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0.0562 -0.0509 0.2322 0.0925 -0.1498 0.1996 0.0029 -0.0364 0.1234 0.4258 -0.0015 -0.0886 0.0836 0.2047 -0.0862 0.2381 0.2439 -0.0209 0.2303 -0.1592 0.1912 0.0079 0.0052 2021-12-22 N-1A BMO FUNDS, INC. 2021-12-29 Fund Summary BMO Low Volatility Equity Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0500 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0 0.0025 0.0028 0.0028 0.0068 0.0093 -0.0003 -0.0003 0.0065 0.0090 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Example <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 67 67 587 587 215 215 779 779 376 376 986 986 844 844 1583 1583 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.</div> </div> 0.34 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in a broadly diversified portfolio of common stocks of large-sized U.S. companies similar in size, at the time of purchase, to those within the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index. The largest company by market capitalization in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index was approximately $2.5 trillion as of October 31, 2021 and the median market capitalization of companies in the Index as of the same date was approximately $15.4 billion. The Fund may at times focus its investments in one or more sectors.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests in stocks that exhibit less volatile stock price patterns when compared to stocks in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index. Columbia selects low volatility, undervalued stocks using a unique approach which combines the use of proprietary analytical tools and the qualitative judgments of the investment team. Columbia’s investment process begins by using tools to rank stocks based on expected risk and expected </div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">return and construct preliminary portfolios with the use of fundamental factors. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on stock risk and company fundamentals through both quantitative and qualitative analysis to balance risk management with return generation. This strategy seeks to provide the Fund with lower downside risk and meaningful upside participation relative to the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Style Risks.<span style="font-weight: normal;"> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks (e.g., growth stocks).</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, level of expected volatility, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio manager will produce the desired results. In addition, Columbia's strategy may limit the Fund’s gains in rising markets.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Prior to December 16, 2021, the Fund was managed by the Adviser. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2013-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 9.95%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 26.72%;">3/31/2013</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">13.46%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(18.01)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0995 Best quarter 2013-03-31 0.1346 Worst quarter 2020-03-31 -0.1801 Average Annual Total Returns through 12/31/20 2012-09-28 -0.0178 0.0874 0.1033 -0.0229 0.0742 0.0893 -0.0085 0.0663 0.0799 0.2096 0.1560 0.1488 0.0335 0.0844 0.0983 2014-05-27 -0.0201 0.0848 0.0830 0.2096 0.1560 0.1317 0.0335 0.0844 0.0648 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index (Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup>) measures the performance of the large-cap segment of the U.S. equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Multi-Cap Value Funds Index (LMCVI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss isrealized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Russell 1000® Index (Russell 1000®) measures the performance of the large-cap segment of the U.S. equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership.The Lipper Multi-Cap Value Funds Index (LMCVI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Dividend Income Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation and current income.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0500 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0 0.0025 0.0027 0.0027 0.0077 0.0102 -0.0012 -0.0012 0.0065 0.0090 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect Columbia’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 66 66 587 587 234 234 797 797 416 416 1024 1024 943 943 1675 1675 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 32% of the average value of its portfolio.</div> </div> 0.32 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its net assets primarily in dividend paying common stocks of large-sized U.S. companies similar in size, at the time of purchase, to those within the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index. The largest company by market capitalization in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index was approximately $1.97 trillion as of October 31, 2021 and the median market capitalization of companies in the Index as of the same period was $13.9 billion. The Fund may at times focus its investments in one or more sectors.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide both capital appreciation and current income, Columbia selects stocks using a unique, value-oriented approach, focusing on companies with dividend yields in excess of 1%, which combines the use of proprietary analytical </div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">tools and the qualitative judgments of the investment team. In general, Columbia believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. As a result, Columbia’s investment process begins by using tools to rank stocks based on expected returns, construct preliminary portfolios with the use of fundamental factors, and manage risk. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on company fundamentals through both quantitative and qualitative analysis to balance return generation with risk management. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Income Risks.