0001193125-13-010404.txt : 20130111 0001193125-13-010404.hdr.sgml : 20130111 20130111114532 ACCESSION NUMBER: 0001193125-13-010404 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130111 DATE AS OF CHANGE: 20130111 EFFECTIVENESS DATE: 20130111 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARSHALL FUNDS INC d/b/a BMO FUNDS CENTRAL INDEX KEY: 0000889366 IRS NUMBER: 251689258 STATE OF INCORPORATION: WI FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-48907 FILM NUMBER: 13524697 BUSINESS ADDRESS: STREET 1: 111 EAST KILBOURN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-8749 MAIL ADDRESS: STREET 1: 111 EAST KILBOURN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: MARSHALL FUNDS INC DATE OF NAME CHANGE: 19921105 FORMER COMPANY: FORMER CONFORMED NAME: MARSHALL FUNDS DATE OF NAME CHANGE: 19920708 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARSHALL FUNDS INC d/b/a BMO FUNDS CENTRAL INDEX KEY: 0000889366 IRS NUMBER: 251689258 STATE OF INCORPORATION: WI FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-58433 FILM NUMBER: 13524698 BUSINESS ADDRESS: STREET 1: 111 EAST KILBOURN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-287-8749 MAIL ADDRESS: STREET 1: 111 EAST KILBOURN AVENUE CITY: MILWAUKEE STATE: WI ZIP: 53202 FORMER COMPANY: FORMER CONFORMED NAME: MARSHALL FUNDS INC DATE OF NAME CHANGE: 19921105 FORMER COMPANY: FORMER CONFORMED NAME: MARSHALL FUNDS DATE OF NAME CHANGE: 19920708 0000889366 S000000739 BMO Large-Cap Value Fund C000002136 Class Y MREIX C000058946 Class I MLVIX 0000889366 S000000740 BMO Large-Cap Growth Fund C000002138 Class Y MASTX C000058947 Class I MLCIX 0000889366 S000000741 BMO Mid-Cap Value Fund C000002140 Class Y MRVEX C000058948 Class I MRVIX 0000889366 S000000742 BMO Mid-Cap Growth Fund C000002142 Class Y MRMSX C000058949 Class I MRMIX 0000889366 S000000743 BMO Small-Cap Growth Fund C000002144 Class Y MRSCX C000058950 Class I MSGIX 0000889366 S000000745 BMO Government Income Fund C000002149 Class Y MRGIX C000049009 Class I MGIIX 0000889366 S000000746 BMO Short-Intermediate Bond Fund C000002151 Class Y MAIBX C000049010 Class I MIBIX 0000889366 S000000747 BMO Intermediate Tax-Free Fund C000002152 Class Y MITFX C000096218 Class I MIITX 0000889366 S000000748 BMO Short-Term Income Fund C000002154 Class Y MSINX C000049011 Class I MSIFX 0000889366 S000000749 BMO Prime Money Market Fund C000002156 Class I MAIXX C000002157 Class Y MARXX 0000889366 S000000750 BMO Tax-Free Money Market Fund C000002158 Class Y MTFXX C000002159 Class I MFIXX 0000889366 S000000751 BMO Government Money Market Fund C000002160 Class I MGNXX C000002161 Class Y MGYXX 0000889366 S000017748 BMO Aggregate Bond Fund C000049007 Class Y MABYX C000049008 Class I MRAIX 0000889366 S000024207 BMO Lloyd George Emerging Markets Equity Fund C000071035 Class Y MEMYX C000071036 Class I MIEMX 0000889366 S000024208 BMO TCH Core Plus Bond Fund C000071037 Class Y MCYBX C000071038 Class I MCBIX 0000889366 S000024209 BMO TCH Corporate Income Fund C000071040 Class Y MCIYX C000071041 Class I MCIIX 0000889366 S000026661 BMO Ultra Short Tax-Free Fund C000080027 Class Y MUYSX C000080028 Class I MUISX 0000889366 S000031491 BMO Small-Cap Value Fund C000097896 Class Y MRSYX C000097897 Class I MRSNX 0000889366 S000035433 BMO Dividend Income Fund C000108824 Class Y MDIYX C000108825 Class I MDIVX 0000889366 S000035434 BMO Monegy High Yield Bond Fund C000108826 Class Y MHBYX C000108827 Class I MHBNX 0000889366 S000035435 BMO Pyrford Global Strategic Return Fund C000108828 Class Y MGRYX C000108829 Class I MGRNX 0000889366 S000035436 BMO Pyrford International Stock Fund C000108830 Class Y MISYX C000108831 Class I MISNX 0000889366 S000038425 BMO Low Volatility Equity Fund C000118492 Class Y MLVYX C000118493 Class I MLVEX 0000889366 S000038426 BMO Short Tax-Free Fund C000118494 Class Y MTFYX C000118495 Class I MTFIX 0000889366 S000038427 BMO TCH Emerging Markets Bond Fund C000118496 Class Y MEBYX C000118497 Class I MEBIX 485BPOS 1 d450400d485bpos.htm BMO FUNDS BMO Funds

As filed with the Securities and Exchange Commission on January 11, 2013.

1933 Act Registration File No. 033-48907

1940 Act File No. 811-58433

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

   x     

Pre-Effective Amendment No.        

   ¨     

Post-Effective Amendment No.     82    

   x     

and

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

   x     

Amendment No.     82    

   x     

MARSHALL FUNDS, INC.

(Exact Name of Registrant as Specified in Charter)

111 East Kilbourn Avenue, Suite 200

Milwaukee, Wisconsin 53202

(Address of Principal Executive Offices, including Zip Code)

Registrant’s Telephone Number, including Area Code: (800) 236-3863

John M. Blaser

111 East Kilbourn Avenue, Suite 200

Milwaukee, Wisconsin 53202

(Name and Address of Agent for Service)

Copies of all communications to:

Michael P. O’Hare, Esq.

Stradley Ronon Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

It is proposed that this filing will become effective (check appropriate box)

 

    X   immediately upon filing pursuant to paragraph (b) of Rule 485

 

         on (date) pursuant to paragraph (b) of Rule 485

 

         60 days after filing pursuant to paragraph (a)(1) of Rule 485

 

         on (date) pursuant to paragraph (a)(1) of Rule 485

 

         75 days after filing pursuant to paragraph (a)(2) of Rule 485

 

         on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate check the following box:

 

         This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 82 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and the State of Wisconsin on the 11th day of January, 2013.

 

 

MARSHALL FUNDS, INC.

(Registrant)

By:   /s/ John M. Blaser
 

John M. Blaser

President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 82 to the Registration Statement on Form N-1A has been signed below on January 11, 2013 by the following persons in the capacities indicated.

 

Signature

       

Title

/s/ John M. Blaser      President (principal executive officer) and

John M. Blaser

     Director

/s/ Timothy M. Bonin

     Treasurer (principal financial officer)

Timothy M. Bonin

    

*

     Director

Larry D. Armel

    

*

     Director

Ridge A. Braunschweig

    

**

     Director

Ellen M. Costello

    

*

     Director

Benjamin M. Cutler

    

*

     Director

John A. Lubs

    

*

     Director

James Mitchell

    

*

     Director

Barbara J. Pope

    

 

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

Attorney in fact pursuant to Power of Attorney filed with Post-Effective Amendment No. 59 to the Registration Statement on Form N-1A

 

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

Attorney in fact pursuant to Power of Attorney filed with Post-Effective Amendment No. 72 to the Registration Statement on Form N-1A

 

C-1


EXHIBIT INDEX

 

Exhibit No.

   Description

EX-101.INS

   XBRL Instance Document

EX-101.SCH

   XBRL Taxonomy Extension Schema Document

EX-101.CAL

   XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

   XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

   XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

   XBRL Taxonomy Extension Presentation Linkbase

 

