	472,318,803		$	45,479,314
Shares outstanding:
Investor class of shares		—			—			—			2,964,253			—
Advisor class of shares		1,711,228			594,368			1,009,285			44,557			2,797,419
Institutional class of shares		13,176,024			16,698,930			14,917,171			5,115,731			549,619
Retirement class R-6 of shares		—			—			2,301,571			12,711,447			538,171
Total shares outstanding		14,887,252			17,293,298			18,228,027			20,835,988			3,885,209
Investments, at cost:
Investments in unaffiliated issuers	$	205,429,147		$	210,908,670		$	272,431,399		$	280,595,737		$	41,610,494
Cash sweep investments in affiliated issuers		1,701,579			5,719,482			4,247,319			9,278,082			419,779
Total investments, at cost	$	207,130,726		$	216,628,152		$	276,678,718		$	289,873,819		$	42,030,273

(1) Including $19,215,534, $20,222,863, $46,507,703, $21,676,377 and $7,932,820, respectively, of securities on loan. A security on loan value represents both fair value and accrued interest.

(2) Computation of offering price per share 100/95 of net asset value.

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

58

February 28, 2021 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Mid-Cap Growth Fund			Small-Cap Value Fund			Small-Cap Growth Fund			Global Low Volatility Equity Fund			Disciplined International Equity Fund
Assets:
Investments in unaffiliated issuers, at value	$	27,626,214	(1)	$	106,679,232	(1)	$	144,931,495	(1)	$	4,358,932	(1)	$	41,419,079	(1)
Cash sweep investments in affiliated issuers, at value		462,454			1,224,144			468,209			51,194			861,072
Cash denominated in foreign currencies		—			—			—			3,456	(2)		15,969	(2)
Dividends and interest receivable		9,520			95,838			11,980			22,311			264,423
Receivable for investments sold		—			—			1,589,131			—			—
Receivable for capital stock sold		15,840			49,370			28,809			—			—
Receivable from affiliates, net (Note 5)		—			—			—			9,513			—
Prepaid expenses and other receivables		23,537			32,438			20,936			14,453			20,994
Total assets		28,137,565			108,081,022			147,050,560			4,459,859			42,581,537
Liabilities:
Payable for return of securities lending collateral		5,512,750			14,959,701			29,650,010			124,774			804,140
Payable for capital stock redeemed		2,258			23,389			18,768			—			—
Payable for foreign tax expense		—			—			—			343			2,001
Payable to affiliates, net (Note 5)		3,260			53,616			80,853			—			18,289
Other liabilities		29,376			8,649			29,096			34,657			38,354
Total liabilities		5,547,644			15,045,355			29,778,727			159,774			862,784
Total net assets	$	22,589,921		$	93,035,667		$	117,271,833		$	4,300,085		$	41,718,753
Net assets consist of:
Paid-in capital	$	13,114,003		$	76,193,205		$	68,388,672		$	6,256,787		$	40,612,846
Distributable earnings (accumulated loss)		9,475,918			16,842,462			48,883,161			(1,956,702	)		1,105,907
Total net assets	$	22,589,921		$	93,035,667		$	117,271,833		$	4,300,085		$	41,718,753
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Advisor class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.05		$	14.46		$	22.22		$	9.37		$	10.75
Offering price per share(3)		10.58			15.22			23.39			9.86			11.32
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share		11.35			14.72			23.52			9.47			10.79
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share		11.46			14.89			—			—			—
Net assets:
Advisor class of shares	$	16,727,059		$	1,874,478		$	34,164,256		$	58,998		$	155,155
Institutional class of shares		5,831,329			75,192,883			83,107,577			4,241,087			41,563,598
Retirement class R-6 of shares		31,533			15,968,306			—			—			—
Total net assets	$	22,589,921		$	93,035,667		$	117,271,833		$	4,300,085		$	41,718,753
Shares outstanding:
Advisor class of shares		1,664,447			129,607			1,537,545			6,297			14,436
Institutional class of shares		513,980			5,106,623			3,533,663			447,684			3,853,686
Retirement class R-6 of shares		2,751			1,072,345			—			—			—
Total shares outstanding		2,181,178			6,308,575			5,071,208			453,981			3,868,122
Investments, at cost:
Investments in unaffiliated issuers	$	20,989,477		$	87,691,800		$	104,000,544		$	3,824,472		$	32,974,503
Cash sweep investments in affiliated issuers		462,454			1,224,144			468,209			51,194			861,072
Total investments, at cost	$	21,451,931		$	88,915,944		$	104,468,753		$	3,875,666		$	33,835,575

(1) Including $5,358,352, $14,540,717, $28,819,587 $116,490 and $762,556, respectively, of securities on loan. A security on loan value represents both fair value and accrued interest.

(2) Identified cost of cash denominated in foreign currencies is $3,409 and 16,059.

(3) Computation of offering price per share 100/95 of net asset value.

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

59

February 28, 2021 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Pyrford International Stock Fund			LGM Emerging Markets Equity Fund			Ultra Short Tax-Free Fund			Short Tax-Free Fund			Short-Term Income Fund
Assets:
Investments in unaffiliated issuers, at value	$	725,988,905	(1)	$	337,814,218		$	552,135,893		$	121,857,195		$	305,670,092	(1)
Cash sweep investments in affiliated issuers, at value		42,670,608			9,860,728			—			—			6,927,631
Investments in repurchase agreements		—			—			3,937,049			2,040,999			—
Cash denominated in foreign currencies		230	(2)		446,126	(2)		—			—			—
Dividends and interest receivable		4,689,545			134,068			2,483,490			1,029,323			1,282,563
Receivable for investments sold		—			—			4,000,007			7,800,025			—
Receivable for capital stock sold		3,244,467			138,998			1,077,793			1,078,824			626,128
Prepaid expenses and other receivables		34,320			21,329			37,261			16,483			15,419
Total assets		776,628,075			348,415,467			563,671,493			133,822,849			314,521,833
Liabilities:
Payable for return of securities lending collateral		21,483,211			—			—			—			31,343,770
Payable for investments purchased		10,954,665			—			2,309,501			350,000			—
Payable for capital stock redeemed		181,282			55,994			1,085,077			347,034			930,977
Payable for foreign tax expense		142,744			2,570,929			—			—			—
Payable to affiliates, net (Note 5)		463,796			291,091			112,399			40,090			60,217
Payable to custodian		—			—			—			800,006			—
Payable for capital gains distribution		—			—			43,420			—			—
Payable for income distribution		—			—			128,563			100,847			130,883
Other liabilities		133,470			191,421			49,185			28,064			29,854
Total liabilities		33,359,168			3,109,435			3,728,145			1,666,041			32,495,701
Total net assets	$	743,268,907		$	345,306,032		$	559,943,348		$	132,156,808		$	282,026,132
Net assets consist of:
Paid-in capital	$	669,906,534		$	289,625,398		$	557,735,361		$	129,931,418		$	279,183,612
Distributable earnings		73,362,373			55,680,634			2,207,987			2,225,390			2,842,520
Total net assets	$	743,268,907		$	345,306,032		$	559,943,348		$	132,156,808		$	282,026,132
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Advisor class of shares:
Net asset value, offering price and redemption proceeds per share	$	14.11		$	17.42		$	10.11		$	10.32		$	9.52
Offering price per share		14.85	(3)		18.34	(3)		10.32	(4)		10.53	(4)		9.71	(4)
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share		13.78			17.34			10.10			10.33			9.54
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share		13.79			—			—			—			—
Net assets:
Advisor class of shares	$	1,757,930		$	4,820,126		$	12,849,875		$	3,385,346		$	21,380,462
Institutional class of shares		493,046,497			340,485,906			547,093,473			128,771,462			260,645,670
Retirement class R-6 of shares		248,464,480			—			—			—			—
Total net assets	$	743,268,907		$	345,306,032		$	559,943,348		$	132,156,808		$	282,026,132
Shares outstanding:
Advisor class of shares		124,602			276,719			1,270,896			327,982			2,245,895
Institutional class of shares		35,775,496			19,631,521			54,161,356			12,468,624			27,326,704
Retirement class R-6 of shares		18,018,769			—			—			—			—
Total shares outstanding		53,918,867			19,908,240			55,432,252			12,796,606			29,572,599
Investments, at cost:
Investments in unaffiliated issuers	$	632,087,349		$	251,865,256		$	553,081,900		$	121,529,682		$	301,211,537
Cash sweep investments in affiliated issuers		42,670,608			9,860,728			—			—			6,927,631
Total investments, at cost	$	674,757,957		$	261,725,984		$	553,081,900		$	121,529,682		$	308,139,168

(1) Including $20,021,294 and $30,465,909, respectively, of securities on loan. A security on loan value represents both fair value and accrued interest.

(2) Identified cost of cash denominated in foreign currencies is $232 and $471,249, respectively.

(3) Computation of offering price per share 100/95 of net asset value.

(4) Computation of offering price per share 100/98 of net asset value.

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

60

February 28, 2021 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Intermediate Tax-Free Fund		Strategic Income Fund			Corporate Income Fund			Core Plus Bond Fund
Assets:
Investments in unaffiliated issuers, at value	$	1,924,806,797	$	100,642,122	(1)	$	453,769,068	(1)	$	1,319,096,945	(1)
Cash sweep investments in affiliated issuers, at value		—		2,157,338			15,428,353			21,450,109
Investments in repurchase agreements		419,918		—			—			—
Cash		—		564,132			—			—
Dividends and interest receivable		17,868,806		938,606			3,828,557			7,477,414
Receivable for investments sold		10,300,002		—			1,023,753			—
Receivable for capital stock sold		3,292,658		54,154			1,034,953			1,530,819
Prepaid expenses and other receivables		56,095		20,601			45,902			50,433
Total assets		1,956,744,276		104,376,953			475,130,586			1,349,605,720
Liabilities:
Payable for return of securities lending collateral		—		12,310,519			38,458,915			134,607,299
Payable for investments purchased		—		347,683			4,110,933			5,960,280
Payable for capital stock redeemed		3,125,487		23,419			557,886			1,455,042
Payable to affiliates, net (Note 5)		454,754		34,449			125,008			275,199
Payable for capital gains distribution		—		—			262,471			—
Payable for income distribution		1,074,154		9,513			—			172,336
Other liabilities		212,584		15,581			31,929			89,384
Total liabilities		4,866,979		12,741,164			43,547,142			142,559,540
Total net assets	$	1,951,877,297	$	91,635,789		$	431,583,444		$	1,207,046,180
Net assets consist of:
Paid-in capital	$	1,867,519,563	$	90,551,214		$	404,631,195		$	1,155,184,257
Distributable earnings		84,357,734		1,084,575			26,952,249			51,861,923
Total net assets	$	1,951,877,297	$	91,635,789		$	431,583,444		$	1,207,046,180
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.55	$	9.68		$	14.07		$	12.23
Advisor class of shares:
Net asset value, offering price and redemption proceeds per share		11.55		9.68			14.07			12.23
Offering price per share(2)		11.97		10.03			14.58			12.67
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share		11.54		9.67			14.06			12.23
Net assets:
Investor class of shares	$	448,504,017	$	55,163,375		$	106,603,563		$	101,882,962
Advisor class of shares		5,957,202		14,570,290			3,854,308			5,020,809
Institutional class of shares		1,497,416,078		21,902,124			321,125,573			1,100,142,409
Total net assets	$	1,951,877,297	$	91,635,789		$	431,583,444		$	1,207,046,180
Shares outstanding:
Investor class of shares		38,830,584		5,699,703			7,576,348			8,330,599
Advisor class of shares		515,847		1,505,606			273,965			410,573
Institutional class of shares		129,784,241		2,264,272			22,847,409			89,983,180
Total shares outstanding		169,130,672		9,469,581			30,697,722			98,724,352
Investments, at cost:
Investments in unaffiliated issuers	$	1,809,556,713	$	97,061,199		$	428,843,227		$	1,268,042,575
Cash sweep investments in affiliated issuers		—		2,157,338			15,428,353			21,450,109
Total investments, at cost	$	1,809,556,713	$	99,218,537		$	444,271,580		$	1,289,492,684

(1) Including $11,965,732, $37,381,777 and $130,837,285, respectively, of securities on loan. A security on loan value represents both fair value and accrued interest.

(2) Computation of offering price per share 100/96.5 of net asset value.

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

61

February 28, 2021 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Government Money Market Fund			Tax-Free Money Market Fund			Prime Money Market Fund
Assets:
Investments in unaffiliated issuers, at value	$	2,577,015,885		$	327,350,067		$	564,587,125
Investments in repurchase agreements		1,569,235,055			—			14,991,291
Cash		1,499,947			—			—
Dividends and interest receivable		1,378,499			448,256			33,091
Receivable for investments sold		—			3,975,011			—
Receivable for capital stock sold		—			4,000			6,982
Receivable from affiliates, net (Note 5)		—			—			9,461
Prepaid expenses and other receivables		753,487			31,682			35,651
Total assets		4,149,882,873			331,809,016			579,663,601
Liabilities:
Payable for investments purchased		31,498,080			200,000			—
Payable for capital stock redeemed		10,175			—			—
Payable to affiliates, net (Note 5)		72,661			13,048			—
Payable to custodian		—			3,974,011			—
Payable for income distribution		26,688			2,216			2,527
Other liabilities		212,451			46,523			55,171
Total liabilities		31,820,055			4,235,798			57,698
Total net assets	$	4,118,062,818		$	327,573,218		$	579,605,903
Net assets consist of:
Paid-in capital	$	4,118,064,793		$	327,581,467		$	579,614,119
Accumulated loss		(1,975	)		(8,249	)		(8,216	)
Total net assets	$	4,118,062,818		$	327,573,218		$	579,605,903
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	1.00		$	1.00		$	1.00
Premier class of shares:
Net asset value, offering price and redemption proceeds per share		1.00			1.00			1.00
Net assets:
Investor class of shares	$	723,126,633		$	53,576,533		$	269,781,798
Premier class of shares		3,394,936,185			273,996,685			309,824,105
Total net assets	$	4,118,062,818		$	327,573,218		$	579,605,903
Shares outstanding:
Investor class of shares		723,128,242			53,573,916			269,843,725
Premier class of shares		3,394,936,551			274,035,220			309,786,234
Total shares outstanding		4,118,064,793			327,609,136			579,629,959
Investments, at cost:
Investments in unaffiliated issuers	$	4,146,250,940		$	327,350,067		$	579,578,416
Total investments, at cost	$	4,146,250,940		$	327,350,067		$	579,578,416

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

62

February 28, 2021 (Unaudited)

Statements of Operations BMO Funds

	Low Volatility Equity Fund			Dividend Income Fund			Large-Cap Value Fund			Large-Cap Growth Fund			Mid-Cap Value Fund
Investment Income:
Dividend income from:
Unaffiliated issuers	$	3,253,731		$	3,244,223		$	2,521,671		$	1,677,236		$	544,590
Affiliated issuers		1,523			1,791			1,140			2,777			154
Interest income		45			36			—			—			—
Net securities lending income from:
Unaffiliated issuers		19,016			22,445			31,394			32,321			11,846
Affiliated issuers (Note 5)		11,131			12,746			15,855			17,407			6,741
Total income:		3,285,446			3,281,241			2,570,060			1,729,741			563,331
Expenses:
Investment advisory fees (Note 5)		492,401			639,993			478,317			796,679			177,966
Shareholder servicing fees (Note 5)		—			—			—			80,711			—
Administration fees (Note 5)		184,650			191,998			178,979			137,543			33,947
Portfolio accounting fees		21,993			22,342			22,034			34,121			14,649
Recordkeeping fees		20,014			28,193			34,120			44,521			37,931
Custodian fees		3,335			6,327			2,754			6,834			2,920
Registration fees		39,053			33,239			37,104			44,930			33,179
Professional fees		11,384			11,365			11,598			11,598			11,598
Printing and postage		9,502			19,915			19,335			20,298			20,391
Directors’ fees		8,868			8,868			8,868			8,868			8,868
Distribution services fees – Advisor class (Note 5)		40,571			11,211			18,601			1,043			37,534
Miscellaneous		5,326			3,582			5,222			6,644			5,400
Total expenses:		837,097			977,033			816,932			1,193,790			384,383
Deduct:
Expense waivers (Note 5)		—			(133,831	)		(86,370	)		(86,713	)		(93,111	)
Net expenses		837,097			843,202			730,562			1,107,077			291,272
Net investment income (loss)		2,448,349			2,438,039			1,839,498			622,664			272,059
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on transactions from:
Investments in unaffiliated issuers		3,258,242			6,042,679			10,925,582			38,208,523			(356,624	)
Investments in affiliated issuers		(1,856	)		(1,489	)		(416	)		(2,715	)		(118	)
Total net realized gain (loss)		3,256,386			6,041,190			10,925,166			38,205,808			(356,742	)
Net change in unrealized appreciation/depreciation on:
Investments in unaffiliated issuers		(5,529,363	)		38,383,923			43,004,984			2,514,445			9,634,470
Investments in affiliated issuers		851			713			162			590			281
Total net change in unrealized appreciation/ depreciation		(5,528,512	)		38,384,636			43,005,146			2,515,035			9,634,751
Net realized and unrealized gain (loss)		(2,272,126	)		44,425,826			53,930,312			40,720,843			9,278,009
Change in net assets resulting from operations	$	176,223		$	46,863,865		$	55,769,810		$	41,343,507		$	9,550,068

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

63

February 28, 2021 (Unaudited)

Statements of Operations BMO Funds

	Mid-Cap Growth Fund			Small-Cap Value Fund			Small-Cap Growth Fund			Global Low Volatility Equity Fund			Disciplined International Equity Fund
Investment Income:
Dividend income from:
Unaffiliated issuers	$	76,990		$	558,439		$	231,528		$	42,461	(1)	$	349,623	(1)
Affiliated issuers		294			382			467			34			258
Net securities lending income from:
Unaffiliated issuers		10,702			6,379			14,326			—			2,355
Affiliated issuers (Note 5)		5,914			2,626			6,020			—			—
Total income:		93,900			567,826			252,341			42,495			352,236
Expenses:
Investment advisory fees (Note 5)		121,786			209,430			355,627			11,238			118,766
Administration fees (Note 5)		25,974			38,945			77,874			3,371			29,691
Portfolio accounting fees		14,164			12,689			14,250			4,806			4,076
Recordkeeping fees		32,239			16,640			31,953			10,260			9,777
Custodian fees		1,440			9,575			5,472			39,524			31,969
Registration fees		33,132			30,413			27,483			22,528			25,959
Professional fees		11,598			11,384			11,598			13,062			12,800
Printing and postage		18,308			4,343			20,908			2,712			2,716
Directors’ fees		8,868			8,868			8,868			8,868			8,868
Distribution services fees – Advisor class (Note 5)		18,787			2,081			37,021			91			182
Miscellaneous		5,400			2,470			2,849			410			404
Total expenses:		291,696			346,838			593,903			116,870			245,208
Deduct:
Expense waivers (Note 5)		(94,770	)		(48,977	)		(42,884	)		(97,366	)		(66,704	)
Net expenses		196,926			297,861			551,019			19,504			178,504
Net investment income (loss)		(103,026	)		269,965			(298,678	)		22,991			173,732
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on transactions from:
Investments in unaffiliated issuers		14,387,218			3,056,166			9,227,631			1,241,452			564,405
Investments in affiliated issuers		(324	)		(328	)		(296	)		(31	)		(308	)
Foreign currency transactions		—			—			—			1,610			7,519
Total net realized gain (loss)		14,386,894			3,055,838			9,227,335			1,243,031			571,616
Net change in unrealized appreciation/ depreciation on:
Investments in unaffiliated issuers		(13,634,835	)		18,741,692			25,459,640			(1,222,424	)		4,133,283
Investments in affiliated issuers		317			271			291			34			177
Foreign currency translations		—			—			—			(1,354	)		(2,599	)
Total net change in unrealized appreciation / depreciation		(13,634,518	)		18,741,963			25,459,931			(1,223,744	)		4,130,861
Net realized and unrealized gain (loss)		752,376			21,797,801			34,687,266			19,287			4,702,477
Change in net assets resulting from operations	$	649,350		$	22,067,766		$	34,388,588		$	42,278		$	4,876,209

(1) Net of foreign taxes withheld of $3,990 and $32,945, respectively.

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

64

February 28, 2021 (Unaudited)

Statements of Operations BMO Funds

	Pyrford International Stock Fund			LGM Emerging Markets Equity Fund			Ultra Short Tax-Free Fund			Short Tax-Free Fund			Short-Term Income Fund
Investment Income:
Dividend income from:
Unaffiliated issuers	$	6,758,776	(1)	$	1,854,326	(1)	$	57,479		$	115		$	—
Affiliated issuers		5,280			4,968			—			—			1,973
Interest income		—			—			2,842,509			1,200,540			2,519,888
Net securities lending income from:
Unaffiliated issuers		58,482			1,627			—			—			25,618
Affiliated issuers (Note 5)		—			—			—			—			9,331
Total income:		6,822,538			1,860,921			2,899,988			1,200,655			2,556,810
Expenses:
Investment advisory fees (Note 5)		2,566,445			1,382,773			486,836			121,368			241,842
Administration fees (Note 5)		348,490			230,462			425,282			91,902			187,537
Portfolio accounting fees		11,965			12,141			50,802			29,353			34,771
Recordkeeping fees		22,369			21,988			17,284			11,051			30,513
Custodian fees		104,220			114,581			5,285			1,292			4,030
Registration fees		43,898			29,103			41,596			24,599			28,046
Professional fees		13,289			18,770			13,908			13,908			13,908
Printing and postage		20,871			19,549			5,528			4,504			8,085
Directors’ fees		8,868			8,868			8,868			8,868			8,868
Distribution services fees – Advisor class (Note 5)		2,201			5,415			15,958			4,130			25,790
Miscellaneous		3,463			1,372			9,148			3,296			4,123
Total expenses:		3,146,079			1,845,022			1,080,495			314,271			587,513
Deduct:
Expense waivers (Note 5)		(9,463	)		(72,730	)		(213,640	)		(66,522	)		(124,137	)
Net expenses		3,136,616			1,772,292			866,855			247,749			463,376
Net investment income (loss)		3,685,922			88,629			2,033,133			952,906			2,093,434
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on transactions from:
Investments in unaffiliated issuers		11,035,586			3,547,916	(2)		(11,969	)		48,760			130,806
Investments in affiliated issuers		160			(4,548	)		—			—			(1,881	)
Foreign currency transactions		(39,607	)		(164,812	)		—			—			—
Total net realized gain (loss)		10,996,139			3,378,556			(11,969	)		48,760			128,925
Net change in unrealized appreciation/ depreciation on:
Investments in unaffiliated issuers		26,005,849			42,649,588			1,019,366			234,240			(1,033,225	)
Investments in affiliated issuers		(1,611	)		1,190			—			—			1,414
Foreign currency translations		(108,925	)		(21,647	)		—			—			—
Total net change in unrealized appreciation / depreciation		25,895,313			42,629,131			1,019,366			234,240			(1,031,811	)
Net realized and unrealized gain (loss)		36,891,452			46,007,687			1,007,397			283,000			(902,886	)
Change in net assets resulting from operations	$	40,577,374		$	46,096,316		$	3,040,530		$	1,235,906		$	1,190,548

(1) Net of foreign taxes withheld of $373,382 and $232,501 respectively.

(2) Net of foreign taxes withheld of $2,566,779, all of which is related to appreciated investments held at period end.

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

65

February 28, 2021 (Unaudited)

Statements of Operations BMO Funds

	Intermediate Tax-Free Fund			Strategic Income Fund			Corporate Income Fund			Core Plus Bond Fund
Investment Income:
Dividend income from:
Unaffiliated issuers	$	27,890		$	46		$	114		$	114
Affiliated issuers		—			839			4,062			9,611
Interest income		28,794,428			1,712,552			6,773,395			17,781,133
Net securities lending income from:
Unaffiliated issuers		—			13,940			50,471			101,618
Affiliated issuers (Note 5)		—			4,692			20,383			44,119
Total income:		28,822,318			1,732,069			6,848,425			17,936,595
Expenses:
Investment advisory fees (Note 5)		1,087,203			94,983			362,360			745,408
Shareholder servicing fees (Note 5)		548,763			66,181			127,305			120,123
Administration fees (Note 5)		1,415,092			56,990			307,812			902,400
Portfolio accounting fees		173,164			21,258			38,842			82,424
Recordkeeping fees		21,157			30,584			17,085			21,251
Custodian fees		12,631			2,643			2,594			9,904
Registration fees		79,545			33,833			46,773			55,470
Professional fees		13,908			15,052			15,017			15,017
Printing and postage		26,468			7,646			8,936			22,876
Directors’ fees		8,868			8,868			8,868			8,868
Distribution services fees – Advisor class (Note 5)		6,810			16,968			4,726			5,931
Miscellaneous		23,731			2,408			5,209			14,803
Total expenses:		3,417,340			357,414			945,527			2,004,475
Deduct:
Expense waivers (Note 5)		(29,623	)		(65,295	)		(29,804	)		—
Net expenses		3,387,717			292,119			915,723			2,004,475
Net investment income (loss)		25,434,601			1,439,950			5,932,702			15,932,120
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on transactions from:
Investments in unaffiliated issuers		2,457,831			11,214			3,542,338			9,380,852
Investments in affiliated issuers		—			(735	)		(3,898	)		(7,936	)
Total net realized gain (loss)		2,457,831			10,479			3,538,440			9,372,916
Net change in unrealized appreciation / depreciation on:
Investments in unaffiliated issuers		4,989,822			1,754,738			(7,739,525	)		(27,498,426	)
Investments in affiliated issuers		—			104			1,839			4,139
Total net change in unrealized appreciation/ depreciation		4,989,822			1,754,842			(7,737,686	)		(27,494,287	)
Net realized and unrealized gain (loss)		7,447,653			1,765,321			(4,199,246	)		(18,121,371	)
Change in net assets resulting from operations	$	32,882,254		$	3,205,271		$	1,733,456		$	(2,189,251	)

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

66

February 28, 2021 (Unaudited)

Statements of Operations BMO Funds

	Government Money Market Fund			Tax-Free Money Market Fund			Prime Money Market Fund
Investment Income:
Dividend income from:
Interest income	$	2,355,790	(1)	$	374,868		$	554,061
Excess expense reimbursement from investment adviser (Note 5)		2,776,874			96,278			424,922
Total income:		5,132,664			471,146			978,983
Expenses:
Investment advisory fees (Note 5)		3,847,990			356,541			452,741
Shareholder servicing fees (Note 5)		926,785			69,605			344,732
Administration fees (Note 5)		655,831			70,763			98,789
Portfolio accounting fees		247,540			46,176			63,688
Recordkeeping fees		13,585			12,720			33,775
Custodian fees		21,505			5,935			12,230
Registration fees		33,839			31,052			44,455
Professional fees		13,308			15,436			15,614
Printing and postage		13,459			6,484			17,812
Directors’ fees		8,868			8,868			8,868
Miscellaneous		47,033			5,762			7,169
Total expenses:		5,829,743			629,342			1,099,873
Deduct:
Expense waivers (Note 5)		(898,015	)		(203,160	)		(151,382	)
Net expenses		4,931,728			426,182			948,491
Net investment income (loss)		200,936			44,964			30,492
Realized and unrealized gain (loss) on investments net realized gain (loss) on transactions from:
Investments in unaffiliated issuers		2,659			(8,927	)		23
Total net realized gain (loss)		2,659			(8,927	)		23
Net realized and unrealized gain (loss)		2,659			(8,927	)		23
Change in net assets resulting from operations	$	203,595		$	36,037		$	30,515

(1) Income earned from the interfund lending program is $6,876.

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

67

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68

Statements of Changes in Net Assets

	Low Volatility Equity Fund						Dividend Income Fund						Large-Cap Value Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	2,448,349		$	4,260,722		$	2,438,039		$	7,135,716		$	1,839,498		$	5,752,801
Net realized gain (loss) on investments		3,256,386			(13,673,366	)		6,041,190			(23,461,996	)		10,925,166			(5,543,673	)
Net change in unrealized appreciation / depreciation on investments		(5,528,512	)		622,678			38,384,636			13,610,194			43,005,146			(1,402,056	)
Change in net assets resulting from operations		176,223			(8,790,266	)		46,863,865			(2,716,086	)		55,769,810			(1,192,928	)
Distributions to shareholders:
Advisor class of shares		(264,951	)		(1,450,854	)		(79,515	)		(330,362	)		(82,877	)		(314,895	)
Institutional class of shares		(2,037,861	)		(7,550,078	)		(2,523,361	)		(7,471,748	)		(1,534,017	)		(4,781,801	)
Retirement class R-6 of shares		—			—			—			—			(251,153	)		(940,489	)
Change in net assets resulting from distributions to shareholders		(2,302,812	)		(9,000,932	)		(2,602,876	)		(7,802,110	)		(1,868,047	)		(6,037,185	)
Capital stock transactions:
Proceeds from sale of shares		34,631,677			223,207,848			20,146,906			69,941,306			10,807,779			129,149,913
Net asset value of shares issued to shareholders in payment of distributions declared		2,242,135			8,728,824			2,000,769			6,514,980			1,779,084			5,726,579
Cost of shares redeemed		(71,317,235	)		(168,174,482	)		(32,014,037	)		(134,207,951	)		(27,867,838	)		(163,878,784	)
Change in net assets resulting from capital stock transactions		(34,443,423	)		63,762,190			(9,866,362	)		(57,751,665	)		(15,280,975	)		(29,002,292	)
Change in net assets		(36,570,012	)		45,970,992			34,394,627			(68,269,861	)		38,620,788			(36,232,405	)
Net assets:
Beginning of period		259,135,371			213,164,379			244,717,306			312,987,167			260,830,936			297,063,341
End of period	$	222,565,359		$	259,135,371		$	279,111,933		$	244,717,306		$	299,451,724		$	260,830,936

69

BMO Funds

Large-Cap Growth Fund						Mid-Cap Value Fund						Mid-Cap Growth Fund						Small-Cap Value Fund
Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
$	622,664		$	2,362,787		$	272,059		$	1,886,074		$	(103,026	)	$	(133,807	)	$	269,965		$	398,248
	38,205,808			22,273,061			(356,742	)		(4,358,236	)		14,386,894			9,318,093			3,055,838			(5,096,899	)
	2,515,035			99,110,180			9,634,751			(6,975,501	)		(13,634,518	)		7,073,336			18,741,963			294,096
	41,343,507			123,746,028			9,550,068			(9,447,663	)		649,350			16,257,622			22,067,766			(4,404,555	)
	(4,924,113	)		(2,778,048	)		—			—			—			—			—			—
	(65,973	)		(31,524	)		(810,247	)		(460,109	)		(7,341,247	)		(1,752,862	)		(8,639	)		(32,711	)
	(9,512,227	)		(8,547,857	)		(150,761	)		(1,340,958	)		(11,429,028	)		(9,076,065	)		(300,428	)		(599,407	)
	(21,703,171	)		(11,957,598	)		(171,952	)		(215,944	)		(11,676	)		(919,723	)		(50,296	)		(103,017	)
	(36,205,484	)		(23,315,027	)		(1,132,960	)		(2,017,011	)		(18,781,951	)		(11,748,650	)		(359,363	)		(735,135	)
	28,247,397			102,603,302			1,860,559			17,595,463			24,751,605			12,255,066			27,218,832			12,141,600
	35,493,253			21,673,096			1,070,778			1,946,452			18,630,435			11,701,291			346,570			726,039
	(54,356,523	)		(221,999,713	)		(72,170,547	)		(42,658,213	)		(102,585,263	)		(25,323,401	)		(6,606,207	)		(13,193,789	)
	9,384,127			(97,723,315	)		(69,239,210	)		(23,116,298	)		(59,203,223	)		(1,367,044	)		20,959,195			(326,150	)
	14,522,150			2,707,686			(60,822,102	)		(34,580,972	)		(77,335,824	)		3,141,928			42,667,598			(5,465,840	)
	457,796,653			455,088,967			106,301,416			140,882,388			99,925,745			96,783,817			50,368,069			55,833,909
$	472,318,803		$	457,796,653		$	45,479,314		$	106,301,416		$	22,589,921		$	99,925,745		$	93,035,667		$	50,368,069

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

70

Statements of Changes in Net Assets

	Small-Cap Growth Fund						Global Low Volatility Equity Fund						Disciplined International Equity Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	(298,678	)	$	(270,681	)	$	22,991		$	514,849		$	173,732		$	1,095,088
Net realized gain (loss) on investments		9,227,335			3,604,301			1,243,031			(3,148,669	)		571,616			(4,177,746	)
Net change in unrealized appreciation/ depreciation on investments		25,459,931			6,113,762			(1,223,744	)		(1,860,189	)		4,130,861			3,995,247
Change in net assets resulting from operations		34,388,588			9,447,382			42,278			(4,494,009	)		4,876,209			912,589
Distributions to shareholders:
Advisor class of shares		(1,106,557	)		(554,817	)		(5,479	)		(33,392	)		(3,131	)		(5,904	)
Institutional class of shares		(2,667,288	)		(1,223,257	)		(347,057	)		(1,780,680	)		(847,139	)		(2,443,021	)
Retirement class R-6 of shares		—			—			—			—			—			—
Change in net assets resulting from distributions to shareholders		(3,773,845	)		(1,778,074	)		(352,536	)		(1,814,072	)		(850,270	)		(2,448,925	)
Capital stock transactions:
Proceeds from sale of shares		3,043,696			12,655,691			166,632			2,590,741			3,365,472			8,917,345
Net asset value of shares issued to shareholders in payment of distributions declared		3,742,685			1,758,649			270,521			1,783,822			698,151			1,333,781
Cost of shares redeemed		(17,206,491	)		(24,610,432	)		(9,666,907	)		(19,220,780	)		(5,409,408	)		(30,683,683	)
Redemption fees		—			—			—			25			—			38,332
Change in net assets resulting from capital stock transactions		(10,420,110	)		(10,196,092	)		(9,229,754	)		(14,846,192	)		(1,345,785	)		(20,394,225	)
Change in net assets		20,194,633			(2,526,784	)		(9,540,012	)		(21,154,273	)		2,680,154			(21,930,561	)
Net assets:
Beginning of period		97,077,200			99,603,984			13,840,097			34,994,370			39,038,599			60,969,160
End of period	$	117,271,833		$	97,077,200		$	4,300,085		$	13,840,097		$	41,718,753		$	39,038,599

71

BMO Funds

Pyrford International Stock Fund						LGM Emerging Markets Equity Fund						Ultra Short Tax-Free Fund						Short Tax-Free Fund
Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
$	3,685,922		$	15,949,777		$	88,629		$	5,551,801		$	2,033,133		$	7,020,701		$	952,906		$	2,522,026
	10,996,139			9,713,274			3,378,556			(29,264,510	)		(11,969	)		(721,719	)		48,760			(23,092	)
	25,895,313			17,848,098			42,629,131			31,986,796			1,019,366			706,598			234,240			(245,132	)
	40,577,374			43,511,149			46,096,316			8,274,087			3,040,530			7,005,580			1,235,906			2,253,802
	(29,628	)		(85,227	)		(92,689	)		(89,598	)		(30,350	)		(149,493	)		(23,304	)		(64,292	)
	(9,953,693	)		(12,028,172	)		(7,339,920	)		(6,410,628	)		(2,003,215	)		(6,977,967	)		(929,770	)		(2,457,915	)
	(5,751,129	)		(5,677,054	)		—			—			—			—			—			—
	(15,734,450	)		(17,790,453	)		(7,432,609	)		(6,500,226	)		(2,033,565	)		(7,127,460	)		(953,074	)		(2,522,207	)
	74,558,929			181,212,542			67,476,822			47,544,896			233,416,635			476,314,728			30,088,851			35,315,846
	14,430,014			15,873,905			7,042,276			5,797,498			1,073,721			3,610,205			326,577			790,798
	(65,550,390	)		(182,384,945	)		(27,569,725	)		(86,812,335	)		(212,157,007	)		(501,557,114	)		(26,491,031	)		(67,684,713	)
	90			1,686			1,096			4,949			—			—			—			—
	23,438,643			14,703,188			46,950,469			(33,464,992	)		22,333,349			(21,632,181	)		3,924,397			(31,578,069	)
	48,281,567			40,423,884			85,614,176			(31,691,131	)		23,340,314			(21,754,061	)		4,207,229			(31,846,474	)
	694,987,340			654,563,456			259,691,856			291,382,987			536,603,034			558,357,095			127,949,579			159,796,053
$	743,268,907		$	694,987,340		$	345,306,032		$	259,691,856		$	559,943,348		$	536,603,034		$	132,156,808		$	127,949,579

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

72

Statements of Changes in Net Assets

	Short-Term Income Fund						Intermediate Tax-Free Fund						Strategic Income Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	2,093,434		$	5,477,431		$	25,434,601		$	53,447,963		$	1,439,950		$	3,142,773
Net realized gain (loss) on investments		128,925			568,125			2,457,831			(17,644,029	)		10,479			1,680,431
Net change in unrealized appreciation/ depreciation on investments		(1,031,811	)		1,743,279			4,989,822			(5,091,491	)		1,754,842			(36,114	)
Change in net assets resulting from operations		1,190,548			7,788,835			32,882,254			30,712,443			3,205,271			4,787,090
Distributions to shareholders:
Investor class of shares		—			—			(5,537,573	)		(12,734,809	)		(996,180	)		(3,719,817	)(1)
Advisor class of shares		(149,115	)		(454,483	)		(68,692	)		(129,659	)		(254,049	)		(888,510	)(1)
Institutional class of shares		(1,944,274	)		(5,207,303	)		(19,894,240	)		(40,734,694	)		(187,669	)		(486,118	)(1)
Change in net assets resulting from distributions to shareholders		(2,093,389	)		(5,661,786	)		(25,500,505	)		(53,599,162	)		(1,437,898	)		(5,094,445	)
Capital stock transactions:
Proceeds from sale of shares		92,381,708			138,349,252			209,209,788			450,168,017			26,186,369			3,342,872
Net asset value of shares issued to shareholders in payment of distributions declared		1,295,783			3,040,307			19,144,528			41,032,175			1,377,182			4,868,408
Cost of shares redeemed		(47,435,667	)		(165,176,785	)		(146,895,993	)		(522,940,100	)		(8,920,251	)		(14,894,741	)
Change in net assets resulting from capital stock transactions		46,241,824			(23,787,226	)		81,458,323			(31,739,908	)		18,643,300			(6,683,461	)
Change in net assets		45,338,983			(21,660,177	)		88,840,072			(54,626,627	)		20,410,673			(6,990,816	)
Net assets:
Beginning of period		236,687,149			258,347,326			1,863,037,225			1,917,663,852			71,225,116			78,215,932
End of period	$	282,026,132		$	236,687,149		$	1,951,877,297		$	1,863,037,225		$	91,635,789		$	71,225,116

(1) Includes distribution to shareholders for return of capital in the amount of $1,354,943, $323,640 and $177,068, respectively.

(2) Includes distribution to shareholders for return of capital in the amount of $64,782, $3,135 and $863,470, respectively.

73

BMO Funds

Corporate Income Fund						Core Plus Bond Fund						Government Money Market Fund						Tax-Free Money Market Fund
Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
$	5,932,702		$	11,073,880		$	15,932,120		$	31,858,232		$	200,936		$	26,599,786		$	44,964		$	3,232,357
	3,538,440			2,421,639			9,372,916			1,625,466			2,659			(1,834	)		(8,927	)		3,940
	(7,737,686	)		11,840,898			(27,494,287	)		37,050,031			—			—			—			—
	1,733,456			25,336,417			(2,189,251	)		70,533,729			203,595			26,597,952			36,037			3,236,297
	(1,988,374	)		(2,982,524	)		(1,147,374	)		(2,340,943	)(2)		(37,816	)		(5,118,095	)		(2,784	)		(412,550	)
	(73,539	)		(217,334	)		(56,666	)		(113,298	)(2)		—			—			—			—
	(6,228,261	)		(8,024,711	)		(14,538,170	)		(31,201,850	)(2)		—			—			—			—
	—			—			—			—			(165,779	)		(21,481,691	)		(42,180	)		(2,823,409	)
	(8,290,174	)		(11,224,569	)		(15,742,210	)		(33,656,091	)		(203,595	)		(26,599,786	)		(44,964	)		(3,235,959	)
	88,174,420			156,171,648			216,483,532			332,718,205			7,243,668,978			15,252,856,276			230,914,652			663,592,810
	6,136,538			7,193,564			14,647,806			30,921,744			28,895			3,415,176			2,980			419,717
	(56,951,996	)		(121,984,007	)		(165,125,918	)		(265,662,007	)		(7,062,995,733	)		(14,508,723,483	)		(289,463,346	)		(685,960,999	)
	37,358,962			41,381,205			66,005,420			97,977,942			180,702,140			747,547,969			(58,545,714	)		(21,948,472	)
	30,802,244			55,493,053			48,073,959			134,855,580			180,702,140			747,546,135			(58,554,641	)		(21,948,134	)
	400,781,200			345,288,147			1,158,972,221			1,024,116,641			3,937,360,678			3,189,814,543			386,127,859			408,075,993
$	431,583,444		$	400,781,200		$	1,207,046,180		$	1,158,972,221		$	4,118,062,818		$	3,937,360,678		$	327,573,218		$	386,127,859

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

74

Statements of Changes in Net Assets

	Prime Money Market Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	30,492		$	4,640,692
Net realized gain (loss) on investments		23			616
Change in net assets resulting from operations		30,515			4,641,308
Distributions to shareholders:
Investor class of shares		(13,811	)		(1,773,854	)
Institutional/Premier class of shares		(16,705	)		(2,867,506	)
Change in net assets resulting from distributions to shareholders		(30,516	)		(4,641,360	)
Capital stock transactions:
Proceeds from sale of shares		259,796,757			844,500,735
Net asset value of shares issued to shareholders in payment of distributions declared		13,019			1,685,304
Cost of shares redeemed		(292,555,067	)		(730,358,154	)
Change in net assets resulting from capital stock transactions		(32,745,291	)		115,827,885
Change in net assets		(32,745,292	)		115,827,833
Net assets:
Beginning of period		612,351,195			496,523,362
End of period	$	579,605,903		$	612,351,195

75

Financial Highlights—Investor Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Large-Cap Growth Fund
2021(6)		$	22.24		$	0.00			$	1.93			$	1.93			$	(0.03	)		$	(1.72	)		$	(1.75	)		$	22.42		9.14	%		0.83	%		0.79	%		(0.03	)%		$	66,459		23	%
2020			17.96			0.05	(7)			5.11				5.16				(0.09	)			(0.79	)			(0.88	)			22.24		29.88			0.83			0.79			0.22				66,447		71
2019			20.95			0.09				(0.47	)			(0.38	)			(0.06	)			(2.55	)			(2.61	)			17.96		(0.62	)		0.84			0.79			0.50				58,562		89
2018			17.46			0.07				4.42				4.49				—				(1.00	)			(1.00	)			20.95		26.78			0.92			0.91			0.28				65,365		57
2017			15.34			0.06				3.03				3.09				(0.07	)			(0.90	)			(0.97	)			17.46		21.30			1.03			1.00			0.34				74,359		75
2016			16.26			0.03				1.44				1.47				(0.02	)			(2.37	)			(2.39	)			15.34		9.68			1.13			1.07			0.23				163,712		70
Intermediate Tax-Free Fund
2021(6)			11.50			0.14				0.05				0.19				(0.14	)			—				(0.14	)			11.55		1.70			0.55			0.54			2.52				448,504		13
2020			11.60			0.30				(0.10	)			0.20				(0.30	)			—				(0.30	)			11.50		1.78			0.56			0.54			2.63				440,189		52
2019			11.13			0.31				0.46				0.77				(0.30	)			—				(0.30	)			11.60		7.05			0.56			0.55			2.69				528,980		64
2018			11.37			0.30				(0.24	)			0.06				(0.30	)			(0.00	)			(0.30	)			11.13		0.53			0.55			0.55			2.65				870,195		45
2017			11.61			0.29				(0.21	)			0.08				(0.29	)			(0.03	)			(0.32	)			11.37		0.78			0.57			0.55			2.55				975,664		44
2016			11.26			0.25				0.37				0.62				(0.25	)			(0.02	)			(0.27	)			11.61		5.56			0.57			0.55			2.19				1,241,387		42
Strategic Income Fund
2021(6)			9.44			0.18				0.24				0.42				(0.18	)			—				(0.18	)			9.68		4.48			0.97			0.80			3.77				55,163		18
2020			9.46			0.40				0.24				0.64				(0.66	)(8)			—				(0.66	)			9.44		7.24	(9)		1.01			0.80			4.37				52,054		31
2019			9.08			0.42				0.38				0.80				(0.42	)			—				(0.42	)			9.46		9.08			0.96			0.80			4.41				56,576		39
2018			9.45			0.41				(0.37	)			0.04				(0.41	)			—				(0.41	)			9.08		0.37			0.91			0.80			4.09				59,724		33
2017			9.43			0.23				0.08				0.31				(0.29	)			—				(0.29	)			9.45		3.32			0.90			0.80			2.46				73,488		65
2016			9.31			0.21				0.17				0.38				(0.26	)			—				(0.26	)			9.43		4.17			0.86			0.80			2.28				85,665		13
Corporate Income Fund
2021(6)			14.28			0.20				(0.13	)			0.07				(0.20	)			(0.08	)			(0.28	)			14.07		0.46			0.65			0.59			2.75				106,604		16
2020			13.65			0.42				0.63				1.05				(0.42	)			—				(0.42	)			14.28		7.86	(10)		0.66			0.59			3.02				98,766		31
2019			12.79			0.45				0.90				1.35				(0.45	)			(0.04	)			(0.49	)			13.65		10.88			0.67			0.59			3.52				101,125		37
2018			13.20			0.40				(0.39	)			0.01				(0.40	)			(0.02	)			(0.42	)			12.79		0.05			0.63			0.59			3.08				102,523		31
2017			13.17			0.35				0.14				0.49				(0.35	)			(0.11	)			(0.46	)			13.20		3.86			0.71			0.59			2.70				120,745		44
2016			12.33			0.45				0.89				1.34				(0.45	)			(0.05	)			(0.50	)			13.17		11.23			0.72			0.59			3.65				82,643		62
Core Plus Bond Fund
2021(6)			12.42			0.15				(0.19	)			(0.04	)			(0.15	)			—				(0.15	)			12.23		(0.35	)		0.56			0.56			2.42				101,883		16
2020			12.00			0.32				0.44				0.76				(0.34	)(11)			—				(0.34	)			12.42		6.49	(12)		0.56			0.56			2.69				92,259		28
2019			11.41			0.37				0.59				0.96				(0.37	)			—				(0.37	)			12.00		8.63			0.58			0.58			3.24				74,970		51
2018			11.79			0.32				(0.37	)			(0.05	)			(0.32	)			(0.01	)			(0.33	)			11.41		(0.45	)		0.58			0.58			2.70				61,251		45
2017			11.89			0.24				(0.02	)			0.22				(0.28	)			(0.04	)			(0.32	)			11.79		1.91			0.59			0.59			2.37				68,946		34
2016			11.42			0.34				0.48				0.82				(0.35	)			(0.00	)			(0.35	)			11.89		7.36			0.59			0.59			3.00				508,030		39
Government Money Market Fund
2021(6)			1.00			0.00				(0.00	)			—				—				—				—				1.00		0.01			0.50			0.45			0.01				723,127		—
2020			1.00			0.01				(0.00	)			0.01				(0.01	)			—				(0.01	)			1.00		0.71			0.50			0.45			0.77				600,043		—
2019			1.00			0.02				0.00				0.02				(0.02	)			(0.00	)			(0.02	)			1.00		1.89			0.50			0.45			1.89				805,270		—
2018			1.00			0.01				0.00				0.01				(0.01	)			(0.00	)			(0.01	)			1.00		1.05			0.50			0.45			1.03				747,981		—
2017			1.00			0.00				0.00				0.00				(0.00	)			(0.00	)			(0.00	)			1.00		0.24			0.50			0.42			0.24				814,242		—
2016			1.00			0.00				0.00				0.00				(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.53			0.29			0.01				268,417		—
Tax-Free Money Market Fund
2021(6)			1.00			0.00				(0.00	)			0.00				(0.00	)			—				(0.00	)			1.00		0.00			0.56			0.45			0.01				53,577		—
2020			1.00			0.00				0.01				0.01				(0.01	)			—				(0.01	)			1.00		0.66			0.56			0.45			0.65				61,100		—
2019			1.00			0.01				0.00				0.01				(0.01	)			(0.00	)			(0.01	)			1.00		1.20			0.55			0.45			1.20				71,794		—
2018			1.00			0.01				0.00				0.01				(0.01	)			(0.00	)			(0.01	)			1.00		0.80			0.56			0.45			0.79				75,889		—
2017			1.00			0.00				0.00				0.00				(0.00	)			(0.00	)			(0.00	)			1.00		0.37			0.57			0.45			0.33				76,029		—
2016			1.00			0.00				0.00				0.00				(0.00	)			(0.00	)			(0.00	)			1.00		0.06			0.53			0.26			0.03				90,098		—

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

76

Financial Highlights—Investor Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																															Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Prime Money Market Fund
2021(6)		$	1.00		$	0.00		$	0.00		$	0.00		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	1.00		0.01	%		0.50	%		0.45	%		0.01	%		$	269,782		—	%
2020			1.00			0.01			—			0.01			(0.01	)			—				(0.01	)			1.00		0.83			0.50			0.45			0.73				268,054		—
2019			1.00			0.02			0.00			0.02			(0.02	)			(0.00	)			(0.02	)			1.00		2.03			0.51			0.45			2.03				247,742		—
2018			1.00			0.01			0.00			0.01			(0.01	)			(0.00	)			(0.01	)			1.00		1.25			0.52			0.45			1.24				193,006		—
2017			1.00			0.00			0.00			0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.42			0.53			0.45			0.36				202,251		—
2016			1.00			0.00			0.00			0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.03			0.45			0.38			0.03				903,864		—

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) For the six months ended February 28, 2021 (Unaudited).

(7) Calculated using the average shares method.

(8) Includes distribution to shareholders for return of capital in the amount of $0.24 per share.

(9) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 4.31%

(10) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 7.82%

(11) Includes distribution to shareholders for return of capital in the amount of $0.01 per share.

