UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-58433

Marshall Funds, Inc., d/b/a BMO Funds

(Exact name of registrant as specified in charter)

111 East Kilbourn Avenue, Suite 200

                    Milwaukee, WI 53202                

(Address of principal executive offices) (Zip code)

John M. Blaser

BMO Asset Management Corp.

111 East Kilbourn Avenue, Suite 200

                Milwaukee, WI 53202                

(Name and address of agent for service)

Copies to:

Michael P. O’Hare, Esq.

Stradley, Ronon, Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2013

Item 1.  Reports to Stockholders.

BMO Funds

Semi-Annual Report

February 28, 2013

Equity Funds

BMO Low Volatility Equity Fund

BMO Large-Cap Value Fund

BMO Dividend Income Fund

BMO Large-Cap Growth Fund

BMO Mid-Cap Value Fund

BMO Mid-Cap Growth Fund

BMO Small-Cap Value Fund

BMO Small-Cap Growth Fund

BMO Pyrford International Stock Fund

BMO Lloyd George Emerging Markets Equity Fund

Balanced Funds

BMO Pyrford Global Strategic Return Fund

Income Funds

BMO Ultra Short Tax-Free Fund

BMO Short Tax-Free Fund

BMO Short-Term Income Fund

BMO Short-Intermediate Bond Fund

BMO Intermediate Tax-Free Fund

BMO Government Income Fund

BMO TCH Corporate Income Fund

BMO Aggregate Bond Fund

BMO TCH Core Plus Bond Fund

BMO Monegy High Yield Bond Fund

Money Market Funds

BMO Government Money Market Fund

BMO Tax-Free Money Market Fund

BMO Prime Money Market Fund

Table of Contents

Financial Information
Expense Example			2
Schedules of Investments:
BMO Low Volatility Equity Fund	4	BMO Ultra Short Tax-Free Fund	24
BMO Large-Cap Value Fund	5	BMO Short Tax-Free Fund	43
BMO Dividend Income Fund	7	BMO Short-Term Income Fund	48
BMO Large-Cap Growth Fund	9	BMO Short-Intermediate Bond Fund	52
BMO Mid-Cap Value Fund	11	BMO Intermediate Tax-Free Fund	54
BMO Mid-Cap Growth Fund	12	BMO Government Income Fund	79
BMO Small-Cap Value Fund	15	BMO TCH Corporate Income Fund	82
BMO Small-Cap Growth Fund	16	BMO Aggregate Bond Fund	85
BMO Pyrford International Stock Fund	18	BMO TCH Core Plus Bond Fund	88
BMO Lloyd George Emerging Markets Equity Fund	20	BMO Monegy High Yield Bond Fund	92
		BMO Government Money Market Fund	98
BMO Pyrford Global Strategic Return Fund	22	BMO Tax-Free Money Market Fund	99
		BMO Prime Money Market Fund	103
Notes to Schedules of Investments			106
Statements of Assets and Liabilities			108
Statements of Operations			113
Statements of Changes in Net Assets			118
Financial Highlights			125
Notes to Financial Statements			131
Shareholder Report Disclosure of Directors’ Approval of Advisory Contract			153

Not FDIC Insured No Bank Guarantee May Lose Value

Expense Example (Unaudited)

For the Six Months Ended February 28, 2013

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period ended February 28, 2013 (9/1/12-2/28/13).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Investor Class									Institutional Class
Fund	Beginning account value 9/1/12		Ending account value 2/28/13		Annualized Expense Ratio(1)			Expenses paid  during period 9/1/12- 2/28/13(1)		Beginning account value 9/1/12		Ending account value 2/28/13		Annualized Expense Ratio(1)			Expenses paid during period 9/1/12- 2/28/13(1)
Low Volatility Equity Fund
Actual	$	1,000.00	$	1,064.00		0.90	%(2)	$	3.82	$	1,000.00	$	1,065.00		0.65	%(2)	$	2.79
Hypothetical (5% return before expenses)		1,000.00		1,021.30		0.90	(2)		3.74		1,000.00		1,022.29		0.65	(2)		2.74
Large-Cap Value Fund
Actual		1,000.00		1,113.40		1.24			6.49		1,000.00		1,114.10		0.99			5.18
Hypothetical (5% return before expenses)		1,000.00		1,018.86		1.24			6.20		1,000.00		1,020.10		0.99			4.95
Dividend Income Fund
Actual		1,000.00		1,088.10		0.90			4.65		1,000.00		1,089.10		0.65			3.36
Hypothetical (5% return before expenses)		1,000.00		1,020.55		0.90			4.50		1,000.00		1,021.78		0.65			3.25
Large-Cap Growth Fund
Actual		1,000.00		1,068.30		1.24			6.35		1,000.00		1,070.20		0.99			5.08
Hypothetical (5% return before expenses)		1,000.00		1,018.86		1.24			6.20		1,000.00		1,020.09		0.99			4.96
Mid-Cap Value Fund
Actual		1,000.00		1,150.60		1.24			6.61		1,000.00		1,152.90		0.99			5.28
Hypothetical (5% return before expenses)		1,000.00		1,018.86		1.24			6.20		1,000.00		1,020.10		0.99			4.95
Mid-Cap Growth Fund
Actual		1,000.00		1,150.50		1.23			6.57		1,000.00		1,152.00		0.98			5.25
Hypothetical (5% return before expenses)		1,000.00		1,018.89		1.23			6.17		1,000.00		1,020.12		0.98			4.92
Small-Cap Value Fund
Actual		1,000.00		1,193.20		1.24			6.72		1,000.00		1,194.70		0.99			5.37
Hypothetical (5% return before expenses)		1,000.00		1,018.87		1.24			6.19		1,000.00		1,020.10		0.99			4.95
Small-Cap Growth Fund
Actual		1,000.00		1,167.60		1.43			7.67		1,000.00		1,169.00		1.18			6.33
Hypothetical (5% return before expenses)		1,000.00		1,017.92		1.43			7.14		1,000.00		1,019.16		1.18			5.90
Pyrford International Stock Fund
Actual		1,000.00		1,100.30		1.24			6.46		1,000.00		1,101.50		0.99			5.16
Hypothetical (5% return before expenses)		1,000.00		1,018.85		1.24			6.21		1,000.00		1,020.09		0.99			4.96

2

Expense Example (Unaudited) (continued)

	Investor Class									Institutional Class
Fund	Beginning account value 9/1/12		Ending account value 2/28/13		Annualized Expense Ratio(1)			Expenses paid  during period 9/1/12- 2/28/13(1)		Beginning account value 9/1/12		Ending account value 2/28/13		Annualized Expense Ratio(1)			Expenses paid during period 9/1/12- 2/28/13(1)
Lloyd George Emerging Markets Equity Fund
Actual	$	1,000.00	$	1,106.20		1.40	%	$	7.31	$	1,000.00	$	1,107.00		1.15	%	$	6.01
Hypothetical (5% return before expenses)		1,000.00		1,018.06		1.40			7.01		1,000.00		1,019.30		1.15			5.76
Pyrford Global Strategic Return Fund
Actual		1,000.00		1,008.80		1.24			6.18		1,000.00		1,009.80		0.99			4.93
Hypothetical (5% return before expenses)		1,000.00		1,018.85		1.24			6.21		1,000.00		1,020.09		0.99			4.96
Ultra Short Tax-Free Fund
Actual		1,000.00		1,004.20		0.55			2.73		1,000.00		1,004.50		0.30			1.49
Hypothetical (5% return before expenses)		1,000.00		1,022.28		0.55			2.76		1,000.00		1,023.51		0.30			1.50
Short Tax-Free Fund
Actual		1,000.00		1,014.30		0.55	(3)		1.37		1,000.00		1,014.70		0.40	(3)		0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.64		0.55	(3)		1.38		1,000.00		1,024.01		0.40	(3)		1.00
Short-Term Income Fund
Actual		1,000.00		1,010.60		0.60			2.99		1,000.00		1,012.90		0.35			1.74
Hypothetical (5% return before expenses)		1,000.00		1,022.03		0.60			3.00		1,000.00		1,023.27		0.35			1.75
Short-Intermediate Bond Fund
Actual		1,000.00		1,009.30		0.80			3.99		1,000.00		1,010.60		0.55			2.74
Hypothetical (5% return before expenses)		1,000.00		1,021.03		0.80			4.01		1,000.00		1,022.27		0.55			2.76
Intermediate Tax-Free Fund
Actual		1,000.00		1,018.40		0.55			2.75		1,000.00		1,020.20		0.37			1.85
Hypothetical (5% return before expenses)		1,000.00		1,022.28		0.55			2.75		1,000.00		1,023.17		0.37			1.85
Government Income Fund
Actual		1,000.00		1,000.80		0.80			3.97		1,000.00		1,003.00		0.55			2.73
Hypothetical (5% return before expenses)		1,000.00		1,021.03		0.80			4.01		1,000.00		1,022.27		0.55			2.76
TCH Corporate Income Fund
Actual		1,000.00		1,035.70		0.70			3.52		1,000.00		1,036.70		0.51			2.56
Hypothetical (5% return before expenses)		1,000.00		1,021.54		0.70			3.49		1,000.00		1,022.49		0.51			2.54
Aggregate Bond Fund
Actual		1,000.00		1,007.30		0.80			3.99		1,000.00		1,008.50		0.55			2.75
Hypothetical (5% return before expenses)		1,000.00		1,021.03		0.80			4.02		1,000.00		1,022.27		0.55			2.76
TCH Core Plus Bond Fund
Actual		1,000.00		1,032.80		0.68			3.41		1,000.00		1,033.90		0.48			2.40
Hypothetical (5% return before expenses)		1,000.00		1,021.65		0.68			3.39		1,000.00		1,022.64		0.48			2.39
Monegy High Yield Bond Fund
Actual		1,000.00		1,050.20		0.90			4.58		1,000.00		1,050.50		0.65			3.31
Hypothetical (5% return before expenses)		1,000.00		1,020.54		0.90			4.51		1,000.00		1,021.77		0.65			3.26
Government Money Market Fund
Actual		1,000.00		1,000.10		0.17			0.84		1,000.00		1,000.10		0.17			0.83
Hypothetical (5% return before expenses)		1,000.00		1,024.16		0.17			0.85		1,000.00		1,024.17		0.17			0.84
Tax-Free Money Market Fund
Actual		1,000.00		1,000.10		0.33			1.63		1,000.00		1,000.80		0.20			0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.37		0.33			1.65		1,000.00		1,024.01		0.20			1.00
Prime Money Market Fund
Actual		1,000.00		1,000.10		0.31			1.53		1,000.00		1,000.60		0.20			0.99
Hypothetical (5% return before expenses)		1,000.00		1,023.47		0.31			1.55		1,000.00		1,024.01		0.20			1.00

(1) Expenses are equal to the Funds’ annualized expense ratios for the period September 1, 2012 through February 28, 2013, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

(2) Reflects operations for the period from September 28, 2012 (inception date) to February 28, 2013. The Fund’s Investor and Institutional class expense ratios are multiplied by 151/365 (to reflect the partial period).

(3) Reflects operations for the period from November 29, 2012 (inception date) to February 28, 2013. The Fund’s Investor and Institutional class expense ratios are multiplied by 91/365 (to reflect the partial period).

3

February 28, 2013 (Unaudited)

Schedules of Investments BMO Funds

Low Volatility Equity Fund

Description	Shares		Value
Common Stocks — 99.5%
Consumer Discretionary — 10.5%
Apparel Retail — 1.8%
Ross Stores, Inc.		32		$  1,855
TJX Cos., Inc.		231		10,388
				12,243
Automotive Retail — 1.9%
AutoZone, Inc. (2)		28		10,644
O’Reilly Automotive, Inc. (2)		22		2,238
				12,882
Cable & Satellite — 0.2%
Time Warner Cable, Inc.		17		1,469
Department Stores — 1.3%
Dillard’s, Inc., Class A		78		6,215
Kohl’s Corp.		59		2,720
				8,935
General Merchandise Stores — 3.8%
Dollar General Corp. (2)		200		9,268
Dollar Tree, Inc. (2)		72		3,253
Family Dollar Stores, Inc.		33		1,899
Target Corp.		189		11,900
				26,320
Restaurants — 1.0%
McDonald’s Corp.		74		7,096
Specialty Stores — 0.5%
PetSmart, Inc.		52		3,386
Total Consumer Discretionary				72,331
Consumer Staples — 24.8%
Drug Retail — 0.4%
CVS Caremark Corp.		17		869
Walgreen Co.		41		1,678
				2,547
Food Distributors — 0.2%
Sysco Corp.		44		1,415
Food Retail — 2.0%
Kroger Co.		469		13,699
Household Products — 6.1%
Church & Dwight Co., Inc.		107		6,630
Clorox Co.		83		6,973
Colgate-Palmolive Co.		63		7,209
Kimberly-Clark Corp.		138		13,011
Procter & Gamble Co.		109		8,303
				42,126
Hypermarkets & Super Centers — 2.2%
Costco Wholesale Corp.		33		3,343
Wal-Mart Stores, Inc.		162		11,466
				14,809
Packaged Foods & Meats — 9.2%
Campbell Soup Co.		278		11,443
ConAgra Foods, Inc.		347		11,836
Flowers Foods, Inc.		22		620
General Mills, Inc.		260		12,025
Hershey Co.		126		10,501
Kellogg Co.		200		12,100
McCormick & Co., Inc.		27		1,816
Mondelez International, Inc.		100		2,765
				63,106

Description	Shares		Value
Common Stocks (continued)
Consumer Staples (continued)
Soft Drinks — 3.2%
Dr. Pepper Snapple Group, Inc.		237		$  10,338
PepsiCo, Inc.		157		11,896
				22,234
Tobacco — 1.5%
Altria Group, Inc.		129		4,328
Lorillard, Inc.		36		1,387
Reynolds American, Inc.		111		4,849
				10,564
Total Consumer Staples				170,500
Energy — 0.8%
Integrated Oil & Gas — 0.8%
Exxon Mobil Corp.		61		5,463
Financials — 24.8%
Mortgage REIT’s — 1.6%
Annaly Capital Management, Inc.		517		8,008
Hatteras Financial Corp.		118		3,150
				11,158
Multi-Line Insurance — 1.2%
American National Insurance Co.		99		7,957
Property & Casualty Insurance — 4.1%
Allied World Assurance Co. Holdings AG		142		12,469
Erie Indemnity Co., Class A		37		2,708
ProAssurance Corp.		18		844
Travelers Cos., Inc.		30		2,413
W.R. Berkley Corp.		17		705
White Mountains Insurance Group, Ltd.		16		9,040
				28,179
Reinsurance — 7.1%
Everest Re Group, Ltd.		94		11,713
PartnerRe, Ltd.		148		13,207
RenaissanceRe Holdings, Ltd.		138		12,067
Validus Holdings, Ltd.		331		11,794
				48,781
Residential REIT’s — 3.2%
Home Properties, Inc.		183		11,423
Mid-America Apartment Communities, Inc.		155		10,763
				22,186
Retail REIT’s — 5.7%
Federal Realty Investment Trust		23		2,443
National Retail Properties, Inc.		353		12,161
Realty Income Corp.		285		13,010
Tanger Factory Outlet Centers		331		11,681
				39,295
Specialized Finance — 1.9%
CBOE Holdings, Inc.		363		13,039
Total Financials				170,595
Healthcare — 13.4%
Biotechnology — 0.6%
Amgen, Inc.		42		3,839
Healthcare Distributors — 3.1%
AmerisourceBergen Corp.		260		12,272
Cardinal Health, Inc.		32		1,479
McKesson Corp.		69		7,323
				21,074

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

4

BMO Funds

Low Volatility Equity Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Healthcare (continued)
Healthcare Equipment — 1.4%
Becton, Dickinson and Co.		35		$  3,082
C.R. Bard, Inc.		66		6,524
				9,606
Managed Healthcare — 0.2%
Humana, Inc.		25		1,706
Pharmaceuticals — 8.1%
Actavis, Inc. (2)		78		6,643
Bristol-Myers Squibb Co.		299		11,054
Eli Lilly & Co.		160		8,746
Forest Laboratories, Inc. (2)		123		4,526
Johnson & Johnson		156		11,873
Merck & Co., Inc.		131		5,598
Pfizer, Inc.		258		7,061
				55,501
Total Healthcare				91,726
Industrials — 1.6%
Aerospace & Defense — 1.6%
Lockheed Martin Corp.		122		10,736
Information Technology — 2.8%
Consulting & Other Services — 1.8%
Amdocs, Ltd.		335		12,217
Data Processing & Outsourced Services — 0.7%
Alliance Data Systems Corp. (2)		30		4,761
Internet Software & Services — 0.3%
Yahoo!, Inc. (2)		120		2,557
Total Information Technology				19,535
Materials — 0.4%
Specialty Chemicals — 0.4%
Sherwin-Williams Co.		16		2,586
Telecommunication Services — 3.8%
Integrated Telecommunication Services — 3.5%
AT&T, Inc.		310		11,132
Verizon Communications, Inc.		269		12,517
				23,649
Wireless Telecommunication Services — 0.3%
SBA Communications Corp., Class A (2)		32		2,276
Total Telecommunication Services				25,925
Utilities — 16.6%
Electric Utilities — 10.6%
American Electric Power Co., Inc.		278		13,008
Duke Energy Corp.		123		8,518
Entergy Corp.		139		8,654
NV Energy, Inc.		294		5,809
Pinnacle West Capital Corp.		120		6,713
PPL Corp.		244		7,520
Southern Co.		239		10,757
Westar Energy, Inc.		228		7,073
Xcel Energy, Inc.		164		4,707
				72,759
Multi-Utilities — 5.3%
CMS Energy Corp.		31		825
Consolidated Edison, Inc.		203		11,977
DTE Energy Co.		190		12,692
PG&E Corp.		249		10,617
				36,111

Description	Shares		Value
Common Stocks (continued)
Utilities (continued)
Water Utilities — 0.7%
American Water Works Co., Inc.		132		$    5,207
Total Utilities				114,077
Total Common Stocks (identified cost $646,045)				683,474
Short-Term Investments — 3.1%
Mutual Funds — 3.1%
BMO Prime Money Market Fund, Class I, 0.070% (10)		20,994		20,994
Total Short-Term Investments (identified cost $20,994)				20,994
Total Investments — 102.6% (identified cost $667,039)				704,468
Other Assets and Liabilities — (2.6)%				(17,788	)
Total Net Assets — 100.0%				$686,680

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	10.5%
Consumer Staples	24.8
Energy	0.8
Financials	24.8
Healthcare	13.4
Industrials	1.6
Information Technology	2.8
Materials	0.4
Telecommunication Services	3.8
Utilities	16.6
Other Assets & Liabilities, Net	0.5
Total	100.0%

Large-Cap Value Fund

Description	Shares		Value
Common Stocks — 98.5%
Consumer Discretionary — 12.6%
Apparel Retail — 1.9%
Foot Locker, Inc.		43,731		$1,495,163
Gap, Inc. (1)		64,997		2,139,701
				3,634,864
Auto Parts & Equipment — 1.7%
Delphi Automotive PLC (2)		77,776		3,254,926
Cable & Satellite — 3.1%
DIRECTV Group, Inc., Class A (1)(2)		60,832		2,930,277
Time Warner Cable, Inc.		34,118		2,947,454
				5,877,731
Department Stores — 3.3%
Dillard’s, Inc., Class A (1)		39,501		3,147,440
Macy’s, Inc.		73,899		3,037,249
				6,184,689
Homefurnishing Retail — 0.5%
Bed Bath & Beyond, Inc. (1)(2)		16,390		930,132

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

5

February 28, 2013 (Unaudited)

Schedule of Investments

Large-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Housewares & Specialties — 1.7%
Jarden Corp. (1)(2)		50,698		$  3,148,853
Movies & Entertainment — 0.4%
Viacom, Inc., Class B		14,063		822,123
Total Consumer Discretionary				23,853,318
Consumer Staples — 9.0%
Agricultural Products — 1.5%
Ingredion, Inc.		42,825		2,835,015
Drug Retail — 1.3%
CVS Caremark Corp.		46,522		2,378,205
Food Retail — 1.7%
Kroger Co.		111,210		3,248,444
Household Products — 0.4%
Procter & Gamble Co.		10,808		823,353
Hypermarkets & Super Centers — 1.4%
Wal-Mart Stores, Inc. (1)		37,073		2,624,027
Packaged Foods & Meats — 1.2%
Tyson Foods, Inc., Class A		103,758		2,352,194
Soft Drinks — 1.5%
Coca-Cola Enterprises, Inc.		77,376		2,768,513
Total Consumer Staples				17,029,751
Energy — 16.5%
Integrated Oil & Gas — 9.8%
Chevron Corp. (1)		72,536		8,497,592
Exxon Mobil Corp.		101,470		9,086,639
Statoil ASA, ADR		39,900		994,707
				18,578,938
Oil & Gas-Drilling — 1.7%
Helmerich & Payne, Inc.		48,900		3,240,114
Oil & Gas-Exploration & Production — 0.6%
EOG Resources, Inc.		8,900		1,118,819
Oil & Gas-Refining & Marketing — 4.4%
Marathon Petroleum Corp.		10,808		895,767
Tesoro Corp.		56,737		3,190,889
Valero Energy Corp.		93,863		4,279,214
				8,365,870
Total Energy				31,303,741
Financials — 26.9%
Asset Management & Custody Banks — 4.1%
Ameriprise Financial, Inc.		57,704		3,960,226
Franklin Resources, Inc.		19,500		2,754,375
Waddell & Reed Financial, Inc., Class A (1)		25,500		1,046,010
				7,760,611
Consumer Finance — 2.1%
Discover Financial Services		104,660		4,032,550
Diversified Banks — 3.7%
Wells Fargo & Co.		197,592		6,931,527
Investment Banking & Brokerage — 1.7%
Goldman Sachs Group, Inc.		21,871		3,275,401
Life & Health Insurance — 1.2%
Aflac, Inc.		46,651		2,330,217
Multi-line Insurance — 3.0%
American Financial Group, Inc.		36,466		1,603,045

Description	Shares		Value
Common Stocks (continued)
Financials (continued)
Multi-line Insurance (continued)
American International Group, Inc. (2)		58,999		$  2,242,552
Assurant, Inc.		41,928		1,760,557
				5,606,154
Other Diversified Financial Services — 2.4%
JPMorgan Chase & Co.		94,084		4,602,589
Property & Casualty Insurance — 2.3%
Travelers Cos., Inc.		52,838		4,249,232
Real Estate Services — 1.3%
Jones Lang LaSalle, Inc. (1)		26,082		2,520,565
Regional Banks — 0.8%
Huntington Bancshares, Inc.		220,282		1,548,583
Reinsurance — 2.9%
Everest Re Group, Ltd.		16,252		2,025,162
PartnerRe, Ltd. (1)		38,411		3,427,797
				5,452,959
Retail REIT’s — 1.0%
Simon Property Group, Inc.		12,320		1,957,155
Specialized Finance — 0.4%
Moody’s Corp.		14,200		682,452
Total Financials				50,949,995
Healthcare — 11.1%
Biotechnology — 3.0%
Amgen, Inc.		41,818		3,822,583
United Therapeutics Corp. (1)(2)		31,796		1,901,719
				5,724,302
Healthcare Equipment — 1.1%
Zimmer Holdings, Inc. (1)		26,419		1,980,368
Healthcare Facilities — 1.5%
Community Health Systems, Inc. (1)		68,763		2,905,925
Pharmaceuticals — 5.5%
Eli Lilly & Co.		86,652		4,736,398
Mylan, Inc. (2)		25,200		746,172
Pfizer, Inc.		181,107		4,956,899
				10,439,469
Total Healthcare				21,050,064
Industrials — 6.4%
Aerospace & Defense — 2.9%
Lockheed Martin Corp.		35,426		3,117,488
Northrop Grumman Corp.		15,458		1,015,282
Raytheon Co. (1)		23,334		1,273,336
				5,406,106
Airlines — 2.0%
Southwest Airlines Co.		329,919		3,860,052
Electrical Components & Equipment — 0.3%
EnerSys, Inc. (1)(2)		14,616		597,502
Industrial Conglomerates — 1.2%
General Electric Co.		95,451		2,216,372
Total Industrials				12,080,032
Information Technology — 8.9%
Communications Equipment — 2.8%
Cisco Systems, Inc.		251,719		5,248,341
Computer Storage & Peripherals — 1.1%
Seagate Technology PLC (1)		63,919		2,055,635
Consulting & Other Services — 1.0%
Amdocs, Ltd.		51,554		1,880,175

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

6

BMO Funds

Large-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Data Processing & Outsourced Services — 1.6%
Alliance Data Systems Corp. (1)(2)		19,904		$    3,158,566
Systems Software — 2.4%
Microsoft Corp.		26,026		723,523
Symantec Corp. (2)		162,117		3,800,022
				4,523,545
Total Information Technology				16,866,262
Materials — 3.0%
Diversified Chemicals — 1.1%
Huntsman Corp.		126,854		2,185,694
Fertilizers & Agricultural Chemicals — 1.9%
CF Industries Holdings, Inc.		17,958		3,606,505
Total Materials				5,792,199
Telecommunication Services — 0.7%
Integrated Telecommunication Services — 0.7%
AT&T, Inc. (1)		38,355		1,377,328
Utilities — 3.4%
Electric Utilities — 1.5%
Portland General Electric Co.		98,173		2,914,757
Independent Power Producers & Energy Traders — 1.9%
AES Corp.		304,723		3,540,881
Total Utilities				6,455,638
Total Common Stocks (identified cost $155,600,180)				186,758,328
Short-Term Investments — 19.2%
Collateral Pool Investments for Securities on Loan — 17.9%
Collateral pool allocation (12)				33,946,173
Mutual Funds — 1.3%
BMO Prime Money Market Fund, Class I, 0.070% (10)		2,429,113		2,429,113
Total Short-Term Investments (identified cost $36,375,286)				36,375,286
Total Investments — 117.7% (identified cost $191,975,466)				223,133,614
Other Assets and Liabilities — (17.7)%				(33,515,201	)
Total Net Assets — 100.0%				$189,618,413

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	12.6%
Consumer Staples	9.0
Energy	16.5
Financials	26.9
Healthcare	11.1
Industrials	6.4
Information Technology	8.9
Materials	3.0
Telecommunication Services	0.7
Utilities	3.4
Other Assets & Liabilities, Net	1.5
Total	100.0%

Dividend Income Fund

Description	Shares		Value
Common Stocks — 97.3%
Consumer Discretionary — 10.9%
Apparel Retail — 0.6%
Limited Brands, Inc. (1)		13,743		$     625,581
Cable & Satellite — 3.2%
Comcast Corp., Class A		39,976		1,590,645
Time Warner Cable, Inc.		18,750		1,619,813
				3,210,458
Department Stores — 0.8%
Macy’s, Inc.		19,307		793,518
Distributors — 0.9%
Genuine Parts Co.		13,009		924,029
Home Furnishings — 1.6%
Leggett & Platt, Inc. (1)		50,929		1,557,409
Home Improvement Retail — 1.3%
Home Depot, Inc.		18,489		1,266,497
Leisure Products — 1.5%
Mattel, Inc. (1)		37,504		1,528,288
Specialty Stores — 1.0%
Staples, Inc. (1)		73,319		966,344
Total Consumer Discretionary				10,872,124
Consumer Staples — 11.4%
Household Products — 1.6%
Kimberly-Clark Corp.		17,081		1,610,397
Hypermarkets & Super Centers — 0.7%
Wal-Mart Stores, Inc. (1)		9,387		664,412
Packaged Foods & Meats — 2.9%
ConAgra Foods, Inc.		41,980		1,431,937
Kraft Foods Group, Inc.		31,138		1,509,259
				2,941,196
Soft Drinks — 1.0%
Coca-Cola Co.		14,081		545,216
PepsiCo, Inc.		6,684		506,447
				1,051,663
Tobacco — 5.2%
Altria Group, Inc. (1)		63,550		2,132,103
Lorillard, Inc.		30,458		1,173,851
Philip Morris International, Inc.		20,051		1,839,679
				5,145,633
Total Consumer Staples				11,413,301
Energy — 11.8%
Integrated Oil & Gas — 3.3%
Chevron Corp. (1)		21,507		2,519,545
Occidental Petroleum Corp.		10,011		824,206
				3,343,751
Oil & Gas-Exploration & Production — 3.2%
ConocoPhillips (1)		26,865		1,556,827
Marathon Oil Corp.		48,197		1,614,599
				3,171,426
Oil & Gas-Refining & Marketing — 1.4%
Marathon Petroleum Corp.		17,231		1,428,105
Oil & Gas-Storage & Transportation — 3.9%
Spectra Energy Corp. (1)		64,527		1,873,864

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

7

February 28, 2013 (Unaudited)

Schedule of Investments

Dividend Income Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Energy (continued)
Oil & Gas-Storage & Transportation (continued)
Williams Cos., Inc.		56,922		$  1,975,763
				3,849,627
Total Energy				11,792,909
Financials — 13.5%
Asset Management & Custody Banks — 1.4%
BlackRock, Inc.		3,909		937,183
Iron Mountain, Inc. (1)		14,605		503,872
				1,441,055
Consumer Finance — 2.8%
Discover Financial Services		25,284		974,192
SLM Corp.		96,742		1,835,196
				2,809,388
Diversified Banks — 1.9%
U.S. Bancorp		27,914		948,518
Wells Fargo & Co.		26,459		928,182
				1,876,700
Insurance Brokers — 1.2%
Marsh & McLennan Cos., Inc.		33,714		1,252,138
Life & Health Insurance — 0.8%
Prudential Financial, Inc.		14,452		803,098
Other Diversified Financial Services — 1.3%
JPMorgan Chase & Co.		26,724		1,307,338
Property & Casualty Insurance — 1.9%
ACE, Ltd.		12,149		1,037,403
Chubb Corp.		9,846		827,360
				1,864,763
Retail REIT’s — 0.9%
Simon Property Group, Inc. (1)		5,448		865,469
Specialized REIT’s — 1.3%
American Tower Corp.		6,270		486,552
Ventas, Inc.		11,640		823,879
				1,310,431
Total Financials				13,530,380
Healthcare — 13.8%
Biotechnology — 0.5%
Amgen, Inc.		5,625		514,181
Healthcare Distributors — 1.2%
Cardinal Health, Inc.		25,029		1,156,590
Healthcare Equipment — 1.4%
Baxter International, Inc.		8,819		596,164
Medtronic, Inc. (1)		18,712		841,292
				1,437,456
Pharmaceuticals — 10.7%
Bristol-Myers Squibb Co. (1)		38,848		1,436,211
Eli Lilly & Co.		30,639		1,674,728
Johnson & Johnson (1)		23,599		1,796,120
Merck & Co., Inc.		60,850		2,600,120
Pfizer, Inc.		114,563		3,135,589
				10,642,768
Total Healthcare				13,750,995

Description	Shares		Value
Common Stocks (continued)
Industrials — 9.3%
Aerospace & Defense — 2.2%
Honeywell International, Inc. (1)		11,085		$   777,059
Lockheed Martin Corp.		16,069		1,414,072
				2,191,131
Air Freight & Logistics — 1.1%
United Parcel Service, Inc., Class B		13,840		1,143,876
Environmental & Facilities Services — 0.5%
Waste Management, Inc.		13,709		511,620
Industrial Conglomerates — 3.4%
General Electric Co.		144,159		3,347,372
Industrial Machinery — 1.1%
Eaton Corp. PLC (1)		18,400		1,140,248
Railroads — 1.0%
Norfolk Southern Corp.		13,045		952,937
Total Industrials				9,287,184
Information Technology — 7.4%
Communications Equipment — 1.1%
Cisco Systems, Inc.		51,598		1,075,818
Computer Hardware — 1.1%
Apple, Inc.		2,625		1,158,675
Consulting & Other Services — 0.6%
Accenture PLC, Class A (1)		7,748		576,141
Data Processing & Outsourced Services — 0.5%
Western Union Co.		35,580		499,188
Semiconductor Equipment — 1.3%
KLA-Tencor Corp.		23,076		1,263,642
Semiconductors — 1.5%
Intel Corp. (1)		71,621		1,493,298
Systems Software — 1.3%
CA, Inc.		20,500		502,045
Microsoft Corp.		28,624		795,747
				1,297,792
Total Information Technology				7,364,554
Materials — 4.4%
Diversified Chemicals — 2.5%
Eastman Chemical Co.		18,719		1,305,276
PPG Industries, Inc. (1)		8,571		1,154,170
				2,459,446
Specialty Chemicals — 0.9%
LyondellBasell Industries NV		16,369		959,551
Steel — 1.0%
Nucor Corp.		21,720		978,486
Total Materials				4,397,483
Telecommunication Services — 6.5%
Integrated Telecommunication Services — 6.5%
AT&T, Inc. (1)		82,829		2,974,389
CenturyLink, Inc. (1)		60,997		2,114,766
Verizon Communications, Inc. (1)		29,736		1,383,616
Total Telecommunication Services				6,472,771
Utilities — 8.3%
Electric Utilities — 5.0%
American Electric Power Co., Inc. (1)		29,351		1,373,333
Duke Energy Corp. (1)		12,260		849,005
FirstEnergy Corp.		19,064		752,647
Pepco Holdings, Inc.		40,768		827,183

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

8

BMO Funds

Dividend Income Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Utilities (continued)
Electric Utilities (continued)
PPL Corp.		38,950		$    1,200,439
				5,002,607
Gas Utilities — 0.5%
ONEOK, Inc. (1)		11,169		502,493
Multi-Utilities — 2.8%
CenterPoint Energy, Inc.		44,137		945,856
CMS Energy Corp. (1)		39,506		1,051,254
DTE Energy Co.		12,241		817,699
				2,814,809
Total Utilities				8,319,909
Total Common Stocks (identified cost $87,922,984)				97,201,610
Short-Term Investments — 24.3%
Collateral Pool Investments for Securities on Loan — 22.0%
Collateral pool allocation (12)				21,976,339
Mutual Funds — 2.3%
BMO Prime Money Market Fund, Class I, 0.070% (10)		2,249,871		2,249,871
Total Short-Term Investments (identified cost $24,226,210)				24,226,210
Total Investments — 121.6% (identified cost $112,149,194)				121,427,820
Other Assets and Liabilities — (21.6)%				(21,576,919	)
Total Net Assets — 100.0%				$99,850,901

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	10.9%
Consumer Staples	11.4
Energy	11.8
Financials	13.5
Healthcare	13.8
Industrials	9.3
Information Technology	7.4
Materials	4.4
Telecommunication Services	6.5
Utilities	8.3
Other Assets & Liabilities, Net	2.7
Total	100.0%

Large-Cap Growth Fund

Description	Shares		Value
Common Stocks — 98.6%
Consumer Discretionary — 13.7%
Apparel Retail — 0.7%
Chico’s FAS, Inc. (1)		45,553		$   773,490
TJX Cos., Inc.		18,264		821,332
				1,594,822

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Apparel, Accessories & Luxury Goods — 1.9%
Hanesbrands, Inc. (1)(2)		98,289		$  3,896,176
Automotive Retail — 0.9%
O’Reilly Automotive, Inc. (2)		17,926		1,823,791
Broadcasting — 0.5%
Scripps Networks Interactive, Inc., Class A		15,429		972,798
Cable & Satellite — 5.0%
Comcast Corp., Class A		137,066		5,453,856
Sirius XM Radio, Inc. (1)		350,918		1,087,846
Time Warner Cable, Inc.		44,130		3,812,391
				10,354,093
Homebuilding — 1.7%
Pulte Group, Inc. (1)(2)		189,943		3,643,107
Hotels, Resorts & Cruise Lines — 0.7%
Wyndham Worldwide Corp.		25,472		1,534,433
Internet Retail — 1.8%
Expedia, Inc.		58,630		3,742,939
Specialized Consumer Services — 0.5%
H&R Block, Inc. (1)		39,150		973,269
Total Consumer Discretionary				28,535,428
Consumer Staples — 9.5%
Agricultural Products — 1.7%
Ingredion, Inc.		53,399		3,535,014
Distillers & Vintners — 1.7%
Diageo PLC, ADR		29,210		3,496,729
Drug Retail — 0.4%
CVS Caremark Corp.		14,605		746,608
Food Retail — 0.4%
Whole Foods Market, Inc.		10,342		885,482
Household Products — 0.8%
Church & Dwight Co., Inc.		4,023		249,265
Colgate-Palmolive Co.		11,805		1,350,846
				1,600,111
Soft Drinks — 1.3%
Coca-Cola Co.		71,743		2,777,889
Tobacco — 3.2%
Philip Morris International, Inc.		73,284		6,723,807
Total Consumer Staples				19,765,640
Energy — 2.7%
Integrated Oil & Gas — 1.6%
Exxon Mobil Corp.		38,187		3,419,646
Oil & Gas-Refining & Marketing — 1.1%
HollyFrontier Corp.		39,232		2,204,838
Total Energy				5,624,484
Financials — 7.3%
Asset Management & Custody Banks — 1.6%
Affiliated Managers Group, Inc. (1)(2)		22,855		3,342,087
Consumer Finance — 0.2%
Discover Financial Services		9,523		366,921
Life & Health Insurance — 1.6%
Aflac, Inc.		65,597		3,276,570
Regional Banks — 1.4%
Signature Bank/New York (1)(2)		40,517		3,009,198

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

9

February 28, 2013 (Unaudited)

Schedule of Investments

Large-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Financials (continued)
Specialized REIT’s — 2.5%
American Tower Corp.		40,117		$  3,113,079
Extra Space Storage, Inc.		55,412		2,074,625
				5,187,704
Total Financials				15,182,480
Healthcare — 12.7%
Biotechnology — 6.9%
Alexion Pharmaceuticals, Inc. (2)		6,876		596,424
Amgen, Inc.		58,201		5,320,153
Biogen Idec, Inc. (2)		6,464		1,075,222
Celgene Corp. (2)		43,954		4,535,174
Gilead Sciences, Inc. (1)(2)		67,164		2,868,574
				14,395,547
Healthcare Equipment — 2.5%
ResMed, Inc. (1)		50,786		2,259,469
Thoratec Corp. (1)(2)		84,275		2,967,323
				5,226,792
Life Sciences Tools & Services — 0.3%
Life Technologies Corp. (2)		9,484		551,305
Pharmaceuticals — 3.0%
Actavis, Inc. (2)		16,583		1,412,208
Merck & Co., Inc.		21,815		932,155
Mylan, Inc. (1)(2)		134,504		3,982,664
				6,327,027
Total Healthcare				26,500,671
Industrials — 12.6%
Aerospace & Defense — 0.5%
TransDigm Group, Inc. (1)		6,489		923,644
Airlines — 1.0%
Southwest Airlines Co.		180,082		2,106,960
Construction & Farm Machinery & Heavy Trucks — 2.1%
Terex Corp. (1)(2)		18,445		605,181
Wabtec Corp.		38,598		3,774,498
				4,379,679
Electrical Components & Equipment — 3.3%
AMETEK, Inc.		59,768		2,500,096
Roper Industries, Inc. (1)		34,964		4,356,864
				6,856,960
Industrial Machinery — 0.7%
Snap-on, Inc.		18,457		1,481,543
Railroads — 2.5%
Union Pacific Corp.		38,563		5,287,373
Research & Consulting Services — 2.5%
Equifax, Inc.		70,323		3,876,204
Verisk Analytics, Inc., Class A (2)		22,151		1,296,276
				5,172,480
Total Industrials				26,208,639
Information Technology — 30.7%
Application Software — 1.5%
Synopsys, Inc. (2)		91,261		3,196,873
Communications Equipment — 4.7%
Cisco Systems, Inc.		195,461		4,075,362
QUALCOMM, Inc.		75,550		4,958,346
Riverbed Technology, Inc. (2)		46,529		710,963
				9,744,671

Description	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Computer Hardware — 3.7%
Apple, Inc.		17,520		$    7,733,328
Computer Storage & Peripherals — 0.6%
EMC Corp. (2)		28,981		666,853
NetApp, Inc. (2)		17,121		579,203
				1,246,056
Consulting & Other Services — 1.1%
Accenture PLC, Class A (1)		8,068		599,936
Cognizant Technology Solutions Corp., Class A (2)		8,180		627,979
International Business Machines Corp.		4,823		968,603
				2,196,518
Data Processing & Outsourced Services — 6.1%
Alliance Data Systems Corp. (1)(2)		27,381		4,345,091
Computer Sciences Corp.		31,401		1,508,190
MasterCard, Inc., Class A		1,380		714,592
Visa, Inc., Class A (1)		38,132		6,049,260
				12,617,133
Internet Software & Services — 5.7%
eBay, Inc. (2)		27,182		1,486,312
Google, Inc., Class A (2)		12,184		9,761,821
VeriSign, Inc. (1)(2)		13,719		628,330
				11,876,463
Semiconductor Equipment — 0.3%
KLA-Tencor Corp.		10,762		589,327
Systems Software — 7.0%
Microsoft Corp.		187,750		5,219,450
Oracle Corp. (1)		185,481		6,354,579
Red Hat, Inc. (2)		9,588		487,167
Symantec Corp. (2)		107,330		2,515,815
				14,577,011
Total Information Technology				63,777,380
Materials — 4.2%
Diversified Chemicals — 1.8%
Eastman Chemical Co.		25,800		1,799,034
Westlake Chemical Corp.		22,743		1,960,902
				3,759,936
Fertilizers & Agricultural Chemicals — 1.7%
CF Industries Holdings, Inc.		17,159		3,446,042
Forest Products — 0.7%
Louisiana-Pacific Corp. (2)		71,360		1,496,419
Total Materials				8,702,397
Telecommunication Services — 5.2%
Integrated Telecommunication Services — 2.9%
Verizon Communications, Inc. (1)		129,158		6,009,722
Wireless Telecommunication Services — 2.3%
Crown Castle International Corp. (2)		21,652		1,511,309
SBA Communications Corp., Class A (1)(2)		45,791		3,256,656
				4,767,965
Total Telecommunication Services				10,777,687
Total Common Stocks (identified cost $173,675,593)				205,074,806

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

10

BMO Funds

Large-Cap Growth Fund (continued)

Description	Shares		Value
Short-Term Investments — 16.8%
Collateral Pool Investments for Securities on Loan — 15.5%
Collateral pool allocation (12)				$  32,035,921
Mutual Funds — 1.3%
BMO Prime Money Market Fund, Class I, 0.070% (10)		2,789,837		2,789,837
Total Short-Term Investments (identified cost $34,825,758)				34,825,758
Total Investments — 115.4% (identified cost $208,501,351)				239,900,564
Other Assets and Liabilities — (15.4)%				(31,991,401	)
Total Net Assets — 100.0%				$207,909,163

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	13.7%
Consumer Staples	9.5
Energy	2.7
Financials	7.3
Healthcare	12.7
Industrials	12.6
Information Technology	30.7
Materials	4.2
Telecommunication Services	5.2
Other Assets & Liabilities, Net	1.4
Total	100.0%

Mid-Cap Value Fund

Description	Shares		Value
Common Stocks — 94.3%
Consumer Discretionary — 12.8%
Advertising — 2.0%
The Interpublic Group of Cos., Inc.		398,500		$  5,092,830
Apparel Retail — 1.2%
Guess?, Inc. (1)		110,400		3,056,976
Auto Parts & Equipment — 1.9%
Visteon Corp. (2)		86,500		5,041,220
Automotive Retail — 1.7%
Advance Auto Parts, Inc.		57,700		4,404,818
Catalog Retail — 1.5%
Liberty Interactive Corp. (2)		188,500		3,935,880
Department Stores — 1.8%
Kohl’s Corp. (1)		100,400		4,628,440
Leisure Products — 1.2%
Hasbro, Inc. (1)		80,000		3,201,600
Specialty Stores — 1.5%
Staples, Inc. (1)		288,620		3,804,012
Total Consumer Discretionary				33,165,776
Consumer Staples — 4.0%
Agricultural Products — 1.4%
Darling International, Inc. (1)(2)		225,450		3,762,761

Description	Shares		Value
Common Stocks (continued)
Consumer Staples (continued)
Food Retail — 1.6%
Kroger Co.		138,900		$  4,057,269
Packaged Foods & Meats — 1.0%
ConAgra Foods, Inc.		76,900		2,623,059
Total Consumer Staples				10,443,089
Energy — 9.6%
Oil & Gas-Drilling — 1.6%
Helmerich & Payne, Inc. (1)		62,200		4,121,372
Oil & Gas-Equipment & Services — 1.4%
Oil States International, Inc. (1)(2)		50,500		3,845,575
Oil & Gas-Exploration & Production — 6.6%
Cimarex Energy Co.		78,900		5,310,759
EQT Corp.		64,500		4,069,305
Noble Energy, Inc.		28,450		3,153,113
QEP Resources, Inc. (1)		149,600		4,556,816
				17,089,993
Total Energy				25,056,940
Financials — 21.2%
Asset Management & Custody Banks — 3.1%
Ameriprise Financial, Inc. (1)		56,700		3,891,321
Invesco, Ltd.		154,000		4,125,660
				8,016,981
Consumer Finance — 2.3%
Discover Financial Services		150,700		5,806,471
Diversified Banks — 1.4%
Comerica, Inc.		104,900		3,606,462
Investment Banking & Brokerage — 0.9%
TD Ameritrade Holding Corp. (1)		127,600		2,425,676
Property & Casualty Insurance — 1.6%
Axis Capital Holdings, Ltd.		104,100		4,239,993
Regional Banks — 4.8%
East West Bancorp, Inc. (1)		163,900		4,031,940
Fifth Third Bancorp (1)		344,110		5,450,702
First Niagara Financial Group, Inc.		352,300		2,881,814
				12,364,456
Reinsurance — 2.6%
PartnerRe, Ltd.		36,900		3,292,956
Reinsurance Group of America, Inc.		59,800		3,438,500
				6,731,456
Residential REIT’s — 2.9%
Camden Property Trust (1)		54,800		3,788,872
UDR, Inc. (1)		160,000		3,817,600
				7,606,472
Retail REIT’s — 1.6%
The Macerich Co. (1)		68,400		4,111,524
Total Financials				54,909,491
Healthcare — 8.3%
Healthcare Distributors — 2.0%
AmerisourceBergen Corp. (1)		109,000		5,144,800
Healthcare Equipment — 1.2%
Hologic, Inc. (1)(2)		148,910		3,250,705
Healthcare Services — 1.0%
DaVita HealthCare Partners, Inc. (2)		21,200		2,535,944
Life Sciences Tools & Services — 1.8%
Bruker Corp. (2)		264,500		4,639,330
Managed Healthcare — 2.3%
Cigna Corp.		102,900		6,015,534
Total Healthcare				21,586,313

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

11

February 28, 2013 (Unaudited)

Schedule of Investments

Mid-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Industrials — 12.6%
Aerospace & Defense — 2.4%
L-3 Communications Holdings, Inc.		48,900		$  3,729,603
Spirit Aerosystems Holdings, Inc., Class A (2)		150,100		2,613,241
				6,342,844
Construction & Engineering — 2.5%
Fluor Corp.		62,300		3,856,370
Jacobs Engineering Group, Inc. (1)(2)		52,500		2,564,100
				6,420,470
Environmental & Facilities Services — 1.7%
Republic Services, Inc. (1)		136,500		4,291,560
Human Resource & Employment Services — 1.7%
Manpower, Inc. (1)		79,500		4,340,700
Industrial Machinery — 4.3%
Dover Corp.		48,300		3,542,805
Eaton Corp. PLC (1)		61,800		3,829,746
Xylem, Inc.		140,850		3,873,375
				11,245,926
Total Industrials				32,641,500
Information Technology — 12.4%
Communications Equipment — 1.6%
InterDigital, Inc. (1)		93,380		4,146,072
Computer Storage & Peripherals — 3.3%
Lexmark International, Inc., Class A		138,200		3,043,164
NetApp, Inc. (2)		98,600		3,335,638
Seagate Technology PLC (1)		70,900		2,280,144
				8,658,946
Data Processing & Outsourced Services — 1.7%
Western Union Co.		309,000		4,335,270
Home Entertainment Software — 1.6%
Electronic Arts, Inc. (1)(2)		231,000		4,049,430
Office Electronics — 1.3%
Xerox Corp.		400,200		3,245,622
Systems Software — 1.5%
Check Point Software Technologies, Ltd. (1)(2)		75,300		3,954,003
Technology Distributors — 1.4%
Ingram Micro, Inc. (2)		198,100		3,736,166
Total Information Technology				32,125,509
Materials — 6.5%
Metal & Glass Containers — 1.4%
Ball Corp.		81,800		3,632,738
Paper Products — 1.8%
International Paper Co.		104,400		4,594,644
Specialty Chemicals — 1.7%
W.R. Grace & Co. (2)		63,400		4,538,172
Steel — 1.6%
Reliance Steel & Aluminum Co.		63,000		4,195,170
Total Materials				16,960,724
Telecommunication Services — 1.2%
Integrated Telecommunication Services — 1.2%
CenturyLink, Inc. (1)		89,246		3,094,159
Utilities — 5.7%
Electric Utilities — 3.1%
Edison International		96,400		4,630,092

Description	Shares		Value
Common Stocks (continued)
Utilities (continued)
Electric Utilities (continued)
Great Plains Energy, Inc.		159,800		$    3,488,434
				8,118,526
Multi-Utilities — 2.6%
CMS Energy Corp. (1)		147,200		3,916,992
Sempra Energy (1)		34,800		2,706,048
				6,623,040
Total Utilities				14,741,566
Total Common Stocks (identified cost $189,825,957)				244,725,067
Short-Term Investments — 28.5%
Collateral Pool Investments for Securities on Loan — 22.8%
Collateral pool allocation (12)				59,226,416
Mutual Funds — 5.7%
BMO Prime Money Market Fund, Class I, 0.070% (10)		14,697,889		14,697,889
Total Short-Term Investments (identified cost $73,924,305)				73,924,305
Total Investments — 122.8% (identified cost $263,750,262)				318,649,372
Other Assets and Liabilities — (22.8)%				(59,113,216	)
Total Net Assets — 100.0%				$259,536,156

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	12.8%
Consumer Staples	4.0
Energy	9.6
Financials	21.2
Healthcare	8.3
Industrials	12.6
Information Technology	12.4
Materials	6.5
Telecommunication Services	1.2
Utilities	5.7
Other Assets & Liabilities, Net	5.7
Total	100.0%

Mid-Cap Growth Fund

Description	Shares		Value
Common Stocks — 97.2%
Consumer Discretionary — 16.7%
Apparel Retail — 0.9%
Urban Outfitters, Inc. (1)(2)		52,800		$2,139,456
Apparel, Accessories & Luxury Goods — 2.5%
PVH Corp. (1)		27,770		3,383,774
VF Corp.		17,900		2,886,554
				6,270,328
Automotive Retail — 0.9%
O’Reilly Automotive, Inc. (2)		20,670		2,102,966
Broadcasting — 1.3%
Discovery Communications, Inc., Class A (1)(2)		44,500		3,263,185

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

12

BMO Funds

Mid-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Casinos & Gaming — 0.5%
MGM Resorts International (1)(2)		106,800		$  1,333,932
Department Stores — 2.1%
Macy’s, Inc.		78,300		3,218,130
Nordstrom, Inc. (1)		38,100		2,065,782
				5,283,912
Distributors — 1.0%
LKQ Corp. (1)(2)		115,500		2,447,445
General Merchandise Stores — 0.8%
Dollar Tree, Inc. (2)		46,000		2,078,510
Hotels, Resorts & Cruise Lines — 2.7%
Marriott International, Inc., Class A		74,200		2,927,190
Wyndham Worldwide Corp.		60,700		3,656,568
				6,583,758
Movies & Entertainment — 1.6%
Lions Gate Entertainment Corp. (1)(2)		187,800		3,938,166
Restaurants — 1.2%
Dunkin’ Brands Group, Inc. (1)		80,860		3,003,949
Specialty Stores — 1.2%
Dick’s Sporting Goods, Inc.		60,600		3,030,000
Total Consumer Discretionary				41,475,607
Consumer Staples — 2.5%
Packaged Foods & Meats — 1.7%
Hershey Co.		26,600		2,216,844
The Hain Celestial Group, Inc. (1)(2)		39,400		2,157,150
				4,373,994
Soft Drinks — 0.8%
Fomento Economico Mexicano, SAB de C.V., ADR (1)		17,100		1,910,754
Total Consumer Staples				6,284,748
Energy — 10.2%
Oil & Gas-Drilling — 3.6%
Unit Corp. (1)(2)		195,119		8,874,012
Oil & Gas-Exploration & Production — 6.6%
Advantage Oil & Gas, Ltd. (2)		564,400		1,738,352
Energen Corp.		26,400		1,220,736
Laredo Petroleum Holdings, Inc. (1)(2)		266,610		4,569,695
LinnCo, LLC (1)		93,300		3,635,901
PDC Energy, Inc. (1)(2)		113,300		5,284,312
				16,448,996
Total Energy				25,323,008
Financials — 8.5%
Asset Management & Custody Banks — 4.5%
American Capital, Ltd. (2)		658,261		9,202,489
Ameriprise Financial, Inc.		29,200		2,003,996
				11,206,485
Real Estate Services — 0.7%
Jones Lang LaSalle, Inc. (1)		16,000		1,546,240
Residential REIT’s — 1.0%
American Campus Communities, Inc.		55,875		2,525,550

Description	Shares		Value
Common Stocks (continued)
Financials (continued)
Specialized REIT’s — 2.3%
American Tower Corp.		23,100		$  1,792,560
Host Hotels & Resorts, Inc.		108,900		1,815,363
Pebblebrook Hotel Trust (1)		85,500		2,044,305
				5,652,228
Total Financials				20,930,503
Healthcare — 14.3%
Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc. (2)		36,900		3,200,706
ARIAD Pharmaceuticals, Inc. (1)(2)		87,600		1,842,228
				5,042,934
Healthcare Equipment — 0.9%
Edwards Lifesciences Corp. (1)(2)		25,275		2,171,881
Healthcare Facilities — 0.5%
HealthSouth Corp. (1)(2)		55,400		1,336,248
Healthcare Services — 2.7%
Catamaran Corp. (1)(2)		65,500		3,518,005
MEDNAX, Inc. (1)(2)		38,300		3,279,246
				6,797,251
Healthcare Technology — 1.5%
Cerner Corp. (1)(2)		41,800		3,655,828
Life Sciences Tools & Services — 2.0%
Mettler-Toledo International, Inc. (1)(2)		9,500		2,021,600
PerkinElmer, Inc. (1)		83,500		2,853,195
				4,874,795
Pharmaceuticals — 4.7%
Actavis, Inc. (2)		39,600		3,372,336
Mylan, Inc. (1)(2)		101,400		3,002,454
Shire PLC, ADR		18,900		1,770,174
Valeant Pharmaceuticals International, Inc. (1)(2)		51,233		3,456,178
				11,601,142
Total Healthcare				35,480,079
Industrials — 24.5%
Aerospace & Defense — 1.5%
Triumph Group, Inc.		50,700		3,721,887
Building Products — 0.9%
Fortune Brands Home & Security, Inc. (2)		67,100		2,318,305
Construction & Engineering — 1.9%
Chicago Bridge & Iron Co. NV		51,900		2,781,321
Fluor Corp.		31,200		1,931,280
				4,712,601
Electrical Components & Equipment — 3.1%
AMETEK, Inc.		74,925		3,134,113
Rockwell Automation, Inc.		18,300		1,653,222
Roper Industries, Inc. (1)		23,800		2,965,718
				7,753,053
Industrial Conglomerates — 0.9%
Tyco International, Ltd.		70,200		2,247,102
Industrial Machinery — 2.5%
IDEX Corp. (1)		42,400		2,159,432
Snap-on, Inc.		33,500		2,689,045
Timken Co. (1)		25,200		1,368,864
				6,217,341

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

13

February 28, 2013 (Unaudited)

Schedule of Investments

Mid-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Industrials (continued)
Railroads — 2.2%
Genesee & Wyoming, Inc., Class A (2)		26,500		$  2,372,280
Kansas City Southern		29,250		3,011,872
				5,384,152
Research & Consulting Services — 6.7%
Acacia Research Corp. (2)		315,800		8,829,768
Equifax, Inc.		38,500		2,122,120
Nielsen Holdings NV (2)		63,700		2,146,053
Verisk Analytics, Inc., Class A (2)		61,700		3,610,684
				16,708,625
Security & Alarm Services — 0.9%
The ADT Corp.		44,050		2,109,555
Trading Companies & Distributors — 1.7%
MSC Industrial Direct Co., Inc., Class A (1)		17,900		1,527,228
United Rentals, Inc. (1)(2)		49,700		2,654,477
				4,181,705
Trucking — 2.2%
Hertz Global Holdings, Inc. (1)(2)		159,200		3,176,040
J.B. Hunt Transport Services, Inc. (1)		32,900		2,287,208
				5,463,248
Total Industrials				60,817,574
Information Technology — 16.6%
Application Software — 4.3%
Ebix, Inc.		470,600		7,543,718
Intuit, Inc. (1)		47,600		3,069,248
				10,612,966
Communications Equipment — 0.6%
Riverbed Technology, Inc. (1) (2)		94,900		1,450,072
Consulting & Other Services — 1.7%
Cognizant Technology Solutions Corp., Class A (2)		28,200		2,164,914
Teradata Corp. (1) (2)		33,900		1,968,234
				4,133,148
Data Processing & Outsourced Services — 4.7%
Alliance Data Systems Corp. (1) (2)		20,600		3,269,014
FleetCor Technologies, Inc. (1) (2)		41,300		2,883,153
Total System Services, Inc.		132,200		3,141,072
Vantiv, Inc., Class A (1) (2)		107,300		2,334,848
				11,628,087
Electronic Components — 1.5%
Amphenol Corp., Class A		54,500		3,861,870
Internet Software & Services — 0.8%
Rackspace Hosting, Inc. (1) (2)		38,100		2,128,266
Semiconductors — 0.9%
Broadcom Corp., Class A		64,700		2,206,917
Systems Software — 2.1%
Check Point Software Technologies, Ltd. (1) (2)		61,200		3,213,612
Red Hat, Inc. (1) (2)		39,400		2,001,914
				5,215,526
Total Information Technology				41,236,852

Description	Shares or Warrants		Value
Common Stocks (continued)
Materials — 2.6%
Diversified Chemicals — 0.8%
FMC Corp.		35,200		$      2,121,152
Specialty Chemicals — 0.8%
Celanese Corp.		40,100		1,878,685
Steel — 1.0%
Carpenter Technology Corp. (1)		50,200		2,370,946
Total Materials				6,370,783
Telecommunication Services — 1.3%
Wireless Telecommunication Services — 1.3%
Crown Castle International Corp. (1)(2)		44,700		3,120,060
Total Common Stocks (identified cost $170,629,145)				241,039,214
Warrants — 0.0%
Magnum Hunter Resource Corp., Exercise Price: $10.50, 10/14/2013 (1)(2)		38,880		—
Total Warrants (identified cost $0)				—
Short-Term Investments — 32.4%
Collateral Pool Investments for Securities on Loan — 29.6%
Collateral pool allocation (12)				73,335,803
Mutual Funds — 2.8%
BMO Prime Money Market Fund, Class I, 0.070% (10)		7,064,000		7,064,000
Total Short-Term Investments (identified cost $80,399,803)				80,399,803
Total Investments — 129.6% (identified cost $251,028,948)				321,439,017
Other Assets and Liabilities — (29.6)%				(73,405,360	)
Total Net Assets — 100.0%				$248,033,657

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	16.7%
Consumer Staples	2.5
Energy	10.2
Financials	8.5
Healthcare	14.3
Industrials	24.5
Information Technology	16.6
Materials	2.6
Telecommunication Services	1.3
Warrants	0.0
Other Assets & Liabilities, Net	2.8
Total	100.0%

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

14

BMO Funds

Small-Cap Value Fund

Description	Shares		Value
Common Stocks — 90.6%
Consumer Discretionary — 12.8%
Apparel Retail — 4.1%
Aeropostale, Inc. (2)		56,600		$   736,932
Guess?, Inc. (1)		24,150		668,714
The Finish Line, Inc., Class A		25,120		454,923
				1,860,569
Broadcasting — 1.6%
Sinclair Broadcast Group, Inc., Class A		53,091		747,521
Department Stores — 1.1%
Dillard’s, Inc., Class A (1)		6,350		505,968
Home Improvement Retail — 0.7%
Tile Shop Holdings, Inc. (1)(2)		17,000		299,710
Household Appliances — 1.2%
Helen of Troy, Ltd. (1)(2)		15,030		557,312
Publishing — 1.6%
Valassis Communications, Inc. (1)		25,940		713,091
Restaurants — 1.1%
Bob Evans Farms, Inc.		12,520		509,564
Specialized Consumer Services — 1.4%
Steiner Leisure, Ltd. (1)(2)		13,100		617,665
Total Consumer Discretionary				5,811,400
Consumer Staples — 1.4%
Agricultural Products — 1.4%
Darling International, Inc. (1)(2)		38,620		644,568
Energy — 7.6%
Coal & Consumable Fuels — 0.9%
Cloud Peak Energy, Inc. (1)(2)		23,400		401,076
Oil & Gas-Drilling — 1.1%
Atwood Oceanics, Inc. (1)(2)		10,050		514,058
Oil & Gas-Equipment & Services — 2.5%
Gulfmark Offshore, Inc., Class A (1)		10,400		371,488
Helix Energy Solutions Group, Inc. (1)(2)		26,880		629,261
Matrix Service Co. (2)		7,500		116,700
				1,117,449
Oil & Gas-Exploration & Production — 3.1%
Berry Petroleum Co., Class A (1)		11,100		508,047
Bill Barrett Corp. (1)(2)		19,060		344,033
Forest Oil Corp. (1)(2)		44,650		258,970
Matador Resources Co. (1)(2)		39,930		311,853
				1,422,903
Total Energy				3,455,486
Financials — 23.4%
Asset Management & Custody Banks — 0.9%
Fifth Street Finance Corp. (1)		37,560		401,892
Consumer Finance — 1.1%
Nelnet, Inc., Class A		14,900		494,382
Diversified Capital Markets — 2.9%
Encore Capital Group, Inc. (1)(2)		26,400		780,120
HFF, Inc., Class A (1)		29,790		546,944
				1,327,064
Life & Health Insurance — 1.2%
American Equity Investment Life Holding Co. (1)		39,570		549,232
Office REIT’s — 1.4%
CoreSite Realty Corp. (1)		19,360		627,264

Description	Shares		Value
Common Stocks (continued)
Financials (continued)
Property & Casualty Insurance — 1.2%
Tower Group, Inc. (1)		30,050		$     560,432
Regional Banks — 6.7%
BBCN Bancorp, Inc. (1)		40,600		502,628
Hancock Holding Co.		20,800		628,160
PrivateBancorp, Inc.		36,500		653,715
SCBT Financial Corp. (1)		12,610		600,488
Susquehanna Bancshares, Inc. (1)		51,060		593,828
Western Alliance Bancorp (2)		5,100		67,830
				3,046,649
Reinsurance — 3.8%
Enstar Group, Ltd. (1)(2)		4,760		596,619
Maiden Holdings, Ltd. (1)		65,400		659,232
Montpelier Re Holdings, Ltd.		20,420		504,782
				1,760,633
Residential REIT’s — 1.5%
Mid-America Apartment Communities, Inc. (1)		9,730		675,651
Specialized REIT’s — 1.2%
LaSalle Hotel Properties (1)		22,220		564,166
Thrifts & Mortgage Finance — 1.5%
Ocwen Financial Corp. (1)(2)		17,100		674,082
Total Financials				10,681,447
Healthcare — 8.4%
Healthcare Services — 1.4%
BioScrip, Inc. (1)(2)		58,940		645,393
Healthcare Technology — 1.5%
MedAssets, Inc. (1)(2)		37,070		684,683
Life Sciences Tools & Services — 4.1%
Bio-Rad Laboratories, Inc., Class A (1)(2)		5,600		689,920
Bruker Corp. (2)		44,870		787,019
PAREXEL International Corp. (1)(2)		11,500		398,935
				1,875,874
Pharmaceuticals — 1.4%
Impax Laboratories, Inc. (1)(2)		31,530		625,240
Total Healthcare				3,831,190
Industrials — 14.9%
Aerospace & Defense — 1.4%
Moog, Inc., Class A (1)(2)		14,200		638,432
Commercial Printing — 0.9%
Deluxe Corp. (1)		10,700		424,576
Construction & Engineering — 2.5%
Aegion Corp. (1)(2)		21,500		516,645
EMCOR Group, Inc. (1)		16,100		620,977
				1,137,622
Construction & Farm Machinery & Heavy Trucks — 1.0%
Titan International, Inc. (1)		21,400		451,754
Electrical Components & Equipment — 1.0%
Belden, Inc.		8,900		448,204
Industrial Machinery — 4.7%
Actuant Corp., Class A (1)		13,830		420,570
Altra Holdings, Inc.		21,160		544,659
Flow International Corp. (2)		111,138		412,322
Kadant, Inc. (2)		11,724		287,824
LB Foster Co., Class A (1)		10,750		474,720
				2,140,095

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

15

February 28, 2013 (Unaudited)

Schedule of Investments

Small-Cap Value Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Industrials (continued)
Office Services & Supplies — 1.2%
Sykes Enterprises, Inc. (1)(2)		37,140		$     551,900
Research & Consulting Services — 0.9%
FTI Consulting, Inc. (1) (2)		11,400		396,036
Trading Companies & Distributors — 1.3%
Rush Enterprises, Inc., Class A (1)(2)		23,900		585,550
Total Industrials				6,774,169
Information Technology — 14.1%
Communications Equipment — 1.7%
InterDigital, Inc. (1)		17,430		773,892
Computer Storage & Peripherals — 2.4%
Datalink Corp. (2)		47,053		488,410
Immersion Corp. (1)(2)		25,820		172,736
Lexmark International, Inc., Class A		20,850		459,117
				1,120,263
Data Processing & Outsourced Services — 2.6%
CSG Systems International, Inc. (2)		24,340		472,439
MoneyGram International, Inc. (1)(2)		43,846		710,744
				1,183,183
Home Entertainment Software — 1.4%
Electronic Arts, Inc. (1)(2)		35,450		621,439
Internet Software & Services — 0.5%
EarthLink, Inc.		38,830		225,602
Semiconductor Equipment — 1.1%
Tessera Technologies, Inc.		28,460		507,726
Semiconductors — 1.9%
CEVA, Inc. (1)(2)		31,800		481,134
Lattice Semiconductor Corp. (1)(2)		81,700		382,356
				863,490
Technology Distributors — 2.5%
Ingram Micro, Inc. (1)(2)		24,760		466,974
SYNNEX Corp. (1)(2)		17,720		675,663
				1,142,637
Total Information Technology				6,438,232
Materials — 6.0%
Paper Packaging — 1.7%
Graphic Packaging Holding Co. (1)(2)		100,950		749,049
Paper Products — 1.6%
KapStone Paper and Packaging Corp. (1)		27,620		735,797
Specialty Chemicals — 2.7%
Innophos Holdings, Inc. (1)		11,360		554,709
W.R. Grace & Co. (2)		9,700		694,326
				1,249,035
Total Materials				2,733,881
Utilities — 2.0%
Electric Utilities — 2.0%
Great Plains Energy, Inc.		18,740		409,094
Portland General Electric Co.		16,930		502,652
Total Utilities				911,746
Total Common Stocks (identified cost $35,937,904)				41,282,119
Short-Term Investments — 51.5%
Collateral Pool Investments for Securities on Loan — 43.5%
Collateral pool allocation (12)				19,814,384

Description	Shares		Value
Short-Term Investments (continued)
Mutual Funds — 8.0%
BMO Prime Money Market Fund, Class I, 0.070% (10)		3,651,999		$   3,651,999
Total Short-Term Investments (identified cost $23,466,383)				23,466,383
Total Investments — 142.1% (identified cost $59,404,287)				64,748,502
Other Assets and Liabilities — (42.1)%				(19,187,805	)
Total Net Assets — 100.0%				$45,560,697

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	12.8%
Consumer Staples	1.4
Energy	7.6
Financials	23.4
Healthcare	8.4
Industrials	14.9
Information Technology	14.1
Materials	6.0
Utilities	2.0
Other Assets & Liabilities, Net	9.4
Total	100.0%

Small-Cap Growth Fund

Description	Shares		Value
Common Stocks — 97.1%
Consumer Discretionary — 13.4%
Apparel Retail — 0.8%
Chico’s FAS, Inc. (1)		272,700		$  4,630,446
Apparel, Accessories & Luxury Goods — 0.9%
Tumi Holdings, Inc. (1)(2)		246,800		5,834,352
Automotive Retail — 1.7%
Lithia Motors, Inc., Class A (1)		130,702		5,371,852
Sonic Automotive, Inc., Class A		215,500		4,814,270
				10,186,122
Broadcasting — 0.7%
Sinclair Broadcast Group, Inc., Class A		285,200		4,015,616
Home Improvement Retail — 0.7%
Tile Shop Holdings, Inc. (1)(2)		230,700		4,067,241
Internet Retail — 2.6%
Blue Nile, Inc. (1)(2)		286,700		9,727,731
HomeAway, Inc. (1)(2)		214,400		6,324,800
				16,052,531
Leisure Products — 2.1%
Arctic Cat, Inc. (1)(2)		360,000		13,078,800
Movies & Entertainment — 1.8%
Lions Gate Entertainment Corp. (1)(2)		538,750		11,297,588
Restaurants — 1.7%
Biglari Holdings, Inc. (2)		19,030		7,124,451
Ignite Restaurant Group, Inc. (1)(2)		224,900		3,157,596
				10,282,047

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

16

BMO Funds

Small-Cap Growth Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Specialized Consumer Services — 0.4%
LifeLock, Inc. (1)(2)		223,860		$  2,607,969
Total Consumer Discretionary				82,052,712
Consumer Staples — 1.3%
Food Retail — 0.5%
Fresh Market, Inc. (1)(2)		62,800		2,927,736
Packaged Foods & Meats — 0.8%
The Hain Celestial Group, Inc. (1)(2)		96,900		5,305,275
Total Consumer Staples				8,233,011
Energy — 11.6%
Oil & Gas-Drilling — 3.5%
Unit Corp. (1)(2)		464,331		21,117,774
Oil & Gas-Exploration & Production — 8.1%
Advantage Oil & Gas, Ltd. (1)(2)		2,935,200		9,040,416
Approach Resources, Inc. (1)(2)		412,200		10,201,950
Laredo Petroleum Holdings, Inc. (1)(2)		292,595		5,015,078
LinnCo, LLC (1)		90,600		3,530,682
Lone Pine Resources, Inc. (2)		1,111,800		1,145,154
Magnum Hunter Resources Corp. (1)(2)		1,580,500		6,116,535
PDC Energy, Inc. (1)(2)		274,710		12,812,474
Penn Virginia Corp.		475,800		1,936,506
				49,798,795
Total Energy				70,916,569
Financials — 13.0%
Asset Management & Custody Banks — 8.9%
American Capital, Ltd. (2)		1,649,900		23,065,602
ICG Group, Inc. (1)(2)		1,079,200		14,061,976
Safeguard Scientifics, Inc. (1)(2)(10)		1,163,700		17,618,418
				54,745,996
Multi-Sector Holdings — 2.1%
Pico Holdings, Inc. (2)		597,800		12,858,678
Specialized REIT’s — 2.0%
LaSalle Hotel Properties (1)		267,500		6,791,825
Summit Hotel Properties, Inc.		559,900		5,375,040
				12,166,865
Total Financials				79,771,539
Healthcare — 15.9%
Healthcare Equipment — 3.8%
ABIOMED, Inc. (1)(2)		175,800		2,819,832
DexCom, Inc. (1)(2)		412,000		6,151,160
Insulet Corp. (1)(2)		231,900		5,233,983
NxStage Medical, Inc. (1)(2)		172,680		1,937,470
Thoratec Corp. (1)(2)		143,500		5,052,635
Volcano Corp. (1)(2)		111,500		2,412,860
				23,607,940
Healthcare Facilities — 2.6%
Acadia Healthcare Co., Inc. (1)(2)		258,300		7,030,926
Emeritus Corp. (1)(2)		190,600		5,430,194
HealthSouth Corp. (1)(2)		139,000		3,352,680
				15,813,800

Description	Shares		Value
Common Stocks (continued)
Healthcare (continued)
Healthcare Services — 1.9%
HMS Holdings Corp. (1)(2)		128,500		$    3,725,215
MEDNAX, Inc. (1)(2)		90,400		7,740,048
				11,465,263
Healthcare Supplies — 0.3%
OraSure Technologies, Inc. (2)		325,400		1,809,224
Life Sciences Tools & Services — 2.4%
ICON PLC ADR (1)(2)		220,600		6,873,896
PAREXEL International Corp. (1)(2)		225,200		7,812,188
				14,686,084
Managed Healthcare — 0.8%
Centene Corp. (1)(2)		116,400		5,240,328
Pharmaceuticals — 4.1%
Akorn, Inc. (1) (2)		532,755		7,352,019
Jazz Pharmaceuticals PLC (1)(2)		154,700		9,000,446
Pacira Pharmaceuticals, Inc. (1)(2)		235,600		5,150,216
Salix Pharmaceuticals, Ltd. (1)(2)		73,500		3,590,475
				25,093,156
Total Healthcare				97,715,795
Industrials — 18.8%
Aerospace & Defense — 3.8%
BE Aerospace, Inc. (2)		128,200		6,744,602
Hexcel Corp. (1)(2)		275,000		7,493,750
Triumph Group, Inc.		124,600		9,146,886
				23,385,238
Air Freight & Logistics — 0.7%
Hub Group, Inc., Class A (1)(2)		108,800		4,105,024
Building Products — 0.5%
Lennox International, Inc. (1)		58,100		3,431,967
Construction & Engineering — 2.0%
Chicago Bridge & Iron Co. NV		125,900		6,746,981
Foster Wheeler AG (2)		220,900		5,314,854
				12,061,835
Construction & Farm Machinery & Heavy Trucks — 0.7%
The Manitowoc Co., Inc. (1)		228,400		4,229,968
Diversified Support Services — 0.5%
Healthcare Services Group, Inc. (1)		118,300		2,851,030
Human Resource & Employment Services — 1.0%
On Assignment, Inc. (1)(2)		282,800		6,182,008
Industrial Machinery — 2.6%
Actuant Corp., Class A (1)		153,300		4,661,853
Altra Holdings, Inc.		132,611		3,413,407
Mueller Industries, Inc.		57,100		3,036,578
Trimas Corp. (1)(2)		169,200		4,854,348
				15,966,186
Research & Consulting Services — 4.7%
Acacia Research Corp. (1)(2)		909,100		25,418,436
Advisory Board Co. (1)(2)		73,900		3,754,859
				29,173,295
Trading Companies & Distributors — 2.3%
MSC Industrial Direct Co., Inc., Class A (1)		42,800		3,651,696
United Rentals, Inc. (1)(2)		120,500		6,435,905
Watsco, Inc.		51,500		4,010,305
				14,097,906
Total Industrials				115,484,457

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

17

February 28, 2013 (Unaudited)

Schedule of Investments

Small-Cap Growth Fund (continued)

Description	Shares or Warrants		Value
Common Stocks (continued)
Information Technology — 21.6%
Application Software — 7.3%
ACI Worldwide, Inc. (1)(2)		98,400		$    4,507,704
Aspen Technology, Inc. (1)(2)		299,500		9,212,620
Ebix, Inc. (1)		1,204,150		19,302,524
NICE Systems, Ltd. (1)(2)		162,700		5,744,937
Tangoe, Inc. (1)(2)		419,900		5,740,033
				44,507,818
Communications Equipment — 1.7%
Aruba Networks, Inc. (1)(2)		232,200		5,786,424
CalAmp Corp. (1)(2)		439,100		4,808,145
				10,594,569
Computer Storage & Peripherals — 0.3%
Electronics for Imaging, Inc. (1)(2)		85,100		1,962,406
Consulting & Other Services — 0.4%
MAXIMUS, Inc. (1)		35,100		2,554,578
Data Processing & Outsourced Services — 2.0%
Cardtronics, Inc. (1)(2)		300,200		7,913,272
ExlService Holdings, Inc. (1)(2)		136,100		4,119,747
				12,033,019
Internet Software & Services — 4.8%
Angie’s List, Inc. (1)(2)		807,950		13,783,627
Global Eagle Entertainment, Inc. (1)(2)		1,463,196		14,266,161
Rackspace Hosting, Inc. (1)(2)		31,000		1,731,660
				29,781,448
Semiconductors — 1.2%
CEVA, Inc. (1)(2)		210,000		3,177,300
Microsemi Corp. (1)(2)		213,800		4,410,694
				7,587,994
Systems Software — 3.9%
AVG Technologies (1)(2)		948,898		14,897,699
FleetMatics Group PLC (1)(2)		163,150		3,874,813
Proofpoint, Inc. (1)(2)		351,130		4,908,797
				23,681,309
Total Information Technology				132,703,141
Telecommunication Services — 1.5%
Alternative Carriers — 1.5%
8x8, Inc. (1)(2)		415,400		2,513,170
inContact, Inc. (1)(2)		968,900		6,578,831
Total Telecommunication Services				9,092,001
Total Common Stocks (identified cost $490,104,564)				595,969,225
Warrants — 0.0%
Magnum Hunter Resource Corp., Exercise Price: $10.50, 10/14/2013 (1)(2)		80,820		—
Total Warrants (identified cost $0)				—
Short-Term Investments — 47.8%
Collateral Pool Investments for Securities on Loan — 45.7%
Collateral pool allocation (12)				280,287,804

Description	Shares		Value
Short-Term Investments (continued)
Mutual Funds — 2.1%
BMO Prime Money Market Fund, Class I, 0.070% (10)		12,673,813		$   12,673,813
Total Short-Term Investments (identified cost $292,961,617)				292,961,617
Total Investments — 144.9% (identified cost $783,066,181)				888,930,842
Other Assets and Liabilities — (44.9)%				(275,409,019	)
Total Net Assets — 100.0%				$613,521,823

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	13.4%
Consumer Staples	1.3
Energy	11.6
Financials	13.0
Healthcare	15.9
Industrials	18.8
Information Technology	21.6
Telecommunication Services	1.5
Warrants	0.0
Other Assets & Liabilities, Net	2.9
Total	100.0%

Pyrford International Stock Fund

Description	Shares		Value
Common Stocks — 94.1%
Australia — 9.2%
Brambles, Ltd.		273,000		$  2,439,990
Computershare, Ltd.		206,000		2,142,063
Newcrest Mining, Ltd.		71,050		1,644,528
QBE Insurance Group, Ltd.		106,500		1,455,536
Rio Tinto, Ltd.		16,200		1,109,510
Telstra Corp., Ltd.		145,000		679,826
Woodside Petroleum, Ltd.		60,900		2,332,738
Woolworths, Ltd.		58,200		2,076,533
				13,880,724
Belgium — 3.1%
Belgacom SA		60,800		1,699,470
Colruyt SA		61,090		3,010,391
				4,709,861
Finland — 1.1%
Kone OYJ, Class B		20,760		1,680,399
France — 8.6%
Air Liquide SA		24,073		2,929,136
Legrand SA		54,380		2,500,116
Sanofi		35,880		3,399,873
Total SA		83,990		4,199,166
				13,028,291
Germany — 6.4%
Adidas AG		18,280		1,665,808
Brenntag AG		8,786		1,252,585
Deutsche Post AG		74,420		1,669,677
SAP AG		32,300		2,523,830
Symrise AG		32,160		1,219,497
Wincor Nixdorf AG		24,700		1,251,993
				9,583,390

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

18

BMO Funds

Pyrford International Stock Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Hong Kong — 7.7%
ASM Pacific Technology, Ltd.		182,600		$  2,415,643
China Mobile, Ltd.		204,500		2,251,831
CNOOC, Ltd.		1,368,000		2,691,691
Power Assets Holdings, Ltd.		253,000		2,260,676
VTech Holdings, Ltd.		174,800		2,021,708
				11,641,549
Ireland — 1.1%
CRH PLC		77,100		1,683,000
Israel — 1.3%
Bezeq Israeli Telecommunication Corp., Ltd.		462,480		592,771
Teva Pharmaceutical Industries, Ltd.		36,420		1,364,126
				1,956,897
Japan — 8.6%
KDDI Corp.		21,100		1,584,378
Makita Corp.		58,800		2,664,365
Mitsubishi Electric Corp.		246,000		2,003,776
Shin-Etsu Chemical Co., Ltd.		31,800		1,955,551
Sumitomo Rubber Industries, Ltd.		159,500		2,484,820
Toyota Tsusho Corp.		88,600		2,257,776
				12,950,666
Malaysia — 3.5%
Axiata Group Bhd		983,100		2,035,865
Lafarge Malayan Cement Bhd		265,400		838,150
Malayan Banking Bhd		781,000		2,312,296
Multi-Purpose Holdings Bhd		9,400		10,341
				5,196,652
Netherlands — 4.1%
Koninklijke Vopak NV		23,310		1,677,128
Reed Elsevier NV		162,710		2,472,638
Unilever NV		53,840		2,088,339
				6,238,105
Norway — 1.0%
Telenor ASA		67,030		1,443,188
Singapore — 4.8%
ComfortDelGro Corp., Ltd.		1,170,000		1,813,953
SembCorp Industries, Ltd.		257,000		1,097,812
Singapore Technologies Engineering, Ltd.		324,000		1,111,919
United Overseas Bank, Ltd.		116,000		1,787,209
Venture Corp., Ltd.		207,000		1,427,471
				7,238,364
Sweden — 2.2%
Atlas Copco AB, A Shares		62,670		1,821,746
Swedish Match AB		45,340		1,484,833
				3,306,579
Switzerland — 12.6%
Givaudan SA (2)		811		969,081
Nestle SA		67,780		4,736,573
Novartis AG		57,490		3,904,020
Panalpina Welttransport Holding AG (1)		10,580		1,116,358
Roche Holding AG		19,030		4,359,054
Schindler Holding AG		6,215		962,785

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Switzerland (continued)
Syngenta AG		2,160		$     917,418
Zurich Insurance Group AG (2)		7,260		1,986,760
				18,952,049
Taiwan — 2.6%
Advantech Co., Ltd.		267,400		1,189,787
Chunghwa Telecom Co., Ltd.		435,000		1,351,929
MediaTek, Inc.		126,000		1,416,446
				3,958,162
United Kingdom — 16.2%
BP PLC		248,000		1,676,850
British American Tobacco PLC		32,300		1,682,930
British Sky Broadcasting Group PLC		119,100		1,536,689
GlaxoSmithKline PLC		100,400		2,217,660
Legal & General Group PLC		792,100		1,923,850
National Grid PLC		147,400		1,631,258
Royal Dutch Shell PLC, A Shares		102,990		3,385,666
Royal Dutch Shell PLC, B Shares		68,700		2,317,362
SSE PLC		76,700		1,682,533
Tesco PLC		303,600		1,702,290
United Utilities Group PLC		149,900		1,675,981
Vodafone Group PLC		1,172,000		2,943,451
				24,376,520
Total Common Stocks (identified cost $125,595,200)				141,824,396
Preferred Stocks — 1.1%
Germany — 1.1%
Fuchs Petrolub AG		21,485		1,658,300
Total Preferred Stocks (identified cost $1,006,677)				1,658,300
Short-Term Investments — 13.4%
Collateral Pool Investments for Securities on Loan — 0.6%
Collateral pool allocation (12)				863,988
Repurchase Agreement — 12.8%
Agreement with Fixed Income Clearing Corp., 0.020%, dated 2/28/2013, to be repurchased at $19,258,592 on 3/1/2013, collateralized by a U.S. Treasury Obligation with a maturity of 10/31/2015, with a market value of $19,647,017 (at amortized cost)		$19,258,581		19,258,581
Total Short-Term Investments (identified cost $20,122,569)				20,122,569
Total Investments — 108.6% (identified cost $146,724,446)				163,605,265
Other Assets and Liabilities — (8.6)%				(12,955,387	)
Total Net Assets — 100.0%				$150,649,878

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

19

February 28, 2013 (Unaudited)

Schedule of Investments

Pyrford International Stock Fund (continued)

Industry Division

Industry	Value			% of Total Net Assets
Agriculture	$	3,167,763			2.1	%
Apparel		1,665,808			1.1
Auto Parts & Equipment		2,484,820			1.7
Banks		4,099,505			2.7
Building Materials		2,521,150			1.7
Chemicals		9,243,268			6.1
Commercial Services		2,439,990			1.6
Computers		4,583,842			3.0
Distribution/Wholesale		2,257,775			1.5
Electric		3,943,209			2.6
Electrical Components & Equipment		4,503,893			3.0
Electronics		1,427,471			1.0
Engineering & Construction		2,209,730			1.5
Food		13,614,127			9.0
Gas		1,631,258			1.1
Hand/Machine Tools		3,627,150			2.4
Holding Companies-Diversified		10,341			0.0
Insurance		5,366,147			3.6
Machinery-Construction & Mining		1,821,746			1.2
Machinery-Diversified		1,680,399			1.1
Media		4,009,327			2.7
Mining		2,754,038			1.8
Oil & Gas		16,603,472			11.0
Pharmaceuticals		15,244,734			10.1
Semiconductors		3,832,089			2.5
Software		2,523,830			1.7
Telecommunications		16,604,417			11.0
Transportation		6,277,116			4.2
Water		1,675,981			1.1
Total Common Stocks		141,824,396			94.1
Preferred Stocks		1,658,300			1.1
Collateral Pool Investments for Securities on Loan		863,988			0.6
Repurchase Agreement		19,258,581			12.8
Total Investments		163,605,265			108.6
Other Assets and Liabilities		(12,955,387	)		(8.6	)
Total Net Assets	$	150,649,878			100.0	%

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	5.4%
Consumer Staples	11.1
Energy	12.1
Financials	6.3
Healthcare	10.1
Industrials	17.3
Information Technology	9.6
Materials	8.8
Telecommunication Services	9.7
Utilities	4.8
Other Assets & Liabilities, Net	4.8
Total	100.0%

Lloyd George Emerging Markets Equity Fund

Description	Shares		Value
Common Stocks — 86.5%
Bermuda — 6.2%
Credicorp, Ltd.		14,700		$  2,204,706
Giordano International, Ltd.		1,716,000		1,725,824
Jardine Matheson Holdings, Ltd.		33,200		2,102,224
				6,032,754
Brazil — 4.6%
AES Tiete SA		151,800		1,388,088
CCR SA		164,400		1,648,651
Localiza Rent a Car SA		77,500		1,469,814
				4,506,553
Chile — 4.0%
Aguas Andinas SA, Class A		2,882,380		2,376,592
Banco Santander-Chile, ADR		53,351		1,550,380
				3,926,972
China — 1.2%
PetroChina Co., Ltd., Class H		844,000		1,160,070
Colombia — 1.0%
Ecopetrol SA, ADR		17,090		983,530
Czech Republic — 0.8%
CEZ AS		27,110		816,735
Hong Kong — 13.0%
China Mobile, Ltd.		208,000		2,290,371
CLP Holdings, Ltd.		126,500		1,090,376
CNOOC, Ltd.		825,000		1,623,279
SJM Holdings, Ltd.		959,000		2,386,495
Swire Pacific, Ltd.		545,000		1,342,191
Swire Properties, Ltd.		101,450		380,653
Television Broadcasts, Ltd.		298,800		2,276,946
VTech Holdings, Ltd.		117,700		1,361,299
				12,751,610
India — 4.2%
Ashok Leyland, Ltd.		2,078,690		853,942
Mahindra & Mahindra, Ltd.		93,500		1,504,627
Tata Consultancy Services, Ltd.		64,400		1,800,075
				4,158,644
Indonesia — 1.5%
Bank Mandiri Persero Tbk PT		1,443,904		1,501,654
Malaysia — 3.2%
Kuala Lumpur Kepong Bhd		179,400		1,203,933
Public Bank Bhd		374,500		1,950,963
				3,154,896
Mauritius — 1.3%
Golden Agri-Resources, Ltd.		2,507,000		1,315,851
Mexico — 4.7%
Bolsa Mexicana de Valores SAB de C.V.		416,400		1,016,163
Grupo Financiero Banorte SAB de C.V., Class O		273,700		2,024,144
Grupo Herdez SAB de C.V.		526,814		1,588,958
				4,629,265
Peru — 0.6%
Cia de Minas Buenaventura SA, ADR		22,600		579,012
Philippines — 5.4%
Philippine Long Distance Telephone Co.		37,885		2,720,713
Universal Robina Corp.		1,095,690		2,554,634
				5,275,347