C-2

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Fees and Expenses of the Fund 126 101 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 406 328 707 574 1562 1277 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0.005 0.005 0 0 0.0097 0.0072 0.0147 0.0122 -0.0057 -0.0057 0.009 0.0065 Example BMO Large-Cap Value Fund Investment Objective: To provide capital appreciation. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-year example reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 127% of the average value of its portfolio. Principal Investment Strategies The Fund invests at least 80% of its assets in a broadly diversified portfolio of common stocks of large-sized U.S. companies similar in size to those within the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index. These large-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index. The largest company by market capitalization in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index was approximately $408.2 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $4.9 billion. The Adviser selects stocks using a unique, quantitative, value-oriented approach. Principal Risks 92 66 The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks.</b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Style Risks.</b> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Portfolio Turnover Risks.</b> A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance. Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2002-2011) <b>Average Annual Total Returns</b> through 12/31/11 409 331 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index (Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value) measures the performance of those companies included in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index with lower price-to-book ratios and lower forecasted growth values.<br/><br/>The Lipper Large-Cap Value Funds Index (LLCVFI) is an average of the 30 largest mutual funds in this Lipper category. Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. Principal Investment Strategies The Fund invests at least 80% of its assets in a broadly diversified portfolio of common stocks of large-sized U.S. companies similar in size to those within the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index. These large-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index. The largest company by market capitalization in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index was approximately $622.0 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same date was approximately $5.4 billion. The Fund invests in stocks that exhibit less volatile stock price patterns when compared to stocks in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index. The Adviser selects low volatility, undervalued stocks using a unique, quantitative approach based on the Adviser&#8217;s multi-factor risk/return models. This approach seeks to provide the Fund with lower downside risk and meaningful upside protection relative to the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index.<br/><br/>From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. Principal Risks -0.0153 -0.0166 -0.0081 -0.0125 0.0039 -0.0217 -0.0277 -0.0309 -0.0232 -0.0264 -0.0226 0.0259 0.0389 -0.0307 0.0181 0.0142 The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks.</b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Style Risks.</b> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, level of expected volatility, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Cash Risks.</b> Holding cash or cash equivalents rather than securities may cause the Fund to not achieve its investment objective and could negatively affect the Fund&#8217;s performance relative to its benchmark. Fund Performance Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0.0223 December 31, 2013 &#8220;Other Expenses&#8221; are based on estimated amounts for the Fund&#8217;s current fiscal year because it is a new fund. The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. -0.02 -0.02 2008-01-31 December 31, 2013 1.27 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. www.bmofundsus.com Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 Best quarter Worst quarter 2012-09-30 2009-09-30 2002-09-30 0.1523 0.1575 -0.1764 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOLowVolatilityEquityFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMODividendIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMODividendIncomeFund column period compact * ~</div> BMO Dividend Income Fund Investment Objective: To provide capital appreciation and current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0 0 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.005 0.005 0 0 0.0065 0.004 0.0001 0.0001 0.0116 0.0091 -0.02 -0.02 -0.0025 -0.0025 0.0091 0.0066 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOMid-CapValueFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOMid-CapValueFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOMid-CapValueFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOMid-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOMid-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOMid-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOLarge-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOLarge-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOLarge-CapGrowthFund column period compact * ~</div> -0.02 -0.02 Example BMO Mid-Cap Value Fund Investment Objective: <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOLargeCapValueFund column period compact * ~</div> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three, five- and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: To provide capital appreciation. 93 67 344 265 614 479 1387 1097 Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) 0 0 Portfolio Turnover 0 0 -0.02 -0.02 The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the period December 29, 2011 (inception date) to August 31, 2012, the Fund&#8217;s portfolio turnover rate (not annualized) was 18% of the average value of its portfolio. Principal Investment Strategies 0.18 0.0075 0.0075 December 31, 2013 0 0 0.0054 0.0029 0.0001 The Fund invests at least 80% of its net assets primarily in dividend paying common stocks of large-sized U.S. companies similar in size to those within the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index. These large-sized companies, at the time of purchase, generally have market capitalization in the range of companies in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index. The largest company by market capitalization in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index was approximately $408.2 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $4.9 billion. In order to provide both capital appreciation and current income, the Adviser focuses on companies with dividend yields in excess of 1%. The Adviser selects stocks using a unique, quantitative, value-oriented approach. 0.0001 0.013 0.0105 -0.0005 -0.0005 Principal Risks 0.0125 0.01 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0 0 0.005 0.0025 The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks. </b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks. </b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Income Risks. </b> The Fund can only distribute to shareholders what it earns. Therefore, if the amount of interest and/or dividends the Fund receives from its investments declines, the amount of dividends shareholders receive from the Fund will also decline. In addition, depending upon market conditions, income producing common stock that meets the Fund&#8217;s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to produce current income.<br/><br/><b>Style Risks. </b> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).<br/><br/><b>Management Risks. </b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Investments in Other Investment Companies Risks. </b>The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. Fund Performance 0.0001 0.0001 Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0.0126 0.0101 127 -0.0001 -0.0001 0.0125 0.01 102 407 329 708 575 1563 1278 December 31, 2013 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 127 102 399 321 691 557 1522 1235 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 Best quarter Worst quarter 2012-09-30 2009-09-30 2008-12-31 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. 0.1845 0.1599 -0.2217 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. -0.0137 -0.0137 -0.0089 -0.0112 0.0264 -0.0402 0.0087 0.0062 0.0076 0.025 0.0087 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMODividendIncomeFund column period compact * ~</div> 0.0165 0.0133 0.0118 0.026 0.0278 0.0095 Portfolio Turnover <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOSmall-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOSmall-CapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOSmall-CapGrowthFund column period compact * ~</div> The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 31% of the average value of its portfolio. 0.31 Principal Investment Strategies 2008-01-31 The Fund invests at least 80% of its assets in value-oriented common stocks of medium-sized U.S. companies similar in size to those within the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index. These mid-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index. The largest company by market capitalization in the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index was approximately $19.3 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $3.9 billion. The Adviser selects companies that exhibit traditional value characteristics, such as a price-to-earnings ratio less than the S&amp;P 400<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index, higher-than-average dividend yields, or a lower-than-average price-to-book value. In addition, these companies may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings. BMO Small-Cap Growth Fund Investment Objective: Principal Risks To provide capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0.01 0.01 0 0 0.0046 0.0021 0.0146 0.0121 -0.0002 -0.0002 -0.02 -0.02 The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks.</b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Style Risks.</b> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).<br/><br/><b>Company Size Risks.</b> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. 0.0144 0.0119 The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Fund Performance <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOPyrfordInternationalStockFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOPyrfordInternationalStockFund column period compact * ~</div> The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. BMO Pyrford International Stock Fund Investment Objective: The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Example 147 121 To provide capital appreciation. 460 382 Fees and Expenses of the Fund 796 663 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. BMO Large-Cap Growth Fund 1745 1464 Investment Objective: To provide capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 185% of the average value of its portfolio. 0 Principal Investment Strategies 0 The Fund invests at least 80% of its assets in common stocks of large-sized U.S. companies similar in size to those within the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index. These large-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index. The largest company by market capitalization in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index was approximately $622.0 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $6.1 billion. The Adviser looks for high quality companies with sustainable earnings growth that are available at reasonable prices. Principal Risks The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks.</b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Style Risks.</b> Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Portfolio Turnover Risks.</b> A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance.<br/><br/><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. Fund Performance -0.02 -0.02 The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2002-2011) <b>Average Annual Total Returns</b> through 12/31/11 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. Return After Taxes on Distributions and Sale of Fund Shares may be higher than Return Before Taxes when a net capital loss occurs upon the redemption of Fund shares. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index (Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth) measures the performance of those companies included in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index with higher price-to-book ratios and higher forecasted growth values.<br/><br/>The Lipper Multi-Cap Growth Funds Index (LMCGFI) is an average of the 30 largest mutual funds in this Lipper category. <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2002-2011) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover 0.008 The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 85% of the average value of its portfolio. 0 0 0.85 December 31, 2013 0.008 0.0059 0.0034 Principal Investment Strategies 0.0139 0.0114 The Fund invests at least 80% of its assets in common stocks of small-sized U.S. companies similar in size to those within the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index. These small-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index. The largest company by market capitalization in the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index was approximately $4.6 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $582 million. The Adviser selects stocks of companies with growth characteristics, including companies with above-average earnings growth potential and companies where significant changes are taking place, such as new products, services, methods of distribution, or overall business restructuring. -0.0015 -0.0015 Principal Risks 0.0124 0.0099 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index (RMCVI) measures the performance of those companies included in the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index with lower price-to-book ratios and lower forecasted growth values. Those companies are also included in the Russell 1000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index.<br/><br/>The Lipper Mid-Cap Value Funds Index (LMCVFI) is an average of the 30 largest mutual funds in this Lipper category. The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks. </b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks. </b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Style Risks. </b> Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.<br/><br/><b>Company Size Risks. </b> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.<br/><br/><b>Management Risks. </b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results. Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2013 1.85 <b>Class Y &#8212;Annual Total Returns </b> (calendar years 2002-2011) An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. www.bmofundsus.com After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. Return After Taxes on Distributions and Sale of Fund Shares may be higher than Return Before Taxes when a net capital loss occurs upon the redemption of Fund shares. -0.2878 0.4868 0.1667 0.0866 0.1484 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.1879 0.1431 Best quarter -0.425 2009-09-30 0.4681 0.3559 0.219 Worst quarter 2008-12-31 -0.2255 -0.0382 -0.0469 -0.0132 -0.0364 -0.0291 -0.034 0.0551 0.0454 0.0446 0.0209 0.0114 0.0726 0.0641 0.0609 0.0448 0.0365 0.0592 2008-01-31 -0.0682 -0.0688 -0.0435 -0.0656 -0.0138 -0.0451 -0.0039 -0.0114 -0.0048 0.0004 0.0028 0.0441 0.0448 0.0531 0.0767 0.0611 0.0095 2008-01-31 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOLargeCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOUltraShortTax-FreeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOUltraShortTax-FreeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOUltraShortTax-FreeFund column period compact * ~</div> <b>Average Annual Total Returns</b> through 12/31/11 0 0 0 0 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index (Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth) measures the performance of those companies included in the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index with higher price-to-book ratios and higher forecasted growth values.<br/><br/>The Lipper Small-Cap Growth Funds Index (LSCGFI) is an average of the 30 largest mutual funds in this Lipper category. 0.002 0.002 0 0 0.0042 Example 0.0017 0.0001 0.0001 0.0063 0.0038 -0.0007 -0.0007 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five- and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 0.0056 0.0031 126 101 425 347 746 613 1656 1373 57 32 195 115 344 206 780 474 Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the period December 29, 2011 (inception date) to August 31, 2012, the Fund&#8217;s portfolio turnover rate (not annualized ) was 13% of the average value of its portfolio. 0.13 Principal Investment Strategies The Fund invests at least 80% of its assets in equity securities of companies located in a number of countries outside the United States. The Fund invests primarily in companies that are located in the countries included in the MSCI EAFE Index, which includes developed countries outside of North America. Although the Fund may invest in companies across all market capitalizations, the Fund invests primarily in companies that, at the time of purchase, have a minimum market capitalization of $2 billion.<br/><br/>The Fund&#8217;s sub-adviser is Pyrford International Ltd. (&#8220;Pyrford&#8221;). Pyrford seeks to minimize losses by adopting a highly defensive investment stance at times of perceived high risk, characterized by high valuation levels or high levels of financial leverage. The Fund does not target a specific volatility level, but aims to deliver volatility significantly below that of the MSCI EAFE Index by being zero weight in any country, sector, or stock that Pyrford believes has very poor value as measured by established fundamental value metrics (such as dividend yields, return on equity, and P/E ratios).<br/><br/>In determining where a company is located, the sub-adviser primarily relies on the country where the company is incorporated, but also may consider the country where the company&#8217;s revenues are derived and the primary market listing for the class of shares to be purchased. Although the Fund invests primarily in companies that are included in the MSCI EAFE Index, the Fund may invest up to 20% of its net assets in companies located in countries not represented in this index, including emerging market countries. Principal Risks The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Foreign Securities Risks.</b> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund&#8217;s total return.<br/><br/><b>Emerging Markets Risks.</b> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Small Company Risks.</b> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.<br/><br/><b>Management Risks.</b> Pyrford&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results. Fund Performance Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0.0161 0.0161 0.0154 0.0176 0.008 0.0158 0.0159 0.0159 0.0155 0.018 0.0075 0.0148 2009-09-30 2009-09-30 www.bmofundsus.com December 31, 2013 The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. BMO Mid-Cap Growth Fund www.bmofundsus.com Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investment Objective: To provide capital appreciation. Fees and Expenses of the Fund After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOPyrfordGlobalStrategicReturnFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOPyrfordGlobalStrategicReturnFund column period compact * ~</div> 0 0 BMO Pyrford Global Strategic Return Fund Investment Objective: To maximize total return. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 -0.02 -0.02 0.008 0.008 0 0 0.009 0.0065 0.017 0.0145 -0.0046 -0.0046 0.0124 0.0099 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 126 101 491 413 880 748 1970 1696 Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the period December 29, 2011 (inception date) to August 31, 2012, the Fund&#8217;s portfolio turnover rate (not annualized) was 52% of the average value of its portfolio. 0.52 Principal Investment Strategies The Fund invests primarily in investment-grade sovereign debt securities and equity securities. The Fund normally invests at least 40% of its net assets in securities located outside the United States and will be diversified among at least three different countries. The Fund invests primarily in securities that are principally traded on established global markets with a particular emphasis on issuers traded on established markets located in North America, Europe (including the UK), and the Asia Pacific Region (including Japan). Although the Fund may invest in companies across all market capitalizations, the Fund invests primarily in companies that, at the time of purchase, have a minimum market capitalization of $2 billion. The Fund may invest up to 20% of its net assets in emerging market countries and may hold up to 25% of its net assets in cash or cash equivalents. The Fund may invest without limitation in investment-grade sovereign debt securities.<br/><br/>Equity securities in which the Fund may invest include common stocks, preferred stocks, warrants to purchase common stocks or preferred stocks, securities convertible into common or preferred stocks, American Depositary Receipts, European Depositary Receipts, or other similar securities representing common stock of non-U.S. issuers. From time to time, the Fund may invest in exchange-traded funds.<br/><br/>In investing in investment-grade sovereign debt securities, the Fund seeks to add value through geographical allocations and duration decisions made by the sub-adviser on the basis of established fundamental value metrics (such as dividend yields, return on equity, and price/earnings ratios).<br/><br/>The Fund attempts to achieve total returns at least 400 basis points above the U.S. Consumer Price Index. No guarantee exists that the Fund will meet the total return goal. A key factor in generating total returns is utilizing an investment approach designed to minimize negative returns when markets fall, through both strategic asset allocation among equities, sovereign debt securities, and cash and investment selection on a global basis. Pyrford seeks to minimize losses by avoiding asset classes and securities that are perceived to be high risk on the basis of established fundamental value metrics (such as dividend yields, return on equity, and price/earnings ratios). This approach may restrict the Fund from fully participating when markets rise. Principal Risks Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Fund Performance 0.0075 0.0075 Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0 Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0 December 31, 2013 0.0049 0.0024 0.0124 0.0099 The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 126 101 393 315 BMO Ultra Short Tax-Free Fund Investment Objective: To provide current income exempt from federal income tax consistent with preservation of capital. Fees and Expenses of the Fund 681 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 547 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example 1500 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 1213 Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 128% of the average value of its portfolio. Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax (including the federal alternative minimum tax (AMT)). The Fund normally maintains an average dollar-weighted effective maturity of one year or less. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.<br/><br/>The Fund invests primarily in municipal securities within the investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase. Municipal securities include fixed and floating rate debt obligations of states, territories, and possessions of the U.S., and political subdivisions and financing authorities of these entities that provide income exempt from federal income tax (including federal AMT). Fund investments are selected after assessing factors such as the cyclical trend in interest rates, the shape of the municipal yield curve, tax rates, sector valuation, and municipal bond supply factors. Principal Risks The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value (NAV) of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Interest Rate Risk. </b>Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br/><br/><b>Credit Risk. </b>Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br/><br/><b>Call Risk. </b>If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br/><br/><b>Liquidity Risk. </b>Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br/><br/><b>Municipal Securities Risk. </b>Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that the interest on an otherwise tax-exempt municipal security may be subject to federal income tax.<br/><br/><b>Management Risk. </b>The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Sector Risks. </b>The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to education, health care, transportation, and utilities. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Investments in Other Investment Companies Risks. </b>The Fund may invest in securities issued by other investment companies, including exchange-traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses.<br/><br/><b>Portfolio Turnover Risks. </b>A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance. Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. <b>Class Y&#8212;Annual Total Returns </b> (calendar year 2010-2011) <b>Average Annual Total Returns </b> through 12/31/11 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The Barclays Capital 1-Year Municipal Bond Index (B1MBI) is the 1-year component of the Barclays Capital Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa.<br/><br/>The iMoneyNet Money Fund Report Tax-Free National Retail Index (IMNTFNR) is an average of money funds with investment objectives similar to that of the Fund. Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 69% of the average value of its portfolio. 0.69 Principal Investment Strategies The Fund invests at least 80% of its assets in growth-oriented common stocks of medium-sized U.S. companies similar in size to those within the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index. These mid-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index. The largest company by market capitalization in the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index was approximately $20.6 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $4.6 billion. The Adviser selects stocks of companies with growth characteristics, including companies with above average earnings growth potential and companies where significant changes are taking place, such as new products, services, methods of distribution, or overall business restructuring. Principal Risks Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2013 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value (NAV) of the Fund will vary and you could lose money by investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. www.bmofundsus.com Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. 1.28 The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks.</b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Style Risks.</b> Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.<br/><br/><b>Company Size Risks.</b> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results. The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks.</b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Sovereign Debt Risk.</b> Sovereign debt instruments are subject to the risk that a governmental entity may be unable to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, or political concerns. If a governmental entity defaults on an obligation, the Fund may have limited recourse against the defaulting government and may lose its investment. Financial markets have recently experienced increased volatility due to the uncertainty surrounding the sovereign debt of certain European countries.<br/><br/><b>Foreign Securities Risks.</b> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund&#8217;s total return.<br/><br/><b>Emerging Markets Risk. </b> The risk that countries in emerging markets are generally more volatile and can have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.<br/><br/><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br/><br/><b>Income Risks.</b> The Fund&#8217;s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.<br/><br/><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br/><br/><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br/><br/><b>Small Company Risks.</b> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.<br/><br/><b>Management Risks. </b> Pyrford&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Style Risks.</b> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks). The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOPyrfordGlobalStrategicReturnFund column period compact * ~</div> The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. www.bmofundsus.com <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2002-2011) <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOPyrfordInternationalStockFund column period compact * ~</div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.1317 Best quarter 2003-06-30 0.1776 Worst quarter 2008-12-31 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.1012 Best quarter 2003-06-30 0.3045 Worst quarter 2011-09-30 -0.24 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 10.12%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns &nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">6/30/2003</td><td align="right">30.45 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">9/30/2011</td><td align="right">(24.00 )%</td></tr></table></div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOSmall-CapGrowthFundBarChart column period compact * ~</div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 Best quarter Worst quarter 2012-09-30 2010-09-30 2010-12-31 0.0105 0.0054 0.0005 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOUltraShortTaxFreeFund column period compact * ~</div> 0.014 0.0161 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOUltraShortTax-FreeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOShort-TermIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOShort-TermIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOShort-TermIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOGovernmentIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOGovernmentIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOGovernmentIncomeFund column period compact * ~</div> BMO Short-Term Income Fund To maximize total return consistent with current income. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Investment Objective: BMO Government Income Fund <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOShort-IntermediateBondFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOShort-IntermediateBondFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOShort-IntermediateBondFund column period compact * ~</div> Fees and Expenses of the Fund Investment Objective: Shareholder Fees (fees paid directly from your investment) To provide current income. 0 0 Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) 0.004 0.004 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0.002 0 0.0052 0 0.0027 0.0001 0.0001 0.0093 0.0068 0.002 -0.0012 -0.0012 0 0.0081 0 0.0056 0.0052 0.0027 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOIntermediateTax-FreeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOIntermediateTax-FreeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOIntermediateTax-FreeFund column period compact * ~</div> 0.0004 0.0004 0.0076 0.0051 -0.0012 -0.0012 0.0064 0.0039 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 83 57 284 205 503 367 0.004 1132 835 0.004 0 0 0.0053 0.0028 0.0001 0.0001 Investment Objective: 0.0094 0.0069 0.0525 0.0459 -0.0013 0.034 0.0552 -0.0013 0.058 0.0399 0.0081 To maximize total return consistent with current income. 0.0056 0.0566 0.0435 0.0405 0.0588 Fees and Expenses of the Fund 0.048 The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 190% of the average value of its portfolio. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Example BMO Intermediate Tax-Free Fund Portfolio Turnover This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Investment Objective: To provide a high level of current income exempt from federal income tax consistent with preservation of capital. 65 40 Principal Investment Strategies Principal Risks 231 151 The Fund invests at least 80% of its assets in bonds. Fund investments include corporate, asset-backed, and mortgage-backed securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase and repurchase agreements and U.S. government securities. The Adviser changes the Fund&#8217;s weightings in these sectors as it deems appropriate and uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of two to eight years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date. Fees and Expenses of the Fund 411 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 273 0.0499 0.035 0.0337 931 0.052 629 0.0429 Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. Shareholder Fees (fees paid directly from your investment) 0 Portfolio Turnover 0 The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 63% of the average value of its portfolio. Example The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks. <br /><br /><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. <br /><br /><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics. <br /><br /><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining. <br /><br /><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility. <br /><br /><b>Asset-Backed/Mortgage-Backed Securities Risks.