(12) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 6.40%

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

77

Financial Highlights—Advisor Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Low Volatility Equity Fund
2021(6)		$	15.06		$	0.14			$	(0.18	)		$	(0.04	)		$	(0.11	)		$	(0.01	)		$	(0.12	)		$	14.90		(0.27	)%		0.90	%		0.90	%		1.84	%		$	25,495		18	%
2020			15.81			0.22				(0.42	)			(0.20	)			(0.24	)			(0.31	)			(0.55	)			15.06		(1.25	)		0.93			0.90			1.50				41,688		51
2019			15.72			0.22				1.43				1.65				(0.22	)			(1.34	)			(1.56	)			15.81		11.80			1.03			0.90			1.48				29,006		32
2018			14.36			0.19				1.76				1.95				(0.20	)			(0.39	)			(0.59	)			15.72		13.96			1.03			0.90			1.25				25,571		43
2017			13.79			0.20				0.74				0.94				(0.20	)			(0.17	)			(0.37	)			14.36		6.94			1.03			0.90			1.47				31,624		56
2016			12.81			0.16				1.35				1.51				(0.17	)			(0.36	)			(0.53	)			13.79		12.13			1.05			0.90			1.40				15,064		40
Dividend Income Fund
2021(6)			13.66			0.12				2.55				2.67				(0.13	)			—				(0.13	)			16.20		19.67			1.00			0.90			1.66				9,626		17
2020			14.02			0.32				(0.35	)			(0.03	)			(0.31	)			(0.02	)			(0.33	)			13.66		(0.01	)		1.01			0.90			2.20				8,789		46
2019			15.46			0.30				(0.85	)			(0.55	)			(0.31	)			(0.58	)			(0.89	)			14.02		(3.51	)		1.02			0.90			2.32				15,365		43
2018			14.51			0.28				2.67				2.95				(0.30	)			(1.70	)			(2.00	)			15.46		21.90			1.04			0.90			2.07				6,092		39
2017			12.94			0.28	(7)			1.61				1.89				(0.21	)			(0.11	)			(0.32	)			14.51		14.80			1.08			0.90			2.06				3,205		43
2016			12.59			0.30				1.11				1.41				(0.30	)			(0.76	)			(1.06	)			12.94		11.89			1.08			0.90			2.44				78,531		51
Large-Cap Value Fund
2021(6)			13.52			0.08				2.89				2.97				(0.08	)			—				(0.08	)			16.41		22.08			0.85			0.79			1.09				16,561		26
2020			13.72			0.22				(0.18	)			0.04				(0.24	)			—				(0.24	)			13.52		0.43			0.85			0.79			1.62				14,047		76
2019			16.59			0.26				(1.46	)			(1.20	)			(0.27	)			(1.40	)			(1.67	)			13.72		(7.15	)		0.85			0.79			1.78				18,621		67
2018			15.85			0.16				2.22				2.38				(0.19	)			(1.45	)			(1.64	)			16.59		15.57			0.91			0.89			0.82				22,602		54
2017			14.14			0.08	(7)			1.93				2.01				(0.18	)			(0.12	)			(0.30	)			15.85		14.33			1.02			1.00			0.49				25,061		62
2016			15.23			0.21				0.53				0.74				(0.22	)			(1.61	)			(1.83	)			14.14		5.31			1.10			1.07			1.61				37		60
Large-Cap Growth Fund
2021(6)			22.22			—				1.92				1.92				(0.04	)			(1.72	)			(1.76	)			22.38		9.11			0.83			0.79			(0.02	)			997		23
2020			17.94			0.04	(7)			5.12				5.16				(0.09	)			(0.79	)			(0.88	)			22.22		29.85			0.83			0.79			0.22				687		71
2019			20.96			0.09				(0.48	)			(0.39	)			(0.08	)			(2.55	)			(2.63	)			17.94		(0.63	)		0.84			0.79			0.49				712		89
2018			17.46			0.05				4.45				4.50				—				(1.00	)			(1.00	)			20.96		26.84			0.91			0.88			0.32				860		57
2017			15.34			0.03				3.06				3.09				(0.07	)			(0.90	)			(0.97	)			17.46		21.30			1.03			1.00			0.39				808		75
2016			16.26			0.02				1.45				1.47				(0.02	)			(2.37	)			(2.39	)			15.34		9.68			1.13			1.07			0.29				405		70
Mid-Cap Value Fund
2021(6)			9.07			0.06				2.87				2.93				(0.28	)			—				(0.28	)			11.72		32.64			1.61			1.25			1.13				32,788		22
2020			9.99			0.16				(0.95	)			(0.79	)			(0.13	)			—				(0.13	)			9.07		(8.10	)		1.30			1.24			1.36				28,114		47
2019			12.64			0.13				(1.34	)			(1.21	)			(0.11	)			(1.33	)			(1.44	)			9.99		(9.63	)		1.26			1.24			0.98				39,032		50
2018			11.91			0.11				1.17				1.28				(0.05	)			(0.50	)			(0.55	)			12.64		10.89			1.25			1.24			0.79				55,151		64
2017			14.40			0.05				1.28				1.33				(0.05	)			(3.77	)			(3.82	)			11.91		12.88			1.26			1.24			0.74				64,462		139
2016			15.02			0.11				0.86				0.97				(0.12	)			(1.47	)			(1.59	)			14.40		7.27			1.23			1.23			0.90				39		24
Mid-Cap Growth Fund
2021(6)			14.87			(0.05	)			2.58				2.53				—				(7.35	)			(7.35	)			10.05		22.59			1.82			1.26			(0.80	)			16,727		82
2020			14.20			(0.06	)			2.55				2.49				—				(1.82	)			(1.82	)			14.87		19.05			1.34			1.24			(0.37	)			14,016		56
2019			17.96			(0.06	)			(0.75	)			(0.81	)			—				(2.95	)			(2.95	)			14.20		(2.95	)		1.32			1.24			(0.41	)			14,229		61
2018			14.79			(0.08	)			4.24				4.16				—				(0.99	)			(0.99	)			17.96		29.40			1.31			1.24			(0.43	)			16,399		63
2017			16.26			(0.02	)			2.11				2.09				(0.02	)			(3.54	)			(3.56	)			14.79		16.73			1.37			1.24			(0.47	)			17,945		157
2016			20.02			0.03				(0.91	)			(0.88	)			—				(2.88	)			(2.88	)			16.26		(4.23	)		1.29			1.24			0.09				31		59
Small-Cap Value Fund
2021(6)			10.30			0.03				4.19				4.22				(0.06	)			—				(0.06	)			14.46		41.08			1.41			1.24			0.58				1,874		40
2020			11.39			0.06	(7)			(1.03	)			(0.97	)			(0.07	)			(0.05	)			(0.12	)			10.30		(8.63	)		1.48			1.24			0.52				1,575		82
2019			14.78			0.08				(2.45	)			(2.37	)			(0.06	)			(0.96	)			(1.02	)			11.39		(16.19	)		1.39			1.24			0.53				3,140		67
2018			13.30			0.03				2.57				2.60				—				(1.12	)			(1.12	)			14.78		20.32			1.41			1.24			0.25				4,741		70
2017			13.21			0.03	(7)			1.36				1.39				(0.04	)			(1.26	)			(1.30	)			13.30		11.58			1.49			1.24			0.22				4,931		148
2016			12.72			0.03				0.98				1.01				—				(0.52	)			(0.52	)			13.21		8.23			1.39			1.24			0.17				42,615		39

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

78

Financial Highlights—Advisor Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Small-Cap Growth Fund
2021(6)		$	16.64		$	(0.07	)		$	6.38			$	6.31			$	—			$	(0.73	)		$	(0.73	)		$	22.22		38.70	%		1.32	%		1.24	%		(0.76	)%		$	34,164		33	%
2020			15.32			(0.07	)			1.69				1.62				—				(0.30	)			(0.30	)			16.64		10.60			1.34			1.24			(0.46	)			27,152		70
2019			21.60			(0.02	)			(3.51	)			(3.53	)			—				(2.75	)			(2.75	)			15.32		(16.12	)		1.30			1.24			(0.54	)			31,378		61
2018			18.37			(0.12	)			5.43				5.31				—				(2.08	)			(2.08	)			21.60		31.55			1.28			1.24			(0.47	)			53,772		80
2017(8)			17.79			(0.06	)			0.64				0.58				—				—				—				18.37		3.26			1.24			1.24			(0.97	)			57,737		197
Global Low Volatility Equity Fund
2021(6)			10.27			0.05				(0.12	)			(0.07	)			(0.83	)			—				(0.83	)			9.37		(0.73	)		5.45			1.11			0.92				59		15
2020			11.42			0.16	(7)			(0.74	)			(0.58	)			(0.36	)			(0.21	)			(0.57	)			10.27		(5.51	)		1.77			1.10			1.44				101		49
2019(9)			14.00			0.52				(0.37	)			0.15				(0.38	)			(2.35	)			(2.73	)			11.42		2.21			1.62			1.10			2.50				660		44
2018			13.16			(0.15	)			1.46				1.31				(0.34	)			(0.13	)			(0.47	)			14.00		10.21			1.46			1.10			1.50				339		34
2017(9)			12.61			0.14				0.66				0.80				(0.17	)			(0.08	)			(0.25	)			13.16		6.59			1.52			1.10			1.96				997		74
2016(9)			11.31			0.11				1.25				1.36				(0.06	)			(0.00	)			(0.06	)			12.61		12.11			1.63			1.10			2.04				266		36
Disciplined International Equity Fund
2021(6)			9.71			0.03				1.23				1.26				(0.22	)			—				(0.22	)			10.75		13.04			1.49			1.15			0.61				155		28
2020			10.01			0.19	(7)			(0.07	)			0.12				(0.42	)			—				(0.42	)			9.71		0.92			1.44			1.15			1.99				139		55
2019			10.94			0.33				(1.09	)			(0.76	)			(0.17	)			—				(0.17	)			10.01		(6.91	)		1.28			1.15			2.79				141		59
2018(9)			11.17			0.21				(0.22	)			(0.01	)			(0.22	)			—				(0.22	)			10.94		(0.15	)		1.27			1.15			2.11				186		52
2017(9)			9.56			0.20				1.66				1.86				(0.25	)			—				(0.25	)			11.17		19.97			1.39			1.15			1.98				149		77
2016(9)(10)			10.00			0.23				(0.67	)			(0.44	)			—				—				—				9.56		(4.40	)		1.45			1.15			2.53				125		64
Pyrford International Stock Fund
2021(6)(9)			13.56			0.05				0.74				0.79				(0.24	)			—				(0.24	)			14.11		5.80			1.19			1.19			0.74				1,758		6
2020(9)			13.08			0.26	(7)			0.54				0.80				(0.32	)			—				(0.32	)			13.56		6.11			1.20			1.19			1.95				1,816		28
2019(9)			13.43			0.32				(0.34	)			(0.02	)			(0.33	)			—				(0.33	)			13.08		0.04			1.21			1.19			2.32				4,621		16
2018(9)			13.16			(0.09	)			0.36				0.27				—				—				—				13.43		2.05			1.20			1.18			2.88				6,037		20
2017(9)			12.18			0.40	(7)			0.83				1.23				(0.25	)			—				(0.25	)			13.16		10.38			1.30			1.21			3.11				891		33
2016(9)			11.74			0.33				0.35				0.68				(0.24	)			—				(0.24	)			12.18		5.96			1.31			1.24			0.92				88		12
LGM Emerging Markets Equity Fund
2021(6)(9)			15.22			(0.01	)			2.57				2.56				(0.36	)			—				(0.36	)			17.42		16.93			1.45			1.40			(0.17	)			4,820		15
2020(9)			14.89			0.28	(7)			0.36				0.64				(0.23	)			(0.08	)			(0.31	)			15.22		4.30			1.51			1.40			1.90				3,896		45
2019(9)			16.04			(0.02	)			(0.49	)			(0.51	)			(0.13	)			(0.51	)			(0.64	)			14.89		(3.05	)		1.51			1.40			1.30				5,224		24
2018(9)			15.93			0.14				(0.03	)			0.11				—				—				—				16.04		0.69			1.55			1.40			0.84				4,983		22
2017(9)			14.04			0.13	(7)			1.82				1.95				(0.06	)			—				(0.06	)			15.93		14.03			1.63			1.40			0.96				4,776		40
2016(9)			12.12			0.16				1.86				2.02				(0.10	)			—				(0.10	)			14.04		16.88			1.64			1.40			0.92				51,879		24
Ultra Short Tax-Free Fund
2021(6)			10.09			0.02				0.02				0.04				(0.02	)			—				(0.02	)			10.11		0.43			0.63			0.55			0.48				12,850		77
2020			10.09			0.09				0.01				0.10				(0.10	)			—				(0.10	)			10.09		1.06			0.63			0.55			1.05				12,998		267
2019			10.07			0.13				0.03				0.16				(0.14	)			—				(0.14	)			10.09		1.62			0.62			0.55			1.41				16,498		155
2018			10.08			0.10				0.00				0.10				(0.10	)			(0.01	)			(0.11	)			10.07		0.95			0.62			0.55			0.99				27,434		156
2017			10.08			0.07				0.01				0.08				(0.07	)			(0.01	)			(0.08	)			10.08		0.80			0.64			0.55			0.74				34,696		126
2016			10.08			0.04				0.01				0.05				(0.04	)			(0.01	)			(0.05	)			10.08		0.50			0.64			0.55			0.39				25		56
Short Tax-Free Fund
2021(6)			10.29			0.07				0.03				0.10				(0.07	)			—				(0.07	)			10.32		1.00			0.76			0.55			1.41				3,385		47
2020			10.28			0.17				0.01				0.18				(0.17	)			—				(0.17	)			10.29		1.73			0.74			0.55			1.62				3,465		62
2019			10.14			0.17				0.14				0.31				(0.17	)			—				(0.17	)			10.28		3.10			0.72			0.55			1.68				3,668		94
2018			10.22			0.14				(0.08	)			0.06				(0.14	)			—				(0.14	)			10.14		0.62			0.67			0.55			1.40				6,502		95
2017			10.24			0.13				(0.02	)			0.11				(0.13	)			(0.00	)			(0.13	)			10.22		1.08			0.76			0.55			1.27				7,166		93
2016			10.20			0.11				0.06				0.17				(0.11	)			(0.02	)			(0.13	)			10.24		1.69			0.77			0.55			1.04				1,151		39

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

79

Financial Highlights—Advisor Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)			Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																	Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Short-Term Income Fund
2021(6)		$	9.55		$	0.07		$	(0.03	)		$	0.04			$	(0.07	)		$	—			$	(0.07	)		$	9.52		0.40	%		0.70	%		0.60	%		1.45	%		$	21,380		21	%
2020			9.45			0.18			0.11				0.29				(0.19	)			—				(0.19	)			9.55		3.09			0.70			0.60			1.94				20,404		48
2019			9.27			0.22			0.18				0.40				(0.22	)			—				(0.22	)			9.45		4.34			0.70			0.60			2.30				24,531		53
2018			9.39			0.17			(0.12	)			0.05				(0.17	)			—				(0.17	)			9.27		0.56			0.71			0.60			1.80				26,011		48
2017			9.40			0.15			(0.01	)			0.14				(0.15	)			—				(0.15	)			9.39		1.46			0.72			0.60			1.61				33,311		53
2016			9.33			0.10			0.07				0.17				(0.10	)			—				(0.10	)			9.40		1.87			0.70			0.60			0.98				157		64
Intermediate Tax-Free Fund
2021(6)			11.50			0.14			0.05				0.19				(0.14	)			—				(0.14	)			11.55		1.70			0.55			0.54			2.51				5,957		13
2020			11.60			0.29			(0.09	)			0.20				(0.30	)			—				(0.30	)			11.50		1.78			0.56			0.54			2.63				5,016		52
2019			11.13			0.30			0.47				0.77				(0.30	)			—				(0.30	)			11.60		7.05			0.56			0.55			2.69				4,505		64
2018			11.37			0.30			(0.24	)			0.06				(0.30	)			—				(0.30	)			11.13		0.53			0.55			0.55			2.65				14,701		45
2017			11.61			0.29			(0.21	)			0.08				(0.29	)			(0.03	)			(0.32	)			11.37		0.79			0.57			0.55			2.57				10,842		44
2016			11.26			0.25			0.37				0.62				(0.25	)			(0.02	)			(0.27	)			11.61		5.56			0.57			0.55			2.18				1,693		42
Strategic Income Fund
2021(6)			9.44			0.18			0.24				0.42				(0.18	)			—				(0.18	)			9.68		4.48			0.97			0.80			3.75				14,570		18
2020			9.46			0.40			0.24				0.64				(0.66	)(11)			—				(0.66	)			9.44		7.24	(12)		1.01			0.80			4.39				12,858		31
2019			9.08			0.42			0.38				0.80				(0.42	)			—				(0.42	)			9.46		9.08			0.96			0.80			4.41				12,523		39
2018			9.45			0.37			(0.37	)			0.00				(0.40	)			—				(0.40	)			9.08		0.37			0.92			0.80			4.09				13,602		33
2017			9.43			0.28			0.03				0.31				(0.29	)			—				(0.29	)			9.45		3.32			0.90			0.80			3.14				18,354		65
2016			9.31			0.22			0.16				0.38				(0.26	)			—				(0.26	)			9.43		4.17			0.86			0.80			2.27				32		13
Corporate Income Fund
2021(6)			14.28			0.20			(0.13	)			0.07				(0.20	)			(0.08	)			(0.28	)			14.07		0.46			0.65			0.59			2.75				3,854		16
2020			13.65			0.42			0.63				1.05				(0.42	)			—				(0.42	)			14.28		7.86	(13)		0.66			0.59			3.05				3,719		31
2019			12.79			0.45			0.90				1.35				(0.45	)			(0.04	)			(0.49	)			13.65		10.89			0.67			0.59			3.48				7,208		37
2018			13.20			0.40			(0.39	)			0.01				(0.40	)			(0.02	)			(0.42	)			12.79		0.06			0.63			0.59			3.15				1,864		31
2017			13.17			0.35			0.14				0.49				(0.35	)			(0.11	)			(0.46	)			13.20		3.86			0.71			0.59			2.63				1,384		44
2016			12.33			0.45			0.89				1.34				(0.45	)			(0.05	)			(0.50	)			13.17		11.23			0.72			0.59			3.77				66		62
Core Plus Bond Fund
2021(6)			12.41			0.15			(0.18	)			(0.03	)			(0.15	)			—				(0.15	)			12.23		(0.35	)		0.56			0.56			2.42				5,021		16
2020			12.00			0.32			0.43				0.75				(0.34	)(14)			—				(0.34	)			12.41		6.49	(15)		0.56			0.56			2.69				4,438		28
2019			11.41			0.37			0.59				0.96				(0.37	)			—				(0.37	)			12.00		8.63			0.58			0.58			3.23				3,727		51
2018			11.79			0.31			(0.37	)			(0.06	)			(0.32	)			(0.01	)			(0.33	)			11.41		(0.45	)		0.58			0.58			2.69				3,032		45
2017			11.89			0.28			(0.06	)			0.22				(0.28	)			(0.04	)			(0.32	)			11.79		1.91			0.59			0.59			2.36				3,337		34
2016			11.42			0.34			0.48				0.82				(0.35	)			(0.00	)			(0.35	)			11.89		7.36			0.59			0.59			2.99				1,434		39

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) For the six months ended February 28, 2021 (Unaudited).

(7) Calculated using the average shares method.

(8) Reflects operations for the period from May 31, 2017 (inception date) to August 31, 2017.

(9) Redemption fees consisted of per share amounts less than $0.01.

(10) Reflects operations for the period from September 17, 2015 (inception date) to August 31, 2016.

(11) Includes distribution to shareholders for return of capital in the amount of $0.24 per share.

(12) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 4.31%

(13) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 7.82%

(14) Includes distribution to shareholders for return of capital in the amount of $0.01 per share.

(15) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 6.40%

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

80

Financial Highlights—Institutional Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Low Volatility Equity Fund
2021(6)		$	15.12		$	0.15			$	(0.17	)		$	(0.02	)		$	(0.13	)		$	(0.01	)		$	(0.14	)		$	14.96		(0.12	)%		0.65	%		0.65	%		2.01	%		$	197,071		18	%
2020			15.88			0.28				(0.45	)			(0.17	)			(0.28	)			(0.31	)			(0.59	)			15.12		(1.06	)		0.68			0.65			1.76				217,448		51
2019			15.77			0.25				1.46				1.71				(0.26	)			(1.34	)			(1.60	)			15.88		12.18			0.78			0.65			1.71				184,158		32
2018			14.42			0.24				1.74				1.98				(0.24	)			(0.39	)			(0.63	)			15.77		14.12			0.78			0.65			1.52				102,815		43
2017			13.84			0.24				0.74				0.98				(0.23	)			(0.17	)			(0.40	)			14.42		7.24			0.78			0.65			1.69				127,837		56
2016			12.84			0.20				1.35				1.55				(0.19	)			(0.36	)			(0.55	)			13.84		12.47			0.80			0.65			1.62				135,413		40
Dividend Income Fund
2021(6)			13.62			0.14				2.53				2.67				(0.15	)			—				(0.15	)			16.14		19.74			0.75			0.65			1.91				269,486		17
2020			13.98			0.34				(0.34	)			0.00				(0.34	)			(0.02	)			(0.36	)			13.62		0.28			0.76			0.65			2.47				235,928		46
2019			15.41			0.34				(0.85	)			(0.51	)			(0.34	)			(0.58	)			(0.92	)			13.98		(3.24	)		0.78			0.65			2.56				297,622		43
2018			14.47			0.34				2.64				2.98				(0.34	)			(1.70	)			(2.04	)			15.41		22.17			0.79			0.65			2.31				149,009		39
2017			12.96			0.33	(7)			1.60				1.93				(0.31	)			(0.11	)			(0.42	)			14.47		15.15			0.83			0.65			2.37				112,377		43
2016			12.62			0.35				1.08				1.43				(0.33	)			(0.76	)			(1.09	)			12.96		12.07			0.83			0.65			2.68				38,719		51
Large-Cap Value Fund
2021(6)			13.53			0.10				2.90				3.00				(0.10	)			—				(0.10	)			16.43		22.29			0.60			0.54			1.34				245,023		26
2020			13.74			0.27				(0.20	)			0.07				(0.28	)			—				(0.28	)			13.53		0.70			0.60			0.54			1.90				213,466		76
2019			16.61			0.30				(1.46	)			(1.16	)			(0.31	)			(1.40	)			(1.71	)			13.74		(6.97	)		0.59			0.54			2.01				224,930		67
2018			15.88			0.28				2.14				2.42				(0.24	)			(1.45	)			(1.69	)			16.61		15.83			0.67			0.64			1.64				287,685		54
2017			14.16			0.22	(7)			1.83				2.05				(0.21	)			(0.12	)			(0.33	)			15.88		14.66			0.77			0.75			1.47				307,156		62
2016			15.26			0.24				0.53				0.77				(0.26	)			(1.61	)			(1.87	)			14.16		5.57			0.85			0.82			1.83				136,813		60
Large-Cap Growth Fund
2021(6)			22.49			0.02				1.96				1.98				(0.08	)			(1.72	)			(1.80	)			22.67		9.27			0.58			0.54			0.22				115,980		23
2020			18.15			0.09	(7)			5.18				5.27				(0.14	)			(0.79	)			(0.93	)			22.49		30.19			0.58			0.54			0.48				121,958		71
2019			21.17			0.18				(0.53	)			(0.35	)			(0.12	)			(2.55	)			(2.67	)			18.15		(0.40	)		0.59			0.54			0.75				168,838		89
2018			17.60			0.11				4.48				4.59				(0.02	)			(1.00	)			(1.02	)			21.17		27.19			0.67			0.64			0.56				279,227		57
2017			15.47			0.10				3.06				3.16				(0.13	)			(0.90	)			(1.03	)			17.60		21.63			0.78			0.75			0.65				278,436		75
2016			16.39			0.07				1.44				1.51				(0.06	)			(2.37	)			(2.43	)			15.47		9.88			0.88			0.82			0.50				95,438		70
Mid-Cap Value Fund
2021(6)			9.01			0.03				2.89				2.92				(0.26	)			—				(0.26	)			11.67		32.74			1.35			1.00			0.73				6,415		22
2020			9.92			0.16				(0.91	)			(0.75	)			(0.16	)			—				(0.16	)			9.01		(7.79	)		1.05			0.99			1.62				65,345		47
2019			12.58			0.13				(1.32	)			(1.19	)			(0.14	)			(1.33	)			(1.47	)			9.92		(9.47	)		1.01			0.99			1.23				87,893		50
2018			11.89			0.13				1.18				1.31				(0.12	)			(0.50	)			(0.62	)			12.58		11.21			1.00			0.99			1.04				113,786		64
2017			14.38			0.08				1.27				1.35				(0.07	)			(3.77	)			(3.84	)			11.89		13.10			1.01			0.99			0.91				127,304		139
2016			15.01			0.16				0.85				1.01				(0.17	)			(1.47	)			(1.64	)			14.38		7.55			0.98			0.98			1.09				75,608		24
Mid-Cap Growth Fund
2021(6)			15.92			(0.03	)			2.81				2.78				—				(7.35	)			(7.35	)			11.35		22.71			1.52			1.00			(0.42	)			5,831		82
2020			15.04			(0.01	)			2.71				2.70				—				(1.82	)			(1.82	)			15.92		19.41			1.09			0.99			(0.12	)			78,143		56
2019			18.79			(0.02	)			(0.78	)			(0.80	)			—				(2.95	)			(2.95	)			15.04		(2.75	)		1.07			0.99			(0.16	)			74,575		61
2018			15.39			(0.03	)			4.42				4.39				—				(0.99	)			(0.99	)			18.79		29.76			1.06			0.99			(0.18	)			89,028		63
2017			16.76			0.03				2.19				2.22				(0.05	)			(3.54	)			(3.59	)			15.39		17.07			1.12			0.99			(0.07	)			94,464		157
2016			20.51			0.04				(0.91	)			(0.87	)			—				(2.88	)			(2.88	)			16.76		(4.06	)		1.04			0.99			0.33				39,569		59
Small-Cap Value Fund
2021(6)			10.48			0.05				4.27				4.32				(0.08	)			—				(0.08	)			14.72		41.17			1.15			0.99			0.86				75,193		40
2020			11.60			0.09	(7)			(1.05	)			(0.96	)			(0.11	)			(0.05	)			(0.16	)			10.48		(8.40	)		1.24			0.99			0.78				41,135		82
2019			15.03			0.09				(2.47	)			(2.38	)			(0.09	)			(0.96	)			(1.05	)			11.60		(15.93	)		1.14			0.99			0.78				44,586		67
2018			13.47			0.07				2.61				2.68				—				(1.12	)			(1.12	)			15.03		20.67			1.16			0.99			0.49				56,848		70
2017			13.37			0.04	(7)			1.41				1.45				(0.09	)			(1.26	)			(1.35	)			13.47		11.87			1.24			0.99			0.33				56,585		148
2016			12.84			0.05				1.00				1.05				—				(0.52	)			(0.52	)			13.37		8.47			1.14			0.99			0.40				25,522		39

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

81

Financial Highlights—Institutional Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Small-Cap Growth Fund
2021(6)		$	17.55		$	(0.05	)		$	6.75			$	6.70			$	—			$	(0.73	)		$	(0.73	)		$	23.52		38.92	%		1.07	%		0.99	%		(0.50	)%		$	83,108		33	%
2020			16.10			(0.03	)			1.78				1.75				—				(0.30	)			(0.30	)			17.55		10.89			1.09			0.99			(0.22	)			69,926		70
2019			22.48			0.01				(3.64	)			(3.63	)			—				(2.75	)			(2.75	)			16.10		(15.92	)		1.05			0.99			(0.29	)			68,226		61
2018			19.00			(0.03	)			5.59				5.56				—				(2.08	)			(2.08	)			22.48		31.83			1.02			0.99			(0.21	)			99,311		80
2017			16.62			(0.14	)			2.52				2.38				—				—				—				19.00		14.32			1.02			1.02			(0.37	)			81,259		197
2016			18.60			(0.10	)			(0.64	)			(0.74	)			—				(1.24	)			(1.24	)			16.62		(3.72	)		1.18			1.18			(0.21	)			179,726		63
Global Low Volatility Equity Fund
2021(6)			10.36			0.05				(0.11	)			(0.06	)			(0.83	)			—				(0.83	)			9.47		(0.63	)		5.19			0.86			1.02				4,241		15
2020(8)			11.49			0.21	(7)			(0.77	)			(0.56	)			(0.36	)			(0.21	)			(0.57	)			10.36		(5.29	)		1.53			0.85			1.95				13,739		49
2019(8)			14.05			0.38				(0.19	)			0.19				(0.40	)			(2.35	)			(2.75	)			11.49		2.48			1.37			0.85			2.67				34,335		44
2018			13.20			0.30				1.05				1.35				(0.37	)			(0.13	)			(0.50	)			14.05		10.44			1.19			0.85			1.94				30,205		34
2017(8)			12.65			0.19				0.64				0.83				(0.20	)			(0.08	)			(0.28	)			13.20		6.76			1.27			0.85			1.98				48,221		74
2016(8)			11.34			0.07				1.33				1.40				(0.09	)			(0.00	)			(0.09	)			12.65		12.44			1.38			0.85			2.26				38,909		36
Disciplined International Equity Fund
2021(6)			9.74			0.04				1.23				1.27				(0.22	)			—				(0.22	)			10.79		13.14			1.24			0.90			0.88				41,564		28
2020			10.03			0.22	(7)			(0.06	)			0.16				(0.45	)			—				(0.45	)			9.74		1.30			1.18			0.90			2.19				38,899		55
2019			10.96			0.34				(1.08	)			(0.74	)			(0.19	)			—				(0.19	)			10.03		(6.64	)		1.03			0.90			3.00				60,828		59
2018(8)			11.19			0.26				(0.25	)			0.01				(0.24	)			—				(0.24	)			10.96		0.05			1.03			0.90			2.33				77,339		52
2017(8)			9.58			0.25				1.64				1.89				(0.28	)			—				(0.28	)			11.19		20.30			1.14			0.90			2.13				72,239		77
2016(8)(9)			10.00			0.23				(0.65	)			(0.42	)			—				—				—				9.58		(4.20	)		1.20			0.90			2.51				67,434		64
Pyrford International Stock Fund
2021(6)(8)			13.29			0.07				0.72				0.79				(0.30	)			—				(0.30	)			13.78		5.96			0.94			0.94			0.99				493,046		6
2020(8)			12.84			0.31	(7)			0.51				0.82				(0.37	)			—				(0.37	)			13.29		6.38			0.95			0.94			2.40				463,023		28
2019(8)			13.18			0.33				(0.33	)			—				(0.34	)			—				(0.34	)			12.84		0.25			0.96			0.94			2.71				486,114		16
2018(8)			13.21			0.37				(0.06	)			0.31				(0.34	)			—				(0.34	)			13.18		2.34			0.96			0.94			2.41				485,053		20
2017(8)			12.22			0.32	(7)			0.94				1.26				(0.27	)			—				(0.27	)			13.21		10.68			1.05			0.96			2.59				593,746		33
2016(8)			11.78			0.35				0.36				0.71				(0.27	)			—				(0.27	)			12.22		6.21			1.06			0.99			2.44				485,787		12
LGM Emerging Markets Equity Fund
2021(6)(8)			15.16			0.01				2.55				2.56				(0.38	)			—				(0.38	)			17.34		17.00			1.20			1.15			0.06				340,486		15
2020(8)			14.82			0.29	(7)			0.39				0.68				(0.26	)			(0.08	)			(0.34	)			15.16		4.60			1.27			1.15			2.06				255,796		45
2019(8)			15.99			0.22				(0.69	)			(0.47	)			(0.19	)			(0.51	)			(0.70	)			14.82		(2.76	)		1.25			1.15			1.65				286,159		24
2018(8)			15.97			0.19				(0.04	)			0.15				(0.13	)			—				(0.13	)			15.99		0.92			1.29			1.15			1.20				201,835		22
2017(8)			14.08			0.15	(7)			1.84				1.99				(0.10	)			—				(0.10	)			15.97		14.36			1.38			1.15			1.04				157,581		40
2016(8)			12.16			0.15				1.90				2.05				(0.13	)			—				(0.13	)			14.08		17.12			1.39			1.15			1.07				78,851		24
Ultra Short Tax-Free Fund
2021(6)			10.08			0.04				0.02				0.06				(0.04	)			—				(0.04	)			10.10		0.56			0.38			0.30			0.72				547,093		77
2020			10.09			0.13				(0.01	)			0.12				(0.13	)			—				(0.13	)			10.08		1.21			0.38			0.30			1.28				523,605		267
2019			10.06			0.17				0.03				0.20				(0.17	)			—				(0.17	)			10.09		1.98			0.37			0.30			1.66				541,859		155
2018			10.08			0.13				(0.01	)			0.12				(0.13	)			(0.01	)			(0.14	)			10.06		1.10			0.37			0.30			1.25				572,669		156
2017			10.07			0.10				0.02				0.12				(0.10	)			(0.01	)			(0.11	)			10.08		1.15			0.39			0.30			0.94				625,691		126
2016			10.08			0.07				0.00				0.07				(0.07	)			(0.01	)			(0.08	)			10.07		0.65			0.39			0.30			0.65				548,641		56
Short Tax-Free Fund
2021(6)			10.30			0.08				0.03				0.11				(0.08	)			—				(0.08	)			10.33		1.07			0.51			0.40			1.56				128,771		47
2020			10.29			0.18				0.01				0.19				(0.18	)			—				(0.18	)			10.30		1.88			0.49			0.40			1.78				124,485		62
2019			10.14			0.19				0.15				0.34				(0.19	)			—				(0.19	)			10.29		3.35			0.47			0.40			1.83				156,128		94
2018			10.22			0.16				(0.08	)			0.08				(0.16	)			—				(0.16	)			10.14		0.77			0.48			0.40			1.56				182,022		95
2017			10.25			0.14				(0.03	)			0.11				(0.14	)			(0.00	)			(0.14	)			10.22		1.14			0.51			0.40			1.39				175,454		93
2016			10.20			0.13				0.07				0.20				(0.13	)			(0.02	)			(0.15	)			10.25		1.94			0.52			0.40			1.18				168,592		39

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

82

Financial Highlights—Institutional Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)			Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																	Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Short-Term Income Fund
2021(6)		$	9.57		$	0.08		$	(0.03	)		$	0.05			$	(0.08	)		$	—			$	(0.08	)		$	9.54		0.53	%		0.45	%		0.35	%		1.70	%		$	260,646		21	%
2020			9.47			0.20			0.11				0.31				(0.21	)			—				(0.21	)			9.57		3.35			0.45			0.35			2.18				216,283		48
2019			9.29			0.24			0.18				0.42				(0.24	)			—				(0.24	)			9.47		4.59			0.45			0.35			2.56				233,816		53
2018			9.40			0.20			(0.11	)			0.09				(0.20	)			—				(0.20	)			9.29		0.92			0.46			0.35			2.06				214,068		48
2017			9.42			0.17			(0.02	)			0.15				(0.17	)			—				(0.17	)			9.40		1.60			0.47			0.35			1.76				209,278		53
2016			9.35			0.11			0.09				0.20				(0.13	)			—				(0.13	)			9.42		2.12			0.45			0.35			1.16				234,507		64
Intermediate Tax-Free Fund
2021(6)			11.49			0.16			0.05				0.21				(0.16	)			—				(0.16	)			11.54		1.81			0.30			0.30			2.75				1,497,416		13
2020			11.59			0.33			(0.10	)			0.23				(0.33	)			—				(0.33	)			11.49		2.02			0.31			0.31			2.86				1,417,833		52
2019			11.12			0.33			0.47				0.80				(0.33	)			—				(0.33	)			11.59		7.40			0.30			0.30			2.95				1,384,178		64
2018			11.37			0.32			(0.25	)			0.07				(0.32	)			—				(0.32	)			11.12		0.68			0.31			0.31			2.88				894,463		45
2017			11.60			0.31			(0.20	)			0.11				(0.31	)			(0.03	)			(0.34	)			11.37		1.11			0.32			0.32			2.79				631,658		44
2016			11.26			0.28			0.36				0.64				(0.28	)			(0.02	)			(0.30	)			11.60		5.71			0.32			0.32			2.43				601,873		42
Strategic Income Fund
2021(6)			9.43			0.19			0.24				0.43				(0.19	)			—				(0.19	)			9.67		4.61			0.71			0.55			3.97				21,902		18
2020			9.45			0.44			0.23				0.67				(0.69	)(10)			—				(0.69	)			9.43		7.51	(11)		0.75			0.55			4.52				6,313		31
2019			9.08			0.43			0.38				0.81				(0.44	)			—				(0.44	)			9.45		9.23			0.70			0.55			4.65				9,117		39
2018			9.44			0.40			(0.36	)			0.07				(0.43	)			—				(0.43	)			9.08		0.72			0.67			0.55			4.31				12,701		33
2017			9.42			0.27			0.06				0.33				(0.31	)			—				(0.31	)			9.44		3.58			0.65			0.55			2.68				21,550		65
2016			9.31			0.23			0.17				0.40				(0.29	)			—				(0.29	)			9.42		4.32			0.61			0.55			2.53				21,663		13
Corporate Income Fund
2021(6)			14.26			0.21			(0.12	)			0.09				(0.21	)			(0.08	)			(0.29	)			14.06		0.56			0.40			0.40			2.94				321,126		16
2020			13.64			0.44			0.62				1.06				(0.44	)			—				(0.44	)			14.26		7.98	(12)		0.41			0.41			3.19				298,296		31
2019			12.78			0.47			0.90				1.37				(0.47	)			(0.04	)			(0.51	)			13.64		11.07			0.42			0.42			3.68				236,955		37
2018			13.19			0.42			(0.39	)			0.03				(0.42	)			(0.02	)			(0.44	)			12.78		0.19			0.45			0.45			3.24				140,395		31
2017			13.15			0.37			0.15				0.52				(0.37	)			(0.11	)			(0.48	)			13.19		4.07			0.46			0.46			2.84				134,293		44
2016			12.32			0.46			0.88				1.34				(0.46	)			(0.05	)			(0.51	)			13.15		11.28			0.47			0.47			3.77				129,429		62
Core Plus Bond Fund
2021(6)			12.41			0.16			(0.18	)			(0.02	)			(0.16	)			—				(0.16	)			12.23		(0.15	)		0.31			0.31			2.67				1,100,142		16
2020			12.00			0.35			0.43				0.78				(0.37	)(13)			—				(0.37	)			12.41		6.67	(14)		0.31			0.31			2.94				1,062,276		28
2019			11.40			0.40			0.60				1.00				(0.40	)			—				(0.40	)			12.00		8.99			0.33			0.33			3.48				945,420		51
2018			11.78			0.34			(0.37	)			(0.03	)			(0.34	)			(0.01	)			(0.35	)			11.40		(0.20	)		0.33			0.33			2.95				981,569		45
2017			11.89			0.31			(0.07	)			0.24				(0.31	)			(0.04	)			(0.35	)			11.78		2.08			0.34			0.34			2.62				975,051		34
2016			11.42			0.37			0.48				0.85				(0.38	)			(0.00	)			(0.38	)			11.89		7.63			0.34			0.34			3.25				459,228		39

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) For the six months ended February 28, 2021 (Unaudited).

(7) Calculated using the average shares method.

(8) Redemption fees consisted of per share amounts less than $0.01.

(9) Reflects operations for the period from September 17, 2015 (inception date) to August 31, 2016.

(10) Includes distribution to shareholders for return of capital in the amount of $0.23 per share.

(11) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 4.58%

(12) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 7.94%

(13) Includes distribution to shareholders for return of capital in the amount of $0.01 per share.

(14) Total return includes litigation proceeds received during the year. Excluding these litigation proceeds, the total return would have been 6.58%

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

83

Financial Highlights—Premier Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)			Net realized and unrealized gain (loss)				Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Government Money Market Fund
2021(6)		$	1.00		$	0.00		$	(0.00	)		$	—		$	—			$	—			$	—			$	1.00		0.01	%		0.24	%		0.20	%		0.01	%		$	3,394,936		—	%
2020			1.00			0.01			(0.00	)			0.01			(0.01	)			—				(0.01	)			1.00		0.86			0.25			0.20			0.75				3,337,318		—
2019			1.00			0.02			0.00				0.02			(0.02	)			(0.00	)			(0.02	)			1.00		2.14			0.25			0.20			2.13				2,384,545		—
2018			1.00			0.01			0.00				0.01			(0.01	)			—				(0.01	)			1.00		1.30			0.25			0.20			1.30				2,641,069		—
2017			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.45			0.25			0.20			0.45				2,269,361		—
2016			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.11			0.28			0.18			0.12				1,967,459		—
Tax-Free Money Market Fund
2021(6)			1.00			0.00			(0.00	)			0.00			(0.00	)			—				(0.00	)			1.00		0.01			0.31			0.20			0.03				273,997		—
2020			1.00			0.01			0.00				0.01			(0.01	)			—				(0.01	)			1.00		0.91			0.31			0.20			0.91				325,028		—
2019			1.00			0.01			0.00				0.01			(0.01	)			(0.00	)			(0.01	)			1.00		1.46			0.30			0.20			1.44				336,282		—
2018			1.00			0.01			0.00				0.01			(0.01	)			(0.00	)			(0.01	)			1.00		1.05			0.31			0.20			1.07				305,424		—
2017			1.00			0.01			0.00				0.01			(0.01	)			(0.00	)			(0.01	)			1.00		0.62			0.32			0.20			0.57				238,772		—
2016			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.17			0.28			0.16			0.13				313,954		—
Prime Money Market Fund
2021(6)			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.25			0.20			0.01				309,824		—
2020			1.00			0.01			—				0.01			(0.01	)			—				(0.01	)			1.00		1.02			0.25			0.20			0.93				344,297		—
2019			1.00			0.02			0.00				0.02			(0.02	)			(0.00	)			(0.02	)			1.00		2.28			0.26			0.20			2.27				248,781		—
2018			1.00			0.01			0.00				0.01			(0.01	)			(0.00	)			(0.01	)			1.00		1.50			0.27			0.20			1.52				268,487		—
2017			1.00			0.01			0.00				0.01			(0.01	)			(0.00	)			(0.01	)			1.00		0.67			0.28			0.20			0.61				166,338		—
2016			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.22			0.20			0.20			0.21				668,609		—

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) For the six months ended February 28, 2021 (Unaudited).

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

84

Financial Highlights—Retirement Class R-6 of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Large-Cap Value Fund
2021(6)		$	13.55		$	0.11			$	2.89			$	3.00			$	(0.10	)		$	—			$	(0.10	)		$	16.45		22.30	%		0.45	%		0.39	%		1.49	%		$	37,868		26	%
2020			13.75			0.28				(0.19	)			0.09				(0.29	)			—				(0.29	)			13.55		0.82			0.45			0.39			2.00				33,318		76
2019			16.62			0.31				(1.46	)			(1.15	)			(0.32	)			(1.40	)			(1.72	)			13.75		(6.80	)		0.45			0.39			2.15				53,513		67
2018			15.88			(0.48	)			2.94				2.46				(0.27	)			(1.45	)			(1.72	)			16.62		16.07			0.42			0.39			1.97				81,786		54
2017			14.17			0.26	(7)			1.81				2.07				(0.24	)			(0.12	)			(0.36	)			15.88		14.75			0.62			0.60			1.64				1,479		62
2016(8)			13.81			0.21				0.30				0.51				(0.15	)			—				(0.15	)			14.17		3.77			0.63			0.60			2.27				52		60
Large-Cap Growth Fund
2021(6)			22.56			0.04				1.96				2.00				(0.11	)			(1.72	)			(1.83	)			22.73		9.33			0.43			0.39			0.37				288,882		23
2020			18.20			0.12	(7)			5.19				5.31				(0.16	)			(0.79	)			(0.95	)			22.56		30.40			0.43			0.39			0.62				268,706		71
2019			21.21			0.13				(0.44	)			(0.31	)			(0.15	)			(2.55	)			(2.70	)			18.20		(0.22	)		0.43			0.39			0.94				226,978		89
2018			17.62			0.11				4.52				4.63				(0.04	)			(1.00	)			(1.04	)			21.21		27.36			0.43			0.40			0.87				60,971		57
2017			15.49			0.09				3.10				3.19				(0.16	)			(0.90	)			(1.06	)			17.62		21.83			0.63			0.60			0.75				2,852		75
2016(8)			14.75			0.07				0.67				0.74				—				—				—				15.49		5.02			0.66			0.60			0.72				53		70
Mid-Cap Value Fund
2021(6)			9.02			0.07				2.87				2.94				(0.30	)			—				(0.30	)			11.66		—			1.20			0.85			1.38				6,276		22
2020			9.93			0.17				(0.91	)			(0.74	)			(0.17	)			—				(0.17	)			9.02		(7.66	)		0.91			0.84			1.72				12,843		47
2019			12.60			0.17				(1.35	)			(1.18	)			(0.16	)			(1.33	)			(1.49	)			9.93		(9.37	)		0.86			0.84			1.37				13,957		50
2018			11.90			0.14				1.19				1.33				(0.13	)			(0.50	)			(0.63	)			12.60		11.41			0.83			0.83			1.24				31,173		64
2017			14.38			0.11				1.26				1.37				(0.08	)			(3.77	)			(3.85	)			11.90		13.31			0.86			0.84			1.05				14,714		139
2016			15.03			0.18				0.84				1.02				(0.20	)			(1.47	)			(1.67	)			14.38		7.65			0.83			0.83			1.28				11,332		24
Mid-Cap Growth Fund
2021(6)			16.11			(0.03	)			2.73				2.70				—				(7.35	)			(7.35	)			11.46		21.94			1.34			0.84			(0.32	)			32		82
2020			15.19			0.01				2.73				2.74				—				(1.82	)			(1.82	)			16.11		19.49			0.94			0.84			0.03				7,767		56
2019			18.91			0.02				(0.79	)			(0.77	)			—				(2.95	)			(2.95	)			15.19		(2.54	)		0.92			0.84			0.01				7,980		61
2018			15.46			0.00				4.44				4.44				—				(0.99	)			(0.99	)			18.91		29.96			0.88			0.84			—				23,005		63
2017			16.83			0.07				2.18				2.25				(0.08	)			(3.54	)			(3.62	)			15.46		17.22			0.97			0.84			(0.13	)			592		157
2016			20.55			0.09				(0.93	)			(0.84	)			—				(2.88	)			(2.88	)			16.83		(3.89	)		0.89			0.84			0.49				25		59
Small-Cap Value Fund
2021(6)			10.59			0.06				4.32				4.38				(0.08	)			—				(0.08	)			14.89		41.31			1.00			0.84			1.04				15,968		40
2020			11.70			0.11	(7)			(1.06	)			(0.95	)			(0.11	)			(0.05	)			(0.16	)			10.59		(8.24	)		1.08			0.84			0.92				7,658		82
2019			15.13			0.12				(2.50	)			(2.38	)			(0.09	)			(0.96	)			(1.05	)			11.70		(15.81	)		1.00			0.84			0.91				8,108		67
2018			13.53			0.04				2.68				2.72				—				(1.12	)			(1.12	)			15.13		20.89			0.97			0.84			0.69				14,260		70
2017			13.42			0.05	(7)			1.42				1.47				(0.10	)			(1.26	)			(1.36	)			13.53		12.05			1.09			0.84			0.37				2,653		148
2016			12.87			0.07				1.00				1.07				—				(0.52	)			(0.52	)			13.42		8.61			0.99			0.84			0.60				926		39
Pyrford International Stock Fund
2021(6)(9)			13.31			0.08				0.72				0.80				(0.32	)			—				(0.32	)			13.79		6.01			0.79			0.79			1.15				248,464		6
2020(9)			12.86			0.34	(7)			0.50				0.84				(0.39	)			—				(0.39	)			13.31		6.54			0.80			0.79			2.65				230,148		28
2019(9)			13.20			0.34				(0.31	)			0.03				(0.37	)			—				(0.37	)			12.86		0.44			0.81			0.79			2.86				163,829		16
2018(9)			13.22			0.35				(0.01	)			0.34				(0.36	)			—				(0.36	)			13.20		2.55			0.81			0.79			3.32				155,368		20
2017(9)			12.23			0.40	(7)			0.88				1.28				(0.29	)			—				(0.29	)			13.22		10.85			0.90			0.81			3.21				48,889		33
2016(9)			11.79			0.20				0.53				0.73				(0.29	)			—				(0.29	)			12.23		6.35			0.91			0.84			2.85				16,100		12

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) For the six months ended February 28, 2021 (Unaudited).

(7) Calculated using the average shares method.

(8) Reflects operations for the period from December 28, 2015 (inception date) to August 31, 2016.

(9) Redemption fees consisted of per share amounts less than $0.01.

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

85

February 28, 2021 (Unaudited)

Notes to Financial Statements

1. Organization

BMO Funds, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “Act”), as amended, as an open-end management investment company. As of February 28, 2021, the Corporation consisted of 27 portfolios, including 22 diversified portfolios within this semi-annual report (individually referred to as the “Fund,” or collectively as the “Funds”) each with differing share class offerings, and 5 target risk portfolios whose semi-annual report is available under a separate cover. BMO Asset Management Corp. serves as the Funds’ investment adviser (the “Adviser”), a Delaware corporation headquartered in Chicago, Illinois that is a wholly-owned subsidiary of BMO Financial Corp.

Funds	Fund Inception Date	Investment Objective
Low Volatility Equity Fund	September 28, 2012	To provide capital appreciation.
Dividend Income Fund	December 29, 2011	To provide capital appreciation and current income.
Large-Cap Value Fund	September 30, 1993	To provide capital appreciation.
Large-Cap Growth Fund	November 20, 1992	To provide capital appreciation.
Mid-Cap Value Fund	September 30, 1993	To provide capital appreciation.
Mid-Cap Growth Fund	September 30, 1993	To provide capital appreciation.
Small-Cap Value Fund	February 28, 2011	To provide capital appreciation.
Small-Cap Growth Fund	October 31, 1995	To provide capital appreciation.
Global Low Volatility Equity Fund(1)	September 30, 2013	To provide capital appreciation.
Disciplined International Equity Fund(1)	September 17, 2015	To provide capital appreciation.
Pyrford International Stock Fund(1)	December 29, 2011	To provide capital appreciation.
LGM Emerging Markets Equity Fund(1)	December 22, 2008	To provide capital appreciation.
Ultra Short Tax-Free Fund	September 30, 2009	To provide current income exempt from federal income tax consistent with preservation of capital.
Short Tax-Free Fund	November 29, 2012	To provide current income exempt from federal income tax consistent with preservation of capital.
Short-Term Income Fund	November 1, 1992	To maximize total return consistent with current income.
Intermediate Tax-Free Fund	February 1, 1994	To provide a high level of current income exempt from federal income tax consistent with preservation of capital.
Strategic Income Fund	December 13, 1992	To maximize total return consistent with current income.
Corporate Income Fund	December 22, 2008	To maximize total return consistent with current income.
Core Plus Bond Fund	December 22, 2008	To maximize total return consistent with current income.
Government Money Market Fund	May 17, 2004	To provide current income consistent with stability of principal.
Tax-Free Money Market Fund	September 22, 2004	To provide current income that is exempt from federal income tax and is consistent with stability of principal.
Prime Money Market Fund	November 23, 1992	To provide current income consistent with stability of principal.

(1) Collectively referred to as the “International Funds”.

2. Significant Accounting Policies

The Funds are investment companies and follow the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

Investment Valuations—Listed equity securities are valued each trading day at the last sale price or official closing price reported on a national securities exchange. Securities listed on a foreign exchange are valued each trading day at the last closing price on the principal exchange on which they are traded immediately prior to the time for determination of Net Asset Value (“NAV”) or at fair value as discussed below. Equity securities without a reported trade, U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities with maturities of 60 days or more, unlisted securities, and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Fixed income securities that are not exchange traded are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. Fixed income securities with remaining maturities of 60 days or less at the time of purchase, and of sufficient credit quality, are valued at amortized cost, which approximates fair value. Investments in open-end registered investment companies are valued at net asset value.

Securities or other assets for which market valuations are not readily available, or are deemed to be inaccurate, are valued at fair value as determined in good faith using methods approved by the Board of Directors (the “Directors”). The Directors have

86

Notes to Financial Statements (continued)

established a Pricing Committee, which is responsible for determinations of fair value, subject to the supervision of the Directors. In determining fair value, the Pricing Committee takes into account all information available and any factors it deems appropriate. Consequently, the price of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments; it is possible that the fair value determined for a security is materially different than the value that would be realized upon the sale of that security and the differences may be material to the NAV of the Fund or the financial statements presented.

Securities held in certain funds may be listed on foreign exchanges that do not value their listed securities at the same time each Fund calculates its NAV. Most foreign markets close well before each Fund values its securities, generally 3:00 p.m. (Central Time). The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.

The Pricing Committee may determine that a security needs to be fair valued if, among other things, it believes the value of the security might have been materially affected by events occurring after the close of the market in which the security was principally traded, but before the time for determination of the NAV (“a subsequent event”). A subsequent event might include a company-specific development (for example, announcement of a merger that is made after the close of the foreign market), a development that might affect an entire market or region (for example, weather related events) or a potentially global development (such as a terrorist attack that may be expected to have an effect on investor expectations worldwide). The Funds have retained an independent fair value pricing service to assist in fair valuing foreign securities. The service utilizes statistical data based on historical performance of securities, markets, and other data in developing factors used to estimate a fair value.

Investment Income, Expenses, and Distributions—Interest income and expenses are accrued daily. Dividend income, realized gain distributions from underlying funds, and distributions to shareholders are recorded on the ex-dividend date except in the case of certain foreign securities, for which dividends are recorded as soon after the ex-dividend date as the Funds’ information agents become aware of such dividends. Non-cash dividends included in dividend income, if any, are recorded at fair value. Paid-in-kind interest included in interest income, if any, is accrued daily.

The Funds offer multiple classes of shares which differ in their respective distribution, administration, and service fees. All shareholders bear the common expenses of the Funds. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in class-specific expenses. Income, non-class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based on the value of total shares outstanding of each class without distinction between share classes.

Expenses attributable to a particular class of shares, such as shareholder servicing fees, are allocated directly to that class.

Foreign Currency Translation—The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income, and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at each reporting period, resulting from changes in the exchange rate.

Premium and Discount Amortization/Paydown Gains and Losses—Premiums and discounts on fixed income securities are amortized/accreted for tax and financial statement purposes. Gains and losses realized on principal payments of mortgage-backed and asset-backed securities (paydown gains and losses) are classified as part of interest income.

Repurchase Agreements—The Funds’ policy requires the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement, including accrued interest.

The Funds will enter into repurchase agreements only with banks and other recognized financial institutions, such as broker-dealers, which are deemed by the Adviser (or sub-advisers, as applicable) to be creditworthy pursuant to the guidelines and/ or standards reviewed or established by the Directors. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities.

Restricted Securities—Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer’s expense either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Directors.

When-Issued and Delayed Delivery Transactions—The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets

87

BMO Funds

will be available to make payment for the commitment to purchase securities. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Money Market Funds—Rule 2a-7 under the Act effectively includes three categories of money market funds: “Government,” “Retail,” and “Institutional.” The BMO Government Money Market Fund operates as a Government money market fund. The BMO Tax-Free Money Market Fund and BMO Prime Money Market Fund operate as Retail money market funds. The BMO Institutional Prime Money Market Fund operates as an Institutional money market fund. Each money market fund is operated to comply with the various requirements of Rule 2a-7.

As a Government money market fund, the BMO Government Money Market Fund invests at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are collateralized fully (as defined in Rule 2a-7 under the Act). As a Retail money market fund, BMO Tax-Free Money Market Fund has adopted policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. Each Government and Retail money market fund uses the amortized cost method of valuing portfolio instruments, which approximates fair value, and seeks to transact shares at a stable $1.00 NAV per share.

As an Institutional money market fund, BMO Institutional Prime Money Market Fund operates with a floating NAV reflecting the current market-based values of its portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which generally are valued at amortized cost. BMO Institutional Prime Money Market Fund also is required to round its NAV to four decimal places (e.g., $1.0000).

The Institutional and Retail money market funds have adopted policies and procedures imposing a fee upon the sale of shares (“Liquidity Fee”) or temporarily suspending the ability to sell shares if the Fund’s liquidity falls below designated thresholds (“Redemption Gate”). The Board of Directors has chosen not to subject the BMO Government Money Market Fund to a Liquidity Fee or a Redemption Gate, and may do so in the future only with advance notice to shareholders.