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

20

BMO Funds

Lloyd George Emerging Markets Equity Fund (continued)

Description	Shares		Value
Common Stocks (continued)
Russia — 5.5%
LUKOIL OAO, ADR		23,380		$  1,508,010
NovaTek OAO, GDR		12,900		1,496,400
Sberbank of Russia		703,160		2,394,260
				5,398,670
Singapore — 4.0%
Jardine Cycle & Carriage, Ltd.		56,000		2,333,333
Parkson Retail Asia, Ltd.		1,278,000		1,620,204
				3,953,537
South Africa — 6.9%
African Bank Investments, Ltd.		248,700		794,569
Discovery, Ltd.		286,540		2,387,197
Foschini Group, Ltd.		130,810		1,553,427
Life Healthcare Group Holdings, Ltd.		548,140		2,052,241
				6,787,434
South Korea — 5.9%
Hyundai Marine & Fire Insurance Co., Ltd.		52,040		1,511,470
KT&G Corp.		29,920		2,133,146
Samsung Electronics Co., Ltd.		1,470		2,096,073
				5,740,689
Taiwan — 5.2%
Chunghwa Telecom Co., Ltd.		399,000		1,240,045
St. Shine Optical Co., Ltd.		68,000		1,171,288
Taiwan Semiconductor Manufacturing Co., Ltd.		748,839		2,637,779
				5,049,112
Thailand — 7.3%
Advanced Info Service PCL		203,000		1,385,177
Bangkok Bank PCL		400,226		3,121,090
Kasikornbank PCL		130,669		957,507
PTT PCL		133,900		1,638,306
				7,102,080
Total Common Stocks (identified cost $73,340,422)				84,824,415
Preferred Stocks — 3.6%
Brazil — 3.6%
Cia Energetica de Minas Gerais		154,600		1,829,988
Telefonica Brasil SA		65,200		1,717,454
Total Preferred Stocks (identified cost $3,677,697)				3,547,442

Description	Principal Amount		Value
Short-Term Investments — 5.6%
Repurchase Agreement — 5.6%
Agreement with Fixed Income Clearing Corp., 0.020%, dated 2/28/2013, to be repurchased at $5,496,162 on 3/1/2013, collateralized by a U.S. Treasury Obligation with a maturity of 10/31/2015, with a market value of $5,607,554 (at amortized cost)		$5,496,159		$    5,496,159
Total Short-Term Investments (identified cost $5,496,159)				5,496,159
Total Investments — 95.7% (identified cost $82,514,278)				93,868,016
Other Assets and Liabilities — 4.3%				4,170,494
Total Net Assets — 100.0%				$98,038,510

Industry Division

Industry	Value		% of Total Net Assets
Agriculture	$	4,652,931		4.7	%
Auto Manufacturers		2,358,570		2.4
Banks		15,704,704		16.0
Commercial Services		3,118,465		3.2
Computers		1,800,075		1.8
Distribution/Wholesale		2,333,333		2.4
Diversified Financial Services		1,810,731		1.9
Electric		3,295,199		3.4
Food		4,143,592		4.2
Healthcare-Products		1,171,288		1.2
Healthcare-Services		2,052,241		2.1
Holding Companies-Diversified		3,444,415		3.5
Insurance		3,898,668		4.0
Lodging		2,386,495		2.4
Media		2,276,946		2.3
Mining		579,012		0.6
Oil & Gas		8,409,594		8.6
Real Estate		380,653		0.4
Retail		4,899,454		5.0
Semiconductors		4,733,852		4.8
Telecommunications		8,997,605		9.2
Water		2,376,592		2.4
Total Common Stocks		84,824,415		86.5
Preferred Stocks		3,547,442		3.6
Repurchase Agreement		5,496,159		5.6
Total Investments		93,868,016		95.7
Other Assets and Liabilities		4,170,494		4.3
Total Net Assets	$	98,038,510		100.0	%

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

21

February 28, 2013 (Unaudited)

Schedule of Investments

Lloyd George Emerging Markets Equity Fund (continued)

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary	13.7%
Consumer Staples	9.0
Energy	8.6
Financials	23.6
Healthcare	3.3
Industrials	6.2
Information Technology	8.0
Materials	0.6
Telecommunication Services	9.5
Utilities	7.6
Other Assets & Liabilities, Net	9.9
Total	100.0%

Pyrford Global Strategic Return Fund

Description	Shares		Value
Common Stocks — 26.6%
Australia — 1.0%
Brambles, Ltd.		17,000		$   151,941
Computershare, Ltd.		15,100		157,015
Woodside Petroleum, Ltd.		4,300		164,709
				473,665
Belgium — 0.2%
Colruyt SA		1,710		84,265
Canada — 1.0%
Imperial Oil, Ltd.		6,187		257,259
Metro, Inc.		3,356		210,196
				467,455
France — 0.8%
Air Liquide SA		693		84,322
Legrand SA		1,610		74,020
Sanofi		1,020		96,652
Total SA		2,290		114,491
				369,485
Germany — 0.2%
SAP AG		990		77,356
Hong Kong — 2.8%
ASM Pacific Technology, Ltd.		25,300		334,698
China Mobile, Ltd.		31,000		341,353
CNOOC, Ltd.		192,000		377,781
VTech Holdings, Ltd.		25,300		292,616
				1,346,448
Israel — 0.6%
Bezeq Israeli Telecommunication Corp., Ltd.		74,400		95,360
Teva Pharmaceutical Industries, Ltd.		4,970		186,154
				281,514
Japan — 0.9%
Makita Corp.		3,500		158,593
Shin-Etsu Chemical Co., Ltd.		2,200		135,290
Sumitomo Rubber Industries, Ltd.		10,500		163,577
				457,460
Malaysia — 1.4%
Axiata Group Bhd		169,700		351,426
Malayan Banking Bhd		114,000		337,518
				688,944

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Netherlands — 0.3%
Reed Elsevier NV		4,550		$     69,145
Unilever NV		1,560		60,509
				129,654
Norway — 0.5%
Telenor ASA		12,090		260,303
Singapore — 1.4%
ComfortDelGro Corp., Ltd.		149,000		231,008
United Overseas Bank, Ltd.		16,000		246,511
Venture Corp., Ltd.		32,000		220,672
				698,191
Sweden — 1.0%
Atlas Copco AB, A Shares		8,960		260,457
Swedish Match AB		7,210		236,119
				496,576
Switzerland — 1.6%
Nestle SA		3,370		235,501
Novartis AG		2,870		194,895
Roche Holding AG		1,010		231,353
Syngenta AG		130		55,215
Zurich Insurance Group AG (2)		280		76,624
				793,588
Taiwan — 1.2%
Advantech Co., Ltd.		46,600		207,345
Chunghwa Telecom Co., Ltd.		118,000		366,730
				574,075
United Kingdom — 1.1%
BP PLC		11,500		77,757
British American Tobacco PLC		1,400		72,944
GlaxoSmithKline PLC		3,900		86,144
Legal & General Group PLC		28,100		68,249
Royal Dutch Shell PLC, A Shares		2,630		86,458
SSE PLC		3,000		65,810
Vodafone Group PLC		32,500		81,623
				538,985
United States — 10.6%
Altria Group, Inc.		9,700		325,435
Automatic Data Processing, Inc.		4,020		246,667
C.H. Robinson Worldwide, Inc.		5,081		289,719
Exxon Mobil Corp.		9,020		807,741
General Dynamics Corp.		6,133		416,860
Home Depot, Inc.		6,146		421,001
Linear Technology Corp.		11,600		443,584
McDonald’s Corp.		4,192		402,013
Microsoft Corp.		18,500		514,300
Philip Morris International, Inc.		5,700		522,975
Sigma-Aldrich Corp.		4,720		363,723
T. Rowe Price Group, Inc.		5,931		422,228
				5,176,246
Total Common Stocks (identified cost $11,934,779)				12,914,210
Preferred Stocks — 0.1%
Germany — 0.1%
Fuchs Petrolub AG		812		62,674
Total Preferred Stocks (identified cost $42,326)				62,674
International Bonds — 72.4%
Canada — 11.5%
Canadian Government Bond, 2.250%, 8/1/2014 (11)		$5,676,000		5,603,677

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

22

BMO Funds

Pyrford Global Strategic Return Fund (continued)

Description	Principal Amount		Value
International Bonds (continued)
Germany — 9.3%
Bundesobligation, 2.500%, 10/10/2014 (11)		$1,090,000		$     1,479,756
Bundesrepublik Deutschland, 3.500%, 1/4/2016 (11)		1,040,000		1,489,030
Bundesrepublik Deutschland, 3.750%, 1/4/2015 (11)		1,130,000		1,576,628
				4,545,414
United Kingdom — 9.5%
United Kingdom Treasury Bond, 2.250%, 3/7/2014 (11)		470,000		727,512
United Kingdom Treasury Bond, 4.750%, 9/7/2015 (11)		1,680,000		2,834,842
United Kingdom Treasury Bond, 5.000%, 9/7/2014 (11)		650,000		1,057,168
				4,619,522
United States — 42.1%
United States Treasury Note/Bond, 0.250%, 11/30/2013		1,660,000		1,661,296
United States Treasury Note/Bond, 0.375%, 11/15/2014		4,980,000		4,993,227
United States Treasury Note/Bond, 1.250%, 8/31/2015		4,860,000		4,975,804
United States Treasury Note/Bond, 1.375%, 11/30/2015		1,770,000		1,820,749
United States Treasury Note/Bond, 1.500%, 12/31/2013		2,050,000		2,072,983
United States Treasury Note/Bond, 4.250%, 11/15/2014		4,620,000		4,937,085
				20,461,144
Total International Bonds (identified cost $35,226,349)				35,229,757
Short-Term Investments — 2.0%
Repurchase Agreement — 2.0%
Agreement with Fixed Income Clearing Corp., 0.020%, dated 2/28/2013 to be repurchased at $978,514 on 3/1/2013, collateralized by a U.S. Treasury Obligation with a maturity of 10/31/2015, with a market value of $1,003,186 (at amortized cost)		978,513		978,513
Total Short-Term Investments (identified cost $978,513)				978,513
Total Investments — 101.1% (identified cost $48,181,967)				49,185,154
Other Assets and Liabilities — (1.1)%				(534,229	)
Total Net Assets — 100.0%				$48,650,925

Industry Division
Industry	Value			% of Total Net Assets
Aerospace/Defense	$	416,860			0.9	%
Agriculture		1,157,474			2.4
Auto Parts & Equipment		163,577			0.3
Banks		584,030			1.2
Chemicals		638,550			1.3
Commercial Services		398,608			0.8
Computers		364,360			0.8
Diversified Financial Services		422,228			0.9
Electric		65,810			0.1
Electrical Components & Equipment		74,020			0.2
Electronics		220,672			0.5
Food		590,471			1.2
Hand/Machine Tools		158,593			0.3
Insurance		144,874			0.3
Machinery-Construction & Mining		260,457			0.5
Media		69,144			0.1
Oil & Gas		1,886,196			3.9
Pharmaceuticals		795,198			1.6
Retail		823,014			1.7
Semiconductors		778,281			1.6
Software		591,656			1.2
Telecommunications		1,789,411			3.7
Transportation		520,726			1.1
Total Common Stocks		12,914,210			26.6
Preferred Stocks		62,674			0.1
International Bonds		35,229,757			72.4
Repurchase Agreement		978,513			2.0
Total Investments		49,185,154			101.1
Other Assets and Liabilities		(534,229	)		(1.1	)
Total Net Assets	$	48,650,925			100.0	%

Portfolio Sector Allocations*
Sector	Fund
Consumer Discretionary		2.2%
Consumer Staples		3.6
Energy		4.0
Financials		2.4
Healthcare		1.6
Industrials		3.3
Information Technology		5.1
Materials		1.3
Telecommunication Services		3.1
Utilities		0.1
International Bonds		72.4
Other Assets & Liabilities, Net		0.9
Total		100.0%

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

23

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund

Description	Principal Amount		Value
Municipals — 92.1%
Alabama — 0.8%
Alabama Agricultural & Mechanical University, AMBAC, 5.000%, 11/1/2013		$   475,000		$   482,191
Alabama Board of Education, 4.000%, 7/1/2020, Call 7/1/2018		2,705,000		2,951,047
Alabama Drinking Water Finance Authority, AMBAC, 5.000%, 8/15/2014		500,000		525,865
Alabama Private Colleges & Universities Facilities Authority, AGC, 5.000%, 9/1/2015		530,000		581,161
Birmingham-Baptist Medical Centers Special Care Facilities Financing Authority, 5.000%, 11/15/2013		1,145,000		1,174,415
Health Care Authority for Baptist Health, ACG, 0.510%, 11/15/2037, Call 3/1/2013 (3)		500,000		500,000
Scottsboro Waterworks Sewer & Gas Board, 2.000%, 8/1/2017		400,000		409,872
Scottsboro Waterworks Sewer & Gas Board, 3.000%, 8/1/2016		205,000		216,995
Scottsboro Waterworks Sewer & Gas Board, 3.000%, 8/1/2018		350,000		375,837
University of South Alabama, NATL-RE FGIC, 5.000%, 3/15/2023, Call 3/15/2014		100,000		104,438
				7,321,821
Alaska — 0.4%
Alaska Housing Finance Corp., 0.220%, 12/1/2041, Call 3/7/2013 (3)		4,000,000		4,000,000
Arizona — 2.7%
Arizona Health Facilities Authority, 1.960%, 2/5/2020, Call 8/9/2019 (3)		3,250,000		3,301,578
Arizona Health Facilities Authority, 2.000%, 2/1/2015		1,000,000		1,016,350
Arizona Health Facilities Authority, 3.000%, 2/1/2016		1,500,000		1,569,405
Arizona Health Facilities Authority, NATL-RE FGIC, 5.500%, 6/1/2014		1,130,000		1,180,251
Arizona School Facilities Board, 4.000%, 9/1/2014		100,000		104,711
Arizona School Facilities Board, AGM, 5.250%, 9/1/2014		200,000		212,500
Arizona School Facilities Board, AMBAC, 4.000%, 7/1/2015		3,375,000		3,566,801
Arizona School Facilities Board, AMBAC, 4.250%, 7/1/2015		25,000		26,563
Arizona School Facilities Board, AMBAC, 5.250%, 7/1/2013		500,000		506,960
Arizona School Facilities Board, NATL-RE FGIC, 5.000%, 9/1/2014		605,000		642,903
Arizona School Facilities Board, NATL-RE FGIC, 5.250%, 9/1/2014, Call 9/1/2013		175,000		178,435
Maricopa County Pollution Control Corp., 6.000%, 5/1/2014 (3)		1,500,000		1,585,755

Description	Principal Amount		Value
Municipals (continued)
Arizona (continued)
Pima County Industrial Development Authority, 6.250%, 7/1/2013		$   110,000		$     111,313
Pima County Unified School District No. 6 Marana, NATL-RE, 4.500%, 7/1/2013		50,000		50,584
Pinal County Electric District No. 3, 2.000%, 7/1/2013		745,000		747,913
Pinal County Electric District No. 3, 4.000%, 7/1/2014		1,000,000		1,033,260
Salt River Project Agricultural Improvement & Power District, 5.000%, 1/1/2032, Call 1/1/2019		1,000,000		1,151,020
Scottsdale Industrial Development Authority, FSA, 0.380%, 9/1/2045, Call 3/5/2013 (3)		2,450,000		2,450,000
Sun Devil Energy Center LLC, AGC, 0.400%, 7/1/2030, Call 3/13/2013 (3)		2,560,000		2,560,000
Surprise Municipal Property Corp., AMBAC, 5.000%, 7/1/2013		100,000		101,351
Surprise Municipal Property Corp., AMBAC, 5.000%, 7/1/2015, Call 7/1/2014		100,000		105,376
University Medical Center Corp., 4.000%, 7/1/2013		500,000		505,705
University Medical Center Corp., 5.000%, 7/1/2013		540,000		547,900
Yuma Municipal Property Corp., 5.000%, 7/1/2019		1,385,000		1,669,825
				24,926,459
Arkansas — 0.2%
City of Bentonville, NATL-RE, 6.400%, 12/1/2014		200,000		218,494
City of Fort Smith, 2.375%, 5/1/2027, Call 5/1/2022		805,000		809,798
City of North Little Rock, 2.625%, 5/1/2016		350,000		358,816
County of Jefferson, AGM, 3.000%, 6/1/2014		450,000		458,415
				1,845,523
California — 8.5%
Abag Finance Authority for Nonprofit Corporations, 4.300%, 7/1/2016, Call 7/1/2015		100,000		111,061
Anaheim City School District, NATL-RE FGIC, 0.000%, 8/1/2017		200,000		179,890
Bay Area Toll Authority, 1.210%, 4/1/2024, Call 10/1/2023 (3)		2,500,000		2,504,500
California Community College Financing Authority, 3.000%, 6/1/2013		200,000		201,192
California Health Facilities Financing Authority, 3.500%, 8/15/2014		250,000		257,953
California Infrastructure & Economic Development Bank, AMBAC, 0.340%, 10/1/2017, Call 3/5/2013 (3)		1,175,000		1,109,235
California Infrastructure & Economic Development Bank, AMBAC, 0.340%, 10/1/2018, Call 3/7/2013 (3)		1,425,000		1,338,887

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

24

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
California (continued)
California Infrastructure & Economic Development Bank, AMBAC, 0.340%, 10/1/2020, Call 3/4/2013 (3)		$   950,000		$   887,950
California Infrastructure & Economic Development Bank, NATL-RE FGIC, 4.250%, 5/1/2013		950,000		953,752
California State Public Works Board, 5.000%, 4/1/2015		250,000		272,292
California State Public Works Board, NATL-RE FGIC, 4.000%, 9/1/2013		100,000		101,856
California Statewide Communities Development Authority, 0.610%, 9/6/2035, Call 3/1/2013 (3)(5)(6)		1,000,000		1,000,000
City of Duarte, 2.000%, 7/1/2022, Call 3/1/2013 (3)		50,000		50,000
City of Fresno, 4.000%, 6/1/2013		150,000		151,200
City of Fresno, NATL-RE FGIC, 5.250%, 6/1/2015, Call 6/1/2013		525,000		530,481
City of Lodi, NATL-RE, 4.500%, 10/1/2016, Call 10/1/2014		175,000		186,662
City of Lodi, NATL-RE, 5.500%, 10/1/2017, Call 10/1/2014		175,000		189,408
City of Palo Alto, 2.000%, 9/2/2013		250,000		251,605
City of Yucaipa, 3.000%, 9/1/2014		425,000		433,466
City of Yucaipa, 3.000%, 9/1/2015		345,000		352,407
Compton Community College District, NATL-RE, 4.000%, 7/1/2013		100,000		100,971
County of Alameda, NATL-RE, 0.000%, 6/15/2013		300,000		296,721
County of Mendocino, AGM, 2.000%, 6/1/2013		975,000		977,145
County of Mendocino, AGM, 3.000%, 6/1/2014		985,000		1,004,395
County of Mendocino, AGM, 3.000%, 6/1/2016		1,045,000		1,080,258
County of Yolo, AGM, 1.500%, 12/1/2013		60,000		60,233
County of Yolo, AGM, 7.000%, 12/1/2013		160,000		167,083
East Bay Municipal Utility District, 0.430%, 7/8/2015, Call 4/1/2013 (3)		700,000		700,007
Fairfield-Suisun Unified School District, AMBAC, 5.000%, 8/15/2013		1,980,000		2,008,868
Gilroy Unified School District, 0.000%, 4/1/2013		500,000		499,840
Golden State Tobacco Securitization Corp., 0.190%, 6/1/2045, Call 6/1/2015 (3)		4,000,000		4,000,000
Golden State Tobacco Securitization Corp., AMBAC, 5.000%, 6/1/2014		150,000		157,616
Golden West Schools Financing Authority, FGIC, 0.530%, 8/1/2026 (3)		4,980,000		4,980,000
Hesperia Unified School District, FSA, 1.350%, 2/1/2038, Call 3/1/2013 (3)		4,000,000		4,000,000

Description	Principal Amount		Value
Municipals (continued)
California (continued)
Hueneme Elementary School District, NATL-RE FGIC, 0.000%, 8/1/2014		$   100,000		$     96,864
Kaweah Delta Health Care District, 4.000%, 6/1/2014		280,000		289,363
Kaweah Delta Health Care District, 4.000%, 6/1/2015		125,000		131,768
Kaweah Delta Health Care District, 4.000%, 6/1/2016		490,000		523,281
Long Beach Bond Finance Authority, 5.000%, 11/15/2015		110,000		120,710
Los Angeles Convention & Exhibit Center Authority, AMBAC, 3.500%, 8/15/2014		50,000		52,097
Los Angeles County Public Works Financing Authority, NATL-RE, 5.000%, 12/1/2015		100,000		111,239
Los Angeles Unified School District, NATL-RE, 5.000%, 1/1/2028, Call 7/1/2013		150,000		152,322
M-S-R Public Power Agency, NATL-RE, 5.000%, 7/1/2013		500,000		507,280
Marysville Joint Unified School District, NATL-RE FGIC, 3.875%, 8/1/2016, Call 8/1/2015		110,000		120,175
Marysville Joint Unified School District, NATL-RE FGIC, 3.875%, 8/1/2016, Call 8/1/2015		40,000		42,250
Montebello Unified School District, NATL-RE FGIC, 0.000%, 8/1/2016		300,000		274,920
Northern California Gas Authority No. 1, 0.836%, 7/1/2019 (3)		5,500,000		5,153,445
Oak Valley Hospital District, NATL-RE FGIC, 5.000%, 7/1/2014		225,000		237,125
Oakland Unified School District, NATL-RE FGIC, 5.000%, 8/1/2013		180,000		182,808
Pittsburg Infrastructure Financing Authority, AGM, 2.000%, 9/2/2013		200,000		200,322
Pittsburg Infrastructure Financing Authority, AGM, 3.000%, 9/2/2014		390,000		397,262
Placentia-Yorba Linda Unified School District Community Facilities District No. 1, AGM, 3.000%, 9/1/2018		250,000		260,945
Placentia-Yorba Linda Unified School District Community Facilities District No. 1, AGM, 3.000%, 9/1/2019		160,000		164,958
Placer County Community Facilities District, 3.000%, 9/1/2013		735,000		740,924
Pleasant Valley School District, NATL-RE, 0.570%, 8/1/2031 (3)		5,850,000		5,850,000
Pomona Unified School District, 5.375%, 8/1/2013		200,000		204,076
Poway Unified School District Public Financing Authority, 2.000%, 9/15/2015		640,000		650,624
Poway Unified School District Public Financing Authority, 3.000%, 9/15/2016		715,000		746,946
Puttable Floating Option Tax-Exempt Receipts, 0.530%, 2/1/2025 (3)		1,960,000		1,960,000
Puttable Floating Option Tax-Exempt Receipts, 0.550%, 8/1/2030		6,780,000		6,780,000

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

25

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
California (continued)
Puttable Floating Option Tax-Exempt Receipts, AGM, 0.360%, 11/1/2032, Call 5/1/2017 (3)(5)(6)		$8,000,000		$8,000,000
Puttable Floating Option Tax-Exempt Receipts, NATL-RE, 0.390%, 8/1/2037, Call 8/1/2017 (3)(5)(6)		2,500,000		2,500,000
Rancho Santa Fe Community Services District, 3.000%, 9/1/2013		235,000		237,009
Redwood City Redevelopment Agency, AMBAC, 5.250%, 7/15/2015, Call 7/15/2013		220,000		221,943
Richland School District, AGM, 0.000%, 8/1/2015		210,000		202,247
Roseville Joint Union High School District, 0.000%, 8/1/2014		415,000		406,829
Sacramento Municipal Utility District, NATL-RE, 5.000%, 7/1/2013		100,000		101,522
Salida Area Public Facilities Financing Agency, 3.000%, 9/1/2013		450,000		454,203
Salida Area Public Facilities Financing Agency, 3.000%, 9/1/2014		460,000		468,685
Salida Area Public Facilities Financing Agency, 3.000%, 9/1/2015		715,000		729,479
San Bernardino City Unified School District, AGM, 4.500%, 8/1/2016, Call 8/1/2015		360,000		388,084
San Bernardino City Unified School District, AGM, 5.000%, 8/1/2018, Call 8/1/2014		150,000		157,467
San Bernardino City Unified School District, NATL-RE FGIC, 0.000%, 8/1/2014		100,000		97,418
San Bernardino County Flood Control District, AMBAC, 4.000%, 8/1/2014, Call 4/1/2013		125,000		125,306
San Diego Public Facilities Financing Authority, 3.000%, 5/15/2013		100,000		100,550
San Diego Unified School District, AGM, 5.000%, 7/1/2028, Call 7/1/2013		325,000		329,699
San Francisco Community College District, NATL-RE, 5.000%, 6/15/2019, Call 4/1/2013		800,000		818,624
San Ramon Valley Unified School District, NATL-RE, 4.500%, 8/1/2013		100,000		101,750
Santa Barbara Redevelopment Agency, AMBAC, 5.000%, 3/1/2013		500,000		500,000
Santaluz Community Facilities District No. 2, 3.000%, 9/1/2014		755,000		771,950
Sierra View Local Health Care District, 4.600%, 7/1/2015		100,000		105,611
Southern California Public Power Authority, 5.000%, 11/1/2014		900,000		958,491
Southern Mono Health Care District, 2.000%, 8/1/2013		300,000		301,269

Description	Principal Amount		Value
Municipals (continued)
California (continued)
Southern Mono Health Care District, 2.000%, 8/1/2014		$   400,000		$     403,884
State of California, 5.000%, 3/1/2017		190,000		221,187
State of California, 5.000%, 9/1/2020, Call 9/1/2016		100,000		113,093
State of California, 5.125%, 4/1/2024, Call 4/1/2014		600,000		625,998
State of California, 5.200%, 3/1/2014, Call 4/1/2013		75,000		75,266
State of California, NATL-RE FGIC, 4.500%, 2/1/2014, Call 4/1/2013		5,000		5,015
Stockton Unified School District, 3.000%, 7/1/2015		430,000		446,766
Vallejo City Unified School District, NATL-RE, 5.200%, 2/1/2014		725,000		738,144
Victor Elementary School District, NATL-RE, 0.000%, 6/1/2015		270,000		254,545
West Kern Water District, 3.000%, 6/1/2013		205,000		205,949
Windsor Unified School District, NATL-RE FGIC, 0.000%, 8/1/2013		110,000		109,220
				78,325,841
Colorado — 5.2%
Broomfield Urban Renewal Authority, 0.400%, 12/1/2030, Call 3/1/2013 (3)		5,120,000		5,120,000
City & County of Denver, AGC, 0.330%, 11/15/2025, Call 3/1/2013 (3)		4,000,000		4,000,000
City & County of Denver, AGC, 0.415%, 11/15/2025, Call 3/1/2013 (3)		1,650,000		1,650,000
City & County of Denver, AGC, 0.430%, 11/15/2025, Call 3/1/2013 (3)		1,525,000		1,525,000
City & County of Denver, AGC, 0.430%, 11/15/2025, Call 3/5/2013 (3)		650,000		650,000
City & County of Denver, AGC, 0.430%, 11/15/2025, Call 3/6/2013 (3)		1,000,000		1,000,000
Colorado Educational & Cultural Facilities Authority, 2.000%, 4/1/2013		130,000		130,098
Colorado Educational & Cultural Facilities Authority, 2.000%, 7/15/2015		215,000		217,483
Colorado Educational & Cultural Facilities Authority, 2.250%, 7/15/2017		175,000		176,817
Colorado Educational & Cultural Facilities Authority, 2.375%, 3/1/2013		120,000		120,000
Colorado Educational & Cultural Facilities Authority, 3.000%, 6/1/2016 (4)		255,000		265,317
Colorado Educational & Cultural Facilities Authority, 4.500%, 12/15/2014, Call 4/1/2013 (5)(6)		190,000		190,426
Colorado Educational & Cultural Facilities Authority, 4.750%, 12/15/2015, Call 4/1/2013 (5)(6)		1,045,000		1,047,330

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

26

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Colorado (continued)
Colorado Educational & Cultural Facilities Authority, CIFG, 4.000%, 6/1/2014		$   300,000		$   306,087
Colorado Educational & Cultural Facilities Authority, XLCA, 5.000%, 6/15/2014		320,000		335,366
Colorado Health Facilities Authority, 3.000%, 12/1/2013		160,000		162,598
Colorado Health Facilities Authority, 3.000%, 12/1/2014		140,000		144,985
Colorado Health Facilities Authority, 3.000%, 12/1/2014		425,000		438,940
Colorado Health Facilities Authority, 4.000%, 12/1/2016		150,000		163,869
Colorado Health Facilities Authority, 5.000%, 11/15/2014		330,000		352,351
Colorado Health Facilities Authority, 5.000%, 9/1/2020, Call 9/1/2015		670,000		724,511
Colorado Health Facilities Authority, RADIAN, 5.000%, 5/15/2014		250,000		262,270
Colorado Health Facilities Authority, RADIAN, 5.000%, 5/15/2015		245,000		265,323
Colorado Mountain Junior College District, NATL-RE, 3.750%, 8/1/2015		525,000		545,207
Colorado Water Resources & Power Development Authority, NATL-RE, 5.000%, 9/1/2016, Call 9/1/2014		185,000		197,821
Commerce City CO-Northern Infrastructure General Improvement District, AGM, 4.000%, 12/1/2020		445,000		496,331
Commerce City CO-Northern Infrastructure General Improvement District, AGM, 4.000%, 12/1/2021		385,000		427,516
Commerce City CO-Northern Infrastructure General Improvement District, AGM, 5.000%, 12/1/2022		530,000		630,758
Cordillera Metropolitan District, RADIAN, 5.000%, 12/1/2014		175,000		182,392
County of Adams, NATL-RE, 4.375%, 9/1/2017, Call 9/1/2015		5,000,000		5,352,400
Denver Health & Hospital Authority, 5.000%, 12/1/2019, Call 12/1/2016		200,000		219,836
E-470 Public Highway Authority, 2.830%, 9/1/2014, Call 3/1/2014 (3)		2,000,000		2,003,100
E-470 Public Highway Authority, NATL-RE, 0.000%, 9/1/2013		235,000		233,505
E-470 Public Highway Authority, NATL-RE, 5.250%, 9/1/2016		100,000		109,554
Goldsmith Metropolitan District, 1.850%, 12/1/2034, Call 3/1/2013 (3)		5,040,000		5,040,000
Park Creek Metropolitan District, AGC, 5.000%, 12/1/2015		100,000		108,652
Puttable Floating Option Tax-Exempt Receipts, 0.460%, 12/1/2028 (3)		7,300,000		7,300,000

Description	Principal Amount		Value
Municipals (continued)
Colorado (continued)
Regional Transportation District, AMBAC, 5.000%, 12/1/2013		$   130,000		$     134,111
University of Colorado, NATL-RE, 0.500%, 6/1/2025 (3)		5,445,000		5,445,000
				47,674,954
Connecticut — 0.2%
City of West Haven, 4.000%, 8/1/2013		150,000		151,466
City of West Haven, 4.000%, 8/1/2014		100,000		103,194
Connecticut State Health & Educational Facility Authority, 3.000%, 7/1/2013		670,000		675,708
Connecticut State Health & Educational Facility Authority, NATL-RE, 5.000%, 7/1/2013		875,000		888,344
Town of Oxford, AGC, 4.000%, 8/1/2017, Call 8/1/2013		150,000		152,302
				1,971,014
District of Columbia — 0.7%
District of Columbia Water & Sewer Authority, 5.250%, 10/1/2029, Call 10/1/2018		190,000		224,272
District of Columbia, AGC, 0.330%, 7/15/2017 (3)(5)(6)		5,385,000		5,385,000
Metropolitan Washington Airports Authority, AGC, 0.000%, 10/1/2015		550,000		531,289
				6,140,561
Florida — 6.1%
Bay Laurel Center Community Development District, AGM, 2.000%, 9/1/2013		400,000		402,396
Brevard County Health Facilities Authority, 5.000%, 4/1/2016		125,000		138,405
Canaveral Port Authority, NATL-RE FGIC, 4.000%, 6/1/2016, Call 6/1/2015		175,000		182,504
Citizens Property Insurance Corp., 1.360%, 6/1/2015 (3)		4,000,000		4,044,120
Citizens Property Insurance Corp., 1.860%, 6/1/2013 (3)		2,000,000		2,007,820
Citizens Property Insurance Corp., 4.000%, 6/1/2015		25,000		26,829
Citizens Property Insurance Corp., 5.000%, 6/1/2013		200,000		202,266
Citizens Property Insurance Corp., 5.000%, 6/1/2015		500,000		547,675
Citizens Property Insurance Corp., 5.375%, 6/1/2016		250,000		283,995
Citizens Property Insurance Corp., AGC, 4.500%, 6/1/2014		200,000		209,944
Citizens Property Insurance Corp., AGM, 3.250%, 6/1/2014		200,000		206,860
Citizens Property Insurance Corp., NATL-RE, 5.000%, 3/1/2014		800,000		835,872
Citizens Property Insurance Corp., NATL-RE, 5.000%, 3/1/2015		525,000		571,037
Citizens Property Insurance Corp., NATL-RE, 5.000%, 3/1/2016		365,000		406,855
City of Gulf Breeze, 1.750%, 12/1/2015, Call 5/1/2013 (3)		9,000,000		9,007,110

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

27

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Florida (continued)
City of Lakeland, 1.210%, 10/1/2014, Call 4/1/2014 (3)		$     715,000		$     721,414
City of Lakeland, 3.000%, 11/15/2013		250,000		254,273
City of Lakeland, NATL-RE, 0.000%, 10/1/2014		100,000		98,644
City of Lauderhill, XLCA, 4.250%, 10/1/2022, Call 10/1/2014		165,000		170,846
City of Leesburg, 5.000%, 7/1/2016, Call 7/1/2013		100,000		101,040
City of Melbourne Water & Sewer Revenue, NATL-RE FGIC, 0.000%, 10/1/2015		120,000		112,057
City of Port St. Lucie, 1.200%, 7/1/2014		980,000		980,510
City of Port St. Lucie, 1.500%, 7/1/2015		855,000		855,581
City of Port St. Lucie, AGM, 1.500%, 9/1/2013		185,000		185,603
City of Port St. Lucie, AGM, 1.750%, 9/1/2014		640,000		648,122
City of St. Petersburg, NATL-RE FGIC, 5.000%, 10/1/2014		300,000		317,991
City of Sunrise, NATL-RE, 0.000%, 10/1/2015		395,000		363,289
City of Tallahassee, NATL-RE, 6.625%, 12/1/2013, Call 4/1/2013		160,000		160,728
City of Tampa, 3.000%, 9/1/2016		800,000		848,208
City of Tampa, NATL-RE, 5.500%, 11/15/2014		150,000		161,417
County of Bay, 3.500%, 9/1/2016		305,000		304,701
County of Citrus, XLCA, 0.407%, 1/1/2018 (3)		1,925,000		1,849,594
County of Collier, 5.000%, 10/1/2023, Call 10/1/2021		225,000		273,773
County of Collier, AMBAC, 5.000%, 6/1/2019, Call 6/1/2015		215,000		233,290
County of Madison, 2.000%, 11/1/2014, Call 5/1/2014		10,000,000		10,051,300
County of Miami-Dade, NATL-RE FGIC, 5.000%, 8/1/2014		525,000		556,820
County of Miami-Dade, XLCA, 4.000%, 10/1/2015		150,000		163,521
County of Okeechobee, 0.650%, 7/1/2013 (3)		750,000		750,503
County of Sarasota, 5.000%, 10/1/2013		100,000		102,498
County of Sarasota, AMBAC, 4.000%, 10/1/2013		195,000		197,361
County of St. Lucie, NATL-RE, 5.250%, 10/1/2017, Call 10/1/2013		1,260,000		1,293,188
County of Volusia, AGM, 3.500%, 12/1/2013, Call 4/1/2013		50,000		50,096
Emerald Coast Utilities Authority, NATL-RE FGIC, 0.000%, 1/1/2015		60,000		56,344

Description	Principal Amount		Value
Municipals (continued)
Florida (continued)
Florida Department of Environmental Protection, NATL-RE FGIC, 5.000%, 7/1/2016, Call 7/1/2013		$   355,000		$   364,021
Florida Governmental Utility Authority, AGM, 5.000%, 10/1/2023, Call 10/1/2022		300,000		356,184
Florida Higher Educational Facilities Financial Authority, 3.000%, 4/1/2014		300,000		305,832
Florida Higher Educational Facilities Financial Authority, 4.000%, 4/1/2014		255,000		263,137
Florida Higher Educational Facilities Financial Authority, 4.000%, 4/1/2015		150,000		157,401
Florida Higher Educational Facilities Financial Authority, 4.000%, 4/1/2016		100,000		106,237
Florida Hurricane Catastrophe Fund Finance Corp., 4.125%, 7/1/2013		100,000		101,257
Halifax Hospital Medical Center, 5.000%, 6/1/2013		100,000		101,016
Hillsborough County Industrial Development Authority, 4.000%, 10/1/2015		750,000		806,392
Hillsborough County School Board, AMBAC, 4.000%, 10/1/2013		50,000		50,623
Manatee County School District, AGM, 4.000%, 7/1/2017, Call 7/1/2015		200,000		209,772
Miami Beach Health Facilities Authority, 3.000%, 11/15/2015		750,000		776,970
Miami-Dade County Expressway Authority, 0.860%, 6/13/2013, Call 3/1/2013 (3)(5)(6)		5,000,000		5,000,000
Miami-Dade County School Board, AGM, 5.375%, 8/1/2014		150,000		160,361
Northern Palm Beach County Improvement District, NATL-RE, 4.000%, 8/1/2017, Call 8/1/2015		300,000		316,848
Orange County Health Facilities Authority, 4.000%, 10/1/2013		220,000		224,343
Orlando Community Redevelopment Agency, 3.000%, 4/1/2014		1,005,000		1,026,979
Orlando Community Redevelopment Agency, 3.000%, 4/1/2014		220,000		224,811
Orlando Community Redevelopment Agency, 5.000%, 4/1/2015		1,835,000		1,971,946
Orlando Community Redevelopment Agency, 5.000%, 4/1/2015		500,000		537,315
Palm Beach County Health Facilities Authority, 5.350%, 10/1/2014, Call 10/1/2013		1,000,000		1,020,390
Palm Beach County School District, NATL-RE, 3.900%, 8/1/2015		100,000		107,098
Palm Beach County Solid Waste Authority, AMBAC, 0.000%, 10/1/2013		100,000		99,823
Pinellas County Educational Facilities Authority, 3.000%, 10/1/2013		105,000		106,086
Polk County School District, NATL-RE, 5.000%, 10/1/2013		145,000		147,887

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

28

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Florida (continued)
St. Johns County School Board, NATL-RE, 4.100%, 7/1/2014		$   400,000		$     418,572
Volusia County School Board, AGM, 3.800%, 10/1/2014		100,000		103,275
Volusia County School Board, AGM, 5.500%, 10/1/2013		220,000		225,119
				56,226,095
Georgia — 2.1%
Appling County Development Authority, 2.500%, 3/1/2013 (3)		100,000		100,000
Bartow County Development Authority, 5.100%, 6/6/2013 (3)		100,000		100,696
Burke County Development Authority, 2.500%, 3/1/2013 (3)		1,750,000		1,750,000
City of Atlanta Water & Wastewater, FSA, 0.410%, 11/1/2043 (3)		7,000,000		7,000,000
County of Butts, AMBAC, 5.000%, 3/1/2013		225,000		225,000
Downtown Dalton Development Authority, NATL-RE, 5.500%, 8/15/2017		335,000		373,438
Fulton County Development Authority, 4.000%, 10/1/2019		2,000,000		2,232,120
Fulton County Development Authority, 5.000%, 3/15/2016		995,000		1,111,186
Fulton County Development Authority, 5.000%, 10/1/2019		1,000,000		1,192,030
Georgia Housing & Finance Authority, FHA, 0.000%, 12/1/2016		1,515,000		1,221,196
Georgia School Boards Association, Inc., NATL-RE, 3.750%, 12/1/2015		200,000		212,528
Main Street Natural Gas, Inc., 5.000%, 3/15/2015		95,000		101,912
Milledgeville & Baldwin County Development Authority, AMBAC, 0.706%, 10/1/2016 (3)		805,000		801,418
Municipal Electric Authority of Georgia, NATL-RE-IBC-BNY, 6.500%, 1/1/2017		100,000		112,171
Private Colleges & Universities Authority, 4.000%, 10/1/2013		710,000		723,433
Private Colleges & Universities Authority, 4.000%, 10/1/2014		100,000		104,925
Private Colleges & Universities Authority, 4.000%, 10/1/2015		1,535,000		1,645,965
				19,008,018
Hawaii — 0.0%
Hawaii State Department of Budget & Finance, 5.250%, 7/1/2013, Call 4/15/2013		55,000		55,190
Idaho — 0.0%
City of Boise Airport Revenue, 4.000%, 9/1/2019		255,000		291,733

Description	Principal Amount		Value
Municipals (continued)
Illinois — 6.9%
Boone Mchenry & Dekalb Counties Community Unit School District 100, NATL-RE, 5.000%, 1/1/2016, Call 1/1/2015		$   240,000		$   258,468
Central Lake County Joint Action Water Agency, AMBAC, 5.250%, 5/1/2016, Call 5/1/2013		125,000		125,985
Chicago Board of Education, NATL-RE, 5.000%, 12/1/2014, Call 4/1/2013		1,335,000		1,339,205
Chicago Transit Authority, AGC, 0.560%, 6/1/2018, Call 12/1/2013 (3)(5)(6)		4,740,000		4,740,000
Chicago Transit Authority, AMBAC, 5.000%, 6/1/2013		110,000		111,136
Chicago Transit Authority, AMBAC, 5.250%, 6/1/2013		205,000		207,241
City of Berwyn, AMBAC, 5.000%, 12/1/2013		1,995,000		2,038,331
City of Chicago O’Hare International Airport Revenue, AGC, 5.250%, 1/1/2022, Call 1/1/2014		100,000		103,765
City of Chicago, NATL-RE, 5.250%, 1/1/2017, Call 4/1/2013		840,000		842,772
City of Chicago, NATL-RE FGIC, 0.000%, 1/1/2016		150,000		144,128
City of East Peoria, AGM, 2.000%, 1/1/2014		250,000		252,248
City of Joliet, 2.000%, 1/1/2017		180,000		179,734
City of Joliet, 4.000%, 1/1/2014		560,000		574,045
City of Joliet, 4.000%, 1/1/2015		125,000		130,756
City of Rockford, 2.000%, 12/15/2013		390,000		395,117
City of Springfield, 5.000%, 3/1/2016		300,000		326,532
City of Springfield, 5.000%, 3/1/2017		350,000		388,216
City of Springfield, NATL-RE, 3.800%, 3/1/2014		300,000		305,826
City of Springfield, NATL-RE, 4.000%, 3/1/2013		950,000		950,000
City of Springfield, NATL-RE, 4.000%, 3/1/2015		75,000		78,209
City of Springfield, NATL-RE, 5.000%, 3/1/2014		1,485,000		1,531,213
City of Springfield, NATL-RE, 5.000%, 3/1/2015		740,000		786,058
City of United City of Yorkville, AMBAC, 4.000%, 12/30/2014		200,000		210,826
City of United City of Yorkville, AMBAC, 4.000%, 12/30/2017, Call 12/30/2016		125,000		134,004
City of Waukegan, AGM, 3.000%, 12/30/2013		200,000		203,122
City of Waukegan, AGM, 4.000%, 12/30/2015		535,000		565,688
Cook County Community Consolidated School District No. 15 Palatine, NATL-RE FGIC, 0.000%, 12/1/2013		250,000		246,568
Cook County School District No. 130 Blue Island, XLCA, 4.250%, 12/1/2013		500,000		509,570

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

29

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Cook County School District No. 144 Prairie Hills, AGM, 0.000%, 12/1/2020		$   135,000		$   107,870
Cook County School District No. 171 Sunnybrook, 4.500%, 12/1/2013		205,000		210,342
County of Cook, NATL-RE, 5.250%, 11/15/2016, Call 11/15/2013		315,000		326,280
County of Du Page, AGM, 5.000%, 1/1/2017, Call 7/1/2015		455,000		482,291
DuPage Water Commission, AMBAC, 5.250%, 5/1/2015, Call 5/1/2013		175,000		176,379
Eastern Illinois University, AMBAC, 5.000%, 4/1/2015		200,000		213,804
Illinois Finance Authority, 2.150%, 5/15/2014 (4)		275,000		275,157
Illinois Finance Authority, 2.400%, 5/15/2015 (4)		300,000		300,315
Illinois Finance Authority, 2.700%, 5/15/2016 (4)		375,000		375,562
Illinois Finance Authority, 4.000%, 4/1/2014		30,000		31,121
Illinois Finance Authority, 4.000%, 5/15/2015		250,000		264,440
Illinois Finance Authority, 4.125%, 3/1/2013 (3)		100,000		100,000
Illinois Finance Authority, 4.550%, 11/1/2018, Call 11/1/2013		100,000		101,914
Illinois Finance Authority, 5.000%, 11/1/2014		100,000		106,927
Illinois Finance Authority, 5.000%, 12/15/2016, Call 12/1/2015		645,000		662,157
Illinois Finance Authority, 5.250%, 6/1/2013, Call 4/1/2013		175,000		175,579
Illinois Finance Authority, 5.950%, 8/15/2026, Call 4/1/2013 (3)		2,750,000		2,773,237
Illinois Finance Authority, NATL-RE, 0.000%, 12/1/2013		50,000		49,166
Illinois Finance Authority, NATL-RE, 0.000%, 1/1/2014		100,000		98,553
Illinois Finance Authority, NATL-RE, 5.500%, 11/15/2015		75,000		81,912
Illinois Finance Authority, XLCA, 5.000%, 8/1/2015		50,000		53,983
Illinois Housing Development Authority, NATL-RE, 4.100%, 1/1/2014, Call 7/1/2013		145,000		146,044
Illinois State Toll Highway Authority, AGM, 0.550%, 1/1/2031, Call 3/1/2013 (3)		2,000,000		2,000,000
Illinois State University, 4.000%, 4/1/2013		605,000		606,416
JP Morgan Chase Putters/Drivers Trust, 0.310%, 6/1/2018 (3)(5)(6)		6,865,000		6,865,000
Kane County School District No. 129 West Aurora, NATL-RE FGIC, 5.000%, 2/1/2015		350,000		376,425

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Kane, Cook & DuPage Counties School District No. U-46 Elgin, AGM, 4.000%, 1/1/2020, Call 1/1/2015		$2,365,000		$2,463,455
Kendall, Kane & Will Counties Community Unit School District No. 308, 3.000%, 10/1/2014		155,000		160,292
Kendall, Kane & Will Counties Community Unit School District No. 308, 4.000%, 10/1/2015		70,000		75,691
Kendall, Kane & Will Counties Community Unit School District No. 308, NATL-RE FGIC, 4.250%, 10/1/2020, Call 10/1/2017		300,000		334,212
Lake County Community Consolidated School District No. 3 Beach Park, NATL-RE, 8.750%, 1/1/2015		850,000		948,056
Lake County School District No. 37 Gavin, FSA, 0.000%, 12/1/2014		400,000		384,736
Lake County School District No. 38 Big Hollow, AMBAC, 0.000%, 2/1/2015		200,000		188,826
Lake County Township High School District No. 126 Zion-Benton, NATL-RE, 0.000%, 2/1/2014		910,000		895,995
Macon, Christian & De Witt Counties Community College District No. 537 Richland, 5.000%, 11/1/2013		275,000		282,166
Marion & Jefferson Counties Community High School District No. 600 Salem, NATL-RE FGIC, 0.000%, 11/1/2016		475,000		420,527
Mason Hospital District, RADIAN, 7.250%, 12/1/2015		155,000		165,731
McHenry & Kane Counties Community Consolidated School District 158, NATL-RE, 0.000%, 1/1/2015		100,000		94,940
McHenry & Kane Counties Community Consolidated School District No. 158 Huntley, NATL-RE FGIC, 0.000%, 1/1/2014		400,000		396,084
Metropolitan Water Reclamation District of Greater Chicago, 5.000%, 12/1/2023, Call 6/1/2016		250,000		284,105
Northern Cook County Solid Waste Agency, NATL-RE, 5.000%, 5/1/2015		505,000		542,789
Northern Illinois Municipal Power Agency, NATL-RE, 5.000%, 1/1/2023, Call 1/1/2018		1,115,000		1,245,689
Quad Cities Regional Economic Development Authority, 3.000%, 10/1/2014		125,000		127,883
Quad Cities Regional Economic Development Authority, 3.000%, 10/1/2016		200,000		207,422
Railsplitter Tobacco Settlement Authority, 3.125%, 6/1/2014		715,000		734,191

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

30

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Railsplitter Tobacco Settlement Authority, 4.000%, 6/1/2013		$   300,000		$   302,442
Saint Clair County School District No. 118 Belleville, AMBAC, 0.000%, 12/1/2014		200,000		188,322
Southwestern Illinois Development Authority, AGM, 5.250%, 2/1/2023, Call 2/1/2017		1,165,000		1,311,219
State of Illinois, 1.500%, 6/15/2021		3,000,000		3,010,350
State of Illinois, 2.000%, 10/1/2033, Call 3/1/2013 (3)		7,000,000		7,000,000
State of Illinois, 5.000%, 3/1/2013		200,000		200,000
State of Illinois, 5.000%, 1/1/2014		250,000		258,860
State of Illinois, 5.000%, 3/1/2014		35,000		36,623
State of Illinois, 5.000%, 3/1/2014		65,000		67,750
State of Illinois, 5.000%, 3/1/2015, Call 3/1/2014		225,000		235,548
State of Illinois, AGM, 5.500%, 4/1/2013		130,000		130,471
State of Illinois, FSA, 5.500%, 12/15/2014, Call 4/1/2013		200,000		200,774
Town of Cicero, NATL-RE FGIC, 4.125%, 12/1/2014		300,000		313,143
Town of Cicero, XLCA, 5.000%, 1/1/2014		210,000		216,718
Village of Bensenville, CIFG, 5.000%, 4/1/2016		500,000		542,915
Village of Bolingbrook, NATL-RE, 3.875%, 3/1/2015		200,000		206,880
Village of Bourbonnais, 4.500%, 11/1/2015		210,000		227,539
Village of Bridgeview, AMBAC, 3.300%, 12/1/2015, Call 12/1/2013		330,000		331,455
Village of Cary, RADIAN, 4.400%, 3/1/2016		365,000		368,519
Village of Elwood, RADIAN, 4.200%, 3/1/2016, Call 3/1/2014		100,000		101,630
Village of Franklin Park, AGM, 4.000%, 7/1/2014		205,000		211,244
Village of Franklin Park, AMBAC, 5.000%, 7/1/2015, Call 1/1/2014		1,250,000		1,270,200
Village of Glenwood, AGM, 3.000%, 12/1/2013		140,000		141,463
Village of Glenwood, AGM, 3.000%, 12/1/2014		165,000		167,803
Village of Lyons, NATL-RE, 3.700%, 12/15/2013		240,000		244,740
Village of Melrose Park, NATL-RE FGIC, 0.000%, 12/15/2014		100,000		94,827
Village of Midlothian, 4.000%, 1/1/2014		100,000		101,309
Village of Sauk Village, RADIAN, 5.350%, 12/1/2014, Call 4/1/2013		75,000		75,066
Will County Community School District No. 161 Summit Hill, NATL-RE FGIC, 0.000%, 1/1/2015		225,000		215,584
Will County Community Unit School District No. 201-U Crete-Monee, NATL-RE FGIC, 0.000%, 11/1/2014		100,000		98,671

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Will Grundy Etc Counties Community College District No. 525, 5.250%, 6/1/2015		$   275,000		$     300,294
Will, Grundy, Livingston, Cook, Kendall, LaSalle & Kankakee Counties Community College District No. 525, 5.750%, 6/1/2023, Call 6/1/2018		300,000		357,162
				63,121,948
Indiana — 2.8%
City of Greenwood, 4.000%, 10/1/2014		100,000		104,395
County of Jasper, NATL-RE, 5.200%, 6/1/2013		100,000		100,998
County of Knox, 3.000%, 4/1/2015		200,000		205,848
County of Lake, 2.000%, 1/15/2015		545,000		549,480
County of Lake, 2.000%, 7/15/2015		335,000		337,392
County of Lake, 2.000%, 1/15/2016		555,000		558,075
County of Lake, 2.000%, 7/15/2016		560,000		559,087
County of Lake, 2.000%, 1/15/2017		285,000		283,316
Franklin Community Multi-School Building Corp., NATL-RE FGIC State Aid Withholding, 5.000%, 1/15/2016		250,000		273,452
Gary Community School Corp., State Aid Withholding, 2.000%, 1/15/2016		255,000		258,986
Gary Community School Corp., State Aid Withholding, 2.000%, 1/15/2017		520,000		526,776
Hammond Local Public Improvement Bond Bank, 5.000%, 2/15/2014		500,000		515,295
Indiana Finance Authority, 0.600%, 9/15/2014, Call 3/15/2014 (3)		500,000		501,505
Indiana Finance Authority, 2.200%, 2/1/2016, Call 8/1/2015		4,450,000		4,453,070
Indiana Finance Authority, 3.000%, 3/1/2013		380,000		380,000
Indiana Finance Authority, 3.000%, 10/1/2014		3,000,000		3,111,540
Indiana Finance Authority, 4.000%, 7/1/2015		100,000		106,155
Indiana Finance Authority, 5.000%, 5/1/2014		700,000		733,495
Indiana Finance Authority, NATL-RE, 5.000%, 7/1/2014		150,000		159,296
Indiana Health & Educational Facilities Financing Authority, 5.250%, 3/1/2016		710,000		792,395
Indiana Health Facility Financing Authority, 5.000%, 6/1/2014 (3)		225,000		237,719
Indiana Municipal Power Agency, NATL-RE, 5.500%, 1/1/2016		200,000		213,108
Indianapolis Local Public Improvement Bond Bank, 0.500%, 1/10/2020 (3)		4,655,000		4,655,000
Merrillville Redevelopment District, 5.500%, 1/1/2024, Call 1/1/2014		205,000		213,747

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

31

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Indiana (continued)
North West Hendricks Middle School Building Corp., NATL-RE FGIC State Aid Withholding, 5.000%, 7/15/2014		$   215,000		$     227,500
Northwestern School Building Corp., NATL-RE FGIC State Aid Withholding, 5.000%, 7/15/2016, Call 7/15/2014		100,000		105,393
Puttable Floating Option Tax-Exempt Receipts, NATL-RE, 0.570%, 7/1/2022, Call 3/1/2013 (3)		5,645,000		5,645,000
South Putnam Community School Corp., AGM State Aid Withholding, 4.000%, 7/15/2014		230,000		239,462
University of Southern Indiana, NATL-RE FGIC, 5.500%, 10/1/2013		50,000		51,427
				26,098,912
Iowa — 0.7%
City of Ames, 3.000%, 6/15/2013		100,000		100,460
City of Ames, 4.000%, 6/15/2014		250,000		257,650
City of Coralville, 3.000%, 6/1/2016		250,000		249,993
City of Coralville, 5.000%, 6/1/2014		2,115,000		2,183,484
City of Coralville, 5.000%, 6/1/2014		250,000		259,815
City of Coralville, 5.000%, 6/1/2017		50,000		55,166
City of Hills, 4.000%, 8/15/2015		1,690,000		1,781,006
Iowa Finance Authority, FGIC, 5.000%, 7/1/2014		500,000		529,065
Iowa Higher Education Loan Authority, 3.000%, 10/1/2013		160,000		161,398
Iowa Higher Education Loan Authority, 3.000%, 10/1/2015		340,000		353,607
Iowa Higher Education Loan Authority, 3.000%, 10/1/2016		350,000		367,069
				6,298,713
Kansas — 0.2%
Butler County Public Building Commission, NATL-RE, 4.500%, 10/1/2021, Call 10/1/2015		100,000		105,952
Geary County Unified School District No. 475, NATL-RE, 5.250%, 9/1/2014		1,025,000		1,076,414
Kansas Development Finance Authority, 3.000%, 11/15/2013		300,000		304,140
Kansas Development Finance Authority, 3.000%, 11/15/2014		395,000		406,550
Kansas Development Finance Authority, 4.000%, 11/15/2013		100,000		102,070
				1,995,126
Kentucky — 1.1%
City of Owensboro, AMBAC, 0.000%, 1/1/2015		25,000		23,971
City of Pikeville, USDA, 4.000%, 5/1/2013		2,500,000		2,511,275
City of Russell, 4.000%, 11/1/2015		400,000		425,072

Description	Principal Amount		Value
Municipals (continued)
Kentucky (continued)
County of Mason, 0.310%, 10/15/2014, Call 3/6/2013 (3)		$3,200,000		$3,200,000
County of Warren, 4.000%, 4/1/2015		1,000,000		1,054,390
Kentucky Turnpike Authority, AMBAC, 5.000%, 7/1/2013		570,000		578,749
Lexington-Fayette Urban County Government, 1.200%, 4/1/2013 (3)		2,005,000		2,005,000
				9,798,457
Louisiana — 3.8%
Ascension Parish Industrial Development Board, Inc., 0.550%, 12/1/2041, Call 3/1/2013 (3)		5,000,000		5,000,000
Calcasieu Parish School District No. 23, 2.500%, 2/15/2020		465,000		475,746
City of New Orleans, NATL-RE, 5.250%, 12/1/2014		200,000		214,830
Jefferson Parish School Board, CIFG, 4.250%, 2/1/2024, Call 2/1/2017		285,000		308,359
Lafayette Public Trust Financing Authority, AGM, 3.000%, 10/1/2019		415,000		435,206
Louisiana Housing Corp., FHLMC, 1.300%, 7/1/2015, Call 10/1/2013		1,000,000		1,000,330
Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 2.000%, 10/1/2013		100,000		100,672
Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 2.000%, 11/1/2013		100,000		100,914
Louisiana Offshore Terminal Authority, 1.875%, 10/1/2013 (3)		335,000		337,127
Louisiana Public Facilities Authority, 0.660%, 7/1/2021, Call 3/7/2013 (3)		2,340,000		2,340,000
Louisiana State Citizens Property Insurance Corp., 2.000%, 6/1/2013		100,000		100,295
Louisiana State Citizens Property Insurance Corp., 2.000%, 6/1/2014		100,000		101,190
Louisiana State Citizens Property Insurance Corp., AMBAC, 5.000%, 6/1/2015		215,000		234,141
Louisiana State Citizens Property Insurance Corp., AMBAC, 5.250%, 6/1/2013		250,000		252,610
Louisiana State Citizens Property Insurance Corp., AMBAC, 5.250%, 6/1/2014		110,000		115,895
New Orleans Aviation Board, AGC, 4.250%, 1/1/2015		250,000		263,235
Parish of St. Bernard, 3.000%, 3/1/2015		2,955,000		3,063,360
Parish of St. James, 0.290%, 11/1/2040, Call 3/1/2013 (3)		9,000,000		9,000,000
Parish of St. James, 0.290%, 11/1/2040, Call 3/1/2013 (3)		7,000,000		7,000,000

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

32

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Louisiana (continued)
Regional Transit Authority, NATL-RE FGIC, 0.000%, 12/1/2015		$   275,000		$     245,916
St. Tammany Parish Hospital Service District No. 1, 2.000%, 7/1/2013		1,000,000		1,005,010
St. Tammany Parish Hospital Service District No. 1, 3.000%, 7/1/2014		1,400,000		1,435,182
State of Louisiana, 0.860%, 6/1/2013, Call 4/1/2013 (3)		150,000		150,095
Tangipahoa Parish Hospital Service District No. 1, 5.375%, 2/1/2014, Call 4/1/2013		2,000,000		2,026,780
Terrebonne Parish Hospital Service District No. 1, 4.000%, 4/1/2013		105,000		105,211
				35,412,104
Maine — 0.2%
Maine Health & Higher Educational Facilities Authority, 4.000%, 7/1/2015		495,000		525,116
Town of Bucksport, 4.000%, 3/1/2014		1,000,000		1,028,540
				1,553,656
Maryland — 0.8%
City of Baltimore, NATL-RE, 0.390%, 7/1/2020 (3)		6,000,000		6,000,000
Maryland Community Development Administration, 4.200%, 9/1/2015		475,000		500,759
Maryland Community Development Administration, 4.300%, 9/1/2017, Call 3/1/2017		75,000		79,974
Maryland Health & Higher Educational Facilities Authority, 3.000%, 7/1/2014		100,000		102,460
Maryland Health & Higher Educational Facilities Authority, 3.000%, 7/1/2015		220,000		228,217
				6,911,410
Massachusetts — 0.9%
City of Fall River, AGM, 5.250%, 2/1/2018, Call 4/1/2013		10,000		10,131
Massachusetts Development Finance Agency, 2.000%, 10/1/2014		1,000,000		1,017,920
Massachusetts Development Finance Agency, 3.000%, 7/1/2013		4,000,000		4,028,760
Massachusetts Development Finance Agency, 4.000%, 7/1/2013		200,000		202,204
Massachusetts Development Finance Agency, 4.000%, 7/1/2014		250,000		259,185
Massachusetts Development Finance Agency, 4.000%, 10/1/2015		200,000		214,668
Massachusetts Development Finance Agency, 5.000%, 1/1/2014		300,000		310,479
Massachusetts Development Finance Agency, AGM, 4.000%, 4/1/2014		695,000		714,161
Massachusetts Development Finance Agency, AGM, 4.000%, 10/1/2015		950,000		1,003,770
Massachusetts Health & Educational Facilities Authority, 5.000%, 7/1/2013 (3)		525,000		531,216

Description	Principal Amount		Value
Municipals (continued)
Massachusetts (continued)
Massachusetts Health & Educational Facilities Authority, AGM, 0.430%, 7/1/2040, Call 3/6/2013 (3)		$     75,000		$     75,000
Massachusetts Municipal Wholesale Electric Co., MBIA, 0.140%, 7/1/2018, Call 3/5/2013 (3)		300,000		283,668
				8,651,162
Michigan — 3.3%
Almont Community Schools, NATL-RE Q-SBLF, 4.000%, 5/1/2015, Call 11/1/2013		200,000		203,590
City of Detroit Convention Facility Revenue, NATL-RE, 0.000%, 9/30/2015		275,000		254,873
City of Detroit Convention Facility Revenue, NATL-RE, 5.000%, 9/30/2013		3,090,000		3,155,508
City of Detroit Sewage Disposal System Revenue, AGM, 5.500%, 7/1/2017		400,000		464,160
City of Detroit Sewage System Revenue, NATL-RE, 5.500%, 7/1/2013 (3)		650,000		659,288
City of Detroit Water Supply System Revenue, 5.000%, 7/1/2013		735,000		744,232
City of Detroit Water Supply System Revenue, AGM, 5.000%, 7/1/2014		505,000		528,250
City of Detroit Water Supply System Revenue, NATL-RE FGIC, 5.000%, 7/1/2014		45,000		47,011
City of Detroit Water Supply System Revenue, NATL-RE FGIC, 5.000%, 7/1/2020, Call 7/1/2015		1,655,000		1,763,949
City of Detroit Water Supply System Revenue, NATL-RE FGIC, 5.000%, 7/1/2022, Call 7/1/2015		585,000		619,000
City of Grand Haven Electric System Revenue, NATL-RE, 5.250%, 7/1/2013		100,000		100,849
City of Grand Haven, NATL-RE, 5.500%, 7/1/2014		200,000		206,530
City of Lowell Electric Supply System Revenue, AGM, 2.000%, 8/1/2014		110,000		111,439
City of Manistique, NATL-RE FGIC, 4.400%, 5/1/2013		50,000		50,292
City of Marquette, AMBAC, 4.000%, 5/1/2013		200,000		200,854
City of Marquette, AMBAC, 4.000%, 11/1/2014		160,000		165,926
City of Marquette, AMBAC, 4.000%, 5/1/2015, Call 5/1/2013		100,000		100,366
City of Pontiac, AGC, 3.750%, 5/1/2014		80,000		82,843
City of Pontiac, AGC, 5.000%, 5/1/2013		200,000		201,498
City of Saginaw, AGM, 2.000%, 7/1/2013		175,000		175,577
City of Wayne, AMBAC, 4.000%, 10/1/2017, Call 10/1/2015		300,000		313,200
Coloma Community School District, Q-SBLF, 3.000%, 5/1/2016		300,000		316,002
Coloma Community School District, Q-SBLF, 3.000%, 5/1/2017		315,000		334,486
Coloma Community School District, Q-SBLF, 3.000%, 5/1/2018		330,000		351,424
County of Washtenaw, NATL-RE, 4.000%, 7/1/2018, Call 7/1/2014		100,000		104,145

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

33

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Michigan (continued)
Detroit Wayne County Stadium Authority, 5.000%, 10/1/2014		$   245,000		$   256,317
Deutsche Bank Spears/Lifers Trust, 0.360%, 1/1/2020, Call 6/14/2013 (3)(5)(6)		7,000,000		7,000,000
Grand Blanc Community Schools, AGM, 2.000%, 5/1/2013		610,000		611,592
Hazel Park School District, AGM Q-SBLF, 2.000%, 5/1/2013		485,000		486,242
Kent Hospital Finance Authority, 5.250%, 1/15/2014 (3)		100,000		103,863
Michigan Finance Authority, 3.000%, 4/1/2013		125,000		125,190
Michigan Finance Authority, 3.000%, 5/1/2014		100,000		101,954
Michigan Finance Authority, 3.000%, 12/1/2014		120,000		125,101
Michigan Finance Authority, 3.000%, 5/1/2015		160,000		165,518
Michigan Finance Authority, 3.000%, 5/1/2019		360,000		368,136
Michigan Finance Authority, 3.150%, 5/1/2021		255,000		256,272
Michigan Finance Authority, 3.500%, 4/1/2014		130,000		133,471
Michigan Finance Authority, 4.000%, 6/1/2014		500,000		516,530
Michigan Finance Authority, 4.000%, 4/1/2015		135,000		140,341
Michigan Finance Authority, 5.000%, 6/1/2014		1,225,000		1,280,505
Michigan Finance Authority, 5.000%, 6/1/2015		1,500,000		1,603,455
Michigan Municipal Bond Authority, AGM, 0.000%, 6/15/2013		50,000		49,829
Michigan Municipal Bond Authority, AMBAC, 4.700%, 11/1/2013, Call 4/1/2013		150,000		150,462
Michigan Public Power Agency, NATL-RE, 5.250%, 1/1/2017		200,000		228,878
Michigan State Hospital Finance Authority, 5.500%, 11/1/2015, Call 11/1/2013		100,000		103,463
Michigan State Housing Development Authority, 1.000%, 10/1/2014, Call 4/1/2014		3,150,000		3,154,032
Oakland County Economic Development Corp., 4.500%, 12/1/2013		705,000		706,636
Redford Township Building Authority, AGM, 2.000%, 4/1/2014		355,000		356,313
Romulus Tax Increment Finance Authority, AGM, 4.250%, 11/1/2014		400,000		418,924
Saginaw-Midland Municipal Water Supply Corp., NATL-RE, 5.250%, 9/1/2014, Call 3/1/2013		215,000		215,000
Saginaw-Midland Municipal Water Supply Corp., NATL-RE, 5.250%, 9/1/2015, Call 3/1/2013		100,000		100,000
South Lyon Community Schools, AGM Q-SBLF, 5.000%, 5/1/2014		100,000		105,154
Star International Academy, 2.400%, 3/1/2014		100,000		100,097

Description	Principal Amount		Value
Municipals (continued)
Michigan (continued)
Star International Academy, 2.900%, 3/1/2015		$   125,000		$     125,264
Star International Academy, 3.150%, 3/1/2016		130,000		130,442
Star International Academy, 3.400%, 3/1/2017		125,000		125,556
				30,599,829
Minnesota — 0.4%
City of Glencoe, 5.000%, 4/1/2013		260,000		260,751
City of Winona, 2.000%, 7/1/2015		100,000		101,526
City of Winona, 2.300%, 7/1/2016		500,000		510,785
City of Winona, 5.000%, 7/1/2014		150,000		157,860
Minneapolis & St. Paul Housing & Redevelopment Authority, 5.000%, 12/1/2014, Call 12/1/2013		15,000		15,483
Minnesota Higher Education Facilities Authority, 2.000%, 12/1/2013		100,000		100,734
Minnesota Higher Education Facilities Authority, 3.000%, 10/1/2014		390,000		400,160
Minnesota Higher Education Facilities Authority, 3.000%, 12/1/2014		250,000		257,588
Minnesota Higher Education Facilities Authority, 4.000%, 10/1/2015		255,000		271,358
St. Paul Housing & Redevelopment Authority, 3.500%, 7/1/2013, Call 3/18/2013		1,700,000		1,701,309
St. Paul Housing & Redevelopment Authority, NATL-RE, 5.000%, 11/15/2013		60,000		61,775
				3,839,329
Mississippi — 1.0%
City of D’Iberville, 2.000%, 4/1/2016		265,000		265,864
County of DeSoto, AMBAC, 5.000%, 7/1/2013		100,000		101,552
Mississippi Business Finance Corp., 1.700%, 12/1/2036, Call 3/1/2013 (3)		8,000,000		8,000,000
Mississippi Development Bank, 5.000%, 4/1/2016		115,000		126,203
Mississippi Development Bank, 5.000%, 4/1/2018		300,000		342,423
Mississippi Hospital Equipment & Facilities Authority, 5.000%, 10/1/2017		200,000		229,674
Mississippi Hospital Equipment & Facilities Authority, NATL-RE FHA, 4.500%, 2/1/2014		145,000		148,698
				9,214,414
Missouri — 2.2%
Camdenton Reorganized School District No. R-III, 2.000%, 4/1/2014		625,000		631,581
Camdenton Reorganized School District No. R-III, 2.000%, 4/1/2015		200,000		203,430
City of Sikeston, NATL-RE, 6.000%, 6/1/2014		225,000		237,949
City of Springfield, 5.000%, 6/1/2013		230,000		232,493

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

34

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Missouri (continued)
City of Springfield, 5.000%, 6/1/2014		$   255,000		$    268,467
City of St. Louis, 4.000%, 7/1/2013		890,000		898,553
City of St. Louis, AGM, 5.000%, 7/1/2014		150,000		157,818
City of St. Louis, AGM, 5.250%, 7/1/2016, Call 7/1/2013		220,000		222,981
City of St. Louis, NATL-RE, 4.000%, 7/1/2014		100,000		103,849
City of St. Louis, NATL-RE, 5.500%, 7/1/2015		500,000		552,975
Clarence Cannon Wholesale Water Commission, NATL-RE, 4.000%, 5/15/2013		250,000		251,527
County of Jackson, AMBAC, 0.000%, 12/1/2015		90,000		83,921
Joplin Industrial Development Authority, 2.750%, 2/15/2014		135,000		137,113
Joplin Industrial Development Authority, 3.125%, 2/15/2015		705,000		727,969
Kansas City Industrial Development Authority, 4.000%, 9/1/2013		1,150,000		1,158,383
Missouri State Health & Educational Facilities Authority, 0.750%, 12/1/2036, Call 3/1/2013 (3)		2,725,000		2,725,000
Missouri State Health & Educational Facilities Authority, AMBAC, 0.800%, 12/1/2036, Call 3/4/2013 (3)		3,850,000		3,850,000
Missouri State Health & Educational Facilities Authority, CIFG, 0.800%, 12/1/2030, Call 3/5/2013 (3)		2,450,000		2,450,000
Missouri State Health & Educational Facilities Authority, CIFG, 0.800%, 12/1/2030, Call 3/6/2013 (3)		5,175,000		5,175,000
Riverside Industrial Development Authority, 2.000%, 5/1/2013		245,000		245,137
				20,314,146
Montana — 0.0%
Gallatin County Rural Improvement District, 3.500%, 7/1/2013		130,000		130,459
Nebraska — 0.2%
Central Plains Energy Project, 3.000%, 9/1/2013		500,000		505,800
Central Plains Energy Project, 4.000%, 9/1/2014		700,000		731,276
Lincoln County Hospital Authority No. 1, 4.000%, 11/1/2019		745,000		830,519
				2,067,595
Nevada — 0.3%
City of North Las Vegas, NATL-RE, 4.000%, 10/1/2013		750,000		760,380
City of Reno, 5.000%, 6/1/2013		100,000		100,782
Clark County School District, AGM, 5.000%, 6/15/2016, Call 6/15/2014		100,000		105,565
County of Clark, 4.500%, 8/1/2013		1,050,000		1,063,923
Henderson Redevelopment Agency, AMBAC, 4.600%, 10/1/2014, Call 4/1/2013		175,000		177,068
Reno-Tahoe Airport Authority, AGM, 5.000%, 7/1/2017, Call 7/1/2015		205,000		222,046
				2,429,764

Description	Principal Amount		Value
Municipals (continued)
New Hampshire — 0.4%
New Hampshire Business Finance Authority, 5.375%, 5/1/2014		$   100,000		$   103,880
New Hampshire Health & Education Facilities Authority, 2.000%, 7/1/2013		705,000		708,440
New Hampshire Health & Education Facilities Authority, 3.000%, 7/1/2015		735,000		765,716
New Hampshire Health & Education Facilities Authority, 3.000%, 7/1/2016		755,000		788,809
New Hampshire Health & Education Facilities Authority, 4.000%, 7/1/2017		780,000		847,985
New Hampshire Health & Education Facilities Authority, 5.000%, 7/1/2014		215,000		216,520
New Hampshire Health & Education Facilities Authority, NATL-RE FGIC, 5.000%, 10/1/2013		100,000		102,189
New Hampshire University System, 2.250%, 7/15/2013		135,000		135,239
				3,668,778
New Jersey — 6.7%
Austin Trust, FSA, 0.370%, 5/1/2027, Call 11/1/2017 (3)(5)(6)		3,385,000		3,385,000
Camden County Municipal Utilities Authority, NATL-RE FGIC, 0.000%, 9/1/2015		185,000		175,887
Casino Reinvestment Development Authority, NATL-RE, 5.000%, 6/1/2014		390,000		409,750
City of Hackensack, AGM, 3.000%, 3/15/2013		200,000		200,158
City of Millville, 2.000%, 7/15/2015		1,385,000		1,414,944
City of Millville, 2.000%, 7/15/2016		150,000		153,591
New Jersey Economic Development Authority, 0.320%, 11/1/2031, Call 3/1/2013 (3)		9,240,000		9,240,000
New Jersey Economic Development Authority, 0.320%, 11/1/2040, Call 3/1/2013 (3)		6,235,000		6,235,000
New Jersey Economic Development Authority, 0.320%, 11/1/2040, Call 3/1/2013 (3)		5,000,000		5,000,000
New Jersey Economic Development Authority, 0.770%, 3/1/2036, Call 3/1/2013 (3)		6,150,000		6,150,000
New Jersey Economic Development Authority, 0.770%, 5/1/2036, Call 3/1/2013 (3)		8,715,000		8,715,000
New Jersey Economic Development Authority, 1.710%, 3/1/2028, Call 3/1/2023 (3)		4,000,000		4,002,160
New Jersey Economic Development Authority, 1.810%, 2/1/2016, Call 8/1/2015 (3)		3,000,000		3,064,470
New Jersey Economic Development Authority, 5.000%, 6/15/2015		1,130,000		1,229,112
New Jersey Economic Development Authority, AGM, 5.000%, 9/1/2014, Call 9/1/2014 (3)		125,000		133,760
New Jersey Economic Development Authority, NATL-RE, 0.000%, 7/1/2013		325,000		324,061

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

35

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
New Jersey (continued)
New Jersey Economic Development Authority, NATL-RE, 5.250%, 7/1/2016, Call 7/1/2014		$   150,000		$     159,480
New Jersey Educational Facilities Authority, AGM, 5.000%, 9/1/2013		250,000		255,597
New Jersey Health Care Facilities Financing Authority, 0.320%, 7/1/2038, Call 3/1/2013 (3)		4,500,000		4,500,000
New Jersey Health Care Facilities Financing Authority, 0.700%, 7/1/2018, Call 3/1/2013 (3)		100,000		100,000
New Jersey Health Care Facilities Financing Authority, 3.250%, 7/1/2016		515,000		544,952
New Jersey Health Care Facilities Financing Authority, 5.000%, 7/1/2013		2,000,000		2,030,600
New Jersey Transportation Trust Fund Authority, 5.000%, 6/15/2013		100,000		101,343
New Jersey Transportation Trust Fund Authority, FGIC, 0.530%, 12/15/2030 (3)		2,560,000		2,560,000
Pequannock River Basin Regional Sewerage Authority, 3.000%, 12/1/2014		360,000		371,178
Pequannock River Basin Regional Sewerage Authority, 3.000%, 12/1/2015		235,000		245,324
Pequannock River Basin Regional Sewerage Authority, 3.000%, 12/1/2016		200,000		210,566
Perth Amboy Board of Education, School Bond Reserve Fund, 3.000%, 7/15/2013		500,000		502,775
Perth Amboy Board of Education, School Bond Reserve Fund, 3.000%, 7/15/2014		470,000		479,842
Somerset Hills School District, 4.000%, 3/15/2018, Call 3/15/2013		140,000		140,148
State of New Jersey, NATL-RE, 4.750%, 6/15/2013, Call 4/1/2013		100,000		100,323
Township of Lyndhurst, NATL-RE FGIC, 4.700%, 5/1/2014, Call 4/1/2013		25,000		25,065
				62,160,086
New Mexico — 0.5%
New Mexico Finance Authority, 1.875%, 6/1/2014		500,000		509,795
New Mexico Finance Authority, 3.250%, 6/1/2013		100,000		100,740
New Mexico Finance Authority, AMBAC, 5.000%, 6/1/2021, Call 6/1/2014		1,500,000		1,575,000
New Mexico Finance Authority, AMBAC, 5.000%, 6/15/2021, Call 6/15/2015		200,000		217,590
New Mexico Finance Authority, NATL-RE, 5.250%, 6/15/2019, Call 6/15/2017		1,440,000		1,687,709

Description	Principal Amount		Value
Municipals (continued)
New Mexico (continued)
New Mexico Institute of Mining & Technology, 3.000%, 7/1/2013		$   125,000		$   125,812
				4,216,646
New York — 5.3%
Albany Capital Resource Corp., 2.000%, 7/1/2013		365,000		366,854
City of New York, AGC, 0.300%, 10/1/2021, Call 3/4/2013 (3)		4,950,000		4,950,000
City of New York, AGM, 0.300%, 8/1/2026, Call 3/4/2013 (3)		2,675,000		2,675,000
City of New York, AGM, 0.430%, 8/1/2026, Call 3/6/2013 (3)		575,000		575,000
City of New York, FSA, 0.440%, 1/1/2032, Call 3/1/2013 (3)		1,225,000		1,225,000
City of Utica, 2.000%, 4/1/2014		100,000		101,117
County of Rockland, 2.500%, 9/24/2013		1,000,000		1,005,780
County of Rockland, AGM, 4.000%, 5/1/2013		750,000		753,300
County of Suffolk, NATL-RE, 4.000%, 11/1/2013		285,000		291,538
Glens Falls City School District, NATL-RE State Aid Withholding, 4.375%, 6/15/2013, Call 4/1/2013		150,000		150,371
Long Island Power Authority, NATL-RE, 5.000%, 5/1/2013		225,000		226,636
Long Island Power Authority, NATL-RE, 5.000%, 5/1/2015		445,000		483,755
Long Island Power Authority, NATL-RE, 5.250%, 12/1/2014		415,000		448,706
Metropolitan Transportation Authority, AGM, 0.407%, 11/1/2022, Call 3/6/2013 (3)		2,200,000		2,117,337
Metropolitan Transportation Authority, AMBAC, 0.570%, 11/15/2023 (3)		5,485,000		5,485,000
New York City Municipal Water Finance Authority, 0.190%, 6/15/2032, Call 3/15/2013 (3)		5,000,000		5,000,000
New York City Municipal Water Finance Authority, 5.000%, 6/15/2025, Call 6/15/2020		250,000		303,385
New York City Transitional Finance Authority, 0.330%, 11/1/2022 (3)		2,515,000		2,515,000
New York City Transitional Finance Authority, 0.330%, 11/1/2022 (3)		1,670,000		1,670,000
New York City Transitional Finance Authority, AGM, 0.415%, 11/1/2027, Call 3/1/2013 (3)		4,600,000		4,600,000
New York Local Government Assistance Corp., GO, 5.000%, 4/1/2013		100,000		100,350
New York State Dormitory Authority, 5.000%, 3/15/2032, Call 3/15/2013		100,000		100,134
New York State Dormitory Authority, NATL-RE FGIC, 5.000%, 7/1/2013		135,000		136,602

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

36

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
New York (continued)
New York State Energy Research & Development Authority, AMBAC, 0.900%, 10/1/2028, Call 3/1/2013 (3)		$1,700,000		$  1,700,000
New York State Energy Research & Development Authority, NATL-RE, 0.557%, 4/1/2034, Call 3/4/2013 (3)		2,000,000		1,837,052
New York State Thruway Authority, BHAC, 5.000%, 4/1/2029, Call 4/1/2019		400,000		452,876
Puttable Floating Option Tax-Exempt Receipts, AMBAC, 0.510%, 12/1/2025, Call 3/1/2013 (3)(5)(6)		6,330,000		6,330,000
Ramapo Local Development Corp., 2.000%, 3/15/2015		300,000		306,555
South Plattsburgh Fire District, AGC, 4.250%, 10/1/2014		110,000		115,403
Spackenkill Union Free School District, State Aid Withholding, 3.000%, 4/1/2013		280,000		280,535
State of New York, NATL-RE FGIC, 0.135%, 2/15/2022, Call 3/7/2013 (3)		250,000		226,255
State of New York, NATL-RE FGIC, 0.135%, 2/13/2032, Call 3/7/2013 (3)		1,900,000		1,725,242
Syracuse Industrial Development Agency, State Aid Withholding, 3.000%, 5/1/2013		100,000		100,400
Upper Mohawk Valley Regional Water Finance Authority, 3.000%, 4/1/2016		100,000		105,755
Upper Mohawk Valley Regional Water Finance Authority, 3.000%, 4/1/2017		100,000		106,148
Upper Mohawk Valley Regional Water Finance Authority, 4.000%, 4/1/2018		65,000		72,537
Upper Mohawk Valley Regional Water Finance Authority, 4.000%, 4/1/2019		100,000		111,806
				48,751,429
North Carolina — 1.2%
County of Forsyth, 3.000%, 8/1/2013		140,000		141,611
County of New Hanover, NATL-RE, 3.500%, 9/1/2013		100,000		101,527
County of Sampson, FSA, 0.300%, 6/1/2034, Call 6/1/2017 (3)		2,500,000		2,500,000
Person County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.158%, 11/1/2018, Call 3/15/2013 (3)		4,350,000		4,101,793
Wake County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.158%, 10/1/2022, Call 3/21/2013 (3)		1,025,000		935,857

Description	Principal Amount		Value
Municipals (continued)
North Carolina (continued)
Wake County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.193%, 10/1/2022, Call 3/6/2013 (3)		$2,275,000		$  2,077,203
Wake County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.193%, 10/1/2022 (3)		450,000		410,876
Wake County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.193%, 10/1/2022, Call 3/28/2013 (3)		950,000		867,377
				11,136,244
North Dakota — 1.4%
Barnes County North Public School District Building Authority, 4.000%, 5/1/2014		485,000		503,309
Barnes County North Public School District Building Authority, 4.000%, 5/1/2015		500,000		532,390
Barnes County North Public School District Building Authority, 4.000%, 5/1/2016		520,000		560,784
Barnes County North Public School District Building Authority, 4.000%, 5/1/2017		545,000		589,854
Barnes County North Public School District Building Authority, 4.000%, 5/1/2018		565,000		610,030
Barnes County North Public School District Building Authority, 4.000%, 5/1/2019		590,000		638,468
County of Burleigh, 2.500%, 7/1/2013		100,000		100,341
County of Burleigh, 2.500%, 7/1/2014		150,000		151,089
County of Burleigh, 3.000%, 7/1/2015		255,000		261,398
North Dakota Housing Finance Agency, 3.750%, 7/1/2042, Call 7/1/2022		1,250,000		1,360,562
Williston Parks & Recreation District, 1.150%, 3/1/2014		200,000		200,138
Williston Parks & Recreation District, 2.000%, 3/1/2032, Call 3/18/2013		4,665,000		4,669,338
Williston Parks & Recreation District, 3.250%, 3/1/2032, Call 3/18/2013		2,460,000		2,453,063
				12,630,764
Ohio — 1.3%
Adams County/Ohio Valley Local School District, 2.000%, 12/1/2014		105,000		105,106
Bath Local School District, AGM, 1.000%, 12/1/2013		155,000		155,560
Buckeye Tobacco Settlement Financing Authority, 4.500%, 6/1/2013		1,325,000		1,335,759
Buckeye Tobacco Settlement Financing Authority, 5.000%, 6/1/2015		50,000		54,057

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

37

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Ohio (continued)
City of Akron, 4.000%, 12/1/2026, Call 12/1/2017		$   500,000		$     536,080
City of Akron, 4.000%, 12/1/2027, Call 12/1/2017		1,000,000		1,068,000
City of Akron Waterworks System Revenue, NATL-RE, 5.000%, 3/1/2013		300,000		300,000
City of Lorain, AGM, 2.000%, 12/1/2013		440,000		443,520
City of Middleburg Heights, 4.000%, 8/1/2019		720,000		793,404
City of Newark, 1.250%, 7/31/2013		900,000		902,997
City of Parma, AMBAC, 5.450%, 12/1/2014		185,000		190,883
City of Trenton, AGM, 2.000%, 12/1/2015		275,000		282,260
County of Erie, XLCA, 4.000%, 10/1/2014		150,000		158,722
County of Richland, AGM, 1.000%, 12/1/2014		100,000		100,069
County of Richland, AGM, 1.500%, 12/1/2015		130,000		131,258
Montpelier Exempted Village School District, School District Credit Program, 0.000%, 12/1/2014		150,000		146,102
Montpelier Exempted Village School District, School District Credit Program, 0.000%, 12/1/2015		145,000		138,505
New Albany Community Authority, 3.000%, 10/1/2013		500,000		506,410
Ohio Housing Finance Agency, GNMA/FNMA/FHLMC, 0.260%, 3/1/2016 (3)		3,095,000		3,095,000
Warrensville Height City School District, NATL-RE FGIC, 7.000%, 12/1/2013		1,050,000		1,092,882
				11,536,574
Oklahoma — 0.4%
Comanche County Hospital Authority, 4.000%, 7/1/2014		290,000		299,918
Comanche County Hospital Authority, RADIAN, 4.000%, 7/1/2013		200,000		201,772
Oklahoma County Finance Authority, 4.000%, 3/1/2018		1,750,000		1,956,850
Oklahoma Turnpike Authority, 5.000%, 1/1/2014		200,000		207,832
Stephens County Educational Facilities Authority, 2.000%, 9/1/2013		115,000		115,605
Stephens County Educational Facilities Authority, 2.000%, 9/1/2014		100,000		101,385
Stephens County Educational Facilities Authority, 3.000%, 9/1/2014		170,000		173,867
Stephens County Educational Facilities Authority, 3.000%, 9/1/2015		160,000		165,048
				3,222,277
Oregon — 1.2%
City of Sutherlin, 1.400%, 11/15/2013, Call 5/15/2013		1,000,000		1,000,400