</b> Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund&#8217;s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security. <br /><br /><b>Government Obligations Risks.</b> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation. <br /><br /><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results. <br /><br /><b>Portfolio Turnover Risks.</b> A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance. <br /><br /><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. Principal Investment Strategies The Fund invests at least 80% of its assets in fixed income securities. Fund investments include corporate, asset-backed, and mortgage-backed securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase and bank instruments, repurchase agreements, and U.S. government securities. In addition, the Fund may invest in securities issued by other investment companies that in turn invest in bonds and other financial instruments. The Adviser changes the Fund&#8217;s weightings in these fixed income asset classes as it deems appropriate and uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of six months to three years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date. This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Principal Risks Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) BMO Short-Intermediate Bond Fund 0.0028 0.0028 57 83 0 0 287 Example 208 0.0042 0.0017 507 371 0.007 1143 846 0.0045 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOTCHCorePlusBondFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOTCHCorePlusBondFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOShortTax-FreeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOShortTax-FreeFund column period compact * ~</div> -0.0015 0.0055 0.0045 Portfolio Turnover The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br/><br/><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br/><br/><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br/><br/><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br/><br/><b>Asset-Backed/Mortgage-Backed Securities Risks.</b> Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund&#8217;s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.<br/><br/><b>Government Obligations Risks.</b> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange-traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 355% of the average value of its portfolio. 1.9 Principal Investment Strategies December 31, 2013 The net asset value of the Fund will vary and you could lose money by investing in the Fund. The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. www.bmofundsus.com Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. 0 0 0 0 -0.02 -0.02 0.0025 0.0025 The Fund invests at least 80% of its assets in U.S. government securities. The securities in which the Fund invests generally will have a minimum rating no lower than the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase.<br /><br />The Fund invests in the securities of U.S. government-sponsored entities that are not backed by the full faith and credit of the U.S. government, but are supported through federal loans or other benefits, including the Federal Home Loan Banks (FHLBs), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac). The Fund also may invest in the securities of U.S. government-sponsored entities that are supported by the full faith and credit of the U.S. government, such as the Government National Mortgage Association (Ginnie Mae). Finally, the Fund may invest in the securities of governmental entities that have no explicit financial support from the U.S. government, but are regarded as having implied support because the U.S. government sponsors their activities, including the Farm Credit Administration and the Financing Corporation. The Fund also may invest in non-agency asset-backed and mortgage-backed securities.<br /><br />The Adviser considers macroeconomic conditions and uses credit and market analysis in developing the overall portfolio strategy. Current and historical interest rate relationships are used to evaluate market sectors and individual securities. The Fund normally maintains an average dollar-weighted effective maturity of four to twelve years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date. 0 0 0.0052 0.0027 0.0001 0.0001 0.0078 0.0053 0.006 0.0053 -0.02 -0.02 Principal Risks BMO Short Tax-Free Fund Fund Performance Investment Objective: To provide current income exempt from federal income tax consistent with preservation of capital. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. December 31, 2013 0 0 -0.02 -0.02 The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) BMO Aggregate Bond Fund The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. -0.0018 www.bmofundsus.com Investment Objective: To maximize total return consistent with current income. Example Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2002-2011) Fees and Expenses of the Fund 0.0025 0 0.0078 -0.0048 0.0055 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0.0025 0 0.0053 0.0078 -0.0038 0.004 Shareholder Fees (fees paid directly from your investment) This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br /><br /><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br /><br /><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br /><br /><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br /><br /><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br /><br /><b>Asset-Backed/Mortgage-Backed Securities Risks.</b> Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund&#8217;s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.<br /><br /><b>Government Obligations Risks.</b> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.<br /><br /><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br /><br /><b>Portfolio Turnover Risks.</b> A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance.<br /><br /><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. Fund Performance 56 46 209 144 The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. 375 252 856 567 0 0 <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2002-2011) After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. <br /><br />The Barclays Intermediate Governmental/Credit Index (BIGCI) is an index comprised of government and corporate bonds rated BBB or higher with maturities between one and ten years. <br /><br />The Lipper Short-Intermediate Investment Grade Debt Funds Index (LSIDF) is an average of the 30 largest mutual funds in this Lipper category. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0552 0.0307 0.0146 61 54 0.0205 Portfolio Turnover 0.0493 231 0.0563 170 0.0806 416 -0.0313 0.0491 296 0.1155 The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 55% of the average value of its portfolio. 0.0263 949 0.0201 665 Principal Investment Strategies The Fund invests at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax (including the federal alternative minimum tax (AMT)). Fund investments include municipal securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase. Municipal securities include debt obligations of states, territories, and possessions of the U.S. and political subdivisions, and financing authorities of these entities that provide income exempt from federal income tax (including federal AMT). The Adviser selects Fund investments after assessing factors such as the cyclical trend in interest rates, the shape of the municipal yield curve, tax rates, sector valuation, and municipal bond supply factors. The Fund normally maintains an average dollar-weighted effective maturity of three to ten years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date. 0.0409 Principal Risks 0.0461 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) -0.1267 0.0549 0.2681 0.0191 0.0801 0.0525 0.0818 0.0308 0.0424 0.0233 0.0472 0.004 0.0585 0.004 0.0007 0 0.1271 0 0.0708 0.052 0.0042 0.0017 0.0001 0.0001 0.0083 0.0058 -0.0002 -0.0002 2012-09-30 0.0353 Best quarter The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 Example <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOShortIntermediateBondFund column period compact * ~</div> 2009-06-30 2012-09-30 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-year example reflect the Adviser&#8217;s agreement to waive fees and/or reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 0.0402 Best quarter 2009-09-30 0.0539 Worst quarter 2008-09-30 -0.0268 Worst quarter 2004-06-30 -0.0098 56 280 41 211 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 5.01%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">6/30/2009</td><td align="right">17.52 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">12/31/2008</td><td align="right">(7.76 )%</td></tr></table></div> <b>Average Annual Total Returns</b> through 12/31/11 0.0191 0.0113 0.0124 0.0217 0.0156 0.0154 0.0418 0.0292 0.0282 0.0395 0.0319 0.0379 0.0239 0.024 0.0357 0.0307 Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. 0.0081 0.0056 &#8220;Other Expenses&#8221; are based on estimated amounts for the Fund&#8217;s current fiscal year because it is a new fund. The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 0.0501 Principal Investment Strategies 0.044 2012-09-30 The Fund invests at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax (including the federal alternative minimum tax (AMT)). Fund investments include municipal securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase. Municipal securities include debt obligations of states, territories, and possessions of the U.S., and political subdivisions and financing authorities of these entities that provide income exempt from federal income tax (including federal AMT). The Adviser selects Fund investments after assessing factors such as the cyclical trend in interest rates, the shape of the municipal yield curve, tax rates, sector valuation, and municipal bond supply factors. The Fund normally maintains an average dollar-weighted effective maturity of one to three years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date. Best quarter 2007-05-31 0.1752 2009-06-30 Worst quarter -0.0776 2008-12-31 0.0767 0.0594 0.0505 0.0794 0.0784 0.0628 0.0964 0.0789 0.0728 0.0991 0.0681 0.0987 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 4.02%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2009</td><td align="right">5.39 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">6/30/2004</td><td align="right">(0.98 )%</td></tr></table></div> <b>Average Annual Total Returns</b> through 12/31/11 Principal Risks The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br/><br/><b>Credit Risks.</b> Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br/><br/><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br/><br/><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br/><br/><b>Municipal Securities Risks.</b> Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that the interest on an otherwise tax-exempt municipal security may be subject to federal income tax.<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Sector Risks.</b> The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to education, health care, transportation, and utilities. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector. The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Fund Performance Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0.052 0.0336 0.0384 0.0535 0.0623 0.0569 0.061 0.0413 0.0409 0.0654 0.0569 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 0.0529 0.035 0.0348 0.0569 0.0495 0.0667 83 57 263 184 459 322 1023 724 Portfolio Turnover 0.0103 The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 266% of the average value of its portfolio. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOShort-IntermediateBondFundBarChart column period compact * ~</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The BofA Merrill Lynch 1-3 Year U.S. Government/Corporate Index (ML1-3) is an index tracking short-term U.S. government and corporate securities with maturities between 1 and 2.99 years. ML1-3 is produced by Merrill Lynch Pierce Fenner &amp; Smith.<br/><br/>The Lipper Short Investment Grade Debt Funds Index (LSIGDI) is an average of the 30 largest mutual funds in this Lipper category. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOShortTaxFreeFund column period compact * ~</div> After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. 2.66 Principal Investment Strategies The Fund invests at least 80% of its assets in bonds. Fund investments include corporate, asset-backed, and mortgage-backed securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase, repurchase agreements, and U.S. government securities. The Adviser&#8217;s strategy for achieving total return is to adjust the Fund&#8217;s weightings in these sectors as it deems appropriate. The Adviser uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of three to ten years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Principal Risks Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br /><br /><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br /><br /><b>Credit Risks.</b> Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br /><br /><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br /><br /><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br /><br /> <b>Municipal Securities Risks.</b> Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that the interest on an otherwise tax-exempt municipal security may be subject to federal income tax.<br /><br /><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br /><br /><b>Sector Risks.</b> The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to education, health care, transportation, and utilities. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector. Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. The Fund invests at least 80% of its assets in bonds. Fund investments include corporate, asset-backed, mortgage-backed and U.S. government securities. Although the Fund will invest primarily in securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the sub-adviser to be comparable in quality) at the time of purchase, the Fund may invest up to 20% of its assets in debt securities that are below investment grade, also known as high yield securities or &#8220;junk bonds.&#8221; While the Fund&#8217;s assets are predominantly U.S. dollar denominated, the Fund also may invest up to 20% of its assets in foreign debt securities, all or a portion of which may be emerging markets debt securities. <br /><br />The Fund&#8217;s investment strategy is referred to as &#8220;Core Plus&#8221; because the Fund&#8217;s sub-adviser, Taplin, Canida &amp; Habacht, LLC (TCH), an affiliate of the Adviser, has the ability to add high yield securities and emerging markets debt securities to a core portfolio of investment grade fixed income securities. TCH&#8217;s strategy for achieving total return is to adjust the Fund&#8217;s weightings in these sectors as it deems appropriate. TCH uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of three to ten years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date. Principal Risks The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br /><br /><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br /><br /><b> Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br /><br /><b>High Yield Securities Risks.</b> High yield securities, also referred to as &#8220;junk bonds&#8221; or non-investment grade securities, are debt securities rated lower than BBB by Standard &amp; Poor&#8217;s or Baa by Moody&#8217;s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because there may be a thin trading market for such securities.<br /><br /><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br /><br /><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br /><br /><b>Asset-Backed/Mortgage-Backed Securities Risks.</b> Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund&#8217;s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.<br /><br /><b>Government Obligations Risks.</b> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.<br /><br /><b>Foreign Securities Risks.</b> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund&#8217;s total return.<br /><br /><b>Emerging Markets Risks.</b> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.<br /><br /><b>Management Risks.</b> TCH&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br /><br /><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange-traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. <b>Class Y&#8212;Annual Total Returns </b>(calendar years 2009-2011) The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 84% of the average value of its portfolio. Investment Objective: To maximize total return consistent with current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. December 31, 2013 0.0612 0.84 2007-05-31 2008-12-22 2008-12-22 The net asset value of the Fund will vary and you could lose money by investing in the Fund. 2007-05-31 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. Shareholder Fees (fees paid directly from your investment) <b>Average Annual Total Returns</b> through 12/31/11 The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. www.bmofundsus.com Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2002-2011) After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. <br /><br />The Barclays U.S. Mortgage-Backed Securities Index (BMI) is an index that includes 15- and 30-year fixed-rate securities backed by mortgage pools of Ginnie Mae, Freddie Mac, and Fannie Mae.<br /><br />The Lipper U.S. Mortgage Funds Index (LUSMI) is an average of the 30 largest mutual funds in this Lipper category. <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2002-2011) December 31, 2013 The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Interest Rate Risks. </b>Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br/><br/><b>Credit Risks. </b>Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br/><br/><b>Call Risks. </b>If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br/><br/><b>Liquidity Risks. </b>Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br/><br/><b>Asset-Backed/Mortgage-Backed Securities Risks. </b>Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund&#8217;s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.<br/><br/><b>Government Obligations Risks.</b> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.<br/><br/><b>Management Risks. </b>The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Portfolio Turnover Risks. </b>A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance.<br/><br/><b>Investments in Other Investment Companies Risks. </b>The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. Fund Performance December 31, 2013 The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. 3.55 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.0846 Worst quarter 2010-12-31 0.0936 -0.0052 Best quarter 0.0418 2009-09-30 0.0553 0.0251 The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 8.46%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2009</td><td align="right">5.53%</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">12/31/2010</td><td align="right">(0.52)%</td></tr></table></div> 0.0094 0.0352 Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. 0.0423 0.0073 0.1286 0.0304 www.bmofundsus.com <b>Class Y&#8212;Annual Total Returns </b>(calendar years 2008-2011) Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. 0.0916 0.0914 0.0721 0.0912 0.088 0.0885 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOShortTermIncomeFund column period compact * ~</div> 0.0591 0.0582 0.0556 0.0548 0.046 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. 0.0498 0.0489 0.0478 0.0905 0.0512 0.0443 The net asset value of the Fund will vary and you could lose money by investing in the Fund. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOShort-TermIncomeFundBarChart column period compact * ~</div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. -0.0457 0.2118 0.0777 0.0683 The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. www.bmofundsus.com Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. 0.63 After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. www.bmofundsus.com Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOGovernmentIncomeFund column period compact * ~</div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 5.62%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">6/30/2009</td><td align="right">12.30 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">9/30/2008</td><td align="right">(4.96 )%</td></tr></table></div> <b>Average Annual Total Returns </b> through 12/31/11 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 0.0683 0.0526 0.0709 0.0784 0.0628 0.0775 0.0565 0.0802 0.0681 0.0608 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. <br /><br />The Barclays Aggregate Bond Index (BABI) is an index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-based securities. To qualify for inclusion, a bond or security must have at least one year to final maturity and be rated Baa3 or better, dollar denominated, non-convertible, fixed-rate and publicly issued. <br /><br />The Lipper Intermediate Investment Grade Index (LIIGI) is an average of the 30 largest mutual funds in this Lipper category. -0.02 -0.02 BMO TCH Core Plus Bond Fund Portfolio Turnover Principal Investment Strategies <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOGovernmentIncomeFundBarChart column period compact * ~</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The Barclays Aggregate Bond Index (BABI) is an index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-based securities. To qualify for inclusion, a bond or security must have at least one year to final maturity and be rated Baa3 or better, dollar denominated, non-convertible, fixed-rate, and publicly issued.<br/><br/>The Lipper Intermediate Investment Grade Debt Funds Index (LIIGDFI) is an average of the 30 largest mutual funds in this Lipper category. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOTCHCorePlusBondFund column period compact * ~</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOMonegyHighYieldBondFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOMonegyHighYieldBondFund column period compact * ~</div> 0.1324 0.0817 0.0767 BMO Monegy High Yield Bond Fund Investment Objective: To maximize total return consistent with current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOTCHCorePlusBondFundBarChart column period compact * ~</div> 0 -0.02 0 -0.02 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.005 0.005 0 0 0.006 0.0035 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOTCHEmergingMarketsBondFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOTCHEmergingMarketsBondFund column period compact * ~</div> 0.0001 0.0001 0.0111 0.0086 -0.002 -0.002 0.0091 0.0066 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOTCHCorePlusBondFund column period compact * ~</div> 93 67 333 254 592 457 1334 1042 Portfolio Turnover The Fund incurs transaction costs, such as bid-ask spreads, when it buys and sells high yield securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the period December 29, 2011 (inception date) to August 31, 2012, the Fund&#8217;s portfolio turnover rate (not annualized) was 16% of the average value of its portfolio. Principal Investment Strategies The Fund invests at least 80% of its assets in a diversified portfolio of domestic and foreign high yield, high risk fixed income securities (also referred to as &#8220;junk bonds&#8221;) within the non-investment grade corporate bond market. The Fund&#8217;s sub-adviser seeks to generate excess returns by effectively balancing risk and reward through vigorous asset selection criteria and continuous monitoring of portfolio positions.<br/><br/>The Fund&#8217;s sub-adviser, Monegy, Inc. (&#8220;Monegy&#8221;), follows a disciplined investment approach that combines quantitative investment screening processes with traditional fundamental credit analysis. The portfolio is monitored to determine the risk and reward characteristics of each security, which allows the Fund to generate long term excess returns with lower levels of volatility than The BofA Merrill Lynch US High Yield Constrained Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> and The BofA Merrill Lynch US High Yield, BB-B Rated, Constrained Index<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup>. The use of quantitative tools measures credit risk objectively and captures continuous changes in risk and return efficiently. High levels of diversification minimize the portfolio impact of principal losses stemming from unexpected default and other event risks. Principal Risks The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br/><br/><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br/><br/><b>Foreign Securities Risks.</b> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund&#8217;s total return.<br/><br/><b>High Yield Securities Risks.</b> High yield securities, also referred to as &#8220;junk bonds&#8221; or non-investment grade securities, are debt securities rated lower than BBB by Standard &amp; Poor&#8217;s or Baa by Moody&#8217;s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because there may be a thin trading market for such securities.<br/><br/><b>Income Risks.</b> The Fund&#8217;s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.<br/><br/><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br/><br/><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br/><br/><b>Management Risks.</b> Monegy&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. 0.006 0.006 0 0 Fund Performance Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0.0119 0.0094 Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0.0179 0.0154 -0.0079 -0.0069 0.01 0.0085 BMO TCH Emerging Markets Bond Fund Investment Objective: To maximize total return consistent with current income. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Example 102 87 486 419 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-year example reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. Principal Investment Strategies The Fund invests at least 80% of its assets in debt securities of emerging market governments or of companies located in emerging markets or whose primary business activities or principal trading markets are in emerging markets. Debt securities include sovereign debt instruments and corporate bonds. The Fund&#8217;s sub-adviser, Taplin, Canida &amp; Habacht, LLC (TCH), an affiliate of the Adviser, considers emerging markets to be those markets in any country other than Canada, Luxembourg, the U.S., Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. TCH may make adjustments to the list of emerging market countries from time to time based on economic criteria, market changes, or other factors. <br /><br />Although the Fund will invest primarily in investment grade securities (i.e., rated BBB or Baa, or higher, or unrated and considered by the sub-adviser to be comparable in quality) at the time of purchase, the Fund may invest up to 20% of its assets in debt securities that are below investment grade, also known as high yield securities or &#8220;junk bonds.&#8221; TCH uses macroeconomic, credit, and market analysis to select portfolio securities. Although the Fund expects to maintain an intermediate- to long-term average effective maturity, there are no maturity restrictions on individual holdings or on the overall portfolio. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date. Principal Risks Fund Performance Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks. <br /><br /><b>Foreign Securities Risks.</b> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund&#8217;s total return. <br /><br /><b>Emerging Markets Risks.</b> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets. <br /><br /><b>Sovereign Debt Risk.</b> Sovereign debt instruments are subject to the risk that a governmental entity may be unable to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, or political concerns. If a governmental entity defaults on an obligation, the Fund may have limited recourse against the defaulting government and may lose its investment. Financial markets have recently experienced increased volatility due to the uncertainty surrounding the sovereign debt of certain European countries. <br /><br /><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. <br /><br /><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics. <br /><br /><b>High Yield Securities Risks.</b> High yield securities, also referred to as &#8220;junk bonds&#8221; or non-investment grade securities, are debt securities rated lower than BBB by Standard &amp; Poor&#8217;s or Baa by Moody&#8217;s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because there may be a thin trading market for such securities. <br /><br /><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining. <br /><br /><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility. <br /><br /><b>Management Risks.</b> TCH&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results. 0 0 -0.02 -0.02 December 31, 2013 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOMonegyHighYieldBondFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOGovernmentMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOGovernmentMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOGovernmentMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOPrimeMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOPrimeMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOPrimeMoneyMarketFund column period compact * ~</div> BMO Government Money Market Fund Investment Objective: To provide current income consistent with stability of principal. Fees and Expenses of the Fund 0 0 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0 0 Shareholder Fees (fees paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) December 31, 2013 Example 0.002 0.002 0 0 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 0.0036 0.0011 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOTax-FreeMoneyMarketFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOTax-FreeMoneyMarketFund column period compact * ~</div> Principal Investment Strategies The Fund invests its assets in high quality, short-term money market instruments and repurchase agreements. The Fund invests at least 80% of its assets in obligations issued and/or guaranteed by the U.S. government or by its agencies or instrumentalities and in repurchase agreements secured by such obligations. The securities in which the Fund invests must be rated in one of the two highest short-term rating categories by one or more nationally recognized statistical rating organizations or be determined by the Adviser to be of comparable quality to securities having such ratings (except that U.S. Government securities and shares of other registered money market funds are not subject to this requirement). The Adviser uses a &#8220;bottom-up&#8221; approach, which evaluates debt securities against the context of broader market factors such as the cyclical trend in interest rates, the shape of the yield curve, and debt security supply factors.<br/><br/>The Fund invests in the securities of U.S. government-sponsored entities that are not backed by the full faith and credit of the U.S. government, but are supported through federal loans or other benefits, including the Federal Home Loan Banks (FHLBs), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac). The Fund also may invest in the securities of U.S. government-sponsored entities that are supported by the full faith and credit of the U.S. government, such as the Government National Mortgage Association (Ginnie Mae). Finally, the Fund may invest in the securities of governmental entities that have no explicit financial support from the U.S. government, but are regarded as having implied support because the U.S. government sponsors their activities, including the Farm Credit Administration and the Financing Corporation. The Fund invests in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, diversification, and liquidity of investments. 0.0056 0.0031 Principal Risks -0.0011 -0.0011 0 0 December 31, 2013 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br/><br/><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk.<br/><br/><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br/><br/><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Additionally, significant redemptions by large investors in the Fund could have a material adverse effect on the Fund&#8217;s other shareholders and the net asset value could be affected by forced selling during periods of high redemption pressures and/or illiquid markets.<br/><br/><b>Government Obligations Risks.</b> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results. 0.0045 0.002 0.002 0.002 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. 0 0 0.0034 0.0009 0.0001 0.0001 0.0014 0.0055 0.003 0.0014 0 0.0046 0.0021 0 Fund Performance -0.0009 -0.0009 0.0032 0.0007 0.0001 0.0001 0.0047 The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. Investors may obtain the Fund&#8217;s current 7-Day Net Yield or updated performance information at www.bmofundsus.com. 0.0022 -0.0001 -0.0001 0.0046 0.0021 The bar chart shows how the Fund&#8217;s total returns have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. 