Redemption Fees—The International Funds impose a 2% redemption fee on shares held for 30 days or less. All redemption fees are recorded by the International Funds as paid-in-capital.

Securities Lending—Certain Funds participate in one of two securities lending programs, providing for the lending of corporate bonds, equity, and government securities to qualified brokers, in exchange for the opportunity to earn additional income for participating. State Street Bank & Trust Company and BMO Harris Bank N.A. serve as the securities lending agents for the International Funds and non-International Funds participating in the programs, respectively. The Funds receive cash as collateral in return for the securities and record a corresponding payable for collateral due to the respective broker. The amount of cash collateral received is maintained at a minimum level of 100% of the prior day’s market value on securities and accrued interest loaned. Collateral is reinvested in short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates), and money market funds. The valuation of these collateral securities is discussed in “Investment Valuations” above. When a Fund lends its portfolio securities, it is subject to the risk that it may not be able to get the portfolio securities back from the borrower on a timely basis, in which case the Fund may lose certain investment opportunities. A Fund also is subject to the risks associated with the investments of cash collateral received from the borrower.

Cash collateral received as part of the International Funds securities lending program was invested in the following security as of February 28, 2021:

Description	Value
BMO Government Money Market Fund—Premier Class, 0.010%	$	22,412,125

Cash collateral received as part of the non-International Funds securities lending program was jointly pooled and invested in the following securities as of February 28, 2021 (1):

Description	Value
Atlantic Asset Securitization LLC, 0.090%, 3/16/2021(2)	$	2,999,887
Atlantic Asset Securitization LLC, 0.153%, 3/23/2021(2)		5,499,487
Atlantic Asset Securitization LLC, 0.170%, 8/05/2021(2)		1,998,517
Bank of Nova Scotia, 0.195% (LIBOR 3 Month + 5 Basis point), 11/08/2021(3)		2,500,857
Bank of Nova Scotia, 0.200%, 2/25/2022(2)		2,000,532
Bank of Nova Scotia, 0.241% (LIBOR 3 Month + 40 Basis point), 5/04/2021(3)		3,502,633
Bank of Nova Scotia, 0.250%, 12/23/2021(2)		2,000,972
Bedford Row Funding Corp., 0.150%, 3/09/2021(2)		1,399,953
Bedford Row Funding Corp., 0.289% (LIBOR 3 Month + 5 Basis point), 9/20/2021(3)		3,000,000
Bedford Row Funding Corp., 0.304% (LIBOR 3 Month + 8 Basis point), 10/21/2021(3)		2,000,000
BlackRock Liquidity Funds FedFund Portfolio, 0.090%, 12/01/2020(2)		71,566,944
BMO Government Money Market Fund–Premier Class, 0.010%, 12/01/2020(4)		13,000,000

Description	Value
Canadian Imperial Bank of Commerce/New York NY, 0.280%, 3/02/2021(2)	$	3,150,072
Collateralized Commercial Paper Co. LLC, 0.141%, 3/16/2021(2)		499,971
Collateralized Commercial Paper Co. LLC, 0.200%, 10/20/2021(2)		2,496,764
Collateralized Commercial Paper Co. LLC, 0.240%, 3/04/2021(2)		1,999,960
Collateralized Commercial Paper Co. LLC, 0.301%, 8/27/2021(2)		2,496,271
CRC Funding LLC, 0.140%, 5/11/2021(2)		2,499,310
CRC Funding LLC, 0.170%, 4/22/2021(2)		2,499,386
DNB Bank, 0.155%, 4/19/2021(2)		4,998,945
DNB Bank, 0.231%, 1/13/2022(2)		1,995,937
Erste Abwicklungsanstalt, 0.130%, 4/14/2021(2)		3,043,516
Erste Abwicklungsanstalt, 0.130%, 5/07/2021(2)		3,232,218
Erste Abwicklungsanstalt, 0.150%, 3/08/2021(2)		2,749,920
Erste Abwicklungsanstalt, 0.150%, 3/09/2021(2)		2,499,917

88

Notes to Financial Statements (continued)

Description	Value
Erste Abwicklungsanstalt, 0.170%, 4/12/2021(2)	$	2,499,504
FMS Wertmanagement, 0.140%, 3/15/2021(2)		1,574,914
FMS Wertmanagement, 0.160%, 4/14/2021(2)		1,999,609
Gotham Funding Corp, 0.140%, 4/29/2021(2)		1,999,541
Gotham Funding Corp, 0.150%, 5/06/2021(2)		4,998,625
Gotham Funding Corp, 0.200%, 3/25/2021(2)		2,499,667
Gotham Funding Corp, 0.200%, 4/05/2021(2)		2,999,417
Gotham Funding Corp, 0.200%, 5/07/2021(2)		2,499,069
Ionic Capital II Trust, 0.080%, 3/01/2021(2)		2,375,000
Ionic Capital II Trust, 0.150%, 3/17/2021(2)		3,999,733
Ionic Capital II Trust, 0.160%, 3/12/2021(2)		1,999,902
Liberty Street Funding LLC, 0.140%, 5/03/2021(2)		4,998,775
Liberty Street Funding LLC, 0.140%, 5/04/2021(2)		4,998,756
Liberty Street Funding LLC, 0.180%, 4/06/2021(2)		1,999,640
Liberty Street Funding LLC, 0.230%, 3/15/2021(2)		2,999,732
LMA Americas LLC, 0.120%, 4/13/2021(2)		1,999,713
LMA Americas LLC, 0.160%, 6/09/2021(2)		3,498,444
LMA Americas LLC, 0.200%, 11/05/2021(2)		2,496,542
LMA Americas LLC, 0.260%, 6/07/2021(2)		1,998,584
LMA Americas LLC, 0.270%, 6/14/2021(2)		1,748,622
Longship Funding LLC, 0.100%, 3/18/2021(2)		3,499,835
Longship Funding LLC, 0.100%, 3/22/2021(2)		4,399,743
Longship Funding LLC, 0.100%, 3/24/2021(2)		3,999,744
Longship Funding LLC, 0.170%, 4/19/2021(2)		2,499,422
Macquarie Bank Ltd., 0.140%, 4/08/2021(2)		2,999,557
Macquarie Bank Ltd., 0.150%, 5/11/2021(2)		1,999,408
Macquarie Bank Ltd., 0.165%, 5/19/2021(2)		5,997,827
Macquarie Bank Ltd., 0.175%, 5/17/2021(2)		1,999,251
Manhattan Asset FDG Co LLC, 0.117%, 3/04/2021(2)		3,747,964
Manhattan Asset FDG Co LLC, 0.120%, 3/18/2021(2)		1,999,887
Manhattan Asset FDG Co LLC, 0.150%, 3/16/2021(2)		4,999,688
Manhattan Asset FDG Co LLC, 0.210%, 3/02/2021(2)		2,499,985
Manhattan Asset FDG Co LLC, 0.230%, 4/07/2021(2)		2,499,409
Metlife Funding LLC, 0.130%, 3/22/2021(2)		3,849,708
Mitsubishi UFJ Trust and Banking Cororation, 0.140%, 5/11/2021(2)		4,998,619
Mitsubishi UFJ Trust and Banking Cororation, 0.200%, 8/24/2021(2)		1,998,044
Mizuho Bank Ltd., 0.120%, 3/30/2021(2)		2,000,246
Mizuho Bank Ltd., 0.135% (LIBOR 1 Month + 9 Basis point), 3/30/2021(3)		2,500,192
Nationwide Building Society, 0.120%, 3/19/2021(2)		3,499,790
Nationwide Building Society, 0.130%, 3/17/2021(2)		2,499,856
Nationwide Building Society, 0.140%, 3/12/2021(2)		2,999,872
Nationwide Building Society, 0.140%, 3/31/2021(2)		3,999,533
Nationwide Building Society, 0.170%, 3/01/2021(2)		2,000,000
Nordea Bank Abp, 0.207% (LIBOR 1 Month + 10 Basis point), 9/15/2021(3)		2,500,015
Nordea Bank Abp, 0.283% (LIBOR 3 Month + 10 Basis point), 5/21/2021(3)		3,400,982

Description	Value
Old Line Funding LLC, 0.200%, 4/13/2021(2)	$	1,999,522
Old Line Funding LLC, 0.270%, 6/14/2021(2)		2,498,031
Royal Bank of Canada, 0.331%, 12/16/2021(2)		2,001,582
Royal Bank of Canada, 0.357% (LIBOR 3 Month + 12 Basis point), 6/18/2021(3)		3,401,401
Sheffield Receivables Co. LLC, 0.150%, 5/11/2021(2)		1,516,551
Sheffield Receivables Co. LLC, 0.186%, 3/31/2021(2)		4,499,304
Sheffield Receivables Co. LLC, 0.190%, 3/12/2021(2)		2,499,855
Sheffield Receivables Co. LLC, 0.190%, 4/19/2021(2)		999,741
Sheffield Receivables Co. LLC, 0.240%, 3/08/2021(2)		2,499,883
Sheffield Receivables Co. LLC, 0.240%, 4/01/2021(2)		2,749,432
Skandinaviska Enskilda Banken AB, 0.140%, 4/30/2021(2)		2,999,300
Skandinaviska Enskilda Banken AB, 0.220%, 3/01/2021(2)		2,500,000
Skandinaviska Enskilda Banken AB, 0.220%, 7/26/2021(2)		2,497,754
Starbird Funding Corp., 0.140%, 5/11/2021(2)		2,999,172
Starbird Funding Corp., 0.210%, 4/05/2021(2)		2,499,490
Starbird Funding Corp., 0.210%, 5/12/2021(2)		3,498,530
Starbird Funding Corp., 0.240%, 3/12/2021(2)		1,999,853
Starbird Funding Corp., 0.240%, 5/10/2021(2)		1,999,067
Starbird Funding Corp., 0.260%, 6/04/2021(2)		1,998,628
Svenska Handelsbanken AB, 0.236% (LIBOR 3 Month + 5 Basis point), 7/30/2021(3)		2,500,827
Svenska Handelsbanken AB, 0.240% (LIBOR 3 Month + 5 Basis point), 8/31/2021(3)		2,500,874
Swedbank AB, 0.145%, 5/03/2021(2)		4,998,731
Swedbank AB, 0.160%, 3/08/2021(2)		2,499,922
Thunder Bay Funding LLC, 0.150%, 5/10/2021(2)		1,999,417
Thunder Bay Funding LLC, 0.150%, 6/22/2021(2)		2,998,587
Thunder Bay Funding LLC, 0.180%, 8/16/2021(2)		1,998,320
Thunder Bay Funding LLC, 0.210%, 10/15/2021(2)		2,496,675
Toronto-Dominion Bank, 0.150%, 3/19/2021(2)		2,499,813
Toronto-Dominion Bank, 0.230%, 2/16/2022(2)		2,000,380
Toronto-Dominion Bank, 0.322% (LIBOR 3 Month + 9 Basis point), 12/03/2021(3)		2,500,000
Toronto-Dominion Bank, 0.340% (LIBOR 3 Month + 11 Basis point), 6/10/2021(3)		3,501,238
Versailles Commercial Paper LLC, 0.100%, 3/24/2021(2)		2,399,847
Versailles Commercial Paper LLC, 0.160%, 5/10/2021(2)		3,998,755
Versailles Commercial Paper LLC, 0.170%, 5/05/2021(2)		2,499,233
Victory Receivables Corp., 0.100%, 3/18/2021(2)		1,999,906
Victory Receivables Corp., 0.140%, 5/03/2021(2)		1,999,510
Victory Receivables Corp., 0.150%, 3/31/2021(2)		4,999,375
Victory Receivables Corp., 0.200%, 4/07/2021(2)		4,499,075
Westpac Banking Corp., 0.180%, 2/11/2022(2)		1,999,844
Other		(23,829	)
Total	$	385,727,931

(1) The collateral pool is managed by the fixed income group within the Adviser. Each Fund owns a pro-rata interest in the collateral pool determined by the value of securities on loan for such Fund.

(2) Each issue shows the rate of the discount at the time of purchase.

(3) Denotes a floating rate security. Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of February 28, 2021.

(4) Denotes an investment in an affiliated entity. Please refer to Note 5, subsection Investments in Affiliated Issuers, in the Notes to Financial Statements

Federal Income Taxes—The policies and procedures of the Funds require compliance with Subchapter M of the Internal Revenue Code of 1986 (the “Code”), as amended, and distribution to shareholders each year of substantially all of their income. Accordingly, no provision for federal tax are necessary. Withholding taxes on foreign dividends and unrealized appreciation on investments have been provided for in accordance with the applicable country’s tax rules and rates.

Commitments and Contingencies—In the normal course of business, the Corporation enters into contracts that provide general indemnifications to other parties. The Corporation’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation that have not yet occurred. However, the Corporation has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

89

BMO Funds

Other—Investment transactions are accounted for on a trade date basis. Net realized gains and losses on securities are computed on the basis of specific security lot identification.

3. Fair Value Measurement

Fair Valuation Measurement defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting issuer (observable inputs), and (2) the reporting issuer’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). It also provides guidance on determining when a significant decrease occurs in the trade volume and/or frequency for an asset, when a transaction is not orderly, and how that information must be incorporated into fair value measurement.

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) — Disclosures Framework — Changes to Disclosure Requirements of Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 effective with the current reporting period as permitted by the standard. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value

measurements, when applicable.

Various inputs are used in determining the value of the Funds’ investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Common and preferred stocks, options and futures contracts, and U.S. registered mutual funds are generally categorized as Level 1.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Fixed income securities, repurchase agreements and securities valued by an independent fair value pricing service are generally categorized as Level 2.

Level 3—significant unobservable inputs, including management’s own assumptions in determining the fair value of investments.

For the period ended February 28, 2021 the Funds had no investments in private investment funds, and there were no investments excluded from the fair value hierarchy. The Funds did not hold any Level 3 securities as of February 28, 2021.

The following is a summary of the inputs used, as of February 28, 2021, in valuing the Funds’ assets:

	Low Volatility Equity Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	220,344,019	$	—	$	—	$	220,344,019
Short-Term Investments		1,701,579		19,769,220		—		21,470,799
Total	$	222,045,598	$	19,769,220	$	—	$	241,814,818
	Dividend Income Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	272,431,557	$	—	$	—	$	272,431,557
Short-Term Investments		5,719,482		20,805,575		—		26,525,057
Total	$	278,151,039	$	20,805,575	$	—	$	298,956,614
	Large-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	294,958,523	$	—	$	—	$	294,958,523
Short-Term Investments		4,247,319		47,847,800		—		52,095,119
Total	$	299,205,842	$	47,847,800	$	—	$	347,053,642
	Large-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	462,414,550	$	—	$	—	$	462,414,550
Short-Term Investments		9,278,082		22,300,971		—		31,579,053
Total	$	471,692,632	$	22,300,971	$	—	$	493,993,603

	Mid-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	45,024,398	$	—	$	—	$	45,024,398
Short-Term Investments		419,779		8,161,400		—		8,581,179
Total	$	45,444,177	$	8,161,400	$	—	$	53,605,577
	Mid-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	22,113,464	$	—	$	—	$	22,113,464
Short-Term Investments		462,454		5,512,750		—		5,975,204
Total	$	22,575,918	$	5,512,750	$	—	$	28,088,668
	Small-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	91,719,531	$	—	$	—	$	91,719,531
Short-Term Investments		1,224,144		14,959,701		—		16,183,845
Total	$	92,943,675	$	14,959,701	$	—	$	107,903,376
	Small-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	115,281,485	$	—	$	—	$	115,281,485
Short-Term Investments		468,209		29,650,010		—		30,118,219
Total	$	115,749,694	$	29,650,010	$	—	$	145,399,704

90

Notes to Financial Statements (continued)

	Global Low Volatility Equity Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Belgium	$	45,737	$	—	$	—	$	45,737
Bermuda		54,279		—		—		54,279
Canada		379,743		—		—		379,743
Cayman Islands		162,768		—		—		162,768
China		33,487		—		—		33,487
France		28,900		—		—		28,900
Germany		33,619		—		—		33,619
Hong Kong		169,349		—		—		169,349
Hungary		12,206		—		—		12,206
Israel		42,672		—		—		42,672
Italy		177,500		—		—		177,500
Japan		641,573		—		—		641,573
Mexico		54,615		—		—		54,615
Netherlands		140,583		—		—		140,583
New Zealand		111,577		—		—		111,577
Philippines		113,371		—		—		113,371
Singapore		158,232		—		—		158,232
South Korea		9,013		—		—		9,013
Spain		29,510		—		—		29,510
Switzerland		216,237		—		—		216,237
Taiwan		251,648		—		—		251,648
United Kingdom		121,472		—		—		121,472
United States		1,246,067		—		—		1,246,067
Short-Term Investments		175,968		—		—		175,968
Total	$	4,410,126	$	—	$	—	$	4,410,126
	Disciplined International Equity Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	3,659,126	$	—	$	—	$	3,659,126
China		719,175		—		—		719,175
Denmark		1,023,498		—		—		1,023,498
Finland		729,242		—		—		729,242
France		2,592,768		—		—		2,592,768
Germany		2,111,551		—		—		2,111,551
Hong Kong		212,664		—		—		212,664
Italy		2,050,276		—		—		2,050,276
Japan		9,586,741		—		—		9,586,741
Jersey		498,210		—		—		498,210
Netherlands		3,051,532		—		—		3,051,532
New Zealand		278,977		—		—		278,977
Norway		537,073		—		—		537,073
Singapore		1,644,965		—		—		1,644,965
Spain		690,393		—		—		690,393
Sweden		1,105,218		—		—		1,105,218
Switzerland		5,755,911		—		—		5,755,911
United Kingdom		4,367,619		—		—		4,367,619
Short-Term Investments		1,665,212		—		—		1,665,212
Total	$	42,280,151	$	—	$	—	$	42,280,151

	Pyrford International Stock Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	75,229,418	$	—	$	—	$	75,229,418
Finland		19,109,700		—		—		19,109,700
France		53,843,116		—		—		53,843,116
Germany		52,518,929		—		—		52,518,929
Hong Kong		35,068,259		—		—		35,068,259
Indonesia		15,180,530		—		—		15,180,530
Japan		99,289,643		—		—		99,289,643
Malaysia		20,751,298		—		—		20,751,298
Netherlands		16,813,114		—		—		16,813,114
Norway		12,735,440		—		—		12,735,440
Singapore		42,670,957		—		—		42,670,957
Sweden		10,450,456		—		—		10,450,456
Switzerland		81,359,343		—		—		81,359,343
Taiwan		21,119,276		—		—		21,119,276
United Kingdom		136,834,674		—		—		136,834,674
Preferred Stocks
Germany		11,531,541		—		—		11,531,541
Short-Term Investments		56,221,493		—		—		56,221,493
Total	$	760,727,187	$	—	$	—	$	760,727,187
	LGM Emerging Markets Equity Fund
	Level 1		Level 2		Level 3		Total
Common Stocks
Brazil	$	7,402,329	$	—	$	—	$	7,402,329
Cayman Islands		20,456,362		—		—		20,456,362
China		56,087,057		—		—		56,087,057
Hong Kong		36,901,468		—		—		36,901,468
India		78,982,797		—		—		78,982,797
Indonesia		8,759,089		—		—		8,759,089
Jersey		7,378,954		—		—		7,378,954
Mexico		12,413,440		—		—		12,413,440
Netherlands		10,695,026		—		—		10,695,026
Nigeria		3,640,353		—		—		3,640,353
Portugal		5,444,493		—		—		5,444,493
Russia		9,792,489		—		—		9,792,489
South Africa		14,611,614		—		—		14,611,614
South Korea		8,294,059		—		—		8,294,059
Taiwan		30,471,430		—		—		30,471,430
Thailand		3,419,956		—		—		3,419,956
United Kingdom		4,744,808		—		—		4,744,808
United States		5,515,330		—		—		5,515,330
Vietnam		7,477,961		—		—		7,477,961
Common Stock Units		5,325,203		—		—		5,325,203
Short-Term Investments		9,860,728		—		—		9,860,728
Total	$	347,674,946	$	—	$	—	$	347,674,946
	Ultra Short Tax-Free Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	513,105,893	$	—	$	513,105,893
Mutual Funds		27,320,000		—		—		27,320,000
Repurchase Agreements		—		3,937,049		—		3,937,049
Short-Term Investments		—		11,710,000		—		11,710,000
Total	$	27,320,000	$	528,752,942	$	—	$	556,072,942
	Short Tax-Free Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	120,457,195	$	—	$	120,457,195
Mutual Funds		1,400,000		—		—		1,400,000
Repurchase Agreements		—		2,040,999		—		2,040,999
Total	$	1,400,000	$	122,498,194	$	—	$	123,898,194

91

BMO Funds

	Short-Term Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	39,031,136	$	—	$	39,031,136
Collateralized Mortgage Obligations		—		11,986,633		—		11,986,633
Commercial Mortgage Securities		—		6,812,635		—		6,812,635
Corporate Bonds & Notes		—		157,644,700		—		157,644,700
U.S. Government & U.S. Government Agency Obligations		—		47,825,652		—		47,825,652
U.S. Government Agency-Mortgage Securities		—		5,530,786		—		5,530,786
Short-Term Investments		6,927,631		36,838,550		—		43,766,181
Total	$	6,927,631	$	305,670,092	$	—	$	312,597,723
	Intermediate Tax-Free Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	1,902,806,797	$	—	$	1,902,806,797
Mutual Funds		17,000,000		—		—		17,000,000
Repurchase Agreements		—		419,918		—		419,918
Short-Term Investments		—		5,000,000		—		5,000,000
Total	$	17,000,000	$	1,908,226,715	$	—	$	1,925,226,715
	Strategic Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	136,535	$	—	$	136,535
Collateralized Mortgage Obligations		—		9,193,769		—		9,193,769
Commercial Mortgage Securities		—		7,226,798		—		7,226,798
Corporate Bonds & Notes		—		68,318,506		—		68,318,506
U.S. Government Agency-Mortgage Securities		—		3,455,995		—		3,455,995
Short-Term Investments		2,157,338		12,310,519		—		14,467,857
Total	$	2,157,338	$	100,642,122	$	—	$	102,799,460
	Corporate Income Fund
	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	—	$	415,310,153	$	—	$	415,310,153
Short-Term Investments		15,428,353		38,458,915		—		53,887,268
Total	$	15,428,353	$	453,769,068	$	—	$	469,197,421

	Core Plus Bond Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	6,103,511	$	—	$	6,103,511
Collateralized Mortgage Obligations		—		64,599,754		—		64,599,754
Commercial Mortgage Securities		—		66,408,729		—		66,408,729
Corporate Bonds & Notes		—		534,015,278		—		534,015,278
U.S. Government & U.S. Government Agency Obligations		—		227,696,085		—		227,696,085
U.S. Government Agency-Mortgage Securities		—		285,666,289		—		285,666,289
Short-Term Investments		21,450,109		134,607,299		—		156,057,408
Total	$	21,450,109	$	1,319,096,945	$	—	$	1,340,547,054
	Government Money Market Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	265,150,391	$	—	$	—	$	265,150,391
Repurchase Agreements		—		1,569,235,055		—		1,569,235,055
U.S. Government & U.S. Government Agency Obligations		—		1,870,769,874		—		1,870,769,874
U.S. Treasury Bills		—		441,095,620		—		441,095,620
Total	$	265,150,391	$	3,881,100,549	$	—	$	4,146,250,940
	Tax-Free Money Market Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	321,039,426	$	—	$	321,039,426
Mutual Funds		6,310,641		—		—		6,310,641
Total	$	6,310,641	$	321,039,426	$	—	$	327,350,067
	Prime Money Market Fund
	Level 1		Level 2		Level 3		Total
Certificates of Deposit	$	—	$	60,252,394	$	—	$	60,252,394
Commercial Paper		—		473,221,950		—		473,221,950
Mutual Funds		25,612,781		—		—		25,612,781
Repurchase Agreements		—		14,991,291		—		14,991,291
U.S. Government & U.S. Government Agency Obligations		—		5,500,000		—		5,500,000
Total	$	25,612,781	$	553,965,635	$	—	$	579,578,416

(1) All sub-categories within Common Stocks and Preferred Stocks represent either entire Level 1 or Level 2 evaluation status.

92

Notes to Financial Statements (continued)

4. Capital Stock

The Articles of Incorporation permit the Directors to issue an indefinite number of full and fractional shares of common stock, par value $0.0001 per share. Transactions in capital stock were as follows:

	Low Volatility Equity Fund						Dividend Income Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	—		$	—		$	—		$	—
Advisor class of shares		3,246,327			32,120,308			551,723			2,358,690
Institutional class of shares		31,385,350			191,087,540			19,595,183			67,582,616
Retirement class R-6 of shares		—			—			—			—
Net proceeds from sale of shares		34,631,677			223,207,848			20,146,906			69,941,306
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares		—			—			—			—
Advisor class of shares		257,031			1,409,734			78,527			326,623
Institutional class of shares		1,985,104			7,319,090			1,922,242			6,188,357
Retirement class R-6 of shares		—			—			—			—
Net proceeds from shares issued:		2,242,135			8,728,824			2,000,769			6,514,980
Cost of shares redeemed:
Investor class of shares		—			—			—			—
Advisor class of shares		(19,578,138	)		(19,107,101	)		(1,340,529	)		(8,587,418	)
Institutional class of shares		(51,739,097	)		(149,067,381	)		(30,673,508	)		(125,620,533	)
Retirement class R-6 of shares		—			—			—			—
Net cost of shares redeemed		(71,317,235	)		(168,174,482	)		(32,014,037	)		(134,207,951	)
Net change resulting from fund share transactions in dollars	$	(34,443,423	)	$	63,762,190		$	(9,866,362	)	$	(57,751,665	)
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		—			—			—			—
Advisor class of shares		216,538			2,111,328			38,122			183,644
Institutional class of shares		2,082,906			12,619,398			1,329,710			5,069,501
Retirement class R-6 of shares		—			—			—			—
Net sale of shares		2,299,444			14,730,726			1,367,832			5,253,145
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		—			—			—			—
Advisor class of shares		17,213			93,665			5,559			25,598
Institutional class of shares		132,156			489,176			136,373			487,143
Retirement class R-6 of shares		—			—			—			—
Net shares issued		149,369			582,841			141,932			512,741
Shares redeemed:
Investor class of shares		—			—			—			—
Advisor class of shares		(1,290,815	)		(1,270,951	)		(92,650	)		(661,704	)
Institutional class of shares		(3,419,764	)		(10,326,579	)		(2,094,532	)		(9,518,623	)
Retirement class R-6 of shares		—			—			—			—
Net shares redeemed		(4,710,579	)		(11,597,530	)		(2,187,182	)		(10,180,327	)
Net change resulting from fund share transactions in shares		(2,261,766	)		3,716,037			(677,418	)		(4,414,441	)

93

BMO Funds

Large-Cap Value Fund						Large-Cap Growth Fund						Mid-Cap Value Fund						Mid-Cap Growth Fund
Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
$	—		$	—		$	957,509		$	3,175,158		$	—		$	—		$	—		$	—
	212,894			691,833			331,997			56,188			418,277			1,216,861			1,641,046			722,620
	9,596,704			114,779,390			6,002,328			26,765,540			1,072,200			11,206,657			23,109,834			10,815,063
	998,181			13,678,690			20,955,563			72,606,416			370,082			5,171,945			725			717,383
	10,807,779			129,149,913			28,247,397			102,603,302			1,860,559			17,595,463			24,751,605			12,255,066
	—			—			4,788,048			2,703,872			—			—			—			—
	79,656			304,418			65,972			29,377			780,889			445,269			7,288,125			1,745,071
	1,448,275			4,481,673			8,951,386			6,990,904			117,938			1,285,239			11,330,633			9,036,497
	251,153			940,488			21,687,847			11,948,943			171,951			215,944			11,677			919,723
	1,779,084			5,726,579			35,493,253			21,673,096			1,070,778			1,946,452			18,630,435			11,701,291
	—			—			(6,393,524	)		(10,871,342	)		—			—			—			—
	(721,132	)		(5,290,805	)		(98,500	)		(255,095	)		(4,319,476	)		(9,502,592	)		(1,992,357	)		(3,268,291	)
	(23,567,144	)		(122,157,202	)		(22,200,259	)		(106,408,111	)		(59,508,255	)		(26,896,038	)		(93,370,987	)		(19,729,078	)
	(3,579,562	)		(36,430,777	)		(25,664,240	)		(104,465,165	)		(8,342,816	)		(6,259,583	)		(7,221,919	)		(2,326,032	)
	(27,867,838	)		(163,878,784	)		(54,356,523	)		(221,999,713	)		(72,170,547	)		(42,658,213	)		(102,585,263	)		(25,323,401	)
$	(15,280,975	)	$	(29,002,292	)	$	9,384,127		$	(97,723,315	)	$	(69,239,210	)	$	(23,116,298	)	$	(59,203,223	)	$	(1,367,044	)
	—			—			43,489			177,230			—			—			—			—
	14,159			52,253			15,121			3,152			41,310			135,941			110,104			55,974
	652,235			8,186,602			271,770			1,466,854			109,282			1,203,845			1,359,888			759,578
	65,771			1,031,995			942,541			4,175,985			35,233			655,855			53			57,779
	732,165			9,270,850			1,272,921			5,823,221			185,825			1,995,641			1,470,045			873,331
	—			—			225,320			149,965			—			—			—			—
	5,699			24,549			3,109			1,631			74,513			41,809			807,101			131,406
	103,357			357,432			416,731			384,116			11,307			121,709			1,111,936			636,821
	17,885			74,135			1,007,800			655,455			16,518			20,449			1,136			64,092
	126,941			456,116			1,652,960			1,191,167			102,338			183,967			1,920,173			832,319
	—			—			(291,645	)		(600,217	)		—			—			—			—
	(49,756	)		(394,329	)		(4,578	)		(13,541	)		(417,736	)		(986,657	)		(195,335	)		(247,002	)
	(1,613,883	)		(9,136,269	)		(994,345	)		(5,729,694	)		(6,825,998	)		(2,929,775	)		(6,867,175	)		(1,444,717	)
	(241,317	)		(2,537,399	)		(1,151,975	)		(5,391,655	)		(937,312	)		(657,555	)		(480,501	)		(165,332	)
	(1,904,956	)		(12,067,997	)		(2,442,543	)		(11,735,107	)		(8,181,046	)		(4,573,987	)		(7,543,011	)		(1,857,051	)
	(1,045,850	)		(2,341,031	)		483,338			(4,720,719	)		(7,892,883	)		(2,394,379	)		(4,152,793	)		(151,401	)

94

Notes to Financial Statements (continued)

	Small-Cap Value Fund						Small-Cap Growth Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Capital stock transactions in dollars:
Proceeds from sale of shares:
Advisor class of shares	$	48,615		$	155,290		$	401,718		$	953,307
Institutional class of shares		20,076,888			9,707,579			2,641,978			11,702,384
Retirement class R-6 of shares		7,093,328			2,278,731			—			—
Net proceeds from sale of shares		27,218,831			12,141,600			3,043,696			12,655,691
Net asset value of shares issued to shareholders in payment of distributions declared:
Advisor class of shares		8,435			32,323			1,082,603			541,680
Institutional class of shares		287,839			590,699			2,660,082			1,216,969
Retirement class R-6 of shares		50,296			103,017			—			—
Net proceeds from shares issued:		346,570			726,039			3,742,685			1,758,649
Cost of shares redeemed:
Advisor class of shares		(340,058	)		(1,472,641	)		(3,170,350	)		(7,876,028	)
Institutional class of shares		(4,319,752	)		(9,349,615	)		(14,036,141	)		(16,734,404	)
Retirement class R-6 of shares		(1,946,397	)		(2,371,533	)		—			—
Net cost of shares redeemed		(6,606,207	)		(13,193,789	)		(17,206,491	)		(24,610,432	)
Redemption fees		—			—			—			—
Net change resulting from fund share transactions in dollars	$	20,959,194		$	(326,150	)	$	(10,420,110	)	$	(10,196,092	)
Capital stock transactions in shares:
Sale of shares:
Advisor class of shares		3,862			17,727			20,850			63,428
Institutional class of shares		1,531,025			933,645			127,451			733,207
Retirement class R-6 of shares		501,665			235,799			—			—
Net sale of shares		2,036,552			1,187,171			148,301			796,635
Shares issued to shareholders in payment of distributions declared:
Advisor class of shares		688			2,639			57,585			33,160
Institutional class of shares		23,064			47,483			133,740			70,735
Retirement class R-6 of shares		3,988			8,202			—			—
Net shares issued		27,740			58,324			191,325			103,895
Shares redeemed:
Advisor class of shares		(27,877	)		(143,070	)		(173,062	)		(512,950	)
Institutional class of shares		(370,862	)		(902,350	)		(711,949	)		(1,055,893	)
Retirement class R-6 of shares		(156,117	)		(214,190	)		—			—
Net shares redeemed		(554,856	)		(1,259,610	)		(885,011	)		(1,568,843	)
Net change resulting from fund share transactions in shares		1,509,436			(14,115	)		(545,385	)		(668,313	)

95

BMO Funds

Global Low Volatility Equity Fund						Disciplined International Equity Fund						Pyrfor International Stock Fund						LGM Emerging Markets Equity Fund
Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
$	6,575		$	116,082		$	451		$	5,905		$	7,535		$	430,593		$	559,317		$	484,183
	160,057			2,474,659			3,365,021			8,911,440			50,967,046			79,554,019			66,917,505			47,060,713
	—			—			—			—			23,584,348			101,227,930			—			—
	166,632			2,590,741			3,365,472			8,917,345			74,558,929			181,212,542			67,476,822			47,544,896
	5,479			32,275			946			1,704			28,673			65,462			92,071			88,930
	265,042			1,751,547			697,205			1,332,077			8,650,698			10,131,885			6,950,205			5,708,568
	—			—			—			—			5,750,643			5,676,558			—			—
	270,521			1,783,822			698,151			1,333,781			14,430,014			15,873,905			7,042,276			5,797,498
	(47,273	)		(693,070	)		(502	)		(4,672	)		(163,989	)		(3,395,729	)		(282,327	)		(1,954,509	)
	(9,619,634	)		(18,527,710	)		(5,408,906	)		(30,679,011	)		(45,157,151	)		(131,364,725	)		(27,286,302	)		(84,857,826	)
	—			—			—			—			(20,229,160	)		(47,624,491	)		—			—
	(9,666,907	)		(19,220,780	)		(5,409,408	)		(30,683,683	)		(65,550,300	)		(182,384,945	)		(27,568,629	)		(86,812,335	)
	—			25			—			38,332			90			1,686			1,096			4,949
$	(9,229,754	)	$	(14,846,192	)	$	(1,345,785	)	$	(20,394,225	)	$	23,438,733		$	14,703,188		$	46,951,565		$	(33,464,992	)
	644			10,104			47			582			553			32,611			32,911			34,675
	16,454			216,765			335,572			869,738			3,688,688			6,441,429			4,004,586			3,471,923
	—			—			—			—			1,783,181			7,811,908			—			—
	17,098			226,869			335,619			870,320			5,472,422			14,285,948			4,037,497			3,506,598
	582			2,887			91			164			2,032			4,803			5,467			5,897
	27,870			155,555			67,039			128,208			628,228			760,081			414,690			381,079
	—			—			—			—			417,621			425,848			—			—
	28,452			158,442			67,130			128,372			1,047,881			1,190,732			420,157			386,976
	(4,750	)		(60,958	)		(49	)		(465	)		(11,913	)		(256,802	)		(17,548	)		(135,602	)
	(922,415	)		(2,035,559	)		(544,629	)		(3,064,886	)		(3,376,010	)		(10,222,850	)		(1,663,835	)		(6,292,131	)
	—			—			—			—			(1,477,281	)		(3,686,312	)		—			—
	(927,165	)		(2,096,517	)		(544,678	)		(3,065,351	)		(4,865,204	)		(14,165,964	)		(1,681,383	)		(6,427,733	)
	(881,615	)		(1,711,206	)		(141,929	)		(2,066,659	)		1,655,099			1,310,716			2,776,271			(2,534,159	)

96

Notes to Financial Statements (continued)

	Ultra Short Tax-Free Fund						Short Tax-Free Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	—		$	—		$	—		$	—
Advisor class of shares		576,818			1,936,853			311,715			1,568,044
Institutional class of shares		232,839,817			474,377,875			29,777,136			33,747,802
Net proceeds from sale of shares		233,416,635			476,314,728			30,088,851			35,315,846
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares		—			—			—			—
Advisor class of shares		29,630			142,124			17,472			46,765
Institutional class of shares		1,044,091			3,468,081			309,105			744,033
Net proceeds from shares issued:		1,073,721			3,610,205			326,577			790,798
Cost of shares redeemed:
Investor class of shares		—			—			—			—
Advisor class of shares		(775,762	)		(5,565,487	)		(417,551	)		(1,819,799	)
Institutional class of shares		(211,381,245	)		(495,991,627	)		(26,073,480	)		(65,864,914	)
Net cost of shares redeemed		(212,157,007	)		(501,557,114	)		(26,491,031	)		(67,684,713	)
Net change resulting from fund share transactions in dollars	$	22,333,349		$	(21,632,181	)	$	3,924,397		$	(31,578,069	)
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		—			—			—			—
Advisor class of shares		57,068			192,388			30,299			153,038
Institutional class of shares		23,072,543			47,128,522			2,883,168			3,297,297
Net sale of shares		23,129,611			47,320,910			2,913,467			3,450,335
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		—			—			—			—
Advisor class of shares		2,934			14,103			1,695			4,572
Institutional class of shares		103,471			344,437			29,965			72,667
Net shares issued		106,405			358,540			31,660			77,239
Shares redeemed:
Investor class of shares		—			—			—			—
Advisor class of shares		(76,791	)		(553,199	)		(40,583	)		(177,891	)
Institutional class of shares		(20,935,406	)		(49,280,153	)		(2,530,471	)		(6,462,912	)
Net shares redeemed		(21,012,197	)		(49,833,352	)		(2,571,054	)		(6,640,803	)
Net change resulting from fund share transactions in shares		2,223,819			(2,153,902	)		374,073			(3,113,229	)

97

BMO Funds

Short-Term Income Fund						Intermediate Tax-Free Fund						Strategic Income Fund						Corporate Income Fund
Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
$	—		$	—		$	35,967,395		$	74,637,725		$	3,827,806		$	949,227		$	19,012,224		$	21,858,490
	3,021,561			4,070,227			1,675,060			2,872,891			6,121,862			1,273,157			501,200			3,230,923
	89,360,147			134,279,025			171,567,333			372,657,401			16,236,701			1,120,488			68,660,996			131,082,235
	92,381,708			138,349,252			209,209,788			450,168,017			26,186,369			3,342,872			88,174,420			156,171,648
	—			—			5,401,339			12,469,066			977,122			3,659,919			1,971,602			2,959,675
	126,516			382,780			68,584			129,411			246,414			867,078			73,578			217,463
	1,169,267			2,657,527			13,674,605			28,433,698			153,646			341,411			4,091,358			4,016,426
	1,295,783			3,040,307			19,144,528			41,032,175			1,377,182			4,868,408			6,136,538			7,193,564
	—			—			(34,791,734	)		(169,172,197	)		(3,029,875	)		(8,907,781	)		(11,488,810	)		(30,657,413	)
	(2,101,329	)		(8,796,687	)		(820,445	)		(2,436,241	)		(4,962,542	)		(1,769,963	)		(379,526	)		(6,813,290	)
	(45,334,338	)		(156,380,098	)		(111,283,814	)		(351,331,662	)		(927,834	)		(4,216,997	)		(45,083,660	)		(84,513,304	)
	(47,435,667	)		(165,176,785	)		(146,895,993	)		(522,940,100	)		(8,920,251	)		(14,894,741	)		(56,951,996	)		(121,984,007	)
$	46,241,824		$	(23,787,226	)	$	81,458,323		$	(31,739,908	)	$	18,643,300		$	(6,683,461	)	$	37,358,962		$	41,381,205
	—			—			3,104,825			6,555,552			397,759			102,989			1,321,302			1,578,690
	316,695			430,903			144,673			250,687			641,966			137,193			34,694			237,000
	9,346,791			14,178,308			14,849,094			32,659,798			1,675,427			120,817			4,781,148			9,537,053
	9,663,486			14,609,211			18,098,592			39,466,037			2,715,152			360,999			6,137,144			11,352,743
	—			—			467,878			1,090,900			102,257			398,286			137,148			215,523
	13,259			40,444			5,939			11,324			25,788			94,375			5,120			15,900
	122,350			280,207			1,185,476			2,491,419			16,008			37,049			284,937			291,832
	135,609			320,651			1,659,293			3,593,643			144,053			529,710			427,205			523,255
	—			—			(3,009,457	)		(14,981,722	)		(315,818	)		(969,104	)		(798,846	)		(2,284,300	)
	(220,223	)		(930,304	)		(70,855	)		(214,322	)		(524,589	)		(193,570	)		(26,351	)		(520,331	)
	(4,742,384	)		(16,547,806	)		(9,640,589	)		(31,203,613	)		(96,441	)		(453,457	)		(3,131,419	)		(6,290,520	)
	(4,962,607	)		(17,478,110	)		(12,720,901	)		(46,399,657	)		(936,848	)		(1,616,131	)		(3,956,616	)		(9,095,151	)
	4,836,488			(2,548,248	)		7,036,984			(3,339,977	)		1,922,357			(725,422	)		2,607,733			2,780,847

98

Notes to Financial Statements (continued)

	Core Plus Bond Fund						Government Money Market Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	21,293,625		$	35,968,047		$	1,753,473,255		$	2,578,764,198
Advisor class of shares		772,617			1,171,193			—			—
Institutional class of shares		194,417,290			295,578,965			—			—
Premier class of shares		—			—			5,490,195,723			12,674,092,078
Net proceeds from sale of shares		216,483,532			332,718,205			7,243,668,978			15,252,856,276
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares		1,143,600			2,330,523			2,148			767,390
Advisor class of shares		56,743			113,313			—			—
Institutional class of shares		13,447,463			28,477,908			—			—
Premier class of shares		—			—			26,747			2,647,786
Net proceeds from shares issued:		14,647,806			30,921,744			28,895			3,415,176
Cost of shares redeemed:
Investor class of shares		(11,287,412	)		(23,869,582	)		(1,630,391,727	)		(2,784,757,727	)
Advisor class of shares		(170,942	)		(704,373	)		—			—
Institutional class of shares		(153,667,564	)		(241,088,052	)		—			—
Premier class of shares		—			—			(5,432,604,006	)		(11,723,965,756	)
Net cost of shares redeemed		(165,125,918	)		(265,662,007	)		(7,062,995,733	)		(14,508,723,483	)
Net change resulting from fund share transactions in dollars	$	66,005,420		$	97,977,942		$	180,702,140		$	747,547,969
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		1,716,059			2,977,900			1,753,473,255			2,578,764,198
Advisor class of shares		62,307			96,429			—			—
Institutional class of shares		15,675,685			24,547,106			—			—
Premier class of shares		—			—			5,490,195,723			12,674,092,078
Net sale of shares		17,454,051			27,621,435			7,243,668,978			15,252,856,276
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		92,282			192,692			2,148			767,390
Advisor class of shares		4,579			9,372			—			—
Institutional class of shares		1,085,513			2,355,842			—			—
Premier class of shares		—			—			26,747			2,647,786
Net shares issued		1,182,374			2,557,906			28,895			3,415,176
Shares redeemed:
Investor class of shares		(908,670	)		(1,985,930	)		(1,630,391,727	)		(2,784,757,727	)
Advisor class of shares		(13,778	)		(58,845	)		—			—
Institutional class of shares		(12,365,280	)		(20,110,009	)		—			—
Premier class of shares		—			—			(5,432,604,006	)		(11,723,965,756	)
Net shares redeemed		(13,287,728	)		(22,154,784	)		(7,062,995,733	)		(14,508,723,483	)
Net change resulting from fund share transactions in shares		5,348,697			8,024,557			180,702,140			747,547,969

99

BMO Funds

Tax-Free Money Market Fund						Prime Money Market Fund
Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
$	55,241,519		$	98,378,590		$	104,462,174		$	306,452,583
	—			—			—			—
	—			—			—			—
	406,587,785			565,214,220			155,334,583			538,048,152
	461,829,304			663,592,810			259,796,757			844,500,735
	5,533			407,224			12,824			1,612,812
	—			—			—			—
	—			—			—			—
	427			12,493			195			72,492
	5,960			419,717			13,019			1,685,304
	(70,291,884	)		(109,479,869	)		(102,747,313	)		(287,753,703	)
	—			—			—			—
	—			—			—			—
	(508,634,808	)		(576,481,130	)		(189,807,754	)		(442,604,451	)
	(578,926,692	)		(685,960,999	)		(292,555,067	)		(730,358,154	)
$	(117,091,428	)	$	(21,948,472	)	$	(32,745,291	)	$	115,827,885
	27,620,760			98,378,590			104,462,174			306,452,583
	—			—			—			—
	—			—			—			—
	203,293,893			565,214,220			155,334,583			538,048,152
	230,914,653			663,592,810			259,796,757			844,500,735
	2,767			407,224			12,824			1,612,812
	—			—			—			—
	—			—			—			—
	213			12,493			195			72,492
	2,980			419,717			13,019			1,685,304
	(35,145,942	)		(109,479,869	)		(102,747,313	)		(287,753,703	)
	—			—			—			—
	—			—			—			—
	(254,317,404	)		(576,481,130	)		(189,807,754	)		(442,604,451	)
	(289,463,346	)		(685,960,999	)		(292,555,067	)		(730,358,154	)
	(58,545,713	)		(21,948,472	)		(32,745,291	)		115,827,885

100

Notes to Financial Statements (continued)

5. Investment Adviser Fee and Other Transactions with Affiliates

General—Certain of the Officers and Directors of the Corporation are also Officers and Directors of one or more portfolios within the Fund complex, which are affiliates of the Corporation. None of the Fund Officers receive any compensation from the Funds. Certain Officers and Directors are also employees of the Adviser.

Investment Advisory Fees—The Adviser receives for its services an investment adviser fee based on a percentage of each Fund’s average daily net assets (“ADNA”) as listed below.

	Fund’s ADNA
Fund	on the first $500 million			on the next $200 million			on the next $100 million			in excess of $800 million
Low Volatility Equity Fund		0.400	%		0.390	%		0.350	%		0.300	%
Dividend Income Fund		0.500			0.490			0.450			0.400
Mid-Cap Value Fund		0.685			0.670			0.570			0.510
Mid-Cap Growth Fund		0.685			0.670			0.570			0.510
Small-Cap Value Fund		0.685			0.680			0.620			0.610
Small-Cap Growth Fund		0.685			0.680			0.620			0.610
Global Low Volatility Equity Fund		0.500			0.490			0.450			0.400
Pyrford International Stock Fund		0.735			0.720			0.620			0.560
LGM Emerging Markets Equity Fund		0.900			0.890			0.850			0.800
	Fund’s ADNA
Fund	on the first $100 million			on the next $150 million			on the next $250 million			in excess of $500 million
Ultra Short Tax-Free Fund		0.200	%		0.190	%		0.170	%		0.100	%
Short Tax-Free Fund		0.200			0.190			0.170			0.150
Short-Term Income Fund		0.200			0.190			0.170			0.100
Intermediate Tax-Free Fund		0.250			0.160			0.120			0.100
Strategic Income Fund		0.250			0.200			0.200			0.200
Corporate Income Fund		0.200			0.190			0.150			0.100
Core Plus Bond Fund		0.250			0.160			0.120			0.100
	Fund’s ADNA
Fund	on the first $1 billion			on the next $1 billion			on the next $2 billion
Large-Cap Value Fund		0.350	%		0.325	%		0.300	%
Large-Cap Growth Fund		0.350			0.325			0.300
Disciplined International Equity Fund		0.600			0.575			0.550
	Fund’s ADNA
Fund	on the first $2 billion			on the next $2 billion			on the next $2 billion			on the next $2 billion			in excess of $8 billion
Government Money Market Fund		0.200	%		0.185	%		0.170	%		0.155	%		0.140	%
Tax-Free Money Market Fund		0.200			0.185			0.170			0.155			0.140
Prime Money Market Fund		0.150			0.135			0.120			0.105			0.090

The Pyrford International Stock Fund’s sub-adviser is Pyrford International Ltd., an affiliate of the Adviser. The LGM Emerging Markets Equity Fund’s sub-adviser is LGM Investments Limited, an affiliate of the Adviser. The Adviser compensates each sub-adviser based on the level of average daily net assets of each respective Fund managed by each sub-adviser.

Contractual Expense Limitation—The Adviser has agreed to waive or reduce its investment advisory fee or reimburse expenses to the extent necessary to prevent class specific total annual operating expenses (excluding taxes, dividend and interest expense, brokerage commissions, other investment related costs, Acquired Fund Fees and Expenses and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of a Fund’s business) from exceeding the amounts for the periods set forth below. The Adviser may not terminate this arrangement prior to December 31, 2021, without the consent of the Directors, unless the investment advisory agreement is terminated. The Adviser may voluntarily choose to waive any portion of its fee beyond its contractual agreement. The Adviser can modify or

101

BMO Funds

terminate this voluntary waiver at any time at its sole discretion. Additionally, the agreement does not provide for recoupment by the Adviser of waived fees or reimbursed expenses.

	Annualized Contractual Expense Limitation
Fund	Investor Class			Advisor Class			Institutional Class			Premier Class			Retirement Class R-6
Low Volatility Equity Fund					0.90	%		0.65	%
Dividend Income Fund					0.90			0.65
Large-Cap Value Fund					0.79			0.54						0.39	%
Large-Cap Growth Fund		0.79	%		0.79			0.54						0.39
Mid-Cap Value Fund					1.24			0.99						0.84
Mid-Cap Growth Fund					1.24			0.99						0.84
Small-Cap Value Fund					1.24			0.99						0.84
Small-Cap Growth Fund					1.24			0.99
Global Low Volatility Equity Fund					1.10			0.85
Disciplined International Equity Fund					1.15			0.90
Pyrford International Stock Fund					1.19			0.94						0.79
LGM Emerging Markets Equity Fund					1.40			1.15
Ultra Short Tax-Free Fund					0.55			0.30
Short Tax-Free Fund					0.55			0.40
Short-Term Income Fund					0.60			0.35
Intermediate Tax-Free Fund		0.54			0.54			0.31
Strategic Income Fund		0.80			0.80			0.55
Corporate Income Fund		0.59			0.59			0.41
Core Plus Bond Fund		0.56			0.56			0.31
Government Money Market Fund		0.46									0.21	%
Tax-Free Money Market Fund		0.45									0.20
Prime Money Market Fund		0.46									0.21

Shareholder Servicing Fees—Under the terms of a Shareholder Services Agreement with the Adviser, each Fund pays the Adviser at the annual rate of 0.25% of average daily net assets of the Fund’s Investor Class shares for the period. The fee paid to the Adviser is used to finance certain services for shareholders and to maintain shareholder accounts.

Distribution Services Fees—Certain Funds are subject to a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan authorizes payments by the Fund to finance activities intended to result in the sale of its Advisor Class shares. The Plan provides that the Fund may incur distribution expenses of 0.25% of the average daily net assets of the Fund’s Advisor Class shares.

Administration Fees—The fee paid to the Adviser is based on each Fund’s average daily net assets with respect to Administration Fee Schedule A and the aggregate average daily net assets of all Funds representing Administration Fee Schedule B as listed below.

Administration Fee Schedule A		Administration Fee Schedule B
Annual Rate		Annual Rate	ADNA
0.1500%		0.0400%	on the first $2 billion
		0.0300	on the next $2 billion
		0.0250	on the next $2 billion
		0.0200	on the next $2 billion
		0.0100	in excess of $8 billion
Fund		Fund
Low Volatility Equity Fund(1)	Disciplined International Equity(1)	Government Money Market Fund(1)
Dividend Income Fund(1)	Pyrford International Stock Fund(1)	Tax-Free Money Market Fund(1)
Large-Cap Value Fund(1)	LGM Emerging Markets Equity Fund	Prime Money Market Fund(1)
Large-Cap Growth Fund(1)	Ultra Short Tax-Free Fund(1)
Mid-Cap Value Fund(1)	Short Tax-Free Fund(1)
Mid-Cap Growth Fund(1)	Short-Term Income Fund(1)
Small-Cap Value Fund(1)	Intermediate Tax-Free Fund(1)
Small-Cap Core Fund(1)	Strategic Income Fund(1)
Small-Cap Growth Fund(1)	Corporate Income Fund(1)
Global Low Volatility Equity Fund	Core Plus Bond Fund(1)

102

Notes to Financial Statements (continued)

(1) For the period ended February 28, 2021, the Funds with class-specific Administration Fees were as follows:

Fund	Investor Class		Advisor Class		Institutional Class		Premier Class
Low Volatility Equity Fund	$	—	$	24,342	$	160,308	$	—
Dividend Income Fund		—		6,727		185,271		—
Large-Cap Value Fund		—		11,161		167,818		—
Large-Cap Growth Fund		48,426		626		88,491		—
Mid-Cap Value Fund		—		22,520		11,427		—
Mid-Cap Growth Fund		—		11,272		14,702		—
Small-Cap Value Fund		—		1,249		37,696		—
Small-Cap Growth Fund		—		22,212		55,662		—
Disciplined International Equity Fund		—		109		29,582		—
Pyrford International Stock Fund		—		1,321		347,169		—
Ultra Short Tax-Free Fund		—		9,575		415,707		—
Short Tax-Free Fund		—		2,478		89,424		—
Short-Term Income Fund		—		15,474		172,063		—
Intermediate Tax-Free Fund		329,258		4,086		1,081,748		—
Strategic Income Fund		39,709		10,181		7,100		—
Corporate Income Fund		76,383		2,836		228,593		—
Core Plus Bond Fund		72,074		3,559		826,767		—
Government Money Market Fund		121,438		—		—		534,393
Tax-Free Money Market Fund		11,051		—		—		59,712
Prime Money Market Fund		45,136		—		—		53,653

Securities Lending—Certain Funds pay a fee to BMO Harris for its services as the securities lending agent. The securities lending income as shown in the Statements of Operations is net of these fees. The following amounts were paid for the period ended February 28, 2021:

Fund	Fees Paid
Low Volatility Equity Fund	$	2,867
Dividend Income Fund		2,271
Large-Cap Value Fund		4,502
Large-Cap Growth Fund		2,660
Mid-Cap Value Fund		1,226
Mid-Cap Growth Fund		1,199

Fund	Fees Paid
Small-Cap Value Fund	$	1,431
Small-Cap Growth Fund		3,970
Short-Term Income Fund		4,826
Strategic Income Fund		3,460
Corporate Income Fund		8,475
Core Plus Bond Fund		12,954

Investments in Affiliated Issuers—An affiliated issuer is an entity in which a Fund has ownership of at least 5% of the voting securities or any investment in a BMO Fund. Issuers that are affiliates of the Funds at year-end are noted in the Funds’ Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior periods may result in the Funds owning in excess of 5% of the outstanding shares at year-end. The table below reflects transactions during the period with entities that are affiliates as of February 28, 2021 and may include acquisitions of new investments, prior period holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of year-end.