Description	Principal Amount		Value
Municipals (continued)
Oregon (continued)
County of Gilliam, 2.000%, 9/2/2014 (3)		$2,550,000		$  2,598,348
Klamath Falls Intercommunity Hospital Authority, 4.000%, 9/1/2014		355,000		369,143
Klamath Falls Intercommunity Hospital Authority, 5.000%, 9/1/2018		1,195,000		1,362,467
Oregon State Facilities Authority, 4.000%, 3/15/2013		100,000		100,091
Oregon State Facilities Authority, 5.000%, 3/15/2013		500,000		500,630
Port of Morrow, 0.600%, 2/1/2027, Call 3/1/2013 (3)		4,360,000		4,360,000
Treasure Valley Community College District, AMBAC, 4.500%, 6/1/2017, Call 6/1/2015		295,000		321,583
Treasure Valley Community College District, AMBAC, 4.500%, 6/1/2017, Call 6/1/2015		135,000		143,697
Treasure Valley Community College District, AMBAC, 4.500%, 6/1/2019, Call 6/1/2015		300,000		327,033
				11,083,392
Pennsylvania — 7.5%
Allegheny County Hospital Development Authority, 1.160%, 8/1/2013, Call 4/1/2013 (3)		2,000,000		2,001,200
Berks County Municipal Authority, 0.800%, 5/1/2037, Call 3/1/2013 (3)		2,110,000		2,110,000
Butler County General Authority, AGC, 0.380%, 12/1/2033 (3)		7,000,000		7,000,000
Butler County General Authority, AGM, 0.380%, 8/1/2031, Call 3/1/2013 (3)		5,000,000		5,000,000
Chester County Industrial Development Authority, 1.600%, 2/1/2015, Call 8/1/2014 (4)		2,000,000		2,011,100
City of Allentown, AGC, 3.125%, 8/15/2014		440,000		453,244
City of Philadelphia, AMBAC, 5.000%, 10/1/2014		200,000		213,292
City of Pittsburgh, 2.000%, 9/1/2013		1,430,000		1,439,681
City of Pittsburgh, 4.000%, 9/1/2015		475,000		509,091
County of Blair, AMBAC, 5.375%, 8/1/2013		270,000		274,744
County of Lehigh, AGM, 5.000%, 7/1/2015		480,000		523,723
Harrisburg Authority, AGM, 5.000%, 12/1/2013 (3)		2,535,000		2,537,915
Harrisburg Authority, AGM, 5.250%, 12/1/2013 (3)		2,000,000		2,005,860
Hermitage Municipal Authority, NATL-RE, 3.650%, 2/1/2014, Call 4/1/2013		200,000		200,416
Lehigh County General Purpose Authority, 3.000%, 11/1/2015		410,000		424,969
Lehigh County General Purpose Authority, 3.000%, 11/1/2016		455,000		474,883
Lehigh County General Purpose Authority, 3.000%, 11/1/2017		395,000		414,264

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

38

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Pennsylvania (continued)
Lehigh County General Purpose Authority, 4.000%, 11/1/2018		$   510,000		$   561,979
Luzerne County Industrial Development Authority, 1.750%, 2/1/2029, Call 3/1/2013 (3)		8,100,000		8,100,000
Monroeville Finance Authority, 3.000%, 2/15/2014		180,000		184,442
Montgomery County Industrial Development Authority, 5.000%, 11/15/2015		1,000,000		1,095,680
Montgomery County Industrial Development Authority, 5.000%, 11/15/2016		1,000,000		1,119,180
Norristown Area School District, 3.000%, 10/1/2013		1,070,000		1,077,212
Norristown Area School District, 3.000%, 10/1/2014		785,000		797,599
Northampton County Industrial Development Authority, 2.400%, 7/1/2014		275,000		274,995
Northern Tioga School District, AGM, 3.750%, 4/1/2013, Call 4/1/2013		250,000		250,610
Pennsylvania Higher Educational Facilties Authority, 2.250%, 7/1/2013		225,000		226,076
Pennsylvania Higher Educational Facilties Authority, 2.500%, 7/1/2014		615,000		625,449
Pennsylvania Housing Finance Agency, 2.500%, 10/1/2016		130,000		135,242
Philadelphia Parking Authority, 5.000%, 9/1/2013		125,000		127,345
Pittsburgh Public Parking Authority, NATL-RE FGIC, 0.000%, 12/1/2014		300,000		287,562
Pittsburgh Public Parking Authority, NATL-RE FGIC, 0.000%, 12/1/2015		725,000		676,389
Pittsburgh Public Schools, AGM State Aid Withholding, 5.375%, 9/1/2013		100,000		102,382
Pittsburgh Public Schools, NATL-RE FGIC State Aid Withholding, 3.500%, 9/1/2015		30,000		31,786
Pittsburgh Water & Sewer Authority, AGM, 0.380%, 9/1/2033, Call 3/1/2013 (3)		5,000,000		5,000,000
Pittsburgh Water & Sewer Authority, AGM, 0.480%, 9/1/2040, Call 3/1/2013 (3)		3,000,000		3,000,000
Pittsburgh Water & Sewer Authority, NATL-RE FGIC, 6.500%, 9/1/2013		55,000		56,212
Puttable Floating Option Tax-Exempt Receipts, FGIC State Aid Withholding, 0.560%, 6/1/2034 (3)		6,995,000		6,995,000
School District of Philadelphia, AMBAC State Aid Withholding, 5.000%, 8/1/2014		200,000		212,472
School District of Philadelphia, State Aid Withholding, 4.000%, 9/1/2013		200,000		203,404

Description	Principal Amount		Value
Municipals (continued)
Pennsylvania (continued)
South Fork Municipal Authority, 4.000%, 7/1/2013		$   550,000		$     555,450
Southeastern Pennsylvania Transportation Authority, 3.000%, 6/1/2013		200,000		201,220
Sports & Exhibition Authority of Pittsburgh and Allegheny County, AGM, 0.480%, 11/1/2038, Call 3/1/2013 (3)		7,000,000		7,000,000
State Public School Building Authority, AGM, 2.000%, 10/15/2014		250,000		253,583
State Public School Building Authority, AGM, 3.000%, 10/15/2015		210,000		219,301
State Public School Building Authority, AGM ST AID WITHHLDG, 5.000%, 6/1/2013		525,000		530,512
Tioga County Industrial Development Authority, 3.000%, 3/1/2014		1,000,000		1,012,790
Wayne County Hospital & Health Facilities Authority, AGM CNTY GTD, 2.000%, 7/1/2015		395,000		402,485
				68,910,739
Puerto Rico — 0.4%
Commonwealth of Puerto Rico, 5.500%, 7/1/2013		100,000		101,163
Puerto Rico Highway & Transportation Authority, NATL-RE, 5.500%, 7/1/2013		65,000		66,111
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, 5.000%, 4/1/2015		2,000,000		2,087,540
Puerto Rico Infrastructure Financing Authority, AMBAC, 5.500%, 7/1/2015		1,400,000		1,484,028
Puerto Rico Municipal Finance Agency, AGM, 3.900%, 8/1/2014		200,000		206,084
Puerto Rico Municipal Finance Agency, AGM, 5.000%, 8/1/2013		150,000		152,050
				4,096,976
Rhode Island — 0.0%
Town of Coventry, AGM, 2.000%, 11/1/2013		370,000		373,382
South Carolina — 1.1%
City of North Charleston, 0.150%, 12/1/2018, Call 3/6/2013 (3)		1,630,000		1,630,000
City of North Charleston, 0.220%, 5/1/2024, Call 3/6/2013 (3)		2,705,000		2,705,000
City of Rock Hill, AGM, 0.410%, 1/1/2033, Call 3/6/2013 (3)		1,800,000		1,800,000
City of Rock Hill, AGM, 2.000%, 1/1/2014		375,000		380,108
City of Rock Hill, AGM, 3.000%, 1/1/2015		320,000		334,550
Kershaw County School District, AGC, 5.000%, 12/1/2014		100,000		107,944
Newberry Investing in Children’s Education, 5.250%, 12/1/2015		295,000		320,503

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

39

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
South Carolina (continued)
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 4/1/2013		$   410,000		$     410,882
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 10/1/2013		755,000		766,506
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 4/1/2014		1,085,000		1,113,622
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 10/1/2014		300,000		312,054
Piedmont Municipal Power Agency, AMBAC, 0.000%, 1/1/2015		60,000		48,866
Spartanburg County Regional Health Services District, 3.000%, 4/15/2014		315,000		322,084
				10,252,119
South Dakota — 0.1%
South Dakota Health & Educational Facilities Authority, 3.500%, 9/1/2013		300,000		303,870
South Dakota Health & Educational Facilities Authority, 3.500%, 9/1/2015		355,000		371,305
South Dakota Housing Development Authority, AGM, 4.300%, 11/1/2013, Call 4/1/2013		95,000		95,141
				770,316
Tennessee — 1.0%
Franklin Public Building Authority, 0.350%, 6/1/2037, Call 3/1/2013 (3)		7,200,000		7,200,000
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 3.000%, 11/1/2016		510,000		537,667
Shelby County Health Educational & Housing Facilities Board, AGC, 0.580%, 6/1/2042, Call 3/1/2013 (3)		1,000,000		1,000,000
Tennessee Housing Development Agency, 4.500%, 7/1/2028, Call 1/1/2020		315,000		339,161
				9,076,828
Texas — 8.3%
Andrews County Hospital District, 2.000%, 3/15/2014		525,000		530,785
Andrews County Hospital District, 2.000%, 3/15/2015		870,000		886,365
Brazoria County Municipal Utility District No. 21, RADIAN, 4.700%, 9/1/2019, Call 9/1/2013		125,000		126,615
Capital Area Cultural Education Facilities Finance Corp., 5.000%, 4/1/2013		380,000		381,281
City of Arlington, NATL-RE, 5.000%, 8/15/2034, Call 8/15/2015		2,070,000		2,155,408
City of DeSoto, NATL-RE, 5.000%, 2/15/2021, Call 4/1/2013		155,000		155,479
City of Galveston, 4.000%, 2/1/2014		710,000		726,394

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
City of Galveston, 4.000%, 2/1/2015		$   500,000		$   521,110
City of Houston, 5.000%, 9/1/2032, Call 9/1/2013		5,150,000		5,230,597
Clifton Higher Education Finance Corp., 3.750%, 8/15/2016		485,000		514,289
Coastal Bend Health Facilities Development Corp., AGM, 0.400%, 7/1/2031, Call 3/7/2013 (3)		1,600,000		1,600,000
County of Jones, 3.000%, 9/1/2014		155,000		159,151
County of Jones, 3.000%, 9/1/2015		85,000		88,251
County of Jones, 4.000%, 9/1/2016		165,000		178,385
Dallas Independent School District, 5.000%, 2/15/2014		895,000		934,550
Denton Independent School District, PSF, 0.500%, 8/15/2022, Call 8/15/2016 (3)		4,235,000		4,235,000
Fort Bend County Levee Improvement District No. 12, AGM, 2.000%, 4/1/2015		420,000		427,808
Fort Bend County Municipal Utility District No. 118, AGM, 2.000%, 9/1/2013		65,000		65,389
Fort Bend County Municipal Utility District No. 118, AGM, 2.000%, 9/1/2014		65,000		65,958
Frisco Independent School District, AGC, 5.250%, 8/15/2036, Call 8/15/2019		190,000		229,201
Gulf Coast Industrial Development Authority, 0.600%, 11/1/2019, Call 3/1/2013 (3)		2,350,000		2,350,000
Harris County Health Facilities Development Corp., 0.500%, 7/1/2027 (3)		6,940,000		6,940,000
Harris County Health Facilities Development Corp., AGM, 0.400%, 7/1/2031, Call 3/7/2013 (3)		2,775,000		2,775,000
Harris County Health Facilities Development Corp., AGM, 0.400%, 7/1/2031, Call 3/7/2013 (3)		1,425,000		1,425,000
Harris County Health Facilities Development Corp., NATL-RE, 5.375%, 10/1/2013, Call 4/1/2013		200,000		200,732
Harris County Municipal Utility District No. 1, AGM, 3.000%, 9/1/2013		175,000		176,815
Harris County Municipal Utility District No. 167, AGM, 0.000%, 9/1/2014		190,000		192,491
Harris County Municipal Utility District No. 276, AGM, 2.000%, 9/1/2013		80,000		80,499
Harris County Municipal Utility District No. 276, AGM, 2.000%, 9/1/2014		215,000		218,266
Harris County Municipal Utility District No. 383, BAM, 2.000%, 9/1/2015		140,000		142,048
Harris County Municipal Utility District No. 391, AGM, 2.000%, 9/1/2014		25,000		25,346
Harris County Municipal Utility District No. 391, AGM, 2.000%, 9/1/2015		125,000		126,983

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

40

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
Harris Montgomery Counties Municipal Utility District No. 386, 5.000%, 9/1/2015		$   290,000		$   309,560
Harrison County Health Facilities Development Corp., 4.000%, 7/1/2013		180,000		181,777
Hidalgo County Health Services Corp., 5.000%, 8/15/2013		505,000		513,843
Horsepen Bayou Municipal Utility District, AGM, 3.000%, 3/1/2013		300,000		300,000
Hunt Memorial Hospital District, AGM, 0.460%, 8/15/2017, Call 3/1/2013 (3)		7,325,000		7,325,000
Lancaster Independent School District, AGM, 0.000%, 2/15/2015		1,200,000		1,175,580
Lubbock Health Facilities Development Corp., 5.000%, 7/1/2013		500,000		507,180
Matagorda County Navigation District No. 1, NATL-RE, 4.000%, 10/15/2015, Call 10/15/2013 (3)		275,000		282,436
Meadowhill Regional Municipal Utility District, AGM, 2.000%, 10/1/2015		165,000		169,476
Midtown Redevelopment Authority, 4.000%, 1/1/2014		170,000		173,796
Nacogdoches County Hospital District, AGM, 2.000%, 5/15/2014		160,000		162,142
North Texas Health Facilities Development Corp., AGM, 5.000%, 9/1/2015		180,000		195,934
North Texas Tollway Authority, 6.000%, 1/1/2020, Call 1/1/2018		250,000		298,155
Northwest Harris County Municipal Utility District No. 19, AGM, 5.500%, 10/1/2013		100,000		102,631
Northwest Independent School District, PSF, 5.000%, 2/15/2036, Call 2/15/2020		465,000		539,005
Paseo De La Resaca Municipal Utility District No. 3, 0.000%, 9/1/2013		300,000		297,282
Puttable Floating Option Tax-Exempt Receipts, FSA, 0.500%, 12/1/2028 (3)		1,368,000		1,368,000
Rib Floater Trust Various States, 0.370%, 3/1/2043, Call 3/1/2022 (3)(5)(6)		5,000,000		5,000,000
Round Rock Transportation System Development Corp., NATL-RE, 4.000%, 8/15/2018, Call 8/15/2015		100,000		106,675
Round Rock Transportation System Development Corp., NATL-RE, 4.125%, 8/15/2019, Call 8/15/2015		150,000		160,200
Sam Rayburn Municipal Power Agency, 5.000%, 10/1/2014		1,515,000		1,607,809
State of Texas, 5.500%, 8/1/2016, Call 4/1/2013		900,000		903,447
Texas Municipal Gas Acquisition & Supply Corp. I, 5.000%, 12/15/2013		360,000		372,326
Texas Municipal Gas Acquisition & Supply Corp. I, 5.000%, 12/15/2014		300,000		321,972

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
Texas Municipal Gas Acquisition & Supply Corp. III, 5.000%, 12/15/2014		$  1,000,000		$  1,076,010
Texas Municipal Gas Acquisition & Supply Corp. III, 5.000%, 12/15/2015		1,500,000		1,658,715
Texas State Turnpike Authority, AMBAC, 0.000%, 8/15/2019		1,000,000		839,140
Texas Transportation Commission, 0.520%, 4/1/2026, Call 3/1/2013 (3)		14,000,000		14,000,000
Texas Transportation Commission, 1.250%, 2/15/2015, Call 2/15/2015 (3)		2,000,000		2,011,140
Travis County Water Control & Improvement District No. 17, BAM, 0.000%, 11/1/2016 (4)		390,000		372,228
Travis County Water Control & Improvement District No. 17, BAM, 0.000%, 11/1/2017 (4)		250,000		233,090
				76,429,745
Utah — 0.4%
Central Utah Water Conservancy District, 5.000%, 10/1/2027, Call 10/1/2019		250,000		295,465
County of Box Elder, 0.380%, 4/1/2028, Call 3/1/2013 (3)		3,000,000		3,000,000
				3,295,465
Virginia — 0.8%
Broadway Industrial Development Authority, 4.100%, 4/1/2013		210,000		210,437
Roanoke Economic Development Authority, 0.160%, 7/1/2036, Call 3/1/2013 (3)		6,000,000		6,000,000
Roanoke Economic Development Authority, AGM, 5.000%, 7/1/2017 (3)		415,000		471,087
Virginia Commonwealth University Health System Authority, 2.000%, 7/1/2014		100,000		101,508
Virginia Housing Development Authority, 3.500%, 6/1/2015		125,000		130,539
				6,913,571
Washington — 0.2%
Washington Health Care Facilities Authority, 2.500%, 12/1/2017 (5)(6)		1,300,000		1,299,974
Washington Health Care Facilities Authority, FHA, 5.250%, 8/1/2015		475,000		505,647
Washington Higher Education Facilities Authority, 3.000%, 10/1/2014		100,000		103,001
Washington Higher Education Facilities Authority, 3.000%, 10/1/2015		170,000		176,934
Washington State Housing Finance Commission, 3.000%, 7/1/2015		200,000		207,420
				2,292,976
West Virginia — 0.1%
City of Princeton, 4.000%, 5/1/2015		1,215,000		1,260,502

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

41

February 28, 2013 (Unaudited)

Schedule of Investments

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Wisconsin — 2.1%
City of Beloit, 3.000%, 5/1/2015		$   600,000		$     625,392
City of Menasha, 4.400%, 9/1/2017, Call 9/1/2015		100,000		100,374
City of Menasha, 4.600%, 9/1/2021, Call 9/1/2014		165,000		158,822
City of Menasha, AMBAC, 4.000%, 9/1/2014, Call 9/1/2013		1,000,000		970,190
City of Nekoosa, 5.350%, 7/1/2015		130,000		140,447
Elkhorn Area School District, AGM, 4.500%, 4/1/2013		300,000		300,843
Park Falls Redevelopment Authority, 4.125%, 10/1/2013, Call 4/1/2013		175,000		175,192
Wisconsin Center District, 3.000%, 12/15/2015 (4)		200,000		209,356
Wisconsin Center District, 3.000%, 12/15/2016 (4)		615,000		646,894
Wisconsin Center District, 3.000%, 12/15/2017 (4)		635,000		669,131
Wisconsin Center District, NATL-RE, 0.000%, 12/15/2015		135,000		128,728
Wisconsin Health & Educational Facilities Authority, 0.190%, 8/15/2034, Call 8/15/2013 (3)		3,500,000		3,500,000
Wisconsin Health & Educational Facilities Authority, 0.190%, 8/15/2034, Call 8/15/2016 (3)		4,500,000		4,500,000
Wisconsin Health & Educational Facilities Authority, 2.500%, 10/15/2013		500,000		505,755
Wisconsin Health & Educational Facilities Authority, 2.500%, 10/15/2015		180,000		185,855
Wisconsin Health & Educational Facilities Authority, 3.000%, 8/15/2013		505,000		508,136
Wisconsin Health & Educational Facilities Authority, 4.750%, 8/15/2014 (3)		1,000,000		1,052,750
Wisconsin Health & Educational Facilities Authority, 5.000%, 8/15/2013		115,000		117,310
Wisconsin Health & Educational Facilities Authority, 5.000%, 9/1/2016		375,000		418,504
Wisconsin Health & Educational Facilities Authority, 5.000%, 10/15/2017		225,000		257,362
Wisconsin Health & Educational Facilities Authority, 5.000%, 8/15/2021, Call 8/15/2018		150,000		173,606
Wisconsin Health & Educational Facilities Authority, AMBAC, 5.000%, 12/15/2013		235,000		242,224
Wisconsin Health & Educational Facilities Authority, AMBAC, 5.000%, 12/15/2014		140,000		149,327
Wisconsin Housing & Economic Development Authority, AGM, 0.350%, 5/1/2043, Call 3/1/2013 (3)		4,000,000		4,000,000
				19,736,198

Description	Shares or Principal Amount		Value
Municipals (continued)
Wyoming — 0.0%
Teton County Hospital District, 3.000%, 12/1/2013		$     250,000		$       254,265
Total Municipals (identified cost $846,054,643)				848,293,505
Short-Term Investments — 8.0%
Mutual Funds — 4.6%
BMO Tax-Free Money Market Fund, Class I, 0.111% (10)		42,705,630		42,705,630
Short-Term Municipals — 3.4%
Arizona — 0.0%
Maricopa County Elementary School District No. 62 Union, AGM, 2.000%, 7/1/2013		$     140,000		140,602
California — 1.2%
California Community College Financing Authority, 2.000%, 6/28/2013		5,000,000		5,020,950
California Statewide Communities Development Authority, 2.000%, 5/15/2013		100,000		100,193
City of Monrovia, 3.125%, 6/28/2013		2,000,000		2,013,480
Kaweah Delta Health Care District, 2.000%, 6/1/2013		575,000		576,443
Stockton Unified School District, 3.000%, 7/1/2013		650,000		654,420
Sulphur Springs Union School District, 2.000%, 3/1/2013		2,460,000		2,460,000
				10,825,486
Colorado — 0.0%
Colorado Educational & Cultural Facilities Authority, 3.000%, 6/1/2013 (4)		55,000		55,297
Florida — 0.1%
City of Port St. Lucie, 1.000%, 7/1/2013		350,000		350,031
Orlando Community Redevelopment Agency, 2.000%, 4/1/2013		250,000		250,300
				600,331
Iowa — 0.6%
Iowa Higher Education Loan Authority, 3.000%, 5/16/2013		1,500,000		1,504,920
Iowa Higher Education Loan Authority, 6.000%, 5/16/2013		4,000,000		4,011,160
				5,516,080
Massachusetts — 0.1%
Massachusetts Industrial Finance Agency Pollution Control Revenue Refunding Bonds, 0.400%, 3/6/2013		1,000,000		1,000,000
Michigan — 0.1%
Flint Hospital Building Authority, 5.000%, 7/1/2013 (4)		180,000		181,444
River Rouge School District, Q-SBLF, 3.000%, 5/1/2013		535,000		536,872
				718,316
Mississippi — 0.7%
Claiborne County, 0.490%, 5/15/2013		6,245,000		6,245,000

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

42

BMO Funds

Ultra Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Short-Term Investments (continued)
Short-Term Municipals (continued)
Missouri — 0.1%
Missouri State Health & Educational Facilities Authority, 3.000%, 4/25/2013		$1,300,000		$     1,302,171
New York — 0.2%
Addison Central School District, State Aid Withholding, 2.000%, 6/1/2013		450,000		451,296
Cayuga County Water & Sewer Authority, 2.000%, 3/26/2013, Call 3/11/2013		500,000		500,385
City of Utica, 2.000%, 4/1/2013		100,000		100,094
Lackawanna City School District, State Aid Withholding, 2.000%, 3/1/2013		190,000		190,000
Town of Ramapo, 2.000%, 6/15/2013		685,000		687,980
				1,929,755
Ohio — 0.2%
County of Richland, AGM, 1.000%, 12/1/2013		115,000		115,202
Ohio State Water Development Authority, 0.600%, 7/1/2013 (3)		1,500,000		1,500,285
				1,615,487
Oregon — 0.1%
Astoria Hospital Facilities Authority, 3.000%, 8/1/2013		930,000		937,468
Pennsylvania — 0.0%
Blue Mountain School District, State Aid Withholding, 0.400%, 3/15/2013		200,000		200,006
Texas — 0.0%
Fort Bend County Municipal Utility District No. 137, AGM, 3.000%, 9/1/2013		110,000		111,217
Utah — 0.0%
Utah State Board of Regents, 3.000%, 11/1/2013		100,000		101,820
Washington — 0.0%
Washington State Housing Finance Commission, FHLMC, 0.700%, 7/1/2013		135,000		135,192
Total Short-Term Municipals				31,434,228
Total Short-Term Investments (identified cost $74,134,975)				74,139,858
Total Investments — 100.1% (identified cost $920,189,618)				922,433,363
Other Assets and Liabilities — (0.1)%				(1,287,220	)
Total Net Assets — 100.0%				$921,146,143

Portfolio Credit Ratings*
Sector	Fund
AAA		7.4%
AA		29.1
A		32.8
BBB		16.5
BB		0.2
NR		9.5
Other Assets & Liabilities, Net		4.5
Total		100.0%

Municipal Issuance/Industry Type*
Issuance/Industry	Fund
General Obligation
School District		5.8%
State or Local		9.2
Total General Obligation		15.0
Revenue Bonds
Appropriation		15.5
Education		10.8
General Revenue		3.7
Healthcare		18.8
Housing		3.2
Industrial Revenue		5.5
Power		1.4
Special Tax		6.6
Student Loan		0.7
Tobacco		0.7
Transportation		6.9
Water & Sewer		6.7
Total Revenue Bonds		80.5
Other Assets & Liabilities, Net		4.5
Total		100.0%

Short Tax-Free Fund

Description	Principal Amount		Value
Municipals — 97.3%
Alabama — 0.3%
Alabama State Docks Department, NATL-RE, 5.000%, 10/1/2019, Call 10/1/2016		$100,000		$   107,787
Arizona — 2.8%
Arizona Health Facilities Authority, 1.960%, 2/5/2020, Call 8/9/2019 (3)		250,000		253,967
City of Scottsdale, 4.250%, 7/1/2025, Call 7/1/2018		150,000		167,036
Glendale Industrial Development Authority, 4.000%, 12/1/2013		80,000		81,918
Greater Arizona Development Authority, 5.000%, 8/1/2024, Call 8/1/2018		25,000		27,741
McAllister Academic Village LLC, 5.750%, 7/1/2016		95,000		108,633
Phoenix Civic Improvement Corp., 0.000%, 7/1/2019 (13)		100,000		117,490
University of Arizona, 5.000%, 8/1/2026, Call 8/1/2021		250,000		295,242
				1,052,027

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

43

February 28, 2013 (Unaudited)

Schedule of Investments

Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
California — 14.9%
Bay Area Toll Authority, 1.210%, 4/1/2024, Call 10/1/2023 (3)		$500,000		$500,900
Berkeley Unified School District, NATL-RE, 4.000%, 8/1/2018, Call 8/1/2013		100,000		102,140
California Health Facilities Financing Authority, 5.000%, 11/15/2021, Call 11/15/2015		100,000		108,542
California Infrastructure & Economic Development Bank, AMBAC, 0.340%, 10/1/2017, Call 3/5/2013 (3)		400,000		377,612
California Infrastructure & Economic Development Bank, AMBAC, 0.340%, 10/1/2023, Call 3/1/2013 (3)		475,000		440,034
California State Public Works Board, 5.000%, 11/1/2020, Call 11/1/2019		35,000		41,632
California State Public Works Board, 5.125%, 10/1/2022, Call 10/1/2019		245,000		286,988
California Statewide Communities Development Authority, FGIC, 4.250%, 11/1/2016 (3)		50,000		55,136
California Statewide Communities Development Authority, XLCA, 4.100%, 4/1/2013 (3)		200,000		200,518
Chaffey Community College District, NATL-RE, 4.250%, 6/1/2026, Call 6/1/2015		100,000		106,008
Chino Basin Desalter Authority, AGC, 4.500%, 6/1/2025, Call 6/1/2018		300,000		326,052
County of Yolo, AGM, 5.000%, 12/1/2015		180,000		194,567
County of Yolo, AGM, 6.800%, 12/1/2014		170,000		185,495
Desert Sands Unified School District, AMBAC, 0.000%, 6/1/2014		100,000		99,126
El Centro Financing Authority, AGM, 4.500%, 10/1/2019, Call 10/1/2016		175,000		190,388
Escondido Union High School District, NATL-RE, 0.000%, 11/1/2014		100,000		96,411
Imperial Unified School District, XLCA, 5.000%, 8/1/2023, Call 8/1/2014		50,000		52,566
Long Beach Bond Finance Authority, AMBAC, 0.000%, 8/1/2019		280,000		198,072
Los Angeles Unified School District, FGIC, 5.000%, 7/1/2025, Call 7/1/2015		265,000		288,884
Metropolitan Water District of Southern California, 2.500%, 10/1/2014, Call 7/1/2014 (3)		50,000		51,422
Northern California Transmission Agency, NATL-RE, 0.457%, 5/1/2024, Call 3/5/2013 (3)		100,000		89,363
Palomar Pomerado Health, NATL-RE, 0.000%, 8/1/2014		120,000		119,446
Ravenswood City School District, AMBAC, 5.000%, 8/15/2016, Call 8/15/2014		340,000		361,005
San Bernardino City Unified School District, AGM, 5.000%, 8/1/2017, Call 8/1/2014		145,000		152,530
San Pasqual Union School District, AGM, 0.000%, 9/1/2018		150,000		132,234
San Pasqual Union School District, AGM, 0.000%, 9/1/2019		150,000		127,014
Santa Paula Union High School District, 4.500%, 8/1/2027, Call 8/1/2019		80,000		87,042

Description	Principal Amount		Value
Municipals (continued)
California (continued)
State of California, AGM, 5.000%, 8/1/2027, Call 8/1/2015		$100,000		$   108,139
Stockton Unified School District, AGC, 4.000%, 8/1/2015		50,000		53,199
Stockton Unified School District, AGM, 4.250%, 8/1/2014		20,000		20,873
Stockton Unified School District, AGM, 5.000%, 8/1/2018, Call 8/1/2017		200,000		226,080
Twin Rivers Unified School District, 0.000%, 4/1/2014		200,000		197,240
West Contra Costa Unified School District, AGM, 5.000%, 8/1/2018		65,000		77,215
				5,653,873
Colorado — 3.4%
Broomfield Urban Renewal Authority, 0.400%, 12/1/2030, Call 3/1/2013 (3)		100,000		100,000
City & County of Denver, 5.000%, 11/15/2025, Call 11/15/2020		50,000		58,737
City & County of Denver, AGC, 0.330%, 11/15/2025, Call 3/1/2013 (3)		250,000		250,000
Colorado Health Facilities Authority, 4.000%, 10/1/2018		165,000		179,050
E-470 Public Highway Authority, NATL-RE, 0.000%, 9/1/2013		100,000		99,364
E-470 Public Highway Authority, NATL-RE, 5.000%, 9/1/2017, Call 9/1/2016		300,000		324,804
Regional Transportation District, AMBAC, 5.000%, 6/1/2021, Call 6/1/2015		250,000		268,157
				1,280,112
Connecticut — 0.5%
Connecticut State Health & Educational Facility Authority, NATL-RE, 5.000%, 7/1/2023, Call 7/1/2017		150,000		171,078
Delaware — 0.8%
Delaware Solid Waste Authority, NATL-RE, 5.000%, 6/1/2015		275,000		300,897
Florida — 9.7%
Citizens Property Insurance Corp., 4.250%, 6/1/2017		50,000		56,041
Citizens Property Insurance Corp., AGM, 5.000%, 6/1/2016		50,000		56,204
Citizens Property Insurance Corp., NATL-RE, 5.000%, 3/1/2017		20,000		22,859
City of Cape Coral, NATL-RE, 5.000%, 7/1/2016		190,000		206,885
City of Lauderhill, XLCA, 4.250%, 10/1/2022, Call 10/1/2014		150,000		155,314
City of Tampa, 4.250%, 11/15/2023, Call 5/15/2020		325,000		353,733
County of Citrus, XLCA, 0.407%, 1/1/2018 (3)		350,000		336,290
County of Okeechobee, 0.650%, 7/1/2013 (3)		250,000		250,167
County of Palm Beach, NATL-RE FGIC, 7.200%, 6/1/2015		125,000		143,713
County of Palm Beach, XLCA, 5.000%,11/1/2022, Call 11/1/2017		50,000		58,380
Florida Department of Environmental Protection, AGC, 5.000%, 7/1/2022, Call 7/1/2017		150,000		172,137

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

44

BMO Funds

Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Florida (continued)
Florida Governmental Utility Authority, AGM, 4.000%, 7/1/2021		$235,000		$   262,641
Florida Municipal Loan Council, NATL-RE, 3.625%, 2/1/2015		100,000		104,670
Florida Municipal Power Agency, AMBAC, 0.193%, 10/1/2021 (3)		450,000		383,877
Florida Municipal Power Agency, NATL-RE FGIC, 0.193%, 10/1/2027 (3)		25,000		21,265
Miami-Dade County Expressway Authority, 0.860%, 6/13/2013, Call 3/1/2013 (3)(5)(6)		500,000		500,000
Miami-Dade County School Board, NATL-RE FGIC, 5.000%, 5/1/2022, Call 5/1/2017		50,000		56,399
Orange County School Board, AGM-CR FGIC, 5.000%, 8/1/2021, Call 8/1/2016		50,000		54,793
Pinellas County Health Facilities Authority, NATL-RE, 0.260%, 11/15/2023, Call 3/1/2013 (3)		200,000		181,259
St. Lucie County School Board, NATL-RE FGIC, 4.300%, 10/1/2019, Call 10/1/2016		250,000		266,960
Tampa Bay Water, 5.000%, 10/1/2017		40,000		47,627
				3,691,214
Georgia — 1.7%
Burke County Development Authority, AGM, 0.352%, 1/1/2024, Call 3/21/2013 (3)		100,000		82,493
City of Atlanta, 6.000%, 11/1/2029, Call 11/1/2019		290,000		355,656
Fulton County Development Authority, 4.000%, 3/15/2016		50,000		54,353
Fulton County Development Authority, 5.000%, 3/15/2016		150,000		167,515
				660,017
Illinois — 11.9%
Chicago Board of Education, AGM, 5.000%, 12/1/2022, Call 12/1/2017		125,000		139,709
Chicago Transit Authority, 5.500%, 6/1/2019, Call 12/1/2018		105,000		126,918
City of Chicago, 5.000%, 1/1/2018		50,000		58,237
City of Chicago, AMBAC, 4.000%, 1/1/2017, Call 7/1/2015		50,000		53,794
City of Springfield, NATL-RE, 5.000%, 3/1/2013		370,000		370,000
City of Springfield, NATL-RE, 5.000%, 3/1/2014		125,000		128,890
Cook County High School District No. 205 Thornton Township, AGC, 5.500%, 12/1/2014		100,000		107,936
County of Winnebago, NATL-RE, 4.250%, 12/30/2019, Call 12/30/2016		50,000		55,815
Illinois Finance Authority, 5.000%, 2/15/2018		40,000		45,541
Illinois Finance Authority, 5.000%, 11/1/2027, Call 11/1/2019		100,000		111,026
Illinois Finance Authority, 5.250%, 8/15/2015		200,000		217,178
Illinois Finance Authority, 5.500%, 11/1/2018		350,000		420,658

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Illinois Finance Authority, 5.950%, 8/15/2026, Call 4/1/2013 (3)		$250,000		$   252,112
Illinois Finance Authority, AGM, 0.000%, 2/1/2015		120,000		116,366
Illinois State Toll Highway Authority, 4.125%, 1/1/2020, Call 7/1/2015		100,000		107,442
Illinois State Toll Highway Authority, AGM, 5.000%, 1/1/2022, Call 7/1/2016		100,000		112,897
Kendall, Kane & Will Counties Community College District No. 516, NATL-RE FGIC, 0.000%, 12/15/2015, Call 12/15/2013		150,000		136,714
Kendall, Kane & Will Counties Community Unit School District No. 308, NATL-RE FGIC, 4.250%, 10/1/2020, Call 10/1/2017		50,000		55,702
Lake County Community High School District No. 117 Antioch, NATL-RE FGIC, 0.000%, 12/1/2016		235,000		218,393
Lake County Forest Preserve District, 4.750%, 12/15/2023, Call 6/15/2018		100,000		115,441
Lake County School District No. 38 Big Hollow, AMBAC, 0.000%, 2/1/2014		100,000		97,400
Southwestern Illinois Development Authority, AGM, 5.250%, 2/1/2023, Call 2/1/2017		250,000		281,377
State of Illinois, 3.875%, 9/1/2017		100,000		109,907
State of Illinois, 5.000%, 1/1/2015		300,000		321,159
Town of Cicero, NATL-RE FGIC, 5.000%, 1/1/2014		200,000		205,878
Village of Bensenville, CIFG, 5.000%, 4/1/2016		300,000		325,749
Village of Dolton, NATL-RE, 4.200%, 12/1/2019, Call 12/1/2014		125,000		129,499
Village of Plainfield, NATL-RE FGIC, 3.850%, 12/15/2016, Call 12/15/2013		100,000		102,201
				4,523,939
Indiana — 4.6%
Avon Community School Building Corp., AMBAC State Aid Withholding, 4.500%, 7/15/2019, Call 7/15/2017		75,000		85,794
County of Lake, 2.000%, 1/15/2017		280,000		278,345
County of Lake, 2.000%, 7/15/2017		245,000		242,868
Gary Community School Corp., State Aid Withholding, 2.000%, 1/15/2015		150,000		152,229
Gary Community School Corp., State Aid Withholding, 2.000%, 1/15/2018		270,000		270,621
Indiana Bond Bank, AMBAC, 5.250%, 4/1/2018		50,000		58,617
Indiana Finance Authority, 2.200%, 2/1/2016, Call 8/1/2015		200,000		200,138
Indiana Finance Authority, 5.250%, 10/1/2022, Call 10/1/2021		150,000		188,495
Indianapolis Local Public Improvement Bond Bank, 0.500%, 1/10/2020 (3)		250,000		250,000
				1,727,107
Kansas — 0.7%
Miami County Unified School District No. 416 Louisburg, NATL-RE, 5.000%, 9/1/2016		250,000		280,268

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

45

February 28, 2013 (Unaudited)

Schedule of Investments

Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Louisiana — 1.6%
Louisiana State Citizens Property Insurance Corp., AMBAC, 5.000%, 6/1/2018, Call 6/1/2016		$215,000		$   241,092
State of Louisiana, 0.860%, 6/1/2013, Call 4/1/2013 (3)		350,000		350,221
				591,313
Maine — 0.7%
Maine Health & Higher Educational Facilities Authority, NATL-RE ST RES FD GTY, 4.500%, 7/1/2016, Call 7/1/2014		50,000		52,387
Regional School Unit No. 1 Lower Kennebec Region School Unit, 4.500%, 2/1/2022, Call 2/1/2021		100,000		114,033
Town of Bucksport, 4.000%, 3/1/2014		100,000		102,854
				269,274
Maryland — 0.3%
Maryland Community Development Administration, 4.300%, 9/1/2017, Call 3/1/2017		120,000		127,958
Massachusetts — 1.4%
Commonwealth of Massachusetts, NATL-RE FGIC, 0.135%, 12/1/2030, Call 3/6/2013 (3)		500,000		421,084
Massachusetts Health & Educational Facilities Authority, 1.014%, 11/15/2032, Call 11/15/2017 (3)		100,000		93,831
				514,915
Michigan — 4.4%
City of Detroit Sewage Disposal System Revenue, AGM, 3.650%, 7/1/2015, Call 7/1/2013		100,000		100,846
City of Detroit Sewage Disposal System Revenue, AGM, 5.500%, 7/1/2017		100,000		116,040
City of Detroit Sewage Disposal System Revenue, NATL-RE, 5.500%, 7/1/2015		170,000		185,827
City of Detroit Sewage Disposal System Revenue, NATL-RE, 5.500%, 7/1/2016		50,000		56,439
City of Detroit Sewage Disposal System Revenue, NATL-RE, 6.000%, 7/1/2014		100,000		105,772
City of Detroit Water Supply System Revenue, AGM, 5.000%, 7/1/2013		55,000		55,732
City of Detroit Water Supply System Revenue, BHAC, 4.000%, 7/1/2017		100,000		109,238
Detroit City School District, AGM Q-SBLF, 5.000%, 5/1/2014		165,000		172,602
Michigan Municipal Bond Authority, 5.000%, 10/1/2015, Call 10/1/2014		90,000		96,629
Muskegon Public Schools, Q-SBLF, 4.250%, 5/1/2021, Call 5/1/2019		200,000		225,442
South Lyon Community Schools, NATL-RE, 5.500%, 5/1/2013		50,000		50,387
State of Michigan, 5.500%, 11/1/2021, Call 5/1/2019		300,000		363,618
Western Michigan University, 5.000%, 11/15/2021		40,000		49,173
				1,687,745

Description	Principal Amount		Value
Municipals (continued)
Mississippi — 1.8%
City of D’Iberville, 2.125%, 4/1/2017		$190,000		$   189,519
Mississippi Business Finance Corp., 1.700%, 12/1/2036, Call 3/1/2013 (3)		500,000		500,000
				689,519
Missouri — 3.2%
Missouri State Health & Educational Facilities Authority, 3.750%, 2/1/2017		45,000		47,752
Missouri State Health & Educational Facilities Authority, 4.000%, 2/15/2021		100,000		108,716
Missouri State Health & Educational Facilities Authority, AMBAC, 0.800%, 12/1/2036, Call 3/4/2013 (3)		250,000		250,000
Missouri State Health & Educational Facilities Authority, CIFG, 0.800%, 12/1/2030, Call 3/6/2013 (3)		500,000		500,000
Missouri State Health & Educational Facilities Authority, CIFG, 0.800%, 12/1/2030, Call 3/5/2013 (3)		300,000		300,000
				1,206,468
Nevada — 1.9%
Clark County School District, NATL-RE FGIC, 5.000%, 6/15/2021, Call 6/15/2017		100,000		116,212
Clark County School District, NATL-RE FGIC, 5.000%, 6/15/2023, Call 6/15/2017		175,000		201,238
County of Clark, 5.000%, 7/1/2015		50,000		54,748
County of Clark, 5.000%, 7/1/2024, Call 1/1/2020		150,000		173,280
County of Clark, AMBAC, 4.125%, 11/1/2020, Call 11/1/2015		75,000		79,984
Nye County School District, PSF, 4.375%, 5/1/2025, Call 5/1/2015		100,000		108,726
				734,188
New Jersey — 2.3%
New Jersey Economic Development Authority, 1.710%, 3/1/2028, Call 3/1/2023 (3)		250,000		250,135
New Jersey Economic Development Authority, AGC-ICC FGIC, 5.250%, 12/15/2021		100,000		125,950
New Jersey Economic Development Authority, NATL-RE FGIC, 5.250%, 12/15/2017, Call 12/15/2015		40,000		44,727
New Jersey State Turnpike Authority, AGM, 5.000%, 1/1/2022, Call 1/1/2015		50,000		53,602
New Jersey Transportation Trust Fund Authority, AGM-CR, 5.500%, 12/15/2021		300,000		382,470
				856,884
New York — 5.5%
Battery Park City Authority, AMBAC, 0.402%, 11/1/2031, Call 3/21/2013 (3)		150,000		138,754
City of Yonkers, 4.000%, 7/1/2016		300,000		324,315
City of Yonkers, NATL-RE, 5.000%, 8/1/2018, Call 8/1/2015		100,000		107,327
Metropolitan Transportation Authority, AGM, 0.407%, 11/1/2022, Call 3/6/2013 (3)		375,000		360,910

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

46

BMO Funds

Short Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
New York (continued)
New York Mortgage Agency, 5.000%, 10/1/2019		$500,000		$   587,900
Niagara Falls City School District, AGM State Aid Withholding, 4.100%, 6/15/2017, Call 6/15/2015		200,000		210,034
Plattsburgh City School District, NATL-RE, 4.125%, 6/15/2015		75,000		80,458
State of New York, NATL-RE FGIC, 0.135%, 2/15/2022, Call 3/7/2013 (3)		325,000		294,132
				2,103,830
North Carolina — 2.7%
County of Burke, AMBAC, 5.000%, 4/1/2019, Call 4/1/2016		95,000		105,948
County of Guilford, 4.000%, 2/1/2023, Call 2/1/2019		115,000		130,077
Person County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.158%, 11/1/2018, Call 3/15/2013 (3)		450,000		424,323
Wake County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.193%, 10/1/2022, Call 3/6/2013 (3)		400,000		365,222
				1,025,570
Ohio — 0.9%
Avon Lake City School District, NATL-RE, 4.500%, 12/1/2016, Call 6/1/2015		100,000		108,146
City of Cleveland, AMBAC, 5.250%, 1/1/2018		50,000		58,108
Pickerington Local School District, NATL-RE, 4.300%, 12/1/2024, Call 12/1/2016		35,000		36,685
Ravenna City School District, School District Credit Program, 0.000%, 1/15/2015		135,000		131,954
				334,893
Oklahoma — 0.8%
Comanche County Hospital Authority, 4.000%, 7/1/2014		300,000		310,260
Oregon — 0.1%
Treasure Valley Community College District, 2.000%, 6/1/2013		45,000		45,127
Pennsylvania — 7.6%
Allegheny County Hospital Development Authority, 5.375%, 8/15/2029, Call 8/15/2019		225,000		259,803
Berks County Municipal Authority, 1.610%, 7/1/2022, Call 7/1/2017		350,000		354,718
Chester County Industrial Development Authority, 1.600%, 2/1/2015, Call 8/1/2014 (4)		200,000		201,110
City of Philadelphia, AGC, 5.125%, 8/1/2025, Call 8/1/2019		100,000		111,128
City of Pittsburgh, AGM, 5.250%, 9/1/2015		100,000		110,761
City of Pittsburgh, AGM, 5.250%, 9/1/2017, Call 9/1/2016		95,000		107,585
Lehigh County General Purpose Authority, 3.000%, 11/1/2014		195,000		200,054

Description	Principal Amount		Value
Municipals (continued)
Pennsylvania (continued)
Monroe County Hospital Authority, 5.000%, 1/1/2017		$260,000		$   288,254
Northampton County Industrial Development Authority, 1.900%, 7/1/2013		160,000		159,997
Pennsylvania Economic Development Financing Authority, 1.750%, 12/1/2015 (3)		100,000		102,871
Pennsylvania Higher Educational Facilities Authority, NATL-RE, 5.000%, 4/1/2014		100,000		105,016
Pennsylvania Turnpike Commission, AGM, 0.330%, 7/15/2041, Call 3/15/2013 (3)		350,000		350,000
Puttable Floating Option Tax-Exempt Receipts, FGIC State Aid Withholding, 0.560%, 6/1/2034 (3)		20,000		20,000
State Public School Building Authority, AGM State Aid Withholding, 5.000%, 6/1/2024, Call 12/1/2016		200,000		216,988
State Public School Building Authority, FSA, 5.375%, 10/1/2023, Call 10/1/2018		160,000		182,891
Wayne County Hospital & Health Facilities Authority, AGM, 2.000%, 7/1/2015		100,000		101,895
				2,873,071
South Carolina — 1.8%
South Carolina Jobs-Economic Development Authority, 4.000%, 11/1/2015		375,000		403,174
South Carolina Jobs-Economic Development Authority, AGC, 4.250%, 2/1/2018		250,000		279,505
				682,679
Tennessee — 2.5%
Clarksville Natural Gas Acquisition Corp., 5.000%, 12/15/2014		500,000		536,250
Clarksville Natural Gas Acquisition Corp., 5.000%, 12/15/2015		80,000		88,026
Franklin Public Building Authority, 0.350%, 6/1/2037, Call 3/1/2013 (3)		250,000		250,000
Tennessee Energy Acquisition Corp., 5.000%, 9/1/2016		65,000		71,794
				946,070
Texas — 4.0%
Austin Community College District Public Facility Corp., 5.000%, 8/1/2028, Call 8/1/2018		125,000		145,094
City of Coppell, 5.750%, 2/1/2023, Call 2/1/2018		50,000		59,882
Clifton Higher Education Finance Corp., 1.950%, 12/1/2015		185,000		185,686
Harris County Municipal Utility District No. 167, AGM, 0.000%, 9/1/2015		70,000		67,096
Nacogdoches County Hospital District, AGM, 2.000%, 5/15/2016		175,000		178,434
North Texas Tollway Authority, 5.750%, 1/1/2038, Call 1/1/2018		225,000		248,323
Port Arthur Independent School District, AGC, 4.000%, 2/15/2020, Call 2/15/2018		50,000		55,859

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

47

February 28, 2013 (Unaudited)

Schedule of Investments

Short Tax-Free Fund (continued)

Description	Shares or Principal Amount		Value
Municipals (continued)
Texas (continued)
Puttable Floating Option Tax-Exempt Receipts, FSA, 0.500%, 12/1/2028 (3)		$192,000		$      192,000
Texas Municipal Gas Acquisition & Supply Corp., 5.000%, 12/15/2015		135,000		148,698
Texas Transportation Commission, 0.520%, 4/1/2026, Call 3/1/2013 (3)		250,000		250,000
				1,531,072
Virginia — 1.5%
Greater Richmond Convention Center Authority, NATL-RE, 5.000%, 6/15/2021, Call 6/15/2015		130,000		141,035
Henrico County Economic Development Authority, 4.000%, 11/1/2016		100,000		109,382
Virginia College Building Authority, 4.250%, 9/1/2027, Call 9/1/2019		275,000		302,104
				552,521
Washington — 0.8%
City of Tacoma, 5.750%, 12/1/2017		100,000		120,334
Washington Health Care Facilities Authority, 0.000%,12/1/2017 (5)(6)		200,000		174,248
				294,582
Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, 5.500%, 12/15/2020, Call 12/15/2019		80,000		94,057
Total Municipals (identified cost $36,700,894)				36,920,315
Short-Term Investments — 2.7%
Mutual Funds — 2.1%
BMO Tax-Free Money Market Fund, Class I, 0.111% (10)		800,535		800,535
Short-Term Municipals — 0.6%
Texas — 0.6%
Clifton Higher Education Finance Corp., 1.650%, 12/1/2013		$225,000		225,229
Total Short-Term Investments (identified cost $1,025,535)				1,025,764
Total Investments — 100.0% (identified cost $37,726,429)				37,946,079
Other Assets and Liabilities — 0.0%				(6,769	)
Total Net Assets — 100.0%				$37,939,310

Portfolio Credit Ratings*
Sector	Fund
AAA		4.5%
AA		41.8
A		30.1
BBB		15.6
NR		5.9
Other Assets & Liabilities, Net		2.1
Total		100.0%

Municipal Issuance/Industry Type*
Issuance/Industry	Fund
General Obligation
School District		11.4%
State or Local		12.5
Total General Obligation		23.9
Revenue Bonds
Appropriation		15.3
Education		7.7
General Revenue		3.8
Healthcare		14.2
Housing		1.9
Industrial Revenue		4.8
Power		2.6
Special Tax		6.5
Transportation		10.9
Water & Sewer		6.3
Total Revenue Bonds		74.0
Other Assets & Liabilities, Net		2.1
Total		100.0%

Short-Term Income Fund

Description	Principal Amount		Value
Asset-Backed Securities — 4.1%
Automobiles — 2.6%
Ally Auto Receivables Trust, Class A3, (Series 2011-5), 0.990%, 11/16/2015		$   375,000		$   376,981
AmeriCredit Auto Receivables Trust, Class B, (Series 2012-3), 1.590%, 7/10/2017		1,855,000		1,881,933
CarNow Auto Receivables Trust, Class A, (Series 2012-1A), 2.090%, 1/15/2015 (5)(6)		355,732		355,932
CPS Auto Receivables Trust, Class A, (Series 2012-A), 2.780%, 6/17/2019 (5)(6)		924,589		943,826
CPS Auto Receivables Trust, Class A, (Series 2012-D), 1.480%, 3/16/2020 (5)(6)		932,492		936,342
Honda Auto Receivables Owner Trust, Class A3, (Series 2010-2), 1.340%, 3/18/2014		48,690		48,772
Wheels LLC, Class A2, (Series 2012-1), 1.190%, 3/20/2021 (5)(6)		1,405,367		1,414,385
				5,958,171
Credit Cards — 0.5%
GE Capital Credit Card Master Note Trust, Class A, (Series 2010-3), 2.210%, 6/15/2016		1,000,000		1,005,500
Other Financial — 1.0%
Countrywide Asset-Backed Certificates, Class A1, (Series 2007-QH2), 0.442%, 4/25/2037 (3)(5)(6)		636,118		335,164
SLM Student Loan Trust, Class A5, (Series 2004-5A), 0.901%, 10/25/2023 (3)(5)(6)		1,945,000		1,954,993
				2,290,157
Total Asset-Backed Securities (identified cost $9,506,752)				9,253,828

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

48

BMO Funds

Short-Term Income Fund (continued)

Description	Principal Amount		Value
Collateralized Mortgage Obligations — 4.3%
Private Sponsor — 4.3%
Banc of America Funding Corp., Class 1A3, (Series 2007-C), 5.467%, 5/20/2036 (3)		$   653,136		$   653,006
Banc of America Funding Corp., Class 2A1, (Series 2005-5), 5.500%, 9/25/2035		1,016,258		1,063,533
Chase Mortgage Finance Corp., Class A1, (Series 2005-S2), 5.500%, 10/25/2035		701,034		728,719
Chase Mortgage Finance Corp., Class A3, (Series 2006-S4), 6.000%, 12/25/2036		477,261		481,726
First Horizon Asset Securities, Inc., Class 1A1, (Series 2005-1), 5.000%, 3/25/2035		1,555		1,552
GSR Mortgage Loan Trust, Class 2A4, (Series 2005-AR5), 2.953%, 10/25/2035 (3)		305,378		299,698
Holmes Master Issuer PLC, Class A2, (Series 2010-1A), 1.704%, 10/15/2054 (3)(5)(6)		1,148,266		1,158,868
JP Morgan Mortgage Trust, Class 2A2, (Series 2005-S3), 5.500%, 1/25/2021		643,995		651,685
JP Morgan Mortgage Trust, Class 3A1, (Series 2007-A2), 5.331%, 4/25/2037 (3)		38,447		34,768
Lehman Mortgage Trust, Class 5A1, (Series 2006-2), 5.500%, 4/25/2036		492,101		510,436
Morgan Stanley Mortgage Loan Trust, Class 2A2, (Series 2004-10AR), 2.764%, 11/25/2034 (3)		1,091,694		1,095,114
Springleaf Mortgage Loan Trust, Class A, (Series 2012-1A), 2.667%, 9/25/2057 (3)(5)(6)		763,591		772,665
Springleaf Mortgage Loan Trust, Class A, (Series 2012-2A), 2.220%, 10/25/2057 (3)(5)(6)		875,486		885,816
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 2.619%, 5/25/2036 (3)		418,763		379,206
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 2.723%, 4/25/2036 (3)		165,960		157,648
Wells Fargo Mortgage Backed Securities Trust, Class A1, (Series 2006-AR19), 5.398%, 12/25/2036 (3)		885,490		885,125
Total Collateralized Mortgage Obligations (identified cost $9,513,407)				9,759,565
Commercial Mortgage Securities — 10.3%
Private Sponsor — 10.3%
Banc of America Commercial Mortgage Trust, Class A3, (Series 2006-6), 5.369%, 10/10/2045		1,100,000		1,194,853
Banc of America Commercial Mortgage Trust, Class A3, (Series 2007-4), 5.812%, 2/10/2051 (3)		1,161,342		1,223,426

Description	Principal Amount		Value
Commercial Mortgage Securities (continued)
Private Sponsor (continued)
Banc of America Commercial Mortgage, Inc., Class A3, (Series 2007-1), 5.449%, 1/15/2049		$   868,163		$     890,969
Bear Stearns Commercial Mortgage Securities, Class A3, (Series 2007-PW17), 5.736%, 6/11/2050		1,009,401		1,062,512
Bear Stearns Commercial Mortgage Securities, Class AAB, (Series 2007-T28), 5.746%, 9/11/2042		1,494,624		1,601,895
CW Capital Cobalt, Ltd., Class A3, (Series 2007-C3), 5.793%, 5/15/2046 (3)		1,500,000		1,600,184
Greenwich Capital Commercial Funding Corp., Class A3, (Series 2005-GG3), 4.569%, 8/10/2042		832,870		834,338
GS Mortgage Securities Corp. II, Class A3, (Series 2007-EOP), 1.456%, 3/6/2020 (3)(5)(6)		1,950,000		1,955,795
JP Morgan Chase Commercial Mortgage Securities Corp., Class A2, (Series 2007-LD12), 5.827%, 2/15/2051		370,196		379,766
JP Morgan Chase Commercial Mortgage Securities Corp., Class A3, (Series 2007-CB20), 5.819%, 2/12/2051		1,500,000		1,556,121
JP Morgan Chase Commercial Mortgage Securities Corp., Class AM, (Series 2005-LDP5), 5.238%, 12/15/2044		1,650,000		1,842,682
LB-UBS Commercial Mortgage Trust, Class AAB, (Series 2006-C1), 5.139%, 2/15/2031		445,297		462,320
LB-UBS Commercial Mortgage Trust, Class AAB, (Series 2006-C4), 5.841%, 6/15/2032 (3)		1,208,955		1,266,047
LB-UBS Commercial Mortgage Trust, Class AAB, (Series 2006-C6), 5.341%, 9/15/2039		725,567		772,241
LB-UBS Commercial Mortgage Trust, Class C, (Series 2004-C4), 5.542%, 6/15/2036 (3)		1,680,000		1,773,962
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A2, (Series 2006-2), 5.878%, 6/12/2046		91,067		91,158
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class ASB, (Series 2006-2), 5.862%, 6/12/2046 (3)		453,815		482,175
Morgan Stanley Capital I, Inc., Class A4, (Series 2007-IQ15), 5.887%, 6/11/2049 (3)		1,510,000		1,768,107
Wachovia Bank Commercial Mortgage Trust, Class AMFX, (Series 2005-C20), 5.179%, 7/15/2042 (3)		2,253,000		2,454,950
Total Commercial Mortgage Securities (identified cost $22,976,312)				23,213,501
Corporate Bonds & Notes — 52.0%
Advertising — 0.7%
WPP Finance UK, 8.000%, 9/15/2014		1,405,000		1,547,997

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

49

February 28, 2013 (Unaudited)

Schedule of Investments

Short-Term Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Agriculture — 1.8%
British American Tobacco International Finance PLC, 1.400%, 6/5/2015 (5)(6)		$2,000,000		$  2,024,770
Imperial Tobacco Finance PLC, 2.050%, 2/11/2018 (5)(6)		2,000,000		2,014,336
				4,039,106
Apparel — 0.4%
VF Corp., 1.038%, 8/23/2013 (3)		1,000,000		1,003,835
Auto Manufacturers — 0.4%
Volkswagen International Finance NV, 1.875%, 4/1/2014 (5)(6)		870,000		880,744
Banks — 11.0%
Abbey National Treasury Services PLC/London, 1.881%, 4/25/2014 (3)		1,070,000		1,079,290
Ally Financial Inc., 7.500%, 12/31/2013		528,000		555,720
ANZ National Int’l, Ltd./London, 1.850%, 10/15/2015 (5)(6)		1,500,000		1,534,215
Bank of America Corp., 7.375%, 5/15/2014 (1)		1,300,000		1,399,055
Bank of New York Mellon Corp., 1.700%, 11/24/2014		1,625,000		1,658,317
BBVA U.S. Senior SAU, 4.664%, 10/9/2015 (1)		2,000,000		2,073,652
Capital One Financial Corp., 6.250%, 11/15/2013		1,300,000		1,350,879
Citigroup, Inc., 6.000%, 12/13/2013		997,000		1,037,430
Credit Suisse New York, 5.500%, 5/1/2014		675,000		714,215
Goldman Sachs Group, Inc., 5.125%, 1/15/2015		1,300,000		1,393,288
ING Bank, 2.000%, 9/25/2015 (1)(5)(6)		3,000,000		3,053,139
Intesa Sanpaolo SpA, 3.125%, 1/15/2016		1,840,000		1,816,735
JPMorgan Chase & Co., 1.125%, 2/26/2016		2,000,000		2,004,790
Morgan Stanley, 2.875%, 1/24/2014		1,455,000		1,482,485
Nordea Bank AB, 3.125%, 3/20/2017 (1)(5)(6)		1,500,000		1,592,991
Royal Bank of Canada, 1.450%, 10/30/2014		775,000		788,610
U.S. Bancorp, 1.375%, 9/13/2013		1,385,000		1,392,097
				24,926,908
Beverages — 0.4%
Anheuser-Busch InBev Worldwide, Inc., 1.500%, 7/14/2014		925,000		937,215
Biotechnology — 1.2%
Amgen, Inc., 1.875%, 11/15/2014 (1)		1,600,000		1,633,707
Life Technologies Corp., 3.375%, 3/1/2013		1,000,000		1,000,000
				2,633,707
Chemicals — 2.0%
Ecolab, Inc., 2.375%, 12/8/2014 (1)		2,000,000		2,056,902
Rohm & Haas Co., 6.000%, 9/15/2017		2,050,000		2,419,135
				4,476,037

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Computers — 0.7%
Hewlett-Packard Co., 3.000%, 9/15/2016 (1)		$1,430,000		$  1,469,946
Diversified Financial Services — 5.1%
American Express Credit Corp., 7.300%, 8/20/2013		1,500,000		1,547,222
BlackRock, Inc., 3.500%, 12/10/2014		1,240,000		1,305,398
Caterpillar Financial Services Corp., 1.100%, 5/29/2015		1,000,000		1,012,123
Ford Motor Credit Co. LLC, 3.984%, 6/15/2016		1,000,000		1,058,600
Ford Motor Credit Co. LLC, 4.207%, 4/15/2016		1,000,000		1,064,579
General Electric Capital Corp., 3.350%, 10/17/2016		1,475,000		1,585,650
SSIF Nevada LP, 1.005%, 4/14/2014 (3)(5)(6)		1,250,000		1,258,340
TD Ameritrade Holding Corp., 4.150%, 12/1/2014		940,000		997,075
Woodside Finance, Ltd., 4.500%, 11/10/2014 (5)(6)		1,500,000		1,579,591
				11,408,578
Electric — 3.0%
Alliant Energy Corp., 4.000%, 10/15/2014		2,350,000		2,470,007
Appalachian Power Co., 3.400%, 5/24/2015		1,970,000		2,075,019
Entergy Corp., 3.625%, 9/15/2015		1,000,000		1,049,636
NextEra Energy Capital Holdings, Inc., 1.200%, 6/1/2015		1,250,000		1,260,708
				6,855,370
Engineering & Construction — 0.5%
ABB Finance USA, Inc., 1.625%, 5/8/2017		1,000,000		1,014,508
Food — 0.9%
Kraft Foods Group, Inc., 1.625%, 6/4/2015		2,000,000		2,033,388
Healthcare-Products — 1.1%
Boston Scientific Corp., 4.500%, 1/15/2015		1,200,000		1,272,811
Zimmer Holdings, Inc., 1.400%, 11/30/2014		1,300,000		1,310,201
				2,583,012
Healthcare-Services — 0.9%
WellPoint, Inc., 1.250%, 9/10/2015		2,000,000		2,016,712
Home Furnishings — 0.5%
Whirlpool Corp., 5.500%, 3/1/2013		1,150,000		1,150,000
Insurance — 1.7%
Genworth Life Institutional Funding Trust, 5.875%, 5/3/2013 (5)(6)		477,000		480,684
MetLife Institutional Funding II, 1.205%, 4/4/2014 (3)(5)(6)		870,000		878,002
MetLife, Inc., 5.000%, 11/24/2013		1,355,000		1,399,987
Prudential Covered Trust 2012-1, 2.997%, 9/30/2015 (5)(6)		950,000		992,496
				3,751,169
Internet — 0.8%
Amazon.com, Inc., 0.650%, 11/27/2015		1,830,000		1,829,356
Iron/Steel — 0.5%
ArcelorMittal, 5.375%, 6/1/2013		1,200,000		1,210,894

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

50

BMO Funds

Short-Term Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Media — 1.3%
Comcast Corp., 5.850%, 11/15/2015		$1,400,000		$1,585,534
DIRECTV Holdings LLC, 3.125%, 2/15/2016		1,255,000		1,316,373
				2,901,907
Mining — 2.5%
Anglo American Capital PLC, 2.150%, 9/27/2013 (5)(6)		1,830,000		1,841,602
Anglo American Capital PLC, 2.625%, 9/27/2017 (5)(6)		2,000,000		2,042,186
Xstrata Finance Canada, Ltd., 1.800%, 10/23/2015 (5)(6)		1,635,000		1,653,687
				5,537,475
Office/Business Equipment — 0.4%
Xerox Corp., 1.710%, 9/13/2013 (3)		980,000		984,156
Oil & Gas — 2.2%
BP Capital Markets PLC, 0.700%, 11/6/2015 (1)		1,575,000		1,574,042
Petrobras International Finance Co. - Pifco, 2.875%, 2/6/2015		1,500,000		1,531,231
Talisman Energy, Inc., 5.125%, 5/15/2015		1,825,000		1,965,478
				5,070,751
Oil & Gas Services — 1.3%
National Oilwell Varco, Inc., 1.350%, 12/1/2017		2,000,000		2,010,358
Schlumberger Norge AS, 1.250%, 8/1/2017 (5)(6)		1,000,000		1,000,125
				3,010,483
Pharmaceuticals — 3.4%
AbbVie, Inc., 1.750%, 11/6/2017 (1)(5)(6)		1,670,000		1,692,757
Cardinal Health, Inc., 1.700%, 3/15/2018 (1)		2,000,000		2,015,702
Express Scripts Holding Co., 2.100%, 2/12/2015 (1)		1,500,000		1,534,089
Takeda Pharmaceutical Co., Ltd., 1.031%, 3/17/2015 (5)(6)		1,435,000		1,445,628
Zoetis, Inc., 1.150%, 2/1/2016 (5)(6)		1,000,000		1,003,624
				7,691,800
Pipelines — 0.7%
Enterprise Products Operating LLC, 5.650%, 4/1/2013		1,500,000		1,505,016
Real Estate Investment Trusts — 1.6%
HCP, Inc., 2.700%, 2/1/2014		1,610,000		1,637,125
Health Care REIT, Inc., 2.250%, 3/15/2018 (1)		2,000,000		2,020,136
				3,657,261
Retail — 0.7%
Walgreen Co., 1.000%, 3/13/2015		1,680,000		1,685,784
Semiconductors — 0.7%
Intel Corp., 1.350%, 12/15/2017		1,600,000		1,605,387
Software — 0.8%
Oracle Corp., 1.200%, 10/15/2017		1,725,000		1,726,771
Telecommunications — 2.4%
AT&T, Inc., 5.100%, 9/15/2014		760,000		811,172
British Telecommunications PLC, 2.000%, 6/22/2015		1,000,000		1,025,802

Description	Shares or Principal Amount		Value
Corporate Bonds & Notes (continued)
Telecommunications (continued)
Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 2/1/2014		$1,800,000		$    1,877,261
Telefonica Emisiones SAU, 2.582%, 4/26/2013		950,000		952,445
Verizon Communications, Inc., 2.000%, 11/1/2016		750,000		778,142
				5,444,822
Transportation — 0.4%
CSX Corp., 5.750%, 3/15/2013		1,000,000		1,001,451
Total Corporate Bonds & Notes (identified cost $115,690,242)				117,591,546
Municipals — 4.2%
Illinois — 1.1%
Illinois Finance Authority, 0.550%, 4/1/2013 (3)		1,000,000		1,000,000
State of Illinois, 4.071%, 1/1/2014		1,525,000		1,561,325
				2,561,325
Michigan — 0.1%
County of Wayne, 5.000%, 9/15/2013		210,000		212,104
Minnesota — 0.6%
Tobacco Securitization Authority, 2.643%, 3/1/2014		1,250,000		1,278,650
Oklahoma — 0.3%
Comanche County Hospital Authority, 3.430%, 7/1/2016		645,000		645,381
Pennsylvania — 1.7%
Butler County General Authority, AGM, 0.380%, 8/1/2031, Call 3/1/2013 (3)		1,000,000		1,000,000
Pennsylvania Turnpike Commission, AGM, 0.340%, 7/15/2041, Call 3/15/2013 (3)		1,000,000		1,000,000
Philadelphia Authority for Industrial Development, 1.200%, 4/1/2014		1,800,000		1,805,364
				3,805,364
Wisconsin — 0.4%
Wisconsin Housing & Economic Development Authority, 0.570%, 3/1/2038, Call 3/1/2013 (3)		1,025,000		1,025,000
Total Municipals (identified cost $9,458,273)				9,527,824
Mutual Funds — 3.0%
Eaton Vance Institutional Senior Loan Fund, Open-end Cayman Islands Exempted Co., 4.590% (8)		326,711		3,012,276
Fidelity Floating Rate High Income Fund, 2.720%		372,038		3,701,780
Total Mutual Funds (identified cost $6,422,183)				6,714,056
U.S. Government & U.S. Government Agency Obligations — 13.1%
Federal Home Loan Bank — 0.4%
0.875%, 12/27/2013 (1)		$1,000,000		1,005,748
Federal Home Loan Mortgage Corporation — 3.5%
0.500%, 4/17/2015 (1)		1,625,000		1,632,288
0.625%, 12/29/2014 (1)		1,505,000		1,514,877

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

51

February 28, 2013 (Unaudited)

Schedule of Investments

Short-Term Income Fund (continued)

Description	Shares or Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations (continued)
Federal Home Loan Mortgage Corporation (continued)
0.750%, 11/25/2014 (1)		$  1,500,000		$     1,513,391
2.875%, 2/9/2015 (1)		3,000,000		3,150,510
				7,811,066
Federal National Mortgage Association — 1.4%
0.650%, 5/29/2015 (1)		2,000,000		2,001,538
1.125%, 6/27/2014		1,100,000		1,113,465
				3,115,003
U.S. Treasury Bonds & Notes — 7.8%
0.375%, 1/15/2016 (1)		3,000,000		3,003,516
0.500%, 7/31/2017 (1)		1,000,000		993,906
1.000%, 9/30/2016 (1)		4,000,000		4,075,940
1.125%, 5/31/2019 (1)		4,500,000		4,516,173
1.375%, 11/30/2015 (1)		1,500,000		1,543,008
1.500%, 6/30/2016 (1)		1,950,000		2,019,773
1.750%, 5/31/2016 (1)		1,500,000		1,565,391
				17,717,707
Total U.S. Government & U.S. Government Agency Obligations (identified cost $29,438,509)				29,649,524
U.S. Government Agency-Mortgage Securities — 2.0%
Federal National Mortgage Association — 1.9%
3.111%, 5/1/2041 (3)		597,562		624,417
3.500%, 4/1/2026		363,721		385,942
4.000%, 11/1/2031		1,224,855		1,314,915
5.500%, 11/1/2033		505,839		556,490
5.500%, 2/1/2034		383,058		421,415
5.500%, 8/1/2037 (1)		930,121		1,019,479
7.000%, 12/1/2015		20,254		21,325
7.500%, 9/1/2015		33,638		35,728
9.500%, 12/1/2024		31,809		35,269
9.500%, 1/1/2025		14,566		14,657
9.500%, 1/1/2025		19,462		19,584
10.000%, 7/1/2020		27,159		27,895
11.000%, 12/1/2015		13		13
				4,477,129
Government National Mortgage Association — 0.1%
7.500%, 8/15/2037		116,774		144,163
9.000%, 12/15/2019		21,734		23,679
				167,842
Total U.S. Government Agency-Mortgage Securities
(identified cost $4,576,176)				4,644,971
Short-Term Investments — 23.6%
Collateral Pool Investments for Securities on Loan — 17.5%
Collateral pool allocation (12)				39,577,053
Commercial Paper — 0.6%
Banco Santander Chile, 2.500%, 5/15/2013 (9)		1,400,000		1,399,274
Mutual Funds — 5.5%
BMO Prime Money Market Fund, Class I, 0.070% (10)		12,425,134		12,425,134
Total Short-Term Investments (identified cost $53,395,625)				53,401,461
Total Investments — 116.6% (identified cost $260,977,479)				263,756,276
Other Assets and Liabilities — (16.6)%				(37,645,488	)
Total Net Assets — 100.0%				$226,110,788

Portfolio Sector Allocations*
Sector	Fund
Asset-Backed Securities		4.1%
Collateralized Mortgage Obligations		4.3
Commercial Mortgage Securities		10.3
Corporate Bonds & Notes		52.0
Municipals		4.2
Mutual Funds		3.0
U.S. Government & U.S. Government Agency Obligations		13.1
U.S. Government Agency — Mortgage Securities		2.0
Other Assets & Liabilities, Net		7.0
Total		100.0%

Short-Intermediate Bond Fund

Description	Principal Amount		Value
Asset-Backed Securities — 0.9%
Automobiles — 0.9%
CPS Auto Receivables Trust, Class A, (Series 2012-A), 2.780%, 6/17/2019 (5)(6)		$1,386,884		$1,415,739
Total Asset-Backed Securities (identified cost $1,414,700)				1,415,739
Collateralized Mortgage Obligations — 1.7%
Federal Home Loan Mortgage Corporation — 0.4%
0.951%, 7/15/2032, (Series 3652) (3)		655,142		659,727
Private Sponsor — 1.3%
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.417%, 7/25/2037 (3)		573,355		553,745
Holmes Master Issuer PLC, Class A2, (Series 2010-1A), 1.704%, 10/15/2054 (3)(5)(6)		1,104,102		1,114,296
Lehman Mortgage Trust, Class 5A1, (Series 2006-2), 5.500%, 4/25/2036		286,038		296,695
				1,964,736
Total Collateralized Mortgage Obligations (identified cost $2,617,580)				2,624,463
Commercial Mortgage Securities — 1.0%
Private Sponsor — 1.0%
JP Morgan Chase Commercial Mortgage Securities Corp., Class A3, (Series 2007-CB20), 5.819%, 2/12/2051		1,500,000		1,556,121
Total Commercial Mortgage Securities (identified cost $1,582,174)				1,556,121
Corporate Bonds & Notes — 52.2%
Agriculture — 0.6%
Imperial Tobacco Finance PLC, 2.050%, 2/11/2018 (5)(6)		1,000,000		1,007,168
Auto Manufacturers — 2.8%
Daimler Finance North America LLC, 1.875%, 9/15/2014 (5)(6)		1,300,000		1,319,725
Daimler Finance North America LLC, 1.875%, 1/11/2018 (1)(5)(6)		1,000,000		1,007,314
Volkswagen International Finance NV, 2.875%, 4/1/2016 (5)(6)		2,000,000		2,105,392
				4,432,431

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

52

BMO Funds

Short-Intermediate Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Banks — 9.2%
Abbey National Treasury Services PLC/London, 3.875%, 11/10/2014 (1)(5)(6)		$1,500,000		$  1,560,075
ANZ National Int’l, Ltd./London, 1.850%, 10/15/2015 (5)(6)		1,000,000		1,022,810
Bank of America Corp., 1.722%, 1/30/2014 (3)		1,500,000		1,514,114
Bank of America Corp., 3.750%, 7/12/2016		1,500,000		1,606,219
BBVA U.S. Senior SAU, 4.664%, 10/9/2015		500,000		518,413
Commonwealth Bank of Australia/New York, 1.900%, 9/18/2017		1,000,000		1,024,611
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 3.200%, 3/11/2015 (1)(5)(6)		1,200,000		1,257,672
HSBC Bank PLC, 1.625%, 7/7/2014 (1)(5)(6)		1,500,000		1,524,837
Intesa Sanpaolo SpA, 3.125%, 1/15/2016		1,500,000		1,481,034
PNC Funding Corp., 2.700%, 9/19/2016		1,000,000		1,057,147
Wells Fargo & Co., 2.625%, 12/15/2016		1,700,000		1,795,917
				14,362,849
Biotechnology — 1.9%
Gilead Sciences, Inc., 3.050%, 12/1/2016 (1)		2,000,000		2,148,322
Life Technologies Corp., 4.400%, 3/1/2015		750,000		791,658
				2,939,980
Building Materials — 1.2%
CRH America, Inc., 6.000%, 9/30/2016		1,700,000		1,937,963
Chemicals — 1.0%
Valspar Corp., 4.200%, 1/15/2022		1,500,000		1,637,730
Commercial Services — 0.6%
ADT Corp., 2.250%, 7/15/2017 (5)(6)		1,000,000		999,698
Computers — 1.8%
Hewlett-Packard Co., 2.600%, 9/15/2017 (1)		1,250,000		1,252,811
Lexmark International, Inc., 5.125%, 3/15/2020		1,500,000		1,505,409
				2,758,220
Diversified Financial Services — 3.0%
Ford Motor Credit Co. LLC, 3.984%, 6/15/2016 (1)		1,000,000		1,058,600
General Electric Capital Corp., 3.350%, 10/17/2016		1,400,000		1,505,024
Hyundai Capital America, 4.000%, 6/8/2017 (5)(6)		500,000		540,415
Toyota Motor Credit Corp., 1.250%, 11/17/2014 (1)		1,500,000		1,520,731
				4,624,770
Electric — 2.6%
Alliant Energy Corp., 4.000%, 10/15/2014		1,500,000		1,576,601

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Electric (continued)
Duke Energy Corp., 1.625%, 8/15/2017		$1,000,000		$1,008,495
Entergy Corp., 3.625%, 9/15/2015		1,000,000		1,049,636
FirstEnergy Corp., 2.750%, 3/15/2018 (4)		500,000		499,950
				4,134,682
Electronics — 0.7%
Thermo Fisher Scientific, Inc., 3.600%, 8/15/2021 (1)		1,000,000		1,038,167
Engineering & Construction — 0.7%
ABB Finance USA, Inc., 1.625%, 5/8/2017		1,000,000		1,014,508
Healthcare-Products — 2.3%
Boston Scientific Corp., 4.500%, 1/15/2015		2,000,000		2,121,352
DENTSPLY International, Inc., 2.750%, 8/15/2016		1,500,000		1,554,867
				3,676,219
Healthcare-Services — 0.8%
Coventry Health Care, Inc., 5.450%, 6/15/2021		1,000,000		1,178,921
Home Furnishings — 0.6%
Whirlpool Corp., 3.700%, 3/1/2023		1,000,000		1,012,260
Insurance — 3.1%
Berkshire Hathaway, Inc., 1.900%, 1/31/2017 (1)		1,500,000		1,549,381
Genworth Life Institutional Funding Trust, 5.875%, 5/3/2013 (5)(6)		1,000,000		1,007,722
Progressive Corp., 3.750%, 8/23/2021		1,000,000		1,093,806
Prudential Financial, Inc., 3.875%, 1/14/2015 (1)		1,100,000		1,160,730
				4,811,639
Iron/Steel — 1.3%
ArcelorMittal, 5.375%, 6/1/2013 (1)		2,000,000		2,018,156
Machinery-Diversified — 0.7%
Xylem, Inc./NY, 3.550%, 9/20/2016		1,000,000		1,068,910
Media — 1.6%
DIRECTV Holdings LLC, 3.125%, 2/15/2016		1,000,000		1,048,903
NBCUniversal Media LLC, 4.375%, 4/1/2021 (1)		1,300,000		1,466,720
				2,515,623
Mining — 1.3%
Xstrata Finance Canada, Ltd., 2.450%, 10/25/2017 (5)(6)		2,000,000		2,033,692
Office/Business Equipment — 0.6%
Xerox Corp., 1.710%, 9/13/2013 (3)		1,000,000		1,004,241
Oil & Gas — 1.5%
Statoil ASA, 1.800%, 11/23/2016 (1)		1,300,000		1,344,938
Total Capital Canada, Ltd., 1.450%, 1/15/2018 (1)		1,000,000		1,010,488
				2,355,426
Oil & Gas Services — 0.6%
Schlumberger Norge AS, 1.250%, 8/1/2017 (5)(6)		1,000,000		1,000,125

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

53

February 28, 2013 (Unaudited)

Schedule of Investments

Short-Intermediate Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Pharmaceuticals — 2.9%
AbbVie, Inc., 2.900%, 11/6/2022 (5)(6)		$   500,000		$     500,702
Express Scripts Holding Co., 2.650%, 2/15/2017		1,000,000		1,045,957
McKesson Corp., 0.950%, 12/4/2015		2,000,000		2,007,424
Zoetis, Inc., 3.250%, 2/1/2023 (1)(5)(6)		1,000,000		1,008,021
				4,562,104
Pipelines — 1.6%
Energy Transfer Partners LP, 3.600%, 2/1/2023 (1)		1,500,000		1,502,055
Kinder Morgan Energy Partners LP, 3.450%, 2/15/2023 (1)		1,000,000		1,017,948
				2,520,003
Semiconductors — 1.3%
Intel Corp., 2.700%, 12/15/2022 (1)		1,000,000		990,373
Samsung Electronics America, Inc., 1.750%, 4/10/2017 (1)(5)(6)		1,000,000		1,015,001
				2,005,374
Telecommunications — 5.9%
AT&T, Inc., 5.100%, 9/15/2014		1,500,000		1,600,998
British Telecommunications PLC, 2.000%, 6/22/2015		1,000,000		1,025,802
Cellco Partnership / Verizon Wireless Capital LLC, 5.550%, 2/1/2014		1,500,000		1,564,385
Deutsche Telekom International Finance BV, 3.125%, 4/11/2016 (5)(6)		1,500,000		1,584,166
Telefonaktiebolaget LM Ericsson, 4.125%, 5/15/2022		1,000,000		1,034,955
Verizon Communications, Inc., 2.450%, 11/1/2022 (1)		1,500,000		1,441,887
Vodafone Group PLC, 1.500%, 2/19/2018 (1)		1,000,000		999,665
				9,251,858
Total Corporate Bonds & Notes (identified cost $79,268,971)				81,902,717
U.S. Government & U.S. Government Agency Obligations — 31.4%
U.S. Treasury Bonds & Notes — 31.4%
0.125%, 12/31/2014 (1)		10,300,000		10,282,294
0.250%, 12/15/2015 (1)		10,000,000		9,979,690
0.500%, 7/31/2017 (1)		10,000,000		9,939,060
1.125%, 6/15/2013 (1)		5,000,000		5,015,235
1.500%, 12/31/2013 (1)		4,000,000		4,044,844
2.000%, 2/15/2023 (1)		10,000,000		10,103,130
Total U.S. Government & U.S. Government Agency Obligations (identified cost $49,155,957)				49,364,253
U.S. Government Agency-Mortgage Securities — 9.1%
Federal National Mortgage Association — 9.1%
2.500%, 11/1/2027 (1)		1,226,058		1,275,291
2.500%, 5/15/2028 (4)		7,000,000		7,243,908
3.500%, 4/15/2043 (4)		5,000,000		5,276,565

Description	Shares or Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)
Federal National Mortgage Association (continued)
5.500%, 8/1/2037 (1)		$     438,048		$        480,131
Total U.S. Government Agency-Mortgage Securities
(identified cost $14,240,501)				14,275,895
Short-Term Investments — 46.9%
Collateral Pool Investments for Securities on Loan — 38.7%
Collateral pool allocation (12)				60,757,002
Mutual Funds — 8.2%
BMO Prime Money Market Fund, Class I, 0.070% (10)		12,911,768		12,911,768
Total Short-Term Investments (identified cost $73,668,770)				73,668,770
Total Investments — 143.2% (identified cost $221,948,653)				224,807,958
Other Assets and Liabilities — (43.2)%				(67,839,758	)
Total Net Assets — 100.0%				$156,968,200

Portfolio Sector Allocations*
Sector	Fund
Asset-Backed Securities		0.9%
Collateralized Mortgage Obligations		1.7
Commercial Mortgage Securities		1.0
Corporate Bonds & Notes		52.2
U.S. Government & U.S. Government Agency Obligations		31.4
U.S. Government Agency-Mortgage Securities		9.1
Other Assets & Liabilities, Net		3.7
Total		100.0%

Intermediate Tax-Free Fund

Description	Principal Amount		Value
Municipals — 95.7%
Alabama — 0.7%
Alabama Board of Education, 3.000%, 6/1/2020		$   340,000		$   358,102
Alabama Board of Education, 3.000%, 6/1/2021		305,000		318,368
Alabama Board of Education, 4.000%, 7/1/2021		1,895,000		2,113,361
Alabama State Board of Education, 4.375%, 10/1/2017		200,000		225,316
Alabama State Board of Education, 5.000%, 10/1/2020, Call 10/1/2018		230,000		265,553
Baldwin County Board of Education, AMBAC, 5.000%, 7/1/2018, Call 7/1/2017		350,000		394,345
City of Jacksonville, AMBAC, 4.100%, 9/1/2032, Call 9/1/2015		400,000		409,124
Cullman Utilities Board, AGM, 4.375%, 9/1/2029, Call 9/1/2020		500,000		555,010
Pell City Special Care Facilities, 5.000%, 12/1/2025, Call 12/1/2021		4,000,000		4,470,520
				9,109,699
Alaska — 0.3%
Alaska Housing Finance Corp., 0.210%, 12/1/2041, Call 3/7/2013 (3)		1,385,000		1,385,000