46 20 www.bmofundsus.com 168 89 Please keep in mind that past performance does not represent how the Fund will perform in the future. 302 163 691 382 0.0449 Investment Objective: To provide current income exempt from federal income tax consistent with stability of principal. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2005-2011) BMO Tax-Free Money Market Fund 47 22 167 87 298 160 681 372 0.0001 0.0002 0.0001 0.0001 <b>Average Annual Total Returns</b> through 12/31/11 0.014 0.0156 0.0116 0.0128 &#8220;Other Expenses&#8221; are based on estimated amounts for the Fund&#8217;s current fiscal year because it is a new fund. 47 22 150 70 262 123 590 279 Example The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies 2012-09-30 The Fund invests primarily in fixed and floating rate municipal bonds and notes, variable rate demand instruments, and other high-quality, short-term tax-exempt obligations maturing in 397 days or less. Under normal circumstances, the Fund invests its assets so that at least 80% of the annual interest income that the Fund distributes will be exempt from federal income tax, including federal alternative minimum tax (AMT). <br /><br />To maintain principal preservation, the Adviser places a strict emphasis on credit research. Using fundamental analysis, the Adviser develops an approved list of issuers and securities that meet the Adviser&#8217;s standards for minimal credit risk. The Adviser continually monitors the credit risks of all of the Fund&#8217;s portfolio securities on an ongoing basis by reviewing financial data and ratings of nationally recognized statistical rating organizations (NRSROs). The securities in which the Fund invests must be rated in one of the two highest short-term rating categories by one or more NRSROs or be determined by the Adviser to be of comparable quality to securities having such ratings (except that U.S. Government securities and shares of other registered money market funds are not subject to this requirement). The Fund invests in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, diversification, and liquidity of investments. <br /><br />The Fund seeks to enhance yield by taking advantage of favorable changes in interest rates and reducing the effect of unfavorable changes in interest rates. In seeking to achieve this objective, the Adviser targets a dollar-weighted average portfolio maturity of 60 days or less based on its interest rate outlook. The interest rate outlook is developed by analyzing a variety of factors, such as current and expected U.S. economic growth,current and expected interest rates and inflation, and the Federal Reserve Board&#8217;s monetary policy. By developing an interest rate outlook and adjusting the portfolio&#8217;s maturity accordingly, the Adviser seeks to position the Fund to take advantage of yield enhancing opportunities. Principal Risks An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br /><br /><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br /><br /><b>Credit Risks.</b> Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk.<br /><br /><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br /><br /><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Additionally, significant redemptions by large investors in the Fund could have a material adverse effect on the Fund&#8217;s other shareholders and the net asset value could be affected by forced selling during periods of high redemption pressures and/or illiquid markets.<br /><br /><b>Municipal Securities Risks.</b> Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that the interest on an otherwise tax-exempt municipal security may be subject to federal income tax.<br /><br /><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s manager will produce the desired results.<br /><br /><b>Sector Risks.</b> The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to education, health care, transportation, and utilities. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br /><br /><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. <b>Class Y&#8212;Annual Total Returns </b>(calendar years 2005-2011) 0.0208 0.0311 0.0335 0.0562 0.0225 Best quarter 0.0077 2009-06-30 0.123 0.0018 Worst quarter 2008-09-30 -0.0496 0.0005 0.0156 0.0083 0.0103 0.0291 0.0475 0.0501 0.0275 0.0044 0.0002 0.0001 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOTCHCorporateIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOTCHCorporateIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOTCHCorporateIncomeFund column period compact * ~</div> 0.0001 0.0017 0.0002 0.0002 Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. Investors may obtain the Fund&#8217;s current 7-Day Net Yield or updated performance information at www.bmofundsus.com. 0.0163 0.0185 0.0137 0.0148 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 0.0192 0.0215 0.0167 0.0172 2012-09-30 0.0001 Best quarter 2006-12-31 0.0124 Worst quarter 2010-03-31 0 BMO TCH Corporate Income Fund Best quarter Investment Objective: 2007-09-30 0.0085 To maximize total return consistent with current income. Worst quarter 2011-09-30 Fees and Expenses of the Fund 0.0001 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.0003 7-Day Net Yield as of December 31, 2011 0.0001 0 0 0.028 0.0466 0.0485 0.0206 0.0017 0.0001 0.0001 BMO Prime Money Market Fund Investment Objective: To provide current income consistent with stability of principal. Shareholder Fees (fees paid directly from your investment) Fees and Expenses of the Fund Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 0.0025 0.0005 0.0029 Shareholder Fees (fees paid directly from your investment) 0.0002 0.0002 0.0025 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0131 0.0156 0.0102 0.0102 0.0166 0.0192 0.0139 0.0141 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies The Fund invests in high quality, short-term money market instruments, such as short-term commercial paper, corporate bonds and notes, asset-backed securities, bank instruments, demand and variable rate demand instruments, U.S. government obligations, municipal securities, repurchase agreements, and funding agreements. The Fund may invest in U.S. dollar-denominated instruments issued by foreign governments, corporations and financial institutions. The securities in which the Fund invests must be rated in one of the two highest short-term rating categories by one or more nationally recognized statistical rating organizations or be determined by the Adviser to be of comparable quality to securities having such ratings (except that U.S. Government securities and shares of other registered money market funds are not subject to this requirement). The Adviser uses a &#8220;bottom-up&#8221; approach, which evaluates debt securities of individual companies against the context of broader market factors such as the cyclical trend in interest rates, the shape of the yield curve, and debt security supply factors. The Fund invests in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, diversification, and liquidity of investments. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Principal Risks <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOGovernmentMoneyMarketFundBarChart column period compact * ~</div> 0.0199 0.0218 0.017 0.0182 0.0054 0.0029 0.0001 0.0001 Shareholder Fees (fees paid directly from your investment) 0.008 0.0055 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) -0.002 <b>Average Annual Total Returns</b> through 12/31/11 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br /><br /><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br /><br /><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk.<br /><br /><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br /><br /><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Additionally, significant redemptions by large investors in the Fund could have a material adverse effect on the Fund&#8217;s other shareholders and the net asset value could be affected by forced selling during periods of high redemption pressures and/or illiquid markets.<br /><br /><b>Asset-Backed Securities Risks.</b> Asset-backed securities are subject to risks of prepayment. The Fund&#8217;s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. Asset-backed securities may decline in value because of defaults on the underlying obligations.<br /><br /><b>Government Obligations Risks.</b> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.<br /><br /><b>Municipal Securities Risks.</b> Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that the interest on an otherwise tax-exempt municipal security may be subject to federal income tax.<br /><br /><b>Foreign Securities Risks.</b> The value of instruments of foreign issuers may be adversely affected by political, regulatory, and economic developments, which developments may be similar to or greater than those experienced by domestic issuers. In addition, financial information relating to foreign issuers may be more limited than financial information generally available for domestic issuers.<br /><br /><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br /><br /><b>Investments in Other Investment Companies Risks. </b>The Fund may invest in securities issued by other investment companies. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. 0.006 0.0055 Example <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOTCHEmergingMarketsBondFund column period compact * ~</div> This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. Investors may obtain the Fund&#8217;s current 7-Day Net Yield or updated performance information at www.bmofundsus.com. <b>Annual Total Returns</b> (calendar years 2002-2011) The iMoneyNet Money Fund Report Averages (MFRA) is an average of money funds with investment objectives similar to that of the Fund. <br/><br/>The Lipper Money Market Funds Index (LMMFI) is an average of the 30 largest mutual funds in this Lipper category. Portfolio Turnover <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOAggregateBondFund column period compact * ~</div> 61 56 The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 79% of the average value of its portfolio. 235 176 Principal Investment Strategies 425 307 The Fund invests at least 80% of its assets in corporate debt securities, including convertible debt securities. Although the Fund will invest primarily in U.S. dollar denominated securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the sub-adviser to be comparable in quality) at the time of purchase, the Fund may invest up to 20% of its assets in debt securities that are below investment grade, also known as high yield securities or &#8220;junk bonds,&#8221; and non-U.S. dollar denominated foreign debt securities. The Fund also may invest in U.S. government securities, asset-backed and mortgage-backed securities, and U.S. dollar denominated foreign debt securities.<br/><br/>The Fund&#8217;s sub-adviser is Taplin, Canida &amp; Habacht, LLC (TCH), an affiliate of the Adviser. TCH uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of three to fifteen years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its maturity date. 971 689 Principal Risks The iMoneyNet Money Fund Report /Tax-Free National Retail Index (IMNTFNR) is an average of money funds with investment objectives similar to that of the Fund.<br/><br/>The Lipper Tax Exempt Money Market Funds Index (LTEMMFI) is an average of the 30 largest mutual funds in this Lipper category. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOAggregateBondFundBarChart column period compact * ~</div> The iMoneyNet Government Money Market Index (INGMMI) is an average of money funds with investment objectives similar to that of the Fund.<br/><br/>The Lipper U.S. Government Money Market Funds Index (LUSGMMFI) is an average of the 30 largest mutual funds in this Lipper category. The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 0.01%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">12/31/2006</td><td align="right">1.24 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">3/31/2010</td><td align="right">0.00 %</td></tr></table></div><br/>7-Day Net Yield as of December 31, 2011 was 0.01%. December 31, 2013 December 31, 2013 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOTCHCorporateIncomeFund column period compact * ~</div> December 31, 2013 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The bar chart shows how the Fund&#8217;s total returns have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. www.bmofundsus.com Please keep in mind that past performance does not represent how the Fund will perform in the future. The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br /><br /><b>Interest Rate Risks.</b> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.<br /><br /><b>Credit Risks.</b> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.<br /><br /><b>High Yield Securities Risks.</b> High yield securities, also referred to as &#8220;junk bonds&#8221; or non-investment grade securities, are debt securities rated lower than BBB by Standard &amp; Poor&#8217;s or Baa by Moody&#8217;s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because there may be a thin trading market for such securities.<br /><br /><b>Call Risks.</b> If the securities in which the Fund invests are redeemed by the issuer before maturity (or &#8220;called&#8221;), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund&#8217;s yield. This will most likely happen when interest rates are declining.<br /><br /><b>Liquidity Risks.</b> Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund&#8217;s performance. Infrequent trading of securities also may lead to an increase in their price volatility.<br /><br /><b>Asset-Backed/Mortgage-Backed Securities Risks.</b> Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund&#8217;s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.<br /><br /><b>Government Obligations Risks.</b> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.<br /><br /><b>Foreign Securities Risks.</b> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund&#8217;s total return.<br /><br /><b>Management Risks.</b> TCH&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br /><br /><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange-traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.0001 Best quarter 2007-09-30 0.0126 Worst quarter 2010-03-31 0 Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. 7-Day Net Yield as of December 31, 2011 The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. www.bmofundsus.com Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2009-2011) Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. 0.236 0.0985 0.0742 www.bmofundsus.com Please keep in mind that past performance does not represent how the Fund will perform in the future. The bar chart shows how the Fund&#8217;s total returns have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.0956 Best quarter 2009-06-30 0.1083 Worst quarter 2010-12-31 -0.0059 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOPrimeMoneyMarketFundBarChart column period compact * ~</div> 0.0742 0.0564 0.0491 0.0752 0.0835 0.0628 0.1335 0.1127 0.103 0.1357 0.11 0.0987 <b>Class Y&#8212;Average Annual Total Returns</b> through 12/31/11 -0.02 -0.02 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br /><br />The Barclays Capital U.S. Credit Index (BCCI) is an index that covers U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.<br /><br />The Lipper Intermediate Investment Grade Debt Funds Index (LIIGDFI) is an average of the 30 largest mutual funds in this Lipper category. <b>Average Annual Total Returns</b> through 12/31/11 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. 2008-12-22 2008-12-22 0.0008 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOPrimeMoneyMarketFund column period compact * ~</div> 2005-06-29 2004-09-22 -0.02 -0.02 0.0916 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOTaxFreeMoneyMarketFund column period compact * ~</div> 0 0 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOTax-FreeMoneyMarketFund column period compact * ~</div> <b>Average Annual Total Returns</b> through 12/31/11 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOTax-FreeMoneyMarketFundBarChart column period compact * ~</div> -0.02 -0.02 0.0402 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOTCHCorporateIncomeFundBarChart column period compact * ~</div> 2010-12-27 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2013 0.79 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 5.87%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2009</td><td align="right">5.58 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">12/31/2010</td><td align="right">(3.16 )%</td></tr></table></div> 0.0539 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOAggregateBondFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOAggregateBondFund column period compact * ~</div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.0587 Best quarter 2009-09-30 0.0558 Worst quarter 2010-12-31 -0.0316 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. <br /><br />The Barclays Capital Municipal Bond 1-15 Year Blend Index (BMB 1-15) is the 1-15 year Blend component of the Barclays Capital Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa and a range of maturities between 1 and 17 years. <br /><br />The Lipper Intermediate Municipal Debt Funds Index (LIMDI) is an average of the 30 largest mutual funds in this Lipper category. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOIntermediateTax-FreeFundBarChart column period compact * ~</div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 0.01%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2007</td><td align="right">1.26 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">3/31/2010</td><td align="right">0.00 %</td></tr></table></div><br/>7-Day Net Yield as of December 31, 2011 was 0.08%. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOIntermediateTaxFreeFund column period compact * ~</div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 3.53%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">6/30/2009</td><td align="right">4.02 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">9/30/2008</td><td align="right">(2.68 )%</td></tr></table></div> -0.02 -0.02 2004-05-17 2004-05-28 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOGovernmentMoneyMarketFund column period compact * ~</div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 15.23%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2009</td><td align="right">15.75 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">9/30/2002</td><td align="right">(17.64 )%</td></tr></table></div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 18.45%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2009</td><td align="right">15.99 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">12/31/2008</td><td align="right">(22.17 )%</td></tr></table></div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 9.56%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">6/30/2009</td><td align="right">10.83 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">12/31/2010</td><td align="right">(0.59 )%</td></tr></table></div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 1.05%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2010</td><td align="right">0.54 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">12/31/2010</td><td align="right">0.05 %</td></tr></table></div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOSmall-CapValueFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOSmall-CapValueFund column period compact * ~</div> 0 0 Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 14.31%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2009</td><td align="right">21.90 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">12/31/2008</td><td align="right">(22.55 )%</td></tr></table></div> 0.0075 0.0075 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 0.03%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">9/30/2007</td><td align="right">0.85 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">9/30/2011</td><td align="right">0.01 %</td></tr></table></div><br/>7-Day Net Yield as of December 31, 2011 was 0.12%. 0 0 0.01 0.0075 0.0001 0.0001 0.0176 0.0151 -0.0051 -0.0051 -0.02 0.0125 -0.02 0.01 127 102 504 427 906 775 2031 1758 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. <b>Average Annual Total Returns</b> through 12/31/11 0.55 -0.02 -0.02 BMO Small-Cap Value Fund Investment Objective: To provide capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 58% of the average value of its portfolio. Principal Investment Strategies The Fund invests at least 80% of its assets in value oriented common stocks of small-sized U.S. companies similar in size to those within the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index. These small-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index. The largest company by market capitalization in the Russell 2000<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Value Index was approximately $3.5 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $426.0 million. The Adviser uses a disciplined investment process that identifies companies that it believes have good value relative to their assets, sustainable cash flow, acceptable levels of debt, and potential for improving their business fundamentals. In addition, these companies may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings. Principal Risks The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks.</b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Style Risks.</b> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).<br/><br/><b>Small Company Risks.</b> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.<br/><br/><b>Management Risks.</b> The Adviser&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results.<br/><br/><b>Investments in Other Investment Companies Risks.</b> The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company&#8217;s fees and expenses. Shareholder Fees (fees paid directly from your investment) Fund Performance Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOAggregateBondFund column period compact * ~</div> Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2013 0.58 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus. <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOMidCapValueFund column period compact * ~</div> The net asset value of the Fund will vary and you could lose money by investing in the Fund. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. -0.2202 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOSmallCapValueFund column period compact * ~</div> -0.02 -0.02 The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 13.17%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">6/30/2003</td><td align="right">17.76 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">12/31/2008</td><td align="right">(22.02 )%</td></tr></table></div> <b>Average Annual Total Returns</b> through 12/31/11 7-Day Net Yield as of December 31, 2011 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index (RMCGI) measures the performance of those companies included in the Russell Midcap<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Index with higher price-to-book ratios and higher forecasted growth values. Those companies are also included in the Russell 1000 <sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> Growth Index.<br/><br/>The Lipper Mid-Cap Growth Funds Index (LMCGFI) is an average of the 30 largest mutual funds in this Lipper category. 0.0012 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. -0.0307 -0.0307 -0.02 -0.0279 -0.0165 -0.053 0.0473 0.0456 0.0401 0.0244 0.0289 0.0329 0.0337 0.0289 0.0529 0.0448 0.0349 2008-01-31 December 31, 2013 -0.1491 0.2184 0.0997 0.0629 0.1841 0.0575 -0.325 0.1164 0.1072 -0.0153 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOMidCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOLarge-CapValueFundBarChart column period compact * ~</div> -0.2741 0.2472 0.0896 0.0491 0.0897 0.1357 -0.3939 0.3439 0.1444 -0.0137 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOLarge-CapGrowthFundBarChart column period compact * ~</div> -0.1159 0.3587 0.1667 0.0718 0.1388 0.0075 -0.3717 0.3663 0.2167 -0.0682 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOMid-CapValueFundBarChart column period compact * ~</div> -0.3175 0.2764 0.1198 0.0399 0.0901 0.2454 -0.4052 0.3364 0.3129 -0.0307 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOMid-CapGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleShareholderFeesBMOLloydGeorgeEmergingMarketsEquityFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualFundOperatingExpensesBMOLloydGeorgeEmergingMarketsEquityFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAverageAnnualTotalReturnsTransposedBMOLloydGeorgeEmergingMarketsEquityFund column period compact * ~</div> BMO Lloyd George Emerging Markets Equity Fund Investment Objective: To provide capital appreciation. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) 0 0 -0.02 -0.02 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.009 0.009 0 0 0.0102 0.0077 0.0192 0.0167 -0.0052 -0.0052 0.014 0.0115 December 31, 2013 Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year example reflect the Adviser&#8217;s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: 143 117 553 476 989 858 2201 1933 Portfolio Turnover The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 83% of the average value of its portfolio. 0.83 Principal Investment Strategies The Fund invests at least 80% of its assets in equity securities of foreign companies located in emerging markets or whose primary business activities or principal trading markets are in emerging markets. The Fund&#8217;s sub-adviser, Lloyd George Management (Europe) Limited (&#8220;LGM(E)&#8221;), considers emerging markets to be those markets in any country other than Canada, Luxembourg, the U.S., Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. LGM(E) may make adjustments to the list of emerging markets countries from time to time based on economic criteria, market changes, or other factors. LGM(E) uses a &#8220;bottom-up,&#8221; fundamental approach in selecting stocks for the Fund&#8217;s portfolio. LGM(E) seeks to identify quality, growth companies typically with dominant industry positions, strong balance sheets, and cash flows to support a sustainable dividend payout. Principal Risks The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.<br/><br/><b>Stock Market Risks.</b> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund&#8217;s investments goes down, you may lose money.<br/><br/><b>Sector Risks.</b> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund&#8217;s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.<br/><br/><b>Foreign Securities Risks.</b> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political, and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund&#8217;s total return.<br/><br/><b>Emerging Markets Risks.</b> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.<br/><br/><b>Company Size Risks.</b> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.<br/><br/><b>Management Risks.</b> LGM(E)&#8217;s judgments about the attractiveness, value, and potential appreciation of the Fund&#8217;s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund&#8217;s managers will produce the desired results. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance The bar chart and table show the historical performance of the Fund&#8217;s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. LGM(E) assumed its role as sub-adviser of the Fund effective December 28, 2012. From December 29, 2011 to December 28, 2012, Lloyd George Management (Hong Kong) Limited (&#8220;LGM(HK)&#8221;), another affiliate of the Adviser, served as the Fund&#8217;s sub-adviser. Prior to December 29, 2011, the Fund was known as the Marshall Emerging Markets Equity Fund and was managed by another sub-adviser. The performance results shown in the bar chart and table are from periods during which the Fund was managed by LGM(HK) or another sub-adviser. The bar chart shows how the Fund&#8217;s total returns before taxes have varied from year to year, while the table compares the Fund&#8217;s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. www.bmofundsus.com <b>Class Y&#8212;Annual Total Returns</b> (calendar years 2009-2011) The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 12.52%.<br/><br/>During the periods shown in the bar chart for the Fund:<br/><div><table cellspacing="1" cellpadding="2" width="100%"><tr><td align="left"></td><td align="right">Quarter Ended</td><td align="right">Returns&nbsp;&nbsp;</td></tr><tr valign="bottom"><td>Best quarter</td><td align="right">6/30/2009</td><td align="right">32.53 %</td></tr><tr valign="bottom"><td>Worst quarter</td><td align="right">9/30/2011</td><td align="right">(23.81 )%</td></tr></table></div> The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 2012-09-30 0.1252 Best quarter 2009-06-30 0.3253 Worst quarter 2011-09-30 -0.2381 <b>Average Annual Total Returns</b> through 12/31/11 After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.<br/><br/>The Morgan Stanley Capital International Emerging Markets Index (EMI) is a market capitalization-weighted equity index of companies representative of the market structure of emerging countries in Europe, Latin America, Africa, Middle East and Asia.<br/><br/>The Lipper Emerging Markets Funds Index (LEMFI) is an average of the 30 largest mutual funds in this Lipper category. After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary. 0.6791 0.192 -0.2385 -0.2385 -0.2462 -0.1374 -0.2367 -0.1842 -0.1837 0.1548 0.1408 0.1329 0.1572 0.2075 0.2352 2008-12-22 2008-12-22 <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleExpenseExampleBMOLloydGeorgeEmergingMarketsEquityFund column period compact * ~</div> <div style="display:none">~ http://www.bmofundsus.com/role/ScheduleAnnualTotalReturnsBMOLloydGeorgeEmergingMarketsEquityFundBarChart column period compact * ~</div> -0.0382 <b>Average Annual Total Returns </b> through 12/31/11 An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. 2007-05-31 2007-05-31 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2013 0.16 Total Annual Fund Operating Expenses shown will not correlate to the Fund&#8217;s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. "Other Expenses" are based on estimated amounts for the Fund's current fiscal year because it is a new fund. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class Y and 0.65% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.44% for Class Y and 1.19% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.55% for Class Y and 0.30% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. The benchmark for the Fund is a blended benchmark, which consists of 50% Barclays Capital 1-Year Municipal Bond Index (B1MBI) and 50% iMoneyNet Money Fund Tax Free National Retail Index (IMNTFNR). BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.60% for Class Y and 0.35% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.80% for Class Y and 0.55% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.55% for Class Y and 0.50% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.59% for Class Y and 0.55% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. “Other Expenses” are based on estimated amounts for the Fund’s current fiscal year because it is a new fund. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee or reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.55% for Class Y and 0.40% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class Y and 0.65% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.45% for Class Y and 0.20% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.00% for Class Y and 0.85% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.59% for Class Y and 0.55% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class Y and 0.65% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.40% for Class Y and 1.15% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated. 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Document - Risk/Return Detail {Unlabeled} - BMO Prime Money Market Fund link:presentationLink link:calculationLink link:definitionLink 000259 - Disclosure - Risk/Return Detail Data {Elements} - (BMO Prime Money Market Fund) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 mfi2-20121227_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 mfi2-20121227_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 mfi2-20121227_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 7 mfi2-20121227_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 R39.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO Mid-Cap Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO Mid-Cap Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To provide capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 69% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 69.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in growth-oriented common stocks of medium-sized U.S. companies similar in size to those within the Russell Midcap® Growth Index. These mid-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell Midcap® Growth Index. The largest company by market capitalization in the Russell Midcap® Growth Index was approximately $20.6 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $4.6 billion. The Adviser selects stocks of companies with growth characteristics, including companies with above average earnings growth potential and companies where significant changes are taking place, such as new products, services, methods of distribution, or overall business restructuring.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Style Risks. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.

Company Size Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.bmofundsus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Class Y—Annual Total Returns (calendar years 2002-2011)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 13.17%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter6/30/200317.76 %
Worst quarter12/31/2008(22.02 )%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns through 12/31/11
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The Russell Midcap® Growth Index (RMCGI) measures the performance of those companies included in the Russell Midcap® Index with higher price-to-book ratios and higher forecasted growth values. Those companies are also included in the Russell 1000 ® Growth Index.

The Lipper Mid-Cap Growth Funds Index (LMCGFI) is an average of the 30 largest mutual funds in this Lipper category.
BMO Mid-Cap Growth Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.49%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.24% [1]
1 Year rr_ExpenseExampleYear01 126
3 Years rr_ExpenseExampleYear03 393
5 Years rr_ExpenseExampleYear05 681
10 Years rr_ExpenseExampleYear10 1,500
2002 rr_AnnualReturn2002 (31.75%)
2003 rr_AnnualReturn2003 27.64%
2004 rr_AnnualReturn2004 11.98%
2005 rr_AnnualReturn2005 3.99%
2006 rr_AnnualReturn2006 9.01%
2007 rr_AnnualReturn2007 24.54%
2008 rr_AnnualReturn2008 (40.52%)
2009 rr_AnnualReturn2009 33.64%
2010 rr_AnnualReturn2010 31.29%
2011 rr_AnnualReturn2011 (3.07%)
Year to Date Return, Label rr_YearToDateReturnLabel The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 13.17%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.76%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.02%)
1 Year rr_AverageAnnualReturnYear01 (3.07%)
5 Year rr_AverageAnnualReturnYear05 4.73%
10 Year rr_AverageAnnualReturnYear10 3.37%
BMO Mid-Cap Growth Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.24%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.99% [1]
1 Year rr_ExpenseExampleYear01 101
3 Years rr_ExpenseExampleYear03 315
5 Years rr_ExpenseExampleYear05 547
10 Years rr_ExpenseExampleYear10 1,213
1 Year rr_AverageAnnualReturnYear01 (2.79%)
5 Year rr_AverageAnnualReturnYear05   
10 Year rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 3.49%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2008
BMO Mid-Cap Growth Fund | Return After Taxes on Distributions | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (3.07%)
5 Year rr_AverageAnnualReturnYear05 4.56%
10 Year rr_AverageAnnualReturnYear10 3.29%
BMO Mid-Cap Growth Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.00%)
5 Year rr_AverageAnnualReturnYear05 4.01%
10 Year rr_AverageAnnualReturnYear10 2.89%
BMO Mid-Cap Growth Fund | RMCGI (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.65%)
5 Year rr_AverageAnnualReturnYear05 2.44%
10 Year rr_AverageAnnualReturnYear10 5.29%
BMO Mid-Cap Growth Fund | LMCGFI (reflects deduction of fees and no deduction for sales charges or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (5.30%)
5 Year rr_AverageAnnualReturnYear05 2.89%
10 Year rr_AverageAnnualReturnYear10 4.48%
[1] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
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BMO Mid-Cap Growth Fund
BMO Mid-Cap Growth Fund
Investment Objective:
To provide capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO Mid-Cap Growth Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO Mid-Cap Growth Fund
Class Y
Class I
Management Fees 0.75% 0.75%
Distribution (12b-1) Fees none none
Other Expenses 0.49% 0.24%
Total Annual Fund Operating Expenses [1] 1.24% 0.99%
[1] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO Mid-Cap Growth Fund (USD $)
Class Y
Class I
1 Year 126 101
3 Years 393 315
5 Years 681 547
10 Years 1,500 1,213
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 69% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in growth-oriented common stocks of medium-sized U.S. companies similar in size to those within the Russell Midcap® Growth Index. These mid-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell Midcap® Growth Index. The largest company by market capitalization in the Russell Midcap® Growth Index was approximately $20.6 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $4.6 billion. The Adviser selects stocks of companies with growth characteristics, including companies with above average earnings growth potential and companies where significant changes are taking place, such as new products, services, methods of distribution, or overall business restructuring.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Style Risks. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.