Security/Fund Description	Value, Beginning of Period		Purchases(1)		Sales Proceeds (1)		Change in Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Cash Sweep Investments in BMO Institutional Prime Money Market Fund, Premier Class, 0.190%
Low Volatility Equity Fund	$	4,254,460	$	21,481,776	$	25,735,231	$	851		$	(1,856	)	$	—	$	1,464	$	—
Dividend Income Fund		5,160,131		9,323,159		14,482,514		713			(1,489	)		—		1,698		—
Large-Cap Value Fund		3,589,882		12,472,203		16,061,831		162			(416	)		—		1,072		—
Large-Cap Growth Fund		2,951,726		27,793,751		30,743,352		590			(2,715	)		—		2,674		—
Mid-Cap Value Fund		1,403,585		5,487,148		6,890,896		281			(118	)		—		146		—
Mid-Cap Growth Fund		1,582,909		15,041,709		16,624,611		317			(324	)		—		288		—
Small-Cap Value Fund		1,651,709		3,875,920		5,527,572		271			(328	)		—		363		—
Small-Cap Growth Fund		1,915,098		8,646,616		10,561,709		291			(296	)		—		444		—
Global Low Volatility Equity Fund		172,064		288,152		460,219		34			(31	)		—		32		—
Disciplined International Equity Fund		885,003		4,636,205		5,521,077		177			(308	)		—		244		—
Pyrford International Stock Fund		30,794,964		29,852,649		60,646,162		(1,611	)		160			—		4,867		—
LGM Emerging Markets Equity Fund		5,950,565		38,853,527		44,800,734		1,190			(4,548	)		—		4,746		—
Short-Term Income Fund		7,069,356		41,894,271		48,963,160		1,414			(1,881	)		—		1,738		—
Strategic Income Fund		702,920		14,661,522		15,363,811		104			(735	)		—		760		—
Corporate Income Fund		18,017,006		60,500,728		78,515,675		1,839			(3,898	)		—		3,754		—
Core Plus Bond Fund		24,129,137		147,725,914		171,851,254		4,139			(7,936	)		—		9,251		—

103

BMO Funds

Security/Fund Description	Value, Beginning of Period		Purchases(1)		Sales Proceeds (1)		Change in Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Cash Sweep Investments in BMO Government Money Market Fund, Premier Class,0.010%
Low Volatility Equity Fund	$	—	$	17,046,012	$	15,344,433	$	—	$	—		$	1,701,579	$	59	$	—
Dividend Income Fund		—		13,939,033		8,219,551		—		—			5,719,482		93		—
Large-Cap Value Fund		—		10,920,251		6,672,932		—		—			4,247,319		68		—
Large-Cap Growth Fund		—		26,928,454		17,650,372		—		—			9,278,082		103		—
Mid-Cap Value Fund		—		2,591,481		2,171,702		—		—			419,779		8		—
Mid-Cap Growth Fund		—		1,755,396		1,292,942		—		—			462,454		6		—
Small-Cap Value Fund		—		4,289,941		3,065,797		—		—			1,224,144		19		—
Small-Cap Growth Fund		—		4,890,072		4,421,863		—		—			468,209		23		—
Global Low Volatility Equity Fund		—		214,239		163,045		—		—			51,194		2		—
Disciplined International Equity Fund		—		2,378,355		1,517,283		—		—			861,072		14		—
Pyrford International Stock Fund		—		57,449,012		14,778,404		—		—			42,670,608		413		—
LGM Emerging Markets Equity Fund		—		27,562,506		17,701,778		—		—			9,860,728		222		—
Short-Term Income Fund		—		61,733,813		54,806,182		—		—			6,927,631		235		—
Strategic Income Fund		—		20,105,043		17,947,705		—		—			2,157,338		79		—
Corporate Income Fund		—		48,441,520		33,013,167		—		—			15,428,353		308		—
Core Plus Bond Fund		—		94,417,435		72,967,326		—		—			21,450,109		360		—
Collateral Investment for Securities on Loan in BMO Institutional Prime Money Market Fund, Premier Class, 0.190%
Global Low Volatility Equity Fund		430,413		556,090		986,171		—		(332	)		—		—		—
Disciplined International Equity Fund		532,390		2,402,989		2,935,426		—		47			—		—		—
Pyrford International Stock Fund		17,734,286		95,954,411		113,695,823		—		7,126			—		—		—
Collateral Investment for Securities on Loan in BMO Government Money Market Fund, Premier Class, 0.010%
Global Low Volatility Equity Fund		—		548,932		424,158		—		—			124,774		—		—
Disciplined International Equity Fund		—		2,714,252		1,910,112		—		—			804,140		—		—
Pyrford International Stock Fund		—		57,890,769		36,407,558		—		—			21,483,211		—		—
Collateral Pool Pro Rata Allocation for Securities on Loan in BMO Government Money Market Fund, Premier Class, 0.010%
Low Volatility Equity Fund		513,206		2,156,145		2,003,079		—		—			666,272		375		—
Dividend Income Fund		1,054,246		2,811,878		3,164,924		—		—			701,200		430		—
Large-Cap Value Fund		1,334,152		5,315,703		5,037,264		—		—			1,612,591		534		—
Large-Cap Growth Fund		1,086,000		2,967,516		3,301,917		—		—			751,599		587		—
Mid-Cap Value Fund		222,430		901,278		848,648		—		—			275,060		227		—
Mid-Cap Growth Fund		318,797		786,701		919,704		—		—			185,794		199		—
Small-Cap Value Fund		160,341		1,390,915		1,047,077		—		—			504,179		88		—
Small-Cap Growth Fund		498,064		2,947,065		2,445,849		—		—			999,280		203		—
Short-Term Income Fund		622,366		3,216,593		2,782,595		—		—			1,056,364		314		—
Strategic Income Fund		186,808		1,202,509		974,422		—		—			414,895		158		—
Corporate Income Fund		1,440,121		4,660,828		4,804,787		—		—			1,296,162		687		—
Core Plus Bond Fund		1,563,469		12,642,868		9,669,733		—		—			4,536,604		1,487		—
Collateral Pool Pro Rata Allocation for Securities on Loan in BMO Institutional Prime Money Market Fund, Premier Class, 0.190%
Low Volatility Equity Fund		7,985,080		—		7,985,080		—		—			—		—		—
Dividend Income Fund		16,403,255		—		16,403,255		—		—			—		—		—
Large-Cap Value Fund		20,758,364		—		20,758,364		—		—			—		—		—
Large-Cap Growth Fund		16,897,322		—		16,897,322		—		—			—		—		—
Mid-Cap Value Fund		3,460,834		—		3,460,834		—		—			—		—		—
Mid-Cap Growth Fund		4,960,240		—		4,960,240		—		—			—		—		—
Small-Cap Value Fund		2,494,785		—		2,494,785		—		—			—		—		—
Small-Cap Growth Fund		7,749,483		—		7,749,483		—		—			—		—		—
Short-Term Income Fund		9,683,533		—		9,683,533		—		—			—		—		—
Corporate Income Fund		22,407,164		—		22,407,164		—		—			—		—		—
Core Plus Bond Fund		24,326,355		—		24,326,355		—		—			—		—		—

(1) Includes adjustment for net change in Collateral Pool Pro Rata Allocation of value, at end of period.

Interfund Borrowing and Lending—The Funds participate in an interfund lending program. This program allows the Funds to borrow cash from any of the BMO Money Market Funds for temporary purposes. The program is subject to a number of conditions, including the requirement that the interfund loan rate to be charged to the Funds under the program is (i) more favorable to the lending Fund than the rate it could otherwise obtain from investing cash in repurchase agreements or purchasing shares of the BMO Money Market Funds and (ii) more favorable to the borrowing Fund than the lowest interest rate at which bank short-term loans would be available to the Funds. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations. The Directors are responsible for the oversight of the interfund lending program.

104

Notes to Financial Statements (continued)

Funds utilizing the interfund lending program, borrowing from the BMO Government Money Market Fund during the period ended February 28, 2021, were as follows:

Fund	Average Daily Loan Balance Outstanding		Weighted Average Interest Rate
Low Volatility Equity Fund	$	101,604		0.725	%
Large-Cap Growth Fund		7,183		0.733
Mid-Cap Value Fund		20,559		0.735
Mid-Cap Growth Fund		138,503		0.734
Small-Cap Value Fund		2,039		0.738
Small-Cap Growth Fund		3,260		0.738
Global Low Volatility Equity Fund		27,121		0.836
Disciplined International Equity Fund		8,520		0.729
Ultra Short Tax-Free Fund		44,572		0.736
Short Tax-Free Fund		26,972		0.731
Intermediate Tax-Free Fund		4,283		0.705
Strategic Income Fund		840		0.739
Core Plus Bond Fund		23,124		1.250

6. Line of Credit

The Corporation, on behalf of the respective Funds, participated in a $25 million unsecured, committed revolving line of credit (“LOC”) agreement with State Street Bank, with an expiration of October 14, 2021. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings currently are charged interest at a rate that is the higher of the Federal Funds Rate or Overnight Bank Funding Rate plus 1.25%. A commitment fee of 0.20% per annum is charged on the daily unused portion with no administrative fee. No borrowings were outstanding under the LOC during the period ended February 28, 2021.

7. Investment Transactions

Purchases and sales of investments, excluding short-term U.S. government securities, short-term obligations, and in-kind contributions, for the period ended February 28, 2021 were as follows:

	Other than U.S Government Securities				U.S Government Securities
Fund	Purchases		Sales		Purchases		Sales
Low Volatility Equity Fund	$	43,229,989	$	74,861,218	$	—	$	—
Dividend Income Fund		42,366,513		53,372,733		—		—
Large-Cap Value Fund		68,943,491		84,728,941		—		—
Large-Cap Growth Fund		102,485,901		136,442,719		—		—
Mid-Cap Value Fund		11,292,794		80,292,323		—		—
Mid-Cap Growth Fund		28,335,013		105,364,308		—		—
Small-Cap Value Fund		45,555,410		24,617,210		—		—
Small-Cap Growth Fund		32,847,055		47,479,806		—		—
Global Low Volatility Equity Fund		817,385		10,208,886		—		—
Disciplined International Equity Fund		10,947,390		12,001,036		—		—
Pyrford International Stock Fund		54,822,420		43,407,460		—		—
LGM Emerging Markets Equity Fund		84,033,711		42,926,256		—		—
Ultra Short Tax-Free Fund		430,028,463		404,322,338		—		—
Short Tax-Free Fund		57,128,049		61,727,091		—		—
Short-Term Income Fund		65,949,871		26,077,469		29,754,130		23,658,387
Intermediate Tax-Free Fund		326,103,516		252,814,667		—		—
Strategic Income Fund		25,942,440		12,684,117		4,040,885		278,201
Corporate Income Fund		99,681,906		62,306,149		—		—
Core Plus Bond Fund		132,875,035		70,541,365		125,585,166		116,722,120

8. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for net operating loss, foreign currency transactions, paydown gain or loss, market discount accretion and premium amortization.

To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statements of Assets and Liabilities based on their Federal tax basis treatment; temporary differences do not require reclassification and had no impact on the NAV of the Funds.

The Funds complied with FASB interpretation Accounting for Uncertainty in Income Taxes which provides guidance for how uncertain tax provisions should be recognized, measured, presented and disclosed in the financial statements. Accounting for

105

BMO Funds

Uncertainty in Income Taxes requires the affirmative evaluation of tax positions taken, or expected to be taken, in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not,” (i.e., greater than 50 percent) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax benefit or expense in the current year.

Accounting for Uncertainty in Income Taxes requires management of the Funds to analyze all open tax years, as defined by the statutes of limitations, for all major jurisdictions, which includes federal and certain states. Open tax years are those that are open for exam by the taxing authorities (i.e., the last four tax years and the interim tax period since then). There are no examinations in progress. For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Fund reviewed all tax positions taken or expected to be taken in the preparation of the Funds’ tax returns and concluded that Accounting for Uncertainty in Income Taxes resulted in no effect on the Funds’ reported net assets or results of operations as of and during the period ended February 28, 2021. Management of the Funds also is not aware of any tax positions for which it is reasonably possible that the total amounts of recognized tax benefits will significantly change in the next twelve months.

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, foreign unrealized capital gains tax, foreign currency and the discount accretion/premium amortization of debt securities.

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation for Federal Tax Purposes		Gross Unrealized (Depreciation) for Federal Tax Purposes			Net Unrealized Appreciation for Federal Tax Purposes
Low Volatility Equity Fund	$	207,130,726	$	37,991,531	$	(3,307,439	)	$	34,684,092
Dividend Income Fund		216,628,152		83,454,371		(1,125,909	)		82,328,462
Large-Cap Value Fund		276,678,718		73,260,934		(2,886,010	)		70,374,924
Large-Cap Growth Fund		289,873,819		205,469,908		(1,350,124	)		204,119,784
Mid-Cap Value Fund		42,030,273		12,060,991		(485,687	)		11,575,304
Mid-Cap Growth Fund		21,451,931		6,770,548		(133,811	)		6,636,737
Small-Cap Value Fund		88,915,944		19,729,941		(742,509	)		18,987,432
Small-Cap Growth Fund		104,468,753		41,754,896		(827,945	)		40,930,951
Global Low Volatility Equity Fund		3,875,666		685,401		(150,941	)		534,460
Disciplined International Equity Fund		33,835,575		9,348,620		(904,044	)		8,444,576
Pyrford International Stock Fund		674,757,957		134,917,794		(41,016,238	)		93,901,556
LGM Emerging Markets Equity Fund		261,725,984		92,336,712		(6,387,750	)		85,948,962
Ultra Short Tax-Free Fund		553,081,900		3,209,062		(218,020	)		2,991,042
Short Tax-Free Fund		121,529,682		2,407,444		(38,932	)		2,368,512
Short-Term Income Fund		308,139,168		4,851,267		(392,712	)		4,458,555
Intermediate Tax-Free Fund		1,809,556,713		116,609,284		(939,282	)		115,670,002
Strategic Income Fund		99,218,537		5,269,043		(1,688,120	)		3,580,923
Corporate Income Fund		444,271,580		28,550,315		(3,624,474	)		24,925,841
Core Plus Bond Fund		1,289,492,684		67,167,318		(16,112,948	)		51,054,370
Government Money Market Fund		4,146,250,940		—		—			—
Tax-Free Money Market Fund		327,350,067		—		—			—
Prime Money Market Fund		579,578,416		—		—			—

The tax character of distributions reported on the Statements of Changes in Net Assets for the years ended August 31, 2020 and August 31, 2019, were as follows:

	2020								2019
Fund	Ordinary Income		Tax-Exempt Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Tax-Exempt Income		Long-Term Capital Gains
Low Volatility Equity Fund	$	5,195,768	$	—	$	3,805,164	$	—	$	3,779,573	$	—	$	9,447,911
Dividend Income Fund		7,319,856		—		482,254		—		4,756,191		—		7,369,330
Large-Cap Value Fund		6,030,748		—		6,437		—		9,866,179		—		30,382,182
Large-Cap Growth Fund		4,362,889		—		18,952,138		—		13,206,950		—		40,268,668
Mid-Cap Value Fund		2,007,610		—		9,401		—		3,044,221		—		19,687,022
Mid-Cap Growth Fund		—		—		11,748,650		—		8,149,700		—		11,039,782
Small-Cap Value Fund		491,203		—		243,932		—		1,961,119		—		3,300,073
Small-Cap Growth Fund		—		—		1,778,074		—		5,123,756		—		13,273,660
Global Low Volatility Equity Fund		1,147,472		—		666,600		—		1,231,016		—		4,731,437
Disciplined International Equity Fund		2,448,925		—		—		—		1,528,435		—		—
Pyrford International Stock Fund		17,790,453		—		—		—		17,771,263		—		—
LGM Emerging Markets Equity Fund		4,915,995		—		1,584,231		—		4,193,042		—		4,483,419
Ultra Short Tax-Free Fund		35,723		7,022,596		69,141		—		16,759		9,600,547		—

106

Notes to Financial Statements (continued)

	2020								2019
Fund	Ordinary Income		Tax-Exempt Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Tax-Exempt Income		Long-Term Capital Gains
Short Tax-Free Fund	$	3,176	$	2,519,031	$	—	$	—	$	9,597	$	3,184,588	$	—
Short-Term Income Fund		5,661,786		—		—		—		6,393,700		—		—
Intermediate Tax-Free Fund		150,239		53,448,923		—		—		620,457		51,210,030		—
Strategic Income Fund		3,238,794		—		—		1,855,651		3,713,872		—		—
Corporate Income Fund		11,224,569		—		—		—		10,884,025		—		439,797
Core Plus Bond Fund		32,724,704		—		—		931,387		34,557,913		—		—
Government Money Market Fund		26,599,786		—		—		—		63,212,461		—		200
Tax-Free Money Market Fund		—		3,232,019		3,940		—		12,023		5,921,385		7,584
Prime Money Market Fund		4,641,360		—		—		—		10,006,252		—		—

As of August 31, 2020, the components of distributable earnings on a tax basis are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation
Low Volatility Equity Fund	$	438,026	$	—	$	129,459	$	—		$	35,459,833
Dividend Income Fund		1,017,860		—		7,695		—			40,316,303
Large-Cap Value Fund		703,713		—		—		(8,807,481	)		25,136,376
Large-Cap Growth Fund		1,698,143		—		19,123,939		—			200,468,174
Mid-Cap Value Fund		908,652		—		—		(6,326,260	)		1,174,069
Mid-Cap Growth Fund		1,454,323		—		5,995,793		—			20,158,403
Small-Cap Value Fund		243,819		—		—		—			(63,925	)
Small-Cap Growth Fund		—		—		3,773,842		—			15,185,606
Global Low Volatility Equity Fund		265,483		—		—		—			1,609,121
Disciplined International Equity Fund		655,732		—		—		(7,609,856	)		4,034,092
Pyrford International Stock Fund		12,931,800		—		—		(17,792,371	)		53,380,020
LGM Emerging Markets Equity Fund		7,430,831		—		—		(28,841,642	)		38,427,738
Ultra Short Tax-Free Fund		—		126,827		—		—			1,971,676
Short Tax-Free Fund		—		115,889		—		(193,590	)		2,134,273
Short-Term Income Fund		148,953		—		—		(1,752,045	)		5,487,005
Intermediate Tax-Free Fund		40,471		1,277,024		—		(33,449,503	)		110,154,256
Strategic Income Fund		—		—		—		(2,477,649	)		1,824,360
Corporate Income Fund		144,480		—		1,001,424		—			32,660,071
Core Plus Bond Fund		—		—		—		(8,541,621	)		78,545,554
Government Money Market Fund		29,107		—		—		(1,834	)		—
Tax-Free Money Market Fund		—		52,596		—		—			—
Prime Money Market Fund		—		—		—		—			—

At August 31, 2020, the Funds had capital loss carryforwards, which reduce the Funds’ taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards are not subject to expiration and are as follows:

	Capital Loss Carryforwards
Fund	Short-Term		Long-Term		Total		Utilized in Current Year
Large-Cap Value Fund	$	8,807,481	$	—	$	8,807,481	$	—
Mid-Cap Value Fund		6,326,260		—		6,326,260		—
Disciplined International Equity Fund		2,629,685		4,980,171		7,609,856		—
Pyrford International Stock Fund		—		17,792,371		17,792,371		11,745,116
LGM Emerging Markets Equity Fund		9,126,454		19,715,188		28,841,642		—
Short Tax-Free Fund		174,478		19,112		193,590		—
Short-Term Income Fund		640,694		1,111,351		1,752,045		378,962
Intermediate Tax-Free Fund		25,520,582		7,928,921		33,449,503		—
Strategic Income Fund		—		2,477,649		2,477,649		1,601,972
Corporate Income Fund		—		—		—		1,422,345
Core Plus Bond Fund		—		—		—		952,402
Government Money Market Fund		1,834		—		1,834		—

107

BMO Funds

As of August 31, 2020, the following funds had post-October losses, which are deferred until fiscal year 2021 for tax purposes, of:

	Post-October Losses
Fund	Short-Term		Long-Term
Low Volatility Equity Fund	$	8,084,105	$	3,446,811
Dividend Income Fund		12,610,502		10,429,675
Small-Cap Value Fund		3,318,536		1,727,299
Global Low Volatility Equity Fund		2,055,186		1,465,862
Ultra Short Tax-Free Fund		283,202		465,985

Net capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first day of the Fund’s next taxable year.

As of August 31, 2020, the Small-Cap Growth Fund had a late-year ordinary loss of $691,030, which is deferred until fiscal year 2021 for tax purposes. Net late-year losses incurred within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

9. Subsequent Event

On April 12, 2021, BMO Financial Group, which includes the Adviser, announced that it had reached a definitive agreement to sell the entities that represent BMO’s EMEA (Europe, the Middle-East and Africa) Asset Management business to Ameriprise Financial, Inc. (“Ameriprise”). The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approval and other customary closing conditions. Separately, in the U.S. BMO Financial Group and Ameriprise have agreed to work together to facilitate the transition of investment advisory services for certain mutually agreed upon BMO Funds, contingent upon the approval of the Funds’ Board of Directors and shareholders.

As of April 22, 2021, State Street Bank and Trust serves as the securities lending agent for the non-international Funds.

10. Reference Rate Reform

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows

companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.

108

NOTES

109

NOTES

110

NOTES

111

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectuses, which contain facts concerning each Fund’s objective and policies, management fees, expenses, and other information.

Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-800-236-FUND (3863) and by accessing the Funds’ Statement of Additional Information, which is available on the Funds’ website at http://www.bmofunds.com and on the SEC’s website at http://www.sec.gov.

Each Fund’s proxy voting record for the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll free, 1-800-236-FUND (3863) and by accessing the SEC’s website at http://www.sec.gov.

Disclosure of Portfolio Holdings

The Funds file their complete schedules of portfolio holdings with the SEC periodically. The schedule of portfolio holdings for the first and third quarter of the fiscal year for each Fund (other than the money market funds) is included as an exhibit on Form N-PORT. The schedule of portfolio holdings for the money market funds is filed monthly on Form N-MFP. Each Fund’s Form N-PORT or N-MFP is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the BMO Funds are not bank deposits or other obligations of, or issued, endorsed or guaranteed by, BMO Harris Bank, NA, or any of its affiliates. Shares of the BMO Funds, like shares of all mutual funds, are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793

	BMO Funds U.S. Services P.O. Box 55931 Boston, MA 02205-5931
	Contact us 1-800-236-FUND (3863) 414-287-8555
	Learn more bmofunds.com

BMO Investment Distributors, LLC, Distributor

BMO Asset Management Corp., Investment Adviser

Investment products are: NOT FDIC INSURED — NO BANK GUARANTEE — MAY LOSE VALUE.

© 2021 BMO Financial Corp. (9/21)

Book 1

BMO Funds February 28, 2021

Semi-Annual

report

Conservative Allocation Fund

Moderate Allocation Fund

Balanced Allocation Fund

Growth Allocation Fund

Aggressive Allocation Fund

Table of Contents

Financial Information
Expense Example	2
Schedules of Investments:
BMO Conservative Allocation Fund	3
BMO Moderate Allocation Fund	3
BMO Balanced Allocation Fund	4
BMO Growth Allocation Fund	5
BMO Aggressive Allocation Fund	6
Notes to Schedules of Investments	6
Statements of Assets and Liabilities	7
Statements of Operations	8
Statements of Changes in Net Assets	9
Financial Highlights	11
Notes to Financial Statements	15

Not FDIC Insured No Bank Guarantee May Lose Value

Expense Example (Unaudited)

For the Six Months Ended February 28, 2021

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period ended February 28, 2021 (9/1/20-2/28/21).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

			Actual Expenses				Hypothetical Expenses
Fund	Beginning account value 9/1/20		Ending account value 2/28/21		Expenses paid during period 9/1/20- 2/28/21(1)		Ending account value 2/28/21		Expenses paid during period 9/1/20- 2/28/21(1)		Annualized Expense Ratio(1)
Conservative Allocation Fund
Investor	$	1,000.00	$	1,031.80	$	1.66	$	1,023.16	$	1.66		0.33	%
Institutional		1,000.00		1,032.80		0.40		1,024.40		0.40		0.08
Retirement class R-3		1,000.00		1,030.00		2.92		1,021.92		2.91		0.58
Retirement class R-6		1,000.00		1,032.70		0.00		1,024.79		0.00		0.00
Moderate Allocation Fund
Investor		1,000.00		1,060.80		1.53		1,023.31		1.51		0.30
Institutional		1,000.00		1,061.90		0.26		1,024.55		0.25		0.05
Retirement class R-3		1,000.00		1,059.50		2.81		1,022.07		2.76		0.55
Retirement class R-6		1,000.00		1,062.90		0.00		1,024.79		0.00		0.00
Balanced Allocation Fund
Investor		1,000.00		1,088.80		1.71		1,023.16		1.66		0.33
Institutional		1,000.00		1,089.20		0.41		1,024.40		0.40		0.08
Retirement class R-3		1,000.00		1,086.60		3.00		1,021.92		2.91		0.58
Retirement class R-6		1,000.00		1,091.40		0.00		1,024.79		0.00		0.00
Growth Allocation Fund
Investor		1,000.00		1,119.40		1.58		1,023.31		1.51		0.30
Institutional		1,000.00		1,119.30		0.26		1,024.55		0.25		0.05
Retirement class R-3		1,000.00		1,116.70		2.89		1,022.07		2.76		0.55
Retirement class R-6		1,000.00		1,121.00		0.00		1,024.79		0.00		0.00
Aggressive Allocation Fund
Investor		1,000.00		1,142.30		1.75		1,023.16		1.66		0.33
Institutional		1,000.00		1,144.60		0.43		1,024.40		0.40		0.08
Retirement class R-3		1,000.00		1,141.80		3.08		1,021.92		2.91		0.58
Retirement class R-6		1,000.00		1,144.10		0.00		1,024.79		0.00		0.00

(1) Expenses are equal to the Funds’ annualized expense ratios for the period September 1, 2020 through February 28, 2021, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). These expenses and ratios are exclusive of acquired fund fees and expenses.

2

February 28, 2021 (Unaudited)

Schedules of Investments BMO Funds

Conservative Allocation Fund

Description	Shares		Value
Exchange Traded Funds — 6.1%
Large-Cap Funds — 4.1%
Vanguard S&P 500 ETF		5,153	$	1,801,437
Fixed Income Funds — 2.0%
Vanguard Long-Term Treasury ETF		9,985		870,692
Total Exchange Traded Funds (identified cost $2,459,836)				2,672,129
Mutual Funds — 95.3%
Large-Cap Funds — 8.4%
BMO Dividend Income Fund — Institutional Class (1)		22,003		355,123
BMO Large-Cap Growth Fund — Class R6 (1)		28,790		654,408
BMO Large-Cap Value Fund — Class R6 (1)		47,712		784,855
BMO Low Volatility Equity Fund — Institutional Class (1)		40,111		600,067
Dodge & Cox Stock Fund — Retail Class		2,917		613,782
Harbor Capital Appreciation Fund — Retirement Class		3,324		345,678
T. Rowe Price Growth Stock Fund — Institutional Class		2,995		297,753
Total Large-Cap Funds				3,651,666
Mid-Cap Funds — 2.3%
John Hancock Disciplined Value Mid Cap Fund — Class R6		15,567		390,116
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		3,228		372,245
Vanguard Mid-Cap Index Fund — Institutional Class		4,106		243,480
Total Mid-Cap Funds				1,005,841
Small-Cap Funds — 1.5%
BMO Small-Cap Growth Fund — Institutional Class (1)		10,436		245,468
BMO Small-Cap Value Fund — Class R6 (1)		20,593		306,635
Goldman Sachs Small Cap Value Fund — Institutional Class		1,799		111,513
Total Small-Cap Funds				663,616
International Funds — 6.3%
BMO Disciplined International Equity Fund — Institutional Class (1)		30,022		323,941
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		34,751		602,577
BMO Pyrford International Stock Fund — Class R6 (1)		33,078		456,146
Dodge & Cox International Stock Fund — Retail Class		6,801		311,203
MFS International Value Fund — Class R6		9,120		453,701
T. Rowe Price International Discovery Fund — Institutional Class		2,043		192,812
Vanguard Emerging Markets Stock Index Fund — Admiral Class		9,027		393,664
Total International Funds				2,734,044
Fixed Income Funds — 69.2%
BMO Core Plus Bond Fund — Institutional Class (1)		776,947		9,502,062
BMO Corporate Income Fund — Institutional Class (1)		74,084		1,040,881

Description	Shares		Value
Mutual Funds (continued)
Fixed Income Funds (continued)
Federated Hermes Institutional High-Yield Bond Fund — Class R6		244,506	$	2,432,832
Metropolitan West Total Return Bond Fund — Plan Class		899,610		9,238,994
TCW Emerging Markets Income Fund — Institutional Class		398,456		3,247,419
Vanguard Total Bond Market Index Fund — Institutional Class		404,757		4,581,846
Total Fixed Income Funds				30,044,034
Alternative Funds — 7.6%
BNY Mellon Global Real Return Fund — Institutional Class		200,644		3,296,577
Total Mutual Funds (identified cost $35,777,175)				41,395,778
Total Investments — 101.4% (identified cost $38,237,011)				44,067,907
Other Assets and Liabilities — (1.4)%				(625,316	)
Total Net Assets — 100.0%			$	43,442,591

Moderate Allocation Fund

Description	Shares		Value
Exchange Traded Funds — 9.2%
Large-Cap Funds — 8.4%
Vanguard S&P 500 ETF		19,575	$	6,843,225
Fixed Income Funds — 0.8%
Vanguard Long-Term Treasury ETF		7,131		621,823
Total Exchange Traded Funds (identified cost $6,436,500)				7,465,048
Mutual Funds — 89.8%
Large-Cap Funds — 16.3%
BMO Dividend Income Fund — Institutional Class (1)		77,560		1,251,811
BMO Large-Cap Growth Fund — Class R6 (1)		102,387		2,327,257
BMO Large-Cap Value Fund — Class R6 (1)		168,427		2,770,628
BMO Low Volatility Equity Fund — Institutional Class (1)		135,217		2,022,848
Dodge & Cox Stock Fund — Retail Class		10,414		2,191,495
Harbor Capital Appreciation Fund — Retirement Class		12,111		1,259,582
T. Rowe Price Growth Stock Fund — Institutional Class		11,244		1,117,607
Vanguard Institutional Index Fund — Institutional Class		722		243,379
Total Large-Cap Funds				13,184,607
Mid-Cap Funds — 3.5%
John Hancock Disciplined Value Mid Cap Fund — Class R6		41,433		1,038,308
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		8,562		987,322
Vanguard Mid-Cap Index Fund — Institutional Class		14,380		852,715
Total Mid-Cap Funds				2,878,345
Small-Cap Funds — 3.1%
BMO Small-Cap Growth Fund — Institutional Class (1)		38,414		903,494

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

3

February 28, 2021 (Unaudited)

Schedules of Investments

Moderate Allocation Fund (continued)

Description	Shares		Value
Mutual Funds (continued)
Small-Cap Funds (continued)
BMO Small-Cap Value Fund — Class R6 (1)		82,070	$	1,222,028
Goldman Sachs Small Cap Value Fund — Institutional Class		6,422		398,168
Total Small-Cap Funds				2,523,690
International Funds — 11.7%
BMO Disciplined International Equity Fund — Institutional Class (1)		110,162		1,188,654
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		109,777		1,903,527
BMO Pyrford International Stock Fund — Class R6 (1)		120,998		1,668,558
Dodge & Cox International Stock Fund — Retail Class		26,305		1,203,703
MFS International Value Fund — Class R6		33,357		1,659,513
T. Rowe Price International Discovery Fund — Institutional Class		7,471		704,971
Vanguard Emerging Markets Stock Index Fund — Admiral Class		27,297		1,190,434
Total International Funds				9,519,360
Fixed Income Funds — 49.8%
BMO Core Plus Bond Fund — Institutional Class (1)		1,181,815		14,453,595
BMO Corporate Income Fund — Institutional Class (1)		178,288		2,504,942
Federated Hermes Institutional High-Yield Bond Fund — Class R6		328,106		3,264,653
Metropolitan West Total Return Bond Fund — Plan Class		1,290,649		13,254,968
TCW Emerging Markets Income Fund — Institutional Class		528,838		4,310,029
Vanguard Total Bond Market Index Fund — Institutional Class		225,042		2,547,474
Total Fixed Income Funds				40,335,661
Alternative Funds — 5.4%
BNY Mellon Global Real Return Fund — Institutional Class		266,377		4,376,579
Total Mutual Funds (identified cost $59,665,861)				72,818,242
Short-Term Investments — 0.8%
Mutual Funds — 0.8%
BMO Government Money Market Fund — Premier Class, 0.010% (1)		600,218		600,218
Total Short-Term Investments — 0.8% (identified cost $600,218)				600,218
Total Investments — 99.8% (identified cost $66,702,579)				80,883,508
Other Assets and Liabilities — 0.2%				191,429
Total Net Assets — 100.0%			$	81,074,937

Balanced Allocation Fund

Description	Shares		Value
Exchange Traded Funds — 9.1%
Large-Cap Funds — 8.6%
Vanguard S&P 500 ETF		59,384	$	20,760,053
Fixed Income Funds — 0.5%
Vanguard Long-Term Treasury ETF		14,166		1,235,275
Total Exchange Traded Funds (identified cost $18,567,868)				21,995,328
Mutual Funds — 90.2%
Large-Cap Funds — 28.9%
BMO Dividend Income Fund — Institutional Class (1)		345,701		5,579,619
BMO Large-Cap Growth Fund — Class R6 (1)		453,888		10,316,866
BMO Large-Cap Value Fund — Class R6 (1)		758,334		12,474,600
BMO Low Volatility Equity Fund — Institutional Class (1)		605,778		9,062,438
Dodge & Cox Stock Fund — Retail Class		46,779		9,843,744
Harbor Capital Appreciation Fund — Retirement Class		53,372		5,550,651
T. Rowe Price Growth Stock Fund — Institutional Class		48,789		4,849,645
Vanguard Institutional Index Fund — Institutional Class		37,054		12,493,928
Total Large-Cap Funds				70,171,491
Mid-Cap Funds — 4.8%
John Hancock Disciplined Value Mid Cap Fund — Class R6		158,864		3,981,135
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		32,827		3,785,188
Vanguard Mid-Cap Index Fund — Institutional Class		64,253		3,810,214
Total Mid-Cap Funds				11,576,537
Small-Cap Funds — 4.2%
BMO Small-Cap Growth Fund — Institutional Class (1)		170,736		4,015,702
BMO Small-Cap Value Fund — Class R6 (1)		299,150		4,454,343
Goldman Sachs Small Cap Value Fund — Institutional Class		28,482		1,765,881
Total Small-Cap Funds				10,235,926
International Funds — 17.1%
BMO Disciplined International Equity Fund — Institutional Class (1)		475,118		5,126,524
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		433,704		7,520,423
BMO Pyrford International Stock Fund — Class R6 (1)		524,376		7,231,146
Dodge & Cox International Stock Fund — Retail Class		113,455		5,191,722
MFS International Value Fund — Class R6		144,583		7,192,990
T. Rowe Price International Discovery Fund — Institutional Class		32,560		3,072,421
Vanguard Developed Markets Index Fund — Admiral Class		94,440		1,457,210
Vanguard Emerging Markets Stock Index Fund — Admiral Class		110,915		4,836,994
Total International Funds				41,629,430

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

4

BMO Funds

Balanced Allocation Fund (continued)

Description	Shares		Value
Mutual Funds (continued)
Fixed Income Funds — 31.2%
BMO Core Plus Bond Fund — Institutional Class (1)		1,925,872	$	23,553,423
BMO Corporate Income Fund — Institutional Class (1)		680,898		9,566,621
Federated Hermes Institutional High-Yield Bond Fund — Class R6		497,619		4,951,309
Metropolitan West Total Return Bond Fund — Plan Class		2,273,885		23,352,797
TCW Emerging Markets Income Fund — Institutional Class		1,148,699		9,361,895
Vanguard Total Bond Market Index Fund — Institutional Class		435,519		4,930,073
Total Fixed Income Funds				75,716,118
Alternative Funds — 4.0%
BNY Mellon Global Real Return Fund — Institutional Class		591,677		9,721,250
Total Mutual Funds (identified cost $153,925,600)				219,050,752
Short-Term Investments — 0.7%
Mutual Funds — 0.7%
BMO Government Money Market Fund — Premier Class, 0.010% (1)		1,611,783		1,611,783
Total Short-Term Investments — 0.7% (identified cost $1,611,783)				1,611,783
Total Investments — 100.0% (identified cost $174,105,251)				242,657,863
Other Assets and Liabilities — 0.0%				77,058
Total Net Assets — 100.0%			$	242,734,921

Growth Allocation Fund

Description	Shares		Value
Exchange Traded Funds — 8.1%
Large-Cap Funds — 6.9%
Vanguard S&P 500 ETF		22,696	$	7,934,295
Fixed Income Funds — 1.2%
Vanguard Long-Term Treasury ETF		16,016		1,396,595
Total Exchange Traded Funds (identified cost $8,370,962)				9,330,890
Mutual Funds — 91.2%
Large-Cap Funds — 42.0%
BMO Dividend Income Fund — Institutional Class (1)		218,968		3,534,139
BMO Large-Cap Growth Fund — Class R6 (1)		285,724		6,494,509
BMO Large-Cap Value Fund — Class R6 (1)		476,735		7,842,295
BMO Low Volatility Equity Fund — Institutional Class (1)		378,381		5,660,586
Dodge & Cox Stock Fund — Retail Class		29,473		6,202,016
Harbor Capital Appreciation Fund — Retirement Class		33,581		3,492,466
T. Rowe Price Growth Stock Fund — Institutional Class		30,971		3,078,463

Description	Shares		Value
Mutual Funds (continued)
Large-Cap Funds (continued)
Vanguard Institutional Index Fund — Institutional Class		36,665	$	12,362,546
Total Large-Cap Funds				48,667,020
Mid-Cap Funds — 6.5%
John Hancock Disciplined Value Mid Cap Fund — Class R6		105,095		2,633,674
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		21,718		2,504,285
Vanguard Mid-Cap Index Fund — Institutional Class		40,813		2,420,236
Total Mid-Cap Funds				7,558,195
Small-Cap Funds — 5.8%
BMO Small-Cap Growth Fund — Institutional Class (1)		106,689		2,509,313
BMO Small-Cap Value Fund — Class R6 (1)		209,938		3,125,977
Goldman Sachs Small Cap Value Fund — Institutional Class		18,117		1,123,281
Total Small-Cap Funds				6,758,571
International Funds — 22.6%
BMO Disciplined International Equity Fund — Institutional Class (1)		300,239		3,239,574
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		273,152		4,736,461
BMO Pyrford International Stock Fund — Class R6 (1)		313,048		4,316,935
Dodge & Cox International Stock Fund — Retail Class		71,664		3,279,320
MFS International Value Fund — Class R6		91,076		4,531,052
T. Rowe Price International Discovery Fund — Institutional Class		20,029		1,889,933
Vanguard Developed Markets Index Fund — Admiral Class		59,886		924,047
Vanguard Emerging Markets Stock Index Fund — Admiral Class		73,134		3,189,372
Total International Funds				26,106,694
Fixed Income Funds — 11.7%
BMO Core Plus Bond Fund — Institutional Class (1)		228,653		2,796,425
BMO Corporate Income Fund — Institutional Class (1)		404,206		5,679,086
Federated Hermes Institutional High-Yield Bond Fund — Class R6		118,318		1,177,265
Metropolitan West Total Return Bond Fund — Plan Class		177,012		1,817,914
TCW Emerging Markets Income Fund — Institutional Class		247,214		2,014,795
Total Fixed Income Funds				13,485,485
Alternative Funds — 2.6%
BNY Mellon Global Real Return Fund — Institutional Class		181,157		2,976,409
Total Mutual Funds (identified cost $67,934,255)				105,552,374

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

5

February 28, 2021 (Unaudited)

Schedules of Investments

Growth Allocation Fund (continued)

Description	Shares		Value
Short-Term Investments — 0.8%
Mutual Funds — 0.8%
BMO Government Money Market Fund — Premier Class, 0.010% (1)		940,344	$	940,344
Total Short-Term Investments — 0.8% (identified cost $940,344)				940,344
Total Investments — 100.1% (identified cost $77,245,561)				115,823,608
Other Assets and Liabilities — (0.1)%				(85,339	)
Total Net Assets — 100.0%			$	115,738,269

Aggressive Allocation Fund

Description	Shares		Value
Exchange Traded Funds — 10.1%
Large-Cap Funds — 10.1%
Vanguard S&P 500 ETF (identified cost $14,767,530)		48,633	$	17,001,610
Mutual Funds — 88.5%
Large-Cap Funds — 48.3%
BMO Dividend Income Fund — Institutional Class (1)		429,663		6,934,760
BMO Large-Cap Growth Fund — Class R6 (1)		512,252		11,643,479
BMO Large-Cap Value Fund — Class R6 (1)		850,362		13,988,460
BMO Low Volatility Equity Fund — Institutional Class (1)		656,899		9,827,209
Dodge & Cox Stock Fund — Retail Class		49,968		10,514,851
Harbor Capital Appreciation Fund — Retirement Class		62,012		6,449,262
T. Rowe Price Growth Stock Fund — Institutional Class		49,885		4,958,531
Vanguard Institutional Index Fund — Institutional Class		51,244		17,278,610
Total Large-Cap Funds				81,595,162
Mid-Cap Funds — 6.1%
John Hancock Disciplined Value Mid Cap Fund — Class R6		141,117		3,536,400
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		29,162		3,362,635
Vanguard Mid-Cap Index Fund — Institutional Class		58,518		3,470,145
Total Mid-Cap Funds				10,369,180

Description	Shares		Value
Mutual Funds (continued)
Small-Cap Funds — 7.1%
BMO Small-Cap Growth Fund — Institutional Class (1)		210,394	$	4,948,457
BMO Small-Cap Value Fund — Class R6 (1)		351,444		5,233,002
Goldman Sachs Small Cap Value Fund — Institutional Class		29,027		1,799,684
Total Small-Cap Funds				11,981,143
International Funds — 27.0%
BMO Disciplined International Equity Fund — Institutional Class (1)		469,678		5,067,825
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		531,576		9,217,531
BMO Pyrford International Stock Fund — Class R6 (1)		595,271		8,208,780
Dodge & Cox International Stock Fund — Retail Class		112,073		5,128,476
MFS International Value Fund — Class R6		162,857		8,102,120
T. Rowe Price International Discovery Fund — Institutional Class		35,194		3,320,945
Vanguard Developed Markets Index Fund — Admiral Class		108,994		1,681,776
Vanguard Emerging Markets Stock Index Fund — Admiral Class		114,041		4,973,314
Total International Funds				45,700,767
Total Mutual Funds (identified cost $89,346,562)				149,646,252
Short-Term Investments — 1.5%
Mutual Funds — 1.5%
BMO Government Money Market Fund — Premier Class, 0.010% (1)		2,547,679		2,547,679
Total Short-Term Investments — 1.5% (identified cost $2,547,679)				2,547,679
Total Investments — 100.1% (identified cost $106,661,771)				169,195,541
Other Assets and Liabilities — (0.1)%				(135,172	)
Total Net Assets — 100.0%			$	169,060,369

Notes to Schedules of Investments

The categories of investments are shown as a percentage of total net assets for each Fund as of February 28, 2021.

(1) Denotes an investment in an affiliated entity. Please refer to Note 5, subsection Investments in Affiliated Issuers, in the Notes to Financial Statements.

ETF Exchange Traded Fund

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

6

February 28, 2021 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Conservative Allocation Fund		Moderate Allocation Fund		Balanced Allocation Fund		Growth Allocation Fund		Aggressive Allocation Fund
Assets:
Investments in unaffiliated issuers, at value	$	29,195,744	$	48,065,947	$	142,144,375	$	64,947,963	$	91,578,359
Cash sweep investments in affiliated issuers, at value		—		600,218		1,611,783		940,344		2,547,679
Investments in other affiliated issuers, at value		14,872,163		32,217,343		98,901,705		49,935,301		75,069,503
Dividends and interest receivable		63,167		85,742		164,210		35,042		12
Receivable for capital stock sold		11,235		132,143		231,398		69,141		259,798
Receivable from affiliates, net (Note 5)		11,452		12,887		2,262		15,681		6,204
Prepaid expenses and other receivables		18,144		18,305		19,361		18,520		18,765
Total assets		44,171,905		81,132,585		243,075,094		115,961,992		169,480,320
Liabilities:
Payable for capital stock redeemed		18,815		47,994		317,575		214,608		404,580
Payable to affiliates for interfund lending		707,687		—		—		—		—
Other liabilities		2,812		9,654		22,598		9,115		15,371
Total liabilities		729,314		57,648		340,173		223,723		419,951
Total net assets	$	43,442,591	$	81,074,937	$	242,734,921	$	115,738,269	$	169,060,369
Net assets consist of:
Paid-in capital	$	37,469,568	$	66,257,109	$	168,166,766	$	75,844,696	$	99,300,799
Distributable earnings		5,973,023		14,817,828		74,568,155		39,893,573		69,759,570
Total net assets	$	43,442,591	$	81,074,937	$	242,734,921	$	115,738,269	$	169,060,369
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares	$	7.59	$	9.08	$	8.08	$	9.74	$	8.88
Institutional class of shares		7.99		9.13		8.07		9.74		8.88
Retirement class R-3 of shares		7.76		9.10		8.09		9.75		8.86
Retirement class R-6 of shares		7.68		9.16		8.11		9.79		8.91
Net assets:
Investor class of shares	$	10,047,282	$	2,688,582	$	43,167,391	$	2,324,568	$	17,025,571
Institutional class of shares		442,804		6,163,367		38,314,017		5,782,155		8,529,431
Retirement class R-3 of shares		684,031		9,187,083		15,565,540		10,277,442		20,902,050
Retirement class R-6 of shares		32,268,474		63,035,905		145,687,973		97,354,104		122,603,317
Total net assets	$	43,442,591	$	81,074,937	$	242,734,921	$	115,738,269	$	169,060,369
Shares outstanding:
Investor class of shares		1,324,236		296,123		5,342,707		238,776		1,916,246
Institutional class of shares		55,425		675,065		4,747,968		593,674		960,414
Retirement class R-3 of shares		88,150		1,010,105		1,924,050		1,053,846		2,359,003
Retirement class R-6 of shares		4,201,249		6,881,397		17,970,051		9,944,083		13,753,258
Total shares outstanding		5,669,060		8,862,690		29,984,776		11,830,379		18,988,921
Investments, at cost:
Investments in unaffiliated issuers	$	26,126,989	$	39,982,826	$	99,228,884	$	38,609,261	$	50,047,441
Cash sweep investments in affiliated issuers		—		600,218		1,611,783		940,344		2,547,679
Investments in other affiliated issuers		12,110,022		26,119,535		73,264,584		37,695,956		54,066,651
Total investments, at cost	$	38,237,011	$	66,702,579	$	174,105,251	$	77,245,561	$	106,661,771

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

7

Six Months Ended February 28, 2021 (Unaudited)

Statements of Operations BMO Funds

	Conservative Allocation Fund			Moderate Allocation Fund			Balanced Allocation Fund			Growth Allocation Fund			Aggressive Allocation Fund
Investment Income:
Dividend income from:
Unaffiliated issuers	$	329,993		$	420,685		$	989,529		$	301,114		$	291,083
Affiliated issuers		198,983			386,496			1,212,183			570,474			765,083
Excess expense reimbursement from investment adviser (Note 5)		11,813			29,750			49,973			45,556			39,224
Total income		540,789			836,931			2,251,685			917,144			1,095,390
Expenses:
Shareholder servicing fees (Note 5)		13,354			4,277			57,058			3,015			22,007
Administration fees (Note 5)		8,797			13,619			73,452			12,976			34,681
Portfolio accounting fees		9,496			10,889			19,622			12,261			13,857
Recordkeeping fees		18,431			18,325			19,222			18,774			19,396
Custodian fees		50			56			141			133			79
Registration fees		38,994			39,575			39,738			39,373			39,391
Professional fees		10,081			10,081			10,081			10,081			10,081
Printing and postage		5,828			6,466			7,335			5,803			7,728
Directors’ fees		8,868			8,868			8,868			8,868			8,868
Distribution services fees (Note 5)		1,502			20,540			37,157			23,729			48,029
Miscellaneous		2,969			3,034			6,204			3,377			3,979
Total Expenses		118,370			135,730			278,878			138,390			208,096
Deduct:
Expense waivers (Note 5)		(98,664	)		(106,302	)		(145,304	)		(107,213	)		(119,563	)
Net expenses		19,706			29,428			133,574			31,177			88,533
Net investment income (loss)		521,083			807,503			2,118,111			885,967			1,006,857
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on transactions from:
Investments in unaffiliated issuers		364,651			2,207,739			10,573,543			3,126,539			9,664,224
Investments in affiliated issuers		195,271			489,328			3,019,015			1,140,795			1,889,284
Net realized gain (loss) on capital gains distributions from:
Investments in unaffiliated issuers		623,348			1,134,485			3,552,402			1,572,454			2,540,649
Investments in affiliated issuers		66,710			212,212			978,599			584,178			966,170
Total net realized gain		1,249,980			4,043,764			18,123,559			6,423,966			15,060,327
Net change in unrealized gain (loss) appreciation/depreciation on:
Investments in unaffiliated issuers		(417,185	)		(884,485	)		(2,964,422	)		2,314,110			308,097
Investments in affiliated issuers		94,415			697,524			3,011,448			2,774,444			5,170,742
Total net change in unrealized appreciation/depreciation		(322,770	)		(186,961	)		47,026			5,088,554			5,478,839
Net realized and unrealized gain (loss)		927,210			3,856,803			18,170,585			11,512,520			20,539,166
Change in net assets resulting from operations	$	1,448,293		$	4,664,306		$	20,288,696		$	12,398,487		$	21,546,023

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

8

February 28, 2021 (Unaudited)

Statements of Changes in Net Assets BMO Funds

	Conservative Allocation Fund						Moderate Allocation Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	521,083		$	954,474		$	807,503		$	1,694,768
Net realized gain (loss) on investments		1,249,980			738,181			4,043,764			2,995,415
Net change in unrealized appreciation / depreciation on investments		(322,770	)		1,032,058			(186,961	)		1,645,358
Change in net assets resulting from operations		1,448,293			2,724,713			4,664,306			6,335,541
Distributions to shareholders:
Investor class of shares		(558,242	)		(588,913	)		(318,978	)		(210,809	)
Institutional class of shares		(20,408	)		(29,294	)		(591,496	)		(370,646	)
Retirement class R-3 of shares		(28,795	)		(34,543	)		(709,195	)		(410,410	)
Retirement class R-6 of shares		(1,741,236	)		(1,456,744	)		(5,221,393	)		(3,427,730	)
Change in net assets resulting from distributions to shareholders		(2,348,681	)		(2,109,494	)		(6,841,062	)		(4,419,595	)
Capital stock transactions:
Proceeds from sale of shares		5,283,534			18,667,073			9,606,460			20,165,300
Net asset value of shares issued to shareholders in payment of distributions declared		2,348,681			2,109,494			6,799,354			4,393,582
Cost of shares redeemed		(9,342,551	)		(13,129,292	)		(11,223,604	)		(20,226,156	)
Change in net assets resulting from capital stock transactions		(1,710,336	)		7,647,275			5,182,210			4,332,726
Change in net assets		(2,610,724	)		8,262,494			3,005,454			6,248,672
Net assets:
Beginning of period		46,053,315			37,790,821			78,069,483			71,820,811
End of period	$	43,442,591		$	46,053,315		$	81,074,937		$	78,069,483

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

9

February 28, 2021 (Unaudited)

Statements of Changes in Net Assets BMO Funds

	Balanced Allocation Fund						Growth Allocation Fund						Aggressive Allocation Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	2,118,111		$	5,357,525		$	885,967		$	2,284,381		$	1,006,857		$	2,909,174
Net realized gain (loss) on investments		18,123,559			19,605,350			6,423,966			5,903,007			15,060,327			12,289,664
Net change in unrealized appreciation / depreciation on investments		47,026			(937,619	)		5,088,554			2,658,580			5,478,839			3,569,206
Change in net assets resulting from operations		20,288,696			24,025,256			12,398,487			10,845,968			21,546,023			18,768,044
Distributions to shareholders:
Investor class of shares		(5,441,034	)		(6,302,490	)		(236,570	)		(472,835	)		(1,999,998	)		(2,248,354	)
Institutional class of shares		(4,831,236	)		(3,952,087	)		(518,466	)		(1,063,122	)		(1,152,100	)		(1,042,965	)
Retirement class R-3 of shares		(1,867,821	)		(1,386,719	)		(898,815	)		(642,787	)		(2,249,619	)		(1,537,576	)
Retirement class R-6 of shares		(17,821,274	)		(15,963,209	)		(8,947,660	)		(7,071,756	)		(13,336,355	)		(10,584,450	)
Change in net assets resulting from distributions to shareholders		(29,961,365	)		(27,604,505	)		(10,601,511	)		(9,250,500	)		(18,738,072	)		(15,413,345	)
Capital stock transactions:
Proceeds from sale of shares		13,455,201			37,752,942			7,864,766			23,414,834			14,537,961			26,172,980
Net asset value of shares issued to shareholders in payment of distributions declared		29,891,365			27,551,532			10,601,511			9,250,500			18,736,583			15,406,632
Cost of shares redeemed		(38,245,202	)		(88,109,720	)		(10,687,312	)		(41,982,333	)		(20,810,808	)		(53,420,625	)
Change in net assets resulting from capital stock transactions		5,101,364			(22,805,246	)		7,778,965			(9,316,999	)		12,463,736			(11,841,013	)
Change in net assets		(4,571,305	)		(26,384,495	)		9,575,941			(7,721,531	)		15,271,687			(8,486,314	)
Net assets:
Beginning of period		247,306,226			273,690,721			106,162,328			113,883,859			153,788,682			162,274,996
End of period	$	242,734,921		$	247,306,226		$	115,738,269		$	106,162,328		$	169,060,369		$	153,788,682

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

10

Financial Highlights—Investor Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period		Net investment income (loss) (2)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain			Total distributions			Net asset value, end of period		Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)		Portfolio turnover rate (4)
																										Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Conservative Allocation Fund
2021(6)	$	7.76	$	0.08		$	0.17		$	0.25		$	(0.27	)	$	(0.15	)	$	(0.42	)	$	7.59		3.18	%		0.82	%		0.33	%		2.05	%	$	10,047		20	%
2020		7.72		0.16	(7)		0.32			0.48			(0.22	)		(0.22	)		(0.44	)		7.76		6.49			0.87			0.33			2.08			10,750		77
2019		8.67		0.18	(7)		0.14			0.32			(0.22	)		(1.05	)		(1.27	)		7.72		5.13			0.85			0.33			2.36			10,526		50
2018		10.02		0.21			(0.03	)		0.18			(0.40	)		(1.13	)		(1.53	)		8.67		1.79			0.79			0.33			1.99			13,395		29
2017		9.80		0.18			0.28			0.46			(0.24	)		(0.00	)		(0.24	)		10.02		4.83			0.58			0.33			1.55			15,531		40
2016		9.76		0.25			0.21			0.46			(0.23	)		(0.19	)		(0.42	)		9.80		4.98			0.56			0.33			2.23			17,919		31
Moderate Allocation Fund
2021(6)		9.37		0.08			0.48			0.56			(0.29	)		(0.56	)		(0.85	)		9.08		6.08			0.65			0.30			1.83			2,689		23
2020		9.13		0.19			0.60			0.79			(0.23	)		(0.32	)		(0.55	)		9.37		9.03			0.66			0.30			2.00			3,486		82
2019		9.92		0.19	(7)		0.02			0.21			(0.26	)		(0.74	)		(1.00	)		9.13		3.15			0.64			0.30			2.05			3,486		57
2018		10.08		0.18			0.31			0.49			(0.19	)		(0.46	)		(0.65	)		9.92		4.94			0.60			0.30			1.69			7,126		31
2017		9.72		0.17			0.55			0.72			(0.22	)		(0.14	)		(0.36	)		10.08		7.59			0.58			0.30			1.43			7,777		39
2016		9.78		0.24			0.23			0.47			(0.20	)		(0.33	)		(0.53	)		9.72		5.13			0.56			0.30			1.92			13,119		38
Balanced Allocation Fund
2021(6)		8.46		0.07			0.66			0.73			(0.21	)		(0.90	)		(1.11	)		8.08		8.88			0.49			0.33			1.65			43,167		19
2020		8.49		0.16			0.68			0.84			(0.19	)		(0.68	)		(0.87	)		8.46		10.40			0.49			0.33			1.91			47,469		60
2019		9.41		0.23			(0.25	)		(0.02	)		(0.21	)		(0.69	)		(0.90	)		8.49		0.94			0.47			0.33			1.87			62,662		52
2018		9.65		0.15			0.60			0.75			(0.18	)		(0.81	)		(0.99	)		9.41		8.06			0.48			0.33			1.39			98,453		29
2017		9.42		0.13			0.79			0.92			(0.18	)		(0.51	)		(0.69	)		9.65		10.33			0.48			0.33			1.19			101,517		35
2016		9.78		0.15			0.32			0.47			(0.17	)		(0.66	)		(0.83	)		9.42		5.23			0.47			0.33			1.54			110,814		33
Growth Allocation Fund
2021(6)		9.60		0.07			1.04			1.11			(0.20	)		(0.77	)		(0.97	)		9.74		11.94			0.58			0.30			1.35			2,325		22
2020		9.33		0.20	(7)		0.81			1.01			(0.19	)		(0.55	)		(0.74	)		9.60		11.13			0.58			0.30			2.13			2,316		58
2019		10.58		0.15	(7)		(0.39	)		(0.24	)		(0.22	)		(0.79	)		(1.01	)		9.33		(1.00	)		0.56			0.30			1.63			5,883		44
2018		10.23		0.13			0.98			1.11			(0.18	)		(0.58	)		(0.76	)		10.58		11.15			0.56			0.30			1.18			13,887		32
2017		9.57		0.10			1.11			1.21			(0.12	)		(0.43	)		(0.55	)		10.23		13.27			0.57			0.30			1.10			16,758		42
2016		9.82		0.12			0.37			0.49			(0.16	)		(0.58	)		(0.74	)		9.57		5.28			0.56			0.30			1.22			24,691		38
Aggressive Allocation Fund
2021(6)		8.77		0.05			1.15			1.20			(0.15	)		(0.94	)		(1.09	)		8.88		14.23			0.53			0.33			1.12			17,026		24
2020		8.53		0.15	(7)		0.91			1.06			(0.16	)		(0.66	)		(0.82	)		8.77		12.79			0.54			0.33			1.77			18,159		37
2019		10.01		0.24			(0.61	)		(0.37	)		(0.21	)		(0.90	)		(1.11	)		8.53		(2.10	)		0.52			0.33			1.59			23,715		47
2018		10.01		0.12			1.20			1.32			(0.19	)		(1.13	)		(1.32	)		10.01		13.90			0.53			0.33			1.06			34,898		27
2017		9.56		0.11			1.27			1.38			(0.10	)		(0.83	)		(0.93	)		10.01		15.60			0.53			0.33			1.03			37,632		33
2016		9.85		0.10			0.38			0.48			(0.13	)		(0.64	)		(0.77	)		9.56		5.14			0.52			0.33			1.04			52,260		33

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) For the six months ended February 28, 2021 (Unaudited).

(7) Calculated using the average shares method.

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

11

Financial Highlights—Institutional Class of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Conservative Allocation Fund
2021(6)		$	8.14		$	0.10			$	0.17			$	0.27			$	(0.27	)		$	(0.15	)		$	(0.42	)		$	7.99		3.28	%		0.57	%		0.08	%		2.44	%		$	443		20	%
2020			8.05			0.18	(7)			0.35				0.53				(0.22	)			(0.22	)			(0.44	)			8.14		6.86			0.62			0.08			2.29				415		77
2019			8.97			0.21	(7)			0.14				0.35				(0.22	)			(1.05	)			(1.27	)			8.05		5.32			0.60			0.08			2.57				564		50
2018			10.02			3.41				(3.20	)			0.21				(0.13	)			(1.13	)			(1.26	)			8.97		2.11			0.52			0.08			1.10				1,416		29
2017			9.81			0.18				0.30				0.48				(0.27	)			(0.00	)			(0.27	)			10.02		5.07			0.33			0.08			1.78				26,464		40
2016			9.77			0.24				0.25				0.49				(0.26	)			(0.19	)			(0.45	)			9.81		5.29			0.31			0.08			2.46				29,479		31
Moderate Allocation Fund
2021(6)			9.41			0.10				0.48				0.58				(0.30	)			(0.56	)			(0.86	)			9.13		6.19			0.40			0.05			2.17				6,163		23
2020			9.16			0.24				0.57				0.81				(0.24	)			(0.32	)			(0.56	)			9.41		9.20			0.41			0.05			2.33				6,378		82
2019			9.94			0.21	(7)			0.02				0.23				(0.27	)			(0.74	)			(1.01	)			9.16		3.42			0.39			0.05			2.27				6,997		57
2018			10.08			0.28				0.25				0.53				(0.21	)			(0.46	)			(0.67	)			9.94		5.33			0.36			0.05			1.68				5,888		31
2017			9.73			0.17				0.57				0.74				(0.25	)			(0.14	)			(0.39	)			10.08		7.82			0.33			0.05			1.66				9,375		39
2016			9.79			0.23				0.28				0.51				(0.24	)			(0.33	)			(0.57	)			9.73		5.50			0.31			0.05			2.15				11,990		38
Balanced Allocation Fund
2021(6)			8.47			0.07				0.66				0.73				(0.23	)			(0.90	)			(1.13	)			8.07		8.92			0.24			0.08			1.70				38,314		19
2020			8.50			0.18				0.69				0.87				(0.22	)			(0.68	)			(0.90	)			8.47		10.75			0.24			0.08			2.11				37,233		60
2019			9.42			0.26				(0.26	)			—				(0.23	)			(0.69	)			(0.92	)			8.50		1.23			0.22			0.08			1.99				37,232		52
2018			9.66			0.19				0.58				0.77				(0.20	)			(0.81	)			(1.01	)			9.42		8.27			0.23			0.08			1.61				47,597		29
2017			9.43			0.13				0.81				0.94				(0.20	)			(0.51	)			(0.71	)			9.66		10.67			0.23			0.08			1.42				52,821		35
2016			9.79			0.17				0.33				0.50				(0.20	)			(0.66	)			(0.86	)			9.43		5.54			0.22			0.08			1.73				74,515		33
Growth Allocation Fund
2021(6)			9.61			0.08				1.03				1.11				(0.21	)			(0.77	)			(0.98	)			9.74		11.93			0.33			0.05			1.57				5,782		22
2020			9.32			0.22	(7)			0.82				1.04				(0.20	)			(0.55	)			(0.75	)			9.61		11.55			0.33			0.05			2.37				5,172		58
2019			10.59			0.18	(7)			(0.42	)			(0.24	)			(0.24	)			(0.79	)			(1.03	)			9.32		(0.88	)		0.31			0.05			1.96				13,390		44
2018			10.23			0.15				1.00				1.15				(0.21	)			(0.58	)			(0.79	)			10.59		11.59			0.31			0.05			1.42				11,441		32
2017			9.58			0.09				1.14				1.23				(0.15	)			(0.43	)			(0.58	)			10.23		13.51			0.32			0.05			1.15				8,969		42
2016			9.84			0.14				0.37				0.51				(0.19	)			(0.58	)			(0.77	)			9.58		5.50			0.31			0.05			1.48				9,696		38
Aggressive Allocation Fund
2021(6)			8.77			0.06				1.15				1.21				(0.16	)			(0.94	)			(1.10	)			8.88		14.46			0.28			0.08			1.31				8,529		24
2020			8.53			0.16	(7)			0.92				1.08				(0.18	)			(0.66	)			(0.84	)			8.77		13.06			0.29			0.08			1.99				9,549		37
2019			10.01			0.26				(0.61	)			(0.35	)			(0.23	)			(0.90	)			(1.13	)			8.53		(1.79	)		0.27			0.08			1.79				12,095		47
2018			10.00			0.15				1.20				1.35				(0.21	)			(1.13	)			(1.34	)			10.01		14.26			0.28			0.08			1.23				15,878		27
2017			9.57			0.14				1.25				1.39				(0.13	)			(0.83	)			(0.96	)			10.00		15.79			0.28			0.08			1.29				14,685		33
2016			9.87			0.11				0.39				0.50				(0.16	)			(0.64	)			(0.80	)			9.57		5.41			0.27			0.08			1.31				24,026		33

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) For the six months ended February 28, 2021 (Unaudited).

(7) Calculated using the average shares method.

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

12

Financial Highlights—Retirement Class R-3 of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)			Net investment income (loss) (5)
Conservative Allocation Fund
2021(6)		$	7.93		$	0.05			$	0.19			$	0.24			$	(0.26	)		$	(0.15	)		$	(0.41	)		$	7.76		3.00	%		1.07	%		0.58	%		1.37	%		$	684		20	%
2020			7.88			0.14	(7)			0.34				0.48				(0.21	)			(0.22	)			(0.43	)			7.93		6.29			1.12			0.58			1.86				549		77
2019			8.84			0.17	(7)			0.13				0.30				(0.21	)			(1.05	)			(1.26	)			7.88		4.78			1.10			0.58			2.14				633		50
2018			10.01			0.52				(0.36	)			0.16				(0.20	)			(1.13	)			(1.33	)			8.84		1.58			1.04			0.58			1.41				956		29
2017			9.80			0.13				0.30				0.43				(0.22	)			(0.00	)			(0.22	)			10.01		4.52			0.83			0.58			1.34				3,012		40
2016			9.74			0.21				0.24				0.45				(0.20	)			(0.19	)			(0.39	)			9.80		4.82			0.81			0.58			1.97				6,802		31
Moderate Allocation Fund
2021(6)			9.38			0.07				0.48				0.55				(0.27	)			(0.56	)			(0.83	)			9.10		5.95			0.90			0.55			1.53				9,187		23
2020			9.14			0.15				0.62				0.77				(0.21	)			(0.32	)			(0.53	)			9.38		8.76			0.91			0.55			1.73				7,705		82
2019			9.91			0.17	(7)			0.02				0.19				(0.22	)			(0.74	)			(0.96	)			9.14		2.94			0.89			0.55			1.89				6,975		57
2018			10.08			0.20				0.26				0.46				(0.17	)			(0.46	)			(0.63	)			9.91		4.65			0.85			0.55			1.43				8,095		31
2017			9.72			0.11				0.58				0.69				(0.19	)			(0.14	)			(0.33	)			10.08		7.37			0.83			0.55			1.10				13,725		39
2016			9.76			0.26				0.19				0.45				(0.16	)			(0.33	)			(0.49	)			9.72		4.90			0.81			0.55			1.65				12,695		38
Balanced Allocation Fund
2021(6)			8.47			0.05				0.66				0.71				(0.19	)			(0.90	)			(1.09	)			8.09		8.66			0.74			0.58			1.21				15,566		19
2020			8.50			0.13				0.69				0.82				(0.17	)			(0.68	)			(0.85	)			8.47		10.14			0.74			0.58			1.57				14,550		60
2019			9.41			0.21				(0.24	)			(0.03	)			(0.19	)			(0.69	)			(0.88	)			8.50		0.75			0.72			0.58			1.73				13,632		52
2018			9.64			0.13				0.59				0.72				(0.14	)			(0.81	)			(0.95	)			9.41		7.77			0.73			0.58			1.16				19,213		29
2017			9.40			0.09				0.80				0.89				(0.14	)			(0.51	)			(0.65	)			9.64		10.11			0.73			0.58			0.92				23,649		35
2016			9.76			0.13				0.31				0.44				(0.14	)			(0.66	)			(0.80	)			9.40		4.94			0.72			0.58			1.28				29,095		33
Growth Allocation Fund
2021(6)			9.61			0.05				1.04				1.09				(0.18	)			(0.77	)			(0.95	)			9.75		11.67			0.83			0.55			1.06				10,277		22
2020			9.34			0.13	(7)			0.86				0.99				(0.17	)			(0.55	)			(0.72	)			9.61		10.86			0.83			0.55			1.46				9,437		58
2019			10.58			0.15	(7)			(0.42	)			(0.27	)			(0.18	)			(0.79	)			(0.97	)			9.34		(1.29	)		0.81			0.55			1.59				8,220		44
2018			10.22			0.10				0.99				1.09				(0.15	)			(0.58	)			(0.73	)			10.58		11.00			0.81			0.55			0.91				15,107		32
2017			9.55			0.10				1.08				1.18				(0.08	)			(0.43	)			(0.51	)			10.22		12.96			0.82			0.55			0.85				18,846		42
2016			9.81			0.09				0.37				0.46				(0.14	)			(0.58	)			(0.72	)			9.55		4.95			0.81			0.55			0.91				25,876		38
Aggressive Allocation Fund
2021(6)			8.74			0.03				1.16				1.19				(0.13	)			(0.94	)			(1.07	)			8.86		14.18			0.78			0.58			0.75				20,902		24
2020			8.50			0.11	(7)			0.93				1.04				(0.14	)			(0.66	)			(0.80	)			8.74		12.59			0.79			0.58			1.33				18,171		37
2019			9.99			0.20				(0.60	)			(0.40	)			(0.19	)			(0.90	)			(1.09	)			8.50		(2.47	)		0.77			0.58			1.29				16,079		47
2018			9.98			0.10				1.20				1.30				(0.16	)			(1.13	)			(1.29	)			9.99		13.70			0.78			0.58			0.79				16,950		27
2017			9.55			0.06				1.29				1.35				(0.09	)			(0.83	)			(0.92	)			9.98		15.24			0.78			0.58			0.63				17,152		33
2016			9.84			0.07				0.38				0.45				(0.10	)			(0.64	)			(0.74	)			9.55		4.87			0.77			0.58			0.77				19,395		33

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) For the six months ended February 28, 2021 (Unaudited).

(7) Calculated using the average shares method.

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

13

Financial Highlights—Retirement Class R-6 of Shares (For a share outstanding throughout each period)

Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss) (2)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return(3)(4)			Ratios to Average Net Assets (1)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
																																		Gross Expenses			Net Expenses (5)(6)			Net investment income (loss) (5)
Conservative Allocation Fund
2021(7)		$	7.84		$	0.09			$	0.17			$	0.26			$	(0.27	)		$	(0.15	)		$	(0.42	)		$	7.68		3.27	%		0.42	%		0.00	%		2.38	%		$	32,268		20	%
2020			7.76			0.19	(8)			0.33				0.52				(0.22	)			(0.22	)			(0.44	)			7.84		6.99			0.47			0.00			2.46				34,340		77
2019			8.68			0.21	(8)			0.14				0.35				(0.22	)			(1.05	)			(1.27	)			7.76		5.51			0.45			0.00			2.72				26,067		50
2018			10.03			0.21				0.01				0.22				(0.44	)			(1.13	)			(1.57	)			8.68		2.28			0.39			0.00			2.42				21,748		29
2017			9.82			0.27				0.23				0.50				(0.29	)			(0.00	)			(0.29	)			10.03		5.22			0.18			0.00			1.96				28,927		40
2016			9.79			0.25				0.24				0.49				(0.27	)			(0.19	)			(0.46	)			9.82		5.34			0.16			0.00			2.61				88,818		31
Moderate Allocation Fund
2021(7)			9.43			0.10				0.49				0.59				(0.30	)			(0.56	)			(0.86	)			9.16		6.29			0.25			0.00			2.16				63,036		23
2020			9.16			0.22				0.61				0.83				(0.24	)			(0.32	)			(0.56	)			9.43		9.42			0.26			0.00			2.37				60,501		82
2019			9.92			0.23	(8)			0.02				0.25				(0.27	)			(0.74	)			(1.01	)			9.16		3.63			0.24			0.00			2.58				54,363		57
2018			10.09			0.22				0.31				0.53				(0.24	)			(0.46	)			(0.70	)			9.92		5.33			0.20			0.00			2.12				60,855		31
2017			9.74			0.21				0.54				0.75				(0.26	)			(0.14	)			(0.40	)			10.09		8.02			0.18			0.00			1.83				80,283		39
2016			9.80			0.22				0.30				0.52				(0.25	)			(0.33	)			(0.58	)			9.74		5.67			0.16			0.00			2.27				101,327		38
Balanced Allocation Fund
2021(7)			8.49			0.08				0.67				0.75				(0.23	)			(0.90	)			(1.13	)			8.11		9.14			0.09			0.00			1.86				145,688		19
2020			8.52			0.19				0.68				0.87				(0.22	)			(0.68	)			(0.90	)			8.49		10.73			0.09			0.00			2.23				148,054		60
2019			9.42			0.25				(0.23	)			0.02				(0.23	)			(0.69	)			(0.92	)			8.52		1.48			0.07			0.00			2.23				160,166		52
2018			9.66			0.18				0.61				0.79				(0.22	)			(0.81	)			(1.03	)			9.42		8.51			0.08			0.00			1.82				180,451		29
2017			9.44			0.19				0.76				0.95				(0.22	)			(0.51	)			(0.73	)			9.66		10.73			0.08			0.00			1.67				193,690		35
2016			9.80			0.18				0.33				0.51				(0.21	)			(0.66	)			(0.87	)			9.44		5.70			0.07			0.00			1.87				252,982		33
Growth Allocation Fund
2021(7)			9.64			0.08				1.05				1.13				(0.21	)			(0.77	)			(0.98	)			9.79		12.10			0.18			0.00			1.71				97,354		22
2020			9.34			0.19	(8)			0.86				1.05				(0.20	)			(0.55	)			(0.75	)			9.64		11.63			0.18			0.00			2.12				89,237		58
2019			10.59			0.18	(8)			(0.40	)			(0.22	)			(0.24	)			(0.79	)			(1.03	)			9.34		(0.68	)		0.16			0.00			1.94				86,392		44
2018			10.24			0.17				0.99				1.16				(0.23	)			(0.58	)			(0.81	)			10.59		11.66			0.17			0.00			1.59				82,185		32
2017			9.59			0.16				1.09				1.25				(0.17	)			(0.43	)			(0.60	)			10.24		13.69			0.17			0.00			1.49				84,417		42
2016			9.85			0.15				0.37				0.52				(0.20	)			(0.58	)			(0.78	)			9.59		5.67			0.16			0.00			1.51				79,852		38
Aggressive Allocation Fund
2021(7)			8.80			0.06				1.15				1.21				(0.16	)			(0.94	)			(1.10	)			8.91		14.41			0.13			0.00			1.38				122,603		24
2020			8.54			0.17	(8)			0.93				1.10				(0.18	)			(0.66	)			(0.84	)			8.80		13.29			0.14			0.00			2.03				107,910		37
2019			10.02			0.25				(0.60	)			(0.35	)			(0.23	)			(0.90	)			(1.13	)			8.54		(1.77	)		0.12			0.00			1.94				110,386		47
2018			10.01			0.16				1.21				1.37				(0.23	)			(1.13	)			(1.36	)			10.02		14.51			0.13			0.00			1.47				112,003		27
2017			9.58			0.15				1.26				1.41				(0.15	)			(0.83	)			(0.98	)			10.01		16.00			0.13			0.00			1.43				105,925		33
2016			9.88			0.14				0.38				0.52				(0.18	)			(0.64	)			(0.82	)			9.58		5.58			0.12			0.00			1.38				123,203		33

(1) Annualized for periods less than one year.

(2) Calculated using the average shares method beginning 2021.

(3) Based on net asset value as of end of period date.

(4) Not annualized for periods less than one year.

(5) The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the net expense and net investment income ratios.

(6) Please refer to Note 5, subsection Investment Adviser Fee and Other Transactions with Affiliates, in the Notes to Financial Statements.

(7) For the six months ended February 28, 2021 (Unaudited).

(8) Calculated using the average shares method.

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

14

February 28, 2021 (Unaudited)

Notes to Financial Statements BMO Funds

1. Organization

BMO Funds, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “Act”), as amended as an open-end management investment company. As of February 28, 2021, the Corporation consisted of 27 portfolios, including 5 target risk diversified portfolios within this semi-annual report (individually referred to as the “Fund,” or collectively as the “Funds”), each with differing share class offerings as well as 22 other portfolios whose semi-annual report is available under a separate cover. BMO Asset Management Corp. serves as the Funds’ investment adviser (the “Adviser”), a Delaware corporation headquartered in Chicago, Illinois that is a wholly-owned subsidiary of BMO Financial Corp.

Fund	Inception Date	Investment Objective
Conservative Allocation Fund	May 30, 2014	To provide total return primarily from income, secondarily from appreciation.
Moderate Allocation Fund	May 30, 2014	To provide total investment return from income and appreciation.
Balanced Allocation Fund	May 30, 2014	To provide total investment return from income and appreciation.
Growth Allocation Fund	May 30, 2014	To provide total investment return from income and appreciation.
Aggressive Allocation Fund	May 30, 2014	To provide total investment return primarily from appreciation, secondarily from income.

The target investment allocation for each of the Funds, based on each Fund’s total assets, is set forth below.

Fund	Equity		Fixed Income		Alternatives		Money Market Funds
Conservative Allocation Fund		10%-30%		60%-80%		0%-15%		0%-10%
Moderate Allocation Fund		30%-50%		40%-60%		0%-15%		0%-10%
Balanced Allocation Fund		50%-70%		25%-45%		0%-15%		0%-10%
Growth Allocation Fund		70%-90%		5%-25%		0%-15%		0%-10%
Aggressive Allocation Fund		90%–100%		0%		0%–10%		0%–10%

Each Fund seeks to achieve its investment objectives by investing in a mix (without limitation) of BMO Funds and unaffiliated mutual funds. The Funds are designed to provide investors with investment management, asset allocation, and ongoing reallocation over time. Each Fund is considered a “fund of funds” because it invests in other mutual funds. A fund of funds bears its own direct expenses in addition to bearing a proportionate share of expenses charged to the underlying funds in which it invests.

2. Significant Accounting Policies

The Funds are investment companies and follow the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

Investment Valuations—Investments in other open-end registered investment companies are valued at net asset value.

Securities or other assets for which market valuations are not readily available, or are deemed to be inaccurate, are valued at fair value as determined in good faith using methods approved by the Board of Directors (the “Directors”). The Directors have established a Pricing Committee, which is responsible for determinations of fair value, subject to the supervision of the Directors. In determining fair value, the Pricing Committee takes into account all information available and any factors it deems appropriate. Consequently, the price of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments; it is possible that the fair value determined for a security is materially different than the value that would be realized upon the sale of that security and the differences may be material to the NAV of the Fund or the financial statements presented.

In valuing underlying fund investments, the Funds use the NAVs reported by the underlying funds. An underlying fund may need to fair value one or more of its investments, which may, in turn, require a Fund to do the same because of delays in obtaining the underlying fund’s NAV.

Investment Income, Expenses, and Distributions—Investment income and expenses are accrued daily. The Funds distribute net investment income, if any, and net realized gains (net of any capital loss carryovers) annually. Dividend income, realized gain distributions from underlying funds, and distributions to shareholders are recorded on the ex-dividend date except in the case of certain foreign securities, for which dividends are recorded as soon after the ex-dividend date as the Fund’s information agents become aware of such dividends. Non-cash dividends included in dividend income, if any, are recorded at fair value. Paid-in-kind interest included in interest income, if any, is accrued daily.

The Funds offer multiple classes of shares which differ in their respective distribution, administration, and service fees. All shareholders bear the common expenses of the Funds. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in class-specific expenses. Income, non-class specific expenses, and realized and unrealized gains and losses are allocated daily to each class

15

Notes to Financial Statements (continued)

of shares based on the value of total shares outstanding of each class without distinction between share classes. Expenses attributable to a particular class of shares, such as shareholder servicing fees, are allocated directly to that class.

Federal Income Taxes—The policies and procedures of the Funds require compliance with Subchapter M of the Internal Revenue Code of 1986 (the “Code”), as amended, and distribution to shareholders each year of substantially all of their income. Accordingly, no provision for federal tax are necessary. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

Securities of Other Investment Companies & Underlying Fund Investment Risk—The Funds invest in the securities of other investment companies, including exchange-traded funds, within the limits prescribed by the 1940 Act and the rules promulgated thereunder. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, a Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund’s own operations. The Funds also may invest in investment companies that are not organized under the laws of the United States. The Funds’ risks are directly related to the risks of the underlying funds. It is important to understand the risks associated with investing in the underlying funds.

Commitments and Contingencies—In the normal course of business, the Corporation enters into contracts that provide general indemnifications to other parties. The Corporation’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation that have not yet occurred. However, the Corporation has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Other—Investment transactions are accounted for on a trade date basis. Net realized gains and losses on securities are computed on the basis of specific security lot identification.

3. Fair Value Measurement

Fair Valuation Measurement defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting issuer (observable inputs), and (2) the reporting issuer’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). It also provides guidance on determining when a significant decrease occurs in the trade volume and/or frequency for an asset, when a transaction is not orderly, and how that information must be incorporated into fair value measurement.

Various inputs are used in determining the value of the Funds’ investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Common and preferred stocks, options and futures contracts, and U.S. registered mutual funds are generally categorized as Level 1.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Fixed income securities, repurchase agreements and securities valued by an independent fair value pricing service are generally categorized as Level 2.

Level 3—significant unobservable inputs, including management’s own assumptions in determining the fair value of investments.

For the period ended February 28, 2021, the Funds had no investments in private investment funds, and there were no investments excluded from the fair value hierarchy. It is the Funds’ policy to recognize transfers between category levels at the end of the period. For the period ended February 28, 2021, there were no transfers in and out of Level 1, Level 2 , and Level 3. The Funds did not hold any Level 2 or Level 3 securities as of February 28, 2021.

The following is a summary of the inputs used, as of February 28, 2021, in valuing the Funds’ assets:

	Conservative Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	2,672,129	$	—	$	—	$	2,672,129
Mutual Funds		41,395,778		—		—		41,395,778
Total	$	44,067,907	$	—	$	—	$	44,067,907
	Moderate Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	7,465,048	$	—	$	—	$	7,465,048
Mutual Funds		72,818,242		—		—		72,818,242
Short-Term Investments		600,218		—		—		600,218
Total	$	80,883,508	$	—	$	—	$	80,883,508

	Balanced Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	21,995,328	$	—	$	—	$	21,995,328
Mutual Funds		219,050,752		—		—		219,050,752
Short-Term Investments		1,611,783		—		—		1,611,783
Total	$	242,657,863	$	—	$	—	$	242,657,863
	Growth Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	9,330,890	$	—	$	—	$	9,330,890
Mutual Funds		105,552,374		—		—		105,552,374
Short-Term Investments		940,344		—		—		940,344
Total	$	115,823,608	$	—	$	—	$	115,823,608

16

BMO Funds

	Aggressive Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	17,001,610	$	—	$	—	$	17,001,610
Mutual Funds		149,646,252		—		—		149,646,252
Short-Term Investments		2,547,679		—		—		2,547,679
Total	$	169,195,541	$	—	$	—	$	169,195,541

4. Capital Stock

The Articles of Incorporation permit the Directors to issue an indefinite number of full and fractional shares of common stock, par value $0.0001 per share. Transactions in capital stock were as follows:

	Conservative Allocation Fund						Moderate Allocation Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	281,679		$	3,691,990		$	124,810		$	500,150
Institutional class of shares		151,726			187,230			454,283			4,065,438
Retirement class R-3 of shares		119,054			35,092			1,293,560			1,524,501
Retirement class R-6 of shares		4,731,075			14,752,761			7,733,807			14,075,211
Net proceeds from sale of shares		5,283,534			18,667,073			9,606,460			20,165,300
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares		558,242			588,913			318,978			210,809
Institutional class of shares		20,408			29,294			549,788			344,633
Retirement class R-3 of shares		28,795			34,543			709,195			410,410
Retirement class R-6 of shares		1,741,236			1,456,744			5,221,393			3,427,730
Net proceeds from shares issued:		2,348,681			2,109,494			6,799,354			4,393,582
Cost of shares redeemed:
Investor class of shares		(1,312,723	)		(3,925,708	)		(1,143,676	)		(797,952	)
Institutional class of shares		(139,854	)		(370,331	)		(1,041,347	)		(5,029,742	)
Retirement class R-3 of shares		(63	)		(154,787	)		(275,635	)		(1,414,577	)
Retirement class R-6 of shares		(7,889,911	)		(8,678,466	)		(8,762,946	)		(12,983,885	)
Net cost of shares redeemed		(9,342,551	)		(13,129,292	)		(11,223,604	)		(20,226,156	)
Net change resulting from fund share transactions in dollars	$	(1,710,336	)	$	7,647,275		$	5,182,210		$	4,332,726
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		36,476			494,712			13,321			55,712
Institutional class of shares		18,757			24,097			48,693			448,767
Retirement class R-3 of shares		15,265			4,565			139,314			170,674
Retirement class R-6 of shares		605,882			1,976,871			824,118			1,569,198
Net sale of shares		676,380			2,500,245			1,025,446			2,244,351
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		73,453			79,475			35,521			23,687
Institutional class of shares		2,551			3,780			60,885			38,636
Retirement class R-3 of shares		3,701			4,557			78,799			46,010
Retirement class R-6 of shares		226,429			195,274			576,949			383,844
Net shares issued		306,134			283,086			752,154			492,177
Shares redeemed:
Investor class of shares		(170,214	)		(553,198	)		(124,751	)		(89,073	)
Institutional class of shares		(16,826	)		(46,996	)		(112,197	)		(573,983	)
Retirement class R-3 of shares		(8	)		(20,273	)		(29,585	)		(158,332	)
Retirement class R-6 of shares		(1,011,313	)		(1,151,052	)		(933,530	)		(1,473,977	)
Net shares redeemed		(1,198,361	)		(1,771,519	)		(1,200,063	)		(2,295,365	)
Net change resulting from fund share transactions in shares		(215,847	)		1,011,812			577,537			441,163

17

Notes to Financial Statements (continued)

	Balanced Allocation Fund						Growth Allocation Fund						Aggressive Allocation Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31 , 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	1,172,364		$	2,681,563		$	185,211		$	587,449		$	376,031		$	1,171,984
Institutional class of shares		3,081,943			4,954,522			454,402			608,146			301,678			1,530,717
Retirement class R-3 of shares		526,434			958,720			513,793			1,104,359			1,536,354			2,223,695
Retirement class R-6 of shares		8,674,460			29,158,137			6,711,360			21,114,880			12,323,898			21,246,584
Net proceeds from sale of shares		13,455,201			37,752,942			7,864,766			23,414,834			14,537,961			26,172,980
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares		5,441,034			6,302,490			236,570			472,835			1,999,998			2,241,641
Institutional class of shares		4,761,236			3,899,114			518,466			1,063,122			1,150,611			1,042,965
Retirement class R-3 of shares		1,867,821			1,386,719			898,815			642,787			2,249,619			1,537,576
Retirement class R-6 of shares		17,821,274			15,963,209			8,947,660			7,071,756			13,336,355			10,584,450
Net proceeds from shares issued:		29,891,365			27,551,532			10,601,511			9,250,500			18,736,583			15,406,632
Cost of shares redeemed:
Investor class of shares		(9,499,583	)		(23,266,254	)		(463,717	)		(4,646,220	)		(3,920,341	)		(9,445,777	)
Institutional class of shares		(5,144,411	)		(8,696,477	)		(460,562	)		(9,321,898	)		(2,635,495	)		(5,357,121	)
Retirement class R-3 of shares		(755,192	)		(1,378,077	)		(716,479	)		(800,060	)		(1,375,596	)		(2,199,831	)
Retirement class R-6 of shares		(22,846,016	)		(54,768,912	)		(9,046,554	)		(27,214,155	)		(12,879,376	)		(36,417,896	)
Net cost of shares redeemed		(38,245,202	)		(88,109,720	)		(10,687,312	)		(41,982,333	)		(20,810,808	)		(53,420,625	)
Net change resulting from fund share transactions in dollars	$	5,101,364		$	(22,805,246	)	$	7,778,965		$	(9,316,999	)	$	12,463,736		$	(11,841,013	)
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		140,931			334,855			19,516			63,136			42,051			151,410
Institutional class of shares		371,564			619,828			46,861			69,008			32,974			194,372
Retirement class R-3 of shares		61,282			117,220			52,534			122,202			171,994			270,061
Retirement class R-6 of shares		1,037,660			3,578,601			675,148			2,308,626			1,364,576			2,551,538
Net sale of shares		1,611,437			4,650,504			794,059			2,562,972			1,611,595			3,167,381
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		688,738			780,011			25,167			50,952			235,571			264,033
Institutional class of shares		604,218			483,162			55,156			114,808			135,685			123,137
Retirement class R-3 of shares		236,134			171,199			95,416			69,117			265,599			181,532
Retirement class R-6 of shares		2,250,161			1,973,203			946,842			761,222			1,567,139			1,246,696
Net shares issued		3,779,251			3,407,575			1,122,581			996,099			2,203,994			1,815,398
Shares redeemed:
Investor class of shares		(1,096,129	)		(2,882,169	)		(47,074	)		(503,576	)		(431,856	)		(1,126,053	)
Institutional class of shares		(626,025	)		(1,083,302	)		(46,695	)		(1,081,783	)		(296,763	)		(647,510	)
Retirement class R-3 of shares		(91,925	)		(173,567	)		(75,938	)		(89,998	)		(156,967	)		(263,860	)
Retirement class R-6 of shares		(2,749,023	)		(6,926,412	)		(930,643	)		(3,064,220	)		(1,446,702	)		(4,462,259	)
Net shares redeemed		(4,563,102	)		(11,065,450	)		(1,100,350	)		(4,739,577	)		(2,332,288	)		(6,499,682	)
Net change resulting from fund share transactions in shares		827,586			(3,007,371	)		816,290			(1,180,506	)		1,483,301			(1,516,903	)

5. Investment Adviser Fee and Other Transactions with Affiliates

General—Certain of the Officers and Directors of the Corporation are also Officers and Directors/Trustees of one or more portfolios within the Fund complex, which are affiliates of the Corporation. None of the Fund Officers receive any compensation from the Funds. Certain Officers and Directors are also employees of the Adviser.

Investment Advisory Fees—The Adviser does not receive an investment advisory fee for the services it performs for the Funds. However, the Adviser is entitled to receive an investment advisory fee from each of the BMO Funds that serve as underlying funds.

Contractual Expense Limitation—The Adviser has contractually agreed to waive or reduce fees and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding acquired fund fees and expenses, interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of a Fund’s business) from exceeding the levels set out in the table below through December 31, 2021. This agreement may not be terminated prior to December 31, 2021 without the consent of the Funds’ Board of Directors, unless terminated due to the termination of the investment advisory agreement. Additionally, the agreement does not provide for recoupment by the Adviser of waived fees or reimbursed expenses.

18

BMO Funds

	Annualized Contractual Expense Limitation Exclusive of Acquired Fund Fees and Expenses
Fund	Investor Class			Institutional Class			Retirement Class R-3			Retirement Class R-6(1)
Conservative Allocation Fund		0.33	%		0.08	%		0.58	%		(0.07	)%
Moderate Allocation Fund		0.30			0.05			0.55			(0.10	)
Balanced Allocation Fund		0.33			0.08			0.58			(0.07	)
Growth Allocation Fund		0.30			0.05			0.55			(0.10	)
Aggressive Allocation Fund		0.33			0.08			0.58			(0.07	)

(1) As a result of reimbursing expenses including acquired fund expenses, the Adviser reimbursed amounts in excess of the respective share classes operating expenses. The aggregate excess reimbursement is accounted for as “Excess expense reimbursement from investment adviser” included in investment income on the Statements of Operations.

Shareholder Servicing Fees—Under the terms of a Shareholder Services Agreement with the Adviser, each Fund pays the Adviser at the annual rate of 0.25% of average daily net assets of the Fund’s Investor Class shares for the period. The fee paid to the Adviser is used to finance certain services for shareholders and to maintain shareholder accounts.

Distribution Services Fees—The Funds are subject to a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan authorizes payments by the Fund to finance activities intended to result in the sale of its Retirement Class R-3 shares. The Plan provides that the Fund may incur distribution expenses of 0.50% of the average daily net assets of the Fund’s Retirement Class R-3 shares.

Administration Fees—Each Fund pays the Adviser at the annual rate of 0.15% of average daily net assets per class (except the Retirement class R-6, which does not pay an Administration Fee).

For the period ended February 28, 2021, the Funds were charged the following Administration Fees per class:

Fund	Investor Class		Institutional Class		Retirement Class R-3
Conservative Allocation Fund	$	8,012	$	334	$	451
Moderate Allocation Fund		2,566		4,891		6,162
Balanced Allocation Fund		34,235		28,070		11,147
Growth Allocation Fund		1,809		4,048		7,119
Aggressive Allocation Fund		13,204		7,068		14,409

Investments in Affiliated Issuers—An affiliated issuer is an entity in which a Fund has ownership of at least 5% of the voting securities or any investment in a BMO Fund. Issuers that are affiliates of the Funds at year-end are noted in the Funds’ Schedules of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Funds owning in excess of 5% of the outstanding shares at year-end. The table below reflects transactions during the period with entities that are affiliates as of February 28, 2021 and may include acquisitions of new investments, prior period holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of year-end. Please refer to the Schedules of Investments for which class each Fund’s underlying affiliated issuer represents.

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Conservative Allocation Fund
Large-Cap Funds — 5.5%
BMO Low Volatility Equity Fund	$	584,953	$	45,339	$	24,251	$	(4,992	)	$	(982	)	$	600,067	$	5,220	$	317
BMO Dividend Income Fund		364,683		3,739		73,360		52,472			7,589			355,123		3,739		—
BMO Large-Cap Value Fund		755,456		29,119		156,929		120,285			36,924			784,855		5,718		—
BMO Large-Cap Growth Fund		669,309		92,105		117,910		(1,799	)		12,703			654,408		3,242		51,850
														2,394,453
Mid-Cap Funds — 0.0%
BMO Mid-Cap Growth Fund		169,508		—		158,145		(67,202	)		55,839			—		—		—
BMO Mid-Cap Value Fund		173,902		—		167,732		(35,734	)		29,564			—		—		—
														—
Small-Cap Funds — 1.3%
BMO Small-Cap Growth Fund	$	259,516	$	9,290	$	103,230	$	52,290		$	27,602		$	245,468	$	—	$	9,290
BMO Small-Cap Value Fund		150,134		167,581		72,874		56,930			4,864			306,635		981		—
														552,103

19

Notes to Financial Statements (continued)

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
International Funds — 3.1%
BMO LGM Emerging Markets Equity Fund		288,334		353,413		92,898		46,356			7,372			602,577		14,410		—
BMO Pyrford International Stock Fund		499,482		26,865		87,735		8,052			9,482			456,146		11,258		—
BMO Disciplined International Equity Fund		326,832		42,252		74,000		25,894			2,963			323,941		5,812		—
														1,382,664
Fixed Income Funds — 24.3%
BMO Core Plus Bond Fund		9,937,362		1,869,821		2,165,632		(140,871	)		1,382			9,502,062		134,704		—
BMO Corporate Income Fund		906,301		186,461		34,634		(17,333	)		86			1,040,881		13,734		5,253
														10,542,943
Short-Term Investments — 0.0%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		440,749		4,942,750		5,383,449		67			(117	)		—		158		—
Cash Sweep Investments in BMO Government Money Market Fund — Premier Class,0.010%		—		3,352,251		3,352,251		—			—			—		7		—
														—
Totals	$	15,526,521	$	11,120,986	$	12,065,030	$	94,415		$	195,271		$	14,872,163	$	198,983	$	66,710

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Moderate Allocation Fund
Large-Cap Funds — 10.3%
BMO Low Volatility Equity Fund	$	1,919,171	$	178,273	$	51,296	$	(21,246	)	$	(2,054	)	$	2,022,848	$	17,060	$	1,033
BMO Dividend Income Fund		1,207,479		70,312		232,862		197,276			9,606			1,251,811		12,486		—
BMO Large-Cap Value Fund		2,554,673		120,133		419,010		471,160			43,672			2,770,628		18,548		—
BMO Large-Cap Growth Fund		2,250,479		322,985		271,333		(10,055	)		35,181			2,327,257		10,348		165,517
														8,372,544
Mid-Cap Funds — 0.0%
BMO Mid-Cap Growth Fund		566,517		—		528,538		(243,186	)		205,207			—		—		—
BMO Mid-Cap Value Fund		573,766		—		553,410		(109,620	)		89,264			—		—		—
														—
Small-Cap Funds — 2.6%
BMO Small-Cap Growth Fund		850,254		33,254		239,254		177,638			81,602			903,494		—		31,872
BMO Small-Cap Value Fund		484,218		660,615		129,619		203,263			3,551			1,222,028		2,990		—
														2,125,522
International Funds — 6.0%
BMO LGM Emerging Markets Equity Fund		931,054		987,347		166,465		138,461			13,130			1,903,527		39,435		—
BMO Pyrford International Stock Fund		1,662,113		58,715		112,127		47,374			12,483			1,668,558		38,553		—
BMO Disciplined International Equity Fund		1,093,389		92,441		109,062		113,073			(1,187	)		1,188,654		24,167		—
														4,760,739
Fixed Income Funds — 20.9%
BMO Core Plus Bond Fund		13,931,592		3,921,338		3,187,923		(211,104	)		(308	)		14,453,595		192,996		—
BMO Corporate Income Fund		1,509,716		1,097,187		45,843		(55,634	)		(484	)		2,504,942		29,598		13,790
														16,958,537

20

BMO Funds

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Short-Term Investments — 0.7%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%	$	647,639	$	6,066,073	$	6,713,501	$	124	$	(335	)	$	—	$	300	$	—
Cash Sweep Investments in BMO Government Money Market Fund — Premier Class,0.010%		—		6,036,783		5,436,565		—		—			600,218		15		—
													600,218
Totals	$	30,182,060	$	19,645,456	$	18,196,808	$	697,524	$	489,328		$	32,817,560	$	386,496	$	212,212

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Balanced Allocation Fund
Large-Cap Funds — 15.4%
BMO Low Volatility Equity Fund	$	9,123,354	$	372,571	$	325,916	$	(119,996	)	$	12,425		$	9,062,438	$	80,538	$	4,845
BMO Dividend Income Fund		5,652,090		58,083		1,042,452		647,187			264,711			5,579,619		58,083		—
BMO Large-Cap Value Fund		11,871,940		88,189		1,808,583		1,960,250			362,804			12,474,600		88,189		—
BMO Large-Cap Growth Fund		10,784,362		825,838		1,379,287		(149,613	)		235,566			10,316,866		48,592		777,246
														37,433,523
Mid-Cap Funds — 0.0%
BMO Mid-Cap Growth Fund		2,686,603		—		2,506,496		(1,163,542	)		983,435			—		—		—
BMO Mid-Cap Value Fund		2,668,873		—		2,574,190		(544,896	)		450,213			—		—		—
														—
Small-Cap Funds — 3.5%
BMO Small-Cap Growth Fund		4,105,674		141,401		1,405,350		522,370			651,607			4,015,702		—		141,401
BMO Small-Cap Value Fund		2,321,025		1,986,353		730,475		883,419			(5,979	)		4,454,343		14,477		—
														8,470,045
International Funds — 8.2%
BMO LGM Emerging Markets Equity Fund		4,340,167		3,213,869		794,628		743,629			17,386			7,520,423		165,999		—
BMO Pyrford International Stock Fund		7,112,972		808,818		972,063		245,778			35,641			7,231,146		168,409		—
BMO Disciplined International Equity Fund		5,078,247		766,318		1,210,913		491,795			1,077			5,126,524		107,637		—
														19,878,093
Fixed Income Funds — 13.6%
BMO Core Plus Bond Fund		23,010,598		7,684,264		6,805,652		(341,732	)		5,945			23,553,423		339,092		—
BMO Corporate Income Fund		9,638,140		866,901		779,983		(163,403	)		4,966			9,566,621		140,222		55,107
														33,120,044
Short-Term Investments — 0.7%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		1,505,852		14,834,610		16,339,882		202			(782	)		—		910		—
Cash Sweep Investments in BMO Government Money Market Fund — Premier Class,0.010%		—		11,021,846		9,410,063		—			—			1,611,783		35		—
														1,611,783
Totals	$	99,899,897	$	42,669,061	$	48,085,933	$	3,011,448		$	3,019,015		$	100,513,488	$	1,212,183	$	978,599

21

Notes to Financial Statements (continued)

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Growth Allocation Fund
Large-Cap Funds — 20.4%
BMO Low Volatility Equity Fund	$	5,118,665	$	744,704	$	138,787	$	(68,056	)	$	4,060		$	5,660,586	$	46,823	$	2,902
BMO Dividend Income Fund		3,186,724		33,863		253,111		525,394			41,269			3,534,139		33,862		—
BMO Large-Cap Value Fund		6,705,232		112,755		371,514		1,378,100			17,722			7,842,295		50,746		—
BMO Large-Cap Growth Fund		6,188,434		763,925		512,111		(57,197	)		111,458			6,494,509		29,140		466,102
														23,531,529
Mid-Cap Funds — 0.0%
BMO Mid-Cap Growth Fund		1,557,505		—		1,453,091		(641,893	)		537,479			—		—		—
BMO Mid-Cap Value Fund		1,477,367		—		1,424,955		(239,460	)		187,048			—		—		—
														—
Small-Cap Funds — 4.9%
BMO Small-Cap Growth Fund		2,298,638		85,125		608,939		534,459			200,030			2,509,313		—		85,125
BMO Small-Cap Value Fund		1,350,588		1,555,302		346,098		566,189			(4	)		3,125,977		8,903		—
														5,635,290
International Funds — 10.6%
BMO LGM Emerging Markets Equity Fund		2,467,115		2,744,242		933,309		439,269			19,144			4,736,461		103,970		—
BMO Pyrford International Stock Fund		3,997,413		593,233		449,522		154,841			20,970			4,316,935		103,483		—
BMO Disciplined International Equity Fund		2,793,202		295,179		162,030		316,361			(3,138	)		3,239,574		64,771		—
														12,292,970
Fixed Income Funds — 7.3%
BMO Core Plus Bond Fund		2,841,180		2,373,398		2,382,906		(41,064	)		5,817			2,796,425		50,145		—
BMO Corporate Income Fund		4,959,139		1,048,952		235,629		(92,650	)		(726	)		5,679,086		78,193		30,049
														8,475,511
Short-Term Investments — 0.8%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		755,185		8,444,917		9,199,919		151			(334	)		—		417		—
Cash Sweep Investments in BMO Government Money Market Fund — Premier Class,0.010%		—		5,926,785		4,986,441		—			—			940,344		21		—
														940,344
Totals	$	45,696,387	$	24,722,380	$	23,458,362	$	2,774,444		$	1,140,795		$	50,875,644	$	570,474	$	584,178

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Aggressive Allocation Fund
Large-Cap Funds – 25.1%
BMO Low Volatility Equity Fund	$	8,190,658	$	1,860,694	$	136,340	$	(86,470	)	$	(1,333	)	$	9,827,209	$	81,426	$	5,019
BMO Dividend Income Fund		5,446,972		905,551		425,379		941,055			66,561			6,934,760		57,993		—
BMO Large-Cap Value Fund		11,435,298		899,139		823,525		2,389,975			87,573			13,988,460		87,952		—
BMO Large-Cap Growth Fund		10,538,209		3,185,822		2,217,925		(30,048	)		167,421			11,643,479		50,367		805,633
														42,393,908
Mid-Cap Funds – 0.0%
BMO Mid-Cap Growth Fund		2,760,667		—		2,575,595		(1,174,162	)		989,090			—		—		—
BMO Mid-Cap Value Fund		2,630,193		—		2,536,882		(393,009	)		299,698			—		—		—
														—
Small-Cap Funds – 6.0%
BMO Small-Cap Growth Fund		4,024,606		864,915		1,219,766		1,032,794			245,908			4,948,457		—		155,518
BMO Small-Cap Value Fund		2,280,714		2,562,436		578,046		985,515			(17,617	)		5,233,002		15,359		—
														10,181,459

22

BMO Funds

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
International Funds – 13.3%
BMO LGM Emerging Markets Equity Fund	$	4,461,904	$	6,086,173	$	2,087,758	$	714,499		$	42,713		$	9,217,531	$	175,015	$	—
BMO Pyrford International Stock Fund		6,569,863		1,397,045		23,692		264,736			828			8,208,780		180,762		—
BMO Disciplined International Equity Fund		5,036,930		1,310,947		1,814,603		525,943			8,608			5,067,825		115,640		—
														22,494,136
Short-Term Investments – 1.5%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		1,048,046		14,611,591		15,659,385		(86	)		(166	)		—		541		—
Cash Sweep Investments in BMO Government Money Market Fund — Premier Class,0.010%		—		8,585,659		6,037,980		—			—			2,547,679		28		—
														2,547,679
Totals	$	64,424,060	$	42,269,972	$	36,136,876	$	5,170,742		$	1,889,284		$	77,617,182	$	765,083	$	966,170

Interfund Borrowing and Lending—The Funds participate in an interfund lending program. This program allows the Funds to borrow cash from any of the BMO Money Market Funds for temporary purposes. The program is subject to a number of conditions, including the requirement that the interfund loan rate to be charged to the Funds under the program is (i) more favorable to the lending Fund than the rate it could otherwise obtain from investing cash in repurchase agreements or purchasing shares of the BMO Money Market Funds and (ii) more favorable to the borrowing Fund than the lowest interest rate at which bank short-term loans would be available to the Funds. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations. The Directors are responsible for the oversight of the interfund lending program.