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

54

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Alaska (continued)
Alaska Student Loan Corp., Guaranteed Student Loans, 5.000%, 6/1/2018, Call 6/1/2015 (7)		$   270,000		$   295,110
City of Anchorage, NATL-RE, 5.000%, 12/1/2024, Call 12/1/2015		390,000		416,711
City of Valdez, 5.000%, 1/1/2021		1,020,000		1,241,350
				3,338,171
Arizona — 5.1%
Arizona Department of Transportation State Highway, 5.250%, 7/1/2029, Call 7/1/2021		3,000,000		3,623,820
Arizona Health Facilities Authority, 1.960%, 2/5/2020, Call 8/9/2019 (3)		4,500,000		4,571,415
Arizona Health Facilities Authority, 4.000%, 1/1/2015		225,000		233,789
Arizona Health Facilities Authority, 5.000%, 1/1/2019, Call 1/1/2017		175,000		198,294
Arizona Health Facilities Authority, 5.000%, 1/1/2020, Call 1/1/2017		1,400,000		1,581,328
Arizona Health Facilities Authority, 5.000%, 2/1/2022		1,000,000		1,182,700
Arizona School Facilities Board, 5.750%, 9/1/2019, Call 9/1/2018		800,000		968,176
Arizona School Facilities Board, AMBAC, 4.000%, 7/1/2015		1,675,000		1,770,190
Arizona School Facilities Board, AMBAC, 4.000%, 7/1/2016		250,000		268,745
Arizona School Facilities Board, AMBAC, 4.250%, 7/1/2015		575,000		610,943
Arizona School Facilities Board, AMBAC, 5.000%, 7/1/2017		800,000		903,840
Arizona School Facilities Board, AMBAC, 5.000%, 7/1/2018		400,000		458,980
Arizona School Facilities Board, AMBAC, 5.250%, 7/1/2013		750,000		760,440
Arizona School Facilities Board, AMBAC, 5.500%, 7/1/2014		575,000		608,896
Arizona School Facilities Board, NATL-RE FGIC, 5.000%, 9/1/2019, Call 9/1/2015		1,325,000		1,445,707
Arizona Sports & Tourism Authority, 4.000%, 7/1/2018		765,000		851,682
Arizona Sports & Tourism Authority, 4.000%, 7/1/2019		135,000		150,363
Arizona State University, 6.250%, 7/1/2028, Call 7/1/2018		1,050,000		1,233,025
City of Avondale, AGM, 4.000%, 7/1/2019		190,000		213,419
City of Flagstaff, 4.250%, 10/1/2015, Call 4/1/2013		250,000		250,295
City of Glendale, 5.000%, 7/1/2021, Call 7/1/2017		400,000		450,680
City of Goodyear, 5.000%, 7/1/2023, Call 7/1/2020		265,000		308,105
City of Goodyear, 5.125%, 7/1/2025, Call 7/1/2020		345,000		399,241
City of Kingman, 4.875%, 1/1/2014		500,000		511,405
City of Peoria, 4.000%, 7/1/2019		515,000		593,378
City of Tucson, AGM, 5.000%, 7/1/2020		500,000		583,515

Description	Principal Amount		Value
Municipals (continued)
Arizona (continued)
City of Tucson, NATL-RE, 5.000%, 7/1/2019		$  500,000		$   604,500
Coconino County Unified School District No. 8 Page, NATL-RE, 5.000%, 7/1/2017, Call 7/1/2014		215,000		223,916
County of Mohave, AMBAC, 5.250%, 7/1/2016, Call 7/1/2014		200,000		209,150
Eagle Mountain Community Facilities District, AGC, 4.000%, 7/1/2014		205,000		213,276
Gila County Unified School District No. 10-Payson, 5.000%, 7/1/2014		280,000		296,391
Gila County Unified School District No. 10-Payson, 5.000%, 7/1/2015		200,000		218,074
Gila County Unified School District No. 10-Payson, 5.000%, 7/1/2018		475,000		556,805
Gila County Unified School District No. 10-Payson, 5.000%, 7/1/2019, Call 7/1/2018 (3)		500,000		580,295
Gila County Unified School District No. 10-Payson, 5.000%, 7/1/2020, Call 7/1/2018 (3)		600,000		688,470
Gilbert Public Facilities Municipal Property Corp., 5.500%, 7/1/2026, Call 7/1/2019		750,000		869,385
Glendale Industrial Development Authority, 5.000%, 5/15/2023, Call 5/15/2020		500,000		564,255
Greater Arizona Development Authority, NATL-RE, 4.500%, 8/1/2024, Call 8/1/2016		2,970,000		3,218,322
Greater Arizona Development Authority, NATL-RE, 5.000%, 8/1/2018, Call 8/1/2015		340,000		368,346
Greater Arizona Development Authority, NATL-RE, 5.000%, 8/1/2019, Call 8/1/2017		250,000		281,810
Madison Elementary School District No. 38, AGM, 4.500%, 7/1/2019		300,000		344,904
Maricopa County Elementary School District No. 33 Buckeye, 5.250%, 7/1/2018		365,000		429,441
Maricopa County Elementary School District No. 8-Osborn, 6.000%, 7/1/2024, Call 7/1/2016		300,000		340,338
Maricopa County Industrial Development Authority, 5.250%, 7/1/2032, Call 7/1/2017		170,000		183,884
Maricopa County School District No. 21 Murphy, 7.500%, 7/1/2021, Call 7/1/2019		220,000		284,992
Maricopa County Unified School District No. 89-Dysart, 6.500%, 7/1/2020, Call 7/1/2018		900,000		1,100,421
Phoenix Civic Improvement Corp., 0.000%, 7/1/2019 (13)		250,000		293,725
Phoenix Civic Improvement Corp., 5.000%, 7/1/2019		400,000		487,912
Phoenix Civic Improvement Corp., 5.000%, 7/1/2020, Call 7/1/2018		600,000		703,002
Phoenix Civic Improvement Corp., 5.000%, 7/1/2026, Call 7/1/2020		1,050,000		1,226,904
Phoenix Civic Improvement Corp., BHAC, 0.000%, 7/1/2027 (13)		200,000		245,614
Phoenix Civic Improvement Corp., BHAC, 0.000%, 7/1/2033 (13)		800,000		995,728

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

55

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Arizona (continued)
Phoenix Civic Improvement Corp., MBIA, 0.000%, 7/1/2041 (13)		$1,685,000		$2,038,884
Phoenix Civic Improvement Corp., NATL-RE FGIC, 0.000%, 7/1/2021 (13)		530,000		631,527
Phoenix Civic Improvement Corp., NATL-RE FGIC, 0.000%, 7/1/2032 (13)		320,000		392,403
Phoenix Civic Improvement Corp., NATL-RE FGIC, 0.000%, 7/1/2034 (13)		525,000		643,666
Phoenix Industrial Development Authority, 5.200%, 7/1/2022, Call 7/1/2021		300,000		317,628
Pima County Industrial Development Authority, 5.250%, 7/1/2031, Call 7/1/2019		500,000		548,620
Pima County Industrial Development Authority, 6.375%, 7/1/2028, Call 7/1/2018		300,000		315,042
Pinal County Union High School District No. 82 Casa Grande, 5.000%, 7/1/2018		340,000		397,610
Rio Nuevo Multipurpose Facilities District, AGC, 6.000%, 7/15/2020, Call 7/15/2018		240,000		284,407
Rio Nuevo Multipurpose Facilities District, AGC, 6.500%, 7/15/2023, Call 7/15/2018		40,000		47,209
Salt River Project Agricultural Improvement & Power District, 5.000%, 1/1/2020, Call 1/1/2018		300,000		351,561
Salt River Project Agricultural Improvement & Power District, 5.000%, 1/1/2032, Call 1/1/2019		1,000,000		1,151,020
Scottsdale Industrial Development Authority, 5.000%, 9/1/2018		250,000		281,733
Scottsdale Industrial Development Authority, 5.250%, 9/1/2030, Call 9/1/2013		435,000		438,128
Scottsdale Municipal Property Corp., 5.000%, 7/1/2019		750,000		925,065
Scottsdale Municipal Property Corp., AMBAC, 0.000%, 7/1/2019, Call 7/1/2017 (13)		325,000		357,750
Scottsdale Preserve Authority, NATL-RE FGIC, 5.000%, 7/1/2016		750,000		853,852
State of Arizona, AGM, 5.000%, 10/1/2023, Call 4/1/2020		1,000,000		1,161,120
State of Arizona, AGM, 5.250%, 10/1/2024, Call 10/1/2019		5,000,000		5,894,850
Surprise Municipal Property Corp., AMBAC, 5.000%, 7/1/2017, Call 7/1/2014		225,000		236,606
Tucson & Pima Counties Industrial Development Authorities, GNMA/FNMA/FHLMC, 5.400%, 6/1/2040, Call 12/1/2017 (7)		460,000		498,921
University Medical Center Corp., 5.250%, 7/1/2014		1,000,000		1,059,220
University Medical Center Corp., GO, 5.000%, 7/1/2021		425,000		494,998

Description	Principal Amount		Value
Municipals (continued)
Arizona (continued)
University of Arizona, 5.000%, 8/1/2026, Call 8/1/2021		$   455,000		$     537,341
White Mountain Apache Tribe Fort Apache Indian Reservation, 6.000%, 6/1/2015, Call 4/1/2013		1,875,000		1,814,062
Yuma Municipal Property Corp., XLCA, 5.000%, 7/1/2021, Call 7/1/2017		1,900,000		2,099,139
Yuma Municipal Property Corp., XLCA, 5.000%, 7/1/2023, Call 7/1/2017		1,950,000		2,127,586
Yuma Municipal Property Corp., XLCA, 5.000%, 7/1/2025, Call 7/1/2017		1,000,000		1,085,120
				67,247,299
Arkansas — 1.6%
Arkansas Development Finance Authority, GNMA/FNMA, 4.000%, 1/1/2025, Call 7/1/2021		305,000		324,069
Arkansas Development Finance Authority, GNMA/FNMA, 4.000%, 7/1/2025, Call 7/1/2021		625,000		664,075
Arkansas Development Finance Authority, GNMA/FNMA, 4.100%, 7/1/2026, Call 7/1/2021		300,000		318,678
Arkansas State University, 4.000%, 3/1/2021 (4)		390,000		443,009
Arkansas State University, 4.000%, 3/1/2022 (4)		1,140,000		1,289,636
Arkansas State University, 4.000%, 3/1/2023 (4)		985,000		1,110,243
City of Rogers, 4.125%, 11/1/2031, Call 11/1/2021		500,000		525,480
City of Springdale, 3.000%, 11/1/2021		1,370,000		1,454,817
City of Stuttgart, AGM, 3.800%, 6/1/2042, Call 6/1/2020		2,930,000		2,991,295
Conway Health Facilities Board, 4.250%, 8/1/2021		605,000		691,709
Conway Health Facilities Board, 4.500%, 8/1/2024, Call 8/1/2022		1,345,000		1,518,653
County of Greene, AGM, 4.000%, 3/1/2019, Call 3/1/2017		840,000		909,132
County of Greene, AGM, 4.000%, 3/1/2020, Call 3/1/2017		1,430,000		1,535,148
County of Jefferson, AGM, 5.000%, 6/1/2026, Call 12/1/2019		2,120,000		2,290,808
Independence County Public Health Education & Housing Facilities Board, 5.300%, 6/1/2025, Call 6/1/2020		1,250,000		1,433,137
University of Arkansas, 4.000%, 11/1/2029, Call 11/1/2021		1,240,000		1,350,645
University of Arkansas, 4.000%, 7/1/2030, Call 1/1/2020		330,000		348,543
University of Arkansas, 4.625%, 11/1/2036, Call 11/1/2021		1,500,000		1,672,440
				20,871,517
California — 8.6%
Abag Finance Authority for Nonprofit Corps., 5.000%, 7/1/2019		300,000		352,803

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

56

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
California (continued)
Abag Finance Authority for Nonprofit Corps., 5.000%, 7/1/2020		$   200,000		$   236,044
Abag Finance Authority for Nonprofit Corps., 5.000%, 7/1/2021		200,000		236,856
Abag Finance Authority for Nonprofit Corps., California Mortgage Insurance, 5.000%, 4/1/2020		1,000,000		1,160,420
ABC Unified School District, MBIA, 5.000%, 2/1/2021		1,250,000		1,382,112
Anaheim Public Financing Authority, AMBAC, 4.500%, 10/1/2015		350,000		379,817
Bay Area Toll Authority, 1.360%, 4/1/2027, Call 10/1/2026 (3)		5,000,000		5,011,900
Bellevue Union School District, AGM, 0.000%, 8/1/2030		585,000		243,483
Bellevue Union School District, AGM, 0.000%, 8/1/2031		615,000		239,930
Bellevue Union School District, AGM, 0.000%, 8/1/2032		645,000		237,289
Bret Harte Union High School District, 0.000%, 3/15/2015		500,000		485,370
California Health Facilities Financing Authority, 5.150%, 11/15/2040, Call 11/15/2020		3,325,000		3,742,221
California Infrastructure & Economic Development Bank, 5.750%, 2/1/2039, Call 2/1/2015		600,000		636,630
California Infrastructure & Economic Development Bank, 6.250%, 2/1/2039, Call 2/1/2015		450,000		482,508
California Infrastructure & Economic Development Bank, AMBAC, 0.340%, 10/1/2017, Call 3/5/2013 (3)		1,000,000		944,030
California Infrastructure & Economic Development Bank, AMBAC, 0.340%, 10/1/2020, Call 3/4/2013 (3)		4,500,000		4,206,078
California State Public Works Board, 5.000%, 10/1/2031, Call 10/1/2016		645,000		697,929
California State Public Works Board, 5.000%, 4/1/2037, Call 4/1/2022		1,000,000		1,093,740
California Statewide Communities Development Authority, NATL-RE, 5.125%, 7/1/2024, Call 7/1/2018		1,500,000		1,733,040
Castaic Lake Water Agency, AMBAC, 0.000%, 8/1/2021		2,645,000		2,073,019
Central Union High School District-Imperial County, NATL-RE, 4.000%, 8/1/2019, Call 8/1/2015		670,000		688,405
Chabot-Las Positas Community College District, AMBAC, 0.000%, 8/1/2026, Call 8/1/2016		650,000		351,949
City & County of San Francisco, 4.625%, 6/15/2030, Call 6/15/2015		350,000		371,879
City of Fairfield, XLCA, 0.000%, 4/1/2022		1,205,000		851,827
City of Madera, 5.750%, 1/1/2026, Call 1/1/2020		1,550,000		1,770,038
City of Madera, 6.500%, 1/1/2040, Call 1/1/2020		1,280,000		1,445,683

Description	Principal Amount		Value
Municipals (continued)
California (continued)
City of Mountain View, 5.000%, 8/1/2015, Call 8/1/2013		$   355,000		$   361,330
County of Los Angeles, 0.000%, 9/1/2018		750,000		668,385
County of Los Angeles, AMBAC-TCRS-BNY, 0.000%, 9/1/2020		600,000		487,932
County of Mendocino, AGM, 3.250%, 6/1/2018		1,115,000		1,155,240
County of Mendocino, AGM, 3.500%, 6/1/2020		1,190,000		1,221,392
County of Mendocino, AGM, 3.750%, 6/1/2021		1,030,000		1,058,665
Delhi Unified School District, AMBAC, 0.000%, 8/1/2019		645,000		498,591
Desert Community College District, AGM, 0.000%, 8/1/2026, Call 8/1/2017		400,000		217,112
Duarte Unified School District, 0.000%, 8/1/2026 (13)		525,000		514,663
El Rancho Unified School District, AGM, 4.000%, 8/1/2020		800,000		887,504
Escondido Union High School District, 0.000%, 8/1/2032, Call 8/1/2025 (13)		1,250,000		1,009,275
Escondido Union High School District, AGC, 0.000%, 8/1/2031		480,000		212,366
Evergreen Elementary School District, AGC, 0.000%, 8/1/2028		1,350,000		716,998
Fresno Unified School District, MBIA, 4.600%, 2/1/2016		105,000		112,482
Fresno Unified School District, MBIA, 5.300%, 2/1/2014		590,000		610,951
Fresno Unified School District, MBIA, 6.000%, 8/1/2026		2,900,000		3,623,579
Golden West Schools Financing Authority, FGIC, 0.530%, 8/1/2026 (3)		4,940,000		4,940,000
Imperial Community College District, AGC, 0.000%, 8/1/2028		330,000		161,565
Imperial County Local Transportation Authority, 4.000%, 6/1/2032, Call 6/1/2022		750,000		771,585
Imperial County Local Transportation Authority, 5.000%, 6/1/2032, Call 6/1/2022		2,000,000		2,229,960
Jurupa Community Services District, 5.000%, 9/1/2029, Call 9/1/2020		375,000		426,855
Kerman Unified School District, NATL-RE, 4.750%, 8/1/2022, Call 8/1/2015		445,000		467,054
Kings River Conservation District, 5.250%, 5/1/2029, Call 5/1/2019		250,000		279,308
Lake Tahoe Unified School District, NATL-RE FGIC, 0.000%, 8/1/2016		575,000		523,928
Lake Tahoe Unified School District, NATL-RE FGIC, 0.000%, 8/1/2017		650,000		568,847
Lakeside Union School District/San Diego County, AGC, 0.000%, 9/1/2027		295,000		163,383
Long Beach Bond Finance Authority, 5.000%, 11/15/2017		170,000		191,925
Long Beach Bond Finance Authority, 5.000%, 11/1/2030, Call 11/1/2021		1,750,000		1,980,772
Los Alamitos Unified School District, 0.000%, 9/1/2016		2,000,000		1,875,540

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

57

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
California (continued)
Los Angeles Community College District, AGM FGIC, 5.000%, 8/1/2032, Call 8/1/2017		$1,330,000		$1,504,030
Los Angeles Community College District, NATL-RE FGIC, 5.000%, 8/1/2032, Call 8/1/2017		475,000		537,154
Los Angeles Unified School District, 5.200%, 7/1/2029, Call 7/1/2019		480,000		554,424
Lynwood Unified School District, AGM, 5.000%, 8/1/2022		340,000		397,790
Lynwood Unified School District, AGM, 5.000%, 8/1/2023		475,000		551,522
Lynwood Unified School District, AGM, 5.000%, 8/1/2024, Call 8/1/2023		620,000		719,882
Lynwood Unified School District, AGM, 5.000%, 8/1/2025, Call 8/1/2023		760,000		879,510
Mendocino-Lake Community College District, AGM, 0.000%, 8/1/2031, Call 8/1/2026 (13)		300,000		294,468
Midpeninsula Regional Open Space District, 5.000%, 9/1/2029, Call 9/1/2022		2,000,000		2,349,840
Modesto Irrigation District, 5.000%, 7/1/2020		350,000		426,237
Modesto Irrigation District, 5.000%, 7/1/2021		500,000		609,745
Mount Diablo Unified School District, AGM, 0.000%, 8/1/2035, Call 8/1/2025 (13)		1,000,000		726,240
Murrieta Valley Unified School District Public Financing Authority, NATL-RE FGIC, 0.000%, 9/1/2020		500,000		395,365
Northern California Gas Authority No. 1, 0.836%, 7/1/2019 (3)		3,000,000		2,810,970
Northern California Power Agency, 5.000%, 7/1/2031, Call 7/1/2022		500,000		580,775
Northern California Power Agency, 5.000%, 7/1/2032, Call 7/1/2022		700,000		810,005
Orchard School District, NATL-RE FGIC, 0.000%, 8/1/2023		590,000		374,739
Palo Alto Unified School District, 0.000%, 8/1/2017		590,000		552,647
Pasadena Public Financing Authority, 0.000%, 3/1/2029		2,000,000		945,640
Pioneer Union Elementary School District, NATL-RE, 5.000%, 8/1/2021, Call 8/1/2016		315,000		337,529
Rincon Valley Union Elementary School District, NATL-RE FGIC, 0.000%, 8/1/2029		510,000		241,460
Rio Hondo Community College District, 0.000%, 8/1/2042, Call 8/1/2034 (13)		820,000		561,397
Roseville Joint Union High School District, 0.000%, 8/1/2022		305,000		216,645
Sacramento Unified School District, AGM, 3.110%, 3/1/2014 (3)		1,990,000		1,994,179
San Bernardino City Unified School District, AGM, 3.750%, 8/1/2014		330,000		343,342

Description	Principal Amount		Value
Municipals (continued)
California (continued)
San Bernardino City Unified School District, AGM, 5.000%, 8/1/2015, Call 8/1/2014		$     215,000		$   226,444
San Bernardino Community College District, 6.500%, 8/1/2028, Call 8/1/2018		605,000		751,888
San Gorgonio Memorial Health Care District, 6.500%, 8/1/2014		230,000		248,522
San Gorgonio Memorial Health Care District, 6.500%, 8/1/2015		310,000		347,343
San Mateo County Community College District, NATL-RE, 0.000%, 9/1/2025		10,000,000		6,726,800
San Miguel Joint Union Elementary School District, AGM, 0.000%, 6/15/2020		415,000		320,550
San Miguel Joint Union Elementary School District, AGM, 0.000%, 6/15/2021		490,000		355,333
San Miguel Joint Union Elementary School District, AGM, 0.000%, 6/15/2022		505,000		344,349
Santa Ana Unified School District, 0.000%, 8/1/2021		500,000		379,115
Santa Ana Unified School District, AGM, 5.500%, 8/1/2030, Call 8/1/2018		805,000		911,147
Santa Barbara County College Elementary School District, 0.000%, 8/1/2027		365,000		201,414
Santa Barbara County College Elementary School District, 0.000%, 8/1/2031		470,000		208,318
Santa Barbara County College Elementary School District, 0.000%, 8/1/2033		575,000		228,683
Santa Barbara School District, 0.000%, 8/1/2036, Call 8/1/2033 (13)		1,450,000		1,122,024
Santa Monica Community College District, NATL-RE, 0.000%, 8/1/2017, Call 8/1/2015		775,000		699,244
Santaluz Community Facilities District No. 2, 3.000%, 9/1/2015		995,000		1,023,686
Sierra View Local Health Care District, 3.800%, 7/1/2017		370,000		381,296
Sierra View Local Health Care District, 4.700%, 7/1/2016		250,000		263,173
Sierra View Local Health Care District, 4.875%, 7/1/2018, Call 7/1/2017		900,000		959,985
Sierra View Local Health Care District, 5.250%, 7/1/2022, Call 7/1/2017		1,580,000		1,689,936
Sierra View Local Health Care District, 5.250%, 7/1/2023, Call 7/1/2017		250,000		267,085
Sierra View Local Health Care District, 5.300%, 7/1/2026, Call 7/1/2017		350,000		369,439
Stanislaus Union School District, AGC, 5.250%, 8/1/2028, Call 8/1/2019		890,000		1,014,787
State of California, 4.000%, 7/1/2014 (3)		105,000		110,065

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

58

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
California (continued)
State of California, 5.000%, 11/1/2025, Call 11/1/2020		$   250,000		$       295,585
State of California, 5.250%, 4/1/2022, Call 4/1/2019		350,000		423,640
State of California, 5.250%, 9/1/2025, Call 9/1/2021		2,045,000		2,486,700
Tahoe Forest Hospital District, 5.500%, 8/1/2027, Call 8/1/2018		1,345,000		1,541,209
Tahoe Forest Hospital District, 5.500%, 8/1/2035, Call 8/1/2018		1,000,000		1,122,800
Tulare Union High School District, NATL-RE, 0.000%, 8/1/2019		380,000		311,448
University of California, 5.000%, 5/15/2021, Call 5/15/2017		500,000		566,160
University of California, AGM, 5.000%, 5/15/2018, Call 5/15/2013		10,000		10,194
University of California, AGM, 5.000%, 5/15/2018, Call 5/15/2013		240,000		244,546
Upland Community Facilities District, 3.000%, 9/1/2017		530,000		548,258
Vallejo City Unified School District, MBIA, 5.400%, 2/1/2015		275,000		290,958
Vallejo City Unified School District, MBIA, 5.900%, 8/1/2018		350,000		401,418
Vallejo City Unified School District, MBIA, 5.900%, 8/1/2025		1,225,000		1,395,508
Vallejo City Unified School District, NATL-RE, 5.400%, 8/1/2014		230,000		236,764
Walnut Creek Elementary School District Contra Costa County, 0.000%, 9/1/2023		1,560,000		1,061,986
West Contra Costa Unified School District, AGM-CR NATL-RE FGIC, 0.000%, 8/1/2025		310,000		183,315
West Kern Water District, 5.000%, 6/1/2028, Call 6/1/2021		1,500,000		1,675,680
Whittier City School District, NATL-RE, 4.000%, 8/1/2015		355,000		366,009
Whittier Union High School District, 0.000%, 8/1/2034, Call 8/1/2019		500,000		152,005
Yosemite Community College District, AGM, 5.000%, 8/1/2028, Call 8/1/2018		1,610,000		1,839,425
				113,011,956
Colorado — 2.8%
City & County of Denver Co., 5.000%, 11/15/2021		500,000		629,600
City & County of Denver, AGC, 0.330%, 11/15/2025, Call 3/1/2013 (3)		1,750,000		1,750,000
City & County of Denver, XLCA, 5.000%, 11/15/2023, Call 11/15/2015		1,410,000		1,544,514
Colorado Educational & Cultural Facilities Authority, 4.000%, 9/1/2016 (13)		900,000		970,785

Description	Principal Amount		Value
Municipals (continued)
Colorado (continued)
Colorado Educational & Cultural Facilities Authority, 4.250%, 9/1/2017 (13)		$1,000,000		$1,104,740
Colorado Educational & Cultural Facilities Authority, 5.000%, 12/15/2017, Call 4/1/2013 (5)(6)		800,000		801,824
Colorado Educational & Cultural Facilities Authority, 5.000%, 9/1/2019 (13)		1,135,000		1,324,704
Colorado Educational & Cultural Facilities Authority, 5.000%, 9/1/2020 (13)		1,060,000		1,243,126
Colorado Educational & Cultural Facilities Authority, 5.000%, 9/1/2021 (13)		865,000		1,016,461
Colorado Educational & Cultural Facilities Authority, 5.000%, 9/1/2023 (13)		230,000		270,002
Colorado Educational & Cultural Facilities Authority, 6.250%, 3/1/2040, Call 3/1/2020		2,000,000		2,259,000
Colorado Educational & Cultural Facilities Authority, 7.400%, 12/1/2038, Call 12/1/2018		500,000		590,575
Colorado Educational & Cultural Facilities Authority, XLCA, 5.250%, 6/1/2024, Call 6/1/2014		950,000		970,510
Colorado Health Facilities Authority, 3.000%, 12/1/2015		490,000		511,932
Colorado Health Facilities Authority, 4.000%, 12/1/2016		505,000		550,344
Colorado Health Facilities Authority, 5.000%, 12/1/2014 (3)		1,150,000		1,227,222
Colorado Health Facilities Authority, 5.000%, 1/1/2016		1,515,000		1,636,897
Colorado Health Facilities Authority, 5.000%, 1/1/2017		1,115,000		1,227,526
Colorado Health Facilities Authority, 5.000%, 9/1/2018		530,000		614,355
Colorado Health Facilities Authority, 5.000%, 9/1/2019		560,000		652,859
Colorado Health Facilities Authority, 5.000%, 12/1/2019		300,000		348,660
Colorado Health Facilities Authority, 5.000%, 12/1/2020		800,000		930,728
Colorado Health Facilities Authority, 5.000%, 12/1/2021		875,000		1,018,850
Colorado Health Facilities Authority, 5.000%, 9/1/2022		750,000		875,093
Colorado Health Facilities Authority, 5.125%, 11/15/2020, Call 11/15/2016 (3)		555,000		628,099
Colorado Health Facilities Authority, RADIAN, 5.000%, 5/15/2014		570,000		597,976
Colorado Mountain Junior College District, NATL-RE, 3.750%, 8/1/2016		400,000		415,952
Commerce City Northern Infrastructure General Improvement District, AGM, 5.000%, 12/1/2020		785,000		943,075
Commerce City Northern Infrastructure General Improvement District, AGM, 5.000%, 12/1/2021		725,000		874,046

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

59

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Colorado (continued)
Commerce City Northern Infrastructure General Improvement District, AGM, 5.000%, 12/1/2022		$   585,000		$     710,137
County of El Paso, GNMA/FNMA, 5.450%, 12/1/2039, Call 12/1/2016 (7)		622,989		672,485
Denver Health & Hospital Authority, 5.500%, 12/1/2019		1,195,000		1,394,242
Dove Valley Metropolitan District, AGM, 5.000%, 11/1/2020, Call 11/1/2015		200,000		216,464
E-470 Public Highway Authority, 2.830%, 9/1/2014, Call 3/1/2014 (3)		2,000,000		2,003,100
E-470 Public Highway Authority, NATL-RE, 5.000%, 9/1/2016		250,000		271,368
Moffat County School District No. Re001 Craig, AGM, 5.250%, 12/1/2027, Call 12/1/2017		500,000		565,130
Public Authority for Colorado Energy, 5.750%, 11/15/2018		840,000		962,892
Rangely Hospital District, 6.000%, 11/1/2026, Call 11/1/2021		2,000,000		2,363,940
Sand Creek Metropolitan District, XLCA, 5.000%, 12/1/2016, Call 12/1/2013		250,000		256,363
				36,945,576
Connecticut — 0.1%
Connecticut State Health & Educational Facility Authority, 3.000%, 7/1/2013		500,000		503,365
State of Connecticut, 4.250%, 2/1/2015		750,000		803,123
				1,306,488
Delaware — 0.3%
Delaware State Housing Authority, 0.000%, 7/1/2031, Call 7/1/2021		1,910,000		825,464
Delaware State Housing Authority, 5.000%, 1/1/2026, Call 7/1/2019 (7)		300,000		325,842
Delaware State Housing Authority, 5.200%, 7/1/2029, Call 7/1/2018		2,520,000		2,568,258
				3,719,564
District of Columbia — 0.6%
District of Columbia, 5.000%, 10/1/2025, Call 10/1/2021		1,865,000		2,174,180
District of Columbia, AGC, 0.330%, 7/15/2017 (3)(5)(6)		5,500,000		5,500,000
District of Columbia, AGM, 5.000%, 6/1/2022, Call 12/1/2017		250,000		293,885
District of Columbia, AGM, 5.000%, 6/1/2023, Call 12/1/2017		250,000		292,122
Metropolitan Washington Airports Authority, AGC, 0.000%, 10/1/2033		255,000		96,301
				8,356,488

Description	Principal Amount		Value
Municipals (continued)
Florida — 6.8%
Citizens Property Insurance Corp., 5.000%, 6/1/2015		$  4,095,000		$  4,485,458
Citizens Property Insurance Corp., 5.000%, 6/1/2016		1,265,000		1,421,961
Citizens Property Insurance Corp., 5.000%, 6/1/2019		2,615,000		3,093,100
Citizens Property Insurance Corp., 5.375%, 6/1/2016		250,000		283,995
Citizens Property Insurance Corp., AGC, 4.500%, 6/1/2014		100,000		104,972
Citizens Property Insurance Corp., AGM, 5.000%, 6/1/2016		1,000,000		1,124,080
Citizens Property Insurance Corp., AGM, 5.000%, 6/1/2017		1,150,000		1,326,962
City of Boynton Beach, AGM, 5.000%, 11/1/2027, Call 11/1/2021		1,000,000		1,175,590
City of Cape Coral, AMBAC, 3.700%, 10/1/2013		200,000		203,582
City of Clearwater, 4.500%, 12/1/2032, Call 12/1/2021		1,800,000		2,022,318
City of Gainesville, AMBAC, 5.500%, 8/1/2017		1,000,000		1,122,610
City of Gulf Breeze, 1.750%, 12/1/2015, Call 5/1/2013 (3)		11,795,000		11,804,318
City of Gulf Breeze, 5.000%, 12/1/2023, Call 12/1/2020		2,000,000		2,281,740
City of Gulf Breeze, FGIC, 6.050%,12/1/2013, Call 4/1/2013 (3)		540,000		541,939
City of Lakeland, 1.210%, 10/1/2014, Call 4/1/2014 (3)		250,000		252,243
City of Niceville, AMBAC, 4.300%, 6/1/2030, Call 6/1/2014		475,000		480,006
City of Sarasota, 4.125%, 10/1/2028, Call 10/1/2021		2,335,000		2,550,684
City of St. Augustine, 5.750%, 10/1/2041, Call 10/1/2021		1,000,000		1,164,560
City of Sunrise, 4.000%, 10/1/2019		540,000		605,135
City of Sunrise, NATL-RE, 0.000%, 10/1/2013		130,000		127,927
City of Sunrise, NATL-RE, 0.000%, 10/1/2020		975,000		749,161
City of Sunrise, NATL-RE, 0.000%, 10/1/2021		175,000		129,649
City of Tampa, AMBAC, 0.000%, 4/1/2021		460,000		366,933
City of Tampa, NATL-RE, 5.500%, 11/15/2013		250,000		258,100
County of Bay, 3.500%, 9/1/2016		410,000		409,598
County of Brevard, AMBAC, 5.000%, 7/1/2015		355,000		379,207
County of Brevard, AMBAC, 5.000%, 7/1/2016		910,000		988,123
County of Lee, 5.000%, 10/1/2029, Call 10/1/2022		3,560,000		4,200,480
County of Madison, 2.000%, 11/1/2014, Call 5/1/2014		9,390,000		9,438,171

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

60

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Florida (continued)
County of Miami-Dade, 5.500%, 10/1/2025, Call 10/1/2018		$2,000,000		$2,414,220
County of Miami-Dade, 5.500%, 10/1/2026, Call 10/1/2020		1,900,000		2,226,591
County of Miami-Dade, AGC, 0.000%, 10/1/2021		610,000		455,359
County of Miami-Dade, AGC, 5.000%, 10/1/2029, Call 10/1/2019		400,000		451,204
County of Miami-Dade, BHAC, 6.000%, 10/1/2023, Call 10/1/2018		1,000,000		1,236,060
County of Miami-Dade, XLCA, 5.000%, 7/1/2021, Call 7/1/2016		320,000		355,059
County of Polk, NATL-RE, 5.000%, 12/1/2016		625,000		682,756
County of St. Johns, AGM, 5.000%, 10/1/2020		1,625,000		1,943,256
County of St. Johns, AGM, 5.000%, 10/1/2021		1,110,000		1,333,332
Emerald Coast Utilities Authority, NATL-RE FGIC, 5.000%, 1/1/2020, Call 1/1/2017		1,000,000		1,093,230
Emerald Coast Utilities Authority, NATL-RE FGIC, 5.000%, 1/1/2022, Call 1/1/2017		970,000		1,055,622
Emerald Coast Utilities Authority, NATL-RE FGIC, 5.250%, 1/1/2026, Call 1/1/2016		1,000,000		1,063,480
Florida Higher Educational Facilities Financial Authority, 3.000%, 4/1/2018		1,390,000		1,432,951
Florida Housing Finance Corp., GNMA/FHLMC/FNMA, 5.000%, 7/1/2028, Call 1/1/2020		815,000		877,070
Florida Housing Finance Corp., GNMA/FNMA/FHLMC, 4.450%, 1/1/2030, Call 7/1/2021		500,000		534,015
Florida Housing Finance Corp., GNMA/FNMA/FHLMC, 5.250%, 7/1/2028, Call 1/1/2018		760,000		804,285
Florida Hurricane Catastrophe Fund Finance Corp., 5.000%, 7/1/2013		850,000		863,081
Florida Hurricane Catastrophe Fund Finance Corp., 5.000%, 7/1/2014		620,000		658,421
Florida Municipal Power Agency, 5.500%, 10/1/2019		250,000		310,593
Florida State Department of Transportation, FSA, 4.750%, 7/1/2022, Call 7/1/2014		1,500,000		1,596,105
Fort Pierce, AGC, 5.875%, 9/1/2028, Call 9/1/2018		1,000,000		1,146,130
Highlands County Health Facilities Authority, 5.000%, 11/15/2015		400,000		446,168
Highlands County Health Facilities Authority, 5.125%, 11/15/2023, Call 11/15/2016 (3)		500,000		561,820
Highlands County Health Facilities Authority, 6.100%, 11/15/2013 (3)		1,500,000		1,553,745
Key West Utility Board, NATL-RE, 5.000%, 10/1/2023, Call 10/1/2016		1,015,000		1,113,577
Lee County Industrial Development Authority, 5.000%, 11/1/2025, Call 11/1/2020		2,000,000		2,287,900

Description	Principal Amount		Value
Municipals (continued)
Florida (continued)
Miami Health Facilities Authority, 4.500%, 11/15/2014, Call 11/15/2013		$   570,000		$     583,441
Orange County Health Facilities Authority, 5.250%, 10/1/2035, Call 10/1/2018		300,000		336,849
Pinellas County Educational Facilities Authority, 3.000%, 10/1/2014		580,000		594,378
Pinellas County Educational Facilities Authority, 4.000%, 10/1/2016		350,000		373,888
Polk County Housing Finance Authority, GNMA, 5.000%, 9/1/2029, Call 8/1/2020		150,000		162,224
Port St. Lucie, AGC, 6.250%, 9/1/2027, Call 9/1/2018		500,000		552,100
Putnam County Development Authority, AMBAC, 5.350%, 5/1/2018 (3)		765,000		901,422
St. Lucie County School Board, AGM, 5.000%, 7/1/2022, Call 7/1/2021		2,500,000		2,911,750
Sunrise Excise Tax & Special Assessment, NATL-RE, 0.000%, 10/1/2019		905,000		720,932
Tampa-Hillsborough County Expressway Authority, AMBAC, 5.000%, 7/1/2014		455,000		483,324
Volusia County Educational Facility Authority, AGM, 5.000%, 10/15/2029, Call 10/15/2021		500,000		549,475
Volusia County Educational Facility Authority, RADIAN, 4.625%, 10/15/2028, Call 10/15/2015		500,000		518,715
				90,277,130
Georgia — 4.7%
Burke County Development Authority, 0.900%, 3/1/2013 (3)		3,875,000		3,875,000
Carroll City-County Hospital Authority, County Guarantee, 5.000%, 7/1/2023, Call 7/1/2020		2,790,000		3,225,686
Carroll City-County Hospital Authority, County Guarantee, 5.000%, 7/1/2024, Call 7/1/2020		1,640,000		1,878,472
City of Atlanta, 5.000%, 1/1/2018		600,000		707,742
City of Atlanta, NATL-RE FGIC, 5.500%, 11/1/2022		1,000,000		1,238,310
Cobb County Kennestone Hospital Authority, 5.000%, 4/1/2031, Call 4/1/2021		3,000,000		3,424,950
County of DeKalb, 4.500%, 12/1/2024, Call 12/1/2015		250,000		264,510
County of Fulton, NATL-RE FGIC, 5.250%, 1/1/2035, Call 1/1/2014		3,200,000		3,309,440
East Point Building Authority, XLCA, 4.500%, 2/1/2025, Call 2/1/2016		500,000		504,045
East Point Building Authority, XLCA, 5.000%, 2/1/2017		875,000		939,689
Floyd County Hospital Authority, County Guarantee, 5.000%, 7/1/2020		1,335,000		1,591,453

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

61

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Georgia (continued)
Floyd County Hospital Authority, County Guarantee, 5.000%, 7/1/2021		$1,155,000		$1,387,040
Floyd County Hospital Authority, County Guarantee, 5.000%, 7/1/2027, Call 7/1/2022		1,250,000		1,434,412
Fulton County Development Authority, 4.000%, 10/1/2019		1,355,000		1,512,261
Fulton County Development Authority, 5.000%, 3/15/2016		1,615,000		1,803,584
Fulton County Development Authority, 5.000%, 10/1/2019		1,000,000		1,192,030
Fulton County Development Authority, 5.250%, 3/15/2024, Call 3/15/2019		895,000		1,026,529
Georgia State Environmental Loan Acquisition Corp., 4.000%, 3/15/2021		600,000		681,174
Georgia State Environmental Loan Acquisition Corp., 5.125%, 3/15/2031, Call 3/15/2021		3,250,000		3,805,132
Glynn-Brunswick Memorial Hospital Authority, NATL-RE FGIC, 4.500%, 8/1/2015		865,000		926,709
Jefferson City School District, State Aid Withholding, 5.250%, 2/1/2029, Call 2/1/2021		1,350,000		1,599,885
Main Street Natural Gas, Inc., 5.000%, 3/15/2017		1,300,000		1,459,848
Main Street Natural Gas, Inc., 5.000%, 3/15/2021		5,000,000		5,708,700
Main Street Natural Gas, Inc., 5.250%, 9/15/2018		250,000		288,498
Medical Center Hospital Authority, AGC, 6.500%, 8/1/2038, Call 8/1/2018		250,000		283,345
Monroe County Development Authority, 0.900%, 3/1/2013 (3)		2,010,000		2,010,000
Municipal Electric Authority of Georgia, 5.750%, 1/1/2019, Call 7/1/2018		2,105,000		2,581,488
Private Colleges & Universities Authority, 5.000%, 10/1/2020		575,000		676,200
Private Colleges & Universities Authority, 5.250%, 10/1/2027, Call 10/1/2021		2,500,000		2,877,475
Puttable Floating Option Tax-Exempt Receipts, FGIC, 0.460%, 7/1/2025, Call 3/1/2013 (3)		1,980,000		1,980,000
Richmond County Hospital Authority, 5.250%, 1/1/2029, Call 1/1/2019		1,150,000		1,277,501
Richmond County Hospital Authority, 5.375%, 1/1/2029, Call 1/1/2019		940,000		1,054,144
South Georgia Governmental Services Authority, MBIA, 5.000%, 1/1/2020, Call 1/1/2014		300,000		309,606
Spalding County, 6.125%, 9/1/2028, Call 9/1/2018		700,000		824,285
Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.000%, 10/1/2025, Call 10/1/2021		2,940,000		3,376,708

Description	Principal Amount		Value
Municipals (continued)
Georgia (continued)
Winder-Barrow Industrial Building Authority, AGM, 5.000%, 12/1/2029, Call 12/1/2021		$1,000,000		$  1,164,400
				62,200,251
Guam — 0.0%
Territory of Guam, 5.375%, 12/1/2024, Call 12/1/2019		500,000		549,520
Hawaii — 0.0%
City & County Honolulu, NATL-RE FGIC, 5.000%, 7/1/2024, Call 7/1/2015		120,000		130,266
University of Hawaii, 6.000%, 10/1/2038, Call 10/1/2019		250,000		301,043
				431,309
Idaho — 0.1%
Boise-Kuna Irrigation District, 5.875%, 6/1/2022, Call 6/1/2018		200,000		225,502
Boise-Kuna Irrigation District, 7.375%, 6/1/2034, Call 6/1/2018		340,000		395,117
City of Boise, 4.000%, 9/1/2020		250,000		285,175
Idaho Housing & Finance Association, 5.150%, 7/1/2022, Call 4/1/2013 (7)		410,000		410,304
				1,316,098
Illinois — 8.6%
Bryant, 5.900%, 8/1/2023, Call 4/1/2013		680,000		682,496
Chicago Transit Authority, AGC, 5.250%, 6/1/2019, Call 6/1/2018		250,000		294,710
Chicago Transit Authority, AGC, 5.250%, 6/1/2022, Call 6/1/2018		2,250,000		2,580,547
City of Chicago, AGM, 5.000%, 11/1/2028, Call 11/1/2018		3,215,000		3,694,839
City of Chicago, NATL-RE, 5.250%, 1/1/2024, Call 1/1/2016		1,925,000		2,111,917
City of Chicago, NATL-RE, 5.530%, 1/1/2020, Call 1/1/2016 (13)		1,000,000		1,125,870
City of Mount Vernon, AGM, 4.000%, 12/15/2023, Call 12/15/2020		1,775,000		1,903,616
City of Mount Vernon, AGM, 5.000%, 12/15/2032, Call 12/15/2020		2,455,000		2,778,692
City of Springfield, AMBAC, 4.000%, 12/1/2014		25,000		26,068
City of Springfield, NATL-RE, 5.000%, 3/1/2014		225,000		232,002
City of Springfield, NATL-RE, 5.000%, 3/1/2018, Call 3/1/2017		1,000,000		1,120,180
City of Springfield, NATL-RE, 5.000%, 3/1/2020, Call 3/1/2017		100,000		110,435
City of Springfield, NATL-RE, 5.000%, 3/1/2022, Call 3/1/2017		3,500,000		3,810,765
Cook & Du Page Counties Combined School District No. 113A Lemont Bromberek, NATL-RE FGIC, 0.000%, 12/1/2013		195,000		191,929
Cook County Community College District No. 524 Moraine Valley, 4.000%, 6/1/2031, Call 6/1/2022		1,235,000		1,332,923

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

62

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Cook County Community College District No. 524 Moraine Valley, 4.000%, 6/1/2032, Call 6/1/2022		$1,285,000		$1,381,516
Cook County Community College District No. 524 Moraine Valley, 4.000%, 6/1/2033, Call 6/1/2022		1,340,000		1,436,185
Cook County Community College District No. 524 Moraine Valley, 4.000%, 6/1/2034, Call 6/1/2022		1,390,000		1,474,846
Cook County Community High School District No. 219-Niles Township, FSA, 5.000%, 12/1/2025, Call 12/1/2017		1,305,000		1,504,743
Cook County School District No. 103 Lyons, AGM, 0.000%, 12/1/2021		850,000		650,190
Cook County School District No. 130 Blue Island, XLCA, 4.250%, 6/1/2013		500,000		503,130
Cook County School District No. 144 Prairie Hills, AGM, 0.000%, 12/1/2028		2,830,000		1,464,440
Cook County School District No. 144 Prairie Hills, AGM, 0.000%, 12/1/2029		2,580,000		1,267,812
Cook County School District No. 144 Prairie Hills, AGM, 0.000%, 12/1/2030		2,830,000		1,321,327
Cook County School District No. 144 Prairie Hills, AGM, 5.000%, 12/1/2030		4,250,000		4,814,995
Cook County School District No. 159 Matteson-Richton Park, FSA, 0.000%, 12/1/2016		300,000		272,682
Cook County School District No. 169 Ford Heights, AGC, 5.750%, 12/1/2030, Call 12/1/2021		1,000,000		1,337,170
Cook County Township High School District No. 201 J Sterling Morton, AMBAC, 0.000%, 12/1/2019		425,000		327,603
County of Champaign, NATL-RE FGIC, 0.000%, 1/1/2016		750,000		709,635
County of St. Clair, 5.250%, 10/1/2027, Call 10/1/2019		1,150,000		1,320,269
DeKalb County Community Unit School District No. 424 Genoa-Kingston, AMBAC, 0.000%, 1/1/2020		600,000		496,326
DeKalb County Community Unit School District No. 428 DeKalb, 0.000%, 1/1/2028, Call 7/1/2020		1,000,000		495,050
DeKalb Kane & LaSalle Counties Etc Community College District No. 523 Kishwaukee, 0.000%, 2/1/2035, Call 2/1/2021		470,000		133,203
Du Page County School District No. 12 Roselle, NATL-RE, 5.000%, 1/1/2016		440,000		476,036
Du Page County School District No. 16 Queen Bee, NATL-RE FGIC, 0.000%, 11/1/2019		685,000		565,173
Du Page County School District No. 45, 4.000%, 1/1/2032, Call 1/1/2022		2,615,000		2,795,357

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Frankfort Square Park District, AMBAC, 0.000%, 1/1/2022		$   670,000		$   470,380
Illinois Finance Authority, 5.000%, 5/1/2015		2,095,000		2,251,769
Illinois Finance Authority, 5.000%, 11/15/2017, Call 11/15/2016		600,000		671,280
Illinois Finance Authority, 5.000%, 5/15/2020		250,000		295,240
Illinois Finance Authority, 5.250%, 3/1/2019		250,000		299,230
Illinois Finance Authority, 5.250%, 11/15/2022, Call 11/15/2017		750,000		841,852
Illinois Finance Authority, 5.250%, 2/15/2030, Call 2/15/2020		250,000		273,535
Illinois Finance Authority, 5.750%, 11/15/2033, Call 11/15/2017		960,000		1,065,869
Illinois Finance Authority, 6.000%, 10/1/2024, Call 10/1/2021		1,010,000		1,172,034
Illinois Finance Authority, 6.000%, 8/15/2041, Call 8/15/2021		2,665,000		3,172,016
Illinois Finance Authority, 6.875%, 10/1/2043, Call 10/1/2021		3,000,000		3,610,950
Illinois Finance Authority, 7.125%, 11/15/2037, Call 5/15/2019		530,000		649,022
Illinois Finance Authority, AGC, 5.250%, 8/15/2019		250,000		283,047
Illinois Finance Authority, AGM, 0.000%, 1/1/2021		255,000		207,703
Illinois Finance Authority, AGM, 5.150%, 1/1/2019		420,000		492,866
Illinois Finance Authority, AMBAC, 6.000%, 2/1/2022, Call 2/1/2018		335,000		393,370
Illinois Finance Authority, BHAC, 4.875%, 11/1/2018, Call 11/1/2013 (3)(7)		2,255,000		2,337,217
Illinois Municipal Electric Agency, MBIA, 5.250%, 2/1/2019, Call 2/1/2017		1,000,000		1,153,230
Illinois Municipal Electric Agency, NATL-RE FGIC, 5.250%, 2/1/2024, Call 2/1/2017		1,755,000		1,983,045
Kane & DeKalb Counties Community Unit School District No. 302 Kaneland, NATL-RE FGIC, 0.000%, 2/1/2023		5,000,000		3,619,000
Kane Cook & DuPage Counties School District No. U-46 Elgin, AMBAC, 0.000%, 1/1/2023		1,000,000		734,950
Knox & Warren Counties Community Unit School District No. 205 Galesburg, 6.125%, 1/1/2036, Call 1/1/2021		1,435,000		1,623,588
Lake County Community Unit School District No. 116 Round Lake, XLCA, 4.500%, 1/15/2018, Call 1/15/2015		500,000		525,155
Lake County School District No. 33, XLCA, 0.000%, 12/1/2026		525,000		274,349
Lake County School District No. 33, XLCA, 0.000%, 12/1/2028		335,000		155,172
Lake County School District No. 38-Big Hallow, AMBAC, 0.000%, 2/1/2021		1,450,000		1,042,289

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

63

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Lake County School District No. 38-Big Hallow, AMBAC, 0.000%, 2/1/2023		$   200,000		$   127,710
McHenry & Kane Counties Community Consolidated School District 158, NATL-RE, 0.000%, 1/1/2017		210,000		186,283
McHenry & Kane Counties Community Consolidated School District No. 158 Huntley, AGM-CR FGIC, 0.000%, 1/1/2024		400,000		271,584
McHenry County Community High School District No. 154 Marengo, NATL-RE FGIC, 0.000%, 1/1/2018		325,000		296,673
Metropolitan Pier & Exposition Authority, 0.460%, 7/1/2026 (3)(5)(6)		2,940,000		2,940,000
Metropolitan Pier & Exposition Authority, NATL-RE, 0.000%, 6/15/2023 (13)		300,000		289,710
Metropolitan Pier & Exposition Authority, NATL-RE, 0.000%, 12/15/2023		130,000		91,745
Metropolitan Pier & Exposition Authority, NATL-RE FGIC, 0.000%, 6/15/2020		225,000		187,918
Northern Illinois Municipal Power Agency, NATL-RE, 5.000%, 1/1/2020, Call 1/1/2018		1,715,000		1,944,433
Railsplitter Tobacco Settlement Authority, 5.250%, 6/1/2021		1,120,000		1,350,776
Southwestern Illinois Development Authority, AGC, 5.750%, 2/1/2029, Call 2/1/2019		350,000		415,887
St. Clair County Community Unit School District No. 187 Cahokia, AGM, 5.000%, 1/1/2020		630,000		705,537
St. Louis Regional Airport Authority, 6.000%, 12/1/2024, Call 12/1/2018 (7)		745,000		825,512
State of Illinois, 3.750%, 9/1/2016		500,000		542,185
State of Illinois, 5.000%, 1/1/2015		250,000		267,633
State of Illinois, 5.000%, 1/1/2015		600,000		642,318
State of Illinois, 5.000%, 1/1/2015		300,000		321,159
State of Illinois, 5.000%, 1/1/2016		500,000		552,710
State of Illinois, 5.000%, 6/15/2019, Call 6/15/2015		5,000,000		5,506,500
State of Illinois, 5.000%, 3/1/2020		500,000		577,620
State of Illinois, 5.250%, 6/15/2034, Call 6/15/2019		810,000		926,494
State of Illinois, 6.500%, 6/15/2022		425,000		525,423
State of Illinois, AGM, 5.000%, 1/1/2018		1,125,000		1,291,657
Stephenson County School District No. 145 Freeport, AMBAC, 0.000%, 1/1/2018		425,000		387,035
Stephenson-Jo Daviess Counties Community Unit School District No. 200, NATL-RE, 0.000%, 2/1/2016		535,000		477,525
Tazewell County School District No. 51 Washington Central, NATL-RE FGIC, 9.000%, 12/1/2025		165,000		257,615

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
University of Illinois, AMBAC, 5.250%, 4/1/2013		$1,060,000		$1,063,827
Village of Bolingbrook, AGM, 5.000%, 1/1/2025, Call 1/1/2020		1,425,000		1,625,056
Village of Bolingbrook, NATL-RE, 0.000%, 1/1/2020, Call 1/1/2015		200,000		150,424
Village of Bourbonnais, RADIAN, 4.375%, 11/1/2017		250,000		277,203
Village of Dolton, NATL-RE, 4.200%, 12/1/2019, Call 12/1/2014		300,000		310,797
Village of Elwood, RADIAN, 0.000%, 3/1/2024, Call 3/1/2016		250,000		141,410
Village of Elwood, RADIAN, 0.000%, 3/1/2026, Call 3/1/2016		1,280,000		642,522
Village of Franklin Park, AMBAC, 5.000%, 7/1/2016, Call 1/1/2014		1,065,000		1,080,730
Village of Hoffman Estates, 5.250%, 12/1/2025, Call 12/1/2018		300,000		358,533
Village of Justice, AMBAC, 0.000%, 1/1/2014		545,000		531,735
Village of Justice, AMBAC, 0.000%, 1/1/2015		545,000		513,630
Village of Justice, AMBAC, 0.000%, 1/1/2021		635,000		419,843
Village of Melrose Park, NATL-RE FGIC, 0.000%, 12/15/2015		155,000		141,298
Village of South Chicago Heights, NATL-RE FGIC, 0.000%, 11/1/2016		505,000		462,489
Will County Community School District No. 161 Summit Hill, NATL-RE FGIC, 0.000%, 1/1/2017		750,000		675,652
Will County Community School District No. 161 Summit Hill, NATL-RE FGIC, 0.000%, 1/1/2019		695,000		579,699
Will County Community Unit School District No. 201 Crete-Monee, NATL-RE FGIC, 0.000%, 11/1/2021		200,000		155,618
Will County Community Unit School District No. 201 Crete-Monee, NATL-RE FGIC, 0.000%, 11/1/2022		250,000		183,128
Will County Community Unit School District No. 201-U Crete-Monee, NATL-RE FGIC, 0.000%, 11/1/2013		150,000		149,423
Will County Community Unit School District No. 201-U Crete-Monee, NATL-RE FGIC, 0.000%, 11/1/2020		2,000,000		1,633,700
Will County Community Unit School District No. 209-U Wilmington, NATL-RE, 5.750%, 1/1/2023, Call 1/1/2016		1,025,000		1,129,037
Will County School District No. 114 Manhattan, NATL-RE FGIC, 0.000%, 12/1/2023		900,000		539,082
Will County School District No. 114, NATL-RE FGIC, 0.000%, 12/1/2017		870,000		738,091
Will County School District No. 114, NATL-RE FGIC, 0.000%, 12/1/2020		1,180,000		850,898

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

64

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Will County Unit School District No. 200-U Beecher, AMBAC, 5.000%, 11/1/2018, Call 11/1/2015		$   545,000		$       597,309
Will, Grundy, Etc. Counties Community College District No. 525, 5.750%, 6/1/2028, Call 6/1/2018		105,000		130,879
Will, Grundy, Etc. Counties Community College District No. 525, 5.750%, 6/1/2028, Call 6/1/2018		170,000		198,053
Will, Grundy, Livingston, Cook, Kendall, LaSalle & Kankakee Counties Community College District No. 525, 5.750%, 6/1/2023, Call 6/1/2018		315,000		375,020
				113,907,563
Indiana — 3.0%
Anderson School Building Corp., AMBAC, 5.000%, 7/15/2026, Call 1/15/2016		680,000		726,832
Carmel Redevelopment Authority, 5.000%, 7/1/2023, Call 7/1/2020		350,000		403,900
Carmel Redevelopment Authority, 5.000%, 2/1/2027, Call 2/1/2016		545,000		605,282
Carmel Redevelopment Authority, NATL-RE, 5.000%, 7/1/2021, Call 7/1/2016		450,000		497,605
City of Bloomington, 3.800%, 1/1/2029, Call 1/1/2022		400,000		414,256
City of Greenwood, 4.000%, 10/1/2017		225,000		248,193
City of Greenwood, 4.250%, 10/1/2020, Call 10/1/2018		820,000		911,750
City of Greenwood, 4.625%, 10/1/2024, Call 10/1/2018		520,000		569,421
Concord Community Schools Building Corp., AGM, 5.000%, 7/15/2025, Call 7/15/2018		1,000,000		1,171,750
County of Knox, 4.000%, 4/1/2018		250,000		269,365
Crown Point Multi School Building Corp., AGM State Aid Withholding, 5.000%, 1/15/2022, Call 7/15/2017		1,000,000		1,160,510
Damon Run Conservancy District, 4.500%, 1/1/2018		215,000		230,871
Damon Run Conservancy District, 4.500%, 7/1/2018		220,000		237,800
Dyer Redevelopment Authority Economic Development Lease Rent, CIFG, 5.250%, 7/15/2021, Call 7/15/2015		650,000		691,639
Dyer Redevelopment Authority, CIFG, 5.250%, 7/15/2023, Call 7/15/2015		1,225,000		1,300,864
East Chicago Multi School Building Corp., State Aid Withholding, 6.000%, 7/15/2016		670,000		764,658

Description	Principal Amount		Value
Municipals (continued)
Indiana (continued)
Fishers Redevelopment District, 5.125%, 7/15/2026, Call 1/15/2020		$1,875,000		$2,150,381
Fishers Redevelopment District, 5.250%, 7/15/2023, Call 1/15/2020		1,605,000		1,896,067
Franklin Township-Marion County Multiple School Building Corp., State Aid Withholding, 5.000%, 7/10/2021		580,000		718,168
Gary Community School Corp., State Aid Withholding, 3.000%, 1/15/2019		560,000		584,186
Gary Community School Corp., State Aid Withholding, 3.000%, 1/15/2020		575,000		593,015
Greencastle School Building Corp., State Aid Withholding, 3.000%, 1/15/2016		625,000		645,994
Greencastle School Building Corp., State Aid Withholding, 3.000%, 1/15/2018		370,000		383,224
Greencastle School Building Corp., State Aid Withholding, 4.000%, 7/15/2018		680,000		740,846
Hammond Local Public Improvement Bond Bank, 4.000%, 8/15/2013		500,000		506,025
Hammond Local Public Improvement Bond Bank, 5.000%, 8/15/2014		500,000		522,270
Hammond Local Public Improvement Bond Bank, 5.000%, 2/15/2015		1,090,000		1,151,193
Indiana Development Finance Authority, 4.700%, 10/1/2015, Call 10/1/2015 (3)(7)		800,000		877,336
Indiana Finance Authority, 3.000%, 7/1/2019		250,000		256,968
Indiana Finance Authority, 4.000%, 5/1/2017		550,000		607,992
Indiana Finance Authority, 5.000%, 3/1/2018		265,000		295,891
Indiana Finance Authority, 5.000%, 5/1/2029, Call 5/1/2022		5,000,000		5,654,100
Indiana Finance Authority, AMBAC, 4.550%, 12/1/2024, Call 12/1/2016		1,750,000		1,888,932
Indiana Health & Educational Facilities Financing Authority, AGM, 5.250%, 11/1/2023, Call 5/1/2018		500,000		570,785
Indiana Health Facility Financing Authority, AMBAC, 0.140%, 5/1/2031, Call 3/26/2013 (3)		625,000		517,385
Indiana Municipal Power Agency, 5.250%, 1/1/2024, Call 1/1/2019		500,000		596,760
Indiana Municipal Power Agency, NATL-RE, 5.000%, 1/1/2037, Call 1/1/2017		1,850,000		1,990,914
Indianapolis Airport Authority, 4.000%, 1/1/2020		255,000		279,518
Indianapolis Local Public Improvement Bond Bank, 5.000%, 1/1/2021		175,000		208,782
Lake County Public Library District, AMBAC, 4.500%, 8/1/2017, Call 2/1/2014		1,000,000		1,027,050
Marion High School Building Corp., 4.000%, 7/15/2019		455,000		515,488
Marion High School Building Corp., 4.000%, 7/15/2020, Call 1/15/2020		935,000		1,047,948

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

65

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Indiana (continued)
Marion High School Building Corp., 4.000%, 7/15/2021, Call 1/15/2020		$   375,000		$     416,246
Merrillville Multi-School Building Corp., NATL-RE, 0.000%, 1/15/2015		750,000		718,485
North Central Campus School Building Corp., AGM, 5.250%, 7/15/2022, Call 7/15/2018		1,000,000		1,131,780
Porter County Jail Building Corp., AGM, 5.500%, 7/10/2021		200,000		238,952
Rush County Elementary School Building Corp., State Aid Withholding, 5.250%, 7/15/2021, Call 1/15/2019		565,000		659,259
				39,596,636
Iowa — 0.3%
City of Coralville, 2.000%, 6/1/2015		250,000		249,943
Iowa Finance Authority, GNMA/FNMA, 5.500%, 7/1/2036, Call 7/1/2015 (7)		595,000		623,584
Iowa Finance Authority, GNMA/FNMA/FHLMC, 5.000%, 1/1/2038, Call 1/1/2019		925,000		983,580
Iowa Higher Education Loan Authority, 4.625%, 10/1/2031, Call 10/1/2019		750,000		799,140
University of Northern Iowa, 3.000%, 7/1/2020		760,000		804,597
University of Northern Iowa, 3.000%, 7/1/2021		575,000		603,537
				4,064,381
Kansas — 0.5%
City of Salina, 5.000%, 10/1/2018, Call 4/1/2016		350,000		383,436
County of Sedgwick/County of Shawnee, GNMA/FNMA/FHLMC, 5.875%, 6/1/2039, Call 6/1/2017 (7)		160,000		178,514
Kansas Development Finance Authority, 4.000%, 11/15/2015		225,000		244,971
Kansas Development Finance Authority, 5.000%, 11/15/2020, Call 11/15/2019		800,000		955,736
Kansas Development Finance Authority, 5.000%, 3/1/2031, Call 3/1/2020		1,000,000		1,094,230
Kansas Development Finance Authority, 5.750%, 11/15/2034, Call 11/15/2014		600,000		636,972
Kansas Development Finance Authority, FSA, 5.250%, 11/1/2028, Call 11/1/2018		475,000		564,138
Sedgwick & Shawnee Counties, GNMA/FNMA, 5.450%, 6/1/2027, Call 6/1/2013 (7)		330,000		337,478
Sedgwick & Shawnee Counties, GNMA/FNMA COLL, 5.650%, 12/1/2036, Call 12/1/2014 (7)		870,000		890,549

Description	Principal Amount		Value
Municipals (continued)
Kansas (continued)
Wyandotte County-Kansas City, 5.000%, 9/1/2032, Call 9/1/2022		$1,465,000		$1,688,398
				6,974,422
Kentucky — 0.4%
City of Pikeville, USDA, 4.000%, 5/1/2013		1,500,000		1,506,765
Kentucky Economic Development Finance Authority, 5.000%, 6/1/2016		855,000		951,256
Kentucky Economic Development Finance Authority, 5.000%, 2/1/2017		1,000,000		1,112,950
Kentucky State Property & Building Commission, NATL-RE FGIC, 5.000%, 3/1/2022, Call 3/1/2017		1,500,000		1,687,035
				5,258,006
Louisiana — 1.5%
Calcasieu Parish School District No. 23, 2.500%, 2/15/2020		775,000		792,910
Calcasieu Parish School District No. 30, 2.500%, 2/15/2020		475,000		485,977
Lafayette Public Trust Financing Authority, AGM, 4.000%, 10/1/2020		690,000		758,986
Lafayette Public Trust Financing Authority, AGM, 4.000%, 10/1/2021		675,000		732,584
Louisiana Housing Finance Agency, GNMA/FNMA/FHLMC, 4.750%, 6/1/2027, Call 6/1/2020		1,155,000		1,238,160
Louisiana Housing Finance Agency, GNMA/FNMA/FHLMC, 6.550%, 6/1/2040, Call 6/1/2018		1,395,000		1,499,081
Louisiana Local Government Environmental Facilities & Community Development Authority, 4.125%, 12/1/2032, Call 12/1/2021		1,000,000		1,062,930
Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 4.500%, 10/1/2029, Call 10/1/2021		500,000		526,140
Louisiana Public Facilities Authority, 2.875%, 11/1/2015		800,000		824,504
Louisiana State Citizens Property Insurance Corp., 3.000%, 6/1/2015		370,000		381,840
Louisiana State Citizens Property Insurance Corp., 3.000%, 6/1/2016		545,000		566,179
Parish of St. Bernard, 4.000%, 3/1/2020		3,470,000		3,774,007
Parish of St. Bernard, 4.000%, 3/1/2021		3,585,000		3,877,680
Port New Orleans Board of Commissioners, 5.000%, 4/1/2032, Call 4/1/2023 (7)		725,000		803,626
Regional Transit Authority, NATL-RE FGIC, 0.000%, 12/1/2021		300,000		199,356
Tangipahoa Parish Hospital Service District No. 1, 5.375%, 2/1/2016, Call 4/1/2013		1,190,000		1,205,851

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

66

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Louisiana (continued)
Terrebonne Parish Consolidated Government, 5.875%, 3/1/2024, Call 3/1/2019		$   495,000		$     584,367
				19,314,178
Maine — 0.5%
Maine Governmental Facilities Authority, 4.000%, 10/1/2027, Call 10/1/2021		1,975,000		2,101,756
Maine Governmental Facilities Authority, 4.250%, 10/1/2029, Call 10/1/2021		2,140,000		2,293,973
Maine State Housing Authority, 4.625%, 11/15/2028, Call 11/15/2020		1,970,000		2,072,085
Town of Bucksport, 4.000%, 3/1/2014		200,000		205,708
				6,673,522
Maryland — 0.8%
City of Baltimore, NATL-RE, 0.390%, 7/1/2020 (3)		4,000,000		4,000,000
Maryland Health & Higher Educational Facilities Authority, 3.000%, 7/1/2016		450,000		471,191
Maryland Health & Higher Educational Facilities Authority, 5.750%, 7/1/2034, Call 7/1/2021		775,000		910,919
Maryland Health & Higher Educational Facilities Authority, 6.000%, 1/1/2026, Call 1/1/2022		1,000,000		1,223,160
Maryland Health & Higher Educational Facilities Authority, 6.125%, 1/1/2036, Call 1/1/2022		1,405,000		1,665,192
Maryland Health & Higher Educational Facilities Authority, 6.250%, 1/1/2031, Call 1/1/2022		1,000,000		1,219,010
Montgomery County Housing Opportunites Commission, 5.000%, 1/1/2043, Call 7/1/2022		500,000		564,565
				10,054,037
Massachusetts — 1.6%
Commonwealth of Massachusetts, NATL-RE FGIC, 0.135%, 12/1/2030, Call 3/7/2013 (3)		7,375,000		6,210,989
Commonwealth of Massachusetts, NATL-RE FGIC, 0.135%, 12/1/2030, Call 3/6/2013 (3)		2,625,000		2,210,691
Commonwealth of Massachusetts, NATL-RE FGIC, 0.165%, 12/1/2030, Call 3/4/2013 (3)		1,175,000		989,547
Massachusetts Development Finance Agency, 3.000%, 7/1/2013		1,080,000		1,087,765
Massachusetts Development Finance Agency, 5.000%, 7/1/2014		500,000		526,740
Massachusetts Development Finance Agency, 5.000%, 7/1/2015		925,000		1,005,910
Massachusetts Development Finance Agency, 5.000%, 1/1/2023, Call 1/1/2017		650,000		706,635
Massachusetts Development Finance Agency, 5.000%, 7/1/2025, Call 7/1/2021		1,425,000		1,695,835

Description	Principal Amount		Value
Municipals (continued)
Massachusetts (continued)
Massachusetts Educational Financing Authority, 4.000%, 1/1/2016		$   550,000		$     585,646
Massachusetts Educational Financing Authority, 4.750%, 1/1/2016		400,000		433,584
Massachusetts Educational Financing Authority, 5.000%, 1/1/2017		500,000		556,675
Massachusetts Educational Financing Authority, 5.100%, 1/1/2018 (7)		235,000		260,556
Massachusetts Educational Financing Authority, 5.250%, 1/1/2019		785,000		899,893
Massachusetts Health & Educational Facilities Authority, 5.000%, 7/1/2024, Call 7/1/2019		3,105,000		3,562,118
				20,732,584
Michigan — 3.8%
Alma Public Schools, Q-SBLF, 5.000%, 5/1/2021		890,000		1,047,468
Berrien Springs Public Schools, NATL-RE, 4.250%, 5/1/2016, Call 5/1/2015		560,000		595,610
Charter Township of Northville, 2.000%, 4/1/2016		370,000		380,371
Charter Township of Northville, 4.000%, 4/1/2021		400,000		452,348
Charter Township of Northville, 4.000%, 4/1/2022		240,000		269,885
City of Detroit Convention Facility Revenue, NATL-RE, 0.000%, 9/30/2014		445,000		427,454
City of Detroit Sewage Disposal System Revenue, NATL-RE, 6.000%, 7/1/2014		300,000		317,316
City of Detroit Sewage System Revenue, 6.500%, 7/1/2024, Call 7/1/2019		350,000		429,090
City of Detroit Sewage System Revenue, NATL-RE, 5.250%, 7/1/2022, Call 7/1/2017 (3)		1,250,000		1,374,337
City of Detroit Sewage System Revenue, NATL-RE, 5.500%, 7/1/2015 (3)		100,000		109,310
City of Detroit Water Supply System Revenue, AGM, 5.000%, 7/1/2020, Call 7/1/2016		720,000		782,532
City of Detroit Water Supply System Revenue, AGM, 5.000%, 7/1/2023, Call 7/1/2016		150,000		160,542
City of Detroit Water Supply System Revenue, NATL-RE, 5.000%, 7/1/2016 (3)		725,000		791,867
City of Warren, NATL-RE, 4.200%, 10/1/2018, Call 10/1/2015		250,000		267,230
Coloma Community School District, Q-SBLF, 3.000%, 5/1/2019		620,000		659,432
Coloma Community School District, Q-SBLF, 3.000%, 5/1/2020		865,000		911,745
Coloma Community School District, Q-SBLF, 3.000%, 5/1/2021		905,000		946,349
Detroit City School District, FGIC Q-SBLF, 5.250%, 5/1/2013		500,000		503,515

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

67

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Michigan (continued)
Deutsche Bank Spears/Lifers Trust, 0.360%, 1/1/2020, Call 6/14/2013 (3)(5)(6)		$3,695,000		$3,695,000
Ferndale Public Schools, NATL-RE FGIC Q-SBLF, 5.000%, 5/1/2019, Call 5/1/2014		125,000		130,359
Grand Rapids & Kent County Joint Building Authority, 5.125%, 12/1/2014		415,000		449,395
Hartland Consolidated Schools, AGM Q-SBLF, 5.250%, 5/1/2026, Call 5/1/2021		1,625,000		1,904,386
Hartland Consolidated Schools, AGM Q-SBLF, 5.250%, 5/1/2027, Call 5/1/2021		600,000		698,412
Hartland Consolidated Schools, AGM Q-SBLF, 5.250%, 5/1/2028, Call 5/1/2021		1,575,000		1,820,999
Howell Public Schools, Q-SBLF, 4.250%, 5/1/2024, Call 5/1/2022		1,000,000		1,138,880
Jackson County Hospital Finance Authority, AGC, 4.500%, 6/1/2026, Call 6/1/2020		415,000		444,880
Jenison Public Schools, 5.000%, 5/1/2021		500,000		594,125
Jenison Public Schools, 5.000%, 5/1/2022, Call 5/1/2021		560,000		657,726
Kent Hospital Finance Authority, 5.000%, 11/15/2029, Call 11/15/2021		1,000,000		1,107,600
Lansing Board of Water & Light, 5.000%, 7/1/2037, Call 7/1/2021		1,000,000		1,143,120
Lansing School District, Q-SBLF, 5.000%, 5/1/2019		1,000,000		1,184,360
Lansing School District, Q-SBLF, 5.000%, 5/1/2020		1,825,000		2,158,902
Michigan Finance Authority, 3.000%, 11/1/2015		2,000,000		2,084,180
Michigan Finance Authority, 5.000%, 6/1/2016		1,450,000		1,582,385
Michigan Finance Authority, 5.000%, 11/1/2020		2,000,000		2,308,680
Michigan Public Educational Facilities Authority, 5.250%, 6/1/2015		190,000		196,021
Michigan Public Educational Facilities Authority, 6.000%, 6/1/2020		480,000		519,710
Michigan Public Power Agency, NATL-RE, 5.250%, 1/1/2014		250,000		259,835
Michigan Public Power Agency, NATL-RE, 5.250%, 1/1/2017		375,000		429,146
Michigan State Building Authority, NATL-RE FGIC, 0.000%, 10/15/2021, Call 10/15/2016		1,500,000		1,085,655
Michigan State Building Authority, NATL-RE FGIC, 0.000%, 10/15/2023, Call 10/15/2016		1,600,000		1,036,208
Plymouth-Canton Community School District, Q-SBLF, 4.000%, 5/1/2019		1,000,000		1,137,630

Description	Principal Amount		Value
Municipals (continued)
Michigan (continued)
Plymouth-Canton Community School District, Q-SBLF, 5.000%, 5/1/2021		$   450,000		$     543,213
River Rouge School District, Q-SBLF, 5.000%, 5/1/2020		1,700,000		2,018,461
River Rouge School District, Q-SBLF, 5.000%, 5/1/2021		1,155,000		1,378,088
Rochester Community School District, NATL-RE FGIC Q-SBLF, 5.000%, 5/1/2014		225,000		236,597
State of Michigan, AGM, 5.250%, 9/15/2022, Call 9/15/2017		285,000		339,184
State of Michigan, FSA, 5.250%, 9/15/2021, Call 9/15/2017		2,000,000		2,385,140
Warren Consolidated School District, FSA, 5.000%, 5/1/2015		650,000		708,806
Wayland Union School District, AGM Q-SBLF, 5.000%, 5/1/2024, Call 5/1/2018		500,000		571,015
Wayland Union School District, AGM Q-SBLF, 5.250%, 5/1/2019, Call 5/1/2018		400,000		467,860
Wayne State University, AGM, 5.000%, 11/15/2025, Call 11/15/2018		515,000		599,254
Western Township Utilities Authority, 4.000%, 1/1/2021		1,200,000		1,343,424
Wyandotte, NATL-RE, 4.500%, 10/1/2014 (7)		600,000		617,250
Wyandotte, NATL-RE, 5.000%, 10/1/2013 (7)		600,000		610,980
				50,013,267
Minnesota — 1.8%
City of Center City, 4.750%, 11/1/2031, Call 11/1/2019		200,000		216,076
City of Minneapolis, 6.375%, 11/15/2023, Call 11/15/2018		325,000		386,126
City of Minneapolis, AGC, 6.500%, 11/15/2038, Call 11/15/2018		1,070,000		1,288,248
City of Minneapolis/St Paul Housing & Redevelopment Authority, 4.000%, 8/15/2019		445,000		482,291
City of Minneapolis/St Paul Housing & Redevelopment Authority, AGM, 5.000%, 8/15/2025, Call 8/15/2020 (3)		215,000		249,402
City of Northfield, 5.500%, 11/1/2015		900,000		986,931
City of Rochester, 4.500%, 11/15/2021 (3)		735,000		881,603
City of St. Louis Park, 4.125%, 8/1/2019, Call 8/1/2016		200,000		222,296
City of Winona, 3.750%, 7/1/2021		170,000		180,482
Dakota County Community Development Agency, GNMA/FNMA/FHLMC COLL, 3.450%, 6/1/2020		110,000		114,652
Dakota County Community Development Agency, GNMA/FNMA/FHLMC COLL, 3.650%, 6/1/2021, Call 12/1/2020		75,000		74,213

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

68

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Minnesota (continued)
Eden Prairie Independent School District No. 272, School District Credit Program, 5.000%, 2/1/2021, Call 2/1/2019		$   500,000		$   602,935
Fairmont Independent School District No. 2752, School District Credit Program, 5.000%, 2/1/2020, Call 2/1/2019		150,000		182,592
Fairmont Independent School District No. 2752, School District Credit Program, 5.000%, 2/1/2022, Call 2/1/2019		420,000		500,942
Fridley Independent School District No. 14, AGM School District Credit Program, 5.000%, 2/1/2017		550,000		635,200
Mahtomedi Independent School District No. 832, School District Credit Program, 3.000%, 2/1/2016		250,000		267,630
Minneapolis & St. Paul Housing & Redevelopment Authority, 5.250%, 8/15/2025, Call 8/15/2020		275,000		314,424
Minneapolis & St. Paul Housing & Redevelopment Authority, 6.000%, 12/1/2021, Call 12/1/2013		1,680,000		1,741,774
Minneapolis Special School District No. 1, School District Credit Program, 3.250%, 2/1/2014		400,000		410,996
Minneapolis-St Paul Metropolitan Airports Commission, AMBAC, 5.000%, 1/1/2015		410,000		441,394
Minnesota Agricultural & Economic Development Board, AGC, 5.000%, 2/15/2017		1,400,000		1,596,210
Minnesota Higher Education Facilities Authority, 3.000%, 10/1/2014		400,000		413,400
Minnesota Higher Education Facilities Authority, 4.000%, 10/1/2016		250,000		270,567
Minnesota Higher Education Facilities Authority, 5.000%, 10/1/2017		250,000		284,017
Minnesota Higher Education Facilities Authority, 5.000%, 10/1/2018		220,000		253,381
Minnesota Higher Education Facilities Authority, 5.000%, 10/1/2019		400,000		464,992
Minnesota Housing Finance Agency, 3.900%, 7/1/2030, Call 1/1/2022		920,000		955,696
Minnesota Housing Finance Agency, 4.000%, 7/1/2040, Call 1/1/2022		1,530,000		1,653,165
Minnesota Housing Finance Agency, 5.000%, 7/1/2038, Call 7/1/2018		50,000		52,367
Minnesota Housing Finance Agency, GNMA, 2.600%, 9/1/2042, Call 7/1/2022		3,966,348		4,018,863
Minnesota Housing Finance Agency, GNMA/FNMA COLL, 5.000%, 1/1/2031, Call 7/1/2021		960,000		1,015,488
Minnesota Housing Finance Agency, GNMA/FNMA/FHLMC COLL, 4.250%, 7/1/2028, Call 1/1/2020		425,000		452,667

Description	Principal Amount		Value
Municipals (continued)
Minnesota (continued)
Northern Municipal Power Agency, AGC, 5.000%, 1/1/2019, Call 1/1/2018		$   150,000		$     176,550
Pillager Independent School District No. 116, School District Credit Program, 4.000%, 2/1/2024, Call 2/1/2021		125,000		141,923
Rosemount-Apple Valley-Eagan Independent School District No. 196, 3.000%, 4/1/2020		180,000		196,283
Southern Minnesota Municipal Power Agency, AMBAC, 5.250%, 1/1/2015		525,000		568,874
Southern Minnesota Municipal Power Agency, NATL-RE, 0.000%, 1/1/2026		1,165,000		765,708
				23,460,358
Mississippi — 1.2%
Mississippi Business Finance Corp., 1.700%, 12/1/2036, Call 3/1/2013 (3)		8,500,000		8,500,000
Mississippi Development Bank, 3.125%, 10/1/2023		200,000		197,246
Mississippi Development Bank, 5.000%, 10/1/2023		2,750,000		3,223,302
Mississippi Development Bank, AGM, 4.000%, 7/1/2014		750,000		777,758
Mississippi Development Bank, AGM, 5.000%, 7/1/2020, Call 7/1/2017		520,000		582,899
Mississippi Development Bank, County Guarantee, 5.375%, 12/1/2022, Call 12/1/2018		610,000		740,619
Mississippi Home Corp., GNMA/FNMA, 5.500%, 6/1/2036, Call 6/1/2015 (7)		285,000		302,106
Mississippi Home Corp., GNMA/FNMA/FHLMC, 6.750%, 6/1/2039, Call 6/1/2018		645,000		700,006
Rankin County School District, FSA, 5.000%, 10/1/2014		730,000		780,063
				15,803,999
Missouri — 2.0%
Cass County, 5.000%, 5/1/2015		880,000		929,852
City of Des Peres, AMBAC, 5.250%, 2/1/2018, Call 2/1/2015		380,000		409,127
City of Sikeston, NATL-RE, 6.000%, 6/1/2015		1,300,000		1,431,326
City of St. Louis, AGM, 5.000%, 7/1/2020, Call 7/1/2017		1,885,000		2,143,113
City of St. Louis, NATL-RE, 5.500%, 7/1/2016		280,000		319,388
County of Boone, 5.750%, 8/1/2028, Call 8/1/2018		500,000		588,590
County of St. Louis, 3.000%, 2/1/2022, Call 2/1/2019		2,380,000		2,536,556
Jackson County, AMBAC, 5.000%, 12/1/2018, Call 12/1/2016		1,000,000		1,123,280
Joplin Industrial Development Authority, 3.125%, 2/15/2016		885,000		922,621
Kansas City Industrial Development Authority, 4.000%, 9/1/2014		665,000		676,751

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

69

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Missouri (continued)
Missouri Highway & Transportation Commission, 5.250%, 5/1/2021, Call 5/1/2017		$   500,000		$     590,755
Missouri Housing Development Commission, 5.000%, 11/1/2027, Call 11/1/2019		835,000		910,033
Missouri Housing Development Commission, GNMA, 5.350%, 9/1/2034, Call 4/1/2013 (7)		295,000		304,570
Missouri Housing Development Commission, GNMA/FNMA/COLL, 5.000%, 9/1/2039, Call 3/1/2019		335,000		349,526
Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 3.800%, 5/1/2025, Call 5/1/2021		1,015,000		1,069,039
Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 3.800%, 11/1/2025, Call 5/1/2021		1,145,000		1,206,555
Missouri Housing Development Commission, GNMA/FNMA/FHLMC, 4.000%, 5/1/2027, Call 5/1/2021		975,000		1,027,699
Missouri Joint Municipal Electric Utility Commission, NATL-RE, 5.000%, 1/1/2017, Call 1/1/2016		500,000		537,095
Missouri State Environmental Improvement & Energy Resources Authority, 5.750%, 1/1/2029, Call 1/1/2019		750,000		907,035
Missouri State Health & Educational Facilities Authority, 3.000%, 2/15/2015		1,785,000		1,836,104
Missouri State Health & Educational Facilities Authority, 3.250%, 2/15/2016		1,190,000		1,240,658
Missouri State Health & Educational Facilities Authority, 3.500%, 2/15/2017		1,430,000		1,521,591
Missouri State Health & Educational Facilities Authority, 3.750%, 2/15/2018		950,000		1,019,084
Missouri State Health & Educational Facilities Authority, 5.250%, 10/1/2031, Call 10/1/2021		1,000,000		1,119,960
Missouri State Health & Educational Facilities Authority, AGM, 5.000%, 11/15/2015		750,000		819,255
Missouri State Health & Educational Facilities Authority, AMBAC, 0.800%, 12/1/2036, Call 3/4/2013 (3)		1,000,000		1,000,000
				26,539,563
Montana — 0.3%
County of Yellowstone, 5.250%, 9/1/2034, Call 9/1/2017		1,400,000		1,552,474
Montana State Board of Regents, 4.000%, 11/15/2020		245,000		282,421
Montana State Board of Regents, 4.000%, 11/15/2027, Call 11/15/2021		525,000		578,414

Description	Principal Amount		Value
Municipals (continued)
Montana (continued)
Montana State Board of Regents, 5.000%, 11/15/2022, Call 11/15/2021		$   200,000		$     247,480
Montana State Board of Regents, 5.000%, 11/15/2023, Call 11/15/2021		250,000		305,113
Montana State Board of Regents, 5.000%, 11/15/2024, Call 11/15/2021		375,000		454,365
Montana State Board of Regents, 5.000%, 11/15/2025, Call 11/15/2021		255,000		306,961
				3,727,228
Nebraska — 0.5%
Lancaster County Hospital Authority No. 1, 5.500%, 1/1/2030, Call 1/1/2020		1,000,000		1,122,970
Lincoln County Hospital Authority No. 1, 5.000%, 11/1/2032, Call 11/1/2021		2,000,000		2,197,180
Nebraska Public Power District, 5.000%, 1/1/2025, Call 1/1/2018		750,000		857,002
Nebraska Public Power District, 5.000%, 1/1/2026, Call 1/1/2018		750,000		853,665
Nebraska Public Power District, 5.000%, 1/1/2032, Call 1/1/2022		1,000,000		1,158,180
				6,188,997
Nevada — 1.4%
City of Henderson, NATL-RE, 5.000%, 6/1/2023, Call 6/1/2015		500,000		536,085
City of North Las Vegas, NATL-RE, 5.000%, 10/1/2014		750,000		787,867
City of Reno, AGM, 6.000%, 6/1/2028, Call 6/1/2018		200,000		224,546
Clark County School District, AMBAC, 5.000%, 6/15/2019, Call 6/15/2017		1,600,000		1,829,728
County of Clark, 5.000%, 7/1/2028, Call 7/1/2019		2,180,000		2,509,202
County of Clark, AGM, 5.000%, 7/1/2024, Call 7/1/2019		275,000		322,867
County of Clark, AGM, 5.250%, 7/1/2039, Call 1/1/2020		5,000,000		5,643,100
County of Clark, AMBAC, 5.000%, 11/1/2024, Call 11/1/2016		410,000		460,852
County of Washoe, 5.500%, 2/1/2028, Call 2/1/2019		1,000,000		1,157,190
Las Vegas Convention & Visitors Authority, AMBAC, 5.250%, 7/1/2013		300,000		304,065
Las Vegas Valley Water District, AGM, 5.000%, 6/1/2028, Call 6/1/2016		2,815,000		3,124,340
Nevada Housing Division, GNMA/FNMA/FHLMC, 4.500%, 10/1/2039, Call 4/1/2019		510,000		536,739
Reno-Sparks Indian Colony, 4.250%, 6/1/2014		515,000		517,256
				17,953,837
New Hampshire — 0.3%
New Hampshire Health & Education Facilities Authority, 5.000%, 7/1/2013		230,000		232,836

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

70

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
New Hampshire (continued)
New Hampshire Housing Finance Authority, 4.500%, 1/1/2029, Call 7/1/2020		$1,335,000		$1,409,146
New Hampshire Housing Finance Authority, 4.800%, 7/1/2028, Call 1/1/2022		1,975,000		2,197,187
New Hampshire Housing Finance Authority, 6.000%, 7/1/2038, Call 1/1/2018 (7)		475,000		501,833
				4,341,002
New Jersey — 2.6%
City of Atlantic City, NATL-RE, 5.000%, 8/15/2014		350,000		370,024
New Jersey Economic Development Authority, 0.320%, 11/1/2031, Call 3/1/2013 (3)		1,000,000		1,000,000
New Jersey Economic Development Authority, 0.320%, 11/1/2040, Call 3/1/2013 (3)		5,000,000		5,000,000
New Jersey Economic Development Authority, 0.770%, 5/1/2036, Call 3/1/2013 (3)		3,395,000		3,395,000
New Jersey Economic Development Authority, 1.710%, 3/1/2028, Call 3/1/2023 (3)		6,150,000		6,153,321
New Jersey Economic Development Authority, 1.810%, 2/1/2016, Call 8/1/2015 (3)		3,000,000		3,064,470
New Jersey Economic Development Authority, 5.000%, 6/15/2019		3,000,000		3,499,500
New Jersey Economic Development Authority, 5.000%, 6/15/2020		1,500,000		1,757,865
New Jersey Educational Facilities Authority, 5.000%, 7/1/2017		500,000		570,035
New Jersey Health Care Facilities Financing Authority, 5.000%, 7/1/2013		1,015,000		1,030,529
New Jersey Health Care Facilities Financing Authority, 5.000%, 7/1/2014		2,000,000		2,103,160
New Jersey Higher Education Student Assistance Authority, 3.000%, 12/1/2013 (7)		400,000		405,960
New Jersey Housing & Mortgage Finance Agency, 4.250%, 10/1/2032, Call 10/1/2021		960,000		1,039,594
New Jersey Housing & Mortgage Finance Agency, AGM, 5.050%, 11/1/2013, Call 4/1/2013		1,450,000		1,453,132
New Jersey Transportation Trust Fund Authority, 0.000%, 12/15/2031		415,000		184,293
New Jersey Transportation Trust Fund Authority, 5.250%, 12/15/2023, Call 12/15/2018		1,145,000		1,331,440
New Jersey Transportation Trust Fund Authority, AMBAC, 0.000%, 12/15/2026		1,555,000		907,156
New Jersey Transportation Trust Fund Authority, BHAC, 0.000%, 12/15/2024		100,000		69,044