<span style="font-weight: normal;"> The Fund can distribute to shareholders only what it earns. Therefore, if the amount of interest and/or dividends the Fund receives from its investments declines, the amount of dividends shareholders receive from the Fund also will decline. In addition, depending upon market conditions, an income producing common stock that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to produce current income.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Style Risks.<span style="font-weight: normal;"> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks (e.g., growth stocks). </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of broad measures of market performance and an index of funds with similar investment objectives. Prior to </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">December 16, 2021, the Fund was managed by the Adviser.<span style="font-weight: bold;"> </span>Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of broad measures of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2012-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 18.75%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">17.15%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(29.56)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.1875 Best quarter 2020-06-30 0.1715 Worst quarter 2020-03-31 -0.2956 Average Annual Total Returns through 12/31/20 2011-12-29 0.0114 0.1097 0.1144 0.0042 0.0934 0.0979 0.0089 0.0832 0.0897 0.0280 0.0974 0.1162 0.1840 0.1521 0.1522 0.0472 0.1046 0.1107 2014-05-27 0.0091 0.1069 0.0881 0.0280 0.0974 0.0794 0.1840 0.1521 0.1303 0.0472 0.1046 0.0833 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index (Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value) measures the performance of those companies included in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index with lower price-to-book ratios and lower forecasted growth values.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The S&amp;P 500<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index (S&amp;P 500<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup>) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Equity Income Funds Index (LEII) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflectthe effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Russell 1000® Value Index (Russell 1000® Value) measures the performance of those companies included in the Russell 1000® Index with lower price-to-book ratios and lower forecasted growth values.The S&P 500® Index (S&P 500®) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.The Lipper Equity Income Funds Index (LEII) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Large-Cap Value Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0500 0 0 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0035 0.0035 0 0.0025 0 0.0026 0.0026 0.0011 0.0061 0.0086 0.0046 -0.0007 -0.0007 -0.0007 0.0054 0.0079 0.0039 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Other Expenses have been restated to reflect current fees. Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect Columbia's agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 55 55 577 577 40 40 188 188 754 754 141 141 333 333 946 946 251 251 755 755 1502 1502 572 572 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 60% of the average value of its portfolio.</div> </div> 0.60 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in a broadly diversified portfolio of common stocks of large-sized U.S. companies similar in size, at the time of purchase, to those within the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index. The largest company by market capitalization in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index was approximately $1.97 trillion as of October 31, 2021 and the median market capitalization of companies in the Index as of </div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">the same period was $13.9 billion. The Fund may at times focus its investments in one or more sectors. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Columbia selects stocks using a unique, value-oriented approach focusing on high quality companies with long-term capital appreciation potential that are available at reasonable prices, which combines the use of proprietary analytical tools and the qualitative judgments of the investment team. In general, Columbia believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. As a result, Columbia’s investment process begins by using tools to rank stocks based on expected returns, construct preliminary portfolios with the use of fundamental factors, and manage risk. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on company fundamentals through both quantitative and qualitative analysis to balance return generation with risk management. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Style Risks.<span style="font-weight: normal;"> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">developments than the market as a whole and other types of stocks (e.g., growth stocks). </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Prior to December 16, 2021, the Fund was managed by the Adviser. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">future. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in thefuture. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 20.52%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">17.03%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(27.39)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.2052 Best quarter 2020-06-30 0.1703 Worst quarter 2020-03-31 -0.2739 Average Annual Total Returns through 12/31/20 2008-01-31 0.0424 0.0822 0.0984 0.0367 0.0670 0.0820 0.0267 0.0618 0.0768 0.0280 0.0974 0.1050 0.0335 0.0844 0.0907 2014-05-27 0.0397 0.0795 0.0687 0.0280 0.0974 0.0794 0.0335 0.0844 0.0648 2015-12-28 0.0440 0.0839 0.0821 0.0280 0.0974 0.0961 0.0335 0.0844 0.0831 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index (Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value) measures the performance of those companies included in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index with lower price-to-book ratios and lower forecasted growth values.