Funds utilizing the interfund lending program, borrowing from the BMO Government Money Market Fund during the period ended February 28, 2021, were as follows:

Fund	Average Daily Loan Balance Outstanding		Weighted Average Interest Rate
Conservative Allocation Fund	$	17,969		0.869	%
Moderate Allocation Fund		9,622		0.730
Balanced Allocation Fund		24,985		0.730
Growth Allocation Fund		14,341		0.737

6. Line of Credit

The Corporation, on behalf of the respective Funds, participated in a $25 million unsecured, committed revolving line of credit (“LOC”) agreement with State Street Bank, with an expiration of October 14, 2021. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings currently are charged interest at a rate that is the higher of the Federal Funds Rate or Overnight Bank Funding Rate plus 1.25%. A commitment fee of 0.20% per annum is charged on the daily unused portion with no administrative fee. No borrowings were outstanding under the LOC during the period ended February 28, 2021.

7. Investment Transactions

Purchases and sales of investments, excluding short-term U.S. government securities, short-term obligations, and in-kind contributions, for the period ended February 28, 2021 were as follows:

	Other than U.S Government Securities				U.S Government Securities
Fund	Purchases		Sales		Purchases		Sales
Conservative Allocation Fund	$	9,133,262	$	10,684,852	$	—	$	—
Moderate Allocation Fund		18,899,145		17,742,183		—		—
Balanced Allocation Fund		44,305,974		61,434,468		—		—
Growth Allocation Fund		23,912,368		23,304,303		—		—
Aggressive Allocation Fund		37,620,870		40,623,758		—		—

23

Notes to Financial Statements (continued)

8. Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for net operating loss, foreign currency transactions, paydown gain or loss, market discount accretion, premium amortization.

To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statements of Assets and Liabilities based on their Federal tax basis treatment; temporary differences do not require reclassification and had no impact on the NAV of the Funds.

The Funds complied with FASB interpretation Accounting for Uncertainty in Income Taxes which provides guidance for how uncertain tax provisions should be recognized, measured, presented and disclosed in the financial statements. Accounting for Uncertainty in Income Taxes requires the affirmative evaluation of tax positions taken, or expected to be taken, in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not,” (i.e., greater than 50 percent) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax benefit or expense in the current year.

Accounting for Uncertainty in Income Taxes requires management of the Funds to analyze all open tax years, as defined by the statutes of limitations, for all major jurisdictions, which includes federal and certain states. Open tax years are those that are open for exam by the taxing authorities (i.e., the last four tax years and the interim tax period since then). The Funds has no examinations in progress. For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Fund reviewed all tax positions taken or expected to be taken in the preparation of the Funds’ tax returns and concluded that Accounting for Uncertainty in Income Taxes resulted in no effect on the Funds’ reported net assets or results of operations as of and during the period ended February 28, 2021. Management of the Funds also is not aware of any tax positions for which it is reasonably possible that the total amounts of recognized tax benefits will significantly change in the next twelve months.

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation for Federal Tax Purposes		Gross Unrealized (Depreciation) for Federal Tax Purposes			Net Unrealized Appreciation for Federal Tax Purposes
Conservative Allocation Fund	$	38,237,011	$	5,924,860	$	(93,964	)	$	5,830,896
Moderate Allocation Fund		66,702,579		14,273,304		(92,375	)		14,180,929
Balanced Allocation Fund		174,105,251		68,555,906		(3,294	)		68,552,612
Growth Allocation Fund		77,245,561		38,632,846		(54,799	)		38,578,047
Aggressive Allocation Fund		106,661,771		62,533,770		—			62,533,770

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales.

The tax character of distributions reported on the Statements of Changes in Net Assets for the years ended August 31, 2020 and August 31, 2019, were as follows:

	2020				2019
Fund	Ordinary Income(1)		Long-Term Capital Gains		Ordinary Income(1)		Long-Term Capital Gains
Conservative Allocation Fund	$	1,163,821	$	945,673	$	1,102,589	$	4,464,364
Moderate Allocation Fund		1,916,162		2,503,433		2,532,120		6,028,252
Balanced Allocation Fund		7,623,682		19,980,823		8,637,637		22,915,506
Growth Allocation Fund		2,699,575		6,550,925		3,086,814		8,882,560
Aggressive Allocation Fund		3,521,173		11,892,172		4,733,699		15,154,046

(1) For tax purposes, short-term capital gain distributions are considered ordinary income.

As of August 31, 2020, the components of distributable earnings on a tax basis are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses		Other Adjustments		Unrealized Appreciation
Conservative Allocation Fund	$	609,056	$	—	$	628,269	$	—	$	—	$	5,636,086
Moderate Allocation Fund		887,677		—		2,753,514		—		—		13,353,393
Balanced Allocation Fund		2,167,036		—		16,489,559		—		—		65,584,229
Growth Allocation Fund		706,232		—		6,004,648		—		—		32,232,601
Aggressive Allocation Fund		620,249		—		11,681,098		—		—		55,438,859

As of August 31, 2020, the following funds had post-October losses, which are deferred until fiscal year 2021 for tax purposes, of:

Fund	Short-Term		Long-Term
Growth Allocation Fund	$	846,884	$	—
Aggressive Allocation Fund		788,587		—

24

BMO Funds

Net capital losses incurred after October 31, and within the taxable year, are deemed to arise on the first day of the Fund’s next taxable year.

9. Subsequent Event

On April 12, 2021, BMO Financial Group, which includes the Adviser, announced that it had reached a definitive agreement to sell the entities that represent BMO’s EMEA (Europe, the Middle-East and Africa) Asset Management business to Ameriprise Financial, Inc. (“Ameriprise”). The transaction is expected to close in the fourth quarter of 2021, subject to regulatory approval and other customary closing conditions. Separately, in the U.S. BMO Financial Group and Ameriprise have agreed to work together to facilitate the transition of investment advisory services for certain mutually agreed upon BMO Funds, contingent upon the approval of the Funds’ Board of Directors and shareholders.

25

NOTES

26

NOTES

27

NOTES

28

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectuses, which contain facts concerning each Fund’s objective and policies, management fees, expenses, and other information.

Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-800-236-FUND (3863) and by accessing the Funds’ Statement of Additional Information, which is available on the Funds’ website at http://www.bmofunds.com and on the SEC’s website at http://www.sec.gov.

Each Fund’s proxy voting record for the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll free, 1-800-236-FUND (3863) and by accessing the SEC’s website at http://www.sec.gov.

Disclosure of Portfolio Holdings

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on as an attachment to Form N-PORT. Each Fund’s Form N-PORT is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the BMO Funds are not bank deposits or other obligations of, or issued, endorsed or guaranteed by, BMO Harris Bank, NA, or any of its affiliates. Shares of the BMO Funds, like shares of all mutual funds, are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793

	BMO Funds U.S. Services P.O. Box 55931 Boston, MA 02205-5931
	Contact us 1-800-236-FUND (3863) 414-287-8555
	Learn more bmofunds.com

BMO Investment Distributors, LLC, Distributor

BMO Asset Management Corp., Investment Adviser

Investment products are: NOT FDIC INSURED — NO BANK GUARANTEE — MAY LOSE VALUE.

© 2021 BMO Financial Corp. (9/21)

Book 2

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Except as noted below, the schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form. The schedules of investments for BMO Intermediate Tax-Free Fund, BMO Short Tax-Free Fund and BMO Ultra Short Tax-Free Fund are filed under this Item.

Ultra Short Tax-Free Fund

Description	Shares or Principal Amount		Value
Municipals — 91.6%
Alabama — 2.9%
Alabama Housing Finance Authority, 1.500%, 11/1/2022 (1)	$	3,000,000	$	3,040,620
Birmingham Airport Authority, BAM:
5.000%, 7/1/2023		225,000		248,315
5.000%, 7/1/2024		325,000		371,286
Black Belt Energy Gas District:
0.982%, (LIBOR 1 Month), 12/1/2023, Call 9/1/2023 (1)		4,500,000		4,535,145
4.000%, 6/1/2021		1,000,000		1,008,910
4.000%, 6/1/2022		1,000,000		1,044,620
Columbia Industrial Development Board, 0.040%, 12/1/2037, Call 3/1/2021 (1)		3,000,000		3,000,000
Industrial Development Board of the City of Mobile Alabama, 0.040%, 6/1/2034, Call 3/1/2021 (1)		3,000,000		3,000,000
				16,248,896
Alaska — 0.4%
Alaska Municipal Bond Bank Authority, 5.000%, 12/1/2023		955,000		1,068,282
Borough of North Slope, 5.000%, 6/30/2021		1,250,000		1,269,438
				2,337,720
Arizona — 0.4%
Maricopa County Pollution Control Corp., 1.050%, 1/1/2038 (1)		2,250,000		2,259,585
California — 4.4%
Bay Area Toll Authority, 1.130%, (SIFMA Municipal Swap Index Yield), 4/1/2024, Call 10/1/2023 (1)		1,750,000		1,777,650
California County Tobacco Securitization Agency:
3.000%, 6/1/2021		300,000		301,977
4.000%, 6/1/2022		250,000		261,318
California Infrastructure & Economic Development Bank, 0.450%, 1/1/2050, Call 7/1/2021 (1)(2)		6,300,000		6,300,630
California Municipal Finance Authority, 0.700%, 12/1/2044 (1)(3)		3,000,000		3,023,730
California Pollution Control Financing Authority:
0.200%, 4/15/2021 (1)(2)		4,250,000		4,250,085
0.600%, 8/1/2040 (1)		4,225,000		4,214,606
Contra Costa County Schools Pooled Notes, 2.000%, 12/1/2021		3,890,000		3,935,669
State of California, 0.844%, (LIBOR 1 Month), 12/1/2031, Call 6/1/2021 (1)		500,000		500,600
				24,566,265
Colorado — 0.6%
Colorado Health Facilities Authority, 5.000%, 6/1/2022		1,000,000		1,059,370
Colorado School of Mines, 0.582%, (LIBOR 1 Month), 2/1/2023, Call 8/1/2022 (1)		1,145,000		1,141,851
E-470 Public Highway Authority, 0.497%, (LIBOR 1 Month), 9/1/2039, Call 3/19/2021 (1)		1,370,000		1,370,041
				3,571,262
Connecticut — 1.8%
City of Bridgeport, 1.500%, 12/9/2021		2,000,000		2,013,060
City of New Haven:
5.000%, 2/1/2022		350,000		362,243
5.000%, 8/1/2022		1,025,000		1,080,176
City of New Haven, AGM:
5.000%, 2/1/2023		580,000		630,002
5.000%, 8/1/2023		1,080,000		1,196,456
Connecticut Housing Finance Authority, 0.500%, 5/15/2060, Call 5/15/2021 (1)		5,000,000		5,000,050
				10,281,987
District of Columbia — 0.1%

District of Columbia Housing Finance Agency, AGM, 5.000%, 7/1/2021, Call 3/29/2021	360,000	361,303
Florida — 3.0%
Broward County Housing Finance Authority, 1.400%, 5/1/2022 (1)	2,500,000	2,504,950
City of Atlantic Beach, 3.000%, 11/15/2023, Call 3/29/2021	2,000,000	2,000,740
County of Escambia:
0.030%, 4/1/2039, Call 3/1/2021 (1)	2,600,000	2,600,000
0.050%, 7/1/2022 (1)	800,000	800,000
Miami-Dade County Housing Finance Authority, 0.600%, 12/1/2022, Call 6/1/2021 (1)	1,000,000	1,000,690
Tender Option Bond Trust Receipts/Certificates, 0.170%, 4/1/2053, Call 4/1/2028 (1)(2)	8,000,000	8,000,000
		16,906,380
Georgia — 5.0%
Bartow County Development Authority, 2.050%, 11/19/2021 (1)	1,400,000	1,417,248
Burke County Development Authority:
0.060%, 7/1/2049, Call 3/1/2021 (1)	3,000,000	3,000,000
1.550%, 12/1/2049 (1)	3,000,000	3,052,080
2.250%, 5/25/2023 (1)	4,000,000	4,149,640
Development Authority of Monroe County, 1.500%, 1/1/2039 (1)	2,000,000	2,048,800
Floyd County Development Authority, 0.070%, 9/1/2026, Call 2/25/2021 (1)	2,500,000	2,500,000
Main Street Natural Gas, Inc.:
0.600%, (SIFMA Municipal Swap Index Yield), 12/1/2023, Call 9/1/2023 (1)	5,000,000	5,012,150
0.827%, (LIBOR 1 Month), 9/1/2023, Call 6/1/2023 (1)	5,000,000	5,028,000
5.000%, 5/15/2021	700,000	706,734
Municipal Electric Authority of Georgia:
5.000%, 1/1/2022	380,000	394,706
5.000%, 1/1/2023	805,000	871,541
		28,180,899
Idaho — 0.7%
Idaho Housing & Finance Association, 0.140%, 1/1/2038, Call 2/26/2021 (1)	3,655,000	3,655,000
Illinois — 11.3%
Chicago O’Hare International Airport:
5.000%, 1/1/2023	1,000,000	1,084,000
5.000%, 1/1/2023	825,000	894,300
Chicago Park District:
5.000%, 1/1/2023	4,780,000	5,096,101
5.000%, 1/1/2023, Call 1/1/2022	285,000	293,607
City of Chicago:
5.000%, 1/1/2022	300,000	310,050
5.000%, 1/1/2023	400,000	427,736
City of Chicago Waterworks Revenue, 5.000%, 11/1/2021	1,000,000	1,029,920
City of Granite, 2.450%, 5/1/2027 (1)	3,000,000	3,011,370
Cook County Community Unit School District No 401 Elmwood Park, 3.000%, 12/1/2021	715,000	729,507
Cook County School District No 99 Cicero, 5.000%, 12/1/2021	575,000	595,021
Illinois Development Finance Authority, 0.550%, 11/1/2044, Call 8/3/2021 (1)	5,000,000	5,010,250
Illinois Finance Authority:
0.700%, 5/1/2040 (1)	2,800,000	2,791,068
0.780%, (SIFMA Municipal Swap Index Yield), 1/1/2046, Call 7/1/2022 (1)	2,000,000	2,001,700
5.000%, 10/1/2023	250,000	277,180
5.000%, 10/1/2024	250,000	286,405
Illinois Housing Development Authority, 1.900%, 10/1/2021 (1)	1,790,000	1,807,435
Northern Illinois University, BAM, 5.000%, 4/1/2024	500,000	561,230
Sales Tax Securitization Corp., 5.000%, 1/1/2025	500,000	574,900
Sangamon County School District No 186 Springfield, AGM:
4.000%, 6/1/2022	750,000	778,290
4.000%, 6/1/2023	1,000,000	1,076,440
State of Illinois:
4.000%, 6/15/2021	355,000	358,163
4.875%, 5/1/2021	250,000	251,718
5.000%, 10/1/2021	1,500,000	1,535,790
5.000%, 11/1/2021	7,000,000	7,187,530

5.000%, 2/1/2022	6,040,000	6,263,118
5.000%, 12/1/2022	1,000,000	1,066,780
5.125%, 5/1/2022	500,000	523,775
5.375%, 5/1/2023	250,000	272,155
5.500%, 5/1/2024	500,000	562,150
Tender Option Bond Trust Receipts/Certificates:
0.210%, 12/1/2027 (1)(2)	10,000,000	10,000,000
0.210%, 12/1/2027 (1)(2)	5,000,000	5,000,000
Will County Community High School District No 210 Lincoln-Way, AGM, 4.000%, 1/1/2022	975,000	999,043
Will County Community Unit School District No. 201-U Crete-Monee, NATL-RE, 0.000%, 11/1/2021 (4)	435,000	432,760
		63,089,492
Indiana — 2.2%
City of Rockport:
1.350%, 7/1/2025 (1)	1,000,000	1,007,270
1.350%, 7/1/2025 (1)	1,000,000	1,007,330
City of Whiting, 5.000%, 11/1/2045 (1)	1,345,000	1,445,862
Indianapolis Local Public Improvement Bond Bank:
1.450%, 6/1/2021, Call 3/29/2021	3,750,000	3,751,462
5.000%, 6/1/2022	1,145,000	1,210,151
5.000%, 6/1/2023	1,000,000	1,099,350
Lafayette School Corp.:
4.000%, 7/15/2021	675,000	683,910
4.000%, 1/15/2022	850,000	875,925
Noblesville Multi School Building Corp., 5.000%, 7/15/2021	1,205,000	1,225,979
		12,307,239
Iowa — 1.5%
City of Waverly, 2.500%, 12/31/2022, Call 7/1/2022	3,500,000	3,556,140
Iowa Finance Authority:
0.605%, (SIFMA Municipal Swap Index Yield), 2/15/2035, Call 3/15/2021 (1)(2)	3,790,000	3,790,000
2.875%, 5/15/2049, Call 3/19/2021	1,000,000	1,013,530
		8,359,670
Kansas — 1.2%
City of Andover, 1.625%, 10/1/2022, Call 3/29/2021	1,075,000	1,076,118
City of Holton, 2.500%, 7/1/2021, Call 3/29/2021	1,245,000	1,246,270
City of Lenexa, 1.625%, 9/1/2021, Call 3/29/2021	1,000,000	1,000,730
City of Washington, 2.000%, 12/1/2022, Call 3/29/2021	3,000,000	3,003,690
State of Kansas Department of Transportation, 0.386%, (LIBOR 1 Month), 9/1/2021 (1)	400,000	400,388
		6,727,196
Kentucky — 4.4%
City of Ashland, 5.000%, 2/1/2022	475,000	490,290
City of Berea, 0.040%, 6/1/2029, Call 3/1/2021 (1)	585,000	585,000
County of Carroll, 1.200%, 10/1/2034 (1)	5,000,000	5,010,600
County of Owen, 0.700%, 6/1/2040 (1)	2,300,000	2,291,536
Kentucky Higher Education Student Loan Corp., 5.000%, 6/1/2021	1,000,000	1,011,150
Kentucky Housing Corp., 2.000%, 4/1/2022 (1)	1,400,000	1,401,988
Kentucky Public Energy Authority, 1.202%, (LIBOR 1 Month), 6/1/2025, Call 3/1/2025 (1)	5,000,000	5,080,000
Kentucky Rural Water Finance Corp., 1.250%, 2/1/2022, Call 3/24/2021	6,770,000	6,773,927
Louisville/Jefferson County Metropolitan Government, 1.850%, 4/1/2021 (1)	2,000,000	2,002,500
		24,646,991
Louisiana — 1.2%
Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, 5.000%, 8/1/2021	1,050,000	1,069,908
Louisiana Housing Corp., FHA, 2.500%, 12/1/2031, Call 3/29/2021	345,000	350,061
Louisiana Public Facilities Authority, 0.680%, (SIFMA Municipal Swap Index Yield), 9/1/2057, Call 3/1/2023 (1)	5,000,000	4,994,450
		6,414,419
Maryland — 0.7%
Maryland Economic Development Corp., 1.700%, 9/1/2022	4,000,000	4,065,480

Massachusetts — 0.1%
Massachusetts Development Finance Agency:
2.450%, 5/1/2027 (1)(2)	250,000	250,948
5.000%, 7/1/2021	300,000	304,017
		554,965
Michigan — 0.7%
Michigan Finance Authority, 3.500%, 11/15/2022 (1)	3,175,000	3,331,274
Taylor Tax Increment Finance Authority, AGM, 4.000%, 5/1/2021, Call 3/29/2021	600,000	601,710
		3,932,984
Minnesota — 0.5%
Minnesota Rural Water Finance Authority, Inc., 0.250%, 8/1/2022, Call 11/1/2021 (3)	2,750,000	2,750,193
Mississippi — 1.0%
Mississippi Development Bank:
5.000%, 9/1/2022	250,000	266,060
5.000%, 9/1/2023	700,000	773,661
5.000%, 9/1/2025	400,000	470,288
State of Mississippi:
5.000%, 10/15/2022	1,000,000	1,064,090
5.000%, 10/15/2024	2,735,000	3,141,202
		5,715,301
Missouri — 0.5%
City of St. Louis, 2.000%, 6/1/2021	3,000,000	3,013,950
Nebraska — 1.5%
Central Plains Energy Project:
4.000%, 8/1/2021	1,000,000	1,015,590
4.000%, 8/1/2022	1,000,000	1,052,440
Nebraska Public Power District, 0.600%, 1/1/2051, Call 1/1/2023 (1)	6,600,000	6,567,066
		8,635,096
Nevada — 1.8%
County of Washoe NV, 0.625%, 3/1/2036 (1)	2,500,000	2,503,475
State of Nevada Department of Business & Industry:
0.300%, 12/1/2026 (1)(2)	3,500,000	3,500,770
0.500%, 1/1/2050, Call 7/1/2021 (1)(2)	4,200,000	4,201,092
		10,205,337
New Hampshire — 0.0%
New Hampshire Business Finance Authority, 4.000%, 1/1/2024 (3)	220,000	238,887
New Jersey — 5.4%
Borough of Fort Lee, 1.000%, 11/1/2022	1,710,000	1,726,997
City of Newark, 2.000%, 10/5/2021	2,800,000	2,828,084
City of Newark, AGM SAW, 5.000%, 10/1/2023	630,000	698,494
City of Newark, AGM School Bond Gty, 5.000%, 10/1/2023	350,000	388,052
City of Newark, SAW:
5.000%, 10/1/2021	100,000	102,427
5.000%, 10/1/2022	700,000	744,366
City of Newark, School Bond Gty:
5.000%, 10/1/2021	250,000	256,188
5.000%, 10/1/2022	400,000	425,352
Jersey City Municipal Utilities Authority, 3.000%, 7/1/2022	6,000,000	6,206,760
New Jersey Economic Development Authority:
1.200%, 11/1/2034 (1)	2,500,000	2,529,400
5.000%, 6/15/2022	200,000	211,870
5.000%, 6/15/2023	220,000	241,538
New Jersey Turnpike Authority, 0.566%, (LIBOR 1 Month), 1/1/2022 (1)	750,000	750,547
State of New Jersey, 4.000%, 6/1/2023	7,500,000	8,090,775
Township of Lyndhurst:
1.000%, 10/8/2021 (3)	800,000	803,560
1.000%, 2/4/2022 (3)	4,000,000	4,026,600
		30,031,010
New Mexico — 0.6%

City of Farmington, 1.200%, 6/1/2040 (1)	1,250,000	1,256,937
City of Santa Fe, 2.250%, 5/15/2024, Call 11/15/2021	500,000	498,765
New Mexico Hospital Equipment Loan Council, 2.250%, 7/1/2023, Call 3/9/2021	1,525,000	1,525,595
		3,281,297
New York — 7.3%
City of New York, AGC, 0.200%, 10/1/2021, Call 3/1/2021 (1)(5)	100,000	100,000
Hempstead Union Free School District, SAW, 1.500%, 6/30/2021	4,000,000	4,016,640
Long Island Power Authority, 0.836%, (LIBOR 1 Month), 10/1/2023, Call 10/1/2022 (1)	4,000,000	4,004,680
Metropolitan Transportation Authority:
0.480%, (SIFMA Municipal Swap Index Yield), 11/15/2022 (1)	3,000,000	2,976,540
0.632%, (LIBOR 1 Month), 11/1/2030 (1)	2,950,000	2,938,111
5.000%, 5/15/2021	2,500,000	2,521,925
5.000%, 9/1/2022	6,000,000	6,372,420
5.000%, 2/1/2023	2,645,000	2,850,358
New York State Dormitory Authority, 5.000%, 3/31/2021	3,000,000	3,012,270
New York Transportation Development Corp.:
5.000%, 12/1/2023	250,000	276,258
5.000%, 12/1/2024	1,000,000	1,139,500
Oyster Bay, 2.000%, 3/12/2021	2,000,000	2,001,040
Town of Alabama, 1.000%, 9/30/2021, Call 4/1/2021	4,685,000	4,686,780
Town of Oyster Bay, 4.000%, 8/27/2021	2,000,000	2,035,420
Town of Oyster Bay, BAM, 4.000%, 11/1/2023	1,000,000	1,093,390
Triborough Bridge & Tunnel Authority:
0.393%, (SOFR), 2/1/2024, Call 11/1/2023 (1)(3)	500,000	500,135
0.582%, (LIBOR 1 Month), 11/15/2027, Call 5/15/2021 (1)	515,000	515,371
		41,040,838
North Carolina — 1.0%
North Carolina Medical Care Commission, 2.300%, 9/1/2025, Call 9/1/2022	1,250,000	1,257,712
North Carolina Turnpike Authority, 5.000%, 2/1/2024	4,000,000	4,518,080
		5,775,792
North Dakota — 0.1%
City of Williston, 5.000%, 7/15/2021	750,000	761,730
Ohio — 3.7%
City of Cleveland Airport System Revenue, 5.000%, 1/1/2023	3,100,000	3,343,784
City of North Olmsted, 2.000%, 3/10/2021	1,020,000	1,020,316
County of Hancock, 1.250%, 10/22/2021	3,967,000	3,992,428
Ohio Housing Finance Agency:
1.750%, 6/1/2022, Call 6/1/2021 (1)	2,775,000	2,785,573
2.450%, 5/1/2022, Call 5/1/2021 (1)(3)	3,500,000	3,512,950
Port of Greater Cincinnati Development Authority, 3.000%, 5/1/2023, Call 5/1/2022	6,000,000	6,002,400
		20,657,451
Oklahoma — 3.3%
Oklahoma Development Finance Authority:
0.120%, 8/15/2031, Call 3/1/2021 (1)	5,000,000	5,000,000
0.130%, 8/15/2031, Call 3/1/2021 (1)(3)	8,000,000	8,000,000
1.625%, 7/6/2023, Call 6/30/2022	4,400,000	4,408,184
Oklahoma Housing Finance Agency, 1.600%, 7/1/2022 (1)	1,000,000	1,003,660
		18,411,844
Pennsylvania — 8.1%
Berks County Municipal Authority:
5.000%, 2/1/2022	500,000	515,960
5.000%, 2/1/2023	1,300,000	1,382,784
Bethlehem Area School District, SAW, 0.562%, (LIBOR 1 Month), 7/1/2031, Call 3/15/2021 (1)	2,985,000	2,984,910
City of Philadelphia Airport Revenue:
5.000%, 7/1/2021	3,250,000	3,298,977
5.000%, 7/1/2022	2,750,000	2,915,798
Delaware County Industrial Development Authority, 0.060%, 9/1/2045, Call 3/1/2021 (1)	6,900,000	6,900,000
Manheim Township School District, 0.554%, (LIBOR 1 Month), 5/1/2025, Call 5/1/2021 (1)	2,000,000	2,000,600

Montgomery County Higher Education & Health Authority, 0.750%, (SIFMA Municipal Swap Index Yield), 9/1/2051, Call 3/19/2021 (1)	2,500,000	2,500,100
Northampton County General Purpose Authority, 1.126%, (LIBOR 1 Month), 8/15/2024, Call 2/15/2023 (1)	1,000,000	1,007,370
Pennsylvania Economic Development Financing Authority:
0.700%, 8/1/2037 (1)	5,000,000	5,010,000
2.150%, 11/1/2021	2,000,000	2,024,520
2.625%, 11/1/2021	1,000,000	1,014,940
Pittsburgh Water & Sewer Authority, AGM, 0.680%, (SIFMA Municipal Swap Index Yield), 9/1/2040, Call 6/1/2023 (1)	6,800,000	6,816,932
Tender Option Bond Trust Receipts/Certificates, 0.210%, 12/1/2024 (1)(2)	6,910,000	6,910,000
		45,282,891
South Carolina — 1.4%
Patriots Energy Group Financing Agency, 0.942%, (LIBOR 1 Month), 2/1/2024, Call 11/1/2023 (1)	6,000,000	6,056,700
South Carolina Jobs-Economic Development Authority, 0.120%, 5/1/2048, Call 3/1/2021 (1)	1,500,000	1,500,000
		7,556,700
Tennessee — 0.6%
Memphis-Shelby County Airport Authority:
5.000%, 7/1/2021	1,125,000	1,141,954
5.000%, 7/1/2022	1,860,000	1,972,139
		3,114,093
Texas — 2.7%
City of Dallas Housing Finance Corp., 1.500%, 4/1/2022 (1)	3,400,000	3,448,552
Gulf Coast Authority, 2.450%, 5/1/2028 (1)	250,000	250,948
Irving Hospital Authority, 1.130%, (SIFMA Municipal Swap Index Yield), 10/15/2044, Call 4/15/2023 (1)	950,000	947,748
Matagorda County Navigation District No. 1, 0.900%, 5/1/2030 (1)	3,000,000	3,000,540
Mission Economic Development Corp., 0.180%, 5/1/2050 (1)(3)	5,000,000	4,999,750
Texas Municipal Gas Acquisition & Supply Corp. III:
5.000%, 12/15/2023 (3)	1,500,000	1,682,880
5.000%, 12/15/2024 (3)	875,000	1,012,200
		15,342,618
Virginia — 1.9%
Halifax County Industrial Development Authority, 0.450%, 12/1/2041 (1)	2,000,000	2,000,220
Hampton Redevelopment & Housing Authority, 1.460%, 12/1/2022, Call 12/1/2021 (1)	4,000,000	4,035,520
Westmoreland County Industrial Development Authority, 2.000%, 6/1/2022, Call 12/1/2021	4,300,000	4,356,115
		10,391,855
Washington — 1.5%
Tender Option Bond Trust Receipts/Certificates, 0.280%, 7/1/2026 (1)(2)	6,665,000	6,665,000
Vancouver Housing Authority, 1.530%, 12/1/2022, Call 12/1/2021	1,795,000	1,806,955
		8,471,955
West Virginia — 1.1%
County of Harrison, 3.000%, 10/15/2037 (1)	5,000,000	5,055,700
West Virginia Economic Development Authority, 3.000%, 6/1/2037 (1)	1,000,000	1,029,250
		6,084,950
Wisconsin — 5.0%
Burlington Area School District, 1.000%, 9/23/2021	4,300,000	4,317,587
City of Lancaster, 4.000%, 5/1/2021, Call 3/29/2021	1,010,000	1,012,333
D C Everest Area School District, 2.000%, 4/1/2022, Call 3/29/2021	1,290,000	1,291,625
Grantsburg School District, 1.000%, 10/29/2021	1,500,000	1,507,035
Pewaukee School District, 1.000%, 9/22/2021	3,400,000	3,414,212
Public Finance Authority, 0.180%, 10/1/2025 (1)	2,000,000	1,999,900
Wisconsin Health & Educational Facilities Authority:
0.130%, 2/15/2053, Call 3/1/2021 (1)	12,750,000	12,750,000
0.380%, (SIFMA Municipal Swap Index Yield), 8/15/2054, Call 3/19/2021 (1)	500,000	500,020

5.000%, 12/1/2022	1,000,000		1,081,660
			27,874,372
Total Municipals (identified cost $510,114,852)			513,105,893
Mutual Funds — 4.9%
Nuveen California AMT-Free Quality Municipal Income Fund (1)(2)	40,000		4,000,000
Nuveen New York AMT-Free Municipal Credit Income Fund (1)	11,320,000		11,320,000
Nuveen New York AMT-Free Quality Municipal Income Fund (1)	12,000,000		12,000,000
Total Mutual Funds (identified cost $27,320,000)			27,320,000
Short-Term Investments — 2.8%
Repurchase Agreements — 0.7%
Agreement with Fixed Income Clearing Corp., 0.010%, dated 2/26/2021, to be repurchased at $3,937,052 on 3/1/2021, collateralized by U.S. Government Treasury Obligation with a maturity of 1/31/2023, with a fair value of $4,015,869.	3,937,049		3,937,049
Short-Term Municipals — 2.1%
Florida — 1.3%
JEA Electric System Revenue, 0.110%, 3/10/2021	7,200,000		7,200,000
Texas — 0.8%
Harris County, 0.130%, 5/5/2021	2,510,000		2,510,000
Harris County, 0.130%, 5/5/2021	2,000,000		2,000,000
			4,510,000
Total Short-Term Investments (identified cost $15,647,048)			15,647,049
Total Investments — 99.3% (identified cost $553,081,900)			556,072,942
Other Assets and Liabilities — 0.7%			3,870,406
Total Net Assets — 100.0%		$	559,943,348

(1) Denotes a variable rate security. The rate shown is the current interest rate as of February 28, 2021. Rate fluctuations are based underlying positions and/or other variables. For securities whose yields vary with a designated market index or market rate, the reference rate and spread are indicated in the description.

(2) Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based on criteria approved by the Board of Directors of the BMO Funds. At February 28, 2021 these securities amounted to:

Fund	Amount		% of Total Net Assets
Ultra Short Tax-Free Fund	$	62,868,525	11.23

(3) Purchased on a when-issued or delayed delivery basis.

(4) Denotes a zero coupon rate security.

(5) Issue represents an Auction Rate Security. An Auction Rate Security is a corporate or municipal bond debt instrument with a long nominal maturity for which the interest rate is regularly reset through a Dutch auction. The rate presented is either the rate set through the auction or the maximum interest rate provided for in the security issuance provision.

Short Tax-Free Fund

Description	Shares or Principal Amount		Value
Municipals — 91.1%
Alabama — 3.2%
Black Belt Energy Gas District:
0.982%, (LIBOR 1 Month), 12/1/2023, Call 9/1/2023 (1)	$	1,000,000	$	1,007,810
4.000%, 6/1/2021, Call 3/1/2021 (1)		1,000,000		1,007,600
4.000%, 6/1/2023		1,000,000		1,078,070
Lower Alabama Gas District, 4.000%, 12/1/2025, Call 9/1/2025 (1)		600,000		684,660
Tuscaloosa City Board of Education, 5.000%, 8/1/2021		175,000		178,488
Wilsonville Industrial Development Board, 0.010%, 1/1/2024, Call 3/1/2021 (1)		300,000		300,000
				4,256,628
Arizona — 0.1%
Maricopa County Industrial Development Authority:
2.550%, 7/1/2021		115,000		115,505
2.875%, 7/1/2021 (2)		70,000		70,248
				185,753
California — 4.5%
Bay Area Toll Authority, 1.130%, (SIFMA Municipal Swap Index Yield), 4/1/2024, Call 10/1/2023 (1)		500,000		507,900
California Housing Finance Agency, AGM, 0.045%, 2/1/2037, Call 3/1/2021 (1)(3)		5,000		5,000
California Municipal Finance Authority, 5.000%, 2/1/2022		1,000,000		1,041,540
California Pollution Control Financing Authority, 0.200%, 4/15/2021 (1)(2)		500,000		500,010
California Public Finance Authority:
5.000%, 10/15/2021		350,000		359,216
5.000%, 10/15/2022		300,000		320,481
California Statewide Communities Development Authority, CMI, 3.500%, 11/1/2021, Call 5/1/2021		45,000		45,448
Eastern Municipal Water District, 0.386%, (LIBOR 1 Month), 7/1/2030, Call 4/1/2021		350,000		350,119
Fresno Joint Powers Financing Authority, AGM, 5.000%, 4/1/2022		875,000		917,962
Golden State Tobacco Securitization Corp., 5.000%, 6/1/2022		1,000,000		1,057,460
Palomar Health, 5.000%, 11/1/2022		375,000		401,048
Sacramento Redevelopment Agency Successor Agency, BAM, 5.000%, 12/1/2022		385,000		415,661
				5,921,845
Colorado — 3.1%
Colorado Educational & Cultural Facilities Authority, 5.000%, 10/1/2021		1,000,000		1,024,980
Colorado Health Facilities Authority:
5.000%, 6/1/2021		250,000		252,950
5.000%, 6/1/2022		250,000		264,842
5.000%, 8/1/2025, Call 2/1/2025 (1)		1,000,000		1,148,820
E-470 Public Highway Authority, 1.132%, (LIBOR 1 Month), 9/1/2021, Call 3/1/2021 (1)		575,000		575,190
University of Colorado Hospital Authority, 5.000%, 3/1/2022, Call 9/1/2021 (1)		750,000		766,860
				4,033,642
Connecticut — 2.5%
City of New Haven, AGM, 5.000%, 8/1/2024		1,000,000		1,145,920
Connecticut Housing Finance Authority, 0.050%, 11/15/2046, Call 3/1/2021 (1)		550,000		550,000
State of Connecticut:
5.000%, 3/15/2021		500,000		500,880
5.000%, 4/15/2023		1,000,000		1,098,820
				3,295,620
Delaware — 0.1%
University of Delaware, 0.020%, 11/1/2034, Call 3/1/2021 (1)		150,000		150,000

District of Columbia — 0.9%
Metropolitan Washington Airports Authority, 5.000%, 10/1/2024	1,000,000	1,154,820
Florida — 5.6%
Brevard County Health Facilities Authority, 5.000%, 4/1/2021	400,000	401,484
City of Atlantic Beach, 3.250%, 11/15/2024, Call 3/3/2021	1,155,000	1,155,589
City of Orlando, AGM, 4.000%, 11/1/2021	460,000	470,189
Columbia County School Board, BAM, 5.000%, 7/1/2021	400,000	406,192
County of Escambia, 0.030%, 4/1/2039, Call 3/1/2021 (1)	100,000	100,000
County of Martin, 0.030%, 7/15/2022, Call 3/1/2021 (1)	3,000,000	3,000,000
County of Okeechobee, 1.550%, 7/1/2021 (1)	1,000,000	1,004,590
Halifax Hospital Medical Center, 5.000%, 6/1/2021	300,000	303,381
Sarasota County Health Facilities Authority, 5.000%, 1/1/2022	500,000	511,860
		7,353,285
Georgia — 7.1%
Bartow County Development Authority:
1.550%, 8/19/2022 (1)	500,000	508,680
2.050%, 11/19/2021 (1)	500,000	506,160
Burke County Development Authority:
0.060%, 7/1/2049, Call 3/1/2021 (1)	1,700,000	1,700,000
2.925%, 3/12/2024 (1)	1,250,000	1,333,200
City of Atlanta, 5.000%, 1/1/2022	700,000	724,045
Main Street Natural Gas, Inc.:
0.827%, (LIBOR 1 Month), 9/1/2023, Call 6/1/2023 (1)	1,500,000	1,508,400
5.000%, 5/15/2024	1,250,000	1,419,412
Monroe County Development Authority, 0.050%, 11/1/2048, Call 3/1/2021 (1)	700,000	700,000
Municipal Electric Authority of Georgia, 5.000%, 1/1/2023	875,000	948,334
		9,348,231
Guam — 0.4%
Territory of Guam, 5.000%, 12/1/2022	500,000	535,135
Illinois — 15.4%
Chicago Housing Authority, HUD SEC 8, 5.000%, 1/1/2023	1,000,000	1,071,980
Chicago O’Hare International Airport:
5.000%, 1/1/2022	100,000	104,007
5.000%, 1/1/2022	200,000	207,876
Chicago Park District:
5.000%, 1/1/2022	250,000	257,360
5.000%, 1/1/2022	500,000	514,720
Chicago Transit Authority, 5.000%, 6/1/2021	750,000	758,475
City of Chicago, 5.000%, 1/1/2024	340,000	373,952
City of Chicago Wastewater Transmission Revenue, 5.000%, 1/1/2022	500,000	518,665
City of Chicago Waterworks Revenue, 5.000%, 11/1/2021	1,445,000	1,488,234
Cook County School District No 99 Cicero, 5.000%, 12/1/2023	575,000	640,032
County of Cook, 5.000%, 11/15/2021	720,000	744,257
County of Cook Sales Tax Revenue, 5.000%, 11/15/2024, Call 11/15/2022	810,000	874,290
Illinois Finance Authority:
1.451%, (LIBOR 1 Month), 5/1/2021, Call 3/3/2021 (1)	1,000,000	1,000,130
5.000%, 11/15/2021	400,000	412,956
5.000%, 1/1/2022	150,000	155,535
5.000%, 7/15/2022	750,000	798,667
5.000%, 11/15/2022	555,000	597,685
5.000%, 12/1/2022	290,000	303,732
5.000%, 5/15/2023	250,000	270,415
5.000%, 5/15/2024	450,000	502,358
Illinois Housing Development Authority, 1.900%, 10/1/2021 (1)	500,000	504,870
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, 5.000%, 1/1/2023	1,000,000	1,084,960
Northern Illinois University, BAM, 5.000%, 4/1/2025	400,000	462,892
Railsplitter Tobacco Settlement Authority, 5.000%, 6/1/2023	1,165,000	1,279,193
Sales Tax Securitization Corp., 5.000%, 1/1/2023	1,000,000	1,077,680
State of Illinois, 5.000%, 11/1/2022	2,000,000	2,129,880
University of Illinois, 5.000%, 3/15/2022	1,000,000	1,046,020
Village of Bolingbrook, AGM:

4.000%, 3/1/2022	630,000	653,260
4.000%, 3/1/2023	510,000	545,114
		20,379,195
Indiana — 1.4%
City of Boonville, 2.600%, 1/1/2023, Call 3/3/2021	500,000	501,795
City of Whiting, 5.000%, 6/5/2026 (1)	1,000,000	1,219,870
Indiana Finance Authority, 5.250%, 10/1/2022, Call 10/1/2021	150,000	154,419
		1,876,084
Iowa — 0.4%
City of Waverly, 2.500%, 12/31/2022, Call 7/1/2022	500,000	508,020
Kansas — 0.3%
City of Holton, 2.500%, 7/1/2021, Call 3/29/2021	375,000	375,383
Kentucky — 4.0%
City of Berea, 0.030%, 6/1/2032, Call 3/1/2021 (1)	2,385,000	2,385,000
Kentucky Asset Liability Commission, 5.000%, 9/1/2023	500,000	556,835
Kentucky Public Energy Authority:
1.202%, (LIBOR 1 Month), 6/1/2025, Call 3/1/2025 (1)	1,000,000	1,016,000
4.000%, 7/1/2023	750,000	809,820
Louisville/Jefferson County Metropolitan Government, 1.850%, 4/1/2021 (1)	500,000	500,625
		5,268,280
Louisiana — 0.0%
Louisiana Housing Corp., FHA, 2.500%, 12/1/2031, Call 3/29/2021	5,000	5,073
Maryland — 0.4%
City of Rockville, 5.000%, 11/1/2022	500,000	516,090
Maryland Community Development Administration, GNMA/FNMA/FHLMC, 4.500%, 3/1/2027, Call 3/3/2021	5,000	5,000
		521,090
Massachusetts — 2.4%
Commonwealth of Massachusetts, 1.700%, 8/1/2022 (1)	1,000,000	1,019,170
Massachusetts Development Finance Agency:
5.000%, 7/1/2021	280,000	283,889
5.000%, 7/1/2022	315,000	332,473
5.000%, 7/1/2024	260,000	295,553
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.000%, 1/1/2023, Call 1/1/2023 (1)	1,200,000	1,301,724
		3,232,809
Michigan — 1.8%
Great Lakes Water Authority Water Supply System Revenue, 5.000%, 7/1/2023	800,000	883,088
Michigan Finance Authority, 3.500%, 11/15/2022 (1)	1,000,000	1,049,220
Muskegon Public Schools, Q-SBLF, 4.250%, 5/1/2021, Call 3/3/2021	200,000	200,592
Taylor Tax Increment Finance Authority, AGM, 4.000%, 5/1/2021, Call 3/29/2021	270,000	270,769
		2,403,669
Mississippi — 1.6%
Mississippi Business Finance Corp., 2.200%, 6/3/2024 (1)	1,250,000	1,313,500
State of Mississippi, 5.000%, 10/15/2024	750,000	861,390
		2,174,890
Missouri — 0.2%
Health & Educational Facilities Authority of the State of Missouri, 5.000%, 2/1/2022	250,000	258,980
Nebraska — 0.8%
Central Plains Energy Project, 5.000%, 1/1/2024, Call 10/1/2023 (1)	1,000,000	1,112,580
Nevada — 1.6%
City of Carson City, 5.000%, 9/1/2022	500,000	533,910
City of North Las Vegas NV, AGM, 5.000%, 6/1/2023	1,000,000	1,094,950
City of Sparks NV, 2.500%, 6/15/2024 (2)	450,000	453,987
		2,082,847
New Hampshire — 0.5%
New Hampshire Business Finance Authority:
4.000%, 1/1/2025 (4)	290,000	322,959

4.000%, 1/1/2026 (4)	265,000	301,456
		624,415
New Jersey — 3.7%
New Jersey Economic Development Authority:
5.000%, 11/1/2021	400,000	412,432
5.000%, 6/15/2024	300,000	340,116
New Jersey Health Care Facilities Financing Authority:
5.000%, 7/1/2022	790,000	839,809
5.000%, 10/1/2026	650,000	780,286
New Jersey Transportation Trust Fund Authority, 5.000%, 12/15/2023	250,000	279,685
State of New Jersey, 5.000%, 6/1/2025	1,000,000	1,177,330
Tobacco Settlement Financing Corp., 5.000%, 6/1/2022	1,000,000	1,056,010
		4,885,668
New Mexico — 0.8%
New Mexico Hospital Equipment Loan Council, 2.375%, 7/1/2024, Call 3/1/2021	1,000,000	1,000,430
New York — 7.5%
Long Island Power Authority, 0.836%, (LIBOR 1 Month), 10/1/2023, Call 10/1/2022 (1)	1,000,000	1,001,170
Metropolitan Transportation Authority:
5.000%, 9/1/2022	1,500,000	1,593,105
5.000%, 2/1/2023	750,000	808,230
5.000%, 11/15/2024 (1)	1,000,000	1,139,860
New York State Dormitory Authority, 5.000%, 12/1/2022 (2)	600,000	641,400
New York State Housing Finance Agency, SONYMA, 1.875%, 11/1/2021, Call 3/1/2021 (1)	415,000	415,295
New York Transportation Development Corp., 5.000%, 12/1/2023	250,000	276,257
Tender Option Bond Trust Receipts, 0.070%, 8/15/2025 (1)(2)	1,000,000	1,000,000
Triborough Bridge & Tunnel Authority, 0.393%, (SOFR), 2/1/2024, Call 11/1/2023 (1)(4)	2,000,000	2,000,540
TSASC, Inc., 5.000%, 6/1/2021	1,000,000	1,011,170
		9,887,027
North Carolina — 0.7%
North Carolina Eastern Municipal Power Agency, FGIC, 3.144%, 1/1/2025 (1)(3)	600,000	582,324
North Carolina Medical Care Commission, 5.000%, 10/1/2022	350,000	368,214
		950,538
North Dakota — 0.0%
North Dakota Housing Finance Agency, 3.750%, 7/1/2042, Call 7/1/2022	30,000	30,933
Ohio — 2.5%
Akron Bath Copley Joint Township Hospital District, 5.000%, 11/15/2021	805,000	829,625
American Municipal Power, Inc., 2.300%, 2/15/2022, Call 8/15/2021 (1)	1,000,000	1,006,620
County of Hamilton, 5.000%, 1/1/2022	465,000	476,695
Ohio Housing Finance Agency, GNMA/FNMA/FHLMC, 4.000%, 5/1/2022, Call 5/1/2021	55,000	55,278
Port of Greater Cincinnati Development Authority, 3.000%, 5/1/2023, Call 5/1/2022	1,000,000	1,000,400
		3,368,618
Oklahoma — 0.5%
Oklahoma Development Finance Authority, 1.625%, 7/6/2023, Call 6/30/2022	600,000	601,116
Pennsylvania — 2.8%
Berks County Industrial Development Authority, 5.000%, 11/1/2022	250,000	264,027
Commonwealth Financing Authority, 5.000%, 6/1/2022	1,000,000	1,056,400
Delaware County Industrial Development Authority, 0.060%, 9/1/2045, Call 3/1/2021 (1)	700,000	700,000
Montgomery County Industrial Development Authority:
4.000%, 12/1/2022	250,000	260,073
5.000%, 12/1/2023	320,000	347,949
Northampton County General Purpose Authority, 1.126%, (LIBOR 1 Month), 8/15/2024, Call 2/15/2023 (1)	1,000,000	1,007,370
Pennsylvania Turnpike Commission, 1.020%, (SIFMA Municipal Swap Index Yield), 12/1/2021, Call 6/1/2021 (1)	80,000	80,138
		3,715,957

South Carolina — 0.8%
Patriots Energy Group Financing Agency, 0.942%, (LIBOR 1 Month), 2/1/2024, Call   11/1/2023 (1)	1,000,000		1,009,450
Tennessee — 1.5%
Tennessee Energy Acquisition Corp.:
4.000%, 5/1/2023, Call 2/1/2023 (1)	1,000,000		1,067,770
5.000%, 2/1/2023	790,000		855,767
5.250%, 9/1/2021	55,000		56,346
		1,979,883
Texas — 5.8%
City of Dallas Housing Finance Corp., 1.500%, 4/1/2022 (1)	900,000		912,852
Fort Bend Independent School District, PSF, 1.950%, 8/1/2022 (1)	845,000		866,353
Harris County Cultural Education Facilities Finance Corp., 0.870%, (SIFMA Municipal   Swap Index Yield), 6/1/2021 (1)	350,000		350,308
Irving Hospital Authority, 5.000%, 10/15/2022	215,000		231,129
Mission Economic Development Corp., 0.300%, 5/3/2021 (1)(4)	1,500,000		1,499,925
New Hope Cultural Education Facilities Finance Corp.:
3.375%, 8/15/2021 (2)	140,000		140,717
4.000%, 11/15/2021	315,000		317,933
North Texas Tollway Authority, 5.000%, 1/1/2022	250,000		259,845
Tarrant County Cultural Education Facilities Finance Corp.:
5.000%, 5/15/2021	500,000		502,825
5.000%, 11/15/2022	1,000,000		1,072,080
Texas Municipal Gas Acquisition & Supply Corp. III, 5.000%, 12/15/2025 (4)	1,000,000		1,186,770
Texas State University System, 5.000%, 3/15/2022	350,000		367,493
		7,708,230
Virginia — 1.2%
Henrico County Economic Development Authority, 5.000%, 10/1/2023	575,000		634,397
Henrico County Economic Development Authority, AGM, 0.222%, 8/23/2027, Call   3/1/2021 (1)(3)	1,000,000		1,000,000
		1,634,397
Washington — 1.5%
State of Washington, 5.000%, 2/1/2022	1,000,000		1,044,560
Washington State Housing Finance Commission, 2.375%, 1/1/2026, Call 7/1/2021 (2)	1,000,000		995,680
		2,040,240
West Virginia — 1.7%
West Virginia Economic Development Authority, 2.550%, 4/1/2024 (1)	1,000,000		1,053,700
West Virginia Hospital Finance Authority:
5.000%, 1/1/2022	520,000		537,862
5.000%, 1/1/2023	555,000		598,740
		2,190,302
Wisconsin — 1.8%
Public Finance Authority:
0.180%, 10/1/2025	500,000		499,975
5.000%, 11/15/2021	610,000		625,506
5.000%, 11/15/2022	500,000		529,805
State of Wisconsin, 5.000%, 3/1/2021	300,000		300,000
Wisconsin Health & Educational Facilities Authority:
5.000%, 8/15/2022	200,000		213,464
5.000%, 8/15/2023	205,000		227,382
		2,396,132
Total Municipals (identified cost $118,088,683)			120,457,195
Mutual Funds — 1.1%
Nuveen New York AMT-Free Quality Municipal Income Fund (1)	1,400,000		1,400,000
Total Mutual Funds (identified cost $1,400,000)			1,400,000
Short-Term Investments — 1.6%

Repurchase Agreements — 1.6%
Agreement with Fixed Income Clearing Corp., 0.010%, dated 2/26/2021, to be repurchased at $2,041,001 on 3/1/2021, collateralized by U.S. Government Treasury Obligation with a maturity of 1/31/2023, with a fair value of $2,081,889	2,040,999		2,040,999
Total Short-Term Investments (identified cost $2,040,999)			2,040,999
Total Investments — 93.8% (identified cost $121,529,682)			123,898,194
Other Assets and Liabilities — 6.2%			8,258,614
Total Net Assets — 100.0%		$	132,156,808

(1) Denotes a variable rate security. The rate shown is the current interest rate as of February 28, 2021. Rate fluctuations are based underlying positions and/or other variables. For securities whose yields vary with a designated market index or market rate, the reference rate and spread are indicated in the description.

(2) Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based on criteria approved by the Board of Directors of the BMO Funds. At February 28, 2021 these securities amounted to:

Fund	Amount		% of Total Net Assets
Short Tax-Free Fund	$	3,802,042	2.88

(3) Issue represents an Auction Rate Security. An Auction Rate Security is a corporate or municipal bond debt instrument with a long nominal maturity for which the interest rate is regularly reset through a Dutch auction. The rate presented is either the rate set through the auction or the maximum interest rate provided for in the security issuance provision.