Description	Principal Amount		Value
Municipals (continued)
New Jersey (continued)
New Jersey Transportation Trust Fund Authority, BHAC, 0.000%, 12/15/2028		$   100,000		$       57,041
New Jersey Transportation Trust Fund Authority, BHAC, 0.000%, 12/15/2030		150,000		78,168
New Jersey Transportation Trust Fund Authority, NATL-RE, 0.000%, 12/15/2027		230,000		126,622
				33,596,354
New Mexico — 1.7%
City of Farmington, 4.700%, 9/1/2024, Call 11/1/2020		1,750,000		1,973,772
Inc County of Los Alamos, AGM, 5.000%, 7/1/2014, Call 7/1/2013		550,000		556,688
New Mexico Finance Authority, 5.000%, 6/1/2026, Call 6/1/2018		2,395,000		2,784,259
New Mexico Finance Authority, 5.000%, 6/1/2038, Call 6/1/2018		4,875,000		5,559,742
New Mexico Finance Authority, 5.700%, 6/1/2026, Call 6/1/2018		465,000		558,098
New Mexico Finance Authority, 5.800%, 6/1/2027, Call 6/1/2018		825,000		992,459
New Mexico Finance Authority, 5.875%, 6/1/2028, Call 6/1/2018		250,000		301,958
New Mexico Finance Authority, NATL-RE, 5.250%, 6/15/2023, Call 6/15/2017		1,000,000		1,159,300
New Mexico Mortgage Finance Authority, GNMA, 2.600%, 2/1/2043, Call 1/1/2023		1,500,000		1,552,710
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC, 4.200%, 7/1/2028, Call 1/1/2017 (7)		640,000		675,706
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC, 5.650%, 9/1/2039, Call 3/1/2019		960,000		1,023,254
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC, 6.000%, 9/1/2039, Call 3/1/2019		865,000		913,025
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC COLL, 4.625%, 3/1/2028, Call 9/1/2021		1,275,000		1,413,121
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC COLL, 5.350%, 3/1/2030, Call 9/1/2020		2,900,000		3,273,346
				22,737,438
New York — 3.2%
Battery Park City Authority, AMBAC, 0.408%, 11/1/2031, Call 4/4/2013 (3)		5,425,000		5,018,255
Binghamton City School District, State Aid Withholding, 3.000%, 10/15/2017		890,000		945,572
Byron-Bergen Central School District, AGM State Aid Withholding, 3.000%, 6/15/2018		1,215,000		1,293,756

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

71

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
New York (continued)
Byron-Bergen Central School District, AGM State Aid Withholding, 3.000%, 6/15/2020		$   935,000		$     976,056
City of New York, 5.000%, 8/1/2032, Call 8/1/2021		5,000,000		5,766,050
City of New York, AGM, 0.300%, 8/1/2026, Call 3/4/2013 (3)		3,175,000		3,175,000
County of Monroe, MBIA, 6.000%, 3/1/2015		225,000		244,166
County of Rockland, 2.500%, 9/24/2013		1,500,000		1,508,670
Hannibal Central School District, AGM State Aid Withholding, 3.000%, 6/15/2020		1,205,000		1,257,912
Hannibal Central School District, AGM State Aid Withholding, 3.000%, 6/15/2021, Call 6/15/2020		740,000		759,987
Long Island Power Authority, BHAC, 5.000%, 12/1/2021, Call 12/1/2016		500,000		560,285
New York City Industrial Development Agency, ACA, 4.400%, 11/1/2016		675,000		743,607
New York City Municipal Water Finance Authority, 5.250%, 6/15/2044, Call 12/15/2021		7,145,000		8,287,485
New York City Transitional Finance Authority, NATL-RE FGIC, 5.000%, 7/15/2024, Call 1/15/2017		425,000		478,376
New York Liberty Development Corp., 5.000%, 10/1/2015		350,000		380,422
New York Mortgage Agency, 5.000%, 10/1/2019		500,000		587,900
New York State Dormitory Authority, 5.000%, 3/15/2028, Call 3/15/2019		625,000		734,075
New York State Dormitory Authority, 5.000%, 3/15/2034, Call 3/15/2021		3,000,000		3,452,910
New York State Energy Research & Development Authority, NATL-RE, 0.557%, 4/1/2034, Call 3/4/2013 (3)		3,000,000		2,755,578
State of New York, NATL-RE FGIC, 0.135%, 2/13/2032, Call 3/7/2013 (3)		2,825,000		2,565,162
Triborough Bridge & Tunnel Authority, NATL-RE, 5.000%, 11/15/2032, Call 4/1/2013		420,000		420,928
Upper Mohawk Valley Regional Water Finance Authority, 4.000%, 4/1/2020		295,000		329,804
Upper Mohawk Valley Regional Water Finance Authority, 4.000%, 4/1/2021		360,000		402,314
				42,644,270

Description	Principal Amount		Value
Municipals (continued)
North Carolina — 1.6%
Charlotte-Mecklenburg Hospital Authority, 5.000%, 1/15/2021, Call 1/15/2017		$   850,000		$   968,737
City of Greensboro, 5.250%, 4/1/2031, Call 4/1/2020		1,000,000		1,156,180
City of Thomasville, AGM, 2.250%, 5/1/2019		570,000		593,678
County of Catawba, 4.000%, 10/1/2025, Call 10/1/2021		585,000		650,889
County of Catawba, 4.000%, 10/1/2027, Call 10/1/2021		725,000		789,155
County of Catawba, 5.000%, 10/1/2022, Call 10/1/2021		500,000		611,885
County of Catawba, 5.000%, 10/1/2023, Call 10/1/2021		1,000,000		1,208,960
County of Catawba, 5.000%, 10/1/2024, Call 10/1/2021		835,000		1,004,438
County of Catawba, 5.000%, 10/1/2026, Call 10/1/2021		440,000		519,187
County of Chatham, County Guarantee, 5.000%, 12/1/2022		200,000		255,290
County of Chatham, County Guarantee, 5.000%, 12/1/2023		200,000		256,382
County of Cumberland, 5.125%, 12/1/2028, Call 12/1/2019		250,000		293,848
North Carolina Capital Facilities Finance Agency, 2.000%, 5/1/2013		170,000		170,377
North Carolina Capital Facilities Finance Agency, 2.000%, 5/1/2014		440,000		445,958
North Carolina Capital Facilities Finance Agency, 2.000%, 5/1/2015		260,000		265,418
North Carolina Eastern Municipal Power Agency, 4.200%, 1/1/2019		1,710,000		1,962,345
North Carolina Eastern Municipal Power Agency, 6.000%, 1/1/2022		300,000		387,885
North Carolina Eastern Municipal Power Agency, AGC, 6.000%, 1/1/2019		500,000		581,020
North Carolina Eastern Municipal Power Agency, AMBAC, 5.000%, 1/1/2016		500,000		558,930
North Carolina Housing Finance Agency, 4.250%, 1/1/2028, Call 7/1/2021		1,000,000		1,085,260
North Carolina Medical Care Commission, 3.000%, 10/1/2014		700,000		724,346
North Carolina Medical Care Commission, 4.000%, 6/1/2020		470,000		526,315
North Carolina Medical Care Commission, 5.000%, 6/1/2027, Call 6/1/2022		500,000		562,525
Orange County Public Facilities, 4.000%, 10/1/2019		1,000,000		1,155,220
Orange County Public Facilities, 5.000%, 10/1/2026, Call 10/1/2022		1,130,000		1,354,248
Raleigh Durham Airport Authority, 4.250%, 5/1/2030, Call 5/1/2020		1,000,000		1,090,010
Raleigh Durham Airport Authority, 5.000%, 5/1/2036, Call 5/1/2020		1,555,000		1,762,437
				20,940,923
North Dakota — 1.9%
Barnes County North Public School District Building Authority, 4.000%, 5/1/2021		635,000		679,196

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

72

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
North Dakota (continued)
Barnes County North Public School District Building Authority, 4.250%, 5/1/2027, Call 5/1/2021		$1,000,000		$  1,048,430
Barnes County North Public School District Building Authority, 4.500%, 5/1/2030, Call 5/1/2021		2,145,000		2,244,764
Barnes County North Public School District Building Authority, 4.500%, 5/1/2033, Call 5/1/2021		2,965,000		3,071,355
City of Grand Forks, 4.000%, 12/1/2019		535,000		590,057
City of Grand Forks, 5.000%, 12/1/2032, Call 12/1/2021		1,000,000		1,104,910
City of Grand Forks, 5.000%, 12/1/2035, Call 12/1/2021		1,950,000		2,151,494
City of West Fargo, 3.000%, 5/1/2021, Call 5/1/2017		555,000		568,525
City of West Fargo, 3.000%, 5/1/2023, Call 5/1/2017		185,000		185,355
County of Burleigh, 4.500%, 7/1/2032, Call 7/1/2022		2,850,000		3,007,519
North Dakota Housing Finance Agency, 4.125%, 1/1/2026, Call 1/1/2021		1,270,000		1,347,965
North Dakota State Housing Finance Agency, 5.250%, 1/1/2029, Call 7/1/2019		2,130,000		2,273,008
Williston Parks & Recreation District, 4.500%, 3/1/2020		1,455,000		1,669,671
Williston Parks & Recreation District, 4.500%, 3/1/2025, Call 3/1/2021		2,525,000		2,794,165
Williston Parks & Recreation District, 4.625%, 3/1/2026, Call 3/1/2021		2,620,000		2,902,777
				25,639,191
Ohio — 1.6%
Brookfield Local School District, AGM, 5.000%, 1/15/2030, Call 1/15/2018		400,000		439,148
Buckeye Tobacco Settlement Financing Authority, 4.500%, 6/1/2013		215,000		216,746
City of Cleveland, 5.000%, 1/1/2022, Call 1/1/2021		2,320,000		2,653,454
City of Cleveland, AGC, 5.000%, 10/1/2017		425,000		491,508
City of Cleveland, AGM, 5.000%, 1/1/2030, Call 1/1/2022		1,000,000		1,145,630
City of Cleveland, AGM, 5.000%, 1/1/2031, Call 1/1/2022		1,000,000		1,138,180
City of Hamilton, AGM, 4.250%, 10/1/2029, Call 10/1/2019		500,000		528,760
City of Hamilton, AGM, 4.375%, 10/1/2030, Call 10/1/2019		250,000		266,213
City of Middleburg Heights, 5.125%, 8/1/2031, Call 8/1/2021		1,000,000		1,084,060

Description	Principal Amount		Value
Municipals (continued)
Ohio (continued)
County of Franklin, 5.000%, 11/1/2023, Call 11/1/2019		$   300,000		$       342,945
County of Hamilton, AGM, 4.000%, 6/1/2014		685,000		705,755
County of Lorain, AMBAC, 0.408%, 10/1/2030 (3)		500,000		459,899
County of Lorain, AMBAC, 0.414%, 10/1/2030 (3)		2,450,000		2,211,532
County of Lucas, 5.000%, 11/15/2022, Call 11/15/2021		600,000		725,928
County of Summit, 5.250%, 12/1/2017, Call 12/1/2013		1,000,000		1,036,960
New Albany Community Authority, 4.000%, 10/1/2019		900,000		1,007,973
New Albany Community Authority, 4.000%, 10/1/2020		590,000		659,767
New Albany Community Authority, 5.000%, 10/1/2022		1,000,000		1,201,260
New Albany Community Authority, 5.000%, 10/1/2023, Call 10/1/2022		1,105,000		1,312,972
Ohio Higher Educational Facility Commission, 4.000%, 12/1/2020		1,050,000		1,164,849
Ohio Higher Educational Facility Commission, 4.000%, 12/1/2021		795,000		878,205
Ohio Higher Educational Facility Commission, 4.000%, 12/1/2022		845,000		930,125
Richland County, AGC, 6.000%, 12/1/2028, Call 12/1/2018		250,000		292,705
State of Ohio, 4.000%, 1/15/2015		500,000		528,635
				21,423,209
Oklahoma — 0.7%
Cleveland County Justice Authority, 5.750%, 3/1/2029, Call 3/1/2015		680,000		723,058
Delaware County Justice Authority, 3.750%, 9/1/2029, Call 9/1/2017		2,525,000		2,548,912
Delaware County Justice Authority, 4.000%, 9/1/2018		415,000		462,513
Delaware County Justice Authority, 4.000%, 9/1/2019		740,000		827,253
Delaware County Justice Authority, 4.000%, 9/1/2020		700,000		781,438
Delaware County Justice Authority, 4.000%, 9/1/2021		805,000		896,843
Oklahoma County Finance Authority, 4.000%, 3/1/2018		1,000,000		1,118,200
Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC, 6.500%, 9/1/2038, Call 9/1/2018		590,000		640,303
Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC COLL, 5.250%, 9/1/2029, Call 3/1/2019		105,000		112,293
Stephens County Educational Facilities Authority, 3.000%, 9/1/2016		450,000		473,018
				8,583,831
Oregon — 1.2%
Astoria Hospital Facilities Authority, 3.000%, 8/1/2014		4735,000		752,236
Astoria Hospital Facilities Authority, 3.000%, 8/1/2015		760,000		783,910
City of Tigard, 5.000%, 8/1/2029, Call 8/1/2022		690,000		826,095

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

73

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Oregon (continued)
City of Tigard, 5.000%, 8/1/2030, Call 8/1/2022		$1,015,000		$  1,210,529
City of Tigard, 5.000%, 8/1/2031, Call 8/1/2022		1,195,000		1,419,744
City of Tigard, 5.000%, 8/1/2032, Call 8/1/2022		1,135,000		1,343,284
City of Woodburn, 0.000%, 3/1/2020		1,380,000		1,143,344
City of Woodburn, 0.000%, 3/1/2021		1,215,000		963,823
Clackamas & Washington Counties School District No. 3, NATL-RE FGIC School Bond Guarantee, 0.000%, 6/15/2023		2,000,000		1,532,080
County of Gilliam, 2.000%, 9/2/2014 (3)		1,000,000		1,018,960
Klamath Falls Intercommunity Hospital Authority, 4.000%, 9/1/2031, Call 9/1/2022		1,000,000		1,015,800
Klamath Falls Intercommunity Hospital Authority, 5.000%, 9/1/2022		255,000		293,658
Port of Portland, 5.500%, 7/1/2031, Call 7/1/2021		3,000,000		3,575,370
Salem-Keizer School District No. 24J, School Bond Guarantee, 0.000%, 6/15/2017		500,000		476,875
				16,355,708
Pennsylvania — 3.2%
Allegheny County Hospital Development Authority, 5.375%, 8/15/2029, Call 8/15/2019		170,000		196,296
Berks County Municipal Authority, 0.800%, 5/1/2037, Call 3/1/2013 (3)		2,000,000		2,000,000
Butler County General Authority, AGC, 0.380%, 12/1/2033 (3)		3,000,000		3,000,000
Central Bradford Progress Authority, 5.375%, 12/1/2041, Call 12/1/2021		500,000		565,610
Chester County Industrial Development Authority, 1.600%, 2/1/2015, Call 8/1/2014 (4)		2,000,000		2,011,100
City of Philadelphia, AGC, 5.250%, 8/1/2019, Call 8/1/2014		400,000		420,264
City of Pittsburgh, 4.000%, 9/1/2016		415,000		451,615
City of Pittsburgh, 4.000%, 9/1/2017		550,000		606,953
City of Pittsburgh, 4.000%, 9/1/2021		750,000		823,523
City of Pittsburgh, AGM, 5.250%, 9/1/2018, Call 9/1/2016		250,000		280,843
Harrisburg Authority, AGM, 5.000%, 12/1/2013 (3)		4,525,000		4,530,204
Harrisburg Authority, AGM, 5.250%, 12/1/2013 (3)		2,000,000		2,005,860
Kiski Area School District, AGM State Aid Withholding, 4.000%, 3/1/2021		1,450,000		1,596,682
Lehigh County General Purpose Authority, 4.000%, 11/1/2019		555,000		611,460
Monroeville Finance Authority, 2.400%, 2/15/2021		700,000		698,992

Description	Principal Amount		Value
Municipals (continued)
Pennsylvania (continued)
Montgomery County Industrial Development Authority, 5.000%, 11/15/2016		$1,500,000		$  1,678,770
Pennsylvania Economic Development Financing Authority, 1.750%, 12/1/2015 (3)		1,400,000		1,440,194
Pennsylvania Economic Development Financing Authority, 5.000%, 1/1/2023, Call 1/1/2016		3,200,000		3,563,808
Pennsylvania Housing Finance Agency, 3.650%, 10/1/2037, Call 10/1/2021		1,000,000		1,002,170
Pennsylvania Turnpike Commission, 0.000%, 12/1/2034, Call 12/1/2020 (13)		255,000		254,115
Pennsylvania Turnpike Commission, 4.000%, 12/1/2023, Call 12/1/2019		200,000		213,372
Pennsylvania Turnpike Commission, 5.000%, 6/1/2021, Call 6/1/2019		715,000		819,862
Pennsylvania Turnpike Commission, 6.000%, 12/1/2036, Call 12/1/2020		975,000		1,196,773
Puttable Floating Option Tax-Exempt Receipts, FGIC State Aid Withholding, 0.560%, 6/1/2034 (3)		3,430,000		3,430,000
St. Mary Hospital Authority, 5.000%, 11/15/2017, Call 11/15/2014		1,025,000		1,089,226
St. Mary Hospital Authority, 5.250%, 11/15/2016, Call 11/15/2014		250,000		267,060
State Public School Building Authority, AGM, 3.000%, 10/15/2015		500,000		522,145
Tioga County Industrial Development Authority, 3.000%, 3/1/2014		1,455,000		1,473,609
Westmoreland County Industrial Development Authority, 0.800%, 1/1/2036, Call 3/1/2013 (3)		5,410,000		5,410,000
				42,160,506
Puerto Rico — 0.4%
Puerto Rico Highway & Transportation Authority, AGC AGM, 5.500%, 7/1/2025		1,000,000		1,134,310
Puerto Rico Highway & Transportation Authority, NATL-RE, 5.000%, 9/15/2016, Call 3/15/2014		100,000		102,490
Puerto Rico Industrial Tourist Educational Medical & Environment Control Facilities Financing Authority, 5.000%, 4/1/2016		1,255,000		1,334,944
Puerto Rico Infrastructure Financing Authority, AMBAC, 5.500%, 7/1/2014		300,000		313,224
Puerto Rico Infrastructure Financing Authority, AMBAC, 5.500%, 7/1/2015		1,915,000		2,029,938

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

74

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Puerto Rico (continued)
Puerto Rico Infrastructure Financing Authority, BHAC, 5.500%, 7/1/2021		$   275,000		$   335,706
				5,250,612
Rhode Island — 0.4%
City of Woonsocket, AMBAC, 5.000%, 3/1/2013		100,000		100,000
City of Woonsocket, AMBAC, 5.000%, 3/1/2014		500,000		498,570
Rhode Island Housing & Mortgage Finance Corp., 4.000%, 10/1/2040, Call 10/1/2021		2,000,000		2,131,700
Rhode Island Student Loan Authority, 3.950%, 12/1/2017		250,000		267,832
Rhode Island Student Loan Authority, 4.200%, 12/1/2018, Call 12/1/2017		600,000		646,968
Rhode Island Student Loan Authority, 4.250%, 12/1/2020, Call 12/1/2017		500,000		529,665
Rhode Island Student Loan Authority, 4.500%, 12/1/2021, Call 12/1/2017		1,000,000		1,061,670
				5,236,405
South Carolina — 1.8%
City of Rock Hill, AGM, 3.000%, 1/1/2022		730,000		763,441
City of Rock Hill, AGM, 3.500%, 1/1/2025, Call 1/1/2022		895,000		953,748
City of Rock Hill, AGM, 5.250%, 1/1/2026, Call 1/1/2022		730,000		886,738
City of Rock Hill, AGM, 5.250%, 1/1/2028, Call 1/1/2022		475,000		571,567
County of Dorchester, 3.000%, 10/1/2025, Call 10/1/2022		460,000		468,450
County of Dorchester, 5.000%, 10/1/2022		480,000		599,189
County of Dorchester, 5.000%, 10/1/2026, Call 10/1/2022		400,000		481,256
County of Florence, 5.000%, 11/1/2025, Call 11/1/2020		2,000,000		2,245,540
County of Florence, 5.000%, 11/1/2030, Call 11/1/2020		500,000		547,855
County of Laurens, 3.000%, 1/1/2020		645,000		672,103
County of Laurens, 3.500%, 1/1/2021		660,000		706,127
County of Laurens, 3.500%, 1/1/2022		685,000		729,409
Laurens County Water & Sewer Commission, 5.000%, 3/1/2029, Call 3/1/2017		415,000		457,807
Laurens County Water & Sewer Commission, 5.000%, 3/1/2032, Call 3/1/2017		1,000,000		1,097,540
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 4/1/2013		2,490,000		2,495,353
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 10/1/2013		140,000		142,134
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 10/1/2014		625,000		650,112

Description	Principal Amount		Value
Municipals (continued)
South Carolina (continued)
Piedmont Municipal Power Agency, AGM, 5.000%, 1/1/2030, Call 7/1/2021		$   450,000		$     516,186
Piedmont Municipal Power Agency, AGM, 5.750%, 1/1/2034, Call 7/1/2021		1,000,000		1,196,270
Scago Educational Facilities Corp. for Pickens School District, AGM, 5.000%, 12/1/2020, Call 12/1/2016		300,000		338,733
South Carolina Jobs-Economic Development Authority, 4.000%, 7/1/2021		250,000		270,198
South Carolina Jobs-Economic Development Authority, 5.000%, 7/1/2022		1,735,000		1,997,002
South Carolina State Housing Finance & Development Authority, 5.000%, 1/1/2028, Call 7/1/2019		325,000		352,846
South Carolina State Housing Finance & Development Authority, AGM, 5.500%, 7/1/2037, Call 7/1/2016 (7)		1,200,000		1,308,336
South Carolina State Public Service Authority, 5.500%, 1/1/2038, Call 1/1/2019		1,000,000		1,162,160
South Carolina State Public Service Authority, NATL-RE FGIC, 4.750%, 1/1/2023, Call 7/1/2015		1,000,000		1,083,210
South Carolina Transportation Infrastructure Bank, AMBAC, 5.250%, 10/1/2020		250,000		317,278
St. Peters Parish-Jasper County Public Facilities Corp., AGM, 5.000%, 4/1/2031, Call 4/1/2021		900,000		1,003,572
Trustees of the South Carolina Heritage Trust, XLCA, 4.000%, 8/1/2015		250,000		263,373
				24,277,533
South Dakota — 0.9%
City of Rapid City, 5.500%, 12/1/2022, Call 12/1/2019		225,000		253,665
City of Rapid City, 6.750%, 12/1/2031, Call 12/1/2019		500,000		572,855
City of Rapid City, 7.000%, 12/1/2035, Call 12/1/2019		750,000		865,417
South Dakota Health & Educational Facilities Authority, 4.500%, 9/1/2018		500,000		558,880
South Dakota Health & Educational Facilities Authority, 4.500%, 9/1/2020		900,000		1,017,639
South Dakota Health & Educational Facilities Authority, 4.500%, 9/1/2021, Call 9/1/2020		1,080,000		1,206,349
South Dakota Health & Educational Facilities Authority, 4.500%, 9/1/2022, Call 9/1/2020		1,005,000		1,107,560
South Dakota Health & Educational Facilities Authority, 5.000%, 11/1/2024, Call 11/1/2019		1,000,000		1,119,170

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

75

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
South Dakota (continued)
South Dakota Health & Educational Facilities Authority, AMBAC, 5.000%, 8/1/2022, Call 8/1/2017		$   980,000		$  1,081,156
South Dakota Housing Development Authority, 3.750%, 5/1/2018		500,000		541,630
South Dakota Housing Development Authority, 4.600%, 11/1/2022, Call 5/1/2014 (7)		3,455,000		3,542,999
				11,867,320
Tennessee — 0.9%
Franklin County Health & Educational Facilities Board, 3.000%, 9/1/2021		2,150,000		2,275,667
Metropolitan Nashville Airport Authority, 5.000%, 7/1/2017		435,000		493,399
Tennessee Energy Acquisition Corp., 5.250%, 9/1/2021		3,805,000		4,420,725
Tennessee Energy Acquisition Corp., 5.250%, 9/1/2022		150,000		174,860
Tennessee Housing Development Agency, 4.000%, 7/1/2025, Call 1/1/2021		980,000		1,034,047
Tennessee Housing Development Agency, 4.000%, 7/1/2026, Call 1/1/2021		1,550,000		1,619,858
Tennessee Housing Development Agency, 4.500%, 7/1/2028, Call 1/1/2020		745,000		802,141
Tennessee Housing Development Agency, 4.750%, 7/1/2027, Call 1/1/2017 (7)		240,000		248,201
Tennessee Housing Development Agency, 5.000%, 7/1/2023, Call 7/1/2017 (7)		440,000		460,482
Tennessee Housing Development Agency, 5.000%, 1/1/2027, Call 7/1/2019		840,000		907,108
				12,436,488
Texas — 7.4%
Brazos River Authority, FGIC, 4.250%, 3/1/2014 (3)		1,160,000		1,197,816
Brazos River Authority, FGIC, 4.250%, 12/1/2017, Call 6/1/2014 (3)		290,000		302,821
Capital Area Cultural Education Facilities Finance Corp., 5.000%, 4/1/2019		1,000,000		1,154,020
Capital Area Cultural Education Facilities Finance Corp., 5.250%, 4/1/2021, Call 4/1/2020		400,000		466,940
Central Texas Regional Mobility Authority, 0.000%, 1/1/2025		1,000,000		597,090
Central Texas Regional Mobility Authority, NATL-RE FGIC, 0.000%, 1/1/2019, Call 1/1/2017 (13)		200,000		202,696
City of Arlington, NATL-RE, 5.000%, 8/15/2034, Call 8/15/2015		1,290,000		1,343,225
City of Galveston, 4.250%, 5/1/2014		290,000		302,618
City of Galveston, 4.625%, 2/1/2024, Call 2/1/2021		1,255,000		1,342,787

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
City of Houston, 5.000%, 9/1/2033, Call 9/1/2013		$2,855,000		$2,898,710
City of Houston, AMBAC, 0.000%, 9/1/2019		400,000		327,408
Comal Independent School District, NATL-RE PSF, 5.000%, 2/1/2033, Call 2/1/2014		470,000		490,398
Comal Independent School District, PSF, 4.000%, 2/1/2032, Call 2/1/2021		4,000,000		4,344,120
Conroe Independent School District, PSF, 5.000%, 2/15/2034, Call 2/15/2021		500,000		587,585
Conroe Independent School District, PSF, 5.000%, 2/15/2035, Call 2/15/2021		750,000		878,438
County of Bowie, AGM, 4.000%, 8/1/2020, Call 8/1/2016		1,055,000		1,130,601
County of Bowie, AGM, 4.000%, 8/1/2021, Call 8/1/2016		1,275,000		1,358,525
County of Bowie, AGM, 4.000%, 8/1/2024, Call 8/1/2016		1,315,000		1,383,827
County of El Paso, 5.000%, 2/15/2026, Call 2/15/2017		1,000,000		1,120,900
County of Wise, 8.000%, 8/15/2034, Call 8/15/2021		4,000,000		4,815,160
Cypress-Fairbanks Independent School District, PSF, 5.000%, 2/15/2034, Call 2/15/2021		675,000		793,773
Cypress-Fairbanks Independent School District, PSF, 5.000%, 2/15/2035, Call 2/15/2021		500,000		586,015
Cypress-Fairbanks Independent School District, PSF, 5.000%, 2/15/2036, Call 2/15/2021		755,000		881,931
Dallas County Cities Municipal Utility District, 4.000%, 8/1/2027, Call 8/1/2020		340,000		371,151
Dallas County Utility & Reclamation District, AMBAC, 5.100%, 2/15/2020, Call 2/15/2017		350,000		385,357
Dallas/Fort Worth International Airport, 5.000%, 11/1/2032, Call 11/1/2020 (7)		5,000,000		5,506,700
Dallas/Fort Worth International Airport, 5.000%, 11/1/2035, Call 11/1/2020 (7)		6,000,000		6,595,320
Dallas/Fort Worth International Airport, NATL-RE, 5.500%, 11/1/2020, Call 11/1/2013 (7)		200,000		206,198
Denton Independent School District, PSF, 0.500%, 8/15/2022, Call 8/15/2016 (3)		2,900,000		2,900,000
Forney Independent School District, PSF, 6.000%, 8/15/2037, Call 8/15/2018		1,840,000		2,232,674
Georgetown Independent School District, PSF, 5.000%, 8/15/2025, Call 8/15/2020		645,000		771,317
Harris County Cultural Education Facilities Finance Corp., 5.250%, 10/1/2029, Call 10/1/2019		1,550,000		1,818,103
Harris County Health Facilities Development Corp., 0.500%, 7/1/2027 (3)		2,340,000		2,340,000

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

76

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
Harris County Hospital District, NATL-RE, 5.250%, 2/15/2027, Call 2/15/2017		$5,615,000		$6,105,583
Harris County Municipal Utility District No. 374, AGM, 5.000%, 9/1/2036, Call 9/1/2019		550,000		600,518
La Vernia Higher Education Finance Corp., 4.375%, 8/15/2015		200,000		212,670
La Vernia Higher Education Finance Corp., 4.750%, 8/15/2016		180,000		194,409
La Vernia Higher Education Finance Corp., 5.000%, 8/15/2017		150,000		166,821
La Vernia Higher Education Finance Corp., 5.000%, 8/15/2018		150,000		170,868
Little Elm Independent School District, PSF, 5.000%, 8/15/2020, Call 8/15/2016		1,145,000		1,297,594
Lower Colorado River Authority, 5.000%, 5/15/2021, Call 5/15/2020		6,840,000		8,178,109
Lower Colorado River Authority, BHAC, 5.250%, 5/15/2028, Call 5/15/2018		550,000		636,581
Nacogdoches County Hospital District, AGM, 2.000%, 5/15/2017		485,000		493,230
Nacogdoches County Hospital District, AGM, 3.000%, 5/15/2018		495,000		524,829
Nacogdoches County Hospital District, AGM, 3.000%, 5/15/2019		510,000		538,346
North Texas Tollway Authority, 0.000%, 9/1/2037, Call 9/1/2031		500,000		145,700
North Texas Tollway Authority, 1.950%, 1/1/2019 (3)		2,000,000		2,008,760
North Texas Tollway Authority, 5.750%, 1/1/2038, Call 1/1/2018		575,000		634,605
North Texas Tollway Authority, 6.125%, 1/1/2031, Call 1/1/2016		400,000		427,736
North Texas Tollway Authority, AGC, 5.750%, 1/1/2038, Call 1/1/2019		1,725,000		1,932,569
Red River Authority, NATL-RE, 4.450%, 6/1/2020		150,000		168,831
Rib Floater Trust Various States, 0.370%, 3/1/2043, Call 3/1/2022 (3)(5)(6)		5,000,000		5,000,000
Sabine River Authority, MBIA, 4.950%, 3/1/2018		345,000		388,032
San Antonio Facilities Corp., 5.000%, 8/15/2036, Call 8/15/2021		500,000		556,735
Texas Municipal Gas Acquisition & Supply Corp. III, 5.000%, 12/15/2021		2,000,000		2,316,620
Texas Public Finance Authority, 5.000%, 7/1/2019, Call 7/1/2014		1,600,000		1,697,392
Texas State Turnpike Authority, AMBAC, 0.000%, 8/15/2019		5,000,000		4,195,700
Texas State Turnpike Authority, AMBAC, 0.000%, 8/15/2031, Call 4/1/2013		1,000,000		337,790
Texas Transportation Commission, 0.520%, 4/1/2026, Call 3/1/2013 (3)		6,000,000		6,000,000
University of Houston, AMBAC, 5.000%, 2/15/2022, Call 2/15/2015		500,000		537,610

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
Upper Trinity Regional Water District, AGM, 4.000%, 8/1/2020		$   200,000		$     223,316
Upper Trinity Regional Water District, AGM, 4.000%, 8/1/2021		170,000		188,676
				97,513,854
Utah — 0.8%
Central Utah Water Conservancy District, 5.000%, 10/1/2026, Call 10/1/2019		850,000		1,009,758
Central Utah Water Conservancy District, 5.000%, 10/1/2028, Call 10/1/2019		1,000,000		1,176,470
City of Draper, 5.000%, 5/1/2032, Call 5/1/2022		325,000		382,957
City of Eagle Mountain City, AGM, 2.000%, 6/1/2014		565,000		571,938
City of Eagle Mountain City, AGM, 2.250%, 6/1/2013		605,000		607,825
Utah Housing Corp., GNMA, 3.450%, 7/1/2021		720,000		755,604
Utah Infrastructure Agency, AGM, 5.400%, 10/15/2036, Call 10/15/2021		1,000,000		1,129,060
Utah Infrastructure Agency, AGM, 5.500%, 10/15/2030, Call 10/15/2021		1,300,000		1,526,655
Utah State Board of Regents, 5.000%, 8/1/2031, Call 8/1/2020		2,485,000		2,770,850
				9,931,117
Vermont — 0.2%
Vermont Economic Development Authority, 0.800%, 5/1/2029, Call 3/1/2013 (3)		2,900,000		2,900,000
Virginia — 0.6%
County of Pittsylvania, 3.000%, 7/15/2017, Call 1/15/2014		1,825,000		1,858,744
Greater Richmond Convention Center Authority, NATL-RE, 5.000%, 6/15/2021, Call 6/15/2015		550,000		596,684
Louisa Industrial Development Authority, 5.375%, 12/2/2013 (3)		400,000		414,536
Roanoke Economic Development Authority, AGM, 5.000%, 7/1/2017 (3)		1,000,000		1,135,150
Virginia College Building Authority, 5.000%, 3/1/2023, Call 3/1/2020		745,000		873,133
Virginia College Building Authority, 5.000%, 3/1/2024, Call 3/1/2020		1,755,000		2,050,665
Virginia Resources Authority, 0.000%, 11/1/2029, Call 11/1/2016		1,000,000		482,540
Virginia Small Business Financing Authority, 4.250%, 11/1/2021, Call 5/1/2020		1,000,000		1,127,250
				8,538,702
Washington — 0.9%
Grays Harbor County Public Utility District No. 1, AGM, 5.250%, 7/1/2019, Call 7/1/2015		425,000		463,067
King County Housing Authority, 5.200%, 5/1/2028, Call 11/1/2018		460,000		508,157
King County Housing Authority, 5.500%, 12/1/2028, Call 12/1/2018		500,000		546,120
King County Public Hospital District No. 4, 7.250%, 12/1/2038, Call 12/1/2014		100,000		104,831

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

77

February 28, 2013 (Unaudited)

Schedule of Investments

Intermediate Tax-Free Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Washington (continued)
Port of Bellingham, 5.250%, 12/1/2022, Call 12/1/2020		$1,060,000		$  1,226,749
State of Washington, 4.000%, 7/1/2018		1,495,000		1,701,893
State of Washington, 4.100%, 7/1/2022, Call 1/1/2019		440,000		485,188
Washington Health Care Facilities Authority, 0.000%, 12/1/2017 (5)(6)		1,000,000		871,240
Washington Health Care Facilities Authority, 5.000%, 2/1/2023, Call 2/1/2021		1,000,000		1,174,390
Washington Health Care Facilities Authority, FHA, 6.250%, 8/1/2028, Call 8/1/2018		400,000		472,288
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 2.300%, 6/1/2019 (4)(7)		300,000		300,516
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 2.550%, 6/1/2020 (4)(7)		400,000		400,780
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 2.900%, 6/1/2021 (4)(7)		650,000		651,404
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 3.050%, 6/1/2022 (4)(7)		750,000		751,777
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 3.050%, 12/1/2022 (4)(7)		200,000		200,498
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 3.150%, 6/1/2023, Call 12/1/2022 (4)(7)		330,000		330,815
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 3.150%, 12/1/2023, Call 12/1/2022 (4)(7)		150,000		150,371
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 3.300%, 6/1/2024, Call 12/1/2022 (4)(7)		350,000		350,858
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 3.300%, 12/1/2024, Call 12/1/2022 (4)(7)		250,000		250,613
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 3.450%, 6/1/2025, Call 12/1/2022 (4)(7)		845,000		847,053
				11,788,608
West Virginia — 0.5%
City of Princeton, 4.000%, 5/1/2016		715,000		758,508
City of Princeton, 5.000%, 5/1/2017		875,000		972,501
West Virginia Economic Development Authority, 5.375%, 12/1/2038, Call 12/1/2020 (3)		1,340,000		1,503,172
West Virginia Hospital Finance Authority, AMBAC, 5.000%, 6/1/2019, Call 6/1/2016		1,565,000		1,729,653

Description	Principal Amount		Value
Municipals (continued)
West Virginia (continued)
West Virginia Housing Development Fund, 3.400%, 11/1/2021, Call 11/1/2020		$   400,000		$   422,076
West Virginia State Hospital Finance Authority, AMBAC, 5.000%, 6/1/2018, Call 6/1/2016		600,000		666,540
				6,052,450
Wisconsin — 2.8%
Central Brown County Water Authority, AMBAC, 5.000%, 12/1/2023, Call 12/1/2015		515,000		567,273
City of Glendale, XLCA, 4.125%, 4/1/2016, Call 4/1/2013		245,000		245,605
County of La Crosse, XLCA, 4.500%, 10/1/2015 (7)		235,000		250,510
County of Milwaukee, 5.000%, 12/1/2020, Call 12/1/2019		100,000		118,269
Kimberly Area School District, 2.375%, 3/1/2019		230,000		236,684
Ladysmith-Hawkins School District, NATL-RE FGIC, 5.500%, 4/1/2020, Call 4/1/2016		1,105,000		1,257,589
Monroe Redevelopment Authority, 5.500%, 2/15/2029, Call 2/15/2019		500,000		550,140
Northern Ozaukee School District, AGM, 3.350%, 3/1/2015, Call 4/1/2013		405,000		405,660
State of Wisconsin, 5.750%, 5/1/2029, Call 5/1/2019		760,000		913,049
State of Wisconsin, 6.000%, 5/1/2033, Call 5/1/2019		1,415,000		1,721,107
State of Wisconsin, 6.000%, 5/1/2036, Call 5/1/2019		635,000		773,182
Wisconsin Center District, AGM, 5.250%, 12/15/2027		920,000		1,106,788
Wisconsin Health & Educational Facilities Authority, 0.190%, 8/15/2034, Call 8/15/2013 (3)		5,705,000		5,705,000
Wisconsin Health & Educational Facilities Authority, 3.750%, 10/1/2017		255,000		279,432
Wisconsin Health & Educational Facilities Authority, 4.200%, 8/15/2018		1,000,000		1,137,280
Wisconsin Health & Educational Facilities Authority, 4.750%, 10/15/2029, Call 10/15/2021		605,000		659,377
Wisconsin Health & Educational Facilities Authority, 5.000%, 4/15/2016		1,000,000		1,106,630
Wisconsin Health & Educational Facilities Authority, 5.000%, 8/15/2018		1,000,000		1,108,230
Wisconsin Health & Educational Facilities Authority, 5.000%, 6/1/2019		1,220,000		1,405,794
Wisconsin Health & Educational Facilities Authority, 5.000%, 6/1/2019		2,860,000		3,295,549
Wisconsin Health & Educational Facilities Authority, 5.000%, 7/1/2019		990,000		1,095,405

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

78

BMO Funds

Intermediate Tax-Free Fund (continued)

Description	Shares or Principal Amount		Value
Municipals (continued)
Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority, 5.000%, 8/15/2019		$   250,000		$            294,638
Wisconsin Health & Educational Facilities Authority, 5.000%, 8/15/2019		955,000		1,063,784
Wisconsin Health & Educational Facilities Authority, 5.000%, 8/15/2020		1,060,000		1,183,246
Wisconsin Health & Educational Facilities Authority, 5.000%, 8/15/2021		1,160,000		1,294,316
Wisconsin Health & Educational Facilities Authority, 5.250%, 8/15/2018, Call 8/15/2016		500,000		566,855
Wisconsin Health & Educational Facilities Authority, 5.250%, 12/1/2020, Call 12/1/2018		1,295,000		1,456,228
Wisconsin Health & Educational Facilities Authority, 5.250%, 4/1/2023, Call 4/1/2018		365,000		401,741
Wisconsin Health & Educational Facilities Authority, 5.375%, 8/15/2024, Call 2/15/2020		1,625,000		1,930,224
Wisconsin Health & Educational Facilities Authority, AGM, 5.000%, 7/15/2027, Call 7/15/2021		3,770,000		4,240,684
				36,370,269
Wyoming — 0.2%
County of Laramie, 5.000%, 5/1/2027, Call 5/1/2021		1,000,000		1,125,980
Wyoming Community Development Authority, 3.250%, 6/1/2020		550,000		561,391
Wyoming Municipal Power Agency, Inc., 5.500%, 1/1/2028, Call 1/1/2018		500,000		568,700
				2,256,071
Total Municipals (identified cost $1,203,730,227)				1,261,785,505
Short-Term Investments — 4.2%
Mutual Funds — 3.9%
BMO Tax-Free Money Market Fund, Class I, 0.111% (10)		50,967,471		50,967,471
Short-Term Municipals — 0.3%
California — 0.3%
City of Monrovia, 3.125%, 6/28/2013		$  3,655,000		3,679,635
Ohio — 0.0%
Village of Lockland, 2.000%, 3/12/2013		635,000		635,146
Total Short-Term Municipals				4,314,781
Total Short-Term Investments (identified cost $55,276,885)				55,282,252
Total Investments — 99.9% (identified cost $1,259,007,112)				1,317,067,757
Other Assets and Liabilities — 0.1%				1,325,127
Total Net Assets — 100.0%				$1,318,392,884

Portfolio Credit Ratings*
Sector	Fund
AAA		7.7%
AA		38.6
A		32.3
BBB		12.6
NR		4.8
Other Assets & Liabilities, Net		4.0
Total		100.0%

Municipal Issuance/Industry Type*
Issuance/Industry	Fund
General Obligation
School District		10.5%
State or Local		8.6
Total General Obligation		19.1
Revenue Bonds
Appropriation		16.0
Education		8.3
General Revenue		4.1
Healthcare		18.7
Housing		6.4
Industrial Revenue		1.6
Power		3.6
Special Tax		2.3
Student Loan		0.4
Tobacco		0.1
Transportation		7.5
Water & Sewer		7.9
Total Revenue Bonds		76.9
Other Assets & Liabilities, Net		4.0
Total		100.0%

Government Income Fund

Description	Principal Amount		Value
Asset-Backed Securities — 2.9%
Automobiles — 1.2%
CarNow Auto Receivables Trust, Class A, (Series 2012-1A), 2.090%, 1/15/2015 (5)(6)		$   465,188		$   465,449
CPS Auto Receivables Trust, Class A, (Series 2012-A), 2.780%, 6/17/2019 (5)(6)		924,589		943,826
CPS Auto Receivables Trust, Class A, (Series 2012-D), 1.480%, 3/16/2020 (5)(6)		932,492		936,342
				2,345,617
Federal Home Loan Mortgage Corporation — 0.2%
0.462%, 8/25/2031, (Series T-32) (3)		463,132		453,369
Other Financial — 1.5%
Countrywide Asset-Backed Certificates, Class A1, (Series 2007-QH2), 0.442%, 4/25/2037 (3)(5)(6)		1,996,604		1,051,991
SLM Student Loan Trust, Class A5, (Series 2004-5A), 0.901%, 10/25/2023 (3)(5)(6)		2,000,000		2,010,276
				3,062,267
Total Asset-Backed Securities (identified cost $6,810,227)				5,861,253

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

79

February 28, 2013 (Unaudited)

Schedule of Investments

Government Income Fund (continued)

Description	Principal Amount		Value
Collateralized Mortgage Obligations — 13.3%
Federal Home Loan Mortgage Corporation — 4.3%
0.501%, 1/15/2036, (Series 3102) (3)		$3,033,340		$3,047,694
0.551%, 6/15/2025, (Series 2993) (3)		2,593,391		2,604,841
0.601%, 10/15/2027, (Series 3780) (3)		2,758,179		2,766,354
5.000%, 5/15/2033, (Series 2791)		281,098		292,616
				8,711,505
Federal National Mortgage Association — 1.7%
0.452%, 7/25/2035, (Series 2005-66) (3)		2,727,095		2,726,763
0.602%, 4/25/2034, (Series 2004-25) (3)		687,925		693,095
4.000%, 10/25/2032, (Series 2003-28)		63,445		65,722
				3,485,580
Private Sponsor — 7.3%
American Home Mortgage Investment Trust, Class 4A1, (Series 2005-2), 1.961%, 9/25/2045 (3)		901,431		870,184
Banc of America Funding Corp., Class 2A1, (Series 2005-5), 5.500%, 9/25/2035		1,016,258		1,063,533
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.417%, 7/25/2037 (3)		1,433,387		1,384,363
Chase Mortgage Finance Corp., Class A1, (Series 2005-S2), 5.500%, 10/25/2035		701,034		728,719
Chase Mortgage Finance Corp., Class A3, (Series 2006-S4), 6.000%, 12/25/2036		183,562		185,279
Chaseflex Trust, Class 4A3, (Series 2005-2), 6.000%, 5/25/2020		508,169		510,201
GSR Mortgage Loan Trust, Class 2A4, (Series 2007-1F), 5.500%, 1/25/2037		576,881		593,171
Holmes Master Issuer PLC, Class A2, (Series 2010-1A), 1.704%, 10/15/2054 (3)(5)(6)		1,840,170		1,857,160
Lehman Mortgage Trust, Class 5A1, (Series 2006-2), 5.500%, 4/25/2036		631,708		655,245
Morgan Stanley Mortgage Loan Trust, Class 2A2, (Series 2004-10AR), 2.764%, 11/25/2034 (3)		2,014,151		2,020,462
Springleaf Mortgage Loan Trust, Class A, (Series 2012-2A), 2.220%, 10/25/2057 (3)(5)(6)		1,313,228		1,328,724
Structured Asset Securities Corp., Class 2A2, (Series 2003-21), 5.250%, 8/25/2033		1,309,906		1,343,600
Wells Fargo Mortgage Backed Securities Trust, Class 1A1, (Series 2006-AR18), 5.533%, 11/25/2036 (3)		389,389		384,868

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Private Sponsor (continued)
Wells Fargo Mortgage Backed Securities Trust, Class A1, (Series 2006-AR19), 5.398%, 12/25/2036 (3)		$   885,490		$     885,125
Wells Fargo Mortgage Backed Securities Trust, Class A1, (Series 2007-15), 6.000%, 11/25/2037		1,158,818		1,166,910
				14,977,544
Total Collateralized Mortgage Obligations (identified cost $26,517,719)				27,174,629
Commercial Mortgage Securities — 7.8%
Private Sponsor — 7.8%
Banc of America Commercial Mortgage Trust, Class A3, (Series 2006-6), 5.369%, 10/10/2045		1,000,000		1,086,230
Bear Stearns Commercial Mortgage Securities, Class A2, (Series 2006-PW13), 5.426%, 9/11/2041		480,932		482,967
Commercial Mortgage Pass-Through Certificates, Class AM, (Series 2012-CR4), 3.251%, 10/15/2045		1,500,000		1,540,015
Credit Suisse First Boston Mortgage Securities Corp., Class AAB, (Series 2005-C4), 5.065%, 8/15/2038 (3)		36		36
CW Capital Cobalt, Ltd., Class A3, (Series 2007-C3), 5.793%, 5/15/2046 (3)		2,000,000		2,133,578
GS Mortgage Securities Corp. II, Class A1, (Series 2007-EOP), 1.103%, 3/6/2020 (3)(5)(6)		2,109,220		2,112,401
GS Mortgage Securities Corp. II, Class AAB, (Series 2007-GG10), 5.791%, 8/10/2045 (3)		318,075		334,981
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-FL1A), 0.576%, 7/15/2019 (3)(5)(6)		214,920		210,197
JP Morgan Chase Commercial Mortgage Securities Corp., Class A3, (Series 2007-CB20), 5.819%, 2/12/2051		3,000,000		3,112,242
Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, (Series 2013-C7), 2.918%, 2/15/2046		1,000,000		1,019,649
Wachovia Bank Commercial Mortgage Trust, Class APB, (Series 2005-C16), 4.692%, 10/15/2041		218,110		221,935
Wachovia Bank Commercial Mortgage Trust, Class APB, (Series 2005-C18), 4.807%, 4/15/2042		1,247,840		1,292,593
Wachovia Bank Commercial Mortgage Trust Series, Class A5, (Series 2007-C30), 5.342%, 12/15/2043		2,000,000		2,274,692
Total Commercial Mortgage Securities (identified cost $15,872,745)				15,821,516

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

80

BMO Funds

Government Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes — 1.5%
Banks — 1.5%
Bank of America Corp., 4.900%, 5/1/2013 (1)		$  3,000,000		$  3,020,565
Total Corporate Bonds & Notes (identified cost $3,014,139)				3,020,565
U.S. Government & U.S. Government Agency Obligations — 1.0%
Financing Corporation — 1.0%
0.000%, 12/27/2018		2,210,000		2,050,794
Total U.S. Government & U.S. Government Agency Obligations (identified cost $2,054,015)				2,050,794
U.S. Government Agency-Mortgage Securities — 79.5%
Federal Home Loan Mortgage Corporation — 18.2%
3.000%, 11/1/2042		2,986,838		3,085,777
3.000%, 12/1/2042		1,989,664		2,053,707
3.500%, 12/1/2042 (4)		1,994,044		2,106,297
4.000%, 4/1/2026		2,928,018		3,113,994
4.000%, 10/1/2031 (1)		3,963,763		4,250,426
4.000%, 12/1/2040		845,847		912,439
4.500%, 9/1/2031		1,173,895		1,282,152
4.500%, 3/1/2039		1,743,565		1,896,564
4.500%, 5/1/2039 (1)		3,627,635		3,932,519
4.500%, 2/1/2040		830,173		890,959
4.500%, 7/1/2040		81,969		90,020
4.500%, 11/1/2040		1,980,169		2,157,952
4.500%, 2/1/2041 (1)		2,876,632		3,126,813
5.000%, 12/1/2022		593,964		635,820
5.000%, 12/1/2035		294,541		318,005
5.000%, 2/1/2038		154,744		166,491
5.000%, 3/1/2038		1,307,425		1,406,679
5.000%, 11/1/2038		106,581		114,672
5.000%, 1/1/2040		712,676		787,491
5.500%, 11/1/2018		727,285		779,445
5.500%, 10/1/2021		621,374		668,268
5.500%, 7/1/2035		133,570		146,110
6.000%, 8/1/2036		176,582		193,546
6.000%, 12/1/2036		203,833		223,415
6.000%, 6/1/2037		1,037,421		1,135,466
6.000%, 11/1/2037		781,497		855,356
6.000%, 12/1/2037		197,924		216,630
6.500%, 9/1/2016		32,106		34,294
7.500%, 9/1/2013		2,400		2,419
7.500%, 4/1/2024		107,241		126,904
7.500%, 4/1/2027		46,786		56,308
8.000%, 8/1/2030		62,136		76,988
8.500%, 9/1/2024		56,153		68,405
9.000%, 6/1/2019		48,629		54,261
9.500%, 2/1/2025		34,466		40,322
				37,006,914
Federal National Mortgage Association — 58.9%
2.500%, 11/1/2027 (1)		2,182,383		2,270,018
2.500%, 5/15/2028 (4)		8,500,000		8,796,174
3.000%, 12/1/2027		1,957,676		2,064,737
3.000%, 4/15/2028 (4)		5,000,000		5,255,470
3.000%, 8/1/2032		397,920		416,449
3.000%, 9/1/2032 (1)		2,942,570		3,089,561
3.000%, 12/1/2042 (1)		2,482,793		2,574,346
3.000%, 5/15/2043 (4)		10,000,000		10,301,560
3.003%, 8/1/2041 (3)		1,155,838		1,210,321
3.021%, 3/1/2041 (3)		1,240,932		1,301,454
3.111%, 5/1/2041 (3)		1,195,124		1,248,833

Description	Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)
Federal National Mortgage Association (continued)
3.242%, 7/1/2041 (3)		$  2,756,280		$  2,902,239
3.500%, 7/1/2032		921,304		977,899
3.500%, 4/1/2042		1,025,641		1,089,126
3.500%, 5/1/2042		1,973,339		2,091,168
3.500%, 10/1/2042		2,929,030		3,103,922
3.500%, 10/1/2042 (1)		2,484,449		2,632,795
3.500%, 11/1/2042		979,297		1,037,771
3.500%, 12/1/2042		1,996,857		2,116,089
3.500%, 4/15/2043 (4)		10,000,000		10,553,130
4.000%, 11/1/2031		2,041,426		2,191,526
4.000%, 11/1/2040		945,349		1,008,949
4.000%, 1/1/2041		2,070,187		2,241,161
4.000%, 1/1/2041		1,469,539		1,568,406
4.000%, 2/1/2041 (1)		3,343,496		3,568,436
4.000%, 3/1/2041		511,290		553,997
4.000%, 8/1/2041		773,546		800,689
4.000%, 9/1/2041		623,089		644,953
4.000%, 11/1/2041		1,768,145		1,887,652
4.000%, 4/15/2043 (4)		6,000,000		6,389,064
4.500%, 6/1/2039		2,813,780		3,110,200
4.500%, 7/1/2041		627,816		654,323
4.500%, 8/1/2041 (1)		3,530,986		3,816,893
4.500%, 8/1/2041		632,887		659,608
4.500%, 8/1/2041		848,157		883,967
4.500%, 8/1/2041		850,069		885,959
5.000%, 5/1/2018		651,352		700,166
5.000%, 3/1/2035		1,300,430		1,416,423
5.000%, 7/1/2035		1,160,045		1,257,716
5.000%, 5/1/2042		2,726,506		2,975,665
5.500%, 1/1/2023		521,466		568,387
5.500%, 10/1/2024		783,731		862,087
5.500%, 2/1/2036		693,975		764,984
5.500%, 7/1/2036		1,354,185		1,492,747
5.500%, 12/1/2036		3,053,055		3,331,100
5.500%, 8/1/2037 (1)		2,482,271		2,720,745
6.000%, 9/1/2013		11,890		11,889
6.000%, 10/1/2016		111,309		118,089
6.000%, 9/1/2021		832,589		914,776
6.000%, 5/1/2039		2,808,278		3,108,876
6.500%, 9/1/2016		77,382		82,624
6.500%, 9/1/2016		167,480		178,825
6.500%, 8/1/2030		1,042,507		1,225,484
6.500%, 12/1/2031		64,911		73,252
6.500%, 11/1/2037		433,871		478,740
7.000%, 3/1/2029		131,929		157,496
7.000%, 7/1/2029		342,647		409,051
7.000%, 2/1/2030		288,020		343,836
7.500%, 10/1/2030		58,743		71,668
8.000%, 10/1/2028		530,808		651,846
8.000%, 4/1/2030		94,008		116,236
				119,931,553
Government National Mortgage Association — 2.4%
5.000%, 4/15/2034		794,516		873,888
5.500%, 9/15/2033		1,574,210		1,739,036
6.000%, 12/20/2033		1,865,841		2,133,015
7.000%, 8/15/2031		88,022		104,808
9.500%, 10/15/2024		33,201		35,871
				4,886,618
Total U.S. Government Agency-Mortgage Securities
(identified cost $158,800,406)				161,825,085

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

81

February 28, 2013 (Unaudited)

Schedule of Investments

Government Income Fund (continued)

Description	Shares or Principal Amount		Value
Short-Term Investments — 30.0%
Collateral Pool Investments for Securities on Loan — 15.6%
Collateral pool allocation (12)				$    31,899,251
Mutual Funds — 2.1%
BMO Government Money Market Fund, Class I, 0.012% (10)		4,253,863		4,253,863
Repurchase Agreement — 12.3%
Agreement with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.160%, dated 2/28/2013, to be repurchased at $25,000,111 on 3/1/2013, collateralized by a U.S. Government Agency Obligation with a maturity of 7/1/2042, with a market value of $25,500,001		$25,000,000		25,000,000
Total Short-Term Investments (identified cost $61,153,114)				61,153,114
Total Investments — 136.0% (identified cost $274,222,365)				276,906,956
Other Assets and Liabilities — (36.0)%				(73,341,709	)
Total Net Assets — 100.0%				$203,565,247

Portfolio Sector Allocations*
Sector	Fund
Asset-Backed Securities		2.9%
Collateralized Mortgage Obligations		13.3
Commercial Mortgage Securities		7.8
Corporate Bonds & Notes		1.5
U.S. Government & U.S. Government Agency Obligations		1.0
U.S. Government Agency-Mortgage Securities		79.5
Other Assets & Liabilities, Net		(6.0)
Total		100.0%

TCH Corporate Income Fund

Description	Principal Amount		Value
Asset-Backed Securities — 4.1%
Automobiles — 4.1%
Ford Credit Auto Owner Trust, Class A4, (Series 2009-B), 4.500%, 7/15/2014		$     559,261		$       563,235
Ford Credit Auto Owner Trust, Class A4, (Series 2009-C), 4.430%, 11/15/2014		2,761,208		2,792,628
Ford Credit Auto Owner Trust, Class A4, (Series 2009-D), 2.980%, 8/15/2014		953,274		959,356
Ford Credit Auto Owner Trust, Class A4, (Series 2009-E), 2.420%, 11/15/2014		1,390,200		1,401,215

Description	Principal Amount		Value
Asset-Backed Securities (continued)
Automobiles (continued)
Hyundai Auto Receivables Trust, Class A4, (Series 2009-A), 3.150%, 3/15/2016		$   342,909		$     347,390
Total Asset-Backed Securities (identified cost $6,079,683)				6,063,824
Corporate Bonds & Notes — 86.5%
Agriculture — 1.7%
Altria Group, Inc., 10.200%, 2/6/2039		300,000		510,083
Bunge, Ltd. Finance Corp., 8.500%, 6/15/2019		250,000		325,179
Lorillard Tobacco Co., 8.125%, 5/1/2040		1,000,000		1,344,399
Reynolds American, Inc., 7.750%, 6/1/2018		250,000		317,907
				2,497,568
Auto Manufacturers — 1.5%
Daimler Finance North America LLC, 1.085%, 4/10/2014 (3)(5)(6)		2,000,000		2,008,964
Jaguar Land Rover Automotive PLC, 5.625%, 2/1/2023 (1)(5)(6)		200,000		205,500
				2,214,464
Banks — 9.2%
Bancolombia SA, 5.125%, 9/11/2022		500,000		510,000
Discover Bank, 7.000%, 4/15/2020		1,000,000		1,243,311
Goldman Sachs Group, Inc., 5.750%, 1/24/2022 (1)		1,000,000		1,175,281
Goldman Sachs Group, Inc., 6.750%, 10/1/2037		1,000,000		1,137,423
Goldman Sachs Group, Inc., 7.500%, 2/15/2019		300,000		379,776
Intesa Sanpaolo SpA, 3.875%, 1/16/2018		1,500,000		1,475,651
JPMorgan Chase & Co., 1.102%, 1/24/2014 (3)		1,000,000		1,006,853
JPMorgan Chase & Co., 1.359%, 3/20/2015 (3)		1,500,000		1,521,637
JPMorgan Chase & Co., 4.625%, 5/10/2021		300,000		339,466
Morgan Stanley, 5.500%, 1/26/2020		1,000,000		1,139,677
Morgan Stanley, 5.500%, 7/28/2021 (1)		1,000,000		1,149,649
Wells Fargo & Co., 0.501%, 10/28/2015 (3)		1,500,000		1,494,332
Wells Fargo & Co., 1.230%, 6/26/2015 (3)		1,000,000		1,014,432
				13,587,488
Beverages — 1.4%
PepsiCo, Inc., 0.372%, 5/10/2013 (3)		1,000,000		1,000,563
PepsiCo, Inc., 0.497%, 2/26/2016 (3)		1,000,000		1,001,040
				2,001,603
Chemicals — 2.1%
Braskem America Finance Co., 7.125%, 7/22/2041 (5)(6)		1,000,000		1,050,000

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

82

BMO Funds

TCH Corporate Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Chemicals (continued)
Dow Chemical Co., 8.550%, 5/15/2019		$   250,000		$   337,874
Mexichem SAB de C.V., 6.750%, 9/19/2042 (1)(5)(6)		1,500,000		1,667,250
				3,055,124
Commercial Services — 1.2%
ADT Corp., 4.125%, 6/15/2023 (5)(6)		1,500,000		1,538,183
ADT Corp., 4.875%, 7/15/2042 (5)(6)		250,000		238,979
				1,777,162
Computers — 2.1%
Hewlett-Packard Co., 6.000%, 9/15/2041		1,000,000		1,018,850
International Business Machines Corp., 6.500%, 10/15/2013		2,000,000		2,075,896
				3,094,746
Diversified Financial Services — 5.5%
Blackstone Holdings Finance Co. LLC, 6.250%, 8/15/2042 (5)(6)		250,000		287,961
Blackstone Holdings Finance Co. LLC, 6.625%, 8/15/2019 (5)(6)		350,000		421,176
CME Group, Inc., 5.400%, 8/1/2013		1,500,000		1,529,623
General Electric Capital Corp., 5.875%, 1/14/2038		500,000		589,425
Harley-Davidson Funding Corp., 5.750%, 12/15/2014 (5)(6)		100,000		108,472
Jefferies Group, Inc., 6.500%, 1/20/2043		1,500,000		1,575,688
Jefferies Group, Inc., 8.500%, 7/15/2019		250,000		312,981
Legg Mason, Inc., 5.500%, 5/21/2019		1,000,000		1,078,460
Merrill Lynch & Co., Inc., 6.875%, 4/25/2018		250,000		303,411
NASDAQ OMX Group, Inc., 5.550%, 1/15/2020 (1)		500,000		539,138
SLM Corp., 7.250%, 1/25/2022		1,250,000		1,383,125
				8,129,460
Electric — 1.4%
Allegheny Energy Supply Co. LLC, 6.750%, 10/15/2039 (5)(6)		100,000		115,300
Dubai Electricity & Water Authority, 8.500%, 4/22/2015 (5)(6)		1,000,000		1,131,250
Puget Energy, Inc., 5.625%, 7/15/2022		750,000		820,232
				2,066,782
Environmental Control — 0.2%
Waste Management, Inc., 7.375%, 3/11/2019		250,000		317,735
Food — 2.7%
ConAgra Foods, Inc., 4.650%, 1/25/2043		1,000,000		1,007,485
Ingredion, Inc., 6.625%, 4/15/2037		750,000		907,263
Kroger Co., 7.500%, 1/15/2014		2,000,000		2,117,220
				4,031,968

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Forest Products & Paper — 1.0%
International Paper Co., 6.000%, 11/15/2041 (1)		$1,000,000		$1,169,966
International Paper Co., 8.700%, 6/15/2038		250,000		370,717
				1,540,683
Healthcare-Products — 0.2%
Hospira, Inc., 6.400%, 5/15/2015		300,000		332,552
Healthcare-Services — 2.0%
DaVita HealthCare Partners, Inc., 6.375%, 11/1/2018		500,000		534,375
Humana, Inc., 8.150%, 6/15/2038		850,000		1,204,537
Quest Diagnostics, Inc., 1.160%, 3/24/2014 (3)		1,000,000		1,005,516
Quest Diagnostics, Inc., 6.400%, 7/1/2017		150,000		175,990
				2,920,418
Home Furnishings — 0.2%
Whirlpool Corp., 8.600%, 5/1/2014		300,000		326,442
Insurance — 5.8%
Aflac, Inc., 6.900%, 12/17/2039		295,000		390,903
Aflac, Inc., 8.500%, 5/15/2019		300,000		409,144
American Financial Group, Inc., 9.875%, 6/15/2019		250,000		328,938
Berkshire Hathaway Finance Corp., 5.000%, 8/15/2013		1,000,000		1,020,948
Berkshire Hathaway, Inc., 0.990%, 8/15/2014 (3)		1,500,000		1,515,299
Berkshire Hathaway, Inc., 3.200%, 2/11/2015 (1)		100,000		105,321
ING US, Inc., 5.500%, 7/15/2022 (1)(5)(6)		1,000,000		1,105,992
Lincoln National Corp., 7.000%, 6/15/2040		250,000		332,531
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		300,000		404,426
MetLife, Inc., 1.546%, 8/6/2013 (3)		1,250,000		1,256,433
Primerica, Inc., 4.750%, 7/15/2022		500,000		555,279
Unum Group, 5.750%, 8/15/2042 (1)		1,000,000		1,085,113
				8,510,327
Internet — 1.7%
eBay, Inc., 4.000%, 7/15/2042 (1)		1,500,000		1,393,857
Expedia, Inc., 5.950%, 8/15/2020		1,000,000		1,112,682
				2,506,539
Investment Companies — 1.7%
IPIC GMTN, Ltd., 5.000%, 11/15/2020 (5)(6)		1,000,000		1,137,500
IPIC GMTN, Ltd., 6.875%, 11/1/2041 (5)(6)		1,000,000		1,355,000
				2,492,500
Iron/Steel — 2.7%
ArcelorMittal, 6.000%, 3/1/2021 (3)		500,000		531,480
ArcelorMittal, 7.500%, 10/15/2039 (1)(3)		1,000,000		1,039,702
Cliffs Natural Resources, Inc., 4.800%, 10/1/2020 (1)		1,000,000		1,027,892
Vale SA, 5.625%, 9/11/2042 (1)		1,250,000		1,303,550
				3,902,624
Lodging — 1.4%
Hyatt Hotels Corp., 5.375%, 8/15/2021		1,000,000		1,112,788

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

83

February 28, 2013 (Unaudited)

Schedule of Investments

TCH Corporate Income Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Lodging (continued)
Wyndham Worldwide Corp., 7.375%, 3/1/2020		$   750,000		$   942,938
				2,055,726
Media — 5.2%
CBS Corp., 8.875%, 5/15/2019		250,000		335,855
Comcast Cable Communications Holdings, Inc., 8.375%, 3/15/2013		2,000,000		2,004,454
DIRECTV Holdings LLC, 5.150%, 3/15/2042 (1)		2,000,000		1,931,918
Turner Broadcasting System, Inc., 8.375%, 7/1/2013		3,000,000		3,074,697
Viacom, Inc., 6.125%, 10/5/2017		250,000		297,274
				7,644,198
Mining — 2.0%
Rio Tinto Finance USA, Ltd., 8.950%, 5/1/2014		300,000		328,456
Rio Tinto Finance USA, Ltd., 9.000%, 5/1/2019 (1)		100,000		139,313
Southern Copper Corp., 5.250%, 11/8/2042 (1)		1,000,000		971,670
Xstrata Finance Canada, Ltd., 5.300%, 10/25/2042 (1)(5)(6)		1,500,000		1,494,780
				2,934,219
Office/Business Equipment — 0.3%
Xerox Corp., 1.710%, 9/13/2013 (3)		500,000		502,121
Oil & Gas — 6.4%
Chesapeake Energy Corp., 6.125%, 2/15/2021 (1)		500,000		532,500
Chesapeake Energy Corp., 6.775%, 3/15/2019 (1)		500,000		518,125
Dolphin Energy, Ltd., 5.500%, 12/15/2021 (5)(6)		750,000		866,250
Hess Corp., 8.125%, 2/15/2019		300,000		386,781
Nabors Industries, Inc., 4.625%, 9/15/2021		1,000,000		1,037,231
Nabors Industries, Inc., 9.250%, 1/15/2019 (1)		250,000		318,296
Pride International, Inc., 6.875%, 8/15/2020 (1)		1,000,000		1,255,043
Rowan Cos., Inc., 5.400%, 12/1/2042		1,750,000		1,772,349
Transocean, Inc., 7.350%, 12/15/2041		750,000		941,158
Transocean, Inc., 7.500%, 4/15/2031		250,000		305,583
Valero Energy Corp., 6.625%, 6/15/2037 (1)		1,000,000		1,231,292
Valero Energy Corp., 9.375%, 3/15/2019		250,000		343,981
				9,508,589
Oil & Gas Services — 0.3%
Weatherford International, Ltd., 9.625%, 3/1/2019		250,000		328,492
Weatherford International, Ltd., 9.875%, 3/1/2039		100,000		145,373
				473,865

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Packaging & Containers — 0.2%
Bemis Co., Inc., 6.800%, 8/1/2019		$   250,000		$   302,113
Pharmaceuticals — 2.3%
Actavis, Inc., 4.625%, 10/1/2042		1,250,000		1,266,410
Merck & Co., Inc., 5.300%, 12/1/2013 (1)		1,500,000		1,555,729
Zoetis, Inc., 4.700%, 2/1/2043 (1)(5)(6)		500,000		514,291
				3,336,430
Pipelines — 2.7%
El Paso Pipeline Partners Operating Co. LLC, 7.500%, 11/15/2040		250,000		332,498
Energy Transfer Partners LP, 6.500%, 2/1/2042		1,500,000		1,737,469
Energy Transfer Partners LP, 9.000%, 4/15/2019 (1)		250,000		331,905
Kinder Morgan Energy Partners LP, 9.000%, 2/1/2019		150,000		201,484
MarkWest Energy Partners LP, 5.500%, 2/15/2023 (1)		500,000		527,500
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (5)(6)		1,000,000		881,250
				4,012,106
Real Estate Investment Trusts — 1.5%
EPR Properties, 5.750%, 8/15/2022 (1)		1,500,000		1,609,231
Health Care REIT, Inc., 4.125%, 4/1/2019		500,000		544,307
				2,153,538
Retail — 6.3%
Kohl’s Corp., 6.875%, 12/15/2037 (1)		150,000		175,825
Limited Brands, Inc., 6.950%, 3/1/2033		500,000		512,500
Limited Brands, Inc., 7.600%, 7/15/2037		1,250,000		1,331,250
PVH Corp., 4.500%, 12/15/2022		600,000		594,750
QVC, Inc., 5.125%, 7/2/2022		1,500,000		1,589,067
Staples, Inc., 9.750%, 1/15/2014		250,000		268,901
TJX Cos., Inc., 6.950%, 4/15/2019		250,000		318,155
Wal-Mart Stores, Inc., 4.550%, 5/1/2013		1,000,000		1,006,660
Walgreen Co., 0.810%, 3/13/2014 (3)		1,500,000		1,504,393
Walgreen Co., 4.400%, 9/15/2042		500,000		493,236
Walgreen Co., 4.875%, 8/1/2013		1,500,000		1,526,466
				9,321,203
Semiconductors — 0.8%
KLA-Tencor Corp., 6.900%, 5/1/2018		100,000		119,939
Texas Instruments, Inc., 0.470%, 5/15/2013 (3)		1,000,000		1,000,826
				1,120,765
Software — 1.0%
Dun & Bradstreet Corp., 4.375%, 12/1/2022		1,500,000		1,530,596
Telecommunications — 8.4%
AT&T, Inc., 0.677%, 2/12/2016 (3)		1,500,000		1,507,792
BellSouth Corp., 6.000%, 11/15/2034		500,000		559,799
CenturyLink, Inc., 7.600%, 9/15/2039		1,500,000		1,477,591
Frontier Communications Corp., 8.125%, 10/1/2018 (1)		750,000		853,125
Frontier Communications Corp., 9.000%, 8/15/2031		500,000		517,500
Juniper Networks, Inc., 4.600%, 3/15/2021		1,000,000		1,076,904

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

84

BMO Funds

TCH Corporate Income Fund (continued)

Description	Shares or Principal Amount		Value
Corporate Bonds & Notes (continued)
Telecommunications (continued)
Qtel International Finance, Ltd., 4.500%, 1/31/2043 (5)(6)		$1,500,000		$    1,473,750
Telecom Italia Capital SA, 7.721%, 6/4/2038		1,500,000		1,578,168
Telefonica Emisiones SAU, 7.045%, 6/20/2036		500,000		531,301
Telefonica Europe BV, 8.250%, 9/15/2030 (1)		1,250,000		1,467,428
Windstream Corp., 7.000%, 3/15/2019		500,000		513,750
Windstream Corp., 7.500%, 6/1/2022 (1)		750,000		793,125
				12,350,233
Transportation — 2.1%
Burlington Northern Santa Fe LLC, 7.000%, 2/1/2014		2,000,000		2,114,786
FedEx Corp., 8.000%, 1/15/2019		250,000		329,687
Kazakhstan Temir Zholy Finance BV, 6.950%, 7/10/2042 (5)(6)		500,000		602,000
				3,046,473
Trucking & Leasing — 0.3%
Penske Truck Leasing / PTL, 4.250%, 1/17/2023 (5)(6)		500,000		503,469
KKR Group Finance Co. II LLC, 5.500%, 2/1/2043 (5)(6)		1,500,000		1,481,910
Total Corporate Bonds & Notes (identified cost $118,479,908)				127,583,739
Municipals — 0.4%
California — 0.4%
Metropolitan Water District of Southern California, 6.947%, 7/1/2040, Call 7/1/2020		500,000		625,480
Total Municipals (identified cost $500,000)				625,480
U.S. Government & U.S. Government Agency Obligations — 4.1%
U.S. Treasury Bonds & Notes — 4.1%
3.625%, 5/15/2013 (1)		3,000,000		3,022,149
4.250%, 8/15/2013 (1)		3,000,000		3,057,423
Total U.S. Government & U.S. Government Agency Obligations (identified cost $6,078,541)				6,079,572
Short-Term Investments — 23.2%
Collateral Pool Investments for Securities on Loan — 18.3%
Collateral pool allocation (12)				27,010,748
Mutual Funds — 3.8%
BMO Prime Money Market Fund, Class I, 0.070% (10)		5,636,409		5,636,409
U.S. Treasury Bills — 1.1%
0.030%, 3/7/2013 (1)(9)		$1,500,000		1,499,982
Total Short-Term Investments (identified cost $34,147,139)				34,147,139
Total Investments — 118.3% (identified cost $165,285,271)				174,499,754
Other Assets and Liabilities — (18.3)%				(26,959,082	)
Total Net Assets — 100.0%				$147,540,672

Portfolio Sector Allocations*
Sector	Fund
Asset-Backed Securities		4.1%
Corporate Bonds & Notes		86.5
Municipals		0.4
U.S. Government & U.S. Government Agency Obligations		4.1
Other Assets & Liabilities, Net		4.9
Total		100.0%

Aggregate Bond Fund

Description	Principal Amount		Value
Asset-Backed Securities — 3.6%
Automobiles — 2.8%
AmeriCredit Automobile Receivables Trust, Class B, (Series 2012-4), 1.310%, 11/8/2017		$3,000,000		$  3,021,633
AmeriCredit Automobile Receivables Trust, Class B, (Series 2012-5), 1.120%, 11/8/2017		3,367,000		3,367,128
CarNow Auto Receivables Trust, Class A, (Series 2012-1A), 2.090%, 1/15/2015 (5)(6)		166,920		167,014
CPS Auto Receivables Trust, Class A, (Series 2012-A), 2.780%, 6/17/2019 (5)(6)		2,831,554		2,890,467
CPS Auto Receivables Trust, Class A, (Series 2012-D), 1.480%, 3/16/2020 (5)(6)		1,864,983		1,872,684
				11,318,926
Other Financial — 0.8%
SLM Student Loan Trust, Class A5, (Series 2004-5A), 0.901%, 10/25/2023 (3)(5)(6)		3,000,000		3,015,414
Total Asset-Backed Securities (identified cost $14,300,452)				14,334,340
Collateralized Mortgage Obligations — 6.2%
Private Sponsor — 6.2%
American Home Mortgage Investment Trust, Class 4A1, (Series 2005-2), 1.961%, 9/25/2045 (3)		696,142		672,011
Banc of America Funding Corp., Class 2A1, (Series 2005-5), 5.500%, 9/25/2035		1,876,169		1,963,446
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.417%, 7/25/2037 (3)		860,053		830,638
Chase Mortgage Finance Corp., Class A1, (Series 2005-S2), 5.500%, 10/25/2035		1,402,067		1,457,438
Chase Mortgage Finance Corp., Class A3, (Series 2006-S4), 6.000%, 12/25/2036		367,124		370,559
Chaseflex Trust, Class 4A3, (Series 2005-2), 6.000%, 5/25/2020		1,106,470		1,110,895
Holmes Master Issuer PLC, Class A2, (Series 2010-1A), 1.704%, 10/15/2054 (3)(5)(6)		2,208,204		2,228,592
Lehman Mortgage Trust, Class 5A1, (Series 2006-2), 5.500%, 4/25/2036		1,010,733		1,048,391

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

85

February 28, 2013 (Unaudited)

Schedule of Investments

Aggregate Bond Fund (continued)

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Private Sponsor (continued)
Morgan Stanley Mortgage Loan Trust, Class 2A2, (Series 2004-10AR), 2.764%, 11/25/2034 (3)		$2,469,421		$  2,477,158
Sequoia Mortgage Trust, Class A1, (Series 2012-4), 3.500%, 9/25/2042 (3)		2,786,129		2,971,183
Springleaf Mortgage Loan Trust, Class A, (Series 2012-2A), 2.220%, 10/25/2057 (3)(5)(6)		3,501,942		3,543,265
Springleaf Mortgage Loan Trust, Class A, (Series 2012-3A), 1.570%, 12/25/2059 (3)(5)(6)		1,567,497		1,576,582
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 2.723%, 4/25/2036 (3)		331,920		315,296
Wells Fargo Mortgage Backed Securities Trust, Class A1, (Series 2006-AR19), 5.398%, 12/25/2036 (3)		1,776,399		1,775,667
Wells Fargo Mortgage Backed Securities Trust, Class A1, (Series 2007-15), 6.000%, 11/25/2037		2,249,469		2,265,177
Total Collateralized Mortgage Obligations (identified cost $23,987,649)				24,606,298
Commercial Mortgage Securities — 4.5%
Private Sponsor — 4.5%
Banc of America Commercial Mortgage Trust, Class A3, (Series 2007-4), 5.812%, 2/10/2051 (3)		2,692,868		2,836,826
Banc of America Commercial Mortgage Trust, Class AAB, (Series 2007-1), 5.422%, 1/15/2049		2,438,311		2,541,645
Commercial Mortgage Pass-Through Certificates, Class AM, (Series 2012-CR4), 3.251%, 10/15/2045		3,000,000		3,080,031
JP Morgan Chase Commercial Mortgage Securities Corp., Class A3, (Series 2007-CB20), 5.819%, 2/12/2051		3,500,000		3,630,949
JP Morgan Chase Commercial Mortgage Securities Corp., Class ASB, (Series 2007-CB20), 5.688%, 2/12/2051		2,551,736		2,786,186
LB-UBS Commercial Mortgage Trust, Class AAB, (Series 2007-C1), 5.403%, 2/15/2040		1,037,073		1,086,610
Morgan Stanley Bank of America Merrill Lynch Trust, Class A4, (Series 2013-C7), 2.918%, 2/15/2046		2,000,000		2,039,298
Total Commercial Mortgage Securities (identified cost $18,175,904)				18,001,545

Description	Principal Amount		Value
Corporate Bonds & Notes — 45.7%
Advertising — 0.9%
WPP Finance 2010, 5.125%, 9/7/2042		$1,500,000		$  1,477,998
WPP Finance UK, 8.000%, 9/15/2014		2,000,000		2,203,554
				3,681,552
Agriculture — 0.5%
Imperial Tobacco Finance PLC, 2.050%, 2/11/2018 (5)(6)		2,000,000		2,014,336
Auto Manufacturers — 2.1%
Daimler Finance North America LLC, 1.875%, 1/11/2018 (1)(5)(6)		4,000,000		4,029,256
Volkswagen International Finance NV, 2.875%, 4/1/2016 (5)(6)		4,000,000		4,210,784
				8,240,040
Banks — 6.9%
Abbey National Treasury Services PLC/London, 3.875%, 11/10/2014 (5)(6)		1,500,000		1,560,075
ANZ National Int’l, Ltd./London, 1.850%, 10/15/2015 (5)(6)		3,500,000		3,579,835
Bank of America Corp., 1.722%, 1/30/2014 (3)		2,500,000		2,523,523
Bank of America Corp., 3.750%, 7/12/2016		3,500,000		3,747,845
BBVA U.S. Senior SAU, 4.664%, 10/9/2015		2,000,000		2,073,652
Canadian Imperial Bank of Commerce/Canada, 0.900%, 10/1/2015		2,000,000		2,007,984
HSBC Bank PLC, 1.625%, 7/7/2014 (1)(5)(6)		3,500,000		3,557,953
Intesa Sanpaolo SpA, 3.125%, 1/15/2016		4,000,000		3,949,424
JPMorgan Chase & Co., 3.250%, 9/23/2022		3,000,000		3,033,696
Nordea Bank AB, 1.205%, 1/14/2014 (3)(5)(6)		1,400,000		1,411,613
				27,445,600
Biotechnology — 2.1%
Gilead Sciences, Inc., 2.400%, 12/1/2014		5,000,000		5,147,245
Life Technologies Corp., 3.375%, 3/1/2013		3,000,000		3,000,000
				8,147,245
Building Materials — 1.3%
CRH America, Inc., 5.750%, 1/15/2021		4,500,000		5,028,705
Commercial Services — 0.5%
ADT Corp., 2.250%, 7/15/2017 (5)(6)		2,000,000		1,999,396
Computers — 2.5%
Hewlett-Packard Co., 2.600%, 9/15/2017 (1)		4,500,000		4,510,120
Lexmark International, Inc., 5.125%, 3/15/2020		3,500,000		3,512,621
NetApp, Inc., 2.000%, 12/15/2017 (1)		2,000,000		2,001,154
				10,023,895

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

86

BMO Funds

Aggregate Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Distribution/Wholesale — 0.8%
Arrow Electronics, Inc., 3.000%, 3/1/2018		$3,000,000		$  3,018,381
Diversified Financial Services — 3.0%
Ford Motor Credit Co. LLC, 3.984%, 6/15/2016 (1)		3,000,000		3,175,800
General Electric Capital Corp., 2.300%, 4/27/2017 (1)		3,500,000		3,629,675
MassMutual Global Funding II, 0.685%, 1/14/2014 (3)(5)(6)		3,000,000		3,010,905
Woodside Finance, Ltd., 4.600%, 5/10/2021 (5)(6)		2,000,000		2,220,874
				12,037,254
Electric — 3.9%
Alliant Energy Corp., 4.000%, 10/15/2014		6,000,000		6,306,402
Appalachian Power Co., 3.400%, 5/24/2015		2,000,000		2,106,618
Duke Energy Corp., 1.625%, 8/15/2017 (1)		2,000,000		2,016,990
Entergy Corp., 3.625%, 9/15/2015		5,000,000		5,248,180
				15,678,190
Electronics — 0.5%
Thermo Fisher Scientific, Inc., 3.600%, 8/15/2021		2,000,000		2,076,334
Healthcare-Products — 2.3%
Boston Scientific Corp., 6.000%, 1/15/2020		2,000,000		2,340,682
CareFusion Corp., 5.125%, 8/1/2014		3,000,000		3,176,046
DENTSPLY International, Inc., 2.750%, 8/15/2016		3,500,000		3,628,023
				9,144,751
Healthcare-Services — 0.8%
WellPoint, Inc., 4.625%, 5/15/2042 (1)		3,000,000		3,019,983
Insurance — 1.9%
Berkshire Hathaway, Inc., 4.500%, 2/11/2043 (1)		2,500,000		2,527,542
First American Financial Corp., 4.300%, 2/1/2023		2,000,000		2,058,012
Genworth Life Institutional Funding Trust, 5.875%, 5/3/2013 (5)(6)		1,000,000		1,007,722
Prudential Covered Trust 2012-1, 2.997%, 9/30/2015 (5)(6)		1,900,000		1,984,993
				7,578,269
Iron/Steel — 0.5%
ArcelorMittal, 5.375%, 6/1/2013		2,000,000		2,018,156
Media — 1.7%
DIRECTV Holdings LLC, 3.125%, 2/15/2016		3,000,000		3,146,709
NBCUniversal Media LLC, 5.150%, 4/30/2020 (1)		3,000,000		3,566,730
				6,713,439
Mining — 1.4%
Newmont Mining Corp., 4.875%, 3/15/2042		2,500,000		2,477,710

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Mining (continued)
Xstrata Finance Canada, Ltd., 2.450%, 10/25/2017 (5)(6)		$  3,000,000		$    3,050,538
				5,528,248
Office/Business Equipment — 1.0%
Xerox Corp., 1.710%, 9/13/2013 (3)		4,000,000		4,016,964
Oil & Gas — 1.0%
Petroleos Mexicanos, 3.500%, 1/30/2023 (5)(6)		2,000,000		1,965,000
Transocean, Inc., 3.800%, 10/15/2022 (1)		2,000,000		2,002,628
				3,967,628
Pharmaceuticals — 1.8%
Cardinal Health, Inc., 4.600%, 3/15/2043		2,000,000		2,061,794
Express Scripts Holding Co., 2.650%, 2/15/2017 (1)		5,000,000		5,229,785
				7,291,579
Pipelines — 1.9%
Energy Transfer Partners LP, 3.600%, 2/1/2023 (1)		3,500,000		3,504,795
Kinder Morgan Energy Partners LP, 3.500%, 3/1/2016 (1)		2,000,000		2,141,790
Kinder Morgan Energy Partners LP, 5.000%, 8/15/2042 (1)		2,000,000		2,042,262
				7,688,847
Real Estate Investment Trusts — 0.5%
Ventas Realty LP, 4.250%, 3/1/2022 (1)		2,000,000		2,141,244
Semiconductors — 0.5%
Samsung Electronics America, Inc., 1.750%, 4/10/2017 (5)(6)		2,000,000		2,030,002
Telecommunications — 5.4%
AT&T, Inc., 2.625%, 12/1/2022 (1)		2,000,000		1,946,448
AT&T, Inc., 5.100%, 9/15/2014		3,500,000		3,735,662
Cellco Partnership / Verizon Wireless Capital LLC, 5.550%, 2/1/2014		5,200,000		5,423,200
Deutsche Telekom International Finance BV, 3.125%, 4/11/2016 (5)(6)		3,500,000		3,696,388
Telefonaktiebolaget LM Ericsson, 4.125%, 5/15/2022		3,500,000		3,622,343
Vodafone Group PLC, 1.500%, 2/19/2018		3,000,000		2,998,995
				21,423,036
Total Corporate Bonds & Notes (identified cost $176,800,742)				181,953,074
Municipals — 0.7%
Pennsylvania — 0.7%
Philadelphia Authority for Industrial Development, 1.200%, 4/1/2014		3,000,000		3,008,940
Total Municipals (identified cost $3,000,000)				3,008,940

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

87

February 28, 2013 (Unaudited)

Schedule of Investments

Aggregate Bond Fund (continued)