Company Size Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.
Fund Performance
The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Class Y—Annual Total Returns (calendar years 2002-2011)
Bar Chart
The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 13.17%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter6/30/200317.76 %
Worst quarter12/31/2008(22.02 )%
Average Annual Total Returns through 12/31/11
Average Annual Total Returns BMO Mid-Cap Growth Fund
1 Year
5 Year
10 Year
Since Inception
Inception Date
Class Y
(3.07%) 4.73% 3.37%    
Class Y Return After Taxes on Distributions
(3.07%) 4.56% 3.29%    
Class Y Return After Taxes on Distributions and Sale of Fund Shares
(2.00%) 4.01% 2.89%    
Class I
(2.79%)       3.49% Jan. 31, 2008
RMCGI (reflects no deduction for fees, expenses or taxes)
(1.65%) 2.44% 5.29%    
LMCGFI (reflects deduction of fees and no deduction for sales charges or taxes)
(5.30%) 2.89% 4.48%    
After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The Russell Midcap® Growth Index (RMCGI) measures the performance of those companies included in the Russell Midcap® Index with higher price-to-book ratios and higher forecasted growth values. Those companies are also included in the Russell 1000 ® Growth Index.

The Lipper Mid-Cap Growth Funds Index (LMCGFI) is an average of the 30 largest mutual funds in this Lipper category.

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BMO Lloyd George Emerging Markets Equity Fund
BMO Lloyd George Emerging Markets Equity Fund
Investment Objective:
To provide capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO Lloyd George Emerging Markets Equity Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO Lloyd George Emerging Markets Equity Fund
Class Y
Class I
Management Fees 0.90% 0.90%
Distribution (12b-1) Fees none none
Other Expenses 1.02% 0.77%
Total Annual Fund Operating Expenses 1.92% 1.67%
Fee Waiver and Expense Reimbursement [1] (0.52%) (0.52%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [1] 1.40% 1.15%
[1] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.40% for Class Y and 1.15% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year example reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO Lloyd George Emerging Markets Equity Fund (USD $)
Class Y
Class I
1 Year 143 117
3 Years 553 476
5 Years 989 858
10 Years 2,201 1,933
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 83% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in equity securities of foreign companies located in emerging markets or whose primary business activities or principal trading markets are in emerging markets. The Fund’s sub-adviser, Lloyd George Management (Europe) Limited (“LGM(E)”), considers emerging markets to be those markets in any country other than Canada, Luxembourg, the U.S., Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. LGM(E) may make adjustments to the list of emerging markets countries from time to time based on economic criteria, market changes, or other factors. LGM(E) uses a “bottom-up,” fundamental approach in selecting stocks for the Fund’s portfolio. LGM(E) seeks to identify quality, growth companies typically with dominant industry positions, strong balance sheets, and cash flows to support a sustainable dividend payout.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Foreign Securities Risks. Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political, and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.

Emerging Markets Risks. Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

Company Size Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

Management Risks. LGM(E)’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.
Fund Performance
The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com. LGM(E) assumed its role as sub-adviser of the Fund effective December 28, 2012. From December 29, 2011 to December 28, 2012, Lloyd George Management (Hong Kong) Limited (“LGM(HK)”), another affiliate of the Adviser, served as the Fund’s sub-adviser. Prior to December 29, 2011, the Fund was known as the Marshall Emerging Markets Equity Fund and was managed by another sub-adviser. The performance results shown in the bar chart and table are from periods during which the Fund was managed by LGM(HK) or another sub-adviser.
Class Y—Annual Total Returns (calendar years 2009-2011)
Bar Chart
The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 12.52%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter6/30/200932.53 %
Worst quarter9/30/2011(23.81 )%
Average Annual Total Returns through 12/31/11
Average Annual Total Returns BMO Lloyd George Emerging Markets Equity Fund
1 Year
Since Inception
Inception Date
Class Y
(23.85%) 15.48% Dec. 22, 2008
Class Y Return After Taxes on Distributions
(24.62%) 14.08%  
Class Y Return After Taxes on Distributions and Sale of Fund Shares
(13.74%) 13.29%  
Class I
(23.67%) 15.72% Dec. 22, 2008
EMI (reflects no deduction for fees, expenses or taxes)
(18.42%) 20.75%  
LEMFI (reflects deduction of fees and no deduction for sales charges or taxes)
(18.37%) 23.52%  
After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The Morgan Stanley Capital International Emerging Markets Index (EMI) is a market capitalization-weighted equity index of companies representative of the market structure of emerging countries in Europe, Latin America, Africa, Middle East and Asia.

The Lipper Emerging Markets Funds Index (LEMFI) is an average of the 30 largest mutual funds in this Lipper category.
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BMO TCH Corporate Income Fund
BMO TCH Corporate Income Fund
Investment Objective:
To maximize total return consistent with current income.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO TCH Corporate Income Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO TCH Corporate Income Fund
Class Y
Class I
Management Fees 0.25% 0.25%
Distribution (12b-1) Fees none none
Other Expenses 0.54% 0.29%
Acquired Fund Fees and Expenses [1] 0.01% 0.01%
Total Annual Fund Operating Expenses 0.80% 0.55%
Fee Waiver and Expense Reimbursement [2] (0.20%)   
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [2] 0.60% 0.55%
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.59% for Class Y and 0.55% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO TCH Corporate Income Fund (USD $)
Class Y
Class I
1 Year 61 56
3 Years 235 176
5 Years 425 307
10 Years 971 689
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in corporate debt securities, including convertible debt securities. Although the Fund will invest primarily in U.S. dollar denominated securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the sub-adviser to be comparable in quality) at the time of purchase, the Fund may invest up to 20% of its assets in debt securities that are below investment grade, also known as high yield securities or “junk bonds,” and non-U.S. dollar denominated foreign debt securities. The Fund also may invest in U.S. government securities, asset-backed and mortgage-backed securities, and U.S. dollar denominated foreign debt securities.

The Fund’s sub-adviser is Taplin, Canida & Habacht, LLC (TCH), an affiliate of the Adviser. TCH uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of three to fifteen years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its maturity date.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Interest Rate Risks. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.

Credit Risks. Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.

High Yield Securities Risks. High yield securities, also referred to as “junk bonds” or non-investment grade securities, are debt securities rated lower than BBB by Standard & Poor’s or Baa by Moody’s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because there may be a thin trading market for such securities.

Call Risks. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.

Liquidity Risks. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

Asset-Backed/Mortgage-Backed Securities Risks. Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.

Government Obligations Risks. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.

Foreign Securities Risks. Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.

Management Risks. TCH’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange-traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Fund Performance
The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Class Y—Annual Total Returns (calendar years 2009-2011)
Bar Chart
The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 9.56%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter6/30/200910.83 %
Worst quarter12/31/2010(0.59 )%
Average Annual Total Returns through 12/31/11
Average Annual Total Returns BMO TCH Corporate Income Fund
1 Year
Since Inception
Inception Date
Class Y
7.42% 13.35% Dec. 22, 2008
Class Y Return After Taxes on Distributions
5.64% 11.27%  
Class Y Return After Taxes on Distributions and Sale of Fund Shares
4.91% 10.30%  
Class I
7.52% 13.57% Dec. 22, 2008
BCCI (reflects no deduction for fees, expenses or taxes)
8.35% 11.00%  
LIIGDFI (reflects deduction of fees and no deduction for sales charges or taxes)
6.28% 9.87%  
After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The Barclays Capital U.S. Credit Index (BCCI) is an index that covers U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.

The Lipper Intermediate Investment Grade Debt Funds Index (LIIGDFI) is an average of the 30 largest mutual funds in this Lipper category.
XML 14 R134.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO Monegy High Yield Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO Monegy High Yield Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To maximize total return consistent with current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as bid-ask spreads, when it buys and sells high yield securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the period December 29, 2011 (inception date) to August 31, 2012, the Fund’s portfolio turnover rate (not annualized) was 16% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in a diversified portfolio of domestic and foreign high yield, high risk fixed income securities (also referred to as “junk bonds”) within the non-investment grade corporate bond market. The Fund’s sub-adviser seeks to generate excess returns by effectively balancing risk and reward through vigorous asset selection criteria and continuous monitoring of portfolio positions.

The Fund’s sub-adviser, Monegy, Inc. (“Monegy”), follows a disciplined investment approach that combines quantitative investment screening processes with traditional fundamental credit analysis. The portfolio is monitored to determine the risk and reward characteristics of each security, which allows the Fund to generate long term excess returns with lower levels of volatility than The BofA Merrill Lynch US High Yield Constrained Index® and The BofA Merrill Lynch US High Yield, BB-B Rated, Constrained Index®. The use of quantitative tools measures credit risk objectively and captures continuous changes in risk and return efficiently. High levels of diversification minimize the portfolio impact of principal losses stemming from unexpected default and other event risks.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Call Risks. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.

Credit Risks. Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.

Foreign Securities Risks. Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.

High Yield Securities Risks. High yield securities, also referred to as “junk bonds” or non-investment grade securities, are debt securities rated lower than BBB by Standard & Poor’s or Baa by Moody’s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because there may be a thin trading market for such securities.

Income Risks. The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.

Interest Rate Risks. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.

Liquidity Risks. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

Management Risks. Monegy’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
BMO Monegy High Yield Bond Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.60%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.11%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.20%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.91% [2]
1 Year rr_ExpenseExampleYear01 93
3 Years rr_ExpenseExampleYear03 333
5 Years rr_ExpenseExampleYear05 592
10 Years rr_ExpenseExampleYear10 1,334
BMO Monegy High Yield Bond Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.50%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.35%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.86%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.20%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.66% [2]
1 Year rr_ExpenseExampleYear01 67
3 Years rr_ExpenseExampleYear03 254
5 Years rr_ExpenseExampleYear05 457
10 Years rr_ExpenseExampleYear10 1,042
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class Y and 0.65% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
XML 15 R76.htm IDEA: XBRL DOCUMENT v2.4.0.6
BMO Short Tax-Free Fund
BMO Short Tax-Free Fund
Investment Objective:
To provide current income exempt from federal income tax consistent with preservation of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO Short Tax-Free Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO Short Tax-Free Fund
Class Y
Class I
Management Fees 0.25% 0.25%
Distribution (12b-1) Fees none none
Other Expenses [1] 0.78% 0.53%
Total Annual Fund Operating Expenses 1.03% 0.78%
Fee Waiver and Expense Reimbursement [2] (0.48%) (0.38%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [2] 0.55% 0.40%
[1] “Other Expenses” are based on estimated amounts for the Fund’s current fiscal year because it is a new fund.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee or reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) from exceeding 0.55% for Class Y and 0.40% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-year example reflect the Adviser’s agreement to waive fees and/or reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO Short Tax-Free Fund (USD $)
Class Y
Class I
1 Year 56 41
3 Years 280 211
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
Principal Investment Strategies
The Fund invests at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax (including the federal alternative minimum tax (AMT)). Fund investments include municipal securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase. Municipal securities include debt obligations of states, territories, and possessions of the U.S., and political subdivisions and financing authorities of these entities that provide income exempt from federal income tax (including federal AMT). The Adviser selects Fund investments after assessing factors such as the cyclical trend in interest rates, the shape of the municipal yield curve, tax rates, sector valuation, and municipal bond supply factors. The Fund normally maintains an average dollar-weighted effective maturity of one to three years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Interest Rate Risks. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.

Credit Risks. Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.

Call Risks. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.

Liquidity Risks. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

Municipal Securities Risks. Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that the interest on an otherwise tax-exempt municipal security may be subject to federal income tax.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Sector Risks. The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to education, health care, transportation, and utilities. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.
Fund Performance
Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
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BMO Short-Term Income Fund
BMO Short-Term Income Fund
Investment Objective:
To maximize total return consistent with current income.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO Short-Term Income Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO Short-Term Income Fund
Class Y
Class I
Management Fees 0.20% 0.20%
Distribution (12b-1) Fees none none
Other Expenses 0.52% 0.27%
Acquired Fund Fees and Expenses [1] 0.04% 0.04%
Total Annual Fund Operating Expenses 0.76% 0.51%
Fee Waiver and Expense Reimbursement [2] (0.12%) (0.12%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [2] 0.64% 0.39%
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.60% for Class Y and 0.35% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO Short-Term Income Fund (USD $)
Class Y
Class I
1 Year 65 40
3 Years 231 151
5 Years 411 273
10 Years 931 629
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 63% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in fixed income securities. Fund investments include corporate, asset-backed, and mortgage-backed securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase and bank instruments, repurchase agreements, and U.S. government securities. In addition, the Fund may invest in securities issued by other investment companies that in turn invest in bonds and other financial instruments. The Adviser changes the Fund’s weightings in these fixed income asset classes as it deems appropriate and uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of six months to three years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Interest Rate Risks. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.

Credit Risks. Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.

Call Risks. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.

Liquidity Risks. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

Asset-Backed/Mortgage-Backed Securities Risks. Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.