(4) Purchased on a when-issued or delayed delivery basis.

Intermediate Tax-Free Fund

Description	Shares or Principal Amount		Value
Municipals — 97.5%
Alabama — 2.6%
Alabama Board of Education:
3.000%, 6/1/2021	$	305,000	$	307,010
4.000%, 7/1/2021		1,895,000		1,917,949
Black Belt Energy Gas District:
0.982%, (LIBOR 1 Month), 12/1/2023, Call 9/1/2023 (1)		4,000,000		4,031,240
4.000%, 10/1/2026, Call 7/1/2026 (1)		11,500,000		13,288,135
City of Birmingham, 4.000%, 3/1/2022 (2)		1,225,000		1,248,704
Columbia Industrial Development Board, 0.040%, 12/1/2037, Call 3/1/2021 (1)		1,400,000		1,400,000
Industrial Development Board of the City of Mobile Alabama, 0.040%, 6/1/2034,   Call 3/1/2021 (1)		8,800,000		8,800,000
Lower Alabama Gas District, 4.000%, 12/1/2025, Call 9/1/2025 (1)		1,400,000		1,597,540
Mobile County Board of School Commissioners, 5.000%, 3/1/2027, Call 3/1/2026		4,015,000		4,803,104
Special Care Facilities Financing Authority of the City of Pell City Alabama,   5.000%, 12/1/2025, Call 12/1/2021		4,000,000		4,127,600
UAB Medicine Finance Authority:
4.000%, 9/1/2038, Call 9/1/2029		1,000,000		1,151,960
4.000%, 9/1/2044, Call 9/1/2029		2,470,000		2,789,173
5.000%, 9/1/2036, Call 3/1/2027		2,340,000		2,755,490
5.000%, 9/1/2037, Call 3/1/2027		2,030,000		2,384,743
5.000%, 9/1/2041, Call 3/1/2027		1,020,000		1,188,575
				51,791,223
Alaska — 0.5%
Alaska Housing Finance Corp.:
0.040%, 7/1/2022, Call 3/1/2021 (1)		2,225,000		2,225,000
5.000%, 12/1/2027, Call 6/1/2022		1,065,000		1,128,921
5.000%, 12/1/2027, Call 6/1/2022		310,000		328,808
5.000%, 12/1/2028, Call 12/1/2024		2,500,000		2,872,550
5.000%, 6/1/2029, Call 12/1/2024		1,000,000		1,146,630
Borough of Matanuska-Susitna:
5.000%, 11/1/2022		500,000		539,585
5.000%, 4/1/2031, Call 4/1/2021		150,000		150,590
Borough of North Slope, 5.000%, 6/30/2024, Call 6/1/2021		1,020,000		1,032,301
			9,424,385
Arizona — 2.4%
Arizona Health Facilities Authority, 5.000%, 2/1/2022		1,000,000		1,042,950
Arizona Industrial Development Authority:
3.550%, 7/15/2029, Call 7/15/2027 (3)		1,350,000		1,439,005
3.750%, 12/15/2029, Call 12/15/2027 (3)		570,000		600,740
4.000%, 7/15/2030, Call 7/15/2028 (3)		625,000		674,781
4.000%, 7/15/2040, Call 7/15/2028 (3)		925,000		964,562
4.000%, 11/1/2045, Call 11/1/2030		1,870,000		2,116,709
4.000%, 7/15/2050, Call 7/15/2028 (3)		1,600,000		1,644,176
4.000%, 11/1/2050, Call 11/1/2030		2,000,000		2,258,680
5.000%, 3/1/2037, Call 9/1/2027 (3)		1,250,000		1,401,288
5.000%, 7/1/2039, Call 7/1/2029 (3)		780,000		888,654
5.000%, 12/15/2039, Call 12/15/2027 (3)		400,000		435,472
5.000%, 3/1/2042, Call 9/1/2027 (3)		1,000,000		1,109,120
5.000%, 7/1/2049, Call 7/1/2029 (3)		1,400,000		1,568,812
5.000%, 7/15/2049, Call 7/15/2027 (3)		3,350,000		3,723,391
5.000%, 12/15/2049, Call 12/15/2027 (3)		700,000		753,312
5.750%, 7/15/2038, Call 7/15/2026 (3)		1,750,000		2,009,402
Chandler Industrial Development Authority, 5.000%, 6/3/2024 (1)		5,000,000		5,688,650

City of Phoenix Civic Improvement Corp., BHAC FGIC, 5.500%, 7/1/2027 (2)	500,000	625,040
City of Phoenix Civic Improvement Corp., NATL-RE:
5.500%, 7/1/2021 (2)	555,000	563,719
5.500%, 7/1/2036 (2)	530,000	768,691
County of Pima Sewer System Revenue, 5.000%, 7/1/2027, Call 7/1/2022	1,450,000	1,539,117
Greater Arizona Development Authority, BHAC NATL-RE, 5.000%, 8/1/2027, Call 3/3/2021	70,000	70,250
Industrial Development Authority of the City of Phoenix, 5.000%, 7/1/2031, Call 7/1/2026 (3)	3,000,000	3,354,540
La Paz County Industrial Development Authority:
5.000%, 2/15/2046, Call 2/15/2026 (3)	1,000,000	1,102,910
5.000%, 2/15/2048, Call 2/15/2028	1,185,000	1,348,352
Maricopa County Industrial Development Authority:
5.000%, 7/1/2035, Call 7/1/2026	2,325,000	2,526,136
5.000%, 7/1/2036, Call 7/1/2026	750,000	835,905
5.000%, 7/1/2039, Call 7/1/2029 (3)	1,000,000	1,145,620
5.000%, 7/1/2047, Call 7/1/2026 (3)	1,225,000	1,329,701
Maricopa County Unified School District No. 60 Higley, AGM:
5.000%, 7/1/2023	1,000,000	1,105,590
5.000%, 7/1/2024	575,000	659,151
Salt Verde Financial Corp., 5.250%, 12/1/2022	110,000	118,465
Town of Marana, 5.000%, 7/1/2023	450,000	497,516
University Medical Center Corp., 5.000%, 7/1/2021	425,000	431,779
University of Arizona, 5.000%, 8/1/2026, Call 8/1/2021	455,000	464,086
		46,806,272
Arkansas — 0.5%
Arkansas Development Finance Authority, 5.000%, 2/1/2022	150,000	155,669
Arkansas Development Finance Authority, GNMA/FNMA/FHLMC:
4.000%, 1/1/2025, Call 7/1/2021	125,000	126,160
4.000%, 7/1/2025, Call 7/1/2021	290,000	292,639
Arkansas State University:
4.000%, 3/1/2021	390,000	390,000
4.000%, 3/1/2022	1,140,000	1,181,507
4.000%, 3/1/2023	985,000	1,044,494
City of Maumelle, 2.600%, 3/1/2030, Call 3/1/2022	415,000	416,407
City of Springdale Sales & Use Tax Revenue:
3.000%, 11/1/2021	1,000,000	1,018,300
5.000%, 11/1/2028, Call 11/1/2022	1,000,000	1,078,820
Conway Health Facilities Board, 4.250%, 8/1/2021	210,000	213,047
Henderson State University, BAM:
5.000%, 11/1/2022	905,000	969,879
5.000%, 11/1/2023, Call 11/1/2022	860,000	920,054
University of Arkansas:
5.000%, 12/1/2021	300,000	310,860
5.000%, 12/1/2022	520,000	563,701
5.000%, 12/1/2023, Call 12/1/2022	500,000	539,040
5.000%, 11/1/2030, Call 11/1/2024	1,000,000	1,134,400
		10,354,977
California — 5.6%
Alvord Unified School District, AGM, 7.350%, 8/1/2046, Call 8/1/2036	1,150,000	1,419,468
Bay Area Toll Authority, 1.290%, (SIFMA Municipal Swap Index Yield), 4/1/2027, Call   10/1/2026 (1)	5,000,000	5,162,500
Bellevue Union School District, AGM:
0.000%, 8/1/2030	585,000	493,295
0.000%, 8/1/2031	615,000	503,076
Bonita Unified School District, 5.500%, 8/1/2035, Call 8/1/2021	940,000	961,000
Burbank Unified School District, 5.000%, 8/1/2031, Call 2/1/2025 (2)	1,325,000	1,391,661
California Health Facilities Financing Authority:
5.000%, 7/1/2037, Call 7/1/2023	2,000,000	2,177,680
5.000%, 8/15/2042, Call 8/15/2027	1,000,000	1,167,220
California Housing Finance, 0.050%, 4/1/2041, Call 3/1/2021 (1)	1,125,000	1,125,000
California Infrastructure & Economic Development Bank, 0.469%, (LIBOR 1 Month),   8/1/2021, Call 3/1/2021 (1)	2,500,000	2,499,925
California Municipal Finance Authority, 5.000%, 2/1/2042, Call 2/1/2027	1,500,000	1,719,375

California Pollution Control Financing Authority, 0.200%, 4/15/2021 (1)(3)	1,000,000	1,000,020
California State Public Works Board, 5.000%, 4/1/2037, Call 4/1/2022	1,000,000	1,048,800
Carson Redevelopment Agency Successor Agency, AGM, 5.000%, 10/1/2021	850,000	873,409
City of Fairfield, XLCA, 0.000%, 4/1/2022	1,205,000	1,199,843
County of San Joaquin, 5.000%, 4/1/2022	350,000	367,458
Duarte Unified School District, 5.125%, 8/1/2026 (2)	585,000	717,192
El Centro Financing Authority, AGM:
4.000%, 10/1/2021	460,000	470,327
5.000%, 10/1/2022	580,000	624,486
5.000%, 10/1/2023	800,000	897,712
Encinitas Union School District, 6.750%, 8/1/2035, Call 8/1/2032	500,000	718,445
Escondido Union High School District, 5.450%, 8/1/2032, Call 8/1/2025 (2)	1,250,000	1,494,575
Escondido Union High School District, AGC, 0.000%, 8/1/2031	480,000	392,645
Fresno Joint Powers Financing Authority, AGM, 5.000%, 4/1/2033, Call 4/1/2027	1,000,000	1,188,910
Fresno Unified School District, 0.000%, 8/1/2034, Call 8/1/2021	1,045,000	428,178
Fresno Unified School District, NATL-RE, 6.000%, 8/1/2026	2,890,000	3,271,711
Golden State Tobacco Securitization Corp.:
5.000%, 6/1/2028, Call 6/1/2027	1,000,000	1,226,860
5.000%, 6/1/2029, Call 6/1/2027	1,000,000	1,217,340
Hacienda La Puente Unified School District, AGM:
5.000%, 6/1/2022	400,000	424,008
5.000%, 6/1/2023	400,000	442,152
5.000%, 6/1/2024	775,000	889,684
5.000%, 6/1/2025	425,000	504,088
Imperial Community College District, AGC, 0.000%, 8/1/2028	330,000	296,825
Imperial County Local Transportation Authority, 5.000%, 6/1/2032, Call 6/1/2022	2,000,000	2,098,500
Jefferson School District/San Joaquin County, 0.000%, 8/1/2029, Call 8/1/2024	170,000	130,671
Lakeside Union School District/Kern County:
0.000%, 9/1/2027, AGC	5,000	4,686
0.000%, 9/1/2027, AGC	290,000	263,572
Long Beach Bond Finance Authority:
5.000%, 11/1/2025, Call 11/1/2021	1,000,000	1,029,360
5.000%, 11/1/2030, Call 11/1/2021	1,750,000	1,796,112
Lynwood Unified School District, AGM:
5.000%, 8/1/2024, Call 8/1/2023	620,000	685,751
5.000%, 8/1/2025, Call 8/1/2023	760,000	840,013
McKinleyville Union School District, AGM, 7.050%, 8/1/2041, Call 8/1/2026 (2)	165,000	213,606
McKinleyville Union School District, BAM:
0.000%, 8/1/2036, Call 8/1/2021	1,200,000	558,276
0.000%, 8/1/2037, Call 8/1/2021	1,980,000	867,260
Mendocino-Lake Community College District, AGM, 5.600%, 8/1/2031, Call 8/1/2026 (2)	300,000	371,013
Midpeninsula Regional Open Space District, 5.000%, 9/1/2029, Call 9/1/2022	2,000,000	2,146,580
Modesto Irrigation District, 5.000%, 7/1/2021	500,000	508,045
Mount Diablo Unified School District, AGM, 5.750%, 8/1/2035, Call 8/1/2025	2,125,000	2,316,271
Norman Y Mineta San Jose International Airport SJC:
5.000%, 3/1/2041, Call 3/1/2027 (4)	1,000,000	1,177,930
5.000%, 3/1/2042, Call 3/1/2027	1,665,000	1,970,627
Northern California Power Agency:
5.000%, 7/1/2031, Call 7/1/2022	500,000	531,145
5.000%, 7/1/2032, Call 7/1/2022	700,000	743,505
Orchard School District, NATL-RE, 0.000%, 8/1/2023	590,000	582,649
Pasadena Public Financing Authority, 0.000%, 3/1/2029	2,000,000	1,744,940
Roseville Joint Union High School District, 0.000%, 8/1/2022	305,000	303,704
Sacramento Redevelopment Agency Successor Agency, BAM:
5.000%, 12/1/2027, Call 12/1/2025	235,000	275,838
5.000%, 12/1/2028, Call 12/1/2025	425,000	496,226
5.000%, 12/1/2030, Call 12/1/2025	1,000,000	1,154,710
5.000%, 12/1/2031, Call 12/1/2025	2,000,000	2,297,560
San Francisco City & County Airport Comm-San Francisco International Airport:
5.000%, 5/1/2024, Call 5/1/2021	745,000	750,990
5.000%, 5/1/2024, Call 5/1/2021	295,000	297,319
5.000%, 5/1/2045, Call 5/1/2029 (4)	13,500,000	16,243,200
San Jose Financing Authority, 5.000%, 6/1/2039, Call 6/1/2023	1,435,000	1,586,278
San Jose Unified School District, NATL-RE, 0.000%, 8/1/2027	1,495,000	1,387,704

San Miguel Joint Union School District, AGM:
0.000%, 6/15/2021	490,000	489,397
0.000%, 6/15/2022	505,000	501,430
Santa Ana Unified School District, 0.000%, 8/1/2021	500,000	499,110
Santa Barbara County College School District:
0.000%, 8/1/2027	365,000	336,650
0.000%, 8/1/2031	470,000	387,247
State of California, 5.250%, 9/1/2025, Call 9/1/2021	2,045,000	2,096,923
Tender Option Bond Trust Receipts/Certificates, 0.140%, 11/15/2049, Call 11/15/2026 (1)(3)	3,750,000	3,750,000
Vallejo City Unified School District, NATL-RE, 5.900%, 8/1/2025	1,225,000	1,361,465
Walnut Creek Elementary School District Contra Costa County, 0.000%, 9/1/2023	1,560,000	1,537,240
Watereuse Finance Authority, BAM TCRs, 5.500%, 5/1/2036, Call 5/1/2024	2,635,000	3,029,433
West Contra Costa Unified School District, AGM NATL-RE FGIC, 0.000%, 8/1/2025	310,000	296,692
West Kern Water District, 5.000%, 6/1/2028, Call 6/1/2021	2,000,000	2,023,160
Western Placer Unified School District:
2.000%, 6/1/2025, Call 6/1/2023	1,000,000	1,032,570
2.000%, 6/1/2025, Call 6/1/2023	5,000,000	5,145,800
Westminster School District, BAM, 0.000%, 8/1/2048, Call 8/1/2023	7,045,000	1,241,540
Windsor Unified School District, AGM:
0.000%, 8/1/2023	240,000	236,042
0.000%, 8/1/2024, Call 8/1/2023	330,000	309,755
0.000%, 8/1/2025, Call 8/1/2023	270,000	241,051
0.000%, 8/1/2026, Call 8/1/2023	330,000	279,127
0.000%, 8/1/2028, Call 8/1/2023	420,000	318,259
		108,801,800
Colorado — 2.7%
Adams County School District No. 14, SAW:
5.000%, 12/1/2024	500,000	582,150
5.000%, 12/1/2026, Call 12/1/2024	355,000	415,964
5.000%, 12/1/2027, Call 12/1/2024	500,000	585,865
Arkansas River Power Authority, 5.000%, 10/1/2038, Call 10/1/2028	2,250,000	2,604,870
City & County of Denver, 5.000%, 8/1/2041, Call 8/1/2026	8,000,000	9,470,800
City & County of Denver Airport System Revenue:
5.000%, 11/15/2021	500,000	516,590
5.000%, 11/15/2030, Call 11/15/2027 (4)	5,010,000	6,106,589
5.000%, 12/1/2048, Call 12/1/2028 (4)	3,000,000	3,542,640
Colorado Bridge Enterprise:
4.000%, 12/31/2028, Call 12/31/2027 (4)	2,760,000	3,147,918
4.000%, 6/30/2029, Call 12/31/2027 (4)	4,525,000	5,110,444
Colorado Educational & Cultural Facilities Authority, 5.000%, 9/1/2021 (2)	865,000	882,421
Colorado Health Facilities Authority:
0.020%, 12/1/2045, Call 3/1/2021 (1)	100,000	100,000
4.000%, 11/15/2043, Call 11/15/2029	1,000,000	1,142,280
4.000%, 8/1/2044, Call 8/1/2029	2,000,000	2,219,540
4.000%, 9/1/2045, Call 9/1/2030	1,000,000	1,112,250
4.000%, 8/1/2049, Call 8/1/2029	2,265,000	2,502,440
4.000%, 9/1/2050, Call 9/1/2030	1,500,000	1,657,755
5.000%, 9/1/2022	750,000	796,208
5.000%, 12/1/2023	215,000	239,441
5.000%, 2/1/2024	420,000	456,233
5.000%, 6/1/2047, Call 6/1/2027	1,000,000	1,247,130
Commerce City Northern Infrastructure General Improvement District, AGM:
5.000%, 12/1/2021	725,000	751,361
5.000%, 12/1/2022	1,185,000	1,285,026
County of Boulder, 5.000%, 12/1/2025, Call 3/3/2021	475,000	476,677
Denver City & County School District No. 1, SAW, 5.000%, 12/1/2032, Call 12/1/2022	1,500,000	1,626,615
Park Creek Metropolitan District, 5.000%, 12/1/2030, Call 12/1/2025	1,895,000	2,206,273
Rangely Hospital District, 6.000%, 11/1/2026, Call 11/1/2021	2,000,000	2,042,700
		52,828,180
Connecticut — 1.9%
City of New Haven, AGM:

5.000%, 8/1/2023	295,000	328,397
5.000%, 8/1/2023	1,765,000	1,955,320
5.000%, 2/1/2024	650,000	732,375
5.000%, 8/1/2024	1,000,000	1,145,920
5.000%, 8/1/2039, Call 8/1/2029	3,000,000	3,630,450
Connecticut Housing Finance Authority:
3.500%, 11/15/2045, Call 5/15/2029	2,420,000	2,686,176
3.600%, 11/15/2030, Call 11/15/2024	305,000	322,562
Connecticut State Health & Educational Facilities Authority:
4.000%, 7/1/2038, Call 7/1/2029	5,430,000	6,070,903
5.000%, 7/1/2029, Call 7/1/2028	1,000,000	1,249,470
State of Connecticut:
5.000%, 3/15/2027, Call 3/15/2026	2,155,000	2,594,685
5.000%, 4/15/2028	1,250,000	1,585,887
5.000%, 4/15/2030, Call 4/15/2029	1,150,000	1,472,793
5.000%, 4/15/2034, Call 4/15/2027	3,000,000	3,609,450
University of Connecticut:
5.000%, 3/15/2032, Call 3/15/2026	2,000,000	2,342,340
5.000%, 1/15/2033, Call 1/15/2027	4,000,000	4,780,600
5.000%, 11/1/2036, Call 11/1/2028	1,485,000	1,832,579
		36,339,907
Delaware — 0.4%
City of Wilmington, 5.000%, 10/1/2025, Call 10/1/2023	3,715,000	4,156,491
Delaware State Economic Development Authority:
5.000%, 6/1/2036, Call 6/1/2026	500,000	541,625
5.000%, 6/1/2046, Call 6/1/2026	1,000,000	1,065,850
Sustainable Energy Utility, Inc., 5.000%, 9/15/2034, Call 9/15/2021	1,580,000	1,621,317
		7,385,283
District of Columbia — 0.6%
District of Columbia:
4.000%, 7/1/2044, Call 7/1/2029	3,480,000	3,821,179
5.000%, 10/1/2025, Call 10/1/2021	1,865,000	1,917,798
5.000%, 6/1/2036, Call 6/1/2026	1,115,000	1,247,462
5.000%, 12/1/2036, Call 12/1/2021	165,000	170,948
5.000%, 12/1/2036, Call 12/1/2021	335,000	346,457
5.000%, 6/1/2046, Call 6/1/2026	1,385,000	1,518,002
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, 4.000%, 10/1/2049, Call 10/1/2029	1,000,000	1,100,830
Washington Convention & Sports Authority, 5.000%, 10/1/2030, Call 10/1/2027	1,500,000	1,731,060
		11,853,736
Florida — 4.4%
Central Florida Expressway Authority, 4.000%, 7/1/2041, Call 7/1/2027	4,000,000	4,547,760
City of Atlantic Beach:
5.000%, 11/15/2043, Call 11/15/2025	1,085,000	1,214,929
5.000%, 11/15/2048, Call 11/15/2025	1,750,000	1,952,125
City of Boynton Beach Utility System Revenue, AGM, 5.000%, 11/1/2027, Call 11/1/2021	1,000,000	1,030,940
City of Gulf Breeze, 5.000%, 12/1/2023, Call 3/1/2021	2,000,000	2,004,480
City of Lakeland Department of Electric Utilities, AGM, 5.250%, 10/1/2028	1,250,000	1,638,612
City of North Port, BAM, 5.000%, 7/1/2022	200,000	212,610
City of Orlando, AGM, 5.000%, 11/1/2035, Call 11/1/2027	2,270,000	2,780,773
City of Sunrise, NATL-RE, 0.000%, 10/1/2021	175,000	174,676
City of Tallahassee:
5.000%, 12/1/2026, Call 12/1/2025	450,000	530,352
5.000%, 12/1/2027, Call 12/1/2025	400,000	468,704
City of Tampa, AMBAC, 0.000%, 4/1/2021	460,000	459,936
Columbia County School Board, BAM, 5.000%, 7/1/2026, Call 7/1/2025	495,000	582,199
County of Broward, AGM, 5.000%, 4/1/2033, Call 4/1/2023 (4)	740,000	801,701
County of Broward Airport System Revenue:
5.000%, 10/1/2026, Call 10/1/2025 (4)	750,000	892,387
5.000%, 10/1/2031, Call 10/1/2025 (4)	1,000,000	1,167,240
County of Jackson, 0.050%, 7/1/2022, Call 3/1/2021 (1)	600,000	600,000
County of Lee County Water & Sewer Revenue, 5.000%, 10/1/2029, Call 10/1/2022	2,000,000	2,153,400
County of Miami-Dade, AGC, 0.000%, 10/1/2021	610,000	608,408

County of Miami-Dade Aviation Revenue:
4.000%, 10/1/2044, Call 10/1/2029 (4)	1,000,000	1,111,130
5.000%, 10/1/2025, Call 10/1/2024	800,000	924,776
5.000%, 10/1/2044, Call 10/1/2029 (4)	3,000,000	3,609,390
County of Miami-Dade Water & Sewer System Revenue:
5.000%, 10/1/2033, Call 10/1/2025	2,000,000	2,372,760
5.250%, 10/1/2029, Call 10/1/2023	100,000	112,881
County of Orange Sales Tax Revenue, 5.000%, 1/1/2027, Call 1/1/2022	5,810,000	6,045,305
County of St. Johns, AGM, 5.000%, 10/1/2021	1,110,000	1,140,703
Emerald Coast Utilities Authority, BAM, 5.000%, 1/1/2032, Call 1/1/2025	1,445,000	1,669,726
Florida Housing Finance Corp., GNMA/FNMA/FHLMC, 4.450%, 1/1/2030, Call 7/1/2021	160,000	161,317
Florida Housing Finance Corp., GNMA/FNMA/FHLMC COLL, 3.500%, 7/1/2051, Call 7/1/2029	1,250,000	1,381,450
Halifax Hospital Medical Center:
5.000%, 6/1/2026	1,525,000	1,807,232
5.000%, 6/1/2027, Call 6/1/2026	1,295,000	1,525,627
JEA Electric System Revenue, 0.030%, 10/1/2038, Call 3/1/2021 (1)	2,175,000	2,175,000
JPMorgan Chase Putters/Drivers Trust, 0.220%, 2/16/2022, Call 8/18/2021 (1)(3)	5,000,000	5,000,000
Lee County School Board, 5.000%, 8/1/2028, Call 8/1/2024	2,500,000	2,854,775
Miami-Dade County Educational Facilities Authority, 5.000%, 4/1/2031, Call 4/1/2025	2,000,000	2,261,240
Monroe County School District, 5.000%, 6/1/2034, Call 6/1/2027	1,000,000	1,214,210
Palm Beach County Health Facilities Authority:
5.000%, 5/15/2036, Call 5/15/2027	1,000,000	1,155,840
5.000%, 5/15/2037, Call 5/15/2027	1,000,000	1,153,340
5.000%, 11/15/2042, Call 11/15/2027	250,000	300,220
Polk County Industrial Development Authority:
5.000%, 1/1/2029, Call 1/1/2025	355,000	397,178
5.000%, 1/1/2039, Call 1/1/2025	300,000	329,463
5.000%, 1/1/2049, Call 1/1/2025	1,000,000	1,088,640
Sarasota County Health Facilities Authority:
5.000%, 1/1/2030, Call 1/1/2025	750,000	825,885
5.000%, 1/1/2031, Call 1/1/2025	935,000	1,027,434
5.000%, 1/1/2032, Call 1/1/2025	1,100,000	1,204,951
Sarasota County Public Hospital District, 5.000%, 7/1/2041, Call 7/1/2028	5,000,000	6,014,800
St. Lucie County School Board, AGM, 5.000%, 7/1/2022, Call 7/1/2021	2,500,000	2,538,525
Town of Davie:
5.000%, 4/1/2021	615,000	617,392
5.000%, 4/1/2022	830,000	873,168
Volusia County Educational Facility Authority:
4.000%, 10/15/2038, Call 10/15/2029	585,000	663,431
5.000%, 10/15/2044, Call 10/15/2029	5,850,000	7,037,199
5.000%, 10/15/2049, Call 10/15/2029	1,000,000	1,196,400
Volusia County Educational Facility Authority, AGM, 5.000%, 10/15/2029, Call 10/15/2021	730,000	751,586
		86,364,206
Georgia — 6.0%
Appling County Development Authority, 0.050%, 9/1/2041, Call 3/1/2021 (1)	3,800,000	3,800,000
Bartow County Development Authority, 1.550%, 8/19/2022 (1)	2,000,000	2,034,720
Burke County Development Authority:
0.020%, 11/1/2052, Call 3/1/2021 (1)	8,300,000	8,300,000
0.060%, 7/1/2049, Call 3/1/2021 (1)	7,500,000	7,500,000
1.500%, 2/3/2025 (1)	1,500,000	1,536,600
2.250%, 5/25/2023 (1)	3,000,000	3,112,230
2.500%, 5/3/2021 (1)	1,000,000	1,003,700
2.925%, 3/12/2024 (1)	4,250,000	4,532,880
City of Atlanta Airport Passenger Facility Charge:
5.000%, 1/1/2031, Call 1/1/2024	1,000,000	1,121,910
5.000%, 1/1/2032, Call 1/1/2024	2,500,000	2,799,525
5.000%, 1/1/2033, Call 1/1/2024	1,000,000	1,117,410
5.000%, 1/1/2034, Call 1/1/2024	1,000,000	1,115,620
City of Atlanta Water & Wastewater Revenue:
5.000%, 11/1/2040, Call 11/1/2027	1,000,000	1,226,240
5.000%, 11/1/2043, Call 11/1/2027	3,000,000	3,654,210

City of Atlanta Water & Wastewater Revenue, NATL-RE, 5.500%, 11/1/2022	685,000	727,854
Cobb County Kennestone Hospital Authority, 5.000%, 4/1/2031, Call 4/1/2021	3,000,000	3,011,400
Development Authority of Appling County, 1.500%, 2/3/2025 (1)	1,000,000	1,024,400
Floyd County Hospital Authority, County Guarantee:
5.000%, 7/1/2021	1,155,000	1,172,995
5.000%, 7/1/2027, Call 7/1/2022	1,250,000	1,320,487
Gainesville & Hall County Development Authority:
5.000%, 3/1/2027	670,000	680,874
5.000%, 3/1/2037, Call 3/1/2027	500,000	479,130
5.125%, 3/1/2052, Call 3/1/2027	2,925,000	2,670,759
Gainesville & Hall County Hospital Authority:
4.000%, 2/15/2040, Call 2/15/2030	7,000,000	8,006,040
5.000%, 2/15/2036, Call 2/15/2027	1,500,000	1,772,565
5.000%, 2/15/2037, Call 2/15/2027	2,000,000	2,357,140
5.000%, 2/15/2042, Call 2/15/2027	3,000,000	3,489,990
Main Street Natural Gas, Inc.:
0.600%, (SIFMA Municipal Swap Index Yield), 12/1/2023, Call 9/1/2023 (1)	10,000,000	10,024,300
0.827%, (LIBOR 1 Month), 9/1/2023, Call 6/1/2023 (1)	11,500,000	11,564,400
0.926%, (LIBOR 1 Month), 12/1/2023, Call 9/1/2023 (1)	500,000	504,110
4.000%, 12/2/2024, Call 9/1/2024 (1)	6,000,000	6,682,740
5.000%, 5/15/2030, Call 5/15/2029	2,750,000	3,438,352
5.000%, 5/15/2031, Call 5/15/2029	4,000,000	4,970,760
Monroe County Development Authority:
0.050%, 11/1/2048, Call 3/1/2021 (1)	1,000,000	1,000,000
2.250%, 7/1/2025, Call 6/13/2024	3,000,000	3,087,480
South Fulton Municipal Regional Water & Sewer Authority, BAM:
5.000%, 1/1/2023	800,000	865,976
5.000%, 1/1/2024	1,000,000	1,124,910
5.000%, 1/1/2025, Call 1/1/2024	700,000	784,763
South Regional Joint Development Authority, 5.250%, 8/1/2023	25,000	27,814
Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.000%, 10/1/2025, Call 10/1/2021	2,940,000	3,023,231
Winder-Barrow Industrial Building Authority, AGM, 5.000%, 12/1/2029, Call 12/1/2021	1,000,000	1,035,280
		117,702,795
Guam — 0.1%
Territory of Guam:
5.000%, 12/1/2032, Call 12/1/2026	1,310,000	1,497,448
5.000%, 12/1/2033, Call 12/1/2026	1,000,000	1,139,740
		2,637,188
Hawaii — 0.0%
City & County of Honolulu:
5.000%, 10/1/2022	500,000	538,270
5.000%, 10/1/2023	500,000	560,655
		1,098,925
Idaho — 0.1%
Canyon County School District No. 131 Nampa, School Bond Gty, 5.000%, 9/15/2023	1,000,000	1,115,310
Illinois — 16.8%
Bureau County Township High School District No. 502, BAM, 6.625%, 10/1/2043, Call 12/1/2023	3,400,000	3,979,700
Chicago Board of Education:
5.000%, 4/1/2042, Call 4/1/2028	1,500,000	1,740,000
5.000%, 4/1/2046, Call 4/1/2028	1,250,000	1,438,725
6.000%, 4/1/2046, Call 4/1/2027	1,500,000	1,791,630
Chicago Board of Education, NATL-RE:
0.000%, 12/1/2022	365,000	359,412
5.250%, 12/1/2021	1,000,000	1,034,680
Chicago Housing Authority, HUD SEC 8:
5.000%, 1/1/2023	710,000	761,106
5.000%, 1/1/2037, Call 1/1/2028	2,500,000	2,935,650
Chicago O’Hare International Airport:
5.000%, 1/1/2026, Call 1/1/2025 (4)	1,500,000	1,743,135

5.000%, 1/1/2031, Call 1/1/2025 (4)	1,000,000	1,144,120
5.000%, 1/1/2037, Call 1/1/2029 (4)	1,200,000	1,443,852
5.000%, 1/1/2038, Call 1/1/2027	2,290,000	2,690,177
5.000%, 1/1/2038, Call 1/1/2029 (4)	4,250,000	5,099,447
5.000%, 1/1/2039, Call 1/1/2029 (4)	1,250,000	1,495,887
Chicago Park District:
5.000%, 1/1/2023, Call 1/1/2022	1,060,000	1,092,012
5.000%, 1/1/2028, Call 1/1/2024	2,500,000	2,731,925
5.000%, 1/1/2031, Call 1/1/2026	1,790,000	2,035,373
5.000%, 1/1/2040, Call 1/1/2026	1,000,000	1,115,610
Chicago Transit Authority:
4.000%, 12/1/2050, Call 12/1/2029	3,000,000	3,312,720
5.000%, 12/1/2046, Call 12/1/2026	3,000,000	3,450,060
City of Chicago:
5.000%, 1/1/2028	6,000,000	7,148,820
5.000%, 1/1/2040, Call 1/1/2029	9,400,000	10,787,816
5.000%, 1/1/2044, Call 1/1/2029	11,750,000	13,337,895
5.500%, 1/1/2035, Call 1/1/2029	2,000,000	2,395,680
6.000%, 1/1/2038, Call 1/1/2027	10,000,000	11,855,700
City of Chicago Wastewater Transmission Revenue:
5.000%, 1/1/2031, Call 1/1/2025	3,715,000	4,295,803
5.000%, 1/1/2032, Call 1/1/2027	2,000,000	2,399,520
5.000%, 1/1/2035, Call 1/1/2027	3,310,000	3,938,834
5.000%, 1/1/2039, Call 1/1/2025	500,000	572,465
City of Chicago Waterworks Revenue:
5.000%, 11/1/2025	2,000,000	2,337,580
5.000%, 11/1/2027, Call 11/1/2026	2,500,000	3,049,400
5.000%, 11/1/2027, Call 11/1/2026	1,000,000	1,219,760
5.000%, 11/1/2028, Call 11/1/2026	1,000,000	1,212,120
5.000%, 11/1/2029, Call 11/1/2026	1,000,000	1,204,460
City of Chicago Waterworks Revenue, AGM, 5.000%, 11/1/2027, Call 3/3/2021	60,000	60,198
City of Springfield, 5.000%, 12/1/2022	905,000	969,499
City of Springfield Electric Revenue:
5.000%, 3/1/2028, Call 3/1/2025	1,000,000	1,163,410
5.000%, 3/1/2029, Call 3/1/2025	1,000,000	1,160,840
Cook County Community Consolidated School District No. 65 Evanston:
0.000%, 12/1/2027, Call 12/1/2024	300,000	249,054
0.000%, 12/1/2029, Call 12/1/2024	400,000	300,344
0.000%, 12/1/2030, Call 12/1/2024	1,130,000	807,860
0.000%, 12/1/2031, Call 12/1/2024	1,500,000	1,016,985
Cook County School District No. 103 Lyons, AGM, 0.000%, 12/1/2021	850,000	846,711
Cook County School District No. 144 Prairie Hills, AGM:
0.000%, 12/1/2028	2,830,000	2,423,131
0.000%, 12/1/2029	2,580,000	2,132,447
Cook County School District No. 83 Mannheim, 5.625%, 6/1/2033	2,980,000	3,879,573
Cook County Township High School District No. 220 Reavis, 6.000%, 12/1/2030, Call 12/1/2023	1,000,000	1,146,100
Cook County Township High School District No. 220 Reavis, BAM:
6.000%, 12/1/2031, Call 12/1/2023	2,035,000	2,332,313
6.000%, 12/1/2032, Call 12/1/2023	2,160,000	2,475,576
6.000%, 6/1/2033, Call 12/1/2023	2,235,000	2,561,533
County of Cook:
5.000%, 11/15/2028, Call 11/15/2026	3,150,000	3,848,922
5.000%, 11/15/2031, Call 11/15/2026	2,750,000	3,321,092
County of Cook, BAM TCRs, 5.000%, 11/15/2023	1,000,000	1,124,610
County of Cook Sales Tax Revenue:
5.250%, 11/15/2035, Call 11/15/2027	1,520,000	1,868,247
5.250%, 11/15/2036, Call 11/15/2027	3,000,000	3,676,560
County of St. Clair Highway Revenue, 5.500%, 1/1/2038, Call 1/1/2023	825,000	904,852
Frankfort Square Park District, AMBAC, 0.000%, 1/1/2022	670,000	662,174
Illinois Finance Authority:
0.030%, 1/1/2037, Call 3/1/2021 (1)	1,370,000	1,370,000
0.040%, 2/15/2033, Call 3/1/2021 (1)	1,225,000	1,225,000
0.060%, 12/1/2036, Call 3/1/2021 (1)	2,000,000	2,000,000
4.000%, 10/1/2040, Call 10/1/2030	500,000	562,855

4.000%, 10/1/2050, Call 10/1/2030	1,500,000	1,657,545
5.000%, 5/15/2023	445,000	481,339
5.000%, 11/15/2023, Call 11/15/2022	215,000	231,220
5.000%, 8/15/2024	250,000	285,003
5.000%, 5/15/2025	1,000,000	1,049,320
5.000%, 11/15/2026, Call 11/15/2025	1,000,000	1,175,180
5.000%, 11/15/2027, Call 11/15/2025	500,000	584,245
5.000%, 11/1/2029, Call 11/1/2026	2,000,000	2,344,380
5.000%, 5/15/2030, Call 5/15/2025	1,000,000	1,069,400
5.000%, 1/1/2036, Call 1/1/2027	2,000,000	2,348,580
5.000%, 12/1/2037, Call 12/1/2027	1,000,000	1,123,700
5.000%, 5/15/2043, Call 11/15/2028	5,000,000	5,925,050
5.000%, 1/1/2044, Call 1/1/2028	5,000,000	5,883,700
5.000%, 10/1/2044, Call 10/1/2029	1,000,000	1,198,840
5.000%, 12/1/2047, Call 12/1/2027	1,000,000	1,103,120
5.000%, 10/1/2049, Call 10/1/2029	1,250,000	1,490,313
6.000%, 10/1/2024, Call 10/1/2021	1,010,000	1,027,867
6.000%, 8/15/2041, Call 8/15/2021	2,665,000	2,716,621
6.875%, 10/1/2043, Call 10/1/2021	3,000,000	3,045,390
Illinois Housing Development Authority, GNMA/FNMA/FHLMC:
2.450%, 6/1/2043, Call 1/1/2023	362,524	373,624
3.750%, 4/1/2050, Call 4/1/2029	4,745,000	5,271,410
Illinois State Toll Highway Authority:
5.000%, 1/1/2028, Call 1/1/2023	1,000,000	1,081,870
5.000%, 1/1/2029, Call 1/1/2023	1,000,000	1,081,870
5.000%, 1/1/2030, Call 1/1/2026	1,000,000	1,194,500
5.000%, 1/1/2031, Call 1/1/2029	500,000	636,985
5.000%, 12/1/2032, Call 1/1/2026	7,790,000	9,272,593
Kane & DeKalb Counties Community Unit School District No. 302 Kaneland, NATL-RE, 0.000%, 2/1/2023	5,450,000	5,343,125
Kane Cook & DuPage Counties School District No. U-46 Elgin, AMBAC:
0.000%, 1/1/2023	350,000	348,023
0.000%, 1/1/2023	650,000	642,194
Kane McHenry Cook & De Kalb Counties Unit School District No. 300:
5.000%, 1/1/2023	1,000,000	1,084,960
5.000%, 1/1/2024	1,000,000	1,125,520
5.000%, 1/1/2026, Call 1/1/2025	4,000,000	4,676,480
5.250%, 1/1/2033, Call 1/1/2023	900,000	978,471
Lake County School District No. 33 Emmons, XLCA:
0.000%, 12/1/2026	525,000	472,106
0.000%, 12/1/2028	335,000	282,472
Lake County School District No. 56 Gurnee, 5.000%, 1/1/2024	440,000	492,716
McHenry & Kane Counties Community Consolidated School District No. 158 Huntley, AGM FGIC, 0.000%, 1/1/2024	500,000	484,900
McHenry County Community Unit School District No. 12 Johnsburg, AGM, 5.000%, 1/1/2022	895,000	928,026
Metropolitan Pier & Exposition Authority, NATL-RE:
0.000%, 12/15/2023	20,000	19,691
0.000%, 12/15/2023	835,000	807,812
0.000%, 6/15/2024	1,000,000	958,530
5.700%, 6/15/2023	1,710,000	1,914,772
5.700%, 6/15/2023	1,820,000	1,972,407
Northern Illinois University, BAM, 5.000%, 4/1/2025	425,000	491,823
Railsplitter Tobacco Settlement Authority:
5.000%, 6/1/2027, Call 6/1/2026	2,000,000	2,386,300
5.250%, 6/1/2021	1,120,000	1,133,485
Sales Tax Securitization Corp.:
5.000%, 1/1/2029	2,500,000	3,132,950
5.000%, 1/1/2029, Call 1/1/2028	1,000,000	1,224,700
5.000%, 1/1/2030	2,000,000	2,542,620
5.000%, 1/1/2030, Call 1/1/2028	1,450,000	1,762,446
5.000%, 1/1/2031, Call 1/1/2028	2,000,000	2,419,940
5.250%, 1/1/2043, Call 1/1/2029	5,000,000	6,032,600
South Suburban College Community School District No. 510, AGC, 0.000%, 12/1/2025	1,000,000	944,790

Southern Illinois University, BAM, 5.000%, 4/1/2026, Call 4/1/2025	1,175,000	1,307,787
Southwestern Illinois Development Authority:
5.000%, 10/15/2029, Call 10/15/2025	1,780,000	2,106,167
5.000%, 10/15/2032, Call 10/15/2025	1,335,000	1,577,623
State of Illinois:
4.000%, 11/1/2034, Call 11/1/2029	5,000,000	5,492,750
5.000%, 4/1/2024, Call 4/1/2023	500,000	536,815
5.000%, 2/1/2026	7,000,000	8,026,060
5.000%, 6/1/2026	5,000,000	5,771,200
5.000%, 10/1/2027	2,300,000	2,713,126
5.000%, 10/1/2029, Call 10/1/2028	2,400,000	2,842,200
5.000%, 10/1/2029, Call 10/1/2028	5,000,000	5,921,250
5.000%, 11/1/2030, Call 11/1/2026	1,000,000	1,135,400
5.000%, 6/15/2034, Call 6/15/2028	5,000,000	5,917,600
5.500%, 5/1/2039, Call 5/1/2030	4,000,000	4,860,240
5.750%, 5/1/2045, Call 5/1/2030	2,000,000	2,445,620
6.500%, 6/15/2022	135,000	139,883
State of Illinois, AGM, 5.000%, 4/1/2028, Call 4/1/2023	3,205,000	3,422,716
Tazewell County School District No. 51 Washington Central, NATL-RE, 9.000%, 12/1/2025	165,000	224,577
Village of Elwood, AGC:
0.000%, 3/1/2024, Call 9/1/2021	250,000	217,315
0.000%, 3/1/2026, Call 9/1/2021	1,280,000	995,507
Village of Franklin Park, BAM:
5.000%, 10/1/2022, Call 10/1/2021	730,000	749,666
5.000%, 10/1/2023, Call 10/1/2021	685,000	703,659
5.000%, 10/1/2024, Call 10/1/2021	425,000	436,552
5.000%, 10/1/2025, Call 10/1/2021	920,000	944,895
Will & Kankakee Counties School District No. 255:
5.000%, 6/1/2026, Call 6/1/2025	500,000	588,665
5.000%, 6/1/2029, Call 6/1/2025	600,000	701,736
Will County Community High School District No. 210 Lincoln-Way:
5.000%, 1/1/2027, Call 1/1/2023	1,250,000	1,328,063
5.000%, 1/1/2028, Call 1/1/2023	3,500,000	3,709,685
5.000%, 1/1/2030, Call 1/1/2023	2,000,000	2,110,580
Will County Community High School District No. 210 Lincoln-Way, AGM, 4.000%, 1/1/2034, Call 1/1/2029	650,000	734,825
Will County Community Unit School District No. 201-U Crete-Monee, NATL-RE:
0.000%, 11/1/2021	55,000	54,883
0.000%, 11/1/2021	245,000	243,738
0.000%, 11/1/2022	60,000	59,573
0.000%, 11/1/2022	190,000	187,091
Will County School District No. 114 Manhattan, NATL-RE, 0.000%, 12/1/2023	1,600,000	1,538,704
Will Grundy Counties Community College District No. 525, 5.250%, 6/1/2036, Call 12/1/2023	3,400,000	3,838,362
Winnebago & Boone Counties School District No. 205 Rockford, 4.000%, 2/1/2027, Call 2/1/2023	4,680,000	4,969,692
		328,052,689
Indiana — 1.8%
City of Boonville, 2.600%, 1/1/2023, Call 3/3/2021	2,500,000	2,508,975
City of Rockport, 3.050%, 6/1/2025	2,100,000	2,304,309
City of Whiting, 5.000%, 6/5/2026 (1)	2,200,000	2,683,714
Frankfort High School Elementary School Building Corp., 5.000%, 7/15/2025	115,000	135,794
Franklin Township-Marion County Multiple School Building Corp., SAW:
5.000%, 7/10/2021	580,000	589,930
5.000%, 7/15/2029, Call 1/15/2023	2,565,000	2,794,619
Indiana Bond Bank:
0.000%, 1/15/2031, Call 1/15/2029	1,500,000	1,238,265
0.000%, 1/15/2032, Call 1/15/2029	1,500,000	1,192,785
0.700%, (SIFMA Municipal Swap Index Yield), 10/15/2022 (1)	1,650,000	1,650,148
Indiana Finance Authority:
3.000%, 11/1/2030	1,000,000	1,050,020
3.000%, 11/1/2030	2,000,000	2,100,040
5.000%, 10/1/2022	300,000	323,010
5.000%, 10/1/2023	400,000	448,952

5.000%, 10/1/2024, Call 10/1/2023	275,000	308,655
5.000%, 5/1/2029, Call 5/1/2022	130,000	137,281
5.000%, 5/1/2029, Call 5/1/2022	3,940,000	4,113,202
5.000%, 11/15/2038, Call 11/15/2025	2,000,000	2,257,560
5.250%, 10/1/2024, Call 10/1/2021	710,000	730,455
5.250%, 10/1/2031, Call 10/1/2021	2,190,000	2,252,831
5.250%, 11/15/2046, Call 11/15/2026	2,500,000	2,795,500
Indianapolis Local Public Improvement Bond Bank, 5.000%, 1/1/2022, Call 3/1/2021	200,000	200,454
Indianapolis Local Public Improvement Bond Bank, NATL-RE, 5.250%, 7/1/2022	500,000	533,535
Portage Redevelopment District:
5.000%, 1/15/2023	280,000	302,868
5.000%, 1/15/2024	215,000	241,342
Porter County Jail Building Corp., AGM, 5.500%, 7/10/2021	25,000	25,426
Steuben Lakes Regional Waste District, 5.000%, 9/1/2024, Call 9/1/2023	1,225,000	1,368,460
		34,288,130
Iowa — 0.5%
City of Waverly, 2.500%, 12/31/2022, Call 7/1/2022	1,213,000	1,232,457
Iowa Finance Authority:
5.000%, 5/15/2036, Call 5/15/2026	4,065,000	4,612,962
5.000%, 5/15/2043, Call 5/15/2027	1,000,000	1,139,080
5.000%, 3/1/2048, Call 3/1/2024	1,250,000	1,322,312
Johnston Community School District, AGM, 5.000%, 7/1/2027, Call 7/1/2022	1,455,000	1,536,247
		9,843,058
Kansas — 0.3%
City of Holton, 2.500%, 7/1/2021, Call 3/29/2021	4,495,000	4,499,585
Wyandotte County-Kansas City Unified Government Utility System Revenue, 5.000%, 9/1/2032, Call 9/1/2022	1,000,000	1,071,880
		5,571,465
Kentucky — 2.1%
City of Berea, 0.040%, 6/1/2029, Call 3/1/2021 (1)	1,000,000	1,000,000
Kentucky Asset Liability Commission:
5.000%, 9/1/2024	1,000,000	1,153,920
5.000%, 9/1/2025	1,250,000	1,489,700
Kentucky Economic Development Finance Authority:
0.100%, 5/1/2034, Call 3/1/2021 (1)	6,235,000	6,235,000
5.000%, 8/15/2041, Call 8/15/2027	3,500,000	4,129,300
Kentucky Public Energy Authority:
1.202%, (LIBOR 1 Month), 6/1/2025, Call 3/1/2025 (1)	7,000,000	7,112,000
4.000%, 6/1/2026, Call 3/1/2026 (1)	4,000,000	4,578,920
Louisville/Jefferson County Metropolitan Government:
5.000%, 10/1/2029, Call 7/1/2029 (1)	4,000,000	5,169,120
5.000%, 10/1/2030, Call 10/1/2026	1,300,000	1,556,490
5.000%, 10/1/2031, Call 10/1/2026	3,500,000	4,171,965
Paducah Electric Plant Board, AGM:
5.000%, 10/1/2027, Call 10/1/2026	2,000,000	2,423,760
5.000%, 10/1/2028, Call 10/1/2026	1,850,000	2,231,248
		41,251,423
Louisiana — 1.1%
City of Bossier City Utilities Revenue, 5.000%, 10/1/2031, Call 10/1/2024	1,160,000	1,317,516
City of Shreveport Water & Sewer Revenue, BAM, 4.000%, 12/1/2025, Call 12/1/2024	2,210,000	2,463,597
Lafayette Public Trust Financing Authority, AGM, 4.000%, 10/1/2021	675,000	689,155
Louisiana Public Facilities Authority:
3.375%, 9/1/2028, Call 3/3/2021	2,440,000	2,448,589
5.000%, 5/15/2042, Call 5/15/2027	2,500,000	2,927,800
Louisiana Stadium & Exposition District, 5.000%, 7/1/2023	800,000	883,088
Parish of St. Bernard, 4.000%, 3/1/2021	3,585,000	3,585,000
Parish of St. John the Baptist:
2.125%, 7/1/2024 (1)	3,000,000	3,066,570
2.375%, 7/1/2026 (1)	2,500,000	2,590,800
Port New Orleans Board of Commissioners, 5.000%, 4/1/2032, Call 4/1/2023	725,000	792,121

Regional Transit Authority, NATL-RE, 0.000%, 12/1/2021	45,000	44,910
		20,809,146
Maine — 0.4%
City of Portland General Airport Revenue, 5.000%, 7/1/2022	300,000	317,052
Maine Health & Higher Educational Facilities Authority, 5.000%, 7/1/2043, Call 7/1/2028	3,500,000	4,190,725
Maine State Housing Authority, 3.850%, 11/15/2029, Call 11/15/2021	2,615,000	2,629,278
		7,137,055
Maryland — 0.4%
City of Rockville:
5.000%, 11/1/2030, Call 11/1/2024	765,000	819,086
5.000%, 11/1/2037, Call 11/1/2024	1,000,000	1,052,560
5.000%, 11/1/2042, Call 11/1/2024	1,000,000	1,040,720
Maryland Health & Higher Educational Facilities Authority, 5.750%, 7/1/2034, Call 7/1/2021	775,000	789,283
Montgomery County Housing Opportunities Commission:
5.000%, 7/1/2031, Call 3/3/2021	655,000	660,102
5.125%, 7/1/2037, Call 3/3/2021	3,110,000	3,134,414
		7,496,165
Massachusetts — 1.3%
Commonwealth of Massachusetts, 5.000%, 1/1/2037, Call 1/1/2029	850,000	1,062,279
Massachusetts Bay Transportation Authority, 5.000%, 7/1/2046, Call 7/1/2027	4,465,000	5,355,008
Massachusetts Development Finance Agency:
4.000%, 6/1/2049, Call 6/1/2029	1,000,000	1,089,190
5.000%, 7/1/2025, Call 7/1/2021	1,425,000	1,447,729
5.000%, 7/1/2027, Call 7/1/2025	125,000	147,518
5.000%, 7/1/2029, Call 1/1/2029	750,000	942,847
5.000%, 7/1/2031, Call 1/1/2029	2,000,000	2,473,260
5.000%, 7/1/2037, Call 7/1/2027	1,400,000	1,575,224
5.000%, 10/1/2037, Call 10/1/2022 (3)	500,000	548,950
5.000%, 6/1/2039, Call 6/1/2029	750,000	901,313
5.000%, 10/1/2047, Call 10/1/2022 (3)	500,000	547,190
Massachusetts Educational Financing Authority, 5.000%, 7/1/2025, Call 7/1/2022 (4)	265,000	279,633
Massachusetts Health & Educational Facilities Authority, 0.020%, 7/1/2035, Call 3/1/2021 (1)	1,000,000	1,000,000
Massachusetts Housing Finance Agency, 3.700%, 12/1/2027, Call 6/1/2022 (4)	580,000	583,364
Massachusetts School Building Authority, 5.000%, 8/15/2030, Call 8/15/2022	815,000	872,588
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.000%, 1/1/2023, Call 1/1/2023 (1)	5,000,000	5,423,850
University of Massachusetts Building Authority, 0.030%, 5/1/2038, Call 3/1/2021 (1)	1,600,000	1,600,000
		25,849,943
Michigan — 3.4%
Alma Public Schools, Q-SBLF, 5.000%, 5/1/2021	890,000	896,871
Bay City School District, Q-SBLF:
5.000%, 11/1/2027, Call 5/1/2024	645,000	735,842
5.000%, 11/1/2028, Call 5/1/2024	1,305,000	1,486,147
Caledonia Community Schools, Q-SBLF:
5.000%, 5/1/2025	600,000	705,918
5.000%, 5/1/2026	500,000	606,145
Charter Township of Northville:
4.000%, 4/1/2021	400,000	401,240
4.000%, 4/1/2022	240,000	249,946
Chippewa Valley Schools, Q-SBLF, 5.000%, 5/1/2027, Call 11/1/2025	20,000	24,009
City of Wyandotte Electric System Revenue, BAM:
5.000%, 10/1/2021	290,000	297,143
5.000%, 10/1/2022	290,000	309,421
5.000%, 10/1/2023	250,000	276,638
5.000%, 10/1/2024	300,000	341,748
Coloma Community School District, Q-SBLF, 3.000%, 5/1/2021	905,000	909,253
Comstock Park Public Schools, Q-SBLF, 5.000%, 5/1/2028, Call 5/1/2021	400,000	403,196
Detroit City School District, AGM Q-SBLF, 5.250%, 5/1/2026	300,000	367,131
Dundee Community Schools, Q-SBLF:
5.000%, 5/1/2022	1,200,000	1,264,752
5.000%, 5/1/2025	1,000,000	1,179,240