Description	Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations — 11.2%
U.S. Treasury Bonds & Notes — 11.2%
2.000%, 2/15/2023 (1)		$30,000,000		$  30,309,390
2.750%, 11/15/2042 (1)		10,000,000		9,309,380
3.125%, 2/15/2043		5,000,000		5,030,470
Total U.S. Government & U.S. Government Agency Obligations (identified cost $44,382,524)				44,649,240
U.S. Government Agency-Mortgage Securities — 30.0%
Federal Home Loan Mortgage Corporation — 7.1%
3.000%, 11/1/2042		1,991,225		2,057,185
3.000%, 12/1/2042		2,984,496		3,080,561
3.500%, 12/1/2040		1,644,809		1,745,369
3.500%, 12/1/2041		1,658,766		1,760,180
3.500%, 3/1/2042		547,900		581,397
3.500%, 12/1/2042 (4)		1,281,173		1,353,296
4.000%, 4/1/2026		1,438,325		1,529,682
4.000%, 10/1/2031 (1)		1,981,882		2,125,213
4.000%, 12/1/2040		558,342		602,299
4.000%, 8/1/2041		413,775		440,145
4.500%, 9/1/2031		922,346		1,007,405
4.500%, 3/1/2039		544,864		592,676
4.500%, 5/1/2039 (1)		1,890,905		2,049,826
4.500%, 2/1/2040		474,385		509,119
4.500%, 11/1/2040		1,188,101		1,294,771
4.500%, 2/1/2041 (1)		2,517,053		2,735,961
5.000%, 12/1/2022		261,892		280,347
5.000%, 12/1/2035		288,432		311,410
5.000%, 1/1/2038		205,359		220,949
5.000%, 3/1/2038		629,152		676,914
5.000%, 3/1/2038		148,370		159,633
5.000%, 1/1/2040		511,267		564,939
6.000%, 6/1/2037		1,032,038		1,129,575
6.000%, 11/1/2037		476,523		521,558
6.000%, 1/1/2038		915,157		1,001,648
				28,332,058
Federal National Mortgage Association — 22.9%
2.500%, 11/1/2027 (1)		3,923,384		4,080,932
2.500%, 5/15/2028 (4)		5,500,000		5,691,642
3.000%, 12/1/2027		1,957,676		2,064,737
3.000%, 4/15/2028 (4)		7,000,000		7,357,658
3.000%, 9/1/2032 (1)		3,432,999		3,604,487
3.000%, 12/1/2042 (1)		2,979,352		3,089,216
3.000%, 5/15/2043 (4)		9,000,000		9,271,404
3.003%, 8/1/2041 (3)		722,399		756,451
3.021%, 3/1/2041 (3)		775,583		813,409
3.111%, 5/1/2041 (3)		746,953		780,521
3.242%, 7/1/2041 (3)		1,722,675		1,813,899
3.500%, 7/1/2032		921,304		977,899
3.500%, 5/1/2042		1,973,339		2,091,167
3.500%, 10/1/2042		1,952,687		2,069,282
3.500%, 10/1/2042 (1)		2,484,449		2,632,795
3.500%, 11/1/2042		979,297		1,037,771
3.500%, 12/1/2042		1,996,857		2,116,089
4.000%, 11/1/2031		1,224,855		1,314,915
4.000%, 11/1/2040		742,774		792,745
4.000%, 1/1/2041		1,242,112		1,344,697
4.000%, 2/1/2041 (1)		5,215,854		5,566,761
4.000%, 3/1/2041		353,432		382,953
4.000%, 8/1/2041		476,028		492,732
4.000%, 9/1/2041		383,439		396,894
4.000%, 11/1/2041		1,326,109		1,415,739
4.000%, 4/15/2043 (4)		13,000,000		13,842,972
4.500%, 6/1/2039		2,501,138		2,764,622
4.500%, 7/1/2041		386,348		402,660

Description	Shares or Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)
Federal National Mortgage Association (continued)
4.500%, 8/1/2041 (1)		$  1,412,394		$    1,526,757
4.500%, 8/1/2041		389,469		405,912
4.500%, 8/1/2041		521,943		543,980
4.500%, 8/1/2041		523,119		545,206
5.000%, 7/1/2022		1,265,854		1,370,683
5.000%, 3/1/2035		975,322		1,062,317
5.000%, 5/1/2042		1,817,671		1,983,777
5.500%, 2/1/2034		175,434		193,000
5.500%, 7/1/2036		975,596		1,075,420
5.500%, 8/1/2037 (1)		1,898,207		2,080,570
5.500%, 6/1/2038		190,385		207,516
6.000%, 5/1/2039		896,894		992,897
6.500%, 11/1/2037		216,936		239,370
				91,194,454
Total U.S. Government Agency-Mortgage Securities (identified cost $118,528,352)				119,526,512
Short-Term Investments — 29.0%
Collateral Pool Investments for Securities on Loan — 22.2%
Collateral pool allocation (12)				88,409,123
Mutual Funds — 6.8%
BMO Prime Money Market Fund, Class I, 0.070% (10)		27,156,346		27,156,346
Total Short-Term Investments (identified cost $115,565,469)				115,565,469
Total Investments — 130.9% (identified cost $514,741,092)				521,645,418
Other Assets and Liabilities — (30.9)%				(123,257,324	)
Total Net Assets — 100.0%				$398,388,094

Portfolio Sector Allocations*
Sector	Fund
Asset-Backed Securities		3.6%
Collateralized Mortgage Obligations		6.2
Commercial Mortgage Securities		4.5
Corporate Bonds & Notes		45.7
Municipals		0.7
U.S. Government & U.S. Government Agency Obligations		11.2
U.S. Government Agency-Mortgage Securities		30.0
Other Assets & Liabilities, Net		(1.9)
Total		100.0%

TCH Core Plus Bond Fund

Description	Principal Amount		Value
Asset-Backed Securities — 5.2%
Automobiles — 5.2%
Ally Auto Receivables Trust, Class A4, (Series 2009-B), 3.050%, 12/15/2014 (5)(6)		$4,044,240		$4,092,152
CarMax Auto Owner Trust, Class A4, (Series 2009-2), 2.820%, 12/15/2014		5,231,849		5,289,582
Ford Credit Auto Owner Trust, Class A4, (Series 2009-B), 4.500%, 7/15/2014		1,071,917		1,079,534

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

88

BMO Funds

TCH Core Plus Bond Fund (continued)

Description	Principal Amount		Value
Asset-Backed Securities (continued)
Automobiles (continued)
Ford Credit Auto Owner Trust, Class A4, (Series 2009-C), 4.430%, 11/15/2014		$6,186,783		$  6,257,183
Ford Credit Auto Owner Trust, Class A4, (Series 2009-D), 2.980%, 8/15/2014		2,383,184		2,398,389
Hyundai Auto Receivables Trust, Class A4, (Series 2009-A), 3.150%, 3/15/2016		872,582		883,985
Total Asset-Backed Securities (identified cost $20,010,553)				20,000,825
Commercial Mortgage Securities — 0.2%
Private Sponsor — 0.2%
Bear Stearns Commercial Mortgage Securities, Class A4, (Series 2007-T28), 5.742%, 9/11/2042 (3)		500,000		588,763
JP Morgan Chase Commercial Mortgage Securities Corp., Class A2, (Series 2005-CB13), 5.247%, 1/12/2043		44,775		45,165
Total Commercial Mortgage Securities (identified cost $379,525)				633,928
Corporate Bonds & Notes — 48.7%
Agriculture — 0.7%
Altria Group, Inc., 10.200%, 2/6/2039		250,000		425,069
Bunge, Ltd. Finance Corp., 8.500%, 6/15/2019		500,000		650,358
Lorillard Tobacco Co., 8.125%, 5/1/2040		1,000,000		1,344,399
Reynolds American, Inc., 7.750%, 6/1/2018		250,000		317,907
				2,737,733
Auto Manufacturers — 0.5%
Daimler Finance North America LLC, 1.085%, 4/10/2014 (3)(5)(6)		2,000,000		2,008,964
Banks — 5.4%
Banco Bradesco SA/Cayman Islands, 5.750%, 3/1/2022 (1)(5)(6)		1,000,000		1,067,000
BanColombia SA, 5.950%, 6/3/2021		750,000		860,625
Bank of New York Mellon Corp., 0.579%, 1/31/2014 (3)		1,075,000		1,078,081
Discover Bank, 7.000%, 4/15/2020		1,000,000		1,243,311
Goldman Sachs Group, Inc., 5.750%, 1/24/2022 (1)		1,500,000		1,762,921
Goldman Sachs Group, Inc., 6.750%, 10/1/2037 (1)		750,000		853,067
Goldman Sachs Group, Inc., 7.500%, 2/15/2019		700,000		886,144
Intesa Sanpaolo SpA, 3.875%, 1/16/2018		1,500,000		1,475,651
JPMorgan Chase & Co., 1.102%, 1/24/2014 (3)		2,500,000		2,517,132
JPMorgan Chase & Co., 1.359%, 3/20/2015 (3)		1,500,000		1,521,638

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Banks (continued)
Morgan Stanley, 5.500%, 7/28/2021		$1,500,000		$  1,724,474
Royal Bank of Canada, 1.002%, 10/30/2014 (3)		750,000		757,893
Wells Fargo & Co., 0.501%, 10/28/2015 (1)(3)		5,000,000		4,981,105
				20,729,042
Beverages — 1.6%
Anheuser-Busch InBev Worldwide, Inc., 0.851%, 1/27/2014 (3)		1,000,000		1,004,898
PepsiCo, Inc., 0.497%, 2/26/2016 (3)		5,000,000		5,005,200
				6,010,098
Chemicals — 0.9%
Braskem America Finance Co., 7.125%, 7/22/2041 (5)(6)		1,000,000		1,050,000
Dow Chemical Co., 9.400%, 5/15/2039		500,000		795,181
Mexichem SAB de C.V., 6.750%, 9/19/2042 (1)(5)(6)		1,500,000		1,667,250
				3,512,431
Commercial Services — 1.0%
ADT Corp., 4.125%, 6/15/2023 (5)(6)		1,500,000		1,538,183
ADT Corp., 4.875%, 7/15/2042 (1)(5)(6)		2,250,000		2,150,813
				3,688,996
Computers — 2.4%
Hewlett-Packard Co., 6.000%, 9/15/2041 (1)		4,000,000		4,075,400
International Business Machines Corp., 6.500%, 10/15/2013		5,000,000		5,189,740
				9,265,140
Diversified Financial Services — 5.6%
Blackstone Holdings Finance Co. LLC, 6.250%, 8/15/2042 (5)(6)		1,000,000		1,151,842
Blackstone Holdings Finance Co. LLC, 6.625%, 8/15/2019 (5)(6)		400,000		481,344
CME Group, Inc., 5.400%, 8/1/2013		3,250,000		3,314,184
General Electric Capital Corp., 0.905%, 1/8/2016 (1)(3)		4,000,000		4,023,140
General Electric Capital Corp., 1.002%, 4/24/2014 (3)		2,500,000		2,518,935
Harley-Davidson Funding Corp., 5.750%, 12/15/2014 (5)(6)		100,000		108,472
Jefferies Group, Inc., 6.500%, 1/20/2043 (1)		4,000,000		4,201,836
Jefferies Group, Inc., 8.500%, 7/15/2019		250,000		312,981
Legg Mason, Inc., 5.500%, 5/21/2019		1,000,000		1,078,460
Merrill Lynch & Co., Inc., 6.875%, 4/25/2018		250,000		303,410
NASDAQ OMX Group, Inc., 5.550%, 1/15/2020 (1)		1,000,000		1,078,275
SLM Corp., 7.250%, 1/25/2022		1,500,000		1,659,750
Toyota Motor Credit Corp., 0.472%, 1/23/2015 (3)		1,500,000		1,502,136
				21,734,765

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

89

February 28, 2013 (Unaudited)

Schedule of Investments

TCH Core Plus Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Electric — 0.9%
Allegheny Energy Supply Co. LLC, 6.750%, 10/15/2039 (5)(6)		$   250,000		$   288,249
CMS Energy Corp., 5.050%, 3/15/2022 (1)		1,000,000		1,130,313
Dubai Electricity & Water Authority, 8.500%, 4/22/2015 (5)(6)		1,000,000		1,131,250
Puget Energy, Inc., 5.625%, 7/15/2022		750,000		820,232
				3,370,044
Environmental Control — 0.1%
Waste Management, Inc., 7.375%, 3/11/2019		250,000		317,735
Food — 0.9%
ConAgra Foods, Inc., 4.650%, 1/25/2043 (1)		2,000,000		2,014,970
Ingredion, Inc., 6.625%, 4/15/2037		500,000		604,842
Kroger Co., 7.500%, 1/15/2014 (1)		925,000		979,214
				3,599,026
Forest Products & Paper — 0.1%
International Paper Co., 8.700%, 6/15/2038		250,000		370,717
Healthcare-Products — 0.1%
Hospira, Inc., 6.400%, 5/15/2015		500,000		554,254
Healthcare-Services — 0.7%
DaVita HealthCare Partners, Inc., 6.375%, 11/1/2018		500,000		534,375
Humana, Inc., 8.150%, 6/15/2038		500,000		708,551
Quest Diagnostics, Inc., 1.160%, 3/24/2014 (3)		1,000,000		1,005,516
Quest Diagnostics, Inc., 6.400%, 7/1/2017		250,000		293,317
				2,541,759
Home Furnishings — 0.2%
Whirlpool Corp., 8.600%, 5/1/2014 (1)		700,000		761,698
Insurance — 2.3%
Aflac, Inc., 8.500%, 5/15/2019		700,000		954,670
American Financial Group, Inc., 9.875%, 6/15/2019		250,000		328,938
Berkshire Hathaway Finance Corp., 5.000%, 8/15/2013		1,500,000		1,531,422
Berkshire Hathaway, Inc., 0.990%, 8/15/2014 (3)		1,000,000		1,010,199
Berkshire Hathaway, Inc., 4.500%, 2/11/2043 (1)		1,000,000		1,011,017
ING US, Inc., 5.500%, 7/15/2022 (1)(5)(6)		1,000,000		1,105,992
Lincoln National Corp., 7.000%, 6/15/2040		250,000		332,531
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		350,000		471,830
MetLife, Inc., 1.546%, 8/6/2013 (3)		500,000		502,573
Unum Group, 5.750%, 8/15/2042		1,500,000		1,627,669
				8,876,841
Internet — 1.2%
eBay, Inc., 4.000%, 7/15/2042		4,000,000		3,716,952
Expedia, Inc., 5.950%, 8/15/2020		1,000,000		1,112,682
				4,829,634

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Investment Companies — 0.6%
IPIC GMTN, Ltd., 5.000%, 11/15/2020 (5)(6)		$1,000,000		$  1,137,500
IPIC GMTN, Ltd., 6.875%, 11/1/2041 (5)(6)		1,000,000		1,355,000
				2,492,500
Iron/Steel — 1.3%
ArcelorMittal, 6.000%, 3/1/2021 (3)		750,000		797,221
ArcelorMittal, 7.500%, 10/15/2039 (3)		1,000,000		1,039,702
Cliffs Natural Resources, Inc., 4.800%, 10/1/2020 (1)		1,000,000		1,027,892
Vale SA, 5.625%, 9/11/2042 (1)		2,000,000		2,085,680
				4,950,495
Lodging — 0.2%
Wyndham Worldwide Corp., 7.375%, 3/1/2020		500,000		628,626
Media — 2.1%
CBS Corp., 8.875%, 5/15/2019		500,000		671,710
Comcast Cable Communications Holdings, Inc., 8.375%, 3/15/2013		1,800,000		1,804,009
DIRECTV Holdings LLC, 5.150%, 3/15/2042 (1)		3,000,000		2,897,877
Turner Broadcasting System, Inc., 8.375%, 7/1/2013		2,500,000		2,562,247
Viacom, Inc., 6.125%, 10/5/2017 (1)		250,000		297,274
				8,233,117
Mining — 0.8%
Rio Tinto Finance USA, Ltd., 8.950%, 5/1/2014		350,000		383,199
Rio Tinto Finance USA, Ltd., 9.000%, 5/1/2019 (1)		400,000		557,252
Southern Copper Corp., 5.250%, 11/8/2042 (1)		1,000,000		971,670
Xstrata Finance Canada, Ltd., 5.300%, 10/25/2042 (5)(6)		1,000,000		996,520
				2,908,641
Oil & Gas — 2.7%
Chesapeake Energy Corp., 6.125%, 2/15/2021 (1)		1,000,000		1,065,000
Chesapeake Energy Corp., 6.775%, 3/15/2019 (1)		500,000		518,125
Dolphin Energy, Ltd., 5.500%, 12/15/2021 (5)(6)		1,500,000		1,732,500
Ecopetrol SA, 7.625%, 7/23/2019 (1)		500,000		633,750
Hess Corp., 8.125%, 2/15/2019		250,000		322,317
Nabors Industries, Inc., 9.250%, 1/15/2019		250,000		318,296
Pride International, Inc., 7.875%, 8/15/2040		1,000,000		1,447,678
Rowan Cos., Inc., 5.400%, 12/1/2042		3,000,000		3,038,313
Transocean, Inc., 7.350%, 12/15/2041 (1)		500,000		627,438
Transocean, Inc., 7.500%, 4/15/2031		250,000		305,584
Valero Energy Corp., 9.375%, 3/15/2019		250,000		343,981
				10,352,982

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

90

BMO Funds

TCH Core Plus Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Oil & Gas Services — 0.1%
Weatherford International, Ltd., 9.625%, 3/1/2019		$   250,000		$     328,492
Packaging & Containers — 0.1%
Bemis Co., Inc., 6.800%, 8/1/2019		250,000		302,113
Pharmaceuticals — 1.7%
AbbVie, Inc., 4.400%, 11/6/2042 (1)(5)(6)		1,500,000		1,531,790
Actavis, Inc., 4.625%, 10/1/2042		1,500,000		1,519,692
Merck & Co., Inc., 5.300%, 12/1/2013		1,500,000		1,555,729
Zoetis, Inc., 4.700%, 2/1/2043 (1)(5)(6)		2,000,000		2,057,164
				6,664,375
Pipelines — 2.0%
El Paso Pipeline Partners Operating Co. LLC, 7.500%, 11/15/2040 (1)		750,000		997,493
Energy Transfer Partners LP, 5.150%, 2/1/2043 (1)		3,000,000		3,025,698
Energy Transfer Partners LP, 6.500%, 2/1/2042		1,000,000		1,158,313
Energy Transfer Partners LP, 9.000%, 4/15/2019		250,000		331,905
Kinder Morgan Energy Partners LP, 9.000%, 2/1/2019		250,000		335,807
MarkWest Energy Partners LP, 5.500%, 2/15/2023 (1)		750,000		791,250
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (5)(6)		1,250,000		1,101,562
				7,742,028
Real Estate Investment Trusts — 0.3%
EPR Properties, 5.750%, 8/15/2022 (1)		1,000,000		1,072,821
Retail — 2.7%
Limited Brands, Inc., 6.950%, 3/1/2033		2,500,000		2,562,500
Limited Brands, Inc., 7.600%, 7/15/2037		1,500,000		1,597,500
PVH Corp., 4.500%, 12/15/2022		400,000		396,500
QVC, Inc., 5.125%, 7/2/2022		1,500,000		1,589,067
Staples, Inc., 9.750%, 1/15/2014		250,000		268,901
Walgreen Co., 0.810%, 3/13/2014 (3)		1,500,000		1,504,393
Walgreen Co., 4.400%, 9/15/2042		2,500,000		2,466,180
				10,385,041
Semiconductors — 0.4%
Intel Corp., 4.250%, 12/15/2042		1,500,000		1,479,190
KLA-Tencor Corp., 6.900%, 5/1/2018		100,000		119,939
				1,599,129
Sovereign — 0.1%
Poland Government International Bond, 5.000%, 3/23/2022 (1)		500,000		572,775
Telecommunications — 6.3%
AT&T, Inc., 0.677%, 2/12/2016 (3)		4,000,000		4,020,780
British Telecommunications PLC, 1.434%, 12/20/2013 (3)		1,250,000		1,259,489
CenturyLink, Inc., 7.600%, 9/15/2039 (1)		2,000,000		1,970,122

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Telecommunications (continued)
CenturyLink, Inc., 7.650%, 3/15/2042 (1)		$  2,000,000		$    1,958,220
Frontier Communications Corp., 7.875%, 1/15/2027		2,500,000		2,493,750
Frontier Communications Corp., 8.125%, 10/1/2018 (1)		500,000		568,750
Frontier Communications Corp., 9.000%, 8/15/2031		500,000		517,500
Qtel International Finance, Ltd., 4.500%, 1/31/2043 (5)(6)		2,500,000		2,456,250
Telecom Italia Capital SA, 7.721%, 6/4/2038		1,750,000		1,841,196
Telefonica Europe BV, 8.250%, 9/15/2030 (1)		1,530,000		1,796,131
Vodafone Group PLC, 0.675%, 2/19/2016 (3)		4,000,000		4,005,916
Windstream Corp., 7.000%, 3/15/2019		500,000		513,750
Windstream Corp., 7.500%, 6/1/2022 (1)		1,000,000		1,057,500
				24,459,354
Transportation — 0.8%
Burlington Northern Santa Fe LLC, 7.000%, 2/1/2014		2,000,000		2,114,786
FedEx Corp., 8.000%, 1/15/2019		250,000		329,687
Kazakhstan Temir Zholy Finance BV, 6.950%, 7/10/2042 (5)(6)		500,000		602,000
				3,046,473
Trucking & Leasing — 1.0%
Aviation Capital Group Corp., 4.625%, 1/31/2018 (5)(6)		2,000,000		2,033,346
Penske Truck Leasing / PTL, 4.250%, 1/17/2023 (5)(6)		2,000,000		2,013,876
				4,047,222
Venture Capital — 0.9%
KKR Group Finance Co. II LLC, 5.500%, 2/1/2043 (5)(6)		3,500,000		3,457,790
Total Corporate Bonds & Notes (identified cost $178,080,371)				188,152,851
Municipals — 0.1%
California — 0.1%
Metropolitan Water District of Southern California, 6.947%, 7/1/2040, Call 7/1/2020		300,000		375,288
Total Municipals (identified cost $300,000)				375,288
U.S. Government & U.S. Government Agency Obligations — 25.7%
U.S. Treasury Bonds & Notes — 25.7%
0.625%, 7/15/2021 (1)		3,056,430		3,490,299
1.375%, 7/15/2018 (1)		2,129,680		2,501,375
1.750%, 5/15/2022 (1)		10,000,000		9,992,190
1.750%, 1/15/2028		1,644,105		2,094,564
2.125%, 1/15/2019		1,604,265		1,961,716
2.750%, 11/15/2042 (1)		5,000,000		4,654,690
3.000%, 5/15/2042 (1)		5,000,000		4,919,530
3.125%, 4/30/2013 (1)		5,000,000		5,025,585
3.125%, 8/31/2013 (1)		3,000,000		3,045,000
3.125%, 2/15/2043 (1)		3,000,000		3,018,282

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

91

February 28, 2013 (Unaudited)

Schedule of Investments

TCH Core Plus Bond Fund (continued)

Description	Shares or Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations (continued)
U.S. Treasury Bonds & Notes (continued)
3.375%, 6/30/2013		$15,000,000		$  15,165,240
3.625%, 5/15/2013 (1)		15,000,000		15,110,745
4.000%, 2/15/2014 (1)		3,000,000		3,110,274
4.250%, 8/15/2013 (1)		15,000,000		15,287,115
4.250%, 11/15/2013 (1)		2,000,000		2,057,970
4.750%, 5/15/2014 (1)		7,500,000		7,911,915
Total U.S. Government & U.S. Government Agency Obligations (identified cost $98,231,429)				99,346,490
U.S. Government Agency-Mortgage Securities — 3.8%
Federal Home Loan Mortgage Corporation — 1.2%
4.000%, 12/1/2039		1,678,786		1,783,673
4.000%, 3/1/2041		676,269		718,944
4.000%, 11/1/2041		1,516,112		1,612,731
5.000%, 2/1/2039		363,417		391,005
				4,506,353
Federal National Mortgage Association — 0.8%
4.000%, 2/1/2041		1,221,359		1,303,529
4.000%, 2/1/2041 (1)		1,170,224		1,248,953
6.000%, 12/1/2038		223,719		245,281
6.500%, 10/1/2037		259,742		290,204
				3,087,967
Government National Mortgage Association — 1.8%
4.000%, 10/15/2040		1,304,487		1,428,166
4.000%, 12/15/2040		1,893,058		2,072,539
4.000%, 4/15/2041		1,648,612		1,794,098
5.500%, 8/20/2038		498,428		527,018
5.500%, 2/15/2039		264,292		289,982
6.000%, 10/15/2038		113,047		128,086
6.000%, 12/15/2038		371,679		421,125
6.000%, 1/15/2039		182,318		206,573
				6,867,587
Total U.S. Government Agency-Mortgage Securities
(identified cost $13,690,180)				14,461,907
Short-Term Investments — 57.2%
Collateral Pool Investments for Securities on Loan — 37.9%
Collateral pool allocation (12)				146,595,644
Commercial Paper — 1.3%
John Deere Bank SA, 0.100%, 4/3/2013 (9)		5,000,000		4,999,542
Mutual Funds — 7.0%
BMO Prime Money Market Fund, Class I, 0.070% (10)		26,915,290		26,915,290
U.S. Treasury Bills — 11.0%
0.030%, 3/7/2013 (1)(9)		$  7,500,000		7,499,964
0.060%, 4/4/2013 (1)(9)		5,000,000		4,999,765
0.090%, 3/14/2013 (1)(9)		15,000,000		14,999,790
0.090%, 4/18/2013 (1)(9)		15,000,000		14,998,305
				42,497,824
Total Short-Term Investments (identified cost $221,007,846)				221,008,300
Total Investments — 140.9% (identified cost $531,699,904)				543,979,589
Other Assets and Liabilities — (40.9)%				(157,866,961	)
Total Net Assets — 100.0%				$386,112,628

Portfolio Sector Allocations*
Sector	Fund
Asset-Backed Securities		5.2%
Commercial Mortgage Securities		0.2
Corporate Bonds & Notes		48.7
Municipals		0.1
U.S. Government & U.S. Government Agency Obligations		25.7
U.S. Government Agency-Mortgage Securities		3.8
Other Assets & Liabilities, Net		16.3
Total		100.0%

Monegy High Yield Bond Fund

Description	Principal Amount		Value
Corporate Bonds & Notes — 97.4%
Advertising — 0.4%
Lamar Media Corp., 5.875%, 2/1/2022		$  61,000		$     66,490
MDC Partners, Inc., 11.000%, 11/1/2016		250,000		276,875
				343,365
Aerospace/Defense — 1.0%
AAR Corp., 7.250%, 1/15/2022		195,000		209,138
Spirit Aerosystems, Inc., 6.750%, 12/15/2020		300,000		320,250
TransDigm, Inc., 5.500%, 10/15/2020 (5)(6)		55,000		57,475
TransDigm, Inc., 7.750%, 12/15/2018		277,000		305,392
				892,255
Agriculture — 0.4%
Alliance One International, Inc., 10.000%, 7/15/2016		204,000		216,495
Vector Group, Ltd., 7.750%, 2/15/2021 (5)(6)		133,000		137,323
				353,818
Airlines — 0.3%
Continental Airlines, Inc., 6.750%, 9/15/2015 (5)(6)		275,000		290,125
Apparel — 1.4%
Hanesbrands, Inc., 6.375%, 12/15/2020		275,000		299,063
Perry Ellis International, Inc., 7.875%, 4/1/2019		479,000		504,746
Quiksilver, Inc., 6.875%, 4/15/2015		427,000		429,135
				1,232,944
Auto Manufacturers — 0.9%
Chrysler Group LLC, Inc., 8.000%, 6/15/2019		365,000		401,956
Jaguar Land Rover Automotive PLC, 7.750%, 5/15/2018 (5)(6)		300,000		329,625
Oshkosh Corp., 8.500%, 3/1/2020		50,000		56,375
				787,956
Auto Parts & Equipment — 3.0%
American Axle & Manufacturing, Inc., 6.625%, 10/15/2022		201,000		206,527
Dana Holding Corp., 6.750%, 2/15/2021		320,000		350,000
Goodyear Tire & Rubber Co., 7.000%, 5/15/2022		68,000		71,230

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

92

BMO Funds

Monegy High Yield Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Auto Parts & Equipment (continued)
Goodyear Tire & Rubber Co., 8.250%, 8/15/2020		$183,000		$   199,013
Lear Corp., 8.125%, 3/15/2020		270,000		302,400
Meritor, Inc., 10.625%, 3/15/2018		250,000		268,750
Pittsburgh Glass Works LLC, 8.500%, 4/15/2016 (5)(6)		358,000		362,475
Titan International, Inc., 7.875%, 10/1/2017		250,000		269,375
TRW Automotive, Inc., 8.875%, 12/1/2017 (5)(6)		260,000		285,350
Visteon Corp., 6.750%, 4/15/2019		311,000		332,770
				2,647,890
Banks — 0.8%
CIT Group, Inc., 5.375%, 5/15/2020		52,000		56,940
CIT Group, Inc., 5.500%, 2/15/2019 (5)(6)		564,000		616,170
				673,110
Beverages — 0.1%
Constellation Brands, Inc., 7.250%, 9/1/2016		65,000		74,019
Biotechnology — 0.3%
STHI Holding Corp., 8.000%, 3/15/2018 (5)(6)		278,000		305,105
Building Materials — 2.3%
Ainsworth Lumber Co., Ltd., 7.500%, 12/15/2017 (5)(6)		175,000		189,219
Gibraltar Industries, Inc., 6.250%, 2/1/2021 (5)(6)		314,000		333,232
HeidelbergCement Finance BV, 8.500%, 10/31/2019 (11)		275,000		451,793
Interline Brands, Inc., 10.000%, 11/15/2018 (5)(6)		231,000		255,111
Louisiana-Pacific Corp., 7.500%, 6/1/2020		389,000		443,460
Texas Industries, Inc., 9.250%, 8/15/2020		321,000		349,890
				2,022,705
Chemicals — 2.9%
Ferro Corp., 7.875%, 8/15/2018		200,000		199,500
Fufeng Group, Ltd., 7.625%, 4/13/2016 (5)(6)		250,000		254,375
Huntsman International LLC, 8.625%, 3/15/2020		300,000		336,000
Ineos Finance PLC, 7.500%, 5/1/2020 (5)(6)		70,000		75,775
Ineos Finance PLC, 8.375%, 2/15/2019 (5)(6)		215,000		236,231
Kraton Polymers LLC, 6.750%, 3/1/2019		300,000		313,500
Olin Corp., 8.875%, 8/15/2019		328,000		369,000
PolyOne Corp., 7.375%, 9/15/2020		216,000		240,300
Tronox Finance LLC, 6.375%, 8/15/2020 (5)(6)		362,000		361,095
U.S. Coatings Acquisition, Inc., 7.375%, 5/1/2021 (5)(6)		150,000		155,813
				2,541,589
Coal — 2.0%
Alpha Natural Resources, Inc., 6.000%, 6/1/2019		300,000		273,000

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Coal (continued)
Arch Coal, Inc., 7.250%, 6/15/2021		$325,000		$   279,500
Consol Energy, Inc., 8.000%, 4/1/2017		74,000		80,845
Consol Energy, Inc., 8.250%, 4/1/2020		197,000		218,178
Peabody Energy Corp., 6.250%, 11/15/2021		250,000		261,250
Penn Virginia Resource Partners LP, 8.250%, 4/15/2018		164,000		173,430
SunCoke Energy Partners LP, 7.375%, 2/1/2020 (5)(6)		132,000		137,940
SunCoke Energy, Inc., 7.625%, 8/1/2019		335,000		355,937
				1,780,080
Commercial Services — 7.8%
ARC Document Solutions, Inc., 10.500%, 12/15/2016		250,000		248,125
Avis Budget Car Rental LLC, 8.250%, 1/15/2019		259,000		284,252
Cardtronics, Inc., 8.250%, 9/1/2018		290,000		319,000
CoreLogic, Inc., 7.250%, 6/1/2021		300,000		333,000
Deluxe Corp., 6.000%, 11/15/2020 (5)(6)		174,000		177,915
Deluxe Corp., 7.000%, 3/15/2019		447,000		484,995
DynCorp International, Inc., 10.375%, 7/1/2017		90,000		89,663
FTI Consulting, Inc., 6.000%, 11/15/2022 (5)(6)		58,000		60,175
FTI Consulting, Inc., 6.750%, 10/1/2020		316,000		337,330
Great Lakes Dredge & Dock Corp., 7.375%, 2/1/2019		264,000		285,780
H&E Equipment Services, Inc., 7.000%, 9/1/2022 (5)(6)		158,000		173,800
Hertz Corp., 6.750%, 4/15/2019 (5)(6)		63,000		68,198
Hertz Corp., 7.500%, 10/15/2018		300,000		329,250
Iron Mountain, Inc., 5.750%, 8/15/2024		170,000		170,425
Iron Mountain, Inc., 7.750%, 10/1/2019		250,000		278,750
Live Nation Entertainment, Inc., 7.000%, 9/1/2020 (5)(6)		183,000		197,183
Live Nation Entertainment, Inc., 8.125%, 5/15/2018 (5)(6)		413,000		450,170
Monitronics International, Inc., 9.125%, 4/1/2020		412,000		434,660
PHH Corp., 7.375%, 9/1/2019		78,000		88,140
PHH Corp., 9.250%, 3/1/2016		371,000		434,997
Rent-A-Center, Inc., 6.625%, 11/15/2020		205,000		221,912
RR Donnelley & Sons Co., 8.600%, 8/15/2016		300,000		339,000
United Rentals North America, Inc., 6.125%, 6/15/2023		34,000		35,870
United Rentals North America, Inc., 7.375%, 5/15/2020		33,000		36,300
United Rentals North America, Inc., 7.625%, 4/15/2022		110,000		122,375
United Rentals North America, Inc., 8.250%, 2/1/2021		57,000		64,909
United Rentals North America, Inc., 8.375%, 9/15/2020		300,000		331,500
United Rentals North America, Inc., 9.250%, 12/15/2019		25,000		28,625

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

93

February 28, 2013 (Unaudited)

Schedule of Investments

Monegy High Yield Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Commercial Services (continued)
Valassis Communications, Inc., 6.625%, 2/1/2021		$414,000		$   446,602
				6,872,901
Computers — 0.9%
Seagate HDD Cayman, 7.000%, 11/1/2021		397,000		432,730
SunGard Data Systems, Inc., 7.375%, 11/15/2018		300,000		323,625
				756,355
Cosmetics/Personal Care — 0.8%
Albea Beauty Holdings SA, 8.375%, 11/1/2019 (5)(6)		292,000		310,980
Elizabeth Arden, Inc., 7.375%, 3/15/2021		359,000		400,285
				711,265
Distribution/Wholesale — 0.3%
HD Supply, Inc., 10.500%, 1/15/2021 (5)(6)		246,000		254,918
Diversified Financial Services — 1.6%
Aircastle, Ltd., 6.250%, 12/1/2019		74,000		80,105
Aircastle, Ltd., 7.625%, 4/15/2020		185,000		213,212
Aircastle, Ltd., 9.750%, 8/1/2018		271,000		310,295
International Lease Finance Corp., 8.875%, 9/1/2017		252,000		303,660
National Money Mart Co., 10.375%, 12/15/2016		460,000		510,600
				1,417,872
Electric — 2.9%
AES Corp., 7.375%, 7/1/2021		42,000		47,670
AES Corp., 8.000%, 10/15/2017		300,000		348,000
Atlantic Power Corp., 9.000%, 11/15/2018		414,000		449,190
Calpine Corp., 7.500%, 2/15/2021 (5)(6)		574,000		627,095
GenOn Energy, Inc., 7.875%, 6/15/2017		132,000		147,180
GenOn Energy, Inc., 9.500%, 10/15/2018		381,000		455,295
NRG Energy, Inc., 6.625%, 3/15/2023 (5)(6)		146,000		156,220
NRG Energy, Inc., 8.250%, 9/1/2020		300,000		340,875
				2,571,525
Electrical Components & Equipment — 0.9%
Anixter, Inc., 5.625%, 5/1/2019		297,000		316,305
Belden, Inc., 5.500%, 9/1/2022 (5)(6)		419,000		431,570
				747,875
Engineering & Construction — 0.9%
Abengoa Finance SAU, 8.875%, 11/1/2017 (5)(6)		200,000		191,500
Dycom Investments, Inc., 7.125%, 1/15/2021		220,000		235,950
Dycom Investments, Inc., 7.125%, 1/15/2021 (5)(6)		113,000		119,498
MasTec, Inc., 7.625%, 2/1/2017		206,000		212,952
Tutor Perini Corp., 7.625%, 11/1/2018		34,000		36,040
				795,940

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Entertainment — 1.6%
Cinemark USA, Inc., 7.375%, 6/15/2021		$200,000		$   223,000
National CineMedia LLC, 7.875%, 7/15/2021		502,000		562,240
Regal Entertainment Group, 5.750%, 2/1/2025		88,000		86,460
Regal Entertainment Group, 9.125%, 8/15/2018		250,000		281,875
Speedway Motorsports, Inc., 6.750%, 2/1/2019		250,000		267,812
Speedway Motorsports, Inc., 6.750%, 2/1/2019 (5)(6)		11,000		11,784
				1,433,171
Food — 3.4%
Chiquita Brands International, Inc., 7.875%, 2/1/2021 (5)(6)		219,000		223,380
Dean Holding Co., 6.900%, 10/15/2017		600,000		657,000
Del Monte Corp., 7.625%, 2/15/2019		575,000		599,438
JBS USA LLC, 7.250%, 6/1/2021 (5)(6)		505,000		525,200
JBS USA LLC, 8.250%, 2/1/2020 (5)(6)		184,000		199,180
Post Holdings, Inc., 7.375%, 2/15/2022		182,000		197,470
Smithfield Foods, Inc., 7.750%, 7/1/2017		380,000		438,900
TreeHouse Foods, Inc., 7.750%, 3/1/2018		135,000		146,306
				2,986,874
Forest Products & Paper — 1.5%
Clearwater Paper Corp., 4.500%, 2/1/2023 (5)(6)		3,000		2,948
Clearwater Paper Corp., 7.125%, 11/1/2018		333,000		362,137
Longview Fibre Paper & Packaging, Inc., 8.000%, 6/1/2016 (5)(6)		266,000		280,630
PH Glatfelter Co., 5.375%, 10/15/2020		118,000		123,900
Sappi Papier Holding GmbH, 6.625%, 4/15/2021 (5)(6)		200,000		208,000
Sappi Papier Holding GmbH, 7.750%, 7/15/2017 (5)(6)		300,000		332,625
				1,310,240
Healthcare-Products — 1.5%
Alere, Inc., 9.000%, 5/15/2016		350,000		369,250
Hanger, Inc., 7.125%, 11/15/2018		262,000		284,270
Physio-Control International, Inc., 9.875%, 1/15/2019 (5)(6)		235,000		266,138
Teleflex, Inc., 6.875%, 6/1/2019		400,000		437,000
				1,356,658
Healthcare-Services — 3.7%
CHS/Community Health Systems, Inc., 8.000%, 11/15/2019		471,000		522,221
DaVita HealthCare Partners, Inc., 6.625%, 11/1/2020		300,000		328,500
Gentiva Health Services, Inc., 11.500%, 9/1/2018		95,000		96,188
HCA, Inc., 5.875%, 3/15/2022		123,000		132,840
HCA, Inc., 7.500%, 2/15/2022		225,000		259,312
Health Management Associates, Inc., 7.375%, 1/15/2020		496,000		544,360

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

94

BMO Funds

Monegy High Yield Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Healthcare-Services (continued)
HealthSouth Corp., 5.750%, 11/1/2024		$  62,000		$     62,620
HealthSouth Corp., 8.125%, 2/15/2020		446,000		491,715
Kindred Healthcare, Inc., 8.250%, 6/1/2019		275,000		274,656
Select Medical Corp., 7.625%, 2/1/2015		1,000		1,001
Tenet Healthcare Corp., 6.750%, 2/1/2020		154,000		165,358
Tenet Healthcare Corp., 8.000%, 8/1/2020		320,000		350,400
				3,229,171
Holding Companies-Diversified — 0.3%
Boart Longyear Management Pty, Ltd., 7.000%, 4/1/2021 (5)(6)		280,000		291,900
Home Builders — 1.2%
KB Home, 7.500%, 9/15/2022		54,000		60,548
KB Home, 8.000%, 3/15/2020		186,000		215,992
Meritage Homes Corp., 7.150%, 4/15/2020		275,000		307,312
Ryland Group, Inc., 5.375%, 10/1/2022		119,000		122,124
Ryland Group, Inc., 6.625%, 5/1/2020		263,000		290,615
Ryland Group, Inc., 8.400%, 5/15/2017		32,000		38,040
				1,034,631
Home Furnishings — 0.3%
Tempur-Pedic International, Inc., 6.875%, 12/15/2020 (5)(6)		254,000		269,240
Household Products/Wares — 2.2%
American Greetings Corp., 7.375%, 12/1/2021		208,000		211,380
Central Garden and Pet Co., 8.250%, 3/1/2018		240,000		249,000
Jarden Corp., 7.500%, 1/15/2020		350,000		384,125
Prestige Brands, Inc., 8.125%, 2/1/2020		412,000		465,560
Spectrum Brands Escrow Corp., 6.375%, 11/15/2020 (5)(6)		28,000		29,855
Spectrum Brands Escrow Corp., 6.625%, 11/15/2022 (5)(6)		14,000		15,120
Spectrum Brands, Inc., 6.750%, 3/15/2020 (5)(6)		492,000		532,590
				1,887,630
Internet — 0.7%
CyrusOne LP, 6.375%, 11/15/2022 (5)(6)		127,000		134,302
Equinix, Inc., 7.000%, 7/15/2021		250,000		275,312
IAC/InterActiveCorp, 4.750%, 12/15/2022 (5)(6)		53,000		52,073
Netflix, Inc., 5.375%, 2/1/2021 (5)(6)		110,000		110,275
Netflix, Inc., 8.500%, 11/15/2017		22,000		24,130
				596,092
Iron/Steel — 1.8%
APERAM, 7.375%, 4/1/2016 (5)(6)		250,000		250,625
ArcelorMittal, 6.125%, 6/1/2018		85,000		91,758

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Iron/Steel (continued)
ArcelorMittal, 6.750%, 2/25/2022		$106,000		$   116,916
ArcelorMittal, 7.500%, 10/15/2039		460,000		478,263
Commercial Metals Co., 7.350%, 8/15/2018		271,000		301,488
Steel Dynamics, Inc., 6.375%, 8/15/2022 (5)(6)		27,000		29,025
Steel Dynamics, Inc., 7.625%, 3/15/2020		255,000		284,325
				1,552,400
Leisure Time — 0.7%
Brunswick Corp., 7.375%, 9/1/2023		202,000		216,645
NCL Corp., Ltd., 5.000%, 2/15/2018 (5)(6)		14,000		14,140
Royal Caribbean Cruises, Ltd., 7.250%, 6/15/2016		300,000		340,500
				571,285
Lodging — 2.2%
Marina District Finance Co., Inc., 9.500%, 10/15/2015		523,000		540,324
Marina District Finance Co., Inc., 9.875%, 8/15/2018		60,000		61,950
MGM Resorts International, 6.625%, 12/15/2021		465,000		481,856
MGM Resorts International, 6.750%, 10/1/2020 (5)(6)		38,000		39,900
MGM Resorts International, 7.750%, 3/15/2022		243,000		268,211
MGM Resorts International, 8.625%, 2/1/2019		109,000		125,623
Wynn Las Vegas LLC, 5.375%, 3/15/2022		50,000		52,813
Wynn Las Vegas LLC, 7.750%, 8/15/2020		300,000		336,750
				1,907,427
Media — 3.3%
Block Communications, Inc., 7.250%, 2/1/2020 (5)(6)		334,000		364,060
Cablevision Systems Corp., 5.875%, 9/15/2022		125,000		121,875
Cablevision Systems Corp., 8.000%, 4/15/2020		358,000		399,170
CCO Holdings LLC, 7.375%, 6/1/2020		380,000		422,275
Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		17,000		17,510
Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		116,000		120,640
DISH DBS Corp., 5.000%, 3/15/2023 (5)(6)		459,000		457,852
DISH DBS Corp., 7.875%, 9/1/2019		225,000		267,469
Gannett Co., Inc., 7.125%, 9/1/2018		97,000		106,215
Gannett Co., Inc., 9.375%, 11/15/2017		300,000		328,500
XM Satellite Radio, Inc., 7.625%, 11/1/2018 (5)(6)		223,000		246,973
				2,852,539
Mining — 0.6%
FMG Resources August 2006 Pty, Ltd., 7.000%, 11/1/2015 (5)(6)		240,000		252,600
Vulcan Materials Co., 7.500%, 6/15/2021		259,000		304,325
				556,925

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

95

February 28, 2013 (Unaudited)

Schedule of Investments

Monegy High Yield Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Miscellaneous Manufacturing — 0.5%
Bombardier, Inc., 6.125%, 1/15/2023 (5)(6)		$  53,000		$  54,590
Koppers, Inc., 7.875%, 12/1/2019		359,000		396,695
				451,285
Office Furnishings — 0.3%
Interface, Inc., 7.625%, 12/1/2018		244,000		265,045
Oil & Gas — 10.8%
Atlas Energy Holdings Operating Co. LLC, 7.750%, 1/15/2021 (5)(6)		297,000		289,018
Berry Petroleum Co., 6.750%, 11/1/2020		152,000		162,640
Bill Barrett Corp., 7.000%, 10/15/2022		80,000		83,000
Bill Barrett Corp., 7.625%, 10/1/2019		300,000		318,000
BreitBurn Energy Partners LP, 7.875%, 4/15/2022		55,000		58,713
BreitBurn Energy Partners LP, 8.625%, 10/15/2020		331,000		365,755
Calumet Specialty Products Partners LP, 9.375%, 5/1/2019		286,000		317,460
Chesapeake Energy Corp., 6.125%, 2/15/2021		14,000		14,910
Chesapeake Energy Corp., 6.625%, 8/15/2020		318,000		349,800
Chesapeake Energy Corp., 6.875%, 8/15/2018		125,000		133,125
Chesapeake Oilfield Operating LLC, 6.625%, 11/15/2019 (5)(6)		443,000		459,612
Cimarex Energy Co., 5.875%, 5/1/2022		126,000		135,135
Comstock Resources, Inc., 7.750%, 4/1/2019		75,000		77,250
Comstock Resources, Inc., 8.375%, 10/15/2017		305,000		324,062
Concho Resources, Inc., 6.500%, 1/15/2022		379,000		415,005
Continental Resources, Inc., 5.000%, 9/15/2022		157,000		169,560
Denbury Resources, Inc., 4.625%, 7/15/2023		26,000		25,545
Denbury Resources, Inc., 6.375%, 8/15/2021		175,000		192,063
Energy XXI Gulf Coast, Inc., 7.750%, 6/15/2019		220,000		237,050
EP Energy LLC, 9.375%, 5/1/2020		230,000		263,350
EV Energy Partners LP, 8.000%, 4/15/2019		386,000		406,265
EXCO Resources, Inc., 7.500%, 9/15/2018		250,000		238,750
Frontier Oil Corp., 6.875%, 11/15/2018		400,000		433,000
Gulfport Energy Corp., 7.750%, 11/1/2020 (5)(6)		276,000		289,800
Halcon Resources Corp., 8.875%, 5/15/2021 (5)(6)		127,000		137,160
Hercules Offshore, Inc., 7.125%, 4/1/2017 (5)(6)		169,000		182,943
Linn Energy LLC, 6.250%, 11/1/2019 (5)(6)		69,000		70,725
Linn Energy LLC, 7.750%, 2/1/2021		384,000		416,640
Linn Energy LLC, 8.625%, 4/15/2020		210,000		233,363
Northern Tier Energy LLC, 7.125%, 11/15/2020 (5)(6)		216,000		226,800

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Oil & Gas (continued)
Oasis Petroleum, Inc., 6.875%, 1/15/2023		$205,000		$   225,500
Parker Drilling Co., 9.125%, 4/1/2018		275,000		299,062
Plains Exploration & Production Co., 6.500%, 11/15/2020		13,000		14,593
Plains Exploration & Production Co., 6.625%, 5/1/2021		5,000		5,594
Plains Exploration & Production Co., 6.750%, 2/1/2022		205,000		233,700
QEP Resources, Inc., 6.875%, 3/1/2021		247,000		284,667
SandRidge Energy, Inc., 7.500%, 3/15/2021		292,000		306,600
SandRidge Energy, Inc., 7.500%, 2/15/2023		104,000		109,460
Swift Energy Co., 7.875%, 3/1/2022		235,000		246,162
Swift Energy Co., 7.875%, 3/1/2022 (5)(6)		66,000		69,135
Unit Corp., 6.625%, 5/15/2021		404,000		422,180
W&T Offshore, Inc., 8.500%, 6/15/2019		260,000		279,500
				9,522,652
Oil & Gas Services — 2.1%
Calfrac Holdings LP, 7.500%, 12/1/2020 (5)(6)		373,000		376,730
Cie Generale de Geophysique — Veritas, 6.500%, 6/1/2021		300,000		313,500
Key Energy Services, Inc., 6.750%, 3/1/2021		168,000		172,110
Petroleum Geo-Services ASA, 7.375%, 12/15/2018 (5)(6)		250,000		276,250
Pioneer Energy Services Corp., 9.875%, 3/15/2018		265,000		290,837
SESI LLC, 7.125%, 12/15/2021		150,000		166,875
Trinidad Drilling, Ltd., 7.875%, 1/15/2019 (5)(6)		261,000		281,228
				1,877,530
Packaging & Containers — 1.4%
AEP Industries, Inc., 8.250%, 4/15/2019		364,000		396,760
Greif, Inc., 6.750%, 2/1/2017		265,000		296,800
Greif, Inc., 7.750%, 8/1/2019		100,000		117,000
Sealed Air Corp., 8.125%, 9/15/2019 (5)(6)		55,000		62,013
Sealed Air Corp., 8.375%, 9/15/2021 (5)(6)		300,000		343,500
				1,216,073
Pharmaceuticals — 2.2%
Endo Health Solutions, Inc., 7.000%, 12/15/2020		47,000		51,054
Endo Health Solutions, Inc., 7.250%, 1/15/2022		425,000		464,312
Grifols, Inc., 8.250%, 2/1/2018		340,000		374,850
NBTY, Inc., 9.000%, 10/1/2018		369,000		414,664
Valeant Pharmaceuticals International, 6.875%, 12/1/2018 (5)(6)		150,000		163,687
Valeant Pharmaceuticals International, 7.250%, 7/15/2022 (5)(6)		100,000		110,875
Warner Chilcott Co. LLC, 7.750%, 9/15/2018		310,000		336,350
				1,915,792

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

96

BMO Funds

Monegy High Yield Bond Fund (continued)

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Pipelines — 2.9%
Atlas Pipeline Partners LP, 6.625%, 10/1/2020 (5)(6)		$  57,000		$     59,850
Atlas Pipeline Partners LP, 6.625%, 10/1/2020 (5)6)		55,000		57,750
Copano Energy LLC, 7.125%, 4/1/2021		332,000		381,385
Crosstex Energy LP, 8.875%, 2/15/2018		250,000		270,625
Eagle Rock Energy Partners LP, 8.375%, 6/1/2019		136,000		141,440
Eagle Rock Energy Partners LP, 8.375%, 6/1/2019 (5)(6)		132,000		137,280
El Paso LLC, 7.250%, 6/1/2018		250,000		287,358
Genesis Energy LP, 7.875%, 12/15/2018		320,000		352,800
Holly Energy Partners LP, 6.500%, 3/1/2020 (5)(6)		42,000		45,150
Holly Energy Partners LP, 8.250%, 3/15/2018		300,000		327,000
MarkWest Energy Partners LP, 6.500%, 8/15/2021		163,000		176,855
Targa Resources Partners LP, 5.250%, 5/1/2023 (5)(6)		64,000		66,240
Targa Resources Partners LP, 6.375%, 8/1/2022		250,000		273,750
				2,577,483
Real Estate Investment Trusts — 0.9%
iStar Financial, Inc., 7.125%, 2/15/2018		132,000		137,610
MPT Operating Partnership LP, 6.375%, 2/15/2022		159,000		170,329
MPT Operating Partnership LP, 6.875%, 5/1/2021		298,000		322,957
Omega Healthcare Investors, Inc., 5.875%, 3/15/2024		70,000		74,725
Potlatch Corp., 7.500%, 11/1/2019		59,000		67,260
				772,881
Retail — 5.6%
AmeriGas Finance LLC, 6.750%, 5/20/2020		130,000		140,725
AmeriGas Finance LLC, 7.000%, 5/20/2022		8,000		8,680
AmeriGas Partners LP, 6.500%, 5/20/2021		250,000		267,500
Asbury Automotive Group, Inc., 8.375%, 11/15/2020		320,000		358,400
Brown Shoe Co., Inc., 7.125%, 5/15/2019		364,000		384,020
Claire’s Stores, Inc., 9.000%, 3/15/2019 (5)(6)		256,000		285,440
Dillard’s, Inc., 7.130%, 8/1/2018		491,000		562,195
Limited Brands, Inc., 5.625%, 2/15/2022		137,000		145,563
Limited Brands, Inc., 7.000%, 5/1/2020		300,000		347,625
Pantry, Inc., 8.375%, 8/1/2020 (5)(6)		266,000		286,947
Penske Automotive Group, Inc., 5.750%, 10/1/2022 (5)(6)		236,000		248,095
Ruby Tuesday, Inc., 7.625%, 5/15/2020 (5)(6)		275,000		270,875
Sally Holdings LLC, 6.875%, 11/15/2019		300,000		336,000

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Retail (continued)
Sears Holdings Corp., 6.625%, 10/15/2018		$618,000		$   597,142
Sonic Automotive, Inc., 7.000%, 7/15/2022		161,000		179,515
Sonic Automotive, Inc., 9.000%, 3/15/2018		193,000		213,265
Suburban Propane Partners LP, 7.500%, 10/1/2018		261,000		283,185
				4,915,172
Semiconductors — 0.9%
Advanced Micro Devices, Inc., 7.500%, 8/15/2022 (5)(6)		52,000		44,720
Advanced Micro Devices, Inc., 8.125%, 12/15/2017		500,000		482,500
Amkor Technology, Inc., 6.375%, 10/1/2022		268,000		266,325
				793,545
Software — 0.3%
MedAssets, Inc., 8.000%, 11/15/2018		222,000		244,200
Storage/Warehousing — 0.3%
Mobile Mini, Inc., 7.875%, 12/1/2020		244,000		272,670
Telecommunications — 10.5%
CenturyLink, Inc., 5.800%, 3/15/2022		283,000		288,307
Cincinnati Bell, Inc., 8.375%, 10/15/2020		135,000		142,762
Cincinnati Bell, Inc., 8.750%, 3/15/2018		264,000		271,260
Crown Castle International Corp., 5.250%, 1/15/2023 (5)(6)		29,000		29,834
DigitalGlobe, Inc., 5.250%, 2/1/2021 (5)(6)		111,000		110,584
Earthlink, Inc., 8.875%, 5/15/2019		563,000		588,335
Frontier Communications Corp., 7.125%, 1/15/2023		273,000		281,531
Frontier Communications Corp., 8.250%, 4/15/2017		250,000		286,875
Frontier Communications Corp., 9.250%, 7/1/2021		254,000		293,370
GCI, Inc., 6.750%, 6/1/2021		109,000		104,095
GCI, Inc., 8.625%, 11/15/2019		300,000		318,750
Hughes Satellite Systems Corp., 6.500%, 6/15/2019		79,000		86,900
Hughes Satellite Systems Corp., 7.625%, 6/15/2021		300,000		343,500
Inmarsat Finance PLC, 7.375%, 12/1/2017 (5)(6)		200,000		215,000
Integra Telecom Holdings, Inc., 10.750%, 4/15/2016 (5)(6)		408,000		434,520
ITC Deltacom, Inc., 10.500%, 4/1/2016		14,000		14,840
Level 3 Communications, Inc., 8.875%, 6/1/2019 (5)(6)		33,000		35,764
Level 3 Financing, Inc., 8.125%, 7/1/2019		197,000		215,715
Level 3 Financing, Inc., 8.625%, 7/15/2020		258,000		287,347
MetroPCS Wireless, Inc., 6.625%, 11/15/2020		330,000		346,500
MetroPCS Wireless, Inc., 7.875%, 9/1/2018		100,000		108,375
SBA Communications Corp., 5.625%, 10/1/2019 (5)(6)		27,000		27,911

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

97

February 28, 2013 (Unaudited)

Schedule of Investments

Monegy High Yield Bond Fund (continued)

Description	Shares or Principal Amount		Value
Corporate Bonds & Notes (continued)
Telecommunications (continued)
SBA Telecommunications, Inc., 5.750%, 7/15/2020 (5)(6)		$  41,000		$     42,794
SBA Telecommunications, Inc., 8.250%, 8/15/2019		250,000		277,500
Sprint Capital Corp., 6.875%, 11/15/2028		50,000		50,750
Sprint Nextel Corp., 6.000%, 11/15/2022		149,000		151,235
Sprint Nextel Corp., 7.000%, 3/1/2020 (5)(6)		103,000		120,768
Sprint Nextel Corp., 7.000%, 8/15/2020		675,000		737,437
Sprint Nextel Corp., 9.000%, 11/15/2018 (5)(6)		264,000		328,020
tw telecom holdings, Inc., 8.000%, 3/1/2018		300,000		327,750
ViaSat, Inc., 6.875%, 6/15/2020		576,000		619,200
Virgin Media Finance PLC, 8.375%, 10/15/2019		75,000		84,000
West Corp., 7.875%, 1/15/2019		175,000		183,750
Wind Acquisition Finance SA, 7.250%, 2/15/2018 (5)(6)		435,000		450,225
Wind Acquisition Finance SA, 11.750%, 7/15/2017 (5)(6)		400,000		423,000
Windstream Corp., 6.375%, 8/1/2023 (5)(6)		52,000		51,220
Windstream Corp., 7.750%, 10/1/2021		350,000		378,875
Windstream Corp., 7.875%, 11/1/2017		125,000		142,188
				9,200,787
Transportation — 1.8%
Air Medical Group Holdings, Inc., 9.250%, 11/1/2018		108,000		120,015
ERA Group, Inc., 7.750%, 12/15/2022 (5)(6)		288,000		295,200
Gulfmark Offshore, Inc., 6.375%, 3/15/2022		469,000		486,587
Martin Midstream Partners LP, 8.875%, 4/1/2018		348,000		374,100
PHI, Inc., 8.625%, 10/15/2018		257,000		280,773
				1,556,675
Total Corporate Bonds & Notes (identified cost $81,418,460)				85,491,585
Short-Term Investments — 0.8%
Mutual Funds — 0.8%
BMO Prime Money Market Fund, Class I, 0.070% (10)		719,822		719,822
Total Short-Term Investments (identified cost $719,822)				719,822
Total Investments — 98.2% (identified cost $82,138,282)				86,211,407
Other Assets and Liabilities — 1.8%				1,616,418
Total Net Assets — 100.0%				$87,827,825

Portfolio Sector Allocations*
Sector	Fund
Corporate Bonds & Notes		97.4%
Other Assets & Liabilities, Net		2.6
Total		100.0%

Government Money Market Fund

Description	Shares or Principal Amount		Value
Municipals — 16.2%
Arizona — 2.5%
Maricopa County Industrial Development Authority, FNMA, 0.110%, 9/15/2035 (3)		$11,855,000		$11,855,000
California — 7.0%
Abag Finance Authority for Nonprofit Corporations, FNMA, 0.140%, 7/15/2035 (3)(7)		5,000,000		5,000,000
California Statewide Communities Development Authority, FNMA, 0.110%, 12/15/2037 (3)(7)		12,000,000		12,000,000
City of Concord, FHLMC, 0.140%, 12/1/2016 (3)(7)		4,010,000		4,010,000
Santa Cruz Redevelopment Agency, FNMA, 0.120%, 8/15/2035 (3)(7)		12,000,000		12,000,000
				33,010,000
Federal Home Loan Mortgage Corporation — 3.7%
Federal Home Loan Mortgage Corp., 0.170%, 9/15/2038 (3)(7)		5,335,000		5,335,000
Federal Home Loan Mortgage Corp., 0.150%, 7/15/2050 (3)(7)		11,790,000		11,790,000
				17,125,000
Maryland — 3.0%
Prince Georges County Housing Authority, FHLMC, 0.130%, 2/1/2040 (3)(7)		13,900,000		13,900,000
Total Municipals				75,890,000
Mutual Funds — 4.3%
BlackRock Liquidity Funds T-Funds, 0.070%		20,000,000		20,000,000
Total Mutual Funds				20,000,000
Repurchase Agreements — 47.5%
Agreement with Barclays Capital, Inc., 0.150%, dated 2/28/2013, to be repurchased at $50,000,208 on 3/1/2013, collateralized by a U.S. Government Treasury Obligation with a maturity of 2/28/2015, with a market value of $51,000,080		$50,000,000		50,000,000

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

98

BMO Funds

Government Money Market Fund (continued)

Description	Principal Amount		Value
Repurchase Agreements (continued)
Agreement with Deutsche Bank Securities, Inc., 0.200%, dated 2/28/2013, to be repurchased at $90,000,500 on 3/1/2013, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2043, with a market value of $91,800,001		$90,000,000		$  90,000,000
Agreement with Fixed Income Clearing Corp., 0.020%, dated 2/28/2013, to be repurchased at $32,876,091 on 3/1/2013, collateralized by U.S. Government Agency Obligations with various maturities to 4/30/2015, with a market value of $33,536,619		32,876,073		32,876,073
Agreement with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.160%, dated 2/28/2013, to be repurchased at $50,000,222 on 3/1/2013, collateralized by a U.S. Government Agency Obligation with a maturity of 10/1/2042, with a market value of $51,000,001		50,000,000		50,000,000
Total Repurchase Agreements				222,876,073
U.S. Government & U.S. Government Agency Obligations — 32.0%
Federal Farm Credit Bank — 2.1%
0.357%, 6/14/2013 (3)		10,000,000		10,004,869
Federal Home Loan Bank — 18.8%
0.125%, 9/3/2013 (9)		6,130,000		6,126,021
0.125%, 2/25/2014		10,000,000		9,992,800
0.140%, 7/29/2013 (9)		7,000,000		6,995,905
0.145%, 4/12/2013 (3)		15,000,000		15,000,000
0.161%, 4/25/2013 (3)		10,000,000		9,999,848
0.169%, 6/5/2014 (3)		10,000,000		9,997,424
0.250%, 7/1/2013		10,000,000		9,998,880
0.315%, 4/11/2013 (3)		10,000,000		10,000,000
0.325%, 4/11/2013 (3)		10,000,000		10,000,000
				88,110,878
Federal Home Loan Mortgage Corporation — 7.2%
0.151%, 9/4/2013 (9)		5,000,000		4,996,105
0.191%, 9/13/2013 (9)		10,000,000		9,989,698
0.375%, 10/30/2013		4,250,000		4,255,794
0.500%, 10/15/2013		4,355,000		4,364,256
0.875%, 10/28/2013		10,000,000		10,047,505
				33,653,358
Federal National Mortgage Association — 3.9%
0.150%, 3/6/2013 (9)		2,200,000		2,199,973
0.150%, 8/14/2013 (9)		9,948,000		9,941,119
1.350%, 3/21/2014		2,000,000		2,024,336
2.750%, 2/5/2014		4,360,000		4,463,765
				18,629,193
Total U.S. Government & U.S. Government Agency Obligations				150,398,298
Total Investments — 100.0% (at amortized cost)				469,164,371
Other Assets and Liabilities — 0.0%				79,579
Total Net Assets — 100.0%				$469,243,950

Portfolio Sector Allocations*
Sector	Fund
Municipals		16.2%
Mutual Funds		4.3
Repurchase Agreements		47.5
U.S. Government & U.S. Government Agency Obligations		32.0
Other Assets & Liabilities, Net		0.0
Total		100.0%

Tax-Free Money Market Fund

Description	Principal Amount		Value
Municipals — 96.5%
Alabama — 5.7%
Chatom Industrial Development Board, 0.530%, 8/1/2037 (3)		$11,500,000		$11,500,000
Chatom Industrial Development Board, 0.550%, 12/1/2024 (3)		8,000,000		8,000,000
Chatom Industrial Development Board, 0.550%, 11/15/2038 (3)		2,605,000		2,605,000
Eutaw Industrial Development Board, 0.140%, 12/1/2020 (3)		6,550,000		6,550,000
Mobile Industrial Development Board, 0.580%, 9/13/2013 (3)		16,500,000		16,500,250
Parrish Industrial Development Board, 0.110%, 6/1/2015 (3)		10,000,000		10,000,000
				55,155,250
California — 8.0%
California State University, 0.190%, 5/1/2015 (3)		9,210,000		9,210,000
Deutsche Bank Spears/Lifers Trust, 0.210%, 12/1/2031 (3)		1,895,000		1,895,000
Deutsche Bank Spears/Lifers Trust, 0.210%, 2/1/2038 (3)		2,000,000		2,000,000
Deutsche Bank Spears/Lifers Trust, 0.260%, 8/1/2042 (3)		17,700,000		17,700,000
Fontana Unified School District, 0.190%, 2/1/2016 (3)		3,765,000		3,765,000
State of California, 0.190%, 3/1/2035 (3)		12,250,000		12,250,000
Wells Fargo Stage Trust, 0.200%, 8/1/2034 (3)(5)(6)		15,045,000		15,045,000
Wells Fargo Stage Trust, 0.200%, 8/1/2037 (3)(5)(6)		6,430,000		6,430,000
Wells Fargo Stage Trust, 0.200%, 8/1/2032 (3)(5)(6)		9,455,000		9,455,000
				77,750,000
Colorado — 4.5%
Colorado Health Facilities Authority, 0.160%, 1/1/2035 (3)		7,500,000		7,500,000
Colorado Housing & Finance Authority, 0.110%, 10/1/2030 (3)		23,935,000		23,935,000
Colorado Housing & Finance Authority, 0.110%, 4/1/2038 (3)		6,520,000		6,520,000
Puttable Floating Option Tax-Exempt Receipts, 0.460%, 12/1/2028 (3)		5,700,000		5,700,000
				43,655,000
District of Columbia — 0.6%
District of Columbia, 0.260%, 10/1/2023 (3)		3,575,000		3,575,000

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

99

February 28, 2013 (Unaudited)

Schedule of Investments

Tax-Free Money Market Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
District of Columbia (continued)
District of Columbia, 0.260%, 3/1/2026 (3)		$  1,920,000		$    1,920,000
				5,495,000
Florida — 12.8%
City of Gulf Breeze, 1.000%, 12/1/2013 (3)		14,970,000		14,970,000
City of West Palm Beach, 0.400%, 10/1/2038 (3)		30,000,000		30,000,000
Collier County Educational Facilities Authority, 0.120%, 10/1/2036 (3)		3,235,000		3,235,000
County of Brevard, 0.260%, 10/1/2019 (3)		1,825,000		1,825,000
County of Miami-Dade, 0.140%, 7/1/2031 (3)(5)(6)		9,900,000		9,900,000
Florida Municipal Power Agency, 0.120%, 10/1/2035 (3)		8,500,000		8,500,000
Jacksonville Pollution Control, 0.220%, 3/14/2013		28,300,000		28,300,000
JP Morgan Chase Putters/Drivers Trust, 0.130%, 7/1/2013 (3)(5)(6)		13,000,000		13,000,000
JP Morgan Chase Putters/Drivers Trust, 0.210%, 11/1/2015 (3)(5)(6)		7,400,000		7,400,000
Orange County Industrial Development Authority, 0.260%, 10/1/2023 (3)		2,730,000		2,730,000
Putnam County Development Authority, 0.120%, 9/1/2024 (3)		4,400,000		4,400,000
				124,260,000
Georgia — 3.9%
Appling County Development Authority, 0.130%, 9/1/2029 (3)		3,700,000		3,700,000
Columbia County Development Authority, 0.210%, 8/1/2018 (3)		1,900,000		1,900,000
County of DeKalb, 0.130%, 4/1/2023 (3)(5)(6)		9,600,000		9,600,000
County of DeKalb, 0.140%, 10/1/2035 (3)(5)(6)		11,990,000		11,990,000
Monroe County Development Authority, 0.130%, 12/1/2041 (3)		7,000,000		7,000,000
Savannah Economic Development Authority, 0.140%, 1/1/2016 (3)		4,085,000		4,085,000
				38,275,000
Idaho — 0.5%
Idaho Housing & Finance Association, FHLMC, 0.150%, 9/1/2044 (3)		4,950,000		4,950,000
Illinois — 6.2%
City of Galesburg, 0.130%, 7/1/2024 (3)		3,100,000		3,100,000
Deutsche Bank Spears/Lifers Trust, 0.190%, 12/1/2030 (3)		10,465,000		10,465,000
Deutsche Bank Spears/Lifers Trust, 0.210%, 1/1/2026 (3)		18,000,000		18,000,000
Illinois Finance Authority, 0.140%, 8/15/2033 (3)		4,200,000		4,200,000

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Illinois Housing Development Authority, 0.140%, 8/1/2042 (3)		$  8,500,000		$  8,500,000
Jackson-Union Counties Regional Port District, 0.130%, 4/1/2024 (3)		2,300,000		2,300,000
JP Morgan Chase Putters/Drivers Trust, 0.210%, 11/1/2023 (3)(5)(6)		6,375,000		6,375,000
Phoenix Realty Special Account-U LP, 0.230%, 4/1/2020 (3)		6,075,000		6,075,000
Village of McCook, 0.150%, 12/1/2021 (3)		1,700,000		1,700,000
				60,715,000
Indiana — 0.8%
Barclays Capital Municipal Trust Receipts, 0.220%, 4/1/2030 (3)(5)(6)		7,770,000		7,770,000
Iowa — 2.1%
Iowa Finance Authority, 0.130%, 6/1/2027 (3)		6,870,000		6,870,000
Iowa Finance Authority, 0.160%, 2/1/2027 (3)		3,250,000		3,250,000
Iowa Finance Authority, 0.160%, 12/1/2042 (3)		10,000,000		10,000,000
				20,120,000
Kansas — 0.9%
City of Burlington, 0.400%, 3/14/2013		4,695,000		4,695,000
City of Burlington, 0.400%, 3/14/2013		4,000,000		4,000,000
				8,695,000
Kentucky — 3.8%
City of Hazard, 1.000%, 12/1/2013		10,000,000		10,037,455
County of Mason, 0.310%, 10/15/2014 (3)		8,200,000		8,200,000
County of Mason, 0.310%, 10/15/2014 (3)		5,325,000		5,325,000
County of Warren, 0.130%, 6/1/2030 (3)		10,270,000		10,270,000
Hardin County Water District No. 1, 0.140%, 9/1/2022 (3)		2,890,000		2,890,000
				36,722,455
Louisiana — 2.3%
Louisiana Housing Finance Agency, 0.650%, 8/1/2013 (3)		7,350,000		7,350,000
Parish of St. James, 0.590%, 11/1/2039 (3)		10,000,000		10,000,000
Wells Fargo Stage Trust, 0.200%, 12/1/2040 (3)(5)(6)		4,995,000		4,995,000
				22,345,000
Maryland — 0.2%
Montgomery County Housing Opportunites Commission, 0.130%, 7/1/2027 (3)		1,995,000		1,995,000
Massachusetts — 2.7%
BB&T Municipal Trust, 0.200%, 10/1/2028 (3)(5)(6)		12,285,000		12,285,000
Massachusetts Development Finance Agency, 0.120%, 7/1/2032 (3)		13,500,000		13,500,000

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

100

BMO Funds

Tax-Free Money Market Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
Massachusetts (continued)
Massachusetts Industrial Finance Agency, 0.140%, 12/1/2019 (3)		$  1,000,000		$  1,000,000
				26,785,000
Michigan — 1.0%
City of Detroit Sewage Disposal System Revenue, 0.210%, 7/1/2029 (3)		8,930,000		8,930,000
Michigan Strategic Fund, 0.120%, 6/1/2039 (3)		1,100,000		1,100,000
				10,030,000
Minnesota — 0.7%
City of Bloomington, 0.160%, 12/1/2015 (3)		880,000		880,000
City of Bloomington, 0.160%, 12/1/2015 (3)		835,000		835,000
City of Eagan, FNMA, 0.120%, 1/15/2026 (3)		1,900,000		1,900,000
City of Ramsey, 0.230%, 12/1/2023 (3)		2,835,000		2,835,000
				6,450,000
Mississippi — 1.6%
Claiborne County, 0.490%, 5/15/2013		5,500,000		5,500,000
Mississippi Business Finance Corp., 0.500%, 5/1/2037 (3)		10,320,000		10,320,000
				15,820,000
Missouri — 2.0%
Greene County Industrial Development Authority, 0.210%, 5/1/2039 (3)		1,265,000		1,265,000
Missouri Development Finance Board, 0.160%, 3/19/2013		10,000,000		10,000,000
Puttable Floating Option Tax-Exempt Receipts, 0.250%, 11/15/2042 (3)(5)(6)		8,440,000		8,440,000
				19,705,000
Nebraska — 0.7%
Nebraska Investment Finance Authority, 0.160%, 12/1/2037 (3)		6,500,000		6,500,000
Nebraska Investment Finance Authority, 0.180%, 9/1/2031 (3)		600,000		600,000
				7,100,000
New Hampshire — 3.4%
New Hampshire Business Finance Authority, 1.080%, 9/1/2030 (3)		25,000,000		25,000,000
Wells Fargo Stage Trust, 0.200%, 7/1/2053 (3)(5)(6)		8,255,000		8,255,000
				33,255,000
New Jersey — 2.0%
Borough of Wildwood Crest, 1.250%, 10/16/2013		7,419,400		7,449,471
Township of Edison, 0.750%, 8/30/2013		8,860,000		8,870,954
Township of Edison, 0.750%, 8/30/2013		3,410,000		3,413,364
				19,733,789

Description	Principal Amount		Value
Municipals (continued)
New York — 6.2%
Binghamton City School District, State Aid Withholding, 1.000%, 1/24/2014		$  7,200,000		$  7,223,169
Eagle Tax-Exempt Trust, 0.150%, 6/15/2035 (3)(5)(6)		9,475,000		9,475,000
New York State Thruway Authority, 0.230%, 1/1/2014 (3)		4,995,000		4,995,000
Ogdensburg Enlarged City School District, State Aid Withholding, 1.250%, 6/28/2013		4,000,000		4,005,296
Patchogue-Medford Union Free School District, State Aid Withholding, 1.000%, 6/20/2013		16,500,000		16,525,570
Utica Industrial Development Agency, 0.170%, 7/15/2029 (3)		7,040,000		7,040,000
Westchester County Industrial Development Agency, 0.150%, 1/1/2031 (3)		6,500,000		6,500,000
Whitesboro Central School District, State Aid Withholding, 1.000%, 6/28/2013		4,465,000		4,470,218
				60,234,253
North Carolina — 1.0%
BB&T Municipal Trust, 0.230%, 6/1/2013 (3)		9,550,000		9,550,000
Ohio — 3.0%
County of Warren, 0.300%, 9/1/2015 (3)		5,190,000		5,190,000
Montgomery County Transportation Improvement District, 1.375%, 3/28/2013		11,265,000		11,270,582
Ohio State Higher Educational Facility Commission, 0.190%, 1/15/2046 (3)		11,250,000		11,250,000
Township of Miami/Montgomery County, 1.375%, 3/28/2013		1,260,000		1,260,624
				28,971,206
Oklahoma — 0.3%
Tulsa Industrial Authority, 0.310%, 11/1/2026 (3)		2,585,000		2,585,000
Pennsylvania — 4.9%
Barclays Capital Municipal Trust Receipts, FHA, 0.220%, 8/1/2038 (3)(5)(6)		11,090,000		11,090,000
Butler County Hospital Authority, 0.130%, 10/1/2032 (3)		11,145,000		11,145,000
Chambersburg Municipal Authority, 0.150%, 11/1/2037 (3)		10,000,000		10,000,000
JP Morgan Chase Putters/Drivers Trust, 0.310%, 12/1/2019 (3)(5)(6)		5,335,000		5,335,000
Montgomery County Industrial Development Authority, FHA, 0.150%, 2/1/2018 (3)(5)(6)		10,425,000		10,425,000
				47,995,000
South Carolina — 0.5%
South Carolina Jobs-Economic Development Authority, 0.190%, 6/1/2030 (3)		5,000,000		5,000,000

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

101

February 28, 2013 (Unaudited)

Schedule of Investments

Tax-Free Money Market Fund (continued)

Description	Principal Amount		Value
Municipals (continued)
South Dakota — 1.4%
South Dakota Housing Development Authority, 0.180%, 5/1/2048 (3)		$  7,115,000		$  7,115,000
South Dakota Housing Development Authority, 0.190%, 11/1/2048 (3)		6,525,000		6,525,000
				13,640,000
Texas — 4.1%
Atascosa County Industrial Development Corp., 0.240%, 6/30/2020 (3)		3,700,000		3,700,000
Dallam County Industrial Development Corp., 0.160%, 5/1/2039 (3)		2,800,000		2,800,000
Dickinson Independent School District, 0.470%, 8/1/2013 (3)		7,000,000		7,000,000
Gulf Coast Waste Disposal Authority, 0.090%, 12/1/2039 (3)		10,100,000		10,100,000
JP Morgan Chase Putters/Drivers Trust, 0.120%, 10/1/2029 (3)(5)(6)		2,165,000		2,165,000
JP Morgan Chase Putters/Drivers Trust, 0.150%, 3/1/2016 (3)(5)(6)		11,365,000		11,365,000
San Gabriel Industrial Development Corp., 0.120%, 6/1/2029 (3)		2,635,000		2,635,000
				39,765,000
Virginia — 1.2%
Albermarle County Economic Development Authority, 0.130%, 3/1/2039 (3)		7,000,000		7,000,000
Barclays Capital Municipal Trust Receipts, 0.220%, 2/1/2028 (3)(5)(6)		3,335,000		3,335,000
Suffolk Redevelopment & Housing Authority, 0.260%, 9/1/2019 (3)		1,005,000		1,005,000
				11,340,000
Washington — 3.0%
Barclays Capital Municipal Trust Receipts, 0.220%, 6/1/2039 (3)(5)(6)		11,250,000		11,250,000
Central Puget Sound Regional Transit Authority, 0.140%, 11/1/2034 (3)(5)(6)		4,250,000		4,250,000
Central Puget Sound Regional Transit Authority, 0.110%, 11/1/2015 (3)		8,380,000		8,380,000
County of King, 0.130%, 1/1/2032 (3)		1,125,000		1,125,000
Washington State Housing Finance Commission, 0.210%, 7/1/2028 (3)		3,930,000		3,930,000
				28,935,000
Wisconsin — 4.5%
City of Milwaukee, 0.270%, 2/15/2032 (3)		15,000,000		15,000,000

Description	Shares or Principal Amount		Value
Municipals (continued)
Wisconsin (continued)
Glendale-River Hills School District, 1.000%, 4/17/2013		$  1,500,000		$    1,501,060
Sun Prairie Area School District, 1.000%, 11/1/2013		9,000,000		9,023,853
Wisconsin Health & Educational Facilities Authority, 0.190%, 8/15/2034 (3)		14,000,000		14,000,000
Wisconsin Housing & Economic Development Authority, 0.210%, 5/1/2037 (3)		4,520,000		4,520,000
				44,044,913
Total Municipals				938,841,866
Mutual Funds — 2.4%
Federated Tax-Free Obligations Fund, Class I, 0.010%		23,553,397		23,553,397
Total Mutual Funds				23,553,397
Total Investments — 98.9% (at amortized cost)				962,395,263
Other Assets and Liabilities — 1.1%				10,776,408
Total Net Assets — 100.0%				$973,171,671

Portfolio Sector Allocations*
Sector	Fund
Municipals		96.5%
Mutual Funds		2.4
Other Assets & Liabilities, Net		1.1
Total		100.0%

Municipal Issuance/Industry Type*
Issuance/Industry	Fund
General Obligation
School District		7.2%
State or Local		11.7
Total General Obligation		18.9
Revenue Bonds
Appropriation		6.1
Education		9.3
General Revenue		3.5
Healthcare		11.4
Housing		9.2
Industrial Revenue		14.4
Power		1.3
Special Tax		6.8
Transportation		2.5
Water & Sewer		13.1
Total Revenue Bonds		77.6
Other Assets & Liabilities, Net		3.5
Total		100.0%

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

102

BMO Funds

Prime Money Market Fund

Description	Principal Amount		Value
Certificates of Deposit — 13.2%
Banks — 13.2%
Bank of Nova Scotia/Houston, 0.510%, 3/27/2014 (3)		$  2,000,000		$    2,003,425
Canadian Imperial Bank of Commerce/New York, 0.330%, 11/8/2013 (3)		75,000,000		75,000,000
Rabobank Nederland NY, 0.454%, 10/15/2013 (3)		25,000,000		25,000,000
Royal Bank of Canada/New York, 0.360%, 2/28/2014 (3)		35,000,000		35,000,000
Royal Bank of Canada/New York, 0.370%, 2/3/2014 (3)		75,000,000		75,000,000
Skandinaviska Enskilda Banken AB/New York, 0.495%, 1/8/2014 (3)		50,000,000		50,000,000
Toronto Dominion Bank, 0.251%, 11/15/2013 (3)		15,000,000		15,000,000
Toronto Dominion Bank, 0.302%, 10/21/2013 (3)		50,000,000		50,000,000
Toronto Dominion Bank, 0.305%, 7/19/2013		75,000,000		75,021,831
Westpac Banking Corp., 0.378%, 8/2/2013 (3)		50,000,000		50,000,000
Total Certificates of Deposit				452,025,256
Commercial Paper — 34.0%
Asset-Backed Securities — 12.7%
Chariot Funding LLC, 0.320%, 5/16/2013 (5)(6)(9)		50,000,000		49,966,222
Jupiter Securitization Corp., 0.200%, 4/15/2013 (5)(6)(9)		20,000,000		19,995,000
Jupiter Securitization Corp., 0.320%, 3/6/2013 (5)(6)(9)		50,000,000		49,997,778
Kells Funding LLC, 0.330%, 5/21/2013 (5)(6)(9)		20,000,000		19,985,150
Kells Funding LLC, 0.440%, 5/7/2013 (5)(6)(9)		50,000,000		49,960,008
Liberty Street Funding Corp., 0.160%, 3/1/2013 (5)(6)(9)		90,033,000		90,033,000
Old Line Funding LLC, 0.310%, 4/8/2013 (5)(6)(9)		50,000,000		49,983,639
Old Line Funding LLC, 0.320%, 3/1/2013 (5)(6)(9)		10,000,000		10,000,000
Thunder Bay Funding LLC, 0.200%, 3/19/2013 (5)(6)(9)		44,224,000		44,219,577
Thunder Bay Funding LLC, 0.300%, 6/20/2013 (5)(6)(9)		50,000,000		49,953,750
				434,094,124
Beverages — 0.9%
Coca Cola Co., 0.260%, 5/2/2013 (5)(6)(9)		30,000,000		29,986,567
Diversified Financial Services — 1.0%
Caterpillar Financial Services Corp., 0.200%, 3/7/2013 (9)		35,000,000		34,998,833
Foreign Banks — 16.6%
ANZ National, Ltd., 0.459%, 6/20/2013 (3)(5)(6)		50,000,000		50,000,000
Australia and New Zealand Banking Group, 0.300%, 10/10/2013 (5)(6)(9)		28,523,000		28,469,995

Description	Principal Amount		Value
Commercial Paper (continued)
Foreign Banks (continued)
Commonwealth Bank Australia, 0.345%, 10/4/2013 (3)(5)(6)		$50,000,000		$     49,998,017
Commonwealth Bank Australia, 0.351%, 9/5/2013 (3)(5)(6)		50,000,000		50,000,000
DNB Bank ASA, 0.411%, 12/5/2013 (3)(5)(6)		50,000,000		49,998,078
Nordea North America, Inc., 0.230%, 5/3/2013 (9)		20,800,000		20,791,628
Nordea North America, Inc., 0.275%, 7/9/2013 (9)		50,000,000		49,950,347
Rabobank U.S. Financial Corp., 0.380%, 3/11/2013 (9)		17,650,000		17,648,137
Rabobank U.S. Financial Corp., 0.380%, 4/1/2013 (9)		50,000,000		49,983,639
Skandinaviska Enskilda Banken AB, 0.300%, 8/26/2013 (5)(6)(9)		50,000,000		49,925,833
Skandinaviska Enskilda Banken AB, 0.480%, 8/20/2013 (5)(6)(9)		25,000,000		24,942,667
Svenska Handelsbanken, Inc., 0.230%, 3/21/2013 (5)(6)(9)		16,450,000		16,447,898
Svenska Handelsbanken, Inc., 0.280%, 7/31/2013 (5)(6)(9)		60,000,000		59,929,067
Westpac Securities NZ, Ltd., 0.533%, 4/5/2013 (3)(5)(6)		50,000,000		50,000,000
				568,085,306
Insurance — 1.4%
Prudential PLC, 0.230%, 4/18/2013 (5)(6)(9)		43,250,000		43,236,737
Prudential PLC, 0.300%, 7/19/2013 (5)(6)(9)		4,050,000		4,045,275
				47,282,012
Utilities — 1.4%
Florida Power & Light Corp., 0.250%, 3/5/2013 (9)		50,000,000		49,998,611
Total Commercial Paper				1,164,445,453
Corporate Bonds & Notes — 0.5%
Diversified Financial Services — 0.5%
General Electric Capital Corp., 2.100%, 1/7/2014		18,721,000		18,991,774
Total Corporate Bonds & Notes				18,991,774
Funding Agreements — 3.4%
Insurance — 3.4%
Metropolitan Life Insurance Co., 0.419%, 5/1/2013 (3)(5)(8)		50,000,000		50,000,000
Metropolitan Life Insurance Co., 0.561%, 3/1/2014 (3)(5)(8)		65,000,000		65,000,000
Total Funding Agreements				115,000,000
Municipals — 12.4%
California — 0.4%
Wells Fargo Stage Trust, 0.150%, 5/1/2032 (3)(7)		12,740,000		12,740,000

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

103

February 28, 2013 (Unaudited)

Schedule of Investments

Prime Money Market Fund (continued)

Description	Shares or Principal Amount		Value
Municipals (continued)
Connecticut — 2.0%
Connecticut Housing Finance Authority, 0.260%, 11/15/2038 (3)		$  66,975,000		$  66,975,000
Federal Home Loan Mortgage Corporation — 0.4%
FHLMC Multifamily Variable Rate Demand Certificates, 0.170%, 9/15/2038 (3)(7)		12,920,000		12,920,000
Georgia — 1.2%
Monroe County Development Authority, 0.130%, 11/1/2048 (3)		40,000,000		40,000,000
Iowa — 1.2%
Iowa Finance Authority, 0.130%, 1/1/2039 (3)(7)		12,890,000		12,890,000
Iowa Finance Authority, 0.160%, 6/1/2036 (3)		11,000,000		11,000,000
Iowa Finance Authority, 0.160%, 9/1/2036 (3)		19,000,000		19,000,000
				42,890,000
Minnesota — 0.3%
Minnesota Office of Higher Education, 0.110%, 12/1/2043 (3)(7)		10,300,000		10,300,000
New York — 5.1%
New York City Housing Development Corp., FNMA, 0.100%, 5/15/2034 (3)(7)		44,500,000		44,500,000
New York City Housing Development Corp., FNMA, 0.100%, 6/15/2034 (3)(7)		49,000,000		49,000,000
New York State Housing Finance Agency, FNMA, 0.100%, 11/15/2038 (3)(7)		56,100,000		56,100,000
RBC Municipal Products, Inc. Trust, 0.310%, 10/1/2014 (3)(5)(6)(7)		24,495,000		24,495,000
				174,095,000
North Dakota — 0.4%
North Dakota Housing Finance Agency, 0.120%, 1/1/2039 (3)(7)		13,700,000		13,700,000
Vermont — 0.5%
BB&T Municipal Trust, 0.430%, 5/1/2027 (3)		18,115,000		18,115,000
Wisconsin — 0.9%
Wisconsin Housing & Economic Development Authority, 0.110%, 9/1/2035 (3)(7)		17,940,000		17,940,000
Wisconsin Housing & Economic Development Authority, GO, 0.110%, 3/1/2035 (3)(7)		14,035,000		14,035,000
				31,975,000
Total Municipals				423,710,000
Mutual Funds — 4.9%
BlackRock Liquidity Funds TempFund, 0.163%		169,000,000		169,000,000
Total Mutual Funds				169,000,000

Description	Principal Amount		Value
Notes-Variable — 5.7%
Diversified Financial Services — 2.3%
American Honda Finance Corp., 0.378%, 8/2/2013 (3)(5)(6)		$30,000,000		$30,000,000
Toyota Motor Credit Corp., 0.361%, 9/9/2013 (3)		48,500,000		48,500,000
				78,500,000
Foreign Banks — 2.9%
Australia & New Zealand Banking Group, 1.045%, 1/10/2014 (3)(5)(6)		50,000,000		50,300,980
National Australia Bank, Ltd., 0.993%, 11/8/2013 (3)(5)(6)		50,000,000		50,241,401
				100,542,381
Insurance — 0.5%
MetLife Institutional Funding, 0.375%, 1/10/2014 (3)(5)(6)		15,000,000		15,000,000
Total Notes-Variable				194,042,381
Repurchase Agreements — 14.3%
Agreement with Deutsche Bank Securities, Inc., 0.190%, dated 2/28/2013, to be repurchased at $225,001,188 on 3/1/2013, collateralized by U.S. Government Agency Obligations with various maturities to 6/22/2035, with a market value of $229,500,237		225,000,000		225,000,000
Agreement with Fixed Income Clearing Corp., 0.020%, dated 2/28/2013, to be repurchased at $65,123,431 on 3/1/2013, collateralized by U.S. Government Treasury Obligations with various maturities to 12/31/2015, with a market value of $66,431,086		65,123,394		65,123,394
Agreement with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.160%, dated 2/28/2013, to be repurchased at $200,000,889 on 3/1/2013, collateralized by U.S. Government Agency Obligations with various maturities to 2/1/2043, with a market value of $204,000,001		200,000,000		200,000,000
Total Repurchase Agreements				490,123,394
Trust Demand Notes — 4.2%
Broker/Dealers — 4.2%
JP Morgan Securities, Inc., 0.300%, 3/1/2013 (3)		143,000,000		143,000,000
Total Trust Demand Notes				143,000,000
U.S. Government & U.S. Government Agency Obligations — 7.4%
Federal Home Loan Bank — 4.5%
0.140%, 7/29/2013 (9)		25,000,000		24,985,416
0.163%, 4/24/2013 (9)		30,000,000		29,992,624
0.170%, 5/21/2013 (9)		18,000,000		17,993,115
0.240%, 6/28/2013		40,000,000		39,996,902
0.250%, 7/1/2013		40,000,000		39,995,519
				152,963,576

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

104

BMO Funds

Prime Money Market Fund (continued)

Description	Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations (continued)
Federal Home Loan Mortgage Corporation — 2.9%
0.130%, 8/6/2013 (9)		$15,000,000		$        14,991,442
0.150%, 9/4/2013 (9)		35,000,000		34,972,737
0.155%, 4/1/2013 (9)		50,000,000		49,993,326
				99,957,505
Total U.S. Government & U.S. Government Agency Obligations				252,921,081
Total Investments — 100.0% (at amortized cost)				3,423,259,339
Other Assets and Liabilities — 0.0%				213,240
Total Net Assets — 100.0%				$3,423,472,579

Portfolio Sector Allocations*
Sector	Fund
Certificates of Deposit		13.2%
Commercial Paper		34.0
Corporate Bonds & Notes		0.5
Funding Agreements		3.4
Municipals		12.4
Mutual Funds		4.9
Notes-Variable		5.7
Repurchase Agreements		14.3
Trust Demand Notes		4.2
U.S. Government & U.S. Government Agency Obligations		7.4
Other Assets & Liabilities, Net		0.0
Total		100.0%

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

105

Notes to Schedules of Investments

The categories of investments are shown as a percentage of total net assets for each Fund as of February 28, 2013. Call dates contained within the Schedules of Investments represent the next possible date the security can be redeemed, at the option of the issuer, determined as of February 28, 2013. Maturity dates contained within the Schedules of Investments represent the stated legal maturity date or mandatory put date. In accordance with Rule 2a-7, Money Market Fund securities are subject to the return of principal and interest on no more than 397 days either through final maturity date or demand features. Demand features entitle a Fund to receive the principal amount of the instrument from the issuer or a third party (1) on no more than 30 calendar days’ notice or (2) at specified intervals not exceeding 397 calendar days.

* Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets at the close of business on February 28, 2013 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes.

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

(2) Non-income producing.

(3) Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of February 28, 2013.

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

(5) Denotes a restricted security which is subject to restrictions on resale under federal securities law. At February 28, 2013, these securities amounted to:

Fund	Amount		% of Total Net Assets
Ultra Short Tax-Free Fund	$	57,742,730		6.27	%
Short Tax-Free Fund		674,248		1.78
Short-Term Income Fund		37,682,703		16.67
Short-Intermediate Bond Fund		23,024,570		14.67
Intermediate Tax-Free Fund		18,808,064		1.43
Government Income Fund		10,916,366		5.36

Fund	Amount		% of Total Net Assets
TCH Corporate Income Fund	$	20,189,227		13.68	%
Aggregate Bond Fund		56,623,688		14.21
TCH Core Plus Bond Fund		38,316,809		9.92
Monegy High Yield Bond Fund		20,203,329		23.00
Tax-Free Money Market Fund		199,630,000		20.51
Prime Money Market Fund		1,226,111,639		35.81

(6) Denotes a restricted security which has been deemed liquid by criteria approved by the Board of Directors of the BMO Funds.

(7) Securities that are subject to alternative minimum tax of the Intermediate Tax-Free Fund, Government Money Market Fund and Prime Money Market Fund portfolios’ represent 2.67%, 13.65% and 7.85%, respectively, as calculated based upon total portfolio market value as of February 28, 2013.

(8) Securities have redemption features that may delay redemption beyond seven days.

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

(10) Please refer to Note 5, Investments in Affiliated Issuers, in the Notes to Financial Statements.

(11) Foreign Security value denominated in U.S. Dollars, Principal amount listed represents adjusted par in local currency.

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

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

The following acronyms may be referenced throughout this report:

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

106

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February 28, 2013 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Low Volatility Equity Fund (1)		Large-Cap Value Fund			Dividend Income Fund			Large-Cap Growth Fund			Mid-Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value	$	683,474	$	220,704,501	(2)	$	119,177,949	(2)	$	237,110,727	(2)	$	303,951,483	(2)
Investments in affiliated issuers, at value		20,994		2,429,113			2,249,871			2,789,837			14,697,889
Dividends and interest receivable		2,002		497,207			355,941			267,713			383,655
Receivable for investments sold		48,323		—			—			—			—
Receivable for capital stock sold		—		262,732			151,105			131,640			237,587
Prepaid expenses		19,103		17,719			22,241			20,857			18,045
Other receivables		—		8,422			4,124			12,851			25,496
Total assets		773,896		223,919,694			121,961,231			240,333,625			319,314,155
Liabilities:
Payable for capital stock redeemed		—		196,944			82,552			182,928			304,214
Payable for investments purchased		47,123		—			—			—			—
Payable for return of securities lending collateral		—		33,946,173			21,976,339			32,035,921			59,226,416
Payable to affiliates (Note 5)		32,303		109,235			25,711			155,452			188,884
Other liabilities		7,790		48,929			25,728			50,161			58,485
Total liabilities		87,216		34,301,281			22,110,330			32,424,462			59,777,999
Total net assets	$	686,680	$	189,618,413		$	99,850,901		$	207,909,163		$	259,536,156
Net assets consist of:
Paid-in capital	$	643,099	$	159,583,994		$	90,060,600		$	174,183,841		$	190,437,477
Net unrealized appreciation on investments		37,429		31,158,148			9,278,626			31,399,213			54,899,110
Accumulated net realized gain (loss) on investments		339		(1,458,743	)		131,821			1,893,228			13,836,742
Undistributed net investment income		5,813		335,014			379,854			432,881			362,827
Total net assets	$	686,680	$	189,618,413		$	99,850,901		$	207,909,163		$	259,536,156
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.64	$	13.47		$	11.58		$	14.00		$	14.46
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.65	$	13.48		$	11.59		$	14.07		$	14.44
Net assets:
Investor class of shares	$	500,455	$	99,357,012		$	49,996,004		$	83,854,427		$	146,587,355
Institutional class of shares		186,225		90,261,401			49,854,897			124,054,736			112,948,801
Total net assets	$	686,680	$	189,618,413		$	99,850,901		$	207,909,163		$	259,536,156
Shares outstanding:
Investor class of shares		47,031		7,376,541			4,318,113			5,990,695			10,135,204
Institutional class of shares		17,488		6,695,022			4,299,798			8,817,252			7,823,415
Total shares outstanding		64,519		14,071,563			8,617,911			14,807,947			17,958,619
Investments, at cost:
Investments in unaffiliated issuers	$	646,045	$	189,546,353		$	109,899,323		$	205,711,514		$	249,052,373
Investments in affiliated issuers		20,994		2,429,113			2,249,871			2,789,837			14,697,889
Total Investments, at cost	$	667,039	$	191,975,466		$	112,149,194		$	208,501,351		$	263,750,262

(1) Fund inception date is September 28, 2012.

(2) Including $33,165,697, $21,471,067, $31,299,364 and $57,864,705, respectively, of securities on loan.

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

108

February 28, 2013 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Mid-Cap Growth Fund			Small-Cap Value Fund			Small-Cap Growth Fund			Pyrford International Stock Fund			Lloyd George Emerging Markets Equity Fund
Assets:
Investments in unaffiliated issuers, at value	$	314,375,017	(1)	$	61,096,503	(1)	$	858,638,611	(1)	$	144,346,684	(1)	$	88,371,857
Investments in affiliated issuers, at value		7,064,000			3,651,999			30,292,231			—			—
Investments in repurchase agreements		—			—			—			19,258,581			5,496,159
Cash denominated in foreign currencies		—			—			—			8,771	(2)		1,569,563	(2)
Dividends and interest receivable		79,964			24,346			75,495			598,836			307,003
Receivable for investments sold		3,217,632			119,203			12,076,804			—			—
Receivable for capital stock sold		261,912			709,696			646,576			542,790			2,728,432
Receivable for forward foreign currency contract		—			—			—			38,642			—
Prepaid expenses		19,021			22,581			26,791			25,348			20,773
Other receivables		45,800			4,909			208,537			—			—
Total assets		325,063,346			65,629,237			901,965,045			164,819,652			98,493,787
Liabilities:
Payable for capital stock redeemed		246,306			81,151			680,363			89,537			104,970
Payable for investments purchased		3,227,052			138,239			6,806,451			13,064,912			—
Payable for return of securities lending collateral		73,335,803			19,814,384			280,287,804			863,988			—
Payable for foreign tax expense		—			—			—			41,418			31,513
Payable to affiliates (Note 5)		182,874			10,551			579,781			76,445			38,796
Other liabilities		37,654			24,215			88,823			33,474			279,998
Total liabilities		77,029,689			20,068,540			288,443,222			14,169,774			455,277
Total net assets	$	248,033,657		$	45,560,697		$	613,521,823		$	150,649,878		$	98,038,510
Net assets consist of:
Paid-in capital	$	167,514,591		$	38,519,903		$	481,333,569		$	134,027,946		$	86,063,672
Net unrealized appreciation on investments and foreign currency translation		70,410,069			5,344,215			105,864,661			16,893,598			11,356,495
Accumulated net realized gain (loss) on investments and foreign currency transactions		11,102,811			1,637,815			31,101,016			(777,235	)		419,527
Undistributed net investment income (distributions in excess of net investment income)		(993,814	)		58,764			(4,777,423	)		505,569			198,816
Total net assets	$	248,033,657		$	45,560,697		$	613,521,823		$	150,649,878		$	98,038,510
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	21.74		$	12.16		$	19.66		$	11.55		$	14.09
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	22.01		$	12.19		$	19.93		$	11.56		$	14.10
Net assets:
Investor class of shares	$	101,715,557		$	34,369,445		$	349,325,448		$	44,717,614		$	40,621,433
Institutional class of shares		146,318,100			11,191,252			264,196,375			105,932,264			57,417,077
Total net assets	$	248,033,657		$	45,560,697		$	613,521,823		$	150,649,878		$	98,038,510
Shares outstanding:
Investor class of shares		4,679,099			2,826,010			17,771,261			3,872,763			2,883,335
Institutional class of shares		6,647,528			917,983			13,257,679			9,163,075			4,070,870
Total shares outstanding		11,326,627			3,743,993			31,028,940			13,035,838			6,954,205
Investments, at cost:
Investments in unaffiliated issuers	$	243,964,948		$	55,752,288		$	754,721,108		$	146,724,446		$	82,514,278
Investments in affiliated issuers		7,064,000			3,651,999			28,345,073			—			—
Total Investments, at cost	$	251,028,948		$	59,404,287		$	783,066,181		$	146,724,446		$	82,514,278

(1) Including $71,649,691, $19,358,818, $273,843,525 and $844,126, respectively, of securities on loan.

(2) Identified cost of cash denominated in foreign currencies are $8,782 and $1,570,992, respectively.

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

109

February 28, 2013 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Pyrford Global Strategic Return Fund			Ultra Short Tax-Free Fund			Short Tax- Free Fund (1)			Short-Term Income Fund			Short- Intermediate Bond Fund
Assets:
Investments in unaffiliated issuers, at value	$	48,206,641		$	879,727,733		$	37,145,544		$	251,331,142	(2)	$	211,896,190	(2)
Investments in affiliated issuers, at value		—			42,705,630			800,535			12,425,134			12,911,768
Investments in repurchase agreements		978,513			—			—			—			—
Deposit held at broker		—			11,251			—			—			—
Cash denominated in foreign currencies		8,143	(3)		—			—			—			—
Dividends and interest receivable		246,718			4,541,037			261,757			1,263,699			671,261
Receivable for investments sold		—			—			—			—			21,567,626
Receivable for capital stock sold		40,934			5,429,291			96,296			1,792,133			52,471
Receivable for forward foreign currency contract		645			—			—			—			—
Receivable from affiliates (Note 5)		—			—			13,394			—			—
Prepaid expenses		24,007			36,215			22,149			25,567			18,553
Other receivables		—			—			—			4,474			10,070
Total assets		49,505,601			932,451,157			38,339,675			266,842,149			247,127,939
Liabilities:
Payable for capital stock redeemed		810,508			309,143			157			205,009			226,849
Payable for investments purchased		—			10,233,494			349,644			740,856			29,038,145
Payable for return of securities lending collateral		—			—			—			39,577,053			60,757,002
Payable for foreign tax expense		2,114			—			—			—			—
Payable for income distribution		—			540,390			23,259			120,167			47,935
Payable to affiliates (Note 5)		11,156			185,437			5,059			58,060			63,124
Other liabilities		30,898			36,550			22,246			30,216			26,684
Total liabilities		854,676			11,305,014			400,365			40,731,361			90,159,739
Total net assets	$	48,650,925		$	921,146,143		$	37,939,310		$	226,110,788		$	156,968,200
Net assets consist of:
Paid-in capital	$	47,755,916		$	918,823,687		$	37,732,850		$	227,053,388		$	181,343,169
Net unrealized appreciation on investments and foreign currency translation		998,023			2,243,745			219,650			2,778,797			2,859,305
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(63,751	)		82,254			(13,190	)		(3,583,344	)		(27,208,773	)
Distributions in excess of net investment income		(39,263	)		(3,543	)		—			(138,053	)		(25,501	)
Total net assets	$	48,650,925		$	921,146,143		$	37,939,310		$	226,110,788		$	156,968,200
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.29		$	10.09		$	10.12		$	9.49		$	10.55
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.31		$	10.08		$	10.12		$	9.51		$	10.54
Net assets:
Investor class of shares	$	12,667,608		$	99,043,848		$	16,163,538		$	113,087,680		$	50,694,479
Institutional class of shares		35,983,317			822,102,295			21,775,772			113,023,108			106,273,721
Total net assets	$	48,650,925		$	921,146,143		$	37,939,310		$	226,110,788		$	156,968,200
Shares outstanding:
Investor class of shares		1,231,427			9,816,081			1,596,918			11,911,767			4,807,048
Institutional class of shares		3,489,673			81,521,725			2,151,086			11,889,478			10,086,790
Total shares outstanding		4,721,100			91,337,806			3,748,004			23,801,245			14,893,838
Investments, at cost:
Investments in unaffiliated issuers	$	48,181,967		$	877,483,988		$	36,925,894		$	248,552,345		$	209,036,885
Investments in affiliated issuers		—			42,705,630			800,535			12,425,134			12,911,768
Total Investments, at cost	$	48,181,967		$	920,189,618		$	37,726,429		$	260,977,479		$	221,948,653

(1) Fund inception date is November 29, 2012.

(2) Including $38,667,112 and $59,360,099, respectively, of securities on loan.

(3) Identified cost of cash denominated in foreign currencies is $8,080.

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

110

February 28, 2013 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Intermediate Tax-Free Fund		Government Income Fund			TCH Corporate Income Fund			Aggregate Bond Fund			TCH Core Plus Bond Fund
Assets:
Investments in unaffiliated issuers, at value	$	1,266,100,286	$	247,653,093	(1)	$	168,863,345	(1)	$	494,489,072	(1)	$	517,064,299	(1)
Investments in affiliated issuers, at value		50,967,471		4,253,863			5,636,409			27,156,346			26,915,290
Investments in repurchase agreements		—		25,000,000			—			—			—
Cash		2,152		—			—			—			—
Deposit held at broker		270,402		356,721			—			—			—
Dividends and interest receivable		11,367,411		610,491			1,636,453			2,073,816			2,832,710
Receivable for investments sold		—		83,875,377			277,534			66,648,680			—
Receivable for capital stock sold		4,086,435		75,562			181,219			769,247			981,198
Prepaid expenses		67,591		19,366			25,640			19,435			22,080
Other receivables		—		1,281			4,614			21,992			7,594
Total assets		1,332,861,748		361,845,754			176,625,214			591,178,588			547,823,171
Liabilities:
Payable for capital stock redeemed		1,656,318		222,301			150,820			270,263			309,484
Payable for investments purchased		11,502,651		125,901,452			1,764,175			103,741,693			14,657,110
Payable for return of securities lending collateral		—		31,899,251			27,010,748			88,409,123			146,595,644
Payable for daily variation margin		1,181		—			—			—			—
Payable for income distribution		816,107		70,501			93,532			128,267			12,531
Payable to affiliates (Note 5)		427,946		104,575			44,963			203,290			111,690
Other liabilities		64,661		82,427			20,304			37,858			24,084
Total liabilities		14,468,864		158,280,507			29,084,542			192,790,494			161,710,543
Total net assets	$	1,318,392,884	$	203,565,247		$	147,540,672		$	398,388,094		$	386,112,628
Net assets consist of:
Paid-in capital	$	1,258,630,777	$	201,398,097		$	136,337,140		$	386,541,201		$	373,028,729
Net unrealized appreciation on investments and futures contracts		58,059,464		2,684,591			9,214,483			6,904,326			12,279,685
Accumulated net realized gain on investments and futures contracts		1,127,020		647,765			2,119,407			5,791,697			1,093,269
Undistributed net investment income (distributions in excess of net investment income)		575,623		(1,165,206	)		(130,358	)		(849,130	)		(289,055	)
Total net assets	$	1,318,392,884	$	203,565,247		$	147,540,672		$	398,388,094		$	386,112,628
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.30	$	9.55		$	13.00		$	10.90		$	11.85
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.30	$	9.55		$	12.98		$	10.90		$	11.84
Net assets:
Investor class of shares	$	956,290,282	$	163,759,757		$	50,055,217		$	204,913,675		$	240,494,728
Institutional class of shares		362,102,602		39,805,490			97,485,455			193,474,419			145,617,900
Total net assets	$	1,318,392,884	$	203,565,247		$	147,540,672		$	398,388,094		$	386,112,628
Shares outstanding:
Investor class of shares		84,607,519		17,140,242			3,851,553			18,792,486			20,299,797
Institutional class of shares		32,046,773		4,169,278			7,509,375			17,747,159			12,295,006
Total shares outstanding		116,654,292		21,309,520			11,360,928			36,539,645			32,594,803
Investments, at cost:
Investments in unaffiliated issuers	$	1,208,039,641	$	269,968,502		$	159,648,862		$	487,584,746		$	504,784,614
Investments in affiliated issuers		50,967,471		4,253,863			5,636,409			27,156,346			26,915,290
Total Investments, at cost	$	1,259,007,112	$	274,222,365		$	165,285,271		$	514,741,092		$	531,699,904

(1) Including $31,165,835, $26,389,725, $86,376,453 and $143,225,167, respectively, of securities on loan.

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

111

February 28, 2013 (Unaudited)

Statements of Assets and Liabilities BMO Funds

	Monegy High Yield Bond Fund			Government Money Market Fund		Tax-Free Money Market Fund		Prime Money Market Fund
Assets:
Investments in unaffiliated issuers, at value	$	85,491,585		$	246,288,298	$	962,395,263	$	2,933,135,945
Investments in affiliated issuers, at value		719,822			—		—		—
Investments in repurchase agreements		—			222,876,073		—		490,123,394
Cash		—			—		1,000		—
Cash denominated in foreign currencies		39,233	(1)		—		—		—
Dividends and interest receivable		1,669,042			97,146		844,208		901,113
Receivable for investments sold		—			—		10,123,821		—
Receivable for capital stock sold		164,591			1,388		—		9,600
Receivable for forward foreign currency contract		5,385			—		—		—
Prepaid expenses		24,312			44,455		51,439		72,040
Total assets		88,113,970			469,307,360		973,415,731		3,424,242,092
Liabilities:
Due to custodian		6,455			—		—		—
Payable for capital stock redeemed		172,777			—		—		—
Payable for income distribution		50,518			4,161		66,319		117,081
Payable to affiliates (Note 5)		36,501			31,168		141,051		532,274
Other liabilities		19,894			28,081		36,690		120,158
Total liabilities		286,145			63,410		244,060		769,513
Total net assets	$	87,827,825		$	469,243,950	$	973,171,671	$	3,423,472,579
Net assets consist of:
Paid-in capital	$	82,646,984		$	469,243,950	$	973,146,230	$	3,423,630,212
Net unrealized appreciation on investments and foreign currency translation		4,078,066			—		—		—
Accumulated net realized gain on investments and foreign currency transactions		1,082,499			—		25,388		—
Undistributed net investment income (distributions in excess of net investment income)		20,276			—		53		(157,633	)
Total net assets	$	87,827,825		$	469,243,950	$	973,171,671	$	3,423,472,579
Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.55		$	1.00	$	1.00	$	1.00
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.54		$	1.00	$	1.00	$	1.00
Net assets:
Investor class of shares	$	46,474,425		$	127,742,803	$	149,669,120	$	1,276,481,400
Institutional class of shares		41,353,400			341,501,147		823,502,551		2,146,991,179
Total net assets	$	87,827,825		$	469,243,950	$	973,171,671	$	3,423,472,579
Shares outstanding:
Investor class of shares		4,406,247			127,743,209		149,657,485		1,276,707,504
Institutional class of shares		3,922,984			341,500,741		823,487,592		2,147,080,452
Total shares outstanding		8,329,231			469,243,950		973,145,077		3,423,787,956
Investments, at cost:
Investments in unaffiliated issuers	$	81,418,460		$	469,164,371	$	962,395,263	$	3,423,259,339
Investments in affiliated issuers		719,822			—		—		—
Total Investments, at cost	$	82,138,282		$	469,164,371	$	962,395,263	$	3,423,259,339

(1) Identified cost of cash denominated in foreign currencies is $39,604.

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

112

Six Months Ended February 28, 2013 (Unaudited)

Statements of Operations BMO Funds

	Low Volatility Equity Fund (1)			Large-Cap Value Fund			Dividend Income Fund			Large-Cap Growth Fund			Mid-Cap Value Fund
Investment income:
Dividend income, unaffiliated issuers	$	7,401		$	1,867,390		$	1,488,752	(2)	$	1,799,968	(2)	$	2,354,876
Dividend income, affiliated issuers		14			1,623			1,281			2,452			3,425
Securities lending income		—			29,225			16,787			40,864			78,345
Total income		7,415			1,898,238			1,506,820			1,843,284			2,436,646
Expenses:
Investment advisory fees (Note 5)		930			599,348			196,000			782,746			887,647
Shareholder service fees (Note 5)		393			99,611			38,261			128,592			168,440
Administrative fees (Note 5)		172			73,920			36,260			96,539			109,451
Portfolio accounting fees		8,599			35,640			23,557			42,703			46,319
Recordkeeping fees		10,856			48,310			23,725			57,729			50,989
Custodian fees (Note 5)		37			15,983			7,840			20,873			23,637
Registration fees		16,816			15,892			20,071			16,531			16,582
Professional fees		10,810			13,047			13,047			13,047			13,047
Printing and postage		3,753			41,845			14,095			14,369			22,983
Directors’ fees		4,761			7,741			7,741			7,741			7,741
Insurance premiums		225			729			36			870			1,182
Miscellaneous		4,507			4,195			3,848			4,195			4,195
Total expenses		61,859			956,261			384,481			1,185,935			1,352,213
Deduct:
Expense waivers (Note 5)		(60,257	)		(65,510	)		(91,420	)		(24,119	)		(12,119	)
Net expenses		1,602			890,751			293,061			1,161,816			1,340,094
Net investment income		5,813			1,007,487			1,213,759			681,468			1,096,552
Net realized and unrealized gain on investments:
Net realized gain on investment transactions		339			6,678,971			229,399			2,745,148			16,179,366
Net change in unrealized appreciation on investments		37,429			10,410,963			5,318,345			11,535,012			16,554,333
Net realized and unrealized gain on investments		37,768			17,089,934			5,547,744			14,280,160			32,733,699
Change in net assets resulting from operations	$	43,581		$	18,097,421		$	6,761,503		$	14,961,628		$	33,830,251

(1) Reflects operations for the period from September 28, 2012 (inception date) to February 28, 2013.

(2) Net of foreign taxes withheld of $6,965 and $3,637, respectively.

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

113

Six Months Ended February 28, 2013 (Unaudited)

Statements of Operations BMO Funds

	Mid-Cap Growth Fund			Small-Cap Value Fund			Small-Cap Growth Fund			Pyrford International Stock Fund			Lloyd George Emerging Markets Equity Fund
Investment income:
Dividend income, unaffiliated issuers	$	770,932	(1)	$	419,488		$	1,435,074	(1)	$	1,328,789	(1)	$	791,126	(1)
Dividend income, affiliated issuers		3,439			1,361			10,291			—			—
Interest income		—			—			—			1,674			785
Securities lending income		140,748			13,427			637,824			252			—
Total income		915,119			434,276			2,083,189			1,330,715			791,911
Expenses:
Investment advisory fees (Note 5)		878,560			132,829			2,871,916			503,308			303,201
Shareholder service fees (Note 5)		123,943			37,773			416,993			52,150			24,964
Administrative fees (Note 5)		108,356			16,383			251,449			58,195			31,162
Portfolio accounting fees		46,374			17,145			86,975			21,361			26,294
Recordkeeping fees		38,781			23,875			64,577			24,768			26,934
Custodian fees (Note 5)		23,428			3,542			41,116			38,597			67,667
Registration fees		15,913			15,605			24,171			22,094			16,134
Professional fees		13,047			13,047			13,047			13,047			13,047
Printing and postage		15,015			16,776			31,018			13,842			12,297
Directors’ fees		7,741			7,741			7,741			7,741			7,741
Insurance premiums		1,209			139			2,741			258			263
Miscellaneous		4,195			4,541			4,541			4,118			15,566
Total expenses		1,276,562			289,396			3,816,285			759,479			545,270
Deduct:
Expense waivers (Note 5)		—			(76,289	)		(12,828	)		(84,486	)		(132,883	)
Net expenses		1,276,562			213,107			3,803,457			674,993			412,387
Net investment income (loss)		(361,443	)		221,169			(1,720,268	)		655,722			379,524
Net realized and unrealized gain on investments and foreign currency:
Net realized gain (loss) on investment transactions		15,210,398			2,657,350			39,474,546	(2)		(404,559	)		663,361	(3)
Net realized loss on foreign currency transactions		—			—			—			(65,217	)		(60,144	)
Net realized loss on forward contracts		—			—			—			(307,295	)		—
Net change in unrealized appreciation on investments and foreign currency translation		18,591,459			3,439,363			52,698,128	(2)		12,330,388			5,672,606
Net realized and unrealized gain on investments and foreign currency		33,801,857			6,096,713			92,172,674			11,553,317			6,275,823
Change in net assets resulting from operations	$	33,440,414		$	6,317,882		$	90,452,406		$	12,209,039		$	6,655,347

(1) Net of foreign taxes withheld of $389, $1,316, $137,601 and $65,574, respectively.

(2) During the period ended February 28, 2013, the Small-Cap Growth Fund had $211,265 in realized loss and $276,959 in unrealized depreciation, respectively, due to affiliated issuer activity.

(3) Net of foreign taxes withheld of $118,273.

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

114

Six Months Ended February 28, 2013 (Unaudited)

Statements of Operations BMO Funds

	Pyrford Global Strategic Return Fund			Ultra Short Tax-Free Fund			Short Tax- Free Fund (1)			Short-Term Income Fund			Short- Intermediate Bond Fund
Investment income:
Dividend income, unaffiliated issuers	$	162,542	(2)	$	—		$	1,703		$	144,741		$	—
Dividend income, affiliated issuers		—			27,747			838			4,381			10,259
Interest income		94,154			5,456,281			120,490			1,986,151			1,624,224
Securities lending income		—			—			—			17,535			35,798
Total income		256,696			5,484,028			123,031			2,152,808			1,670,281
Expenses:
Investment advisory fees (Note 5)		213,813			752,063			18,628			198,290			320,812
Shareholder service fees (Note 5)		15,110			127,670			8,610			121,120			64,420
Administrative fees (Note 5)		24,722			322,702			7,000			91,709			74,188
Portfolio accounting fees		21,598			157,767			10,366			51,716			38,505
Recordkeeping fees		23,175			12,142			6,618			22,779			22,653
Custodian fees (Note 5)		15,281			53,883			1,514			19,829			16,041
Registration fees		20,811			27,577			16,343			22,212			17,381
Professional fees		13,047			13,047			6,527			13,047			13,047
Printing and postage		13,494			3,500			6,370			5,804			3,099
Directors’ fees		7,741			7,741			4,051			7,741			7,741
Insurance premiums		—			2,806			166			838			804
Miscellaneous		4,589			4,196			3,309			4,190			4,190
Total expenses		373,381			1,485,094			89,502			559,275			582,881
Deduct:
Expense waivers (Note 5)		(93,678	)		(112,849	)		(54,064	)		(91,148	)		(77,345	)
Net expenses		279,703			1,372,245			35,438			468,127			505,536
Net investment income (loss)		(23,007	)		4,111,783			87,593			1,684,681			1,164,745
Net realized and unrealized gain on investments, futures contracts and foreign currency:
Net realized gain (loss) on investment transactions		50,529			311,082			(13,190	)		(60,757	)		1,569,363
Net realized gain on foreign currency transactions		4,553			—			—			—			—
Net realized loss on forward contracts		(7,549	)		—			—			—			—
Net realized loss on futures contracts		—			(3,049	)		—			—			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation		528,066			(62,019	)		219,650			769,363			(1,104,976	)
Net realized and unrealized gain on investments, futures contracts and foreign currency		575,599			246,014			206,460			708,606			464,387
Change in net assets resulting from operations	$	552,592		$	4,357,797		$	294,053		$	2,393,287		$	1,629,132

(1) Reflects operations for the period from November 29, 2012 (inception date) to February 28, 2013.

(2) Net of foreign taxes withheld of $10,214.

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

115

Six Months Ended February 28, 2013 (Unaudited)

Statements of Operations BMO Funds

	Intermediate Tax-Free Fund			Government Income Fund			TCH Corporate Income Fund			Aggregate Bond Fund			TCH Core Plus Bond Fund
Investment income:
Dividend income, affiliated issuers	$	36,440		$	1,106		$	3,297		$	28,175		$	7,979
Interest income		18,450,318			2,262,298			2,796,995			6,252,962	(1)		3,033,557
Securities lending income		—			6,565			16,854			83,905			21,594
Total income		18,486,758			2,269,969			2,817,146			6,365,042			3,063,130
Expenses:
Investment advisory fees (Note 5)		1,431,827			421,217			183,562			1,091,840			244,103
Shareholder service fees (Note 5)		1,059,458			212,834			66,157			375,103			139,919
Administrative fees (Note 5)		349,227			97,406			67,918			240,438			89,851
Portfolio accounting fees		189,583			52,081			41,234			94,056			48,053
Recordkeeping fees		44,555			50,668			14,324			27,704			16,943
Custodian fees (Note 5)		72,148			21,061			14,685			39,769			18,905
Registration fees		67,623			17,832			20,761			19,808			15,797
Professional fees		13,047			13,047			13,047			13,047			13,047
Printing and postage		25,524			18,881			3,939			13,539			11,235
Directors’ fees		7,741			7,741			7,741			7,741			7,741
Insurance premiums		3,856			1,179			563			2,607			677
Miscellaneous		4,495			4,195			4,195			3,899			4,195
Total expenses		3,269,084			918,142			438,126			1,929,551			610,466
Deduct:
Expense waivers (Note 5)		(295,800	)		(126,134	)		(15,595	)		(48,979	)		(28,788	)
Net expenses		2,973,284			792,008			422,531			1,880,572			581,678
Net investment income		15,513,474			1,477,961			2,394,615			4,484,470			2,481,452
Net realized and unrealized gain (loss) on investments and futures contracts:
Net realized gain on investment transactions		2,624,287			715,469			3,108,755			8,595,269			2,367,087
Net realized gain (loss) on futures contracts		(352,956	)		16,697			—			—			—
Net change in unrealized appreciation (depreciation) on investments and futures contracts		4,657,189			(1,804,679	)		(332,746	)		(9,302,719	)		920,533
Net realized and unrealized gain (loss) on investments and futures contracts		6,928,520			(1,072,513	)		2,776,009			(707,450	)		3,287,620
Change in net assets resulting from operations	$	22,441,994		$	405,448		$	5,170,624		$	3,777,020		$	5,769,072

(1) Net of foreign taxes withheld of $295.

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

116

Six Months Ended February 28, 2013 (Unaudited)

Statements of Operations BMO Funds

	Monegy High Yield Bond Fund			Government Money Market Fund			Tax-Free Money Market Fund			Prime Money Market Fund
Investment income:
Dividend income, unaffiliated issuers	$	—		$	—		$	1,848		$	232,089
Dividend income, affiliated issuers		2,184			—			—			—
Interest income		3,437,908			421,880			1,499,626			5,110,623
Total income		3,440,092			421,880			1,501,474			5,342,712
Expenses:
Investment advisory fees (Note 5)		274,045			460,687			893,740			2,413,064
Shareholder service fees (Note 5)		74,469			155,561			210,065			1,605,420
Administrative fees (Note 5)		50,698			76,972			149,275			560,726
Portfolio accounting fees		44,682			51,296			82,064			174,329
Recordkeeping fees		23,703			12,380			13,868			63,649
Custodian fees (Note 5)		10,962			35,432			57,085			180,123
Registration fees		20,742			30,727			32,814			58,244
Professional fees		13,047			13,047			13,047			13,047
Printing and postage		2,832			4,369			6,218			33,314
Directors’ fees		7,741			7,741			7,741			7,741
Insurance premiums		138			2,486			4,308			17,061
Miscellaneous		3,848			11,863			8,900			23,119
Total expenses		526,907			862,561			1,479,125			5,149,837
Deduct:
Expense waivers (Note 5)		(96,179	)		(473,954	)		(476,493	)		(1,090,844	)
Net expenses		430,728			388,607			1,002,632			4,058,993
Net investment income		3,009,364			33,273			498,842			1,283,719
Net realized and unrealized gain on investments and foreign currency:
Net realized gain on investment transactions		1,121,032			—			77,762			75,291
Net realized gain on foreign currency transactions		3,870			—			—			—
Net realized loss on forward contracts		(40,630	)		—			—			—
Net change in unrealized appreciation on investments and foreign currency translation		1,250,655			—			—			—
Net realized and unrealized gain on investments and foreign currency		2,334,927			—			77,762			75,291
Change in net assets resulting from operations	$	5,344,291		$	33,273		$	576,604		$	1,359,010

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

117

Statements of Changes in Net Assets

	Low Volatility Equity Fund			Large-Cap Value Fund						Dividend Income Fund
	Period Ended February 28, 2013 (1) (Unaudited)			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February28, 2013 (Unaudited)			Period Ended August 31, 2012 (2)
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	5,813		$	1,007,487		$	1,792,817		$	1,213,759		$	1,043,796
Net realized gain (loss) on investments		339			6,678,971			24,041,718			229,399			(97,877	)
Net realized loss on options		—			—			(25,232	)		—			—
Net change in unrealized appreciation (depreciation) on investments and options		37,429			10,410,963			(4,130,140	)		5,318,345			3,960,281
Change in net assets resulting from operations		43,581			18,097,421			21,679,163			6,761,503			4,906,200
Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		—			(713,182	)		(641,720	)		(390,602	)		(267,195	)
Institutional class of shares		—			(907,646	)		(913,476	)		(706,251	)		(524,675	)
Distributions to shareholders from net realized gain on investments:
Investor class of shares		—			—			—			—			—
Institutional class of shares		—			—			—			—			—
Change in net assets resulting from distributions to shareholders		—			(1,620,828	)		(1,555,196	)		(1,096,853	)		(791,870	)
Capital stock transactions:
Proceeds from sale of shares		771,974			39,934,037			22,989,457			24,435,582			75,438,684
Net asset value of shares issued to shareholders in payment of distributions declared		—			1,441,879			1,341,305			1,019,058			748,905
Cost of shares redeemed		(128,875	)		(17,658,083	)		(41,767,182	)		(5,875,143	)		(5,695,562	)
Redemption fees		—			4,531			9,475			383			14
Change in net assets resulting from capital stock transactions		643,099			23,722,364			(17,426,945	)		19,579,880			70,492,041
Change in net assets		686,680			40,198,957			2,697,022			25,244,530			74,606,371
Net assets:
Beginning of period		—			149,419,456			146,722,434			74,606,371			—
End of period	$	686,680		$	189,618,413		$	149,419,456		$	99,850,901		$	74,606,371
Undistributed net investment income (distributions in excess of net investment income) included in net assets at end of period	$	5,813		$	335,014		$	948,355		$	379,854		$	262,948

(1) Reflects operations for the period from September 28, 2012 (inception date) to February 28, 2013.

(2) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

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

118

BMO Funds

Large-Cap Growth Fund						Mid-Cap Value Fund						Mid-Cap Growth Fund						Small-Cap Value Fund
Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
$	681,468		$	399,129		$	1,096,552		$	1,874,475		$	(361,443	)	$	(879,898	)	$	221,169		$	39,988
	2,745,148			22,551,289			16,179,366			11,601,404			15,210,398			16,545,176			2,657,350			(234,152	)
	—			—			—			(289,395	)		—			—			—			—
	11,535,012			6,627,276			16,554,333			12,660,167			18,591,459			14,838,843			3,439,363			3,878,518
	14,961,628			29,577,694			33,830,251			25,846,651			33,440,414			30,504,121			6,317,882			3,684,354
	(169,494	)		—			(803,571	)		(555,409	)		—			—			(157,205	)		—
	(483,791	)		—			(856,479	)		(780,495	)		—			—			(37,411	)		—
	(7,614,091	)		—			(5,901,792	)		—			(5,940,935	)		—			(634,969	)		—
	(8,093,209	)		—			(4,472,560	)		—			(7,957,170	)		—			(100,285	)		—
	(16,360,585	)		—			(12,034,402	)		(1,335,904	)		(13,898,105	)		—			(929,870	)		—
	44,188,845			42,924,593			20,813,596			24,077,168			19,055,413			28,437,605			10,927,425			8,066,040
	16,025,858			—			11,647,150			1,118,439			13,648,310			—			927,075			—
	(43,441,697	)		(64,093,578	)		(30,605,328	)		(53,471,149	)		(31,597,859	)		(86,020,182	)		(3,904,471	)		(4,475,710	)
	12,050			7,911			6,204			9,735			580			13,417			905			1,420
	16,785,056			(21,161,074	)		1,861,622			(28,265,807	)		1,106,444			(57,569,160	)		7,950,934			3,591,750
	15,386,099			8,416,620			23,657,471			(3,755,060	)		20,648,753			(27,065,039	)		13,338,946			7,276,104
	192,523,064			184,106,444			235,878,685			239,633,745			227,384,904			254,449,943			32,221,751			24,945,647
$	207,909,163		$	192,523,064		$	259,536,156		$	235,878,685		$	248,033,657		$	227,384,904		$	45,560,697		$	32,221,751
$	432,881		$	404,698		$	362,827		$	926,325		$	(993,814	)	$	(632,371	)	$	58,764		$	32,211

119

Statements of Changes in Net Assets

	Small-Cap Growth Fund						Pyrford International Stock Fund						Lloyd George Emerging Markets Equity Fund
	Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Period Ended August 31, 2012 (1)			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	(1,720,268	)	$	(4,030,387	)	$	655,722		$	2,567,018		$	379,524		$	1,124,509
Net realized gain (loss) on investments		39,474,546			33,056,576			(404,559	)		560,378			663,361			4,346,252
Net realized gain (loss) on foreign currency transactions		—			—			(65,217	)		(80,820	)		(60,144	)		(88,138	)
Net realized loss on forward contracts		—			—			(307,295	)		—			—			—
Net realized loss on futures contracts		—			—			—			—			—			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation		52,698,128			24,028,093			12,330,388			4,563,210			5,672,606			(6,873,459	)
Change in net assets resulting from operations		90,452,406			53,054,282			12,209,039			7,609,786			6,655,347			(1,490,836	)
Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		—			—			(829,675	)		—			(207,555	)		(288,688	)
Institutional class of shares		—			—			(1,819,571	)		—			(611,939	)		(1,030,495	)
Distributions to shareholders from net realized gain on investments:
Investor class of shares		(23,357,063	)		(20,355,597	)		(187,823	)		—			(1,008,412	)		(668,992	)
Institutional class of shares		(16,465,530	)		(11,467,857	)		(372,718	)		—			(2,494,946	)		(2,108,739	)
Change in net assets resulting from distributions to shareholders		(39,822,593	)		(31,823,454	)		(3,209,787	)		—			(4,322,852	)		(4,096,914	)
Capital stock transactions:
Proceeds from sale of shares		70,088,854			176,452,125			32,002,599			119,636,504			36,475,643			21,963,303
Net asset value of shares issued to shareholders in payment of distributions declared		38,138,789			30,122,984			3,047,347			—			4,229,614			4,049,326
Cost of shares redeemed		(101,622,344	)		(200,462,796	)		(11,147,354	)		(9,541,062	)		(4,967,869	)		(9,376,390	)
Redemption fees		15,493			72,902			19,249			23,557			485			2,532
Change in net assets resulting from capital stock transactions		6,620,792			6,185,215			23,921,841			110,118,999			35,737,873			16,638,771
Change in net assets		57,250,605			27,416,043			32,921,093			117,728,785			38,070,368			11,051,021
Net assets:
Beginning of period		556,271,218			528,855,175			117,728,785			—			59,968,142			48,917,121
End of period	$	613,521,823		$	556,271,218		$	150,649,878		$	117,728,785		$	98,038,510		$	59,968,142
Undistributed net investment income (distributions in excess of net investment income) included in net assets at end of period	$	(4,777,423	)	$	(3,057,155	)	$	505,569		$	2,499,093		$	198,816		$	638,786

(1) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

(2) Reflects operations for the period from November 29, 2012 (inception date) to February 28, 2013.

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

120

BMO Funds

Pyrford Global Strategic Return Fund						Ultra Short Tax-Free Fund						Short Tax-Free Fund			Short-Term Income Fund
Six Months Ended February 28, 2013 (Unaudited)			Period Ended August 31, 2012 (1)			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Period Ended February 28, 2013 (2) (Unaudited)			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
$	(23,007	)	$	85,553		$	4,111,783		$	7,391,740		$	87,593		$	1,684,681		$	3,415,768
	50,529			(182,187	)		311,082			102,398			(13,190	)		(60,757	)		58,724
	4,553			(37,086	)		—			—			—			—			—
	(7,549	)		—			—			—			—			—			—
	—			—			(3,049	)		—			—			—			—
	528,066			469,957			(62,019	)		1,750,005			219,650			769,363			2,810,739
	552,592			336,237			4,357,797			9,244,143			294,053			2,393,287			6,285,231
	—			—			(396,117	)		(817,403	)		(36,958	)		(830,974	)		(1,567,219	)
	—			—			(3,715,666	)		(6,574,338	)		(50,635	)		(993,120	)		(1,927,844	)
	—			—			(41,286	)		(1,151	)		—			—			—
	—			—			(275,269	)		(8,393	)		—			—			—
	—			—			(4,428,338	)		(7,401,285	)		(87,593	)		(1,824,094	)		(3,495,063	)
	2,959,913			56,835,984			596,053,173			698,136,911			39,845,332			63,101,368			88,282,180
	—			—			1,250,308			1,735,815			40,711			1,124,673			2,100,688
	(8,805,958	)		(3,233,431	)		(466,456,633	)		(335,007,179	)		(2,153,193	)		(29,981,435	)		(53,419,328	)
	1,552			4,036			—			52,067			—			16,582			53,222
	(5,844,493	)		53,606,589			130,846,848			364,917,614			37,732,850			34,261,188			37,016,762
	(5,291,901	)		53,942,826			130,776,307			366,760,472			37,939,310			34,830,381			39,806,930
	53,942,826			—			790,369,836			423,609,364			—			191,280,407			151,473,477
$	48,650,925		$	53,942,826		$	921,146,143		$	790,369,836		$	37,939,310		$	226,110,788		$	191,280,407
$	(39,263	)	$	(16,256	)	$	(3,543	)	$	(3,543	)	$	—		$	(138,053	)	$	1,360

121

Statements of Changes in Net Assets

	Short-Intermediate Bond Fund						Intermediate Tax-Free Fund						Government Income Fund
	Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
Change in net assets resulting from:
Operations:
Net investment income	$	1,164,745		$	3,054,767		$	15,513,474		$	24,020,060		$	1,477,961		$	4,543,710
Net realized gain on investments		1,569,363			2,735,340			2,624,287			7,019,937			715,469			4,790,292
Net realized gain on foreign currency transactions		—			—			—			—			—			—
Net realized gain (loss) on forward contracts		—			—			—			—			—			—
Net realized gain (loss) on futures contracts		—			—			(352,956	)		(52,833	)		16,697			(124,977	)
Net realized loss on short sales		—			—			—			—			—			(31,289	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translation		(1,104,976	)		3,411,466			4,657,189			32,117,341			(1,804,679	)		281,996
Change in net assets resulting from operations		1,629,132			9,201,573			22,441,994			63,104,505			405,448			9,459,732
Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		(335,419	)		(963,303	)		(10,722,144	)		(16,197,571	)		(2,093,943	)		(5,180,189	)
Institutional class of shares		(844,800	)		(2,168,201	)		(4,701,801	)		(7,362,530	)		(546,680	)		(1,340,347	)
Distributions to shareholders from net realized gain on investments:
Investor class of shares		—			—			(5,074,800	)		(369,197	)		(1,951,828	)		(8,279,242	)
Institutional class of shares		—			—			(2,021,354	)		(143,741	)		(458,367	)		(1,873,815	)
Change in net assets resulting from distributions to shareholders		(1,180,219	)		(3,131,504	)		(22,520,099	)		(24,073,039	)		(5,050,818	)		(16,673,593	)
Capital stock transactions:
Proceeds from sale of shares		7,333,900			29,539,305			370,037,631			635,137,531	(2)		8,867,857			29,263,920
Net asset value of shares issued to shareholders in payment of distributions declared		877,751			2,334,341			17,114,318			14,189,851			4,497,822			14,197,297
Cost of shares redeemed		(18,672,101	)		(27,729,013	)		(144,369,936	)		(164,250,330	)		(24,125,476	)		(69,054,734	)
Redemption fees		2,994			4,328			23,884			67,677			365			12,530
Change in net assets resulting from capital stock transactions		(10,457,456	)		4,148,961			242,805,897			485,144,729			(10,759,432	)		(25,580,987	)
Change in net assets		(10,008,543	)		10,219,030			242,727,792			524,176,195			(15,404,802	)		(32,794,848	)
Net assets:
Beginning of period		166,976,743			156,757,713			1,075,665,092			551,488,897			218,970,049			251,764,897
End of period	$	156,968,200		$	166,976,743		$	1,318,392,884		$	1,075,665,092		$	203,565,247		$	218,970,049
Undistributed net investment income (distributions in excess of net investment income) included in net assets at end of period	$	(25,501	)	$	(10,027	)	$	575,623		$	486,094		$	(1,165,206	)	$	(2,544	)

(1) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

(2) Includes $118,407,280 of paid-in-capital received from an in-kind subscription merger of three affiliated unregistered municipal bond funds effective as of the close of business on April 4, 2012. The total value received of $118,407,280 from this non-taxable event represented $111,966,450 in securities cost, $5,407,614 in net unrealized appreciation and $1,033,216 in accrued interest in exchange for 10,735,021 Institutional Class of shares at time of merger.

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

122

BMO Funds

TCH Corporate Income Fund						Aggregate Bond Fund						TCH Core Plus Bond Fund						Monegy High Yield Bond Fund
Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Period Ended August 31, 2012 (1)
$	2,394,615		$	4,315,024		$	4,484,470		$	10,819,571		$	2,481,452		$	4,826,848		$	3,009,364		$	2,918,298
	3,108,755			3,099,310			8,595,269			19,608,343			2,367,087			3,273,363			1,121,032			237
	—			—			—			—			—			—			3,870			4,076
	—			—			—			—			—			—			(40,630	)		46,118
	—			—			—			—			—			—			—			—
	—			—			—			(4,336	)		—			—			—			—
	(332,746	)		4,623,473			(9,302,719	)		6,103,334			920,533			4,527,362			1,250,655			2,827,411
	5,170,624			12,037,807			3,777,020			36,526,912			5,769,072			12,627,573			5,344,291			5,796,140
	(875,524	)		(1,195,047	)		(2,753,581	)		(5,761,441	)		(1,540,689	)		(2,982,206	)		(1,604,488	)		(1,554,210	)
	(1,647,177	)		(3,394,651	)		(2,576,829	)		(6,161,370	)		(1,227,545	)		(2,334,152	)		(1,405,497	)		(1,380,491	)
	(1,254,076	)		(193,242	)		(8,452,164	)		(5,736,192	)		(2,285,433	)		(484,032	)		(16,629	)		—
	(2,148,341	)		(749,693	)		(6,957,007	)		(5,647,146	)		(1,614,822	)		(357,603	)		(13,677	)		—
	(5,925,118	)		(5,532,633	)		(20,739,581	)		(23,306,149	)		(6,668,489	)		(6,157,993	)		(3,040,291	)		(2,934,701	)
	24,039,142			48,695,296			70,653,504			151,557,254			237,939,218			57,218,647			15,707,786			107,967,448
	5,329,727			4,461,261			19,769,665			21,496,939			6,488,573			5,891,477			2,751,102			2,733,832
	(20,192,170	)		(14,358,393	)		(240,679,560	)		(90,098,656	)		(15,762,520	)		(20,759,560	)		(40,409,082	)		(6,090,995	)
	101			9,924			2,859			35,661			1,572			6,426			1,888			407
	9,176,800			38,808,088			(150,253,532	)		82,991,198			228,666,843			42,356,990			(21,948,306	)		104,610,692
	8,422,306			45,313,262			(167,216,093	)		96,211,961			227,767,426			48,826,570			(19,644,306	)		107,472,131
	139,118,366			93,805,104			565,604,187			469,392,226			158,345,202			109,518,632			107,472,131			—
$	147,540,672		$	139,118,366		$	398,388,094		$	565,604,187		$	386,112,628		$	158,345,202		$	87,827,825		$	107,472,131
$	(130,358	)	$	(2,272	)	$	(849,130	)	$	(3,190	)	$	(289,055	)	$	(2,273	)	$	20,276		$	20,897

123

Statements of Changes in Net Assets

	Government Money Market Fund						Tax-Free Money Market Fund						Prime Money Market Fund
	Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
Change in net assets resulting from:
Operations:
Net investment income	$	33,273		$	51,823		$	498,842		$	1,678,512		$	1,283,719		$	3,912,880
Net realized gain on investments		—			300			77,762			92,042			75,291			15,960
Change in net assets resulting from operations		33,273			52,123			576,604			1,770,554			1,359,010			3,928,840
Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		(6,636	)		(18,509	)		(8,178	)		(65,235	)		(64,141	)		(126,025	)
Advisor class of shares		—			—			—			—			—			(784	)(1)
Institutional class of shares		(26,637	)		(33,314	)		(490,664	)		(1,613,277	)		(1,219,578	)		(3,832,182	)
Distributions to shareholders from net realized gain on investments:
Investor class of shares		(88	)		—			(10,153	)		(21,871	)		(34,667	)		(62,223	)
Advisor class of shares		—			—			—			—			—			(1,577	)(1)
Institutional class of shares		(212	)		—			(42,221	)		(70,171	)		(56,585	)		(93,833	)
Change in net assets resulting from distributions to shareholders		(33,573	)		(51,823	)		(551,216	)		(1,770,554	)		(1,374,971	)		(4,116,624	)
Capital stock transactions:
Proceeds from sale of shares		1,032,318,169			2,539,840,108			1,923,684,825			2,785,208,009			6,100,989,692			9,696,336,638
Net asset value of shares issued to shareholders in payment of distributions declared		1,566			9,095			43,054			173,622			179,435			510,761
Cost of shares redeemed		(999,194,681	)		(2,604,139,512	)		(1,694,048,959	)		(2,899,682,100	)		(5,899,914,355	)		(10,106,331,003	)
Change in net assets resulting from capital stock transactions		33,125,054			(64,290,309	)		229,678,920			(114,300,469	)		201,254,772			(409,483,604	)
Change in net assets		33,124,754			(64,290,009	)		229,704,308			(114,300,469	)		201,238,811			(409,671,388	)
Net assets:
Beginning of period		436,119,196			500,409,205			743,467,363			857,767,832			3,222,233,768			3,631,905,156
End of period	$	469,243,950		$	436,119,196		$	973,171,671		$	743,467,363		$	3,423,472,579		$	3,222,233,768
Undistributed net investment income (distributions in excess of net investment income) included in net assets at end of period	$	—		$	—		$	53		$	53		$	(157,633	)	$	(157,632	)

(1) Reflects operations for the period from September 1, 2011 to December 19, 2011 (termination of Advisor class of shares).

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

124

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

Period Ended August 31,	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gain (loss) on investments, options, futures contracts and foreign currency transactions			Total from investment operations			Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain on investments, options, futures contracts and foreign currency transactions			Total distributions			Net asset value, end of period		Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)		Portfolio turnover rate (4)
																										Net Expenses (2)			Expense waiver (2)			Net investment income (loss) (2)
Low Volatility Equity Fund
2013(3)(11)	$	10.00	$	0.10		$	0.54		$	0.64		$	—		$	—		$	—		$	10.64		6.40	%		0.90	%		32.28	%		3.00	%	$	501		23	%
Large-Cap Value Fund
2013(3)(14)		12.21		0.07			1.30			1.37			(0.11	)		—			(0.11	)		13.47		11.34			1.24			0.08			1.15			99,357		39
2012(3)		10.62		0.12			1.57			1.69			(0.10	)		—			(0.10	)		12.21		16.04			1.24			0.06			1.10			76,786		127
2011(3)		9.27		0.09			1.31			1.40			(0.05	)		—			(0.05	)		10.62		15.15			1.24			0.05			0.78			67,845		55
2010(3)		9.42		0.09			(0.12	)		(0.03	)		(0.12	)		—			(0.12	)		9.27		(0.42	)		1.27			0.06			0.85			73,579		82
2009(3)		12.07		0.16			(2.64	)		(2.48	)		(0.17	)		(0.00	)		(0.17	)		9.42		(20.50	)		1.33			—			1.80			80,537		73
2008(3)		14.30		0.18			(1.58	)		(1.40	)		(0.14	)		(0.69	)		(0.83	)		12.07		(10.48	)		1.24			—			1.11			103,979		40
Dividend Income Fund
2013(3)(14)		10.79		0.15			0.79			0.94			(0.15	)		—			(0.15	)		11.58		8.81			0.90			0.23			3.01			49,996		12
2012(3)(10)		10.00		0.16			0.76			0.92			(0.13	)		—			(0.13	)		10.79		9.28			0.90			0.25			2.54			27,647		18
Large-Cap Growth Fund
2013(3)(14)		14.16		0.05			0.85			0.90			(0.02	)		(1.04	)		(1.06	)		14.00		6.83			1.24			0.02			0.54			83,854		52
2012(3)		11.97		0.01			2.18			2.19			—			—			—			14.16		18.30			1.24			0.05			0.11			103,385		185
2011(3)		9.90		(0.02	)		2.10			2.08			(0.01	)		—			(0.01	)		11.97		20.99			1.24			0.05			(0.14	)		80,508		113
2010(3)		9.64		(0.01	)		0.29			0.28			(0.02	)		—			(0.02	)		9.90		2.94			1.28			0.07			(0.07	)		60,125		121
2009(3)		11.82		0.03			(2.20	)		(2.17	)		(0.01	)		—			(0.01	)		9.64		(18.34	)		1.39			—			0.38			55,665		142
2008(3)		13.73		(0.03	)		(0.73	)		(0.76	)		(0.01	)		(1.14	)		(1.15	)		11.82		(6.62	)		1.27			—			(0.10	)		74,507		122
Mid-Cap Value Fund
2013(3)(14)		13.24		0.06			1.86			1.92			(0.08	)		(0.62	)		(0.70	)		14.46		15.06			1.24			0.01			0.82			146,587		23
2012(3)		11.93		0.09			1.27			1.36			(0.05	)		—			(0.05	)		13.24		11.47			1.23			0.02			0.69			132,283		31
2011(3)		10.30		0.06			1.63			1.69			(0.06	)		—			(0.06	)		11.93		16.35			1.24			0.02			0.47			131,209		37
2010(3)		9.63		0.04			0.69			0.73			(0.06	)		—			(0.06	)		10.30		7.62			1.27			0.04			0.38			121,288		58
2009(3)		12.15		0.06			(2.01	)		(1.95	)		(0.02	)		(0.55	)		(0.57	)		9.63		(14.74	)		1.37			—			0.64			122,051		63
2008(3)		15.63		0.06			(1.49	)		(1.43	)		(0.06	)		(1.99	)		(2.05	)		12.15		(10.27	)		1.24			—			0.35			166,722		41
Mid-Cap Growth Fund
2013(3)(14)		20.11		(0.05	)		2.95			2.90			—			(1.27	)		(1.27	)		21.74		15.05			1.23			—			(0.45	)		101,716		24
2012(3)		17.78		(0.10	)		2.43			2.33			—			—			—			20.11		13.10			1.24			0.01			(0.52	)		95,884		69
2011(3)		14.42		(0.04	)		3.40			3.36			—			—			—			17.78		23.30			1.23			0.00	(6)		(0.21	)		92,911		79
2010(3)		12.62		(0.08	)		1.88			1.80			—			—			—			14.42		14.26			1.26			0.04			(0.58	)		63,584		133
2009(3)		17.10		(0.01	)		(3.87	)		(3.88	)		—			(0.60	)		(0.60	)		12.62		(21.96	)		1.35			—			(0.07	)		53,443		224
2008(3)		17.46		(0.30	)		(0.06	)		(0.36	)		—			—			—			17.10		(2.06	)		1.26			—			(0.58	)		71,086		186
Small-Cap Value Fund
2013(3)(14)		10.47		0.07			1.92			1.99			(0.06	)		(0.24	)		(0.30	)		12.16		19.32			1.24			0.43			1.23			34,370		37
2012(3)		9.25		0.01			1.21			1.22			—			—			—			10.47		13.19			1.24			0.51			0.11			28,087		58
2011(3)(9)		10.00		(0.01	)		(0.74	)		(0.75	)		—			—			—			9.25		(7.50	)		1.24			0.57			(0.21	)		22,132		21
Small-Cap Growth Fund
2013(3)(14)		18.12		(0.07	)		2.94			2.87			—			(1.33	)		(1.33	)		19.66		16.76			1.43			0.00	(6)		(0.70	)		349,326		37
2012(3)		17.49		(0.15	)		1.89			1.74			—			(1.11	)		(1.11	)		18.12		10.19			1.44			0.02			(0.83	)		331,307		85
2011(3)		14.03		(0.14	)		3.60			3.46			—			—			—			17.49		24.66			1.44			0.02			(0.90	)		335,200		101
2010(3)		11.92		(0.15	)		2.26			2.11			—			—			—			14.03		17.70			1.47			0.07			(1.18	)		163,225		153
2009(3)		14.19		(0.02	)		(2.25	)		(2.27	)		—			—			—			11.92		(16.00	)		1.60			—			(0.18	)		102,186		233
2008(3)		19.01		(0.22	)		(1.27	)		(1.49	)		—			(3.33	)		(3.33	)		14.19		(10.37	)		1.51			—			(0.92	)		144,938		174
Pyrford International Stock Fund
2013(3)(14)		10.76		0.05			1.02			1.07			(0.23	)		(0.05	)		(0.28	)		11.55		10.03			1.24			0.13			0.86			44,718		9
2012(3)(10)		10.00		0.23			0.53			0.76			—			—			—			10.76		7.60			1.24			0.15			3.55			39,938		13

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

125

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

Period Ended August 31,	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gain (loss) on investments, options, futures contracts and foreign currency transactions			Total from investment operations			Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain on investments, options, futures contracts and foreign currency transactions			Total distributions			Net asset value, end of period		Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)		Portfolio turnover rate (4)
																										Net Expenses (2)			Expense waiver (2)			Net investment income (loss) (2)
Lloyd George Emerging Markets Equity Fund
2013(3)(14)	$	13.66	$	0.04		$	1.36		$	1.40		$	(0.17	)	$	(0.80	)	$	(0.97	)	$	14.09		10.62	%		1.40	%		0.40	%		0.92	%	$	40,622		18	%
2012(3)		15.81		0.36			(1.19	)		(0.83	)		(0.40	)		(0.92	)		(1.32	)		13.66		(5.04	)		1.43			0.51			2.02			17,019		83
2011(3)		16.17		0.08			0.86			0.94			(0.45	)		(0.85	)		(1.30	)		15.81		5.08			1.50			0.37			0.67			11,753		34
2010(3)		14.45		0.03			2.37			2.40			(0.16	)		(0.52	)		(0.68	)		16.17		16.63			1.50			0.51			0.28			12,856		30
2009(3)(7)		10.00		0.08			4.38			4.46			(0.01	)		—			(0.01	)		14.45		44.61			1.50			1.27			1.52			6,691		58
Pyrford Global Strategic Return Fund
2013(3)(14)		10.20		(0.01	)		0.10			0.09			—			—			—			10.29		0.88			1.24			0.36			(0.28	)		12,668		3
2012(3)(10)		10.00		0.02			0.18			0.20			—			—			—			10.20		2.00			1.24			0.46			0.25			11,780		52
Ultra Short Tax-Free Fund
2013(14)		10.09		0.04			0.00			0.04			(0.04	)		(0.00	)		(0.04	)		10.09		0.42			0.55			0.03			0.78			99,044		35
2012(3)		10.06		0.11			0.03			0.14			(0.11	)		(0.00	)		(0.11	)		10.09		1.41			0.55			0.07			1.06			107,582		128
2011(3)		10.07		0.14			(0.01	)		0.13			(0.14	)		—			(0.14	)		10.06		1.33			0.55			0.10			1.41			55,069		148
2010(3)(8)		10.00		0.11			0.07			0.18			(0.11	)		—			(0.11	)		10.07		1.82			0.55			0.16			1.25			33,189		83
Short Tax-Free Fund
2013(3)(12)		10.00		0.02			0.12			0.14			(0.02	)		—			(0.02	)		10.12		1.43			0.55			0.76			1.07			16,163		49
Short-Term Income Fund
2013(3)(14)		9.47		0.07			0.03			0.10			(0.08	)		—			(0.08	)		9.49		1.06			0.60			0.09			1.57			113,088		27
2012(3)		9.32		0.18			0.15			0.33			(0.18	)		—			(0.18	)		9.47		3.62			0.60			0.12			1.89			90,098		63
2011(3)		9.30		0.25			(0.00	)		0.25			(0.23	)		—			(0.23	)		9.32		2.59			0.60			0.18			2.65			64,882		114
2010(3)		8.97		0.27			0.32			0.59			(0.26	)		—			(0.26	)		9.30		6.61			0.60			0.20			2.95			52,353		50
2009(3)		8.92		0.36			0.04			0.40			(0.35	)		—			(0.35	)		8.97		4.77			0.60			0.27			4.11			29,403		49
2008(3)		9.02		0.41			(0.11	)		0.30			(0.40	)		—			(0.40	)		8.92		3.38			0.60			0.20			4.48			28,232		47
Short-Intermediate Bond Fund
2013(3)(14)		10.52		0.07			0.03			0.10			(0.07	)		—			(0.07	)		10.55		0.93			0.80			0.10			1.28			50,694		179
2012(3)		10.13		0.18			0.39			0.57			(0.18	)		—			(0.18	)		10.52		5.72			0.80			0.12			1.74			53,044		190
2011(3)		9.90		0.18			0.22			0.40			(0.17	)		—			(0.17	)		10.13		4.07			0.80			0.13			1.78			54,028		445
2010(3)		9.00		0.23			0.86			1.09			(0.19	)		—			(0.19	)		9.90		12.25			0.80			0.14			2.43			65,383		373
2009(3)		8.91		0.46			0.09			0.55			(0.46	)		—			(0.46	)		9.00		7.05			0.80			0.14			5.64			59,653		360
2008(3)		9.16		0.44			(0.26	)		0.18			(0.43	)		—			(0.43	)		8.91		1.91			0.80			0.06			4.69			95,322		293
Intermediate Tax-Free Fund
2013(3)(14)		11.30		0.14			0.07			0.21			(0.14	)		(0.07	)		(0.21	)		11.30		1.84			0.55			0.07			2.54			956,290		10
2012(3)		10.75		0.34			0.55			0.89			(0.33	)		(0.01	)		(0.34	)		11.30		8.41			0.55			0.15			3.02			730,555		53
2011(3)		10.87		0.36			(0.09	)		0.27			(0.36	)		(0.03	)		(0.39	)		10.75		2.65			0.55			0.33			3.44			385,220		59
2010(3)		10.28		0.38			0.61			0.99			(0.38	)		(0.02	)		(0.40	)		10.87		9.78			0.55			0.53			3.58			422,804		45
2009(3)		10.21		0.41			0.19			0.60			(0.41	)		(0.12	)		(0.53	)		10.28		6.21			0.55			0.58			4.14			141,961		92
2008(3)		9.93		0.39			0.28			0.67			(0.39	)		—			(0.39	)		10.21		6.84			0.55			0.58			3.84			89,772		196
Government Income Fund
2013(3)(14)		9.77		0.06			(0.05	)		0.01			(0.12	)		(0.11	)		(0.23	)		9.55		0.08			0.80			0.12			1.36			163,760		158
2012(3)		10.04		0.18			0.22			0.40			(0.27	)		(0.40	)		(0.67	)		9.77		4.23			0.80			0.13			1.91			177,442		355
2011(3)		10.09		0.21			0.25			0.46			(0.21	)		(0.30	)		(0.51	)		10.04		4.72			0.80			0.13			2.08			204,664		717
2010(3)		9.49		0.32			0.57			0.89			(0.29	)		—			(0.29	)		10.09		9.49			0.80			0.11			3.24			274,660		383
2009(3)		9.38		0.45			0.36			0.81			(0.44	)		(0.26	)		(0.70	)		9.49		9.26			0.80			0.10			4.96			296,190		360
2008(3)		9.44		0.45			(0.07	)		0.38			(0.44	)		—			(0.44	)		9.38		4.01			0.80			0.06			4.68			367,555		284
TCH Corporate Income Fund
2013(3)(14)		13.05		0.20			0.26			0.46			(0.21	)		(0.30	)		(0.51	)		13.00		3.57			0.70			0.06			3.13			50,055		62
2012(3)		12.36		0.47			0.83			1.30			(0.49	)		(0.12	)		(0.61	)		13.05		10.82			0.79			0.01			3.55			47,507		79
2011(3)		12.48		0.49			0.18			0.67			(0.51	)		(0.28	)		(0.79	)		12.36		5.60			0.80			0.08			3.95			17,542		48
2010(3)		11.57		0.50			1.00			1.50			(0.52	)		(0.07	)		(0.59	)		12.48		13.28			0.80			0.30			4.01			15,546		80
2009(3)(7)		10.00		0.34			1.57			1.91			(0.34	)		—			(0.34	)		11.57		19.44			0.80			1.04			5.07			5,570		38

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

126

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

Period Ended August 31,	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gain (loss) on investments, options, futures contracts and foreign currency transactions			Total from investment operations		Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain on investments, options, futures contracts and foreign currency transactions			Total distributions			Net asset value, end of period		Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)		Portfolio turnover rate (4)
																								Net Expenses (2)			Expense waiver (2)			Net investment income (loss) (2)
Aggregate Bond Fund
2013(3)(14)	$	11.22	$	0.07	$	0.01		$	0.08	$	(0.10	)	$	(0.30	)	$	(0.40	)	$	10.90		0.73	%		0.80	%		0.02	%		1.52	%	$	204,914		194	%
2012(3)		10.98		0.22		0.52			0.74		(0.24	)		(0.26	)		(0.50	)		11.22		6.93			0.80			0.02			1.95			302,520		266
2011(3)		11.14		0.21		0.23			0.44		(0.20	)		(0.40	)		(0.60	)		10.98		4.24			0.80			0.04			1.93			229,245		586
2010(3)		10.19		0.29		0.94			1.23		(0.28	)		—			(0.28	)		11.14		12.25			0.80			0.09			2.73			133,878		449
2009(3)		10.01		0.50		0.48			0.98		(0.48	)		(0.32	)		(0.80	)		10.19		11.12			0.80			0.12			5.40			76,892		445
2008(3)		10.10		0.47		(0.04	)		0.43		(0.46	)		(0.06	)		(0.52	)		10.01		4.32			0.80			0.08			4.64			79,471		333
TCH Core Plus Bond Fund
2013(3)(14)		11.90		0.16		0.24			0.40		(0.17	)		(0.28	)		(0.45	)		11.85		3.28			0.68			0.05			2.46			240,495		35
2012(3)		11.41		0.40		0.61			1.01		(0.44	)		(0.08	)		(0.52	)		11.90		9.23			0.77			—			3.43			94,648		84
2011(3)		11.44		0.46		0.22			0.68		(0.48	)		(0.23	)		(0.71	)		11.41		6.18			0.80			0.04			4.03			62,121		48
2010(3)		10.81		0.40		0.68			1.08		(0.44	)		(0.01	)		(0.45	)		11.44		10.19			0.80			0.17			3.58			39,776		72
2009(3)(7)		10.00		0.25		0.82			1.07		(0.26	)		—			(0.26	)		10.81		10.83			0.80			0.32			4.02			21,057		26
Monegy High Yield Bond Fund
2013(3)(14)		10.32		0.28		0.23			0.51		(0.28	)		(0.00	)		(0.28	)		10.55		5.02			0.90			0.18			5.38			46,475		16
2012(3)(10)		10.00		0.35		0.32			0.67		(0.35	)		—			(0.35	)		10.32		6.83			0.90			0.20			5.34			58,898		16
Government Money Market Fund
2013(14)		1.00		0.00		—			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.01			0.17			0.39			0.01			127,743		—
2012		1.00		0.00		0.00			0.00		(0.00	)		—			(0.00	)		1.00		0.01			0.16			0.40			0.01			101,548		—
2011		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.01			0.21			0.34			0.01			256,327		—
2010		1.00		0.00		—			0.00		(0.00	)		—			(0.00	)		1.00		0.01			0.28			0.26			0.01			353,637		—
2009		1.00		0.01		0.00			0.01		(0.01	)		(0.00	)		(0.01	)		1.00		0.56			0.47	(13)		0.08			0.53			476,685		—
2008		1.00		0.03		0.00			0.03		(0.03	)		(0.00	)		(0.03	)		1.00		3.19			0.45			0.10			2.91			309,487		—
Tax-Free Money Market Fund
2013(14)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.01			0.33			0.20			0.01			149,669		—
2012		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.04			0.43			0.11			0.03			160,882		—
2011		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.07			0.44			0.10			0.06			243,833		—
2010		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.30			0.45			0.09			0.29			299,374		—
2009		1.00		0.01		0.00			0.01		(0.01	)		(0.00	)		(0.01	)		1.00		1.42			0.48	(13)		0.08			1.40			389,143		—
2008		1.00		0.03		0.00			0.03		(0.03	)		(0.00	)		(0.03	)		1.00		2.57			0.45			0.09			2.48			424,211		—
Prime Money Market Fund
2013(14)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.01			0.31			0.15			0.01			1,276,482		—
2012		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.01			0.38			0.08			0.01			1,288,067		—
2011		1.00		0.00		—			0.00		(0.00	)		—			(0.00	)		1.00		0.01			0.38			0.08			0.01			1,401,557		—
2010		1.00		0.00		—			0.00		(0.00	)		—			(0.00	)		1.00		0.04			0.41			0.05			0.04			1,412,771		—
2009		1.00		0.01		—			0.01		(0.01	)		—			(0.01	)		1.00		1.15			0.49	(13)		0.00	(6)		1.16			2,240,416		—
2008		1.00		0.04		—			0.04		(0.04	)		—			(0.04	)		1.00		3.65			0.45			0.01			3.65			2,524,244		—

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

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

(3) Redemption fees consisted of per share amounts less than $0.01. Effective February 8, 2012, the Ultra Short Tax-Free Fund discontinued it’s redemption fee policy.

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

(5) Annualized for periods less than one year.

(6) Represents less than 0.005%.

(7) Reflects operations for the period from December 22, 2008 (inception date) to August 31, 2009.

(8) Reflects operations for the period from September 30, 2009 (inception date) to August 31, 2010.

(9) Reflects operations for the period from February 28, 2011 (inception date) to August 31, 2011.

(10) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

(11) Reflects operations for the period from September 28, 2012 (inception date) to February 28, 2013.

(12) Reflects operations for the period from November 29, 2012 (inception date) to February 28, 2013.

(13) Participation fees for the Treasury’s Temporary Guarantee Program in the Government Money Market Fund, Tax-Free Money Market Fund and Prime Money Market Fund amounted to 0.03%, 0.03% and 0.04%, respectively.

(14) For the six months ended February 28, 2013 (Unaudited).

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

127

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

Period Ended August 31,	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gain (loss) on investments, options, futures contracts  and foreign currency transactions			Total from investment operations			Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain on investments, options,  futures contracts and foreign currency transactions			Total distributions			Net asset value, end of period		Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)		Portfolio turnover rate (4)
																										Net Expenses (2)			Expense waiver (2)			Net investment income (loss) (2)
Low Volatility Equity Fund
2013(3)(13)	$	10.00	$	0.06		$	0.59		$	0.65		$	—		$	—		$	—		$	10.65		6.50	%		0.65	%		32.28	%		3.72	%	$	186		23	%
Large-Cap Value Fund
2013(3)(16)		12.24		0.08			1.30			1.38			(0.14	)		—			(0.14	)		13.48		11.41			0.99			0.08			1.37			90,261		39
2012(3)		10.65		0.16			1.56			1.72			(0.13	)		—			(0.13	)		12.24		16.32			0.99			0.06			1.36			72,633		127
2011(3)		9.28		0.11			1.32			1.43			(0.06	)		—			(0.06	)		10.65		15.47			0.99			0.05			1.03			78,877		55
2010(3)		9.43		0.11			(0.11	)		0.00			(0.15	)		—			(0.15	)		9.28		(0.14	)		1.02			0.06			1.09			88,269		82
2009(3)		12.07		0.19			(2.64	)		(2.45	)		(0.19	)		(0.00	)		(0.19	)		9.43		(20.27	)		1.08			—			2.04			104,984		73
2008(3)(7)		12.99		0.10			(0.95	)		(0.85	)		(0.07	)		—			(0.07	)		12.07		(6.57	)		1.00			—			1.54			152,572		40
Dividend Income Fund
2013(3)(16)		10.80		0.17			0.78			0.95			(0.16	)		—			(0.16	)		11.59		8.91			0.65			0.23			3.14			49,855		12
2012(3)(12)		10.00		0.19			0.76			0.95			(0.15	)		—			(0.15	)		10.80		9.50			0.65			0.25			2.76			46,959		18
Large-Cap Growth Fund
2013(3)(16)		14.24		0.04			0.89			0.93			(0.06	)		(1.04	)		(1.10	)		14.07		7.02			0.99			0.02			0.76			124,055		52
2012(3)		12.02		0.05			2.17			2.22			—			—			—			14.24		18.47			0.99			0.05			0.35			89,138		185
2011(3)		9.94		0.01			2.11			2.12			(0.04	)		—			(0.04	)		12.02		21.33			0.99			0.05			0.11			103,598		113
2010(3)		9.67		0.02			0.29			0.31			(0.04	)		—			(0.04	)		9.94		3.17			1.03			0.07			0.18			91,433		121
2009(3)		11.84		0.06			(2.21	)		(2.15	)		(0.02	)		—			(0.02	)		9.67		(18.16	)		1.14			—			0.62			100,612		142
2008(3)(7)		11.97		0.01			(0.14	)		(0.13	)		—			—			—			11.84		(1.09	)		1.03			—			0.30			149,952		122
Mid-Cap Value Fund
2013(3)(16)		13.23		0.08			1.86			1.94			(0.11	)		(0.62	)		(0.73	)		14.44		15.29			0.99			0.01			1.07			112,949		23
2012(3)		11.93		0.12			1.27			1.39			(0.09	)		—			(0.09	)		13.23		11.71			0.98			0.02			0.94			103,596		31
2011(3)		10.29		0.09			1.63			1.72			(0.08	)		—			(0.08	)		11.93		16.72			0.99			0.02			0.71			108,425		37
2010(3)		9.63		0.06			0.69			0.75			(0.09	)		—			(0.09	)		10.29		7.83			1.02			0.04			0.63			99,329		58
2009(3)		12.17		0.07			(2.01	)		(1.94	)		(0.05	)		(0.55	)		(0.60	)		9.63		(14.59	)		1.12			—			0.90			91,115		63
2008(3)(7)		12.55		0.04			(0.42	)		(0.38	)		—			—			—			12.17		(3.03	)		1.02			—			0.59			99,009		41
Mid-Cap Growth Fund
2013(3)(16)		20.32		(0.02	)		2.98			2.96			—			(1.27	)		(1.27	)		22.01		15.20			0.98			—			(0.20	)		146,318		24
2012(3)		17.93		(0.06	)		2.45			2.39			—			—			—			20.32		13.33			0.99			0.01			(0.27	)		131,501		69
2011(3)		14.50		0.02			3.41			3.43			—			—			—			17.93		23.66			0.98			0.00	(6)		0.10			161,539		79
2010(3)		12.68		(0.05	)		1.89			1.84			(0.02	)		—			(0.02	)		14.50		14.49			1.01			0.04			(0.33	)		136,392		133
2009(3)		17.14		0.02			(3.88	)		(3.86	)		—			(0.60	)		(0.60	)		12.68		(21.79	)		1.10			—			0.18			135,858		224
2008(3)(7)		17.09		(0.01	)		0.06			0.05			—			—			—			17.14		0.29			1.01			—			(0.19	)		171,529		186
Small-Cap Value Fund
2013(3)(16)		10.51		0.08			1.93			2.01			(0.09	)		(0.24	)		(0.33	)		12.19		19.47			0.99			0.43			1.32			11,191		37
2012(3)		9.26		0.03			1.22			1.25			—			—			—			10.51		13.50			0.99			0.51			0.34			4,135		58
2011(3)(11)		10.00		0.00			(0.74	)		(0.74	)		—			—			—			9.26		(7.40	)		0.99			0.57			0.04			2,814		21
Small-Cap Growth Fund
2013(3)(16)		18.33		(0.03	)		2.96			2.93			—			(1.33	)		(1.33	)		19.93		16.90			1.18			0.00	(6)		(0.45	)		264,196		37
2012(3)		17.65		(0.09	)		1.88			1.79			—			(1.11	)		(1.11	)		18.33		10.39			1.19			0.02			(0.59	)		224,964		85
2011(3)		14.12		(0.11	)		3.64			3.53			—			—			—			17.65		25.00			1.19			0.02			(0.56	)		193,655		101
2010(3)		11.97		(0.12	)		2.27			2.15			—			—			—			14.12		17.96			1.22			0.07			(0.93	)		169,036		153
2009(3)		14.22		0.01			(2.26	)		(2.25	)		—			—			—			11.97		(15.82	)		1.35			—			0.05			127,901		233
2008(3)(7)		14.73		(0.03	)		(0.48	)		(0.51	)		—			—			—			14.22		(3.46	)		1.27			—			(0.49	)		134,623		174
Pyrford International Stock Fund
2013(3)(16)		10.78		0.05			1.03			1.08			(0.25	)		(0.05	)		(0.30	)		11.56		10.15			0.99			0.13			1.13			105,932		9
2012(3)(12)		10.00		0.24			0.54			0.78			—			—			—			10.78		7.80			0.99			0.15			3.83			77,791		13

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

128

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

Period Ended August 31,	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gain (loss) on investments, options, futures contracts  and foreign currency transactions			Total from investment operations			Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain on investments, options,  futures contracts and foreign currency transactions			Total distributions			Net asset value, end of period		Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)		Portfolio turnover rate (4)
																										Net Expenses (2)			Expense waiver (2)			Net investment income (loss) (2)
Lloyd George Emerging Markets Equity Fund
2013(3)(16)	$	13.69	$	0.08		$	1.33		$	1.41		$	(0.20	)	$	(0.80	)	$	(1.00	)	$	14.10		10.70	%		1.15	%		0.39	%		1.21	%	$	57,417		18	%
2012(3)		15.86		0.37			(1.17	)		(0.80	)		(0.45	)		(0.92	)		(1.37	)		13.69		(4.79	)		1.18			0.52			2.15			42,949		83
2011(3)		16.21		0.09			0.90			0.99			(0.49	)		(0.85	)		(1.34	)		15.86		5.32			1.25			0.36			0.85			37,164		34
2010(3)		14.47		0.09			2.35			2.44			(0.18	)		(0.52	)		(0.70	)		16.21		16.88			1.25			0.51			0.53			46,996		30
2009(3)(8)		10.00		0.09			4.39			4.48			(0.01	)		—			(0.01	)		14.47		44.82			1.25			1.27			1.54			39,054		58
Pyrford Global Strategic Return Fund
2013(3)(16)		10.21		(0.00	)		0.10			0.10			—			—			—			10.31		0.98			0.99			0.35			(0.03	)		35,983		3
2012(3)(12)		10.00		0.02			0.19			0.21			—			—			—			10.21		2.10			0.99			0.46			0.36			42,163		52
Ultra Short Tax-Free Fund
2013(16)		10.09		0.06			(0.01	)		0.05			(0.06	)		(0.00	)		(0.06	)		10.08		0.45			0.30			0.03			1.02			822,102		35
2012(3)		10.06		0.14			0.03			0.17			(0.14	)		(0.00	)		(0.14	)		10.09		1.66			0.30			0.07			1.32			682,788		128
2011(3)		10.07		0.17			(0.01	)		0.16			(0.17	)		—			(0.17	)		10.06		1.58			0.30			0.10			1.64			368,540		148
2010(3)(9)		10.00		0.13			0.07			0.20			(0.13	)		—			(0.13	)		10.07		2.05			0.30			0.16			1.52			273,120		83
Short Tax-Free Fund
2013(3)(14)		10.00		0.03			0.12			0.15			(0.03	)		—			(0.03	)		10.12		1.47			0.40			0.66			1.21			21,776		49
Short-Term Income Fund
2013(3)(16)		9.48		0.09			0.03			0.12			(0.09	)		—			(0.09	)		9.51		1.29			0.35			0.09			1.82			113,023		27
2012(3)		9.32		0.20			0.17			0.37			(0.21	)		—			(0.21	)		9.48		3.99			0.35			0.12			2.16			101,182		63
2011(3)		9.31		0.26			(0.01	)		0.25			(0.24	)		—			(0.24	)		9.32		2.73			0.35			0.17			2.93			86,591		114
2010(3)		8.98		0.29			0.32			0.61			(0.28	)		—			(0.28	)		9.31		6.87			0.35			0.20			3.19			72,686		50
2009(3)		8.93		0.38			0.04			0.42			(0.37	)		—			(0.37	)		8.98		5.03			0.35			0.27			4.47			66,039		49
2008(3)		9.02		0.43			(0.09	)		0.34			(0.43	)		—			(0.43	)		8.93		3.76			0.35			0.20			4.69			72,928		47
Short-Intermediate Bond Fund
2013(3)(16)		10.51		0.08			0.03			0.11			(0.08	)		—			(0.08	)		10.54		1.06			0.55			0.10			1.53			106,274		179
2012(3)		10.12		0.20			0.40			0.60			(0.21	)		—			(0.21	)		10.51		5.99			0.55			0.12			1.99			113,933		190
2011(3)		9.90		0.20			0.21			0.41			(0.19	)		—			(0.19	)		10.12		4.22			0.55			0.13			2.03			102,730		445
2010(3)		8.99		0.26			0.87			1.13			(0.22	)		—			(0.22	)		9.90		12.65			0.55			0.14			2.69			109,776		373
2009(3)		8.90		0.48			0.09			0.57			(0.48	)		—			(0.48	)		8.99		7.32			0.55			0.14			5.89			118,546		360
2008(3)		9.16		0.45			(0.26	)		0.19			(0.45	)		—			(0.45	)		8.90		2.05			0.55			0.06			4.94			200,110		293
Intermediate Tax-Free Fund
2013(3)(16)		11.29		0.15			0.08			0.23			(0.15	)		(0.07	)		(0.22	)		11.30		2.02			0.37			—			2.72			362,103		10
2012(3)		10.75		0.34			0.55			0.89			(0.34	)		(0.01	)		(0.35	)		11.29		8.41			0.45			—			3.10			345,109		55
2011(3)(10)		10.37		0.25			0.38			0.63			(0.25	)		—			(0.25	)		10.75		6.17			0.50			0.06			3.54			166,269		59
Government Income Fund
2013(3)(16)		9.76		0.08			(0.05	)		0.03			(0.13	)		(0.11	)		(0.24	)		9.55		0.30			0.55			0.12			1.61			39,805		158
2012(3)		10.03		0.21			0.22			0.43			(0.30	)		(0.40	)		(0.70	)		9.76		4.49			0.55			0.13			2.16			41,528		355
2011(3)		10.08		0.24			0.24			0.48			(0.23	)		(0.30	)		(0.53	)		10.03		4.99			0.55			0.12			2.33			47,101		717
2010(3)		9.49		0.35			0.55			0.90			(0.31	)		—			(0.31	)		10.08		9.65			0.55			0.11			3.52			113,314		383
2009(3)		9.37		0.48			0.36			0.84			(0.46	)		(0.26	)		(0.72	)		9.49		9.65			0.55			0.10			5.22			159,881		360
2008(3)		9.44		0.46			(0.07	)		0.39			(0.46	)		—			(0.46	)		9.37		4.16			0.55			0.06			4.88			249,127		284
TCH Corporate Income Fund
2013(3)(16)		13.03		0.22			0.26			0.48			(0.23	)		(0.30	)		(0.53	)		12.98		3.67			0.51			—			3.33			97,486		62
2012(3)		12.35		0.49			0.83			1.32			(0.52	)		(0.12	)		(0.64	)		13.03		11.02			0.54			0.01			3.88			91,611		79
2011(3)		12.48		0.52			0.17			0.69			(0.54	)		(0.28	)		(0.82	)		12.35		5.77			0.55			0.08			4.18			76,263		48
2010(3)		11.57		0.53			0.99			1.52			(0.54	)		(0.07	)		(0.61	)		12.48		13.56			0.55			0.30			4.13			52,317		80
2009(3)(8)		10.00		0.35			1.58			1.93			(0.36	)		—			(0.36	)		11.57		19.63			0.55			1.04			4.88			15,927		38

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

129

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

Period Ended August 31,	Net asset value, beginning of period		Net investment income (loss)		Net realized and unrealized gain (loss) on investments, options, futures contracts  and foreign currency transactions			Total from investment operations		Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain on investments, options,  futures contracts and foreign currency transactions			Total distributions			Net asset value, end of period		Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)		Portfolio turnover rate (4)
																								Net Expenses (2)			Expense waiver (2)			Net investment income (loss) (2)
Aggregate Bond Fund
2013(3)(16)	$	11.22	$	0.10	$	0.00		$	0.10	$	(0.12	)	$	(0.30	)	$	(0.42	)	$	10.90		0.85	%		0.55	%		0.02	%		1.79	%	$	193,474		194	%
2012(3)		10.97		0.24		0.53			0.77		(0.26	)		(0.26	)		(0.52	)		11.22		7.30			0.55			0.02			2.21			263,084		266
2011(3)		11.13		0.23		0.24			0.47		(0.23	)		(0.40	)		(0.63	)		10.97		4.50			0.55			0.04			2.18			240,147		586
2010(3)		10.19		0.32		0.93			1.25		(0.31	)		—			(0.31	)		11.13		12.43			0.55			0.09			3.03			178,962		449
2009(3)		10.01		0.52		0.48			1.00		(0.50	)		(0.32	)		(0.82	)		10.19		11.40			0.55			0.12			5.66			150,309		445
2008(3)		10.10		0.50		(0.04	)		0.46		(0.49	)		(0.06	)		(0.55	)		10.01		4.58			0.55			0.08			4.87			222,380		333
TCH Core Plus Bond Fund
2013(3)(16)		11.90		0.17		0.23			0.40		(0.18	)		(0.28	)		(0.46	)		11.84		3.39			0.48			—			2.59			145,618		35
2012(3)		11.41		0.43		0.61			1.04		(0.47	)		(0.08	)		(0.55	)		11.90		9.41			0.52			—			3.68			63,697		84
2011(3)		11.44		0.49		0.21			0.70		(0.50	)		(0.23	)		(0.73	)		11.41		6.45			0.55			0.04			4.28			47,398		48
2010(3)		10.81		0.42		0.68			1.10		(0.46	)		(0.01	)		(0.47	)		11.44		10.46			0.55			0.17			3.84			35,851		72
2009(3)(8)		10.00		0.26		0.83			1.09		(0.28	)		—			(0.28	)		10.81		11.04			0.55			0.32			3.73			33,067		26
Monegy High Yield Bond Fund
2013(3)(16)		10.32		0.30		0.22			0.52		(0.30	)		(0.00	)		(0.30	)		10.54		5.05			0.65			0.18			5.64			41,353		16
2012(3)(12)		10.00		0.37		0.32			0.69		(0.37	)		—			(0.37	)		10.32		7.00			0.65			0.20			5.54			48,574		16
Government Money Market Fund
2013(16)		1.00		0.00		—			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.01			0.17			0.14			0.02			341,501		—
2012		1.00		0.00		0.00			0.00		(0.00	)		—			(0.00	)		1.00		0.01			0.16			0.15			0.01			334,571		—
2011		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.04			0.17			0.13			0.04			244,082		—
2010		1.00		0.00		—			0.00		(0.00	)		—			(0.00	)		1.00		0.09			0.20			0.09			0.09			314,001		—
2009		1.00		0.01		0.00			0.01		(0.01	)		(0.00	)		(0.01	)		1.00		0.80			0.23	(15)		0.07			0.75			399,654		—
2008		1.00		0.03		0.00			0.03		(0.03	)		(0.00	)		(0.03	)		1.00		3.45			0.20			0.10			3.33			275,136		—
Tax-Free Money Market Fund
2013(16)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.08			0.20			0.08			0.13			823,503		—
2012		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.27			0.20			0.09			0.25			582,585		—
2011		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.31			0.20			0.08			0.30			613,935		—
2010		1.00		0.01		0.00			0.01		(0.01	)		(0.00	)		(0.01	)		1.00		0.55			0.20			0.09			0.53			607,761		—
2009		1.00		0.02		0.00			0.02		(0.02	)		(0.00	)		(0.02	)		1.00		1.68			0.23	(15)		0.08			1.62			596,180		—
2008		1.00		0.03		0.00			0.03		(0.03	)		(0.00	)		(0.03	)		1.00		2.83			0.20			0.09			2.67			398,315		—
Prime Money Market Fund
2013(16)		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.06			0.20			0.01			0.12			2,146,991		—
2012		1.00		0.00		0.00			0.00		(0.00	)		(0.00	)		(0.00	)		1.00		0.20			0.20			0.01			0.19			1,934,167		—
2011		1.00		0.00		—			0.00		(0.00	)		—			(0.00	)		1.00		0.19			0.20			0.01			0.19			2,164,483		—
2010		1.00		0.00		—			0.00		(0.00	)		—			(0.00	)		1.00		0.25			0.20			0.01			0.25			2,077,081		—
2009		1.00		0.01		—			0.01		(0.01	)		—			(0.01	)		1.00		1.40			0.24	(15)		0.00	(6)		1.32			3,024,018		—
2008		1.00		0.04		—			0.04		(0.04	)		—			(0.04	)		1.00		3.91			0.20			0.01			3.69			3,101,260		—

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

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

(3) Redemption fees consisted of per share amounts less than $0.01. Effective February 8, 2012, the Ultra Short Tax-Free Fund discontinued it’s redemption fee policy.

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

(5) Annualized for periods less than one year.

(6) Represents less than 0.005%.

(7) Reflects operations for the period from January 31, 2008 (inception date) to August 31, 2008.

(8) Reflects operations for the period from December 22, 2008 (inception date) to August 31, 2009.

(9) Reflects operations for the period from September 30, 2009 (inception date) to August 31, 2010.

(10) Reflects operations for the period from December 27, 2010 (inception date) to August 31, 2011.

(11) Reflects operations for the period from February 28, 2011 (inception date) to August 31, 2011.

(12) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

(13) Reflects operations for the period from September 28, 2012 (inception date) to February 28, 2013.

(14) Reflects operations for the period from November 29, 2012 (inception date) to February 28, 2013.

(15) Participation fees for the Treasury’s Temporary Guarantee Program in the Government Money Market Fund, Tax-Free Money Market Fund and Prime Money Market Fund amounted to 0.03%, 0.03% and 0.04%, respectively.

(16) For the six months ended February 28, 2013 (Unaudited).

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

130

February 28, 2013 (Unaudited)

Notes to Financial Statements

1. Organization

BMO Funds (the “Corporation”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. As of February 28, 2013, the Corporation consisted of twenty four diversified portfolios (individually referred to as the “Fund,” or collectively as the “Funds”), each with Investor and Institutional classes of shares. BMO Asset Management Corp. serves as the Funds’ investment adviser (the “Adviser”), a Delaware corporation headquartered in Chicago, Illinois and is a wholly-owned subsidiary of BMO Financial Corp.

Portfolio Name	Investment Objective
BMO Low Volatility Equity Fund (“Low Volatility Equity Fund”)*	To provide capital appreciation.
BMO Large-Cap Value Fund (“Large-Cap Value Fund”)	To provide capital appreciation.
BMO Dividend Income Fund (“Dividend Income Fund”)	To provide capital appreciation and current income.
BMO Large-Cap Growth Fund (“Large-Cap Growth Fund”)	To provide capital appreciation.
BMO Mid-Cap Value Fund (“Mid-Cap Value Fund”)	To provide capital appreciation.
BMO Mid-Cap Growth Fund (“Mid-Cap Growth Fund”)	To provide capital appreciation.
BMO Small-Cap Value Fund (“Small-Cap Value Fund”)	To provide capital appreciation.
BMO Small-Cap Growth Fund (“Small-Cap Growth Fund”)	To provide capital appreciation.
BMO Pyrford International Stock Fund (“Pyrford International Stock Fund”)	To provide capital appreciation.
BMO Lloyd George Emerging Markets Equity Fund (“Lloyd George Emerging Markets Equity Fund”)	To provide capital appreciation.
BMO Pyrford Global Strategic Return Fund (“Pyrford Global Strategic Return Fund”)	To maximize total return.
BMO Ultra Short Tax-Free Fund (“Ultra Short Tax-Free Fund”)	To provide current income exempt from federal income tax consistent with preservation of capital.
BMO Short Tax-Free Fund (“Short Tax-Free Fund”)**	To provide current income exempt from federal income tax consistent with preservation of capital.
BMO Short-Term Income Fund (“Short-Term Income Fund”)	To maximize total return consistent with current income.
BMO Short-Intermediate Bond Fund (“Short-Intermediate Bond Fund”)	To maximize total return consistent with current income.
BMO Intermediate Tax-Free Fund (“Intermediate Tax-Free Fund”)	To provide a high level of current income exempt from federal income tax consistent with preservation of capital.
BMO Government Income Fund (“Government Income Fund”)	To provide current income.
BMO TCH Corporate Income Fund (“TCH Corporate Income Fund”)	To maximize total return consistent with current income.
BMO Aggregate Bond Fund (“Aggregate Bond Fund”)	To maximize total return consistent with current income.
BMO TCH Core Plus Bond Fund (“TCH Core Plus Bond Fund”)	To maximize total return consistent with current income.
BMO Monegy High Yield Bond Fund (“Monegy High Yield Bond Fund”)	To maximize total return consistent with current income.
BMO Government Money Market Fund (“Government Money Market Fund”)	To provide current income consistent with stability of principal.
BMO Tax-Free Money Market Fund (“Tax-Free Money Market Fund”)	To provide current income that is exempt from federal income tax and is consistent with stability of principal.
BMO Prime Money Market Fund (“Prime Money Market Fund”)	To provide current income consistent with stability of principal.

* Fund inception date is September 28, 2012.

** Fund inception date is November 29, 2012.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

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

Investment Valuations—Listed equity securities are valued each trading day at the last sale price or official closing price reported on a national securities exchange, including NASDAQ. Securities listed on a foreign exchange are valued each trading day at the last closing price on the principal exchange on which they are traded immediately prior to the time for determination of Net Asset Value (“NAV”) or at fair value as discussed below. Equity securities without a reported trade, U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities with maturities of 60 days or more, unlisted securities, and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Fixed income securities that are not exchange traded are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. Fixed income securities with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost, which approximates fair value. Investments in other open-end registered investment companies are valued at net asset value. The money market funds use the amortized cost method to value portfolio securities in accordance with Rule 2a-7 under the Act.

131

Notes to Financial Statements (continued)

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

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

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

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

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

Investment Income, Expenses, and Distributions—Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair market value.

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

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

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

When-Issued and Delayed Delivery Transactions—The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the commitment to purchase securities. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Futures Contracts—Certain Funds may purchase futures contracts to manage cash flows, enhance yield, and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from, or pays to, the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

132

BMO Funds

During the period ended February 28, 2013, the Intermediate Tax-Free Fund and Government Income Fund had an average of 87 and 33 short treasury futures contracts outstanding, respectively. The Ultra Short Tax-Free Fund had less than one average long treasury future contract outstanding during the period. Included in the Statements of Operations, the Ultra Short Tax-Free Fund, Intermediate Tax-Free Fund and Government Income Fund had $(3,049), $(352,956) and $16,697 in net realized gains/(losses) on treasury futures contracts, respectively. The Intermediate Tax-Free Fund had a $131,715 change in unrealized appreciation on treasury futures contracts for the period ended February 28, 2013.

At February 28, 2013, the following Fund had outstanding futures contracts as set forth below:

Fund	Expiration Date	Contracts	Description	Position	Unrealized Depreciation
Intermediate Tax-Free Fund	June 2013	100	U.S. 10 Year Notes	Short	$	(1,181)

Options Contracts—Certain Funds may write covered call and put options on futures, swaps, securities, or currencies a Fund owns, or in which it may invest to create investment exposure consistent with their investment objectives. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statements of Assets and Liabilities. Payments received, or made, from writing options with premiums to be determined on a future date are reflected as such on the Statements of Assets and Liabilities. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security, or currency may be sold (called) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security, or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds also may purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium, which is included in a Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security, or currency transaction to determine the realized gain or loss.

For the period ended February 28, 2013, the Funds did not hold any option contracts.

Foreign Exchange Contracts—Certain Funds may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. Certain Funds may enter into these contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross hedge against either specific transactions or portfolio positions. The objective of certain Funds’ foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of these Funds’ foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All foreign currency exchange contracts are marked-to-market daily at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the foreign currency exchange contract is offset by entering into a closing transaction or by the delivery or receipt of the currency. Risk may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the period ended February 28, 2013, the Pyrford International Stock Fund, Pyrford Global Strategic Return Fund and Monegy High Yield Bond Fund entered into 3, 1 and 1 short forward foreign currency exchange contracts, respectively. Included in the Statements of Operations, the Pyrford International Stock Fund, Pyrford Global Strategic Return Fund, and Monegy High Yield Bond Fund had $307,295, $7,549 and $40,630 in net realized losses, respectively. The Pyrford International Stock Fund, Pyrford Global Strategic Return Fund and Monegy High Yield Bond Fund had $294,247, $5,876 and $4,983 in changes in net unrealized appreciation on forward foreign currency exchange contracts, respectively. At February 28, 2013, the following Funds had outstanding short foreign currency exchange contracts:

Pyrford International Stock Fund
		Contract Amount					Unrealized Appreciation
Settlement Date	Currency	Buy		Sell	Value				Counterparty
March 20, 2013	Australian Dollar (AUD)	$	10,809,269	AUD  10,580,000	$	10,793,771	$	15,498	State Street Bank London
March 20, 2013	Australian Dollar		1,841,040	1,800,000		1,836,370		4,670	State Street Bank London
March 20, 2013	Australian Dollar		1,242,720	1,200,000		1,224,246		18,474	State Street Bank London
							$	38,642
Pyrford Global Strategic Return Fund
		Contract Amount					Unrealized Appreciation
Settlement Date	Currency	Buy		Sell	Value				Counterparty
March 20, 2013	Australian Dollar (AUD)	$	449,535	AUD  440,000	$	448,890	$	645	State Street Bank London

133

Notes to Financial Statements (continued)

Monegy High Yield Bond Fund
		Contract Amount					Unrealized Appreciation
Settlement Date	Currency	Buy		Sell	Value				Counterparty
March 22, 2013	Euro (€)	$	476,857	€  361,075	$	471,472	$	5,385	CIBC World Markets

Foreign Currency Translation—The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income, and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

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

Restricted Securities—Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer’s expense either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Directors. The restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Directors. The money market funds’ restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Additional information on each illiquid restricted security held by the Funds at February 28, 2013 is as follows:

Fund	Security	Acquisition Date		Acquisition Cost		Value
Prime Money Market Fund	Metropolitan Life Insurance Co.(1)		5/3/2004	$	65,000,000	$	65,000,000
Prime Money Market Fund	Metropolitan Life Insurance Co.(1)		2/1/2010		50,000,000		50,000,000

(1) Security represents a quarterly floating rate funding agreement with a 90 day put feature whose maturity is extendable per the discretion of the Adviser.

Redemption Fees—The Funds (other than the Government Money Market Fund, Tax-Free Money Market Fund, Prime Money Market Fund, and Ultra Short Tax-Free Fund) impose a 2.00% redemption fee to shareholders who redeem shares held for 30 days or less. All redemption fees are recorded by the Funds as paid-in-capital.

Securities Lending—Certain Funds participate in a securities lending program, providing for the lending of corporate bonds, equity, and government securities to qualified brokers. The Funds receive cash as collateral in return for the securities and record a corresponding payable for collateral due to the respective broker. The amount of cash collateral received is maintained at a minimum level of 100% of the prior day’s market value on securities loaned. Investment transactions, including securities on loan and the related collateral, are recorded on a trade date basis, and therefore the value of securities on loan and Payable for Return of Securities Lending Collateral listed in the Statements of Assets and Liabilities may not accurately reflect the operational nature of the securities lending program. The Funds’ securities on loan were appropriately collateralized at February 28, 2013. Collateral is reinvested in short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates), and money market funds. The valuation of collateral is discussed in “Investment Valuations” in Note 2 of the Notes to the Financial Statements. When a Fund lends its portfolio securities, it is subject to the risk that it may not be able to get the portfolio securities back from the borrower on a timely basis, in which case the Fund may lose certain investment opportunities. A Fund also is subject to the risks associated with the investments of cash collateral received from the borrower.

Cash collateral received as part of the securities lending program was jointly pooled and invested in the following securities as of February 28, 2013 (1):

Description	Value
American Honda Finance Corp., 0.378%, 8/2/2013(2)	$	20,010,300
ANZ National Ltd., 0.459%, 6/20/2013(2)		20,000,000
Bank of Nova Scotia, 0.552%, 7/19/2013(2)		15,021,900
Blackrock Liquidity TempCash Money Market Fund, 0.114%		25,959,665
Blackrock Liquidity TempFund Money Market Fund, 0.103%		32,023,573
Canadian Imperial Bank, 0.330%, 11/8/2013(2)		25,000,000

Description	Value
Chariot Funding, LLC, 0.320%, 3/6/2013(3)	$	24,959,778
Coca Cola Co., 0.240%, 5/2/2013(3)		9,987,144
Commonwealth Bank Australia, 0.345%, 10/4/2013(2)		19,998,700
Commonwealth Bank Australia, 0.351%, 9/5/2013(2)		10,000,000
Dreyfus Institutional Cash Advantage Money Market Fund, 0.081%		35,888,605
DNB Bank ASA, 0.411%, 12/5/2013(2)		24,998,750
FCAR Owner Trust I, 0.460%, 10/21/2013(3)		24,916,305

134

BMO Funds

Description	Value
Fidelity Institutional Money Market Fund, 0.122%	$	87,790,120
General Electric Corp., 0.909%, 6/19/2013(2)		10.018.760
Goldman Sachs Money Market Fund, 0.125%		43,986,562
Kells Funding, LLC, 0.260%, 8/20/2013(3)		19,974,000
Metlife Institutional Insurance FA, 0.561%, 5/29/2013(2)		20,000,000
National Rural Utilities Co., 0.381%, 2/18/2014(2)		30,007,680
Nordea North America, Inc., 0.270%, 7/22/2013(3)		24,967,188
Pricoa Global Funding, 0.510%, 9/27/2013(2)		23,013,547
Principal Life Income Funding, 0.473%, 11/8/2013(2)		5,003,745
Rabobank USA Financial Corp., 0.390%, 4/1/2013(3)		26,945,010
Reckitt Benckiser, 0.520%, 6/7/2013(3)		24,901,417
Royal Bank of Canada, 0.360%, 2/28/2014(2)		10,000,000

Description	Value
Royal Bank of Canada, 0.370%, 2/3/2014(2)	$	25,000,000
Skandinaviska Enskilda Bank, 0.495%, 1/8/2014(2)		25,000,000
Svenska Handelsbanken, 0.270%, 8/27/2013(3)		21,568,410
Thunder Bay Funding, LLC, 0.300%, 6/20/2013(3)		17,972,700
Toronto Dominion Bank, 0.251%, 11/15/2013(3)		15,000,000
Toronto Dominion Bank, 0.302%, 10/21/2013(2)		15,010,305
Toyota Motor Corp., 0.361%, 9/9/2013(2)		20,006,780
Western Asset Institutional Cash Reserves Money Market Fund, 0.116%		48,787,230
Western Asset Institutional Liquid Reserves Money Market Fund, 0.124%		87,000,000
Westpac Banking Corp., 0.378%, 8/2/2013(2)		25,017,475
Total	$	915,735,649

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

(2) Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of February 28, 2013.

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

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

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

3. Fair Value Measurements

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

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

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

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

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

The Funds have adopted Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”) which amends Fair Value Measurements and Disclosures to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. Enhanced disclosure is required to detail any transfers into and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers.

The following is a summary of the inputs used, as of February 28, 2013, in valuing the Funds’ assets:

	Low Volatility Equity Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	683,474	$	—	$	—	$	683,474
Short-Term Investments		20,994		—		—		20,994
Total	$	704,468	$	—	$	—	$	704,468

	Large-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	186,758,328	$	—	$	—	$	186,758,328
Short-Term Investments		2,429,113		33,946,173		—		36,375,286
Total	$	189,187,441	$	33,946,173	$	—	$	223,133,614

135

Notes to Financial Statements (continued)

	Dividend Income Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	97,201,610	$	—	$	—	$	97,201,610
Short-Term Investments		2,249,871		21,976,339		—		24,226,210
Total	$	99,451,481	$	21,976,339	$	—	$	121,427,820
	Large-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	205,074,806	$	—	$	—	$	205,074,806
Short-Term Investments		2,789,837		32,035,921		—		34,825,758
Total	$	207,864,643	$	32,035,921	$	—	$	239,900,564
	Mid-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	244,725,067	$	—	$	—	$	244,725,067
Short-Term Investments		14,697,889		59,226,416		—		73,924,305
Total	$	259,422,956	$	59,226,416	$	—	$	318,649,372
	Mid-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	241,039,214	$	—	$	—	$	241,039,214
Short-Term Investments		7,064,000		73,335,803		—		80,399,803
Total	$	248,103,214	$	73,335,803	$	—	$	321,439,017
	Small-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	41,282,119	$	—	$	—	$	41,282,119
Short-Term Investments		3,651,999		19,814,384		—		23,466,383
Total	$	44,934,118	$	19,814,384	$	—	$	64,748,502
	Small-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	595,969,225	$	—	$	—	$	595,969,225
Short-Term Investments		12,673,813		280,287,804		—		292,961,617
Total	$	608,643,038	$	280,287,804	$	—	$	888,930,842
	Pryford International Stock Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	141,824,396	$	—	$	—	$	141,824,396
Preferred Stocks(1)		1,658,300		—		—		1,658,300
Short-Term Investments		—		20,122,569		—		20,122,569
Total	$	143,482,696	$	20,122,569	$	—	$	163,605,265
	Lloyd George Emerging Markets Equity Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	84,824,415	$	—	$	—	$	84,824,415
Preferred Stocks(1)		3,547,442		—		—		3,547,442
Short-Term Investments		—		5,496,159		—		5,496,159
Total	$	88,371,857	$	5,496,159	$	—	$	93,868,016
	Pyrford Global Strategic Return Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	12,914,210	$	—	$	—	$	12,914,210
Preferred Stocks(1)		62,674		—		—		62,674
International Bonds		—		35,229,757		—		35,229,757
Short-Term Investments		—		978,513		—		978,513
Total	$	12,976,884	$	36,208,270	$	—	$	49,185,154
	Ultra Short Tax-Free Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	848,293,505	$	—	$	848,293,505
Short-Term Investments		42,705,630		31,434,228		—		74,139,858
Total	$	42,705,630	$	879,727,733	$	—	$	922,433,363

	Short Tax-Free Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	36,920,315	$	—	$	36,920,315
Short-Term Investments		800,535		225,229		—		1,025,764
Total	$	800,535	$	37,145,544	$	—	$	37,946,079
	Short-Term Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	9,253,828	$	—	$	9,253,828
Collateralized Mortgage Obligations		—		9,759,565		—		9,759,565
Commercial Mortgage Securities		—		23,213,501		—		23,213,501
Corporate Bonds & Notes		—		117,591,546		—		117,591,546
Municipals		—		9,527,824		—		9,527,824
Mutual Funds		3,701,780		3,012,276		—		6,714,056
U.S. Government & U.S. Government Agency Obligations		—		29,649,524		—		29,649,524
U.S. Government Agency-Mortgage Securities		—		4,644,971		—		4,644,971
Short-Term Investments		12,425,134		40,976,327		—		53,401,461
Total	$	16,126,914	$	247,629,362	$	—	$	263,756,276
	Short-Intermediate Bond Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	1,415,739	$	—	$	1,415,739
Collateralized Mortgage Obligations		—		2,624,463		—		2,624,463
Commercial Mortgage Securities		—		1,556,121		—		1,556,121
Corporate Bonds & Notes		—		81,902,717		—		81,902,717
U.S. Government & U.S. Government Agency Obligations		—		49,364,253		—		49,364,253
U.S. Government Agency-Mortgage Securities		—		14,275,895		—		14,275,895
Short-Term Investments		12,911,768		60,757,002		—		73,668,770
Total	$	12,911,768	$	211,896,190	$	—	$	224,807,958
	Intermediate Tax-Free Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	1,261,785,505	$	—	$	1,261,785,505
Short-Term Investments		50,967,471		4,314,781		—		55,282,252
Total	$	50,967,471	$	1,266,100,286	$	—	$	1,317,067,757

136

BMO Funds

	Government Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	5,861,253	$	—	$	5,861,253
Collateralized Mortgage Obligations		—		27,174,629		—		27,174,629
Commercial Mortgage Securities		—		15,821,516		—		15,821,516
Corporate Bonds & Notes		—		3,020,565		—		3,020,565
U.S. Government & U.S. Government Agency Obligations		—		2,050,794		—		2,050,794
U.S. Government Agency-Mortgage Securities		—		161,825,085		—		161,825,085
Short-Term Investments		4,253,863		56,899,251		—		61,153,114
Total	$	4,253,863	$	272,653,093	$	—	$	276,906,956
	TCH Corporate Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	6,063,824	$	—	$	6,063,824
Corporate Bonds & Notes		—		127,583,739		—		127,583,739
Municipals		—		625,480		—		625,480
U.S. Government & U.S. Government Agency Obligations		—		6,079,572		—		6,079,572
Short-Term Investments		5,636,409		28,510,730		—		34,147,139
Total	$	5,636,409	$	168,863,345	$	—	$	174,499,754
	Aggregate Bond Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	14,334,340	$	—	$	14,334,340
Collateralized Mortgage Obligations		—		24,606,298		—		24,606,298
Commercial Mortgage Securities		—		18,001,545		—		18,001,545
Corporate Bonds & Notes		—		181,953,074		—		181,953,074
Municipals		—		3,008,940		—		3,008,940
U.S. Government & U.S. Government Agency Obligations		—		44,649,240		—		44,649,240
U.S. Government Agency-Mortgage Securities		—		119,526,512		—		119,526,512
Short-Term Investments		27,156,346		88,409,123		—		115,565,469
Total	$	27,156,346	$	494,489,072	$	—	$	521,645,418
	TCH Core Plus Bond Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	20,000,825	$	—	$	20,000,825
Commercial Mortgage Securities		—		633,928		—		633,928
Corporate Bonds & Notes		—		188,152,851		—		188,152,851
Municipals		—		375,288		—		375,288
U.S. Government & U.S. Government Agency Obligations		—		99,346,490		—		99,346,490
U.S. Government Agency-Mortgage Securities		—		14,461,907		—		14,461,907
Short-Term Investments		26,915,290		194,093,010		—		221,008,300
Total	$	26,915,290	$	517,064,299	$	—	$	543,979,589
	Monegy High Yield Bond Fund
	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	—	$	85,491,585	$	—	$	85,491,585
Short-Term Investments		719,822		—		—		719,822
Total	$	719,822	$	85,491,585	$	—	$	86,211,407

	Government Money Market Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	75,890,000	$	—	$	75,890,000
Mutual Funds		20,000,000		—		—		20,000,000
Repurchase Agreements		—		222,876,073		—		222,876,073
U.S. Government & U.S. Government Agency Obligations		—		150,398,298		—		150,398,298
Total	$	20,000,000	$	449,164,371	$	—	$	469,164,371
	Tax-Free Money Market Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	938,841,866	$	—	$	938,841,866
Mutual Funds		23,553,397		—		—		23,553,397
Total	$	23,553,397	$	938,841,866	$	—	$	962,395,263
	Prime Money Market Fund
	Level 1		Level 2		Level 3		Total
Certificates of Deposit	$	—	$	452,025,256	$	—	$	452,025,256
Commercial Paper		—		1,164,445,453		—		1,164,445,453
Corporate Bonds & Notes		—		18,991,774		—		18,991,774
Funding Agreements		—		115,000,000		—		115,000,000
Municipals		—		423,710,000		—		423,710,000
Mutual Funds		169,000,000		—		—		169,000,000
Notes-Variable		—		194,042,381		—		194,042,381
Repurchase Agreements		—		490,123,394		—		490,123,394
Trust Demand Notes		—		143,000,000		—		143,000,000
U.S. Government & U.S. Government Agency Obligations		—		252,921,081		—		252,921,081
Total	$	169,000,000	$	3,254,259,339	$	—	$	3,423,259,339

The following is a summary of other financial instruments that are derivative instruments not reflected in the Schedules of Investments, such as futures, written options, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

	Unrealized Appreciation/(Depreciation) On Other Financial Instruments
Fund	Level 1			Level 2		Level 3		Total
Pyrford International Stock Fund
Short Forward Contracts	$	—		$	38,642	$	—	$	38,642
Pyrford Global Strategic Return Fund
Short Forward Contracts		—			645		—		645
Intermediate Tax-Free Fund
Short Futures Contracts		(1,181	)		—		—		(1,181	)
Monegy High Yield Bond Fund
Short Forward Contracts		—			5,385		—		5,385
Total	$	(1,181	)	$	44,672	$	—	$	43,491

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

137

Notes to Financial Statements (continued)

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

Fund	Beginning balance September 1, 2012		Transfers into Level 3 during the period		Transfers out of Level 3 during the period		Purchases		(Sales)		Change in unrealized appreciation/ (depreciation) during the period for Level 3 Investments			Total realized gain/ (loss)			Ending balance February 28, 2013
Mid-Cap Value Fund
Share Purchase Rights*	$	47,740	$	—	$	—	$	—	$	60,043	$	(47,740	)	$	60,043		$	—
Ultra Short Tax-Free Fund
Municipals		844,375		—		—		—		844,375		30,625			(30,625	)		—
Short-Term Income Fund
Corporate Bonds & Notes		1,837,323		—		—		—		2,016,900		567,527			(387,950	)		—
Short-Intermediate Bond Fund
Corporate Bonds & Notes		3,024,400		—		—		—		3,320,000		934,200			(638,600	)		—
Intermediate Tax-Free Fund
Municipals		1,529,525		—		—		—		1,585,000		27,774			27,701			—
Government Income Fund
Corporate Bonds & Notes		2,268,300		—		—		—		2,490,000		700,650			(478,950	)		—

* Share Purchase Rights received on August 10, 2012 at no cost via a spin-off corporate action related to Liberty Interactive Corp.

One corporate bond security held in both Short-Intermediate Bond Fund and Government Income Fund was categorized as Level 3 and had a fair value of $3,024,400 and $2,268,300, respectively, as of August 31, 2012. This security was thinly-traded and as a result was no longer being priced by the independent pricing vendor. As a result, the investment team located a more actively-traded security whose characteristics (yield, coupon, maturity, etc.) were substantially similar to this security. Price fluctuations on the actively-traded security were analyzed on a monthly basis and taken into consideration when recommending a fair value of the Level 3 security to the Board of Directors’ Pricing Committee. Key unobservable inputs related to this security include yield and credit spread, which generally react inversely with the price of fixed income securities. As of February 28, 2013, this security was no longer held in either Fund. All additional Funds containing Level 3 securities representing less than 1% of net assets are no longer held as of February 28, 2013.

It is the Funds’ policy to recognize transfers between category levels at the end of the period. As described in Note 2, the values of certain equity securities listed or traded on foreign security exchanges may be valued by an independent fair value pricing service on any day when a significant change in value of U.S. traded securities occurs, as measured by the Russell 1000 Index. As a result of such an event at August 31, 2012, certain securities held in the Pryford International Stock Fund, Lloyd George Emerging Markets Equity Fund and Pyrford Global Strategic Return Fund were fair valued by the service and categorized in Level 2 but did not require fair valuation at February 28, 2013 and were therefore categorized in Level 1.

The following is a reconciliation of transfers between category levels from August 31, 2012 to February 28, 2013, represented by recognizing the February 28, 2013 market value of securities previously classified as Level 2 as of August 31, 2012 that transferred hierarchies to Level 1 as of February 28, 2013:

	Pyrford International Stock Fund			Lloyd George Emerging Markets Fund			Pyrford Global Strategic Return Fund
Transfers into Level 1	$	133,455,701		$	61,854,292		$	6,841,691
Transfers out of Level 1	$	—		$	—		$	—
Net Transfers in (out) of Level 1	$	133,455,701		$	61,854,292		$	6,841,691
Transfers into Level 2	$	—		$	—		$	—
Transfers out of Level 2	$	(133,455,701	)	$	(61,854,292	)	$	(6,841,691	)
Net Transfers in (out) of Level 2	$	(133,455,701	)	$	(61,854,292	)	$	(6,841,691	)

138

BMO Funds

4. Capital Stock

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

	Low Volatility Equity Fund			Large-Cap Value Fund						Dividend Income Fund
	Period Ended February 28, 2013(1) (Unaudited)			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Period Ended August 31, 2012(2)
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	593,099		$	21,964,638		$	13,066,125		$	21,877,971		$	27,560,538
Institutional class of shares		178,875			17,969,399			9,923,332			2,557,611			47,878,146
Net proceeds from sale of shares	$	771,974		$	39,934,037		$	22,989,457		$	24,435,582		$	75,438,684
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	—		$	699,846		$	625,063		$	384,039		$	265,877
Institutional class of shares		—			742,033			716,242			635,019			483,028
Net proceeds from shares issued	$	—		$	1,441,879		$	1,341,305		$	1,019,058		$	748,905
Cost of shares redeemed:
Investor class of shares	$	(128,875	)	$	(7,937,640	)	$	(14,750,182	)	$	(2,111,024	)	$	(1,618,181	)
Institutional class of shares		—			(9,720,443	)		(27,017,000	)		(3,764,119	)		(4,077,381	)
Net cost of shares redeemed	$	(128,875	)	$	(17,658,083	)	$	(41,767,182	)	$	(5,875,143	)	$	(5,695,562	)
Redemption fees	$	—		$	4,531		$	9,475		$	383		$	14
Net change resulting from fund share transactions in dollars	$	643,099		$	23,722,364		$	(17,426,945	)	$	19,579,880		$	70,492,041
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		59,531			1,663,113			1,155,176			1,909,853			2,691,995
Institutional class of shares		17,488			1,465,723			853,273			234,526			4,686,815
Net sale of shares		77,019			3,128,836			2,008,449			2,144,379			7,378,810
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		—			56,287			57,609			35,384			25,315
Institutional class of shares		—			59,672			66,013			58,436			45,939
Net shares issued		—			115,959			123,622			93,820			71,254
Shares redeemed:
Investor class of shares		(12,500	)		(629,989	)		(1,313,126	)		(189,801	)		(154,633	)
Institutional class of shares		—			(765,642	)		(2,391,837	)		(340,273	)		(385,645	)
Net shares redeemed		(12,500	)		(1,395,631	)		(3,704,963	)		(530,074	)		(540,278	)
Net change resulting from fund share transactions in shares		64,519			1,849,164			(1,572,892	)		1,708,125			6,909,786

(1) Reflects operations for the period from September 28, 2012 (inception date) to February 28, 2013.

(2) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

139

Notes to Financial Statements (continued)

	Large-Cap Growth Fund						Mid-Cap Value Fund						Mid-Cap Growth Fund
	Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	8,991,700		$	23,464,442		$	11,929,818		$	16,459,576		$	8,748,407		$	16,939,756
Institutional class of shares		35,197,145			19,460,151			8,883,778			7,617,592			10,307,006			11,497,849
Net proceeds from sale of shares	$	44,188,845		$	42,924,593		$	20,813,596		$	24,077,168		$	19,055,413		$	28,437,605
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	7,685,452		$	—		$	6,616,715		$	526,309		$	5,929,226		$	—
Institutional class of shares		8,340,406			—			5,030,435			592,130			7,719,084			—
Net proceeds from shares issued	$	16,025,858		$	—		$	11,647,150		$	1,118,439		$	13,648,310		$	—
Cost of shares redeemed:
Investor class of shares	$	(35,417,837	)	$	(14,939,047	)	$	(16,677,994	)	$	(29,272,605	)	$	(17,062,625	)	$	(25,169,276	)
Institutional class of shares		(8,023,860	)		(49,154,531	)		(13,927,334	)		(24,198,544	)		(14,535,234	)		(60,850,906	)
Net cost of shares redeemed	$	(43,441,697	)	$	(64,093,578	)	$	(30,605,328	)	$	(53,471,149	)	$	(31,597,859	)	$	(86,020,182	)
Redemption fees	$	12,050		$	7,911		$	6,204		$	9,735		$	580		$	13,417
Net change resulting from fund share transactions in dollars	$	16,785,056		$	(21,161,074	)	$	1,861,622		$	(28,265,807	)	$	1,106,444		$	(57,569,160	)
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		643,557			1,734,303			855,171			1,319,634			419,166			880,574
Institutional class of shares		2,504,538			1,383,672			626,729			633,788			480,515			600,572
Net sale of shares		3,148,095			3,117,975			1,481,900			1,953,422			899,681			1,481,146
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		580,911			—			506,252			44,043			301,129			—
Institutional class of shares		627,570			—			385,770			49,675			387,504			—
Net shares issued		1,208,481			—			892,022			93,718			688,633			—
Shares redeemed:
Investor class of shares		(2,537,504	)		(1,154,790	)		(1,219,846	)		(2,371,018	)		(809,893	)		(1,336,069	)
Institutional class of shares		(572,543	)		(3,745,482	)		(1,019,120	)		(1,944,489	)		(692,007	)		(3,138,472	)
Net shares redeemed		(3,110,047	)		(4,900,272	)		(2,238,966	)		(4,315,507	)		(1,501,900	)		(4,474,541	)
Net change resulting from fund share transactions in shares		1,246,529			(1,782,297	)		134,956			(2,268,367	)		86,414			(2,993,395	)

(1) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

140

BMO Funds

Small-Cap Value Fund						Small-Cap Growth Fund						Pyrford International Stock Fund						Lloyd George Emerging Markets Equity Fund
Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six  Months Ended February 28, 2013 (Unaudited)			Period Ended August 31, 2012(1)			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
$	4,289,982		$	6,548,063		$	35,197,861		$	101,504,351		$	5,104,714		$	40,630,044		$	23,237,055		$	8,422,583
	6,637,443			1,517,977			34,890,993			74,947,774			26,897,885			79,006,460			13,238,588			13,540,720
$	10,927,425		$	8,066,040		$	70,088,854		$	176,452,125		$	32,002,599		$	119,636,504		$	36,475,643		$	21,963,303
$	790,691		$	—		$	22,334,250		$	19,098,636		$	1,012,919		$	—		$	1,212,603		$	950,384
	136,384			—			15,804,539			11,024,348			2,034,428			—			3,017,011			3,098,942
$	927,075		$	—		$	38,138,789		$	30,122,984		$	3,047,347		$	—		$	4,229,614		$	4,049,326
$	(3,426,208	)	$	(3,739,669	)	$	(68,490,669	)	$	(136,319,090	)	$	(4,316,522	)	$	(3,477,177	)	$	(1,529,963	)	$	(2,949,450	)
	(478,263	)		(736,041	)		(33,131,675	)		(64,143,706	)		(6,830,832	)		(6,063,885	)		(3,437,906	)		(6,426,940	)
$	(3,904,471	)	$	(4,475,710	)	$	(101,622,344	)	$	(200,462,796	)	$	(11,147,354	)	$	(9,541,062	)	$	(4,967,869	)	$	(9,376,390	)
$	905		$	1,420		$	15,493		$	72,902		$	19,249		$	23,557		$	485		$	2,532
$	7,950,934		$	3,591,750		$	6,620,792		$	6,185,215		$	23,921,841		$	110,118,999		$	35,737,873		$	16,638,771
	370,590			682,010			1,882,752			5,679,118			452,292			4,050,172			1,656,004			643,044
	554,182			162,816			1,857,450			4,197,598			2,367,454			7,799,273			953,496			1,028,437
	924,772			844,826			3,740,202			9,876,716			2,819,746			11,849,445			2,609,500			1,671,481
	73,077			—			1,282,840			1,098,886			92,176			—			90,696			71,619
	12,581			—			895,949			628,168			184,965			—			225,487			233,354
	85,658			—			2,178,789			1,727,054			277,141			—			316,183			304,973
	(301,121	)		(390,284	)		(3,683,020	)		(7,650,676	)		(384,263	)		(337,614	)		(109,528	)		(212,051	)
	(42,390	)		(72,996	)		(1,771,251	)		(3,525,198	)		(607,107	)		(581,510	)		(246,150	)		(467,441	)
	(343,511	)		(463,280	)		(5,454,271	)		(11,175,874	)		(991,370	)		(919,124	)		(355,678	)		(679,492	)
	666,919			381,546			464,720			427,896			2,105,517			10,930,321			2,570,005			1,296,962

141

Notes to Financial Statements (continued)

	Pyrford Global Strategic Return Fund						Ultra Short Tax-Free Fund						Short Tax-Free Fund
	Six Months Ended February 28, 2013 (Unaudited)			Period Ended August 31, 2012(1)			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Period Ended February 28, 2013(2) (Unaudited)
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	1,515,375		$	12,433,973		$	33,283,281		$	94,363,815		$	17,846,544
Institutional class of shares		1,444,538			44,402,011			562,769,892			603,773,096			21,998,788
Net proceeds from sale of shares	$	2,959,913		$	56,835,984		$	596,053,173		$	698,136,911		$	39,845,332
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	—		$	—		$	358,289		$	630,636		$	36,954
Institutional class of shares		—			—			892,019			1,105,179			3,757
Net proceeds from shares issued	$	—		$	—		$	1,250,308		$	1,735,815		$	40,711
Cost of shares redeemed:
Investor class of shares	$	(729,017	)	$	(870,696	)	$	(42,173,797	)	$	(42,755,545	)	$	(1,803,193	)
Institutional class of shares		(8,076,941	)		(2,362,735	)		(424,282,836	)		(292,251,634	)		(350,000	)
Net cost of shares redeemed	$	(8,805,958	)	$	(3,233,431	)	$	(466,456,633	)	$	(335,007,179	)	$	(2,153,193	)
Redemption fees	$	1,552		$	4,036		$	—		$	52,067		$	—
Net change resulting from fund share transactions in dollars	$	(5,844,493	)	$	53,606,589		$	130,846,848		$	364,917,614		$	37,732,850
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		146,849			1,241,678			3,298,591			9,366,704			1,771,915
Institutional class of shares		140,060			4,364,878			55,804,762			59,960,816			2,185,392
Net sale of shares		286,909			5,606,556			59,103,353			69,327,520			3,957,307
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		—			—			35,508			62,615			3,658
Institutional class of shares		—			—			88,441			109,790			372
Net shares issued		—			—			123,949			172,405			4,030
Shares redeemed:
Investor class of shares		(70,712	)		(86,388	)		(4,178,463	)		(4,242,152	)		(178,655	)
Institutional class of shares		(780,674	)		(234,591	)		(42,070,853	)		(29,021,602	)		(34,678	)
Net shares redeemed		(851,386	)		(320,979	)		(46,249,316	)		(33,263,754	)		(213,333	)
Net change resulting from fund share transactions in shares		(564,477	)		5,285,577			12,977,986			36,236,171			3,748,004

(1) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

(2) Reflects operations for the period from November 29, 2012 (inception date) to February 28, 2013.

(3) Includes $118,407,280 of paid-in-capital received from an in-kind subscription merger of three affiliated unregistered municipal bond funds effective as of the close of business on April 4, 2012. The total value received of $118,407,280 from this non-taxable event represented $111,966,450 in securities cost, $5,407,614 in net unrealized appreciation and $1,033,216 in accrued interest in exchange for 10,735,021 Institutional Class of shares at time of merger.

142

BMO Funds

Short-Term Income Fund						Short-Intermediate Bond Fund						Intermediate Tax-Free Fund						Government Income Fund
Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
$	40,058,122		$	53,361,304		$	2,105,614		$	7,988,342		$	317,821,081		$	435,118,279		$	5,781,767		$	22,472,012
	23,043,246			34,920,876			5,228,286			21,550,963			52,216,550			200,019,252	(3)		3,086,090			6,791,908
$	63,101,368		$	88,282,180		$	7,333,900		$	29,539,305		$	370,037,631		$	635,137,531		$	8,867,857		$	29,263,920
$	727,363		$	1,215,227		$	321,884		$	877,929		$	14,996,770		$	13,856,348		$	3,937,711		$	12,134,588
	397,310			885,461			555,867			1,456,412			2,117,548			333,503			560,111			2,062,709
$	1,124,673		$	2,100,688		$	877,751		$	2,334,341		$	17,114,318		$	14,189,851		$	4,497,822		$	14,197,297
$	(18,073,375	)	$	(30,737,058	)	$	(4,920,240	)	$	(11,833,054	)	$	(106,838,473	)	$	(130,425,894	)	$	(19,641,855	)	$	(55,927,279	)
	(11,908,060	)		(22,682,270	)		(13,751,861	)		(15,895,959	)		(37,531,463	)		(33,824,436	)		(4,483,621	)		(13,127,455	)
$	(29,981,435	)	$	(53,419,328	)	$	(18,672,101	)	$	(27,729,013	)	$	(144,369,936	)	$	(164,250,330	)	$	(24,125,476	)	$	(69,054,734	)
$	16,582		$	53,222		$	2,994		$	4,328		$	23,884		$	67,677		$	365		$	12,530
$	34,261,188		$	37,016,762		$	(10,457,456	)	$	4,148,961		$	242,805,897		$	485,144,729		$	(10,759,432	)	$	(25,580,987	)
	4,223,555			5,691,590			200,170			779,588			28,048,311			39,372,819			598,573			2,285,719
	2,426,174			3,711,347			497,719			2,098,027			4,612,541			18,107,884	(3)		320,120			696,878
	6,649,729			9,402,937			697,889			2,877,615			32,660,852			57,480,703			918,693			2,982,597
	76,659			129,602			30,586			85,453			1,320,511			1,252,029			408,419			1,255,736
	41,822			94,411			52,871			141,806			185,953			30,330			58,202			214,319
	118,481			224,013			83,457			227,259			1,506,464			1,282,359			466,621			1,470,055
	(1,905,023	)		(3,269,629	)		(467,985	)		(1,155,832	)		(9,438,636	)		(11,789,929	)		(2,037,524	)		(5,759,070	)
	(1,253,735	)		(2,419,063	)		(1,308,751	)		(1,548,463	)		(3,313,083	)		(3,049,594	)		(464,658	)		(1,350,635	)
	(3,158,758	)		(5,688,692	)		(1,776,736	)		(2,704,295	)		(12,751,719	)		(14,839,523	)		(2,502,182	)		(7,109,705	)
	3,609,452			3,938,258			(995,390	)		400,579			21,415,597			43,923,539			(1,116,868	)		(2,657,053	)

143

Notes to Financial Statements (continued)

	TCH Corporate Income Fund						Aggregate Bond Fund						TCH Core Plus Bond Fund
	Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	17,484,559		$	35,675,544		$	46,834,885		$	94,153,944		$	151,774,689		$	36,361,110
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		6,554,583			13,019,752			23,818,619			57,403,310			86,164,529			20,857,537
Transfers from termination of Advisor class		—			—			—			—			—			—
Net proceeds from sale of shares	$	24,039,142		$	48,695,296		$	70,653,504		$	151,557,254		$	237,939,218		$	57,218,647
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	2,120,308		$	1,327,073		$	11,124,425		$	11,252,829		$	3,811,434		$	3,404,481
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		3,209,419			3,134,188			8,645,240			10,244,110			2,677,139			2,486,996
Net proceeds from shares issued	$	5,329,727		$	4,461,261		$	19,769,665		$	21,496,939		$	6,488,573		$	5,891,477
Cost of shares redeemed:
Investor class of shares	$	(16,699,344	)	$	(9,013,222	)	$	(145,986,434	)	$	(39,068,413	)	$	(9,517,226	)	$	(11,011,026	)
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		(3,492,826	)		(5,345,171	)		(94,693,126	)		(51,030,243	)		(6,245,294	)		(9,748,534	)
Transfers from termination of Advisor class		—			—			—			—			—			—
Net cost of shares redeemed	$	(20,192,170	)	$	(14,358,393	)	$	(240,679,560	)	$	(90,098,656	)	$	(15,762,520	)	$	(20,759,560	)
Redemption fees	$	101		$	9,924		$	2,859		$	35,661		$	1,572		$	6,426
Net change resulting from fund share transactions in dollars	$	9,176,800		$	38,808,088		$	(150,253,532	)	$	82,991,198		$	228,666,843		$	42,356,990
Capital stock transactions in shares:
Sale of shares:
Investor class of shares		1,330,912			2,833,054			4,232,670			8,583,610			12,828,086			3,163,686
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		501,398			1,039,572			2,152,448			5,254,023			7,242,355			1,824,885
Transfers from termination of Advisor class		—			—			—			—			—			—
Net sale of shares		1,832,310			3,872,626			6,385,118			13,837,633			20,070,441			4,988,571
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		162,066			105,363			1,010,811			1,034,478			319,773			295,343
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		245,677			251,082			785,554			942,759			224,732			215,862
Net shares issued		407,743			356,445			1,796,365			1,977,237			544,505			511,205
Shares redeemed:
Investor class of shares		(1,282,863	)		(716,053	)		(13,405,446	)		(3,551,513	)		(798,414	)		(951,467	)
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		(267,631	)		(435,734	)		(8,637,619	)		(4,636,505	)		(523,022	)		(842,593	)
Transfers from termination of Advisor class		—			—			—			—			—			—
Net shares redeemed		(1,550,494	)		(1,151,787	)		(22,043,065	)		(8,188,018	)		(1,321,436	)		(1,794,060	)
Net change resulting from fund share transactions in shares		689,559			3,077,284			(13,861,582	)		7,626,852			19,293,510			3,705,716

(1) Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

(2) Reflects operations for the period from September 1, 2011 to December 19, 2011 (termination of Advisor class of shares).

144

BMO Funds

Monegy High Yield Bond Fund						Government Money Market Fund						Tax-Free Money Market Fund						Prime Money Market Fund
Six Months Ended February 28, 2013 (Unaudited)			Period Ended August 31, 2012(1)			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012			Six Months Ended February 28, 2013 (Unaudited)			Year Ended August 31, 2012
$	9,848,878		$	58,793,560		$	328,030,246		$	1,169,472,644		$	251,749,058		$	509,462,421		$	1,248,814,198		$	2,704,886,079
	—			—			—			—			—			—			—			15,001,800	(2)
	5,858,908			49,173,888			704,287,923			1,370,367,464			1,671,935,767			2,275,745,588			4,852,175,494			6,914,910,979
	—			—			—			—			—			—			—			61,537,780
$	15,707,786		$	107,967,448		$	1,032,318,169		$	2,539,840,108		$	1,923,684,825		$	2,785,208,009		$	6,100,989,692		$	9,696,336,638
$	1,610,937		$	1,531,601		$	1,556		$	6,948		$	10,703		$	43,660		$	22,600		$	37,977
	—			—			—			—			—			—			—			1,589	(2)
	1,140,165			1,202,231			10			2,147			32,351			129,962			156,835			471,195
$	2,751,102		$	2,733,832		$	1,566		$	9,095		$	43,054		$	173,622		$	179,435		$	510,761
$	(25,138,161	)	$	(2,995,149	)	$	(301,837,012	)	$	(1,324,258,528	)	$	(262,977,145	)	$	(592,457,387	)	$	(1,260,418,201	)	$	(2,879,849,108	)
	—			—			—			—			—			—			—			(19,357,491	)(2)
	(15,270,921	)		(3,095,846	)		(697,357,669	)		(1,279,880,984	)		(1,431,071,814	)		(2,307,224,713	)		(4,639,496,154	)		(7,145,586,624	)
	—			—			—			—			—			—			—			(61,537,780	)
$	(40,409,082	)	$	(6,090,995	)	$	(999,194,681	)	$	(2,604,139,512	)	$	(1,694,048,959	)	$	(2,899,682,100	)	$	(5,899,914,355	)	$	(10,106,331,003	)
$	1,888		$	407		$	—		$	—		$	—		$	—		$	—		$	—
$	(21,948,306	)	$	104,610,692		$	33,125,054		$	(64,290,309	)	$	229,678,920		$	(114,300,469	)	$	201,254,772		$	(409,483,604	)
	939,712			5,850,532			328,030,246			1,169,472,644			251,749,058			509,462,421			1,248,814,198			2,704,886,079
	—			—			—			—			—			—			—			15,001,800	(2)
	559,283			4,894,272			704,287,923			1,370,367,464			1,671,935,767			2,275,745,588			4,852,175,494			6,914,910,979
	—			—			—			—			—			—			—			61,537,780
	1,498,995			10,744,804			1,032,318,169			2,539,840,108			1,923,684,825			2,785,208,009			6,100,989,692			9,696,336,638
	153,873			150,338			1,556			6,948			10,703			43,660			22,600			37,977
	—			—			—			—			—			—			—			1,589	(2)
	108,985			118,069			10			2,147			32,351			129,962			156,835			471,195
	262,858			268,407			1,566			9,095			43,054			173,622			179,435			510,761
	(2,393,378	)		(294,830	)		(301,837,012	)		(1,324,258,528	)		(262,977,145	)		(592,457,387	)		(1,260,418,201	)		(2,879,849,108	)
	—			—			—			—			—			—			—			(19,357,491	)(2)
	(1,453,750	)		(303,875	)		(697,357,669	)		(1,279,880,984	)		(1,431,071,814	)		(2,307,224,713	)		(4,639,496,154	)		(7,145,586,624	)
	—			—			—			—			—			—			—			(61,537,780	)
	(3,847,128	)		(598,705	)		(999,194,681	)		(2,604,139,512	)		(1,694,048,959	)		(2,899,682,100	)		(5,899,914,355	)		(10,106,331,003	)
	(2,085,275	)		10,414,506			33,125,054			(64,290,309	)		229,678,920			(114,300,469	)		201,254,772			(409,483,604	)

145

Notes to Financial Statements (continued)

5. Investment Adviser Fee and Other Transactions with Affiliates

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

	Fund’s ADNA
Fund	on the first $500 million			on the next $200 million			on the next $100 million			in excess of $800 million
Low Volatility Equity Fund(1)		0.50	%		0.49	%		0.45	%		0.40	%
Large-Cap Value Fund		0.75			0.74			0.70			0.65
Dividend Income Fund		0.50			0.49			0.45			0.40
Large-Cap Growth Fund		0.75			0.74			0.70			0.65
Mid-Cap Value Fund		0.75			0.74			0.70			0.65
Mid-Cap Growth Fund		0.75			0.74			0.70			0.65
Small-Cap Value Fund		0.75			0.75			0.75			0.75
Small-Cap Growth Fund		1.00			1.00			1.00			1.00
Pyrford International Stock Fund		0.80			0.79			0.75			0.70
Lloyd George Emerging Markets Equity Fund		0.90			0.89			0.85			0.80
Pyrford Global Strategic Return Fund		0.80			0.79			0.75			0.70
Ultra Short Tax-Free Fund		0.20			0.19			0.10			0.10
Short Tax-Free Fund(2)		0.25			0.24			0.15			0.15
Short-Term Income Fund		0.20			0.19			0.10			0.10
Short-Intermediate Bond Fund		0.40			0.39			0.30			0.25
Intermediate Tax-Free Fund		0.30			0.29			0.20			0.15
Government Income Fund		0.40			0.39			0.30			0.25
TCH Corporate Income Fund		0.25			0.24			0.15			0.10
Aggregate Bond Fund		0.40			0.39			0.30			0.25
TCH Core Plus Bond Fund		0.25			0.24			0.15			0.10
Monegy High Yield Bond Fund		0.50			0.50			0.50			0.50

(1) Fund inception date is September 28, 2012.

(2) Fund inception date is November, 29, 2012.

	Fund’s ADNA
Fund	on the first $2 billion			on the next $2 billion			on the next $2 billion			on the next $2 billion			in excess of $8 billion
Government Money Market Fund		0.200	%		0.185	%		0.170	%		0.155	%		0.140	%
Tax-Free Money Market Fund		0.200			0.185			0.170			0.155			0.140
Prime Money Market Fund		0.150			0.135			0.120			0.105			0.090

The Pyrford International Stock Fund and Pyrford Global Strategic Return Fund’s sub-adviser is Pyrford International Ltd., an affiliate of the Adviser. The Lloyd George Emerging Markets Equity Fund’s sub-adviser is Lloyd George Management (Europe) Limited, an affiliate of the Adviser. The TCH Corporate Income Fund and TCH Core Plus Bond Fund’s sub-adviser is Taplin, Canida & Habacht, LLC, an affiliate of the Adviser. The Monegy High Yield Bond Fund’s sub-adviser is Monegy, Inc., an affiliate of the Adviser. The Adviser compensates each sub-adviser based on the level of average daily net assets of each respective Fund managed by each sub-adviser.

The Adviser has agreed to waive or reduce its investment advisory fee or reimburse expenses to the extent necessary to prevent class specific total annual operating expenses (excluding taxes, interest, brokerage commissions, other investment related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of a Fund’s business, and Acquired Fund Fees and Expenses) from exceeding the amounts for the periods set forth below. The Adviser may not terminate this arrangement prior to the date of the Funds’ next updated prospectus unless the investment advisory agreement is terminated. The Adviser may voluntarily choose to waive any portion of its fee beyond its contractual agreement. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

146

BMO Funds

	Annualized Contractual Expense Limitation
Fund	Investor Class			Institutional Class
Low Volatility Equity Fund(1)		0.90	%		0.65	%
Large-Cap Value Fund		1.24			0.99
Dividend Income Fund		0.90			0.65
Large-Cap Growth Fund		1.24			0.99
Mid-Cap Value Fund		1.24			0.99
Mid-Cap Growth Fund		1.24			0.99
Small-Cap Value Fund		1.24			0.99
Small-Cap Growth Fund		1.44			1.19
Pyrford International Stock Fund		1.24			0.99
Lloyd George Emerging Markets Equity Fund		1.40			1.15
Pyrford Global Strategic Return Fund		1.24			0.99
Ultra Short Tax-Free Fund		0.55			0.30
Short Tax-Free Fund(2)		0.55			0.40
Short-Term Income Fund		0.60			0.35
Short-Intermediate Bond Fund		0.80			0.55
Intermediate Tax-Free Fund		0.55			0.50
Government Income Fund		0.80			0.55
TCH Corporate Income Fund		0.59	(3)		0.55
Aggregate Bond Fund		0.80			0.55
TCH Core Plus Bond Fund		0.59	(3)		0.55
Monegy High Yield Bond Fund		0.90			0.65
Government Money Market Fund		0.45			0.20
Tax-Free Money Market Fund		0.45			0.20
Prime Money Market Fund		0.45			0.20

(1) Fund inception date is September 28, 2012.

(2) Fund inception date is November 29, 2012.

(3) Effective December 28, 2012. Prior to December 28, 2012, the annualized contractual expense limitation Investor Class rate was 0.80%.

For the period ended February 28, 2013, the Adviser chose to voluntarily waive beyond its contractual expense limitations for the following Funds in the following amounts:

Fund	Additional Fees Waived
Government Money Market Fund	$	227,642
Tax-Free Money Market Fund		101,670
Prime Money Market Fund		900,942

Shareholder Services Fee—Under the terms of a Shareholder Services Agreement with BMO Funds U.S. Services (“Fund Services”), each Fund pays Fund Services at the annual rate of 0.25% of average daily net assets of the Fund’s Investor Class shares for the period. The fee paid to Fund Services is used to finance certain services for shareholders and to maintain shareholder accounts. Fund Services may voluntarily choose to waive any portion of its fee. Fund Services can modify or terminate this voluntary waiver at any time at its sole discretion.

Administrative Fee—The fee paid to the Adviser is based on each Fund’s average daily net assets with respect to the Equity Funds and Fixed Income Funds and the aggregate average daily net assets of all the Money Market Funds as listed below.

Equity & Fixed Income Funds		Money Market Funds
Annual Rate	ADNA	Annual Rate	ADNA
0.0925%	on the first $250 million	0.0400%	on the first $2 billion
0.0850	on the next $250 million	0.0300	on the next $2 billion
0.0800	on the next $200 million	0.0250	on the next $2 billion
0.0400	on the next $100 million	0.0200	on the next $2 billion
0.0200	on the next $200 million	0.0100	in excess of $8 billion
0.0100	in excess of $1.0 billion

Custodian Fees—BMO Harris Bank, NA (“BMO Harris”) is the Funds’ custodian, except for the Pyrford International Stock Fund, Lloyd George Emerging Markets Equity Fund and Pyrford Global Strategic Return Fund, for which State Street Bank and Trust Company maintains custody. BMO Harris receives fees based on the level of each Fund’s average daily net assets consisting of two basis points on the first $250,000,000 and one basis point thereafter for the period.

147

Notes to Financial Statements (continued)

Securities Lending —The Funds pay a portion of net revenue from securities lending to BMO Harris for its services as the securities lending agent. The securities lending income as shown in the Statements of Operations is net of these fees. The following amounts were paid for the period ended February 28, 2013:

Fund	Fees Paid
Large-Cap Value Fund	$	12,518
Dividend Income Fund		7,188
Large-Cap Growth Fund		17,505
Mid-Cap Value Fund		33,567
Mid-Cap Growth Fund		60,308
Small-Cap Value Fund		5,747
Small-Cap Growth Fund		273,328
Pyrford International Stock Fund		108
Short-Term Income Fund		7,513
Short-Intermediate Bond Fund		15,340
Government Income Fund		2,813
TCH Corporate Income Fund		7,220
Aggregate Bond Fund		35,955
TCH Core Plus Bond Fund		9,251

Investments in Affiliated Issuers—An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a BMO Fund. Issuers that are affiliates of the Fund at year-end are noted in the Fund’s Schedule of Investments. Transactions during the year with entities that are affiliates as of February 28, 2013 are as follows:

Fund/Security	Value, Beginning of Period		Purchases		Sales Proceeds			Net Change in Unrealized Depreciation			Dividends Credited to Income		Value, End of Period
Low Volatility Equity Fund Prime Money Market Fund, Class I, 0.070%	$	—	$	683,653	$	662,659		$	—		$	14	$	20,994
Large-Cap Value Fund Prime Money Market Fund, Class I, 0.070%		1,957,143		38,731,749		38,259,779			—			1,623		2,429,113
Dividend Income Fund Prime Money Market Fund, Class I, 0.070%		2,414,214		22,157,359		22,321,702			—			1,281		2,249,871
Large-Cap Growth Fund Prime Money Market Fund, Class I, 0.070%		3,692,284		29,959,462		30,861,909			—			2,452		2,789,837
Mid-Cap Value Fund Prime Money Market Fund, Class I, 0.070%		6,608,123		40,545,744		32,455,978			—			3,425		14,697,889
Mid-Cap Growth Fund Prime Money Market Fund, Class I, 0.070%		4,541,091		35,305,969		32,783,060			—			3,439		7,064,000
Small-Cap Value Fund Prime Money Market Fund, Class I, 0.070%		2,604,475		14,080,580		13,033,056			—			1,361		3,651,999
Small-Cap Growth Fund Safeguard Scientifics, Inc.		18,989,424		—		882,783	(1)		(276,959	)		—		17,618,418
Prime Money Market Fund, Class I, 0.070%		20,016,925		103,753,524		111,096,636			—			10,291		12,673,813
Ultra Short Tax-Free Fund Tax-Free Money Market Fund, Class I, 0.111%		23,798,895		434,616,949		415,710,214			—			27,747		42,705,630
Short Tax-Free Fund Tax-Free Money Market Fund, Class I, 0.111%		—		35,047,166		34,246,631			—			838		800,535
Short-Term Income Fund Prime Money Market Fund, Class I, 0.070%		4,841,104		72,499,743		64,915,713			—			4,381		12,425,134
Short-Intermediate Bond Fund Prime Money Market Fund, Class I, 0.070%		7,004,810		193,584,051		187,677,093			—			10,259		12,911,768
Intermediate Tax-Free Fund Tax-Free Money Market Fund, Class I, 0.111%		44,255,659		199,938,981		193,227,169			—			36,440		50,967,471
Government Income Fund Government Money Market Fund, Class I, 0.012%		19,054,993		48,352,403		63,153,533			—			1,106		4,253,863
TCH Corporate Income Fund Prime Money Market Fund, Class I, 0.070%		3,510,708		61,937,875		59,812,174			—			3,297		5,636,409
Aggregate Bond Fund Prime Money Market Fund, Class I, 0.070%		27,531,958		644,753,387		645,128,999			—			28,175		27,156,346
TCH Core Plus Bond Fund Prime Money Market Fund, Class I, 0.070%		7,800,389		256,513,566		237,398,665			—			7,979		26,915,290
Monegy HighYield Bond Fund Prime Money Market Fund, Class I, 0.070%		3,737,143		38,384,879		41,402,200			—			2,184		719,822

(1) During the period ended February 28, 2013, the Small-Growth Fund had $211,265 in realized loss due to the affiliated entity sale of Safeguard Scientifics, Inc.

148

BMO Funds

Interfund Borrowing and Lending—The Funds participated in an interfund lending program, which expired subsequent to February 28, 2013. This program allowed the Funds to lend cash to and/or borrow cash from other Funds for temporary purposes, although the Money Market Funds could not participate as borrowers. The program was subject to a number of conditions, including the requirement that the interfund loan rate to be charged to the Funds under the program was (i) more favorable to the lending Fund than the rate it could otherwise obtain from investing cash in repurchase agreements or purchasing shares of a Money Market Fund and (ii) more favorable than the lowest interest rate at which bank short-term loans would be available to the Funds. In addition, a Fund could participate in the program only if its participation is consistent with the Fund’s investment policies and limitations. The Directors were responsible for the oversight of the interfund lending program. The Low Volatility Equity Fund, Ultra Short Tax-Free Fund, Short-Term Income Fund, and Intermediate Tax-Free Fund utilized this program as borrower, and the Prime Money Market Fund as lender for the period ended February 28, 2013. No interfund borrowing or lending balances existed as of February 28, 2013. For the period ended February 28, 2013, the average daily lending balances were $1,268, $2,655, $477, and $6,207, and the weighted average interest rates were 0.096%, 0.077%, 0.087%, and 0.077%, respectively.

Investment Transactions—The Funds, on occasion, may purchase or sell a security with another Fund or client of the Adviser pursuant to procedures approved by the Directors.

General—Certain of the Officers and Directors of the Corporation are also Officers and Directors of one or more of the above companies, which are affiliates of the Corporation. None of the Fund officers or interested directors receives any compensation from the Funds.

6. Line of Credit

The Corporation, on behalf of the respective Funds, entered into a $15,000,000 unsecured, committed revolving line of credit (“LOC”) agreement with State Street Bank and Trust Company. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.250% per annum over the greater of the Federal Funds rate or the London Interbank Offered Rate (LIBOR). Effective January 18, 2013, the LOC includes a commitment fee of 0.120% per annum on the daily unused portion, which during the fiscal period was paid by the Adviser. Prior to January 18, 2013, the commitment fee was 0.125% per annum. The Tax-Free Money Market Fund utilized the LOC during the period ended February 28, 2013. No borrowings were outstanding under the LOC at February 28, 2013. For the period ended February 28, 2013, the Tax-Free Money Market Fund’s average daily loan balance outstanding was $69,015, and the weighted average interest rate was 1.435%.

7. Investment Transactions

Purchases and sales of investments, excluding short-term U.S. government securities, short-term obligations, and in-kind contributions, for the period ended February 28, 2013 were as follows:

	Other than U.S. Government Securities				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Low Volatility Equity Fund (1)	$	749,782	$	104,077	$	—	$	—
Large-Cap Value Fund		84,402,822		61,834,358		—		—
Dividend Income Fund		29,125,488		9,402,838		—		—
Large-Cap Growth Fund		107,940,515		106,014,214		—		—
Mid-Cap Value Fund		52,672,273		69,787,685		—		—
Mid-Cap Growth Fund		55,751,530		71,177,161		—		—
Small-Cap Value Fund		17,712,431		12,433,591		—		—
Small-Cap Growth Fund		209,640,709		242,583,733		—		—
Pyrford International Stock Fund		31,687,052		10,798,821		—		—
Lloyd George Emerging Markets Equity Fund		37,313,369		11,837,801		—		—
Pyrford Global Strategic Return Fund		949,610		2,501,296		460,328		1,911,332
Ultra Short Tax-Free Fund		391,542,227		263,502,181		—		—
Short Tax-Free Fund (2)		48,574,342		11,773,281		—		—
Short-Term Income Fund		67,721,058		34,819,268		11,013,517		16,745,604
Short-Intermediate Bond Fund		32,093,009		41,138,365		236,933,056		231,316,980
Intermediate Tax-Free Fund		347,837,818		120,171,248		—		—
Government Income Fund		14,993,544		19,114,561		366,172,626		415,430,272
TCH Corporate Income Fund		65,911,741		64,753,434		15,203,311		9,140,167
Aggregate Bond Fund		197,746,242		261,140,506		850,992,106		963,679,057
TCH Core Plus Bond Fund		134,508,581		45,483,879		98,537,517		13,348,249
Monegy High Yield Bond Fund		16,617,640		35,012,298		—		—

(1) Reflects operations for the period from September 28, 2012 (inception date) to February 28, 2013.

(2) Reflects operations for the period from November 29, 2012 (inception date) to February 28, 2013.

149

Notes to Financial Statements (continued)

8. Federal Tax Information

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

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

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

Accounting for Uncertainty in Income Taxes requires management of the Funds to analyze all open tax years, as defined by the statutes of limitations, for all major jurisdictions, which includes federal and certain states. Open tax years are those that are open for exam by the taxing authorities (i.e., the last four tax years and the interim tax period since then). The Funds, have no examinations in progress. For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Funds reviewed all tax positions taken or expected to be taken in the preparation of the Funds’ tax returns and concluded that Accounting for Uncertainty in Income Taxes resulted in no effect on the Funds’ reported net assets or results of operations as of and during the period ended February 28, 2013. Management of the Funds also is not aware of any tax positions for which it is reasonably possible that the total amounts of recognized tax benefits will significantly change in the next twelve months.

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

	Cost of Investments for Federal Tax Purposes			Gross Unrealized Appreciation for Federal Tax Purposes		Gross Unrealized (Depreciation) for Federal Tax Purposes			Net Unrealized Appreciation (Depreciation) for Federal Tax Purposes
Low Volatility Equity Fund	$	667,365		$	41,632	$	(4,529	)	$	37,103
Large-Cap Value Fund		192,114,861			32,777,416		(1,758,663	)		31,018,753
Dividend Income Fund		112,218,142			10,822,524		(1,612,846	)		9,209,678
Large-Cap Growth Fund		208,690,787			32,406,902		(1,197,125	)		31,209,777
Mid-Cap Value Fund		264,576,542			57,784,353		(3,711,523	)		54,072,830
Mid-Cap Growth Fund		251,177,306			75,831,831		(5,570,120	)		70,261,711
Small-Cap Value Fund		59,461,616			6,541,727		(1,254,841	)		5,286,886
Small-Cap Growth Fund		784,906,522			128,702,578		(24,678,258	)		104,024,320
Pyrford International Stock Fund		146,756,317			18,760,553		(1,937,457	)		16,823,096
Lloyd George Emerging Markets Equity Fund		82,570,945			12,836,008		(1,534,751	)		11,301,257
Pyrford Global Strategic Return Fund		48,185,205			1,420,269		(425,548	)		994,721
Ultra Short Tax-Free Fund		920,190,257			2,590,018		(346,912	)		2,243,106
Short Tax-Free Fund		37,726,429			295,247		(75,597	)		219,650
Short-Term Income Fund		260,981,492			3,295,543		(520,759	)		2,774,784
Short-Intermediate Bond Fund		221,950,031			3,016,276		(158,349	)		2,857,927
Intermediate Tax-Free Fund		1,259,008,705			59,200,008		(1,140,956	)		58,059,052
Government Income Fund		274,240,334			4,127,361		(1,460,739	)		2,666,622
TCH Corporate Income Fund		165,285,271			9,587,610		(373,127	)		9,214,483
Aggregate Bond Fund		516,026,982			7,591,701		(1,973,265	)		5,618,436
TCH Core Plus Bond Fund		531,719,258			12,756,050		(510,356	)		12,245,694
Monegy High Yield Bond Fund		82,139,289			4,293,273		(216,215	)		4,077,058
Government Money Market Fund		469,164,371	*		—		—			—
Tax-Free Money Market Fund		962,395,263	*		—		—			—
Prime Money Market Fund		3,423,259,339	*		—		—			—

* at amortized cost

150

BMO Funds

The tax character of distributions reported on the Statement of Changes in Net Assets for the years ended August 31, 2012 and 2011 was as follows:

	2012						2011
Fund	Ordinary Income(1)		Tax-Exempt Income		Long-Term Capital Gains		Ordinary Income(1)		Tax-Exempt Income		Long-Term Capital Gains
Large-Cap Value Fund	$	1,555,196	$	—	$	—	$	1,064,385	$	—	$	—
Dividend Income Fund		791,870		—		—		—		—		—
Large-Cap Growth Fund		—		—		—		421,542		—		—
Mid-Cap Value Fund		1,335,904		—		—		1,472,665		—		—
Mid-Cap Growth Fund		—		—		—		—		—		—
Small-Cap Value Fund		—		—		—		—		—		—
Small-Cap Growth Fund				—		31,823,454		—		—		—
Pyrford International Stock Fund		—		—		—		—		—		—
Lloyd George Emerging Markets Equity Fund		1,375,427		—		2,721,487		3,154,941		—		1,840,777
Pyrford Global Strategic Return Fund		—		—		—		—		—		—
Ultra Short Tax-Free Fund		4,772		7,391,741		4,772		50,748		5,523,704		—
Short-Term Income Fund		3,495,063		—		—		3,082,641		—		—
Short-Intermediate Bond Fund		3,131,504		—		—		3,095,292		—		—
Intermediate Tax-Free Fund		218,145		23,560,101		294,793		850,582		15,768,406		373,740
Government Income Fund		10,956,506		—		5,717,087		17,176,935		—		—
TCH Corporate Income Fund		5,000,078		—		532,555		4,290,267		—		625,190
Aggregate Bond Fund		21,578,870		—		1,727,279		20,750,409		—		277,313
TCH Core Plus Bond		5,621,139		—		536,854		4,389,197		—		919,980
Monegy High Yield Bond Fund		2,934,701		—		—		—		—		—
Government Money Market Fund		51,823		—		—		149,408		—		—
Tax-Free Money Market Fund		77,393		1,678,512		14,649		59,803		2,161,718		44,892
Prime Money Market Fund		4,116,624		—		—		4,265,991		—		—

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

As of August 31, 2012, the components of distributable earnings on a tax basis are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)
Large-Cap Value Fund	$	948,355	$	—	$	—	$	(8,058,927	)	$	20,668,398
Dividend Income Fund		262,948		—		—		(10,471	)		3,873,175
Large-Cap Growth Fund		404,698		—		15,056,712		—			19,662,869
Mid-Cap Value Fund		926,325		—		9,009,688		—			37,366,817
Mid-Cap Growth Fund		—		—		9,729,768		(632,371	)		51,879,360
Small-Cap Value Fund		32,211		—		—		(284,078	)		1,904,649
Small-Cap Growth Fund		—		—		33,923,394		(3,057,155	)		50,692,202
Pyrford International Stock Fund		2,812,213		—		—		—			4,810,467
Lloyd George Emerging Markets Equity Fund		638,786		—		3,503,106		—			5,500,451
Pyrford Global Strategic Return Fund		—		—		—		(129,503	)		471,920
Ultra Short Tax Free Fund		38,400		—		50,391		—			2,304,206
Short-Term Income Fund		25,498		—		—		(3,519,645	)		1,982,354
Short-Intermediate Bond Fund		—		—		—		(28,776,069	)		3,952,187
Intermediate Tax-Free Fund		3,577,627		486,093		3,027,868		—			53,208,581
Government Income Fund		1,420,791		—		915,721		—			4,476,008
TCH Corporate Income Fund		1,408,917		—		1,001,880		—			9,547,229
Aggregate Bond Fund		10,211,522		—		2,486,328		—			16,111,604
TCH Core Plus Bond Fund		1,534,979		—		1,094,636		—			11,353,701
Monegy High Yield Bond Fund		47,430		—		2,402		—			2,827,009
Government Money Market Fund		220		—		80		—			—
Tax-Free Money Market Fund		—		53		—		—			—
Prime Money Market Fund		13,401		—		2,560		—			—

151

Notes to Financial Statements (continued)

At August 31, 2012, certain Funds had capital loss carryforwards, which may reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders that would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:

	Capital Loss Carryforward to Expire In:												Not Subject to Expiration
Fund	2013		2014		2015		2016		2018		2019		ST		LT		Total
Large-Cap Value Fund	$	—	$	—	$	—	$	—	$	8,058,927	$	—	$	—	$	—	$	8,058,927
Dividend Income Fund		—		—		—		—		—		—		10,471		—		10,471
Small-Cap Value Fund		—		—		—		—		—		—		210,106		—		210,106
Pyrford Global Strategic Return Fund		—		—		—		—		—		—		108,016		—		108,016
Short-Term Income Fund		797,744		906,238		983,288		216,882		—		—		—		—		2,904,152
Short-Intermediate Bond Fund		—		2,100,216		4,819,127		—		20,798,157		952,005		—		—		28,669,505

Under The Registered Investment Company Modernization Act of 2010 (the “Modernization Act”), capital losses incurred during the fiscal years beginning after the enactment date of the Modernization Act (December 22, 2010) are carried forward indefinitely and retain the character of the original loss. However, any remaining pre-enactment capital loss carryovers may expire unused, since the post-enactment capital losses are utilized before pre-enactment capital loss carryovers according to the Modernization Act.

During the fiscal year ended August 31, 2012, the Large-Cap Value, Large-Cap Growth, Mid-Cap Value, Mid-Cap Growth, and Short-Term Income Funds, respectively, utilized $23,361,562, $7,690,340, $2,275,419, $7,271,215, and $727,122 of capital loss carryforwards.

The Short-Term Income Fund had losses expiring during the fiscal year ended August 31, 2012, in the amount of $1,179,193.

As of August 31, 2012, the Small-Cap Value, Short-Term Income, and Short-Intermediate Bond Funds had $73,972, $615,493 and $106,564 of post-October losses, which are deferred until fiscal year 2013 for tax purposes. Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

As of August 31, 2012, the Mid-Cap Growth, Small-Cap Growth, and Pyrford Global Strategic Return Funds, respectively, had $632,371, $3,057,155 and $21,487 of qualified late-year ordinary loss, which are deferred until fiscal year 2013 for tax purposes. Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

9. Recently Issued Accounting Pronouncements

In January 2013, the Financial Accounting Standards Board issued ASU No. 2013-01 Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This update gives additional clarification to the Financial Accounting Standards Board issued ASU No. 2011-11 Disclosures about Offsetting Assets and Liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented. Management is currently evaluating the impact ASU 2013-01 will have on the financial statement disclosures.

10. Subsequent Events

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date which the financial statements were issued. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds’ financial statements.

152

Shareholder Report Disclosure of Directors’ Approval of Advisory Contract

Approval of Investment Advisory Agreements for BMO Short Tax-Free Fund and BMO Low Volatility Equity Fund

On August 8, 2012, the Board of Directors (the “Board”) of Marshall Funds, Inc. (doing business as the BMO Funds) (the “Corporation”), including the Directors who are not “interested persons” of the Corporation as defined in the Investment Company Act of 1940, as amended (the “Independent Directors”), considered the initial approval of the investment advisory agreement (the “Advisory Agreement”) between the Corporation and BMO Asset Management Corp. (the “Adviser”) on behalf of the BMO Short Tax-Free Fund and BMO Low Volatility Equity Fund (each a “New Fund” and collectively the “New Funds”).

The Board met in person with management of the Adviser and with the portfolio managers for the New Funds, who outlined the objectives and principal investment strategies for each Fund, the rationale for launching the Funds within the mutual fund family, the capabilities of the respective investment teams, including performance expectations and capacity, and discussed the proposed fee and expense structure, competitive landscape and schedule for launch. The Board discussed the products, the investment teams, the nature and quality of services to be provided by each investment team, the fees and expenses, the anticipated growth of the Funds and the potential for economies of scale. The Board, including the Independent Directors, was satisfied with the proposed products, the capabilities of the Adviser and the investment teams to adequately manage the new products, and the relative fees and expenses. The Independent Directors also met separately in executive session with their independent legal counsel to review and consider the information provided by the Adviser regarding the proposed Advisory Agreement for the New Funds.

The Independent Directors considered, among other factors, the Adviser’s long-term relationship with the Corporation, the services the Adviser provides for other funds of the Corporation, and the services provided by the portfolio managers to other BMO Funds. The Independent Directors noted that, in evaluating the Advisory Agreement, they were taking into account their accumulated experience as Independent Directors in working with the Adviser on matters relating to the Corporation’s other funds. Based on their review, the Independent Directors concluded that it was in the best interests of the New Funds to approve the Advisory Agreement and, accordingly, recommended that the Board approve the Advisory Agreement. The material factors and conclusions that formed the basis for the Board’s determinations are discussed below.

Nature, Extent and Quality of Services

In evaluating the nature, extent and quality of the services to be provided by the Adviser to the New Funds, the Board reviewed information describing the resources and key personnel of the Adviser, including the personnel who would provide investment management services to the New Funds. The Board considered the capabilities of the respective investment teams, including performance expectations and capacity. The Board also considered the administrative services that the Adviser would provide for the New Funds and took into account its review of the advisory functions and other services performed by the Adviser for the Corporation’s other funds, that it was undertaking at the same meeting. The Board also considered the Adviser’s experience in managing new funds.

Based upon this review, the Board concluded that the nature, quality and extent of the services to be provided to the New Funds by the Adviser are expected to be satisfactory.

Costs of Services Provided and Profits Realized by the Adviser

The Board reviewed information comparing each New Fund’s management fee and net expense ratio to the average management fee and average net expense ratio of a peer group of funds provided by the Adviser using data obtained from Lipper Inc. (“Lipper”). The Board considered that the Adviser has agreed to contractual expense limitations for the New Funds through December 29, 2013 (the “Expense Limitation”), and that the net expense ratio for the New Funds takes into account the effect of the Expense Limitation. In reviewing the information, the Board noted that the Fund’s management fee and net expense ratio for each New Fund were both favorable when compared to peer funds.

The Board also noted that because the New Funds were newly organized and had no assets, the Adviser did not provide profitability information. The Board considered the proposed Expense Limitation Agreement and concluded that profitability was not expected to be unreasonable.

On the basis of the information provided, the Board concluded that each New Fund’s management fee was reasonable, taking into account the nature, quality and extent of services to be provided by the Adviser.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the New Funds grow and whether the New Funds’ fee levels reflect these economies of scale for the benefit of shareholders. The Board noted that the Advisory Agreement contained breakpoints which would provide additional economies of scale as the New Funds grow. The Board considered that the New Funds were not yet operational and had no assets and also considered each New Fund’s net expense ratio giving effect to the Expense Limitation and concluded that the New Funds’ Expense Limitation was a reasonable way to provide the benefits of economies of scale to shareholders at this time.

153

Shareholder Report Disclosure of Directors’

Approval of Advisory Contract (continued)

Other Benefits to the Adviser

The Board considered benefits that accrue to the Adviser and its affiliates from their contractual relationships with the New Funds, including administration and custody fees and revenues from securities lending. Taking into account these benefits, the Board concluded that the management fee for each New Fund was reasonable.

Conclusion

After full consideration of the above factors, as well as other factors that were instructive in evaluating the Advisory Agreement, the Board concluded that the terms of the Advisory Agreement are fair and reasonable and that approval of the Advisory Agreement is in the best interests of each applicable New Fund, taking into consideration the nature, extent and quality of services to be provided, proposed fee and expense levels, economies of scale and other benefits to the Adviser.

154

NOTES

NOTES

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

Proxy Voting

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

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

Disclosure of Portfolio Holdings

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

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

PRSRT STD

U.S. POSTAGE

PAID

LANCASTER, PA

PERMIT NO. 1377

BMO Funds U.S. Services

P.O. Box 55931

Boston, MA 02205-5931

1-800-236-FUND (3863)

414-287-8555

www.bmofundsus.com

M&I Distributors, LLC, Distributor

BMO Asset Management Corp., Investment Adviser

^© 2013 BMO Financial Group Investment Products are: Not FDIC Insured   No Bank Guarantee   May Lose Value  

12-328-012 (3/13)

Item 2.  Code of Ethics.

Not applicable to semi-annual reports.

Item 3.  Audit Committee Financial Expert.

Not applicable to semi-annual reports.

Item 4.  Principal Accountant Fees and Services.

Not applicable to semi-annual reports.

Item 5.  Audit Committee of Listed Registrants.

Not applicable.

Item 6.  Schedule of Investments.

Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

(a) (1)  Not applicable to semi-annual reports.

(a) (2)  Certifications required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(a) (3)  Not applicable to open-end management investment companies.

(b)        Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

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

Marshall Funds, Inc., d/b/a BMO Funds

/s/ John M. Blaser

By: John M. Blaser

President

April 19, 2013

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

/s/ John M. Blaser

By: John M. Blaser

President

(Principal Executive Officer)

April 19, 2013

/s/ Timothy M. Bonin

By: Timothy M. Bonin

Treasurer

(Principal Financial Officer)

April 19, 2013