Government Obligations Risks. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange-traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Fund Performance
The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Class Y—Annual Total Returns (calendar years 2002-2011)
Bar Chart
The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 3.53%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter6/30/20094.02 %
Worst quarter9/30/2008(2.68 )%
Average Annual Total Returns through 12/31/11
Average Annual Total Returns BMO Short-Term Income Fund
1 Year
5 Year
10 Year
Since Inception
Inception Date
Class Y
1.91% 4.18% 3.79%    
Class Y Return After Taxes on Distributions
1.13% 2.92% 2.39%    
Class Y Return After Taxes on Distributions and Sale of Fund Shares
1.24% 2.82% 2.40%    
Class I
2.17%       4.40% May 31, 2007
ML 1-3 (reflects no deduction for fees, expenses or taxes)
1.56% 3.95% 3.57%    
LSIGDI (reflects deduction of fees and no deduction for sales charges or taxes)
1.54% 3.19% 3.07%    
After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The BofA Merrill Lynch 1-3 Year U.S. Government/Corporate Index (ML1-3) is an index tracking short-term U.S. government and corporate securities with maturities between 1 and 2.99 years. ML1-3 is produced by Merrill Lynch Pierce Fenner & Smith.

The Lipper Short Investment Grade Debt Funds Index (LSIGDI) is an average of the 30 largest mutual funds in this Lipper category.
XML 18 R87.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO Short-Term Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO Short-Term Income Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To maximize total return consistent with current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 63% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 63.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in fixed income securities. Fund investments include corporate, asset-backed, and mortgage-backed securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase and bank instruments, repurchase agreements, and U.S. government securities. In addition, the Fund may invest in securities issued by other investment companies that in turn invest in bonds and other financial instruments. The Adviser changes the Fund’s weightings in these fixed income asset classes as it deems appropriate and uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of six months to three years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Interest Rate Risks. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.

Credit Risks. Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.

Call Risks. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.

Liquidity Risks. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

Asset-Backed/Mortgage-Backed Securities Risks. Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.

Government Obligations Risks. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange-traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.bmofundsus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Class Y—Annual Total Returns (calendar years 2002-2011)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 3.53%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter6/30/20094.02 %
Worst quarter9/30/2008(2.68 )%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns through 12/31/11
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The BofA Merrill Lynch 1-3 Year U.S. Government/Corporate Index (ML1-3) is an index tracking short-term U.S. government and corporate securities with maturities between 1 and 2.99 years. ML1-3 is produced by Merrill Lynch Pierce Fenner & Smith.

The Lipper Short Investment Grade Debt Funds Index (LSIGDI) is an average of the 30 largest mutual funds in this Lipper category.
BMO Short-Term Income Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.20%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.52%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.76%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.12%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.64% [2]
1 Year rr_ExpenseExampleYear01 65
3 Years rr_ExpenseExampleYear03 231
5 Years rr_ExpenseExampleYear05 411
10 Years rr_ExpenseExampleYear10 931
2002 rr_AnnualReturn2002 5.52%
2003 rr_AnnualReturn2003 3.07%
2004 rr_AnnualReturn2004 1.46%
2005 rr_AnnualReturn2005 2.05%
2006 rr_AnnualReturn2006 4.93%
2007 rr_AnnualReturn2007 5.63%
2008 rr_AnnualReturn2008 (3.13%)
2009 rr_AnnualReturn2009 11.55%
2010 rr_AnnualReturn2010 5.49%
2011 rr_AnnualReturn2011 1.91%
Year to Date Return, Label rr_YearToDateReturnLabel The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.53%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.02%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.68%)
1 Year rr_AverageAnnualReturnYear01 1.91%
5 Year rr_AverageAnnualReturnYear05 4.18%
10 Year rr_AverageAnnualReturnYear10 3.79%
BMO Short-Term Income Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.20%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.27%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.04% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.51%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.12%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.39% [2]
1 Year rr_ExpenseExampleYear01 40
3 Years rr_ExpenseExampleYear03 151
5 Years rr_ExpenseExampleYear05 273
10 Years rr_ExpenseExampleYear10 629
1 Year rr_AverageAnnualReturnYear01 2.17%
5 Year rr_AverageAnnualReturnYear05   
10 Year rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 4.40%
Inception Date rr_AverageAnnualReturnInceptionDate May 31, 2007
BMO Short-Term Income Fund | Return After Taxes on Distributions | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.13%
5 Year rr_AverageAnnualReturnYear05 2.92%
10 Year rr_AverageAnnualReturnYear10 2.39%
BMO Short-Term Income Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.24%
5 Year rr_AverageAnnualReturnYear05 2.82%
10 Year rr_AverageAnnualReturnYear10 2.40%
BMO Short-Term Income Fund | ML 1-3 (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.56%
5 Year rr_AverageAnnualReturnYear05 3.95%
10 Year rr_AverageAnnualReturnYear10 3.57%
BMO Short-Term Income Fund | LSIGDI (reflects deduction of fees and no deduction for sales charges or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.54%
5 Year rr_AverageAnnualReturnYear05 3.19%
10 Year rr_AverageAnnualReturnYear10 3.07%
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.60% for Class Y and 0.35% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO Large-Cap Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO Large-Cap Growth Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To provide capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 185% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 185.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in common stocks of large-sized U.S. companies similar in size to those within the Russell 1000® Growth Index. These large-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 1000® Growth Index. The largest company by market capitalization in the Russell 1000® Growth Index was approximately $622.0 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $6.1 billion. The Adviser looks for high quality companies with sustainable earnings growth that are available at reasonable prices.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Style Risks. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee that the investment techniques used by the Fund’s managers will produce the desired results.

Portfolio Turnover Risks. A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.bmofundsus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Class Y—Annual Total Returns (calendar years 2002-2011)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 18.45%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter9/30/200915.99 %
Worst quarter12/31/2008(22.17 )%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns through 12/31/11
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Return After Taxes on Distributions and Sale of Fund Shares may be higher than Return Before Taxes when a net capital loss occurs upon the redemption of Fund shares.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. Return After Taxes on Distributions and Sale of Fund Shares may be higher than Return Before Taxes when a net capital loss occurs upon the redemption of Fund shares. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The Russell 1000® Growth Index (Russell 1000® Growth) measures the performance of those companies included in the Russell 1000® Index with higher price-to-book ratios and higher forecasted growth values.

The Lipper Multi-Cap Growth Funds Index (LMCGFI) is an average of the 30 largest mutual funds in this Lipper category.
BMO Large-Cap Growth Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.54%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.30%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.05%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.25% [2]
1 Year rr_ExpenseExampleYear01 127
3 Years rr_ExpenseExampleYear03 407
5 Years rr_ExpenseExampleYear05 708
10 Years rr_ExpenseExampleYear10 1,563
2002 rr_AnnualReturn2002 (27.41%)
2003 rr_AnnualReturn2003 24.72%
2004 rr_AnnualReturn2004 8.96%
2005 rr_AnnualReturn2005 4.91%
2006 rr_AnnualReturn2006 8.97%
2007 rr_AnnualReturn2007 13.57%
2008 rr_AnnualReturn2008 (39.39%)
2009 rr_AnnualReturn2009 34.39%
2010 rr_AnnualReturn2010 14.44%
2011 rr_AnnualReturn2011 (1.37%)
Year to Date Return, Label rr_YearToDateReturnLabel The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 18.45%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.99%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.17%)
1 Year rr_AverageAnnualReturnYear01 (1.37%)
5 Year rr_AverageAnnualReturnYear05 0.87%
10 Year rr_AverageAnnualReturnYear10 1.65%
BMO Large-Cap Growth Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.29%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.05%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.05%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.00% [2]
1 Year rr_ExpenseExampleYear01 102
3 Years rr_ExpenseExampleYear03 329
5 Years rr_ExpenseExampleYear05 575
10 Years rr_ExpenseExampleYear10 1,278
1 Year rr_AverageAnnualReturnYear01 (1.12%)
5 Year rr_AverageAnnualReturnYear05   
10 Year rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 0.95%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2008
BMO Large-Cap Growth Fund | Return After Taxes on Distributions | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.37%)
5 Year rr_AverageAnnualReturnYear05 0.62%
10 Year rr_AverageAnnualReturnYear10 1.18%
BMO Large-Cap Growth Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.89%)
5 Year rr_AverageAnnualReturnYear05 0.76%
10 Year rr_AverageAnnualReturnYear10 1.33%
BMO Large-Cap Growth Fund | Russell 1000® Growth (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.64%
5 Year rr_AverageAnnualReturnYear05 2.50%
10 Year rr_AverageAnnualReturnYear10 2.60%
BMO Large-Cap Growth Fund | LMCGFI (reflects deduction of fees and no deduction for sales charges or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.02%)
5 Year rr_AverageAnnualReturnYear05 0.87%
10 Year rr_AverageAnnualReturnYear10 2.78%
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
XML 21 R75.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO Ultra Short Tax-Free Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO Ultra Short Tax-Free Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To provide current income exempt from federal income tax consistent with preservation of capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 128% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 128.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal circumstances, the Fund invests at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax (including the federal alternative minimum tax (AMT)). The Fund normally maintains an average dollar-weighted effective maturity of one year or less. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.

The Fund invests primarily in municipal securities within the investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase. Municipal securities include fixed and floating rate debt obligations of states, territories, and possessions of the U.S., and political subdivisions and financing authorities of these entities that provide income exempt from federal income tax (including federal AMT). Fund investments are selected after assessing factors such as the cyclical trend in interest rates, the shape of the municipal yield curve, tax rates, sector valuation, and municipal bond supply factors.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value (NAV) of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Interest Rate Risk. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.

Credit Risk. Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.

Call Risk. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.

Liquidity Risk. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

Municipal Securities Risk. Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that the interest on an otherwise tax-exempt municipal security may be subject to federal income tax.

Management Risk. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Sector Risks. The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to education, health care, transportation, and utilities. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange-traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.

Portfolio Turnover Risks. A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value (NAV) of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.bmofundsus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Class Y—Annual Total Returns (calendar year 2010-2011)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 1.05%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter9/30/20100.54 %
Worst quarter12/31/20100.05 %
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns through 12/31/11
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The Barclays Capital 1-Year Municipal Bond Index (B1MBI) is the 1-year component of the Barclays Capital Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa.

The iMoneyNet Money Fund Report Tax-Free National Retail Index (IMNTFNR) is an average of money funds with investment objectives similar to that of the Fund.
BMO Ultra Short Tax-Free Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.20%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.42%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.63%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.56% [2]
1 Year rr_ExpenseExampleYear01 57
3 Years rr_ExpenseExampleYear03 195
5 Years rr_ExpenseExampleYear05 344
10 Years rr_ExpenseExampleYear10 780
2010 rr_AnnualReturn2010 1.40%
2011 rr_AnnualReturn2011 1.61%
Year to Date Return, Label rr_YearToDateReturnLabel The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.05%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2010
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 0.54%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn 0.05%
1 Year rr_AverageAnnualReturnYear01 1.61%
Since Inception rr_AverageAnnualReturnSinceInception 1.59%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2009
BMO Ultra Short Tax-Free Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.20%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.17%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.38%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.07%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.31% [2]
1 Year rr_ExpenseExampleYear01 32
3 Years rr_ExpenseExampleYear03 115
5 Years rr_ExpenseExampleYear05 206
10 Years rr_ExpenseExampleYear10 474
1 Year rr_AverageAnnualReturnYear01 1.76%
Since Inception rr_AverageAnnualReturnSinceInception 1.80%
Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2009
BMO Ultra Short Tax-Free Fund | Return After Taxes on Distributions | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.61%
Since Inception rr_AverageAnnualReturnSinceInception 1.59%
BMO Ultra Short Tax-Free Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.54%
Since Inception rr_AverageAnnualReturnSinceInception 1.55%
BMO Ultra Short Tax-Free Fund | Blended Benchmark (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.80% [3]
Since Inception rr_AverageAnnualReturnSinceInception 0.75% [3]
BMO Ultra Short Tax-Free Fund | B1MBI (reflects deduction of fees and no deduction for sales charges or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.58%
Since Inception rr_AverageAnnualReturnSinceInception 1.48%
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.55% for Class Y and 0.30% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
[3] The benchmark for the Fund is a blended benchmark, which consists of 50% Barclays Capital 1-Year Municipal Bond Index (B1MBI) and 50% iMoneyNet Money Fund Tax Free National Retail Index (IMNTFNR).
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BMO Pyrford International Stock Fund
BMO Pyrford International Stock Fund
Investment Objective:
To provide capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO Pyrford International Stock Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO Pyrford International Stock Fund
Class Y
Class I
Management Fees 0.80% 0.80%
Distribution (12b-1) Fees none none
Other Expenses 0.59% 0.34%
Total Annual Fund Operating Expenses 1.39% 1.14%
Fee Waiver and Expense Reimbursement [1] (0.15%) (0.15%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [1] 1.24% 0.99%
[1] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five- and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO Pyrford International Stock Fund (USD $)
Class Y
Class I
1 Year 126 101
3 Years 425 347
5 Years 746 613
10 Years 1,656 1,373
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the period December 29, 2011 (inception date) to August 31, 2012, the Fund’s portfolio turnover rate (not annualized ) was 13% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in equity securities of companies located in a number of countries outside the United States. The Fund invests primarily in companies that are located in the countries included in the MSCI EAFE Index, which includes developed countries outside of North America. Although the Fund may invest in companies across all market capitalizations, the Fund invests primarily in companies that, at the time of purchase, have a minimum market capitalization of $2 billion.

The Fund’s sub-adviser is Pyrford International Ltd. (“Pyrford”). Pyrford seeks to minimize losses by adopting a highly defensive investment stance at times of perceived high risk, characterized by high valuation levels or high levels of financial leverage. The Fund does not target a specific volatility level, but aims to deliver volatility significantly below that of the MSCI EAFE Index by being zero weight in any country, sector, or stock that Pyrford believes has very poor value as measured by established fundamental value metrics (such as dividend yields, return on equity, and P/E ratios).

In determining where a company is located, the sub-adviser primarily relies on the country where the company is incorporated, but also may consider the country where the company’s revenues are derived and the primary market listing for the class of shares to be purchased. Although the Fund invests primarily in companies that are included in the MSCI EAFE Index, the Fund may invest up to 20% of its net assets in companies located in countries not represented in this index, including emerging market countries.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Foreign Securities Risks. Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.

Emerging Markets Risks. Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Small Company Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

Management Risks. Pyrford’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.
Fund Performance
Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.

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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO TCH Emerging Markets Bond Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO TCH Emerging Markets Bond Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To maximize total return consistent with current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other Expenses” are based on estimated amounts for the Fund’s current fiscal year because it is a new fund.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-year example reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in debt securities of emerging market governments or of companies located in emerging markets or whose primary business activities or principal trading markets are in emerging markets. Debt securities include sovereign debt instruments and corporate bonds. The Fund’s sub-adviser, Taplin, Canida & Habacht, LLC (TCH), an affiliate of the Adviser, considers emerging markets to be those markets in any country other than Canada, Luxembourg, the U.S., Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. TCH may make adjustments to the list of emerging market countries from time to time based on economic criteria, market changes, or other factors.

Although the Fund will invest primarily in investment grade securities (i.e., rated BBB or Baa, or higher, or unrated and considered by the sub-adviser to be comparable in quality) at the time of purchase, the Fund may invest up to 20% of its assets in debt securities that are below investment grade, also known as high yield securities or “junk bonds.” TCH uses macroeconomic, credit, and market analysis to select portfolio securities. Although the Fund expects to maintain an intermediate- to long-term average effective maturity, there are no maturity restrictions on individual holdings or on the overall portfolio. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Foreign Securities Risks. Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.

Emerging Markets Risks. Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

Sovereign Debt Risk. Sovereign debt instruments are subject to the risk that a governmental entity may be unable to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, or political concerns. If a governmental entity defaults on an obligation, the Fund may have limited recourse against the defaulting government and may lose its investment. Financial markets have recently experienced increased volatility due to the uncertainty surrounding the sovereign debt of certain European countries.

Interest Rate Risks. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.

Credit Risks. Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.

High Yield Securities Risks. High yield securities, also referred to as “junk bonds” or non-investment grade securities, are debt securities rated lower than BBB by Standard & Poor’s or Baa by Moody’s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because there may be a thin trading market for such securities.

Call Risks. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.

Liquidity Risks. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

Management Risks. TCH’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
BMO TCH Emerging Markets Bond Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.19% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.79%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.79%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.00% [2]
1 Year rr_ExpenseExampleYear01 102
3 Years rr_ExpenseExampleYear03 486
BMO TCH Emerging Markets Bond Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.94% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.54%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.69%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.85% [2]
1 Year rr_ExpenseExampleYear01 87
3 Years rr_ExpenseExampleYear03 419
[1] "Other Expenses" are based on estimated amounts for the Fund's current fiscal year because it is a new fund.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.00% for Class Y and 0.85% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
XML 26 R116.htm IDEA: XBRL DOCUMENT v2.4.0.6
BMO Aggregate Bond Fund
BMO Aggregate Bond Fund
Investment Objective:
To maximize total return consistent with current income.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO Aggregate Bond Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO Aggregate Bond Fund
Class Y
Class I
Management Fees 0.40% 0.40%
Distribution (12b-1) Fees none none
Other Expenses 0.42% 0.17%
Acquired Fund Fees and Expenses [1] 0.01% 0.01%
Total Annual Fund Operating Expenses 0.83% 0.58%
Fee Waiver and Expense Reimbursement [2] (0.02%) (0.02%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [2] 0.81% 0.56%
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.80% for Class Y and 0.55% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO Aggregate Bond Fund (USD $)
Class Y
Class I
1 Year 83 57
3 Years 263 184
5 Years 459 322
10 Years 1,023 724
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 266% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in bonds. Fund investments include corporate, asset-backed, and mortgage-backed securities with a minimum rating in the lowest investment grade category (i.e., rated BBB or Baa, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase, repurchase agreements, and U.S. government securities. The Adviser’s strategy for achieving total return is to adjust the Fund’s weightings in these sectors as it deems appropriate. The Adviser uses macroeconomic, credit, and market analysis to select portfolio securities. The Fund normally maintains an average dollar-weighted effective maturity of three to ten years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Interest Rate Risks. Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities.

Credit Risks. Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.

Call Risks. If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.

Liquidity Risks. Liquidity risk refers to the possibility that the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility.

Asset-Backed/Mortgage-Backed Securities Risks. Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed securities that are subordinate to another security.

Government Obligations Risks. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law. As a result, there is risk that these entities will default on a financial obligation.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Portfolio Turnover Risks. A high portfolio rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. Therefore, you may have higher tax liability. High portfolio turnover also may result in higher transaction costs, which may negatively affect Fund performance.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Fund Performance
The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Class Y—Annual Total Returns (calendar years 2008-2011)
Bar Chart
The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 5.62%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter6/30/200912.30 %
Worst quarter9/30/2008(4.96 )%
Average Annual Total Returns through 12/31/11
Average Annual Total Returns BMO Aggregate Bond Fund
1 Year
Since Inception
Inception Date
Class Y
6.83% 7.75% May 31, 2007
Class Y Return After Taxes on Distributions
5.26% 5.65%  
Class Y Return After Taxes on Distributions and Sale of Fund Shares
4.49% 5.39%  
Class I
7.09% 8.02% May 31, 2007
BABI (reflects no deduction for fees, expenses or taxes)
7.84% 6.81%  
LIIGDFI (reflects deduction of fees and no deduction for sales charges or taxes)
6.28% 6.08%  
After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The Barclays Aggregate Bond Index (BABI) is an index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-based securities. To qualify for inclusion, a bond or security must have at least one year to final maturity and be rated Baa3 or better, dollar denominated, non-convertible, fixed-rate, and publicly issued.

The Lipper Intermediate Investment Grade Debt Funds Index (LIIGDFI) is an average of the 30 largest mutual funds in this Lipper category.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO Pyrford International Stock Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO Pyrford International Stock Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To provide capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the period December 29, 2011 (inception date) to August 31, 2012, the Fund’s portfolio turnover rate (not annualized ) was 13% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 13.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five- and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in equity securities of companies located in a number of countries outside the United States. The Fund invests primarily in companies that are located in the countries included in the MSCI EAFE Index, which includes developed countries outside of North America. Although the Fund may invest in companies across all market capitalizations, the Fund invests primarily in companies that, at the time of purchase, have a minimum market capitalization of $2 billion.

The Fund’s sub-adviser is Pyrford International Ltd. (“Pyrford”). Pyrford seeks to minimize losses by adopting a highly defensive investment stance at times of perceived high risk, characterized by high valuation levels or high levels of financial leverage. The Fund does not target a specific volatility level, but aims to deliver volatility significantly below that of the MSCI EAFE Index by being zero weight in any country, sector, or stock that Pyrford believes has very poor value as measured by established fundamental value metrics (such as dividend yields, return on equity, and P/E ratios).

In determining where a company is located, the sub-adviser primarily relies on the country where the company is incorporated, but also may consider the country where the company’s revenues are derived and the primary market listing for the class of shares to be purchased. Although the Fund invests primarily in companies that are included in the MSCI EAFE Index, the Fund may invest up to 20% of its net assets in companies located in countries not represented in this index, including emerging market countries.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Foreign Securities Risks. Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.

Emerging Markets Risks. Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Small Company Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

Management Risks. Pyrford’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
BMO Pyrford International Stock Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.59%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.39%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.15%) [1]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.24% [1]
1 Year rr_ExpenseExampleYear01 126
3 Years rr_ExpenseExampleYear03 425
5 Years rr_ExpenseExampleYear05 746
10 Years rr_ExpenseExampleYear10 1,656
BMO Pyrford International Stock Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.80%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.34%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.14%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.15%) [1]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 0.99% [1]
1 Year rr_ExpenseExampleYear01 101
3 Years rr_ExpenseExampleYear03 347
5 Years rr_ExpenseExampleYear05 613
10 Years rr_ExpenseExampleYear10 1,373
[1] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.

XML 31 R44.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO Small-Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO Small-Cap Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To provide capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 58% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 58.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in value oriented common stocks of small-sized U.S. companies similar in size to those within the Russell 2000® Value Index. These small-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 2000® Value Index. The largest company by market capitalization in the Russell 2000® Value Index was approximately $3.5 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $426.0 million. The Adviser uses a disciplined investment process that identifies companies that it believes have good value relative to their assets, sustainable cash flow, acceptable levels of debt, and potential for improving their business fundamentals. In addition, these companies may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Style Risks. Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).

Small Company Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
BMO Small-Cap Value Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.00%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.76%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.51%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.25% [2]
1 Year rr_ExpenseExampleYear01 127
3 Years rr_ExpenseExampleYear03 504
5 Years rr_ExpenseExampleYear05 906
10 Years rr_ExpenseExampleYear10 2,031
BMO Small-Cap Value Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.75%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.51%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.51%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.00% [2]
1 Year rr_ExpenseExampleYear01 102
3 Years rr_ExpenseExampleYear03 427
5 Years rr_ExpenseExampleYear05 775
10 Years rr_ExpenseExampleYear10 1,758
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName MARSHALL FUNDS INC d/b/a BMO FUNDS
Prospectus Date rr_ProspectusDate Dec. 28, 2012
BMO Mid-Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading BMO Mid-Cap Value Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective:
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To provide capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 31, 2013
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 31% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 31.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in value-oriented common stocks of medium-sized U.S. companies similar in size to those within the Russell Midcap® Value Index. These mid-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell Midcap® Value Index. The largest company by market capitalization in the Russell Midcap® Value Index was approximately $19.3 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $3.9 billion. The Adviser selects companies that exhibit traditional value characteristics, such as a price-to-earnings ratio less than the S&P 400® Index, higher-than-average dividend yields, or a lower-than-average price-to-book value. In addition, these companies may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Style Risks. Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).

Company Size Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Risk Lose Money [Text] rr_RiskLoseMoney The net asset value of the Fund will vary and you could lose money by investing in the Fund.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Fund Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.bmofundsus.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Class Y—Annual Total Returns (calendar years 2002-2011)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012 was 14.31%.

During the periods shown in the bar chart for the Fund:
Quarter EndedReturns  
Best quarter9/30/200921.90 %
Worst quarter12/31/2008(22.55 )%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns through 12/31/11
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

The Russell Midcap® Value Index (RMCVI) measures the performance of those companies included in the Russell Midcap® Index with lower price-to-book ratios and lower forecasted growth values. Those companies are also included in the Russell 1000® Value Index.

The Lipper Mid-Cap Value Funds Index (LMCVFI) is an average of the 30 largest mutual funds in this Lipper category.
BMO Mid-Cap Value Fund | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.50%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.26%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.25% [2]
1 Year rr_ExpenseExampleYear01 127
3 Years rr_ExpenseExampleYear03 399
5 Years rr_ExpenseExampleYear05 691
10 Years rr_ExpenseExampleYear10 1,522
2002 rr_AnnualReturn2002 (11.59%)
2003 rr_AnnualReturn2003 35.87%
2004 rr_AnnualReturn2004 16.67%
2005 rr_AnnualReturn2005 7.18%
2006 rr_AnnualReturn2006 13.88%
2007 rr_AnnualReturn2007 0.75%
2008 rr_AnnualReturn2008 (37.17%)
2009 rr_AnnualReturn2009 36.63%
2010 rr_AnnualReturn2010 21.67%
2011 rr_AnnualReturn2011 (6.82%)
Year to Date Return, Label rr_YearToDateReturnLabel The return for the Class Y shares of the Fund from January 1, 2012 through September 30, 2012
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2012
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 14.31%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 21.90%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.55%)
1 Year rr_AverageAnnualReturnYear01 (6.82%)
5 Year rr_AverageAnnualReturnYear05 (0.39%)
10 Year rr_AverageAnnualReturnYear10 5.31%
BMO Mid-Cap Value Fund | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) rr_RedemptionFeeOverRedemption 2.00%
Management Fees rr_ManagementFeesOverAssets 0.75%
Distribution (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.25%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.01%
Fee Waiver and Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.01%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement rr_NetExpensesOverAssets 1.00% [2]
1 Year rr_ExpenseExampleYear01 102
3 Years rr_ExpenseExampleYear03 321
5 Years rr_ExpenseExampleYear05 557
10 Years rr_ExpenseExampleYear10 1,235
1 Year rr_AverageAnnualReturnYear01 (6.56%)
5 Year rr_AverageAnnualReturnYear05   
10 Year rr_AverageAnnualReturnYear10   
Since Inception rr_AverageAnnualReturnSinceInception 0.95%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 31, 2008
BMO Mid-Cap Value Fund | Return After Taxes on Distributions | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (6.88%)
5 Year rr_AverageAnnualReturnYear05 (1.14%)
10 Year rr_AverageAnnualReturnYear10 4.41%
BMO Mid-Cap Value Fund | Return After Taxes on Distributions and Sale of Fund Shares | Class Y
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.35%)
5 Year rr_AverageAnnualReturnYear05 (0.48%)
10 Year rr_AverageAnnualReturnYear10 4.48%
BMO Mid-Cap Value Fund | RMCVI (reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.38%)
5 Year rr_AverageAnnualReturnYear05 0.04%
10 Year rr_AverageAnnualReturnYear10 7.67%
BMO Mid-Cap Value Fund | LMCVFI (reflects deduction of fees and no deduction for sales charges or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.51%)
5 Year rr_AverageAnnualReturnYear05 0.28%
10 Year rr_AverageAnnualReturnYear10 6.11%
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
XML 33 R40.htm IDEA: XBRL DOCUMENT v2.4.0.6
BMO Small-Cap Value Fund
BMO Small-Cap Value Fund
Investment Objective:
To provide capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO Small-Cap Value Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO Small-Cap Value Fund
Class Y
Class I
Management Fees 0.75% 0.75%
Distribution (12b-1) Fees none none
Other Expenses 1.00% 0.75%
Acquired Fund Fees and Expenses [1] 0.01% 0.01%
Total Annual Fund Operating Expenses 1.76% 1.51%
Fee Waiver and Expense Reimbursement [2] (0.51%) (0.51%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [2] 1.25% 1.00%
[1] Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund's ratios of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO Small-Cap Value Fund (USD $)
Class Y
Class I
1 Year 127 102
3 Years 504 427
5 Years 906 775
10 Years 2,031 1,758
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 58% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in value oriented common stocks of small-sized U.S. companies similar in size to those within the Russell 2000® Value Index. These small-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 2000® Value Index. The largest company by market capitalization in the Russell 2000® Value Index was approximately $3.5 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same period was $426.0 million. The Adviser uses a disciplined investment process that identifies companies that it believes have good value relative to their assets, sustainable cash flow, acceptable levels of debt, and potential for improving their business fundamentals. In addition, these companies may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Style Risks. Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).

Small Company Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

Management Risks. The Adviser’s judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Investments in Other Investment Companies Risks. The Fund may invest in securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear its proportionate share of the other investment company’s fees and expenses.
Fund Performance
Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
XML 34 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BMO Low Volatility Equity Fund
BMO Low Volatility Equity Fund
Investment Objective:
To provide capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees BMO Low Volatility Equity Fund
Class Y
Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) none none
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days) 2.00% 2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses BMO Low Volatility Equity Fund
Class Y
Class I
Management Fees 0.50% 0.50%
Distribution (12b-1) Fees none none
Other Expenses [1] 0.97% 0.72%
Total Annual Fund Operating Expenses 1.47% 1.22%
Fee Waiver and Expense Reimbursement [2] (0.57%) (0.57%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement [2] 0.90% 0.65%
[1] "Other Expenses" are based on estimated amounts for the Fund's current fiscal year because it is a new fund.
[2] BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class Y and 0.65% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
Example
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-year example reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
Expense Example BMO Low Volatility Equity Fund (USD $)
Class Y
Class I
1 Year 92 66
3 Years 409 331
Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.
Principal Investment Strategies
The Fund invests at least 80% of its assets in a broadly diversified portfolio of common stocks of large-sized U.S. companies similar in size to those within the Russell 1000® Index. These large-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 1000® Index. The largest company by market capitalization in the Russell 1000® Index was approximately $622.0 billion as of August 31, 2012 and the median market capitalization of companies in the Index as of the same date was approximately $5.4 billion. The Fund invests in stocks that exhibit less volatile stock price patterns when compared to stocks in the Russell 1000® Index. The Adviser selects low volatility, undervalued stocks using a unique, quantitative approach based on the Adviser’s multi-factor risk/return models. This approach seeks to provide the Fund with lower downside risk and meaningful upside protection relative to the Russell 1000® Index.

From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.

Style Risks. Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole, and other types of stocks (e.g., growth stocks).

Management Risks. The Adviser’s judgments about the attractiveness, value, level of expected volatility, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.

Cash Risks. Holding cash or cash equivalents rather than securities may cause the Fund to not achieve its investment objective and could negatively affect the Fund’s performance relative to its benchmark.
Fund Performance
Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
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