Fraser Public School District, Q-SBLF:
5.000%, 5/1/2021	1,000,000	1,007,640
5.000%, 5/1/2022	1,000,000	1,053,960
5.000%, 5/1/2025	1,700,000	1,997,041
Great Lakes Water Authority Sewage Disposal System Revenue, 5.000%, 7/1/2029	3,600,000	4,709,232
Grosse Ile Township School District, Q-SBLF:
5.000%, 5/1/2026, Call 5/1/2025	200,000	236,120
5.000%, 5/1/2027, Call 5/1/2025	230,000	271,018
Hartland Consolidated Schools, AGM Q-SBLF:
5.250%, 5/1/2026, Call 5/1/2021	1,625,000	1,638,374
5.250%, 5/1/2027, Call 5/1/2021	600,000	604,938
5.250%, 5/1/2028, Call 5/1/2021	1,575,000	1,587,962
Howell Public Schools, Q-SBLF, 4.250%, 5/1/2024, Call 5/1/2022	1,000,000	1,047,300
Jenison Public Schools:
5.000%, 5/1/2021	500,000	503,945
5.000%, 5/1/2022, Call 5/1/2021	560,000	564,474
Kent Hospital Finance Authority, 5.000%, 11/15/2029, Call 11/15/2021	1,000,000	1,034,270
Lansing Board of Water & Light, 5.000%, 7/1/2037, Call 7/1/2021	1,000,000	1,016,120
Livonia Public Schools, BAM, 5.000%, 5/1/2021	1,600,000	1,612,224
Marshall Public Schools, Q-SBLF:
4.000%, 11/1/2028, Call 5/1/2025	1,380,000	1,562,077
4.000%, 11/1/2029, Call 5/1/2025	940,000	1,060,499
Michigan Finance Authority:
4.000%, 2/15/2044, Call 8/15/2029	4,000,000	4,482,760
5.000%, 7/1/2026, Call 7/1/2025	175,000	207,139
5.000%, 7/1/2027, Call 7/1/2025	600,000	708,498
5.000%, 7/1/2029, Call 7/1/2025	950,000	1,118,235
5.000%, 7/1/2032, Call 7/1/2025	1,500,000	1,763,535
5.000%, 7/1/2034, Call 7/1/2025	500,000	585,285
5.000%, 12/1/2035, Call 12/1/2027	1,000,000	1,220,920
5.000%, 11/15/2041, Call 11/15/2026	1,000,000	1,174,030
Michigan Finance Authority, AGM:
5.000%, 7/1/2029, Call 7/1/2024	1,500,000	1,711,500
5.000%, 7/1/2030, Call 7/1/2024	1,500,000	1,711,500
Michigan State Housing Development Authority, 3.500%, 12/1/2050, Call 6/1/2029	3,475,000	3,838,763
Michigan Strategic Fund, 5.000%, 12/31/2043, Call 12/31/2028 (4)	3,400,000	4,057,322
North Branch Area Schools, Q-SBLF, 5.000%, 5/1/2024	200,000	227,896
Plymouth-Canton Community School District, Q-SBLF, 5.000%, 5/1/2021	450,000	453,573
Redford Union School District No. 1, AMBAC Q-SBLF, 5.000%, 5/1/2022	135,000	139,320
River Rouge School District, Q-SBLF, 5.000%, 5/1/2021	1,155,000	1,164,113
Tender Option Bond Trust Receipts/Certificates, Q-SBLF, 0.140%, 5/1/2028 (1)(3)	4,000,000	4,000,000
Wayne County Airport Authority:
5.000%, 12/1/2026, Call 12/1/2025 (4)	3,000,000	3,544,260
5.000%, 12/1/2030, Call 12/1/2025	1,250,000	1,481,862
		65,552,345
Minnesota — 0.6%
Duluth Economic Development Authority, 5.000%, 2/15/2043, Call 2/15/2028	1,000,000	1,180,950
Minnesota Housing Finance Agency, 3.000%, 1/1/2051, Call 1/1/2030	5,000,000	5,449,700
Minnesota Housing Finance Agency, GNMA COLL, 2.600%, 9/1/2042, Call 7/1/2022	402,860	414,514
Minnesota Housing Finance Agency, GNMA/FNMA/FHLMC:
2.250%, 12/1/2042, Call 1/1/2022	307,128	311,023
3.500%, 7/1/2050, Call 7/1/2029	2,450,000	2,705,413
3.900%, 7/1/2030, Call 1/1/2022	390,000	396,930
5.000%, 1/1/2031, Call 7/1/2021	500,000	504,820
		10,963,350
Mississippi — 0.8%
Mississippi Business Finance Corp., 3.200%, 9/1/2028, Call 3/13/2024	4,000,000	4,211,200
Mississippi Development Bank:
3.125%, 10/1/2023	155,000	160,456
5.000%, 10/1/2023	2,150,000	2,298,974
5.000%, 1/1/2027, Call 1/1/2022	1,200,000	1,248,600
Mississippi Hospital Equipment & Facilities Authority:
4.000%, 1/1/2039, Call 1/1/2030	1,500,000	1,699,350
4.000%, 1/1/2040, Call 1/1/2030	1,100,000	1,243,286

Mississippi State University Educational Building Corp., 5.000%, 11/1/2022	135,000	145,735
State of Mississippi, 5.000%, 10/15/2036, Call 10/15/2028	3,395,000	4,107,712
		15,115,313
Missouri — 2.3%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, 5.000%, 10/1/2033, Call 10/1/2022	4,000,000	4,306,800
Chesterfield Valley Transportation Development District, 5.000%, 5/15/2021	490,000	494,631
City of Kansas City:
5.000%, 9/1/2021, Call 3/3/2021	500,000	501,705
5.000%, 9/1/2023, Call 3/3/2021	300,000	301,047
5.000%, 10/1/2026, Call 10/1/2025	120,000	143,244
5.000%, 10/1/2028, Call 10/1/2025	115,000	136,316
5.000%, 9/1/2032, Call 3/3/2021	1,000,000	1,003,280
Health & Educational Facilities Authority of the State of Missouri:
0.040%, 6/1/2036, Call 3/1/2021 (1)	1,350,000	1,350,000
4.000%, 2/15/2044, Call 2/15/2029	2,000,000	2,236,100
4.000%, 2/1/2048, Call 2/1/2029	2,750,000	2,890,883
4.000%, 2/15/2049, Call 2/15/2029	2,500,000	2,777,025
5.000%, 11/15/2034, Call 5/15/2026	3,000,000	3,528,180
5.000%, 2/1/2042, Call 2/1/2024	3,000,000	3,321,960
5.250%, 10/1/2031, Call 10/1/2021	1,000,000	1,029,760
Independence School District, SAW, 5.250%, 3/1/2030, Call 3/3/2021	2,000,000	2,000,000
Kansas City Industrial Development Authority, 5.000%, 3/1/2046, Call 3/1/2029 (4)	2,000,000	2,358,380
Lees Summit Industrial Development Authority:
5.000%, 8/15/2036, Call 8/15/2024	1,100,000	1,177,935
5.000%, 8/15/2051, Call 8/15/2024	2,405,000	2,539,752
Missouri Housing Development Commission, GNMA/FNMA/FHLMC:
3.800%, 5/1/2025, Call 5/1/2021	465,000	467,785
4.000%, 5/1/2027, Call 5/1/2021	470,000	472,989
St. Louis County Industrial Development Authority, 5.000%, 9/1/2048, Call 9/1/2027	1,000,000	1,101,140
Tender Option Bond Trust Receipts/Certificates, 0.120%, 3/1/2050, Call 3/1/2030 (1)(3)	11,250,000	11,250,000
		45,388,912
Nebraska — 0.3%
County of Washington, 0.070%, 12/1/2040, Call 3/1/2021 (1)	2,000,000	2,000,000
Nebraska Public Power District, 5.000%, 1/1/2032, Call 1/1/2022	1,000,000	1,034,620
Omaha-Douglas Public Building Commission:
5.000%, 5/1/2026, Call 5/1/2022	825,000	871,711
5.000%, 5/1/2027, Call 5/1/2022	585,000	618,123
5.000%, 5/1/2028, Call 5/1/2022	550,000	581,141
5.000%, 5/1/2029, Call 5/1/2022	660,000	697,369
		5,802,964
Nevada — 0.7%
City of North Las Vegas NV, AGM, 5.000%, 6/1/2023	1,000,000	1,094,950
City of Sparks NV, 2.500%, 6/15/2024 (3)	630,000	635,582
County of Clark Department of Aviation:
5.000%, 7/1/2029, Call 7/1/2024	1,200,000	1,378,200
5.000%, 7/1/2030, Call 7/1/2024	1,000,000	1,146,350
5.000%, 7/1/2040, Call 7/1/2027	4,000,000	4,753,240
Las Vegas Valley Water District, 5.000%, 6/1/2028, Call 6/1/2022	5,115,000	5,411,465
		14,419,787
New Hampshire — 0.5%
New Hampshire Business Finance Authority:
2.150%, 7/1/2024, Call 4/2/2024 (1)	4,000,000	4,186,600
4.000%, 1/1/2027, Call 1/1/2026	245,000	283,218
4.000%, 1/1/2028, Call 1/1/2026	285,000	327,191
4.000%, 1/1/2029, Call 1/1/2026	295,000	335,975
4.000%, 1/1/2030, Call 1/1/2026	280,000	316,918
4.000%, 1/1/2031, Call 1/1/2026	290,000	326,494
4.000%, 1/1/2041, Call 1/1/2026	1,000,000	1,101,700
4.000%, 1/1/2051, Call 1/1/2026	2,000,000	2,180,200
New Hampshire Housing Finance Authority, 4.800%, 7/1/2028, Call 1/1/2022	390,000	393,260
		9,451,556

New Jersey — 3.2%
New Jersey Economic Development Authority:
5.000%, 11/1/2021	4,600,000	4,742,968
5.000%, 6/15/2025	400,000	465,804
5.000%, 6/15/2026	555,000	661,227
5.500%, 6/15/2030, Call 12/15/2026	2,500,000	2,997,575
New Jersey Transportation Trust Fund Authority:
4.000%, 6/15/2036, Call 12/15/2028	1,000,000	1,110,660
4.000%, 6/15/2044, Call 12/15/2028	2,500,000	2,717,900
4.000%, 6/15/2050, Call 12/15/2028	3,500,000	3,780,210
5.000%, 6/15/2022	500,000	529,675
5.000%, 6/15/2030, Call 6/15/2026	1,000,000	1,165,530
5.000%, 6/15/2031, Call 6/15/2026	1,000,000	1,161,770
5.000%, 6/15/2032, Call 12/15/2024	5,000,000	5,603,200
5.000%, 12/15/2033, Call 12/15/2029	3,000,000	3,662,040
5.250%, 12/15/2023	240,000	270,149
New Jersey Transportation Trust Fund Authority, BAM TCRs:
5.000%, 6/15/2028, Call 6/15/2022	5,000,000	5,256,750
5.000%, 6/15/2033, Call 6/15/2022	3,000,000	3,138,570
5.250%, 6/15/2033, Call 6/15/2023	5,635,000	6,123,611
New Jersey Transportation Trust Fund Authority, BHAC AMBAC, 0.000%, 12/15/2024	440,000	428,063
New Jersey Turnpike Authority:
5.000%, 1/1/2031, Call 1/1/2025	500,000	577,145
5.000%, 1/1/2032, Call 7/1/2022	3,440,000	3,662,637
5.000%, 1/1/2035, Call 1/1/2022	1,685,000	1,753,242
State of New Jersey, 4.000%, 6/1/2032	2,000,000	2,422,400
Tobacco Settlement Financing Corp.:
5.000%, 6/1/2031, Call 6/1/2028	2,750,000	3,379,447
5.000%, 6/1/2032, Call 6/1/2028	2,000,000	2,444,220
5.000%, 6/1/2033, Call 6/1/2028	1,500,000	1,824,015
5.250%, 6/1/2046, Call 6/1/2028	2,440,000	2,903,527
		62,782,335
New Mexico — 0.5%
City of Santa Fe:
2.625%, 5/15/2025, Call 11/15/2021	750,000	751,207
4.000%, 6/1/2025, Call 6/1/2022	655,000	682,543
5.000%, 5/15/2044, Call 5/15/2026	1,350,000	1,476,576
New Mexico Hospital Equipment Loan Council:
2.375%, 7/1/2024, Call 3/1/2021	550,000	550,237
5.000%, 7/1/2049, Call 7/1/2026	5,225,000	5,819,709
New Mexico Mortgage Finance Authority, GNMA COLL, 2.600%, 2/1/2043, Call 1/1/2023	447,031	464,850
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC:
4.625%, 3/1/2028, Call 9/1/2021	305,000	309,026
5.350%, 3/1/2030, Call 3/3/2021	700,000	701,820
		10,755,968
New York — 6.4%
Albany Capital Resource Corp.:
5.000%, 12/1/2023	150,000	166,187
5.000%, 12/1/2024	200,000	228,058
Buffalo & Erie County Industrial Land Development Corp.:
5.000%, 6/1/2035, Call 6/1/2024	1,000,000	1,100,990
5.000%, 8/1/2037, Call 8/1/2027	1,300,000	1,446,627
5.000%, 8/1/2047, Call 8/1/2027	1,000,000	1,095,100
City of New York:
5.000%, 8/1/2032, Call 2/1/2022	3,000,000	3,126,870
5.000%, 3/1/2037, Call 3/1/2028	1,120,000	1,348,704
5.250%, 3/1/2034, Call 3/1/2028	3,000,000	3,716,070
5.250%, 3/1/2035, Call 3/1/2028	2,500,000	3,088,275
City of New York, AGC, 0.200%, 10/1/2021, Call 3/1/2021 (1)(5)	400,000	400,000
Long Island Power Authority, 0.851%, (LIBOR 1 Month), 10/1/2023, Call 10/1/2022 (1)	5,000,000	5,005,850
Metropolitan Transportation Authority:

0.480%, (SIFMA Municipal Swap Index Yield), 11/15/2022 (1)	1,000,000	992,180
5.000%, 5/15/2022	3,040,000	3,192,213
5.000%, 9/1/2022	8,930,000	9,484,285
5.000%, 2/1/2023	9,930,000	10,700,965
5.000%, 11/15/2034, Call 5/15/2028	1,815,000	2,155,748
5.000%, 11/15/2036, Call 11/15/2026	2,325,000	2,683,073
New York City Transitional Finance Authority Future Tax Secured Revenue:
5.000%, 11/1/2024, Call 11/1/2022	5,715,000	6,167,514
5.000%, 11/1/2026, Call 5/1/2025	1,000,000	1,177,440
5.000%, 11/1/2026, Call 5/1/2025	2,000,000	2,354,880
5.000%, 8/1/2034, Call 8/1/2026	4,000,000	4,816,320
5.000%, 8/1/2036, Call 8/1/2028	5,555,000	6,890,811
5.000%, 5/1/2038, Call 5/1/2027	4,000,000	4,839,680
5.250%, 8/1/2037, Call 8/1/2028	3,500,000	4,395,405
New York City Water & Sewer System:
0.040%, 6/15/2033, Call 3/1/2021 (1)	1,800,000	1,800,000
5.000%, 6/15/2028, Call 6/15/2024	500,000	573,360
5.000%, 6/15/2029, Call 6/15/2024	600,000	687,606
5.000%, 6/15/2048, Call 12/15/2027	1,000,000	1,201,550
New York Liberty Development Corp., 2.800%, 9/15/2069, Call 3/15/2029	1,000,000	967,600
New York State Dormitory Authority:
3.250%, 3/15/2035, Call 9/15/2023	2,500,000	2,622,850
5.000%, 3/15/2027, Call 3/15/2022	7,555,000	7,924,137
5.000%, 12/1/2035, Call 6/1/2027 (3)	500,000	572,495
5.000%, 12/1/2037, Call 6/1/2027 (3)	500,000	567,745
5.250%, 3/15/2037, Call 9/15/2028	1,695,000	2,130,598
New York State Housing Finance Agency, 0.070%, 5/1/2040, Call 3/1/2021 (1)	1,550,000	1,550,000
New York State Urban Development Corp., 5.000%, 3/15/2028, Call 3/15/2023	1,000,000	1,093,220
New York Transportation Development Corp.:
4.375%, 10/1/2045, Call 10/1/2030 (4)	1,500,000	1,719,000
5.000%, 12/1/2030 (4)	350,000	441,430
5.000%, 12/1/2031, Call 12/1/2030 (4)	400,000	498,080
5.000%, 12/1/2032, Call 12/1/2030 (4)	300,000	373,170
5.000%, 12/1/2033, Call 12/1/2030 (4)	450,000	558,504
5.000%, 12/1/2034, Call 12/1/2030 (4)	450,000	557,154
5.000%, 10/1/2035, Call 10/1/2030 (4)	6,000,000	7,406,460
5.000%, 12/1/2035, Call 12/1/2030 (4)	300,000	370,953
New York Transportation Development Corp., AGM, 4.000%, 7/1/2032, Call 7/1/2024 (4)	2,500,000	2,730,425
Tender Option Bond Trust Receipts, 0.070%, 8/15/2025 (1)(3)	1,505,000	1,505,000
Triborough Bridge & Tunnel Authority:
0.393%, (SOFR), 2/1/2024, Call 11/1/2023 (1)	2,000,000	2,000,540
5.000%, 11/15/2037, Call 11/15/2028	1,500,000	1,861,890
TSASC, Inc.:
5.000%, 6/1/2036, Call 6/1/2027	1,000,000	1,197,440
5.000%, 6/1/2041, Call 6/1/2027	1,000,000	1,154,360
Westchester Tobacco Asset Securitization, 5.000%, 6/1/2021	500,000	505,685
		125,144,497
North Carolina — 0.8%
County of Catawba:
4.000%, 10/1/2025, Call 10/1/2021	585,000	596,840
5.000%, 10/1/2023, Call 10/1/2021	1,000,000	1,027,950
5.000%, 10/1/2024, Call 10/1/2021	835,000	858,338
County of Union:
5.000%, 12/1/2026, Call 6/1/2023	1,390,000	1,535,491
5.000%, 12/1/2027, Call 6/1/2023	1,645,000	1,815,998
North Carolina Medical Care Commission:
4.000%, 10/1/2045, Call 10/1/2027	660,000	737,392
5.000%, 6/1/2027, Call 6/1/2022	500,000	530,010
5.000%, 1/1/2038, Call 1/1/2026	1,000,000	1,128,850
5.000%, 1/1/2044, Call 1/1/2026	1,000,000	1,118,150
5.000%, 10/1/2045, Call 10/1/2027	1,500,000	1,786,740
North Carolina Turnpike Authority:
5.000%, 1/1/2043, Call 1/1/2030	1,400,000	1,682,268
5.000%, 7/1/2047, Call 7/1/2026	750,000	842,558

5.000%, 1/1/2049, Call 1/1/2030	1,500,000	1,785,540
Orange County Public Facilities Co., 5.000%, 10/1/2026, Call 10/1/2022	1,130,000	1,216,671
		16,662,796
North Dakota — 0.9%
Barnes County North Public School District Building Authority:
4.000%, 5/1/2021	635,000	638,981
4.500%, 5/1/2030, Call 5/1/2021	1,515,000	1,525,741
4.500%, 5/1/2033, Call 5/1/2021	1,850,000	1,863,117
City of Grand Forks, 5.000%, 12/1/2032, Call 12/1/2021	1,000,000	1,015,850
County of Ward:
5.000%, 6/1/2034, Call 6/1/2028	2,500,000	2,850,300
5.000%, 6/1/2043, Call 6/1/2028	2,500,000	2,787,175
North Dakota Public Finance Authority:
4.000%, 6/1/2023	2,440,000	2,634,590
4.000%, 6/1/2024, Call 6/1/2023	2,190,000	2,358,499
4.000%, 6/1/2025, Call 6/1/2023	1,145,000	1,229,890
		16,904,143
Ohio — 2.9%
Akron Bath Copley Joint Township Hospital District, 5.000%, 11/15/2021	1,000,000	1,030,590
Buckeye Tobacco Settlement Financing Authority, 4.000%, 6/1/2048, Call 6/1/2030	2,000,000	2,235,740
City of Cleveland Airport System Revenue, AGM:
5.000%, 1/1/2030, Call 1/1/2022	3,900,000	4,056,273
5.000%, 1/1/2031, Call 1/1/2022	1,000,000	1,040,070
City of Cleveland Airport System Revenue, MAC:
5.000%, 1/1/2022, Call 3/3/2021	2,320,000	2,327,911
5.000%, 1/1/2031, Call 1/1/2022	1,270,000	1,321,435
City of Cleveland Income Tax Revenue:
5.000%, 10/1/2024, Call 10/1/2022	460,000	495,282
5.000%, 10/1/2028, Call 10/1/2022	1,075,000	1,157,453
5.000%, 10/1/2029, Call 10/1/2022	1,130,000	1,216,671
5.000%, 10/1/2029, Call 10/1/2022	2,290,000	2,465,643
City of Middleburg Heights, 5.125%, 8/1/2031, Call 8/1/2021	1,000,000	1,020,700
Cleveland Department of Public Utilities Division of Water:
4.000%, 1/1/2028, Call 1/1/2024	500,000	544,215
4.000%, 1/1/2029, Call 1/1/2024	1,000,000	1,103,310
4.000%, 1/1/2030, Call 1/1/2024	1,000,000	1,103,310
Cleveland Heights & University Heights City School District:
0.000%, 12/1/2024	400,000	386,148
0.000%, 12/1/2025	600,000	569,286
County of Franklin:
5.000%, 5/15/2028, Call 5/15/2023	2,000,000	2,172,020
5.000%, 7/1/2029, Call 7/1/2026	2,000,000	2,286,660
5.000%, 5/15/2031, Call 5/15/2023	405,000	437,027
County of Hamilton Sales Tax Revenue, 5.000%, 12/1/2029, Call 12/1/2021	975,000	1,004,835
County of Hancock, 5.750%, 12/1/2026, Call 6/1/2021	1,120,000	1,135,299
County of Lucas, 5.000%, 11/15/2022, Call 11/15/2021	925,000	947,052
County of Miami, 5.000%, 8/1/2045, Call 8/1/2028	2,220,000	2,662,579
Delaware City School District, 5.250%, 12/1/2038, Call 6/1/2023	1,240,000	1,379,438
Eclipse Funding Trust, 0.050%, 10/1/2040, Call 10/1/2026 (1)(3)	1,700,000	1,700,000
Elyria City School District, School District Credit Program, 4.000%, 12/1/2028, Call 12/1/2022	1,130,000	1,185,664
Franklin County Convention Facilities Authority, 5.000%, 12/1/2044, Call 12/1/2029	1,500,000	1,548,495
Johnstown-Monroe Local School District, 5.000%, 12/1/2030, Call 12/1/2021	715,000	740,776
Lake Local School District/Stark County, School District Credit Program:
4.000%, 12/1/2023, Call 12/1/2021	1,550,000	1,594,904
4.000%, 12/1/2025, Call 12/1/2021	1,660,000	1,708,090
New Albany Community Authority:
5.000%, 10/1/2022	1,000,000	1,075,710
5.000%, 10/1/2023, Call 10/1/2022	1,105,000	1,185,488
North Olmsted City School District:
5.000%, 12/1/2027, Call 12/1/2023	220,000	248,591
5.000%, 12/1/2028, Call 12/1/2023	365,000	412,435
5.000%, 12/1/2029, Call 12/1/2023	500,000	564,980
Ohio Higher Educational Facility Commission:
4.000%, 12/1/2021	795,000	816,513

4.000%, 12/1/2022	845,000	897,753
Ohio Turnpike & Infrastructure Commission, 5.250%, 2/15/2033, Call 2/15/2023	1,330,000	1,447,133
Ohio University, 5.000%, 12/1/2028, Call 6/1/2022	225,000	238,651
Ohio Water Development Authority, 5.000%, 6/1/2022	1,100,000	1,166,737
Port of Greater Cincinnati Development Authority, 3.000%, 5/1/2023, Call 5/1/2022	5,000,000	5,002,000
University of Toledo, 5.000%, 6/1/2030, Call 6/1/2021	250,000	252,983
		55,885,850
Oklahoma — 0.7%
Cushing Educational Facilities Authority, 5.000%, 9/1/2022	2,000,000	2,132,840
Delaware County Justice Authority:
3.750%, 9/1/2029, Call 3/3/2021	550,000	550,666
4.000%, 9/1/2021	805,000	818,081
Oklahoma Development Finance Authority, 0.120%, 8/15/2031, Call 3/1/2021 (1)	5,000,000	5,000,000
Tulsa Airports Improvement Trust, BAM, 5.000%, 6/1/2028, Call 6/1/2023 (4)	1,405,000	1,530,818
Tulsa County Industrial Authority:
5.250%, 11/15/2037, Call 11/15/2025	2,750,000	3,042,847
5.250%, 11/15/2045, Call 11/15/2025	250,000	273,283
		13,348,535
Oregon — 0.5%
City of Portland, 5.000%, 6/15/2027, Call 6/15/2022	1,000,000	1,057,980
City of Tigard Water Revenue, 5.000%, 8/1/2029, Call 8/1/2022	690,000	737,451
City of Woodburn Wastewater Revenue, 0.000%, 3/1/2021	1,215,000	1,215,000
Clackamas & Washington Counties School District No. 3, NATL-RE School Bond Gty, 0.000%, 6/15/2023	2,000,000	1,978,820
Klamath Falls Intercommunity Hospital Authority:
5.000%, 9/1/2021	250,000	255,668
5.000%, 9/1/2022	505,000	539,249
Oregon State Business Development Commission, 5.000%, 3/1/2022 (1)	1,000,000	1,045,220
Port of Morrow:
3.750%, 6/1/2021, Call 3/3/2021	220,000	220,539
4.000%, 6/1/2022, Call 3/3/2021	235,000	235,616
Port of Portland Airport Revenue, 5.500%, 7/1/2031, Call 7/1/2021	3,000,000	3,048,960
State of Oregon Housing & Community Services Department, 4.450%, 7/1/2023, Call 3/1/2021 (4)	100,000	100,086
		10,434,589
Pennsylvania — 3.8%
Allegheny County Hospital Development Authority:
4.000%, 7/15/2038, Call 7/15/2029	500,000	567,715
4.000%, 7/15/2039, Call 7/15/2029	500,000	567,215
Berks County Industrial Development Authority:
5.000%, 5/15/2032, Call 5/15/2027	1,050,000	1,208,393
5.000%, 5/15/2038, Call 5/15/2025	255,000	283,025
5.000%, 5/15/2042, Call 5/15/2024	1,655,000	1,809,527
5.000%, 5/15/2043, Call 5/15/2025	350,000	385,662
5.000%, 5/15/2047, Call 5/15/2027	1,630,000	1,814,174
Berks County Municipal Authority:
5.000%, 2/1/2027, Call 8/1/2026 (1)	4,000,000	4,534,840
5.000%, 2/1/2030, Call 8/1/2029 (1)	2,000,000	2,327,860
Bucks County Industrial Development Authority, 5.000%, 10/1/2037, Call 10/1/2024	1,250,000	1,404,062
Central Bradford Progress Authority, 5.375%, 12/1/2041, Call 12/1/2021	500,000	519,425
City of Pittsburgh, 4.000%, 9/1/2021	750,000	763,965
Commonwealth Financing Authority:
5.000%, 6/1/2032, Call 6/1/2028	1,000,000	1,230,620
5.000%, 6/1/2033, Call 6/1/2028	1,250,000	1,530,637
5.000%, 6/1/2034, Call 6/1/2028	1,000,000	1,219,830
5.000%, 6/1/2035, Call 6/1/2028	1,000,000	1,216,870
Delaware County Industrial Development Authority, 0.060%, 9/1/2045, Call 3/1/2021 (1)	4,400,000	4,400,000
Doylestown Hospital Authority, 4.000%, 7/1/2045, Call 7/1/2029	1,250,000	1,293,637
Geisinger Authority, 5.000%, 2/15/2039, Call 2/15/2027	2,500,000	2,979,050
Kiski Area School District, AGM SAW, 4.000%, 3/1/2021	1,450,000	1,450,000
Lancaster County Hospital Authority, 5.000%, 6/15/2044, Call 6/15/2026	1,000,000	1,067,700
Lancaster Industrial Development Authority:
5.000%, 5/1/2021	360,000	362,848

5.000%, 5/1/2022	430,000		454,084
Lehigh County Industrial Development Authority, 1.800%, 8/15/2022 (1)	1,100,000		1,122,770
Montgomery County Higher Education & Health Authority:
4.000%, 9/1/2044, Call 9/1/2029	1,000,000		1,116,140
5.000%, 9/1/2033, Call 9/1/2029	1,500,000		1,872,780
Montgomery County Industrial Development Authority:
5.000%, 11/15/2036, Call 11/15/2026	4,315,000		5,032,067
5.000%, 12/1/2038, Call 12/1/2025	1,000,000		1,120,830
Pennsylvania Economic Development Financing Authority:
0.200%, 4/15/2021 (1)	3,250,000		3,250,065
0.200%, 4/15/2021 (1)	4,000,000		4,000,080
Pennsylvania Economic Development Financing Authority, AGM, 5.000%, 1/1/2022	305,000		315,605
Pennsylvania Turnpike Commission:
1.020%, (SIFMA Municipal Swap Index Yield), 12/1/2021, Call 6/1/2021 (1)	5,000,000		5,008,650
4.000%, 12/1/2023, Call 3/3/2021	50,000		50,128
4.000%, 12/1/2037, Call 12/1/2027	2,975,000		3,358,150
5.000%, 12/1/2037, Call 12/1/2027	1,250,000		1,533,050
5.000%, 12/1/2037, Call 12/1/2029	1,000,000		1,267,800
5.000%, 12/1/2039, Call 12/1/2029	1,000,000		1,261,150
5.000%, 6/1/2042, Call 6/1/2027	5,450,000		6,384,947
5.500%, 12/1/2042, Call 12/1/2026	3,000,000		3,692,820
Pittsburgh School District, BAM SAW, 5.000%, 9/1/2024, Call 9/1/2022	1,000,000		1,070,520
		74,848,691
Rhode Island — 0.4%
Rhode Island Housing & Mortgage Finance Corp., 3.625%, 10/1/2029, Call 10/1/2021	760,000		768,284
Rhode Island Student Loan Authority:
4.000%, 12/1/2022, Call 12/1/2021 (4)	2,885,000		2,958,337
4.250%, 12/1/2025, Call 12/1/2021 (4)	2,205,000		2,259,530
Town of Cumberland, SAW:
4.000%, 3/15/2024	795,000		879,230
4.000%, 3/15/2026, Call 3/15/2024	460,000		503,479
		7,368,860
South Carolina — 1.3%
City of Rock Hill Combined Utility System Revenue, AGM:
5.250%, 1/1/2026, Call 1/1/2022	730,000		760,266
5.250%, 1/1/2028, Call 1/1/2022	475,000		494,161
County of Dorchester Waterworks & Sewer System Revenue:
5.000%, 10/1/2022	480,000		516,739
5.000%, 10/1/2026, Call 10/1/2022	400,000		430,348
County of Florence, 5.000%, 11/1/2031, Call 11/1/2024	360,000		404,392
Patriots Energy Group Financing Agency:
0.942%, (LIBOR 1 Month), 2/1/2024, Call 11/1/2023 (1)	8,000,000		8,075,600
4.000%, 2/1/2024, Call 11/1/2023 (1)	2,500,000		2,729,375
Piedmont Municipal Power Agency, AGC:
5.000%, 1/1/2030, Call 7/1/2021	450,000		455,283
5.750%, 1/1/2034, Call 7/1/2021	1,000,000		1,013,300
South Carolina Jobs-Economic Development Authority:
5.000%, 7/1/2022	1,735,000		1,846,075
5.000%, 4/1/2038, Call 4/1/2024	2,000,000		2,151,780
South Carolina Public Service Authority, 5.000%, 12/1/2032, Call 12/1/2026	3,265,000		3,975,268
Spartanburg Sanitation Sewer District, 5.000%, 3/1/2030, Call 3/1/2023 (2)	1,500,000		1,643,445
St. Peters Parish-Jasper County Public Facilities Corp., AGM, 5.000%, 4/1/2031, Call 4/1/2021	900,000		902,601
		25,398,633
South Dakota — 0.5%
South Dakota Health & Educational Facilities Authority:
4.250%, 9/1/2023	740,000		779,901
4.500%, 9/1/2021, Call 3/3/2021	1,080,000		1,083,175
4.500%, 9/1/2022, Call 3/3/2021	1,005,000		1,007,884
5.000%, 11/1/2022	715,000		770,606
5.000%, 8/1/2023	375,000		416,876
5.000%, 11/1/2023	625,000		700,431
5.000%, 8/1/2024	195,000		224,886

5.000%, 11/1/2024	650,000		754,468
5.000%, 11/1/2025, Call 11/1/2024	600,000		695,484
5.000%, 9/1/2027, Call 9/1/2024	720,000		810,367
South Dakota Housing Development Authority, 3.550%, 11/1/2033, Call 11/1/2022	2,060,000		2,104,517
		9,348,595
Tennessee — 1.6%
Knox County Health Educational & Housing Facility Board, 5.000%, 1/1/2042, Call 1/1/2027	5,815,000		6,755,402
Metropolitan Government Nashville & Davidson County Health & Educational Facility Board:
5.000%, 11/1/2027, Call 11/1/2021	1,500,000		1,535,940
5.000%, 7/1/2031, Call 7/1/2026	1,000,000		1,192,070
Metropolitan Nashville Airport Authority:
4.000%, 7/1/2049, Call 7/1/2030 (4)	1,250,000		1,389,412
5.000%, 7/1/2044, Call 7/1/2030 (4)	500,000		608,605
Tennessee Energy Acquisition Corp.:
5.000%, 2/1/2023	5,310,000		5,752,057
5.250%, 9/1/2021	3,810,000		3,903,231
5.250%, 9/1/2022	250,000		267,898
Tennessee Housing Development Agency:
3.500%, 7/1/2050, Call 7/1/2029	5,830,000		6,465,237
3.500%, 7/1/2050, Call 7/1/2029	2,445,000		2,705,319
		30,575,171
Texas — 6.5%
Bexar County Health Facilities Development Corp., 5.000%, 7/15/2033, Call 7/15/2023	1,000,000		1,083,700
Bexar County Hospital District:
5.000%, 2/15/2034, Call 2/15/2028	1,000,000		1,244,820
5.000%, 2/15/2038, Call 2/15/2028	1,250,000		1,539,550
Central Texas Regional Mobility Authority, 0.000%, 1/1/2025	1,000,000		951,450
City of Beaumont Waterworks & Sewer System Revenue, BAM:
5.000%, 9/1/2026, Call 9/1/2025	1,000,000		1,181,520
5.000%, 9/1/2027, Call 9/1/2025	600,000		706,878
5.000%, 9/1/2030, Call 9/1/2025	1,000,000		1,173,790
City of Houston Airport System Revenue:
5.000%, 7/1/2030, Call 7/1/2028	1,375,000		1,703,144
5.000%, 7/1/2038, Call 7/1/2028	5,000,000		6,004,250
City of Houston Hotel Occupancy Tax & Special Revenue, 5.000%, 9/1/2026, Call 9/1/2024	250,000		276,855
City of Laredo International Toll Bridge System Revenue, AGM:
5.000%, 10/1/2026, Call 10/1/2024	225,000		258,023
5.000%, 10/1/2027, Call 10/1/2024	240,000		274,949
City of San Marcos Electric Utility System Revenue, BAM:
4.500%, 11/1/2028, Call 11/1/2022	600,000		637,656
5.000%, 11/1/2033, Call 11/1/2022	1,215,000		1,302,128
Clifton Higher Education Finance Corp., PSF:
5.000%, 8/15/2026, Call 8/15/2025	675,000		801,677
5.000%, 8/15/2027, Call 8/15/2025	545,000		646,757
5.000%, 8/15/2028, Call 8/15/2025	835,000		989,291
5.000%, 8/15/2029, Call 8/15/2025	335,000		395,451
5.000%, 8/15/2030, Call 8/15/2025	1,250,000		1,471,963
Corpus Christi Business & Job Development Corp., 5.000%, 9/1/2022	1,000,000		1,056,990
County of Bexar, AGM, 5.000%, 8/15/2031, Call 8/15/2024	1,280,000		1,454,989
County of Wise, 8.000%, 8/15/2034, Call 8/15/2021	4,000,000		4,073,080
Crane County Water District:
5.000%, 2/15/2026, Call 2/15/2025	915,000		1,062,242
5.000%, 2/15/2030, Call 2/15/2025	1,000,000		1,139,750
Dallas/Fort Worth International Airport:
5.000%, 11/1/2024, Call 11/1/2022	1,000,000		1,080,760
5.000%, 11/1/2033, Call 11/1/2023	2,000,000		2,223,300
5.250%, 11/1/2033, Call 11/1/2023	1,200,000		1,341,876
Fort Bend Independent School District, PSF, 1.950%, 8/1/2022 (1)	845,000		866,353
Georgetown Independent School District, PSF:
5.000%, 8/15/2027	1,000,000		1,261,460

5.000%, 8/15/2028	1,000,000		1,289,980
Grand Parkway Transportation Corp., 5.050%, 10/1/2030, Call 10/1/2028 (2)	1,000,000		1,146,120
Gulf Coast Authority, AGM:
5.000%, 10/1/2029, Call 10/1/2022	1,430,000		1,533,217
5.000%, 10/1/2030, Call 10/1/2022	1,505,000		1,613,134
Harris County Cultural Education Facilities Finance Corp., 0.870%, (SIFMA Municipal Swap Index Yield), 6/1/2021 (1)	2,400,000		2,402,112
Harris County Hospital District, 0.050%, 2/15/2042, Call 3/1/2021 (1)	2,290,000		2,290,000
Harris County Municipal Utility District No. 165, BAM, 5.000%, 3/1/2025	400,000		463,652
Houston Higher Education Finance Corp., 0.030%, 5/15/2048, Call 3/1/2021 (1)	2,530,000		2,530,000
Lancaster Independent School District, BAM, 4.000%, 2/15/2029, Call 2/15/2025	3,000,000		3,335,610
Lower Colorado River Authority:
5.000%, 5/15/2026, Call 5/15/2025	695,000		816,166
5.000%, 5/15/2027, Call 5/15/2025	1,355,000		1,588,778
5.000%, 5/15/2036, Call 5/15/2029	1,500,000		1,882,335
Matagorda County Navigation District No. 1, 2.600%, 11/1/2029	1,000,000		1,072,270
Mesquite Independent School District, PSF, 0.000%, 8/15/2021	635,000		634,543
Mission Economic Development Corp., 0.300%, 5/3/2021 (1)	14,300,000		14,299,285
New Hope Cultural Education Facilities Finance Corp.:
4.000%, 11/15/2021	315,000		317,933
5.000%, 11/15/2031, Call 11/15/2024	850,000		912,526
5.000%, 8/15/2036, Call 8/15/2021 (3)	1,700,000		1,713,056
5.125%, 8/15/2047, Call 8/15/2021 (3)	1,260,000		1,268,341
5.500%, 8/15/2036, Call 8/15/2021	1,000,000		1,011,720
New Hope Cultural Education Facilities Finance Corp., AGM, 4.000%, 4/1/2024	440,000		481,686
North Texas Tollway Authority:
4.000%, 1/1/2036, Call 1/1/2029	1,000,000		1,162,060
5.000%, 1/1/2027, Call 1/1/2025	2,090,000		2,433,073
5.000%, 1/1/2048, Call 1/1/2028	5,000,000		5,952,000
Pleasanton Independent School District, PSF, 5.000%, 8/15/2029, Call 8/15/2024	1,000,000		1,139,270
San Antonio Municipal Facilities Corp., 5.000%, 8/15/2036, Call 8/15/2021	500,000		510,025
State of Texas, 0.070%, 12/1/2051, Call 3/1/2021 (1)	9,000,000		9,000,000
Tarrant County Cultural Education Facilities Finance Corp.:
0.030%, 7/1/2047, Call 3/1/2021 (1)	970,000		970,000
5.000%, 10/1/2028, Call 10/1/2023	2,030,000		2,231,741
5.000%, 11/15/2037, Call 11/15/2027	2,175,000		2,547,904
5.000%, 5/15/2045, Call 5/15/2024	5,145,000		5,482,872
5.000%, 11/15/2046, Call 11/15/2026	2,000,000		2,272,680
5.000%, 11/15/2046, Call 11/15/2027	1,250,000		1,439,625
Texas Municipal Gas Acquisition & Supply Corp. III:
5.000%, 12/15/2025	700,000		830,739
5.000%, 12/15/2029	2,250,000		2,875,680
5.000%, 12/15/2030	1,900,000		2,456,149
5.000%, 12/15/2031	1,350,000		1,763,303
Waco Independent School District, PSF:
4.000%, 8/15/2028, Call 8/15/2024	1,000,000		1,124,790
4.000%, 8/15/2029, Call 8/15/2024	2,380,000		2,677,000
		127,676,027
U. S. Virgin Islands — 0.2%
Virgin Islands Public Finance Authority:
5.000%, 9/1/2030, Call 9/1/2025 (3)	2,320,000		2,590,906
5.000%, 9/1/2033, Call 9/1/2025 (3)	1,000,000		1,108,020
		3,698,926
Utah — 0.6%
City of Draper, 5.000%, 5/1/2032, Call 5/1/2022	325,000		342,251
City of Riverton:
5.250%, 12/1/2034, Call 6/1/2023	1,455,000		1,618,615
5.250%, 12/1/2036, Call 6/1/2023	2,150,000		2,391,767
Jordan Valley Water Conservancy District, 5.000%, 10/1/2035, Call 4/1/2021	920,000		923,616
Utah Charter School Finance Authority, UT, 5.250%, 10/15/2028, Call 10/15/2023	480,000		532,829
Utah Infrastructure Agency, AGM:
5.400%, 10/15/2036, Call 10/15/2021	1,000,000		1,032,360
5.500%, 10/15/2030, Call 10/15/2021	1,300,000		1,342,874

Utah Water Finance Agency, 0.080%, 10/1/2037, Call 3/1/2021 (1)	3,500,000		3,500,000
		11,684,312
Vermont — 0.0%
Vermont Housing Finance Agency, GNMA/FNMA/FHLMC, 4.000%, 11/1/2043, Call 5/1/2023	440,000		465,238
Virginia — 0.5%
City of Chesapeake Chesapeake Expressway Toll Road Revenue, 5.000%, 7/15/2022	500,000		517,395
Henrico County Economic Development Authority, 5.000%, 10/1/2037, Call 10/1/2024	1,000,000		1,117,840
Henrico County Economic Development Authority, AGM, 0.222%, 8/23/2027, Call 3/1/2021 (1)(5)	50,000		50,000
Stafford County Economic Development Authority:
5.000%, 6/15/2028, Call 6/15/2026	1,000,000		1,178,350
5.000%, 6/15/2030, Call 6/15/2026	700,000		815,871
Virginia College Building Authority, 5.000%, 2/1/2031, Call 2/1/2027	2,200,000		2,681,052
Virginia Small Business Financing Authority, 5.000%, 7/1/2049, Call 1/1/2022 (4)	2,500,000		2,580,775
		8,941,283
Washington — 1.8%
Chelan County Public Utility District No. 1, NATL-RE, 0.000%, 6/1/2024	210,000		204,376
FYI Properties, 5.000%, 6/1/2031, Call 6/1/2028	5,000,000		6,125,600
King County Housing Authority, County Guarantee:
5.200%, 5/1/2028, Call 3/3/2021	390,000		395,324
5.500%, 12/1/2028, Call 3/3/2021	1,000,000		1,004,630
King County Public Hospital District No. 1, 5.000%, 12/1/2031, Call 12/1/2026	4,000,000		4,702,480
Mason & Kitsap Counties School District No. 403 North Mason, School Bond Gty, 5.000%, 12/1/2035, Call 12/1/2023	2,025,000		2,264,011
Port of Bellingham, 5.250%, 12/1/2022, Call 3/1/2021	1,060,000		1,062,427
Port of Seattle, 4.000%, 4/1/2044, Call 4/1/2029 (4)	1,000,000		1,100,820
Snohomish County Housing Authority, 5.000%, 4/1/2031, Call 4/1/2029	1,000,000		1,243,490
Spokane County School District No. 81 Spokane, School Bond Gty, 5.000%, 12/1/2030, Call 12/1/2021	650,000		673,686
Washington Health Care Facilities Authority, 5.000%, 10/1/2030, Call 10/1/2022	750,000		806,902
Washington Higher Education Facilities Authority, 0.090%, 5/1/2028 (1)	2,775,000		2,775,000
Washington State Housing Finance Commission:
2.375%, 1/1/2026, Call 7/1/2021 (3)	1,000,000		995,680
2.550%, 7/1/2022 (1)	550,000		554,230
5.000%, 1/1/2029, Call 1/1/2026 (3)	840,000		980,918
5.000%, 1/1/2036, Call 1/1/2025 (3)	2,125,000		2,299,399
5.000%, 1/1/2038, Call 1/1/2026 (3)	2,000,000		2,281,300
5.000%, 1/1/2044, Call 7/1/2026 (3)	1,000,000		1,097,250
5.000%, 1/1/2049, Call 7/1/2026 (3)	1,000,000		1,093,650
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC, 3.050%, 6/1/2022	750,000		772,800
WBRP 3.2:
5.000%, 1/1/2026, Call 7/1/2025	750,000		888,795
5.000%, 1/1/2031, Call 7/1/2025	940,000		1,102,084
		34,424,852
West Virginia — 0.6%
West Virginia Economic Development Authority, 0.625%, 12/15/2025 (1)	1,000,000		989,800
West Virginia Hospital Finance Authority:
5.000%, 9/1/2031, Call 9/1/2029	2,020,000		2,517,425
5.000%, 9/1/2032, Call 9/1/2029	1,000,000		1,236,010
5.000%, 6/1/2042, Call 6/1/2027	3,665,000		4,282,003
5.000%, 1/1/2043, Call 1/1/2029	1,750,000		2,072,052
		11,097,290
Wisconsin — 2.7%
City of Oak Creek, 3.000%, 6/1/2027, Call 6/1/2025	100,000		108,159
Public Finance Authority:
0.180%, 10/1/2025 (1)	5,000,000		4,999,750
4.000%, 1/1/2046, Call 1/1/2027	2,000,000		2,172,420
5.000%, 11/15/2029	2,500,000		2,987,175
5.000%, 11/15/2030	1,620,000		1,948,520
5.000%, 7/1/2037, Call 7/1/2024	820,000		879,491

5.000%, 11/15/2041, Call 11/15/2027	250,000	301,095
5.000%, 7/1/2047, Call 7/1/2024	1,000,000	1,062,540
5.125%, 7/15/2037, Call 7/15/2027 (3)	2,500,000	2,739,025
State of Wisconsin:
4.000%, 5/1/2027, Call 5/1/2022	800,000	835,992
5.000%, 3/1/2023, Call 9/1/2021	2,000,000	2,047,880
5.000%, 5/1/2027, Call 5/1/2022	25,000	26,400
5.000%, 5/1/2027, Call 5/1/2022	1,580,000	1,669,460
Wisconsin Center District:
0.000%, 12/15/2033, Call 6/15/2026	2,200,000	1,469,270
0.000%, 12/15/2034, Call 6/15/2026	6,665,000	4,249,337
Wisconsin Center District, AGM:
5.250%, 12/15/2023	265,000	285,879
5.250%, 12/15/2023	145,000	160,303
5.250%, 12/15/2027	420,000	514,013
5.250%, 12/15/2027	1,510,000	1,837,595
Wisconsin Health & Educational Facilities Authority:
4.750%, 10/15/2029, Call 10/15/2021	605,000	617,015
5.000%, 3/1/2021	240,000	240,000
5.000%, 8/15/2021	1,160,000	1,185,346
5.000%, 10/1/2022	750,000	803,685
5.000%, 12/15/2022	500,000	541,265
5.000%, 12/15/2023	500,000	561,850
5.000%, 12/15/2024	500,000	580,840
5.000%, 3/1/2025, Call 3/1/2024	315,000	341,069
5.000%, 8/15/2027, Call 8/15/2022	500,000	534,950
5.000%, 12/15/2028, Call 12/15/2024	100,000	115,476
5.000%, 8/15/2029, Call 8/15/2022	1,700,000	1,818,830
5.000%, 4/1/2032, Call 10/1/2022	4,560,000	4,839,756
5.000%, 6/1/2032, Call 6/1/2022	1,000,000	1,035,680
5.000%, 8/15/2032, Call 8/15/2022	5,000,000	5,349,500
5.125%, 4/15/2031, Call 4/15/2023	250,000	275,073
Wisconsin Health & Educational Facilities Authority, AGM, 5.000%, 7/15/2027, Call 7/15/2021	3,655,000	3,720,169
		52,854,808
Wyoming — 0.0%
County of Laramie, 5.000%, 5/1/2027, Call 5/1/2021	1,000,000	1,007,910
Total Municipals
(identified cost $1,787,136,795)		1,902,806,797
Mutual Funds — 0.8%
Nuveen New York AMT-Free Municipal Credit Income Fund (1)	10,000,000	10,000,000
Nuveen New York AMT-Free Quality Municipal Income Fund (1)	7,000,000	7,000,000
Total Mutual Funds
(identified cost $17,000,000)		17,000,000
Short-Term Investments — 0.3%
Repurchase Agreements — 0.0%
Agreement with Fixed Income Clearing Corp., 0.010%, dated 2/26/2021, to be repurchased at $419,919 on 3/1/2021, collateralized by U.S. Government Treasury Obligation with a maturity of 1/31/2023, with a fair value of $428,382.	419,918	419,918
Short-Term Municipals — 0.3%
Texas — 0.3%
Harris County, 0.130%, 5/5/2021	3,000,000	3,000,000
Harris County, 0.130%, 5/5/2021	2,000,000	2,000,000
		5,000,000
Total Short-Term Investments
(identified cost $5,419,918)		5,419,918
Total Investments — 98.6%
(identified cost $1,809,556,713)		1,925,226,715

Other Assets and Liabilities — 1.4%		26,650,582
Total Net Assets — 100.0%	$	1,951,877,297

(1) Denotes a variable rate security. The rate shown is the current interest rate as of February 28, 2021. Rate fluctuations are based underlying positions and/or other variables. For securities whose yields vary with a designated market index or market rate, the reference rate and spread are indicated in the description.

(2) Issue represents a convertible capital appreciation bond. These securities are tax-exempt bonds that originate as capital appreciation bonds with zero coupon features at time of issuance and convert to an interest paying bond at a pre-specified rate determined at time of issuance.

(3) Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based on criteria approved by the Board of Directors of the BMO Funds. At February 28, 2021 these securities amounted to:

Fund	Amount		% of Total Net Assets
Intermediate Tax-Free Fund	$	73,390,014		3.76

(4) Securities that are subject to alternative minimum tax of the Intermediate Tax-Free Fund portfolio represents 2.34%, as calculated based upon total portfolio market value.

(5) Issue represents an Auction Rate Security. An Auction Rate Security is a corporate or municipal bond debt instrument with a long nominal maturity for which the interest rate is regularly reset through a Dutch auction. The rate presented is either the rate set through the auction or the maximum interest rate provided for in the security issuance provision.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act. Based on their review, such officers have concluded that the disclosure controls and procedures were effective in ensuring that information required to be disclosed in this report was appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service providers.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end management investment companies.

Item 13. Exhibits.

(a) (1)	Not applicable to semi-annual reports.
(a) (2)	Certifications required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(a) (3)	Not applicable.

(a)(4)	Not applicable.
(b)	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BMO Funds, Inc.

By:	/s/ John M. Blaser
	John M. Blaser
	President

Date:  May 17, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Blaser
	John M. Blaser
	President
	(Principal Executive Officer)

Date:  May 17, 2021

By:	/s/ Timothy M. Bonin
	Timothy M. Bonin
	Treasurer
	(Principal Financial Officer)

Date:  May 17, 2021