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Multi-Cap Value Funds Index (LMCVI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Russell 1000® Value Index (Russell 1000® Value) measures the performance of those companies included in the Russell 1000® Index with lower price-to-book ratios and lower forecasted growth values.The Lipper Multi-Cap Value Funds Index (LMCVI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Large-Cap Growth Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0 0.0500 0 0 0 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0035 0.0035 0.0035 0.0035 0 0 0.0025 0 0.0048 0.0023 0.0023 0.0008 0.0083 0.0058 0.0083 0.0043 -0.0004 -0.0004 -0.0004 -0.0004 0.0079 0.0054 0.0079 0.0039 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect Columbia’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 81 81 55 55 577 577 40 40 261 261 182 182 748 748 134 134 457 457 320 320 934 934 237 237 1022 1022 722 722 1471 1471 538 538 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 50% of the average value of its portfolio.</div> </div> 0.50 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in common stocks of large-sized U.S. companies similar in size, at the time of purchase, to those within the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index. The largest company by market capitalization in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index was approximately $2.5 trillion as of October 31, 2021 and the median market capitalization of </div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">companies in the Index as of the same period was $19.9 billion. The Fund may at times focus its investments in one or more sectors. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Columbia selects stocks using a unique, growth-oriented approach, focusing on high quality companies with sustainable earnings growth that are available at reasonable prices, which combines the use of proprietary analytical tools and the qualitative judgments of the investment team. In general, Columbia believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. As a result, Columbia’s investment process begins by using tools to rank stocks based on expected returns, construct preliminary portfolios with the use of fundamental factors, and manage risk. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on company fundamentals through both quantitative and qualitative analysis to balance return generation with risk management. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Style Risks.<span style="font-weight: normal;"> Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">in a down market compared to value stocks that pay higher dividends. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Information Technology Sector Risks.<span style="font-weight: normal;"> The information technology sector can be significantly affected by rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, government regulation, and general economic conditions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Prior to December 16, 2021, the Fund was managed by the Adviser. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 15.80%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">24.22%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(16.53)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.1580 Best quarter 2020-06-30 0.2422 Worst quarter 2020-03-31 -0.1653 Average Annual Total Returns through 12/31/20 2008-01-31 0.2950 0.1799 0.1583 0.2689 0.1563 0.1329 0.1882 0.1386 0.1228 1992-11-20 0.2912 0.1770 0.1554 0.3849 0.2100 0.1721 0.4316 0.1953 0.1555 2014-05-27 0.2910 0.1770 0.1589 0.3849 0.2100 0.1805 0.4316 0.1953 0.1650 2015-12-28 0.2965 0.1818 0.1799 0.3849 0.2100 0.2081 0.4316 0.1953 0.1938 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class A, and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index (Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth) measures the performance of those companies included in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index with higher price-to-book ratios and higher forecasted growth values.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Multi-Cap Growth Funds Index (LMCGI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class A, and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Russell 1000® Growth Index (Russell 1000® Growth) measures the performance of those companies included in the Russell 1000® Index with higher price-to-book ratios and higher forecasted growth values.The Lipper Multi-Cap Growth Funds Index (LMCGI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Mid-Cap Value Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0500 0 0 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0068 0.0068 0 0.0025 0 0.0075 0.0075 0.0060 0.0143 0.0168 0.0128 -0.0044 -0.0044 -0.0044 0.0099 0.0124 0.0084 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect Columbia’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 101 101 620 620 86 86 409 409 962 962 362 362 740 740 1328 1328 660 660 1675 1675 2353 2353 1507 1507 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 50% of the average value of its portfolio.</div> </div> 0.50 Principal Investment Strategies <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in value-oriented common stocks of medium-sized U.S. companies similar in size, at the time of purchase, to those within the Russell Midcap<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index. The largest company by market capitalization in the Russell Midcap<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index was approximately $65.8 billion as of October 31, 2021 and the median market capitalization of companies in the Index as of the same period was $11.8 billion. The Fund may at times focus its investments in one or more sectors. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Columbia selects stocks using a unique, value-oriented approach focusing on high quality companies with long-term capital appreciation potential that are available at reasonable prices, which combines the use of proprietary analytical tools and the qualitative judgments of the investment team. In general, Columbia believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. As a result, Columbia’s investment process begins by using tools to rank stocks based on expected returns, construct preliminary portfolios with the use of fundamental factors, and manage risk. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on company fundamentals through both quantitative and qualitative analysis to balance return generation with risk management. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Company Size Risks.<span style="font-weight: normal;"> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Style Risks.<span style="font-weight: normal;"> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks (e.g., growth stocks).</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Prior to December 16, 2021, the Fund was managed by the Adviser. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the  table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 24.09%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">12/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">24.02%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(34.83)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.2409 Best quarter 2020-12-31 0.2402 Worst quarter 2020-03-31 -0.3483 Average Annual Total Returns through 12/31/20 2008-01-31 0.0060 0.0674 0.0849 -0.0001 0.0401 0.0602 0.0072 0.0477 0.0640 0.0497 0.0973 0.1049 0.0430 0.0790 0.0883 2014-05-27 0.0041 0.0647 0.0515 2014-05-27 0.0087 0.0691 0.0557 0.0497 0.0973 0.0765 0.0430 0.0790 0.0581 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Russell Midcap<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index (RMCVI) measures the performance of those companies included in the Russell Midcap<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index with lower price-to-book ratios and lower forecasted growth values. Those companies also are included in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Mid-Cap Value Funds Index (LMCVI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Russell Midcap® Value Index (RMCVI) measures the performance of those companies included in the Russell Midcap® Index with lower price-to-book ratios and lower forecasted growth values. Those companies also are included in the Russell 1000® Value Index. The Lipper Mid-Cap Value Funds Index (LMCVI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Mid-Cap Growth Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0500 0 0 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0069 0.0069 0.0069 0 0.0025 0 0.0096 0.0117 0.0128 0.0165 0.0211 0.0197 -0.0066 -0.0087 -0.0113 0.0099 0.0124 0.0084 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect Columbia’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 101 101 620 620 86 86 555 555 1100 1100 290 290 1035 1035 1605 1605 510 510 2362 2362 2989 2989 1146 1146 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 114% of the average value of its portfolio.</div> </div> 1.14 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in growth-oriented common stocks of medium-sized U.S. companies similar in size, at the time of purchase, to those within the Russell Midcap<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index. The largest company by market capitalization in the Russell Midcap<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index was approximately $65.8 billion as of October 31, 2021 and the median market capitalization of companies in the Index as of the same period was $13.6 billion. The Fund may at times focus its investments in one or more sectors. </div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Columbia selects stocks using a unique, growth-oriented approach focusing on high quality companies with sustainable earnings growth that are available at reasonable prices, which combines the use of proprietary analytical tools and the qualitative judgments of the investment team. In general, Columbia believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. As a result, Columbia’s investment process begins by using tools to rank stocks based on expected returns, construct preliminary portfolios with the use of fundamental factors, and manage risk. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on company fundamentals through both quantitative and qualitative analysis to balance return generation with risk management. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Company Size Risks.<span style="font-weight: normal;"> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Style Risks.<span style="font-weight: normal;"> Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Information Technology Sector Risks.<span style="font-weight: normal;"> The information technology sector can be significantly affected by rapid obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, government regulation, and general economic conditions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Prior to December 16, 2021, the Fund was managed by the Adviser. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com.</div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020) <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 14.14%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">33.36%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(24.50)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.1414 Best quarter 2020-06-30 0.3336 Worst quarter 2020-03-31 -0.2450 Average Annual Total Returns through 12/31/20 2008-01-31 0.2817 0.1615 0.1161 0.1441 0.0994 0.0732 0.2388 0.1125 0.0821 0.3559 0.1866 0.1505 0.3598 0.1860 0.1390 2014-05-27 0.2786 0.1585 0.1093 2014-05-27 0.2754 0.1617 0.1128 0.3559 0.1866 0.1526 0.3598 0.1860 0.1488 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Russell Midcap<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index (RMCGI) measures the performance of those companies included in the Russell Midcap<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index with higher price-to-book ratios and higher forecasted growth values. Those companies also are included in the Russell 1000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Mid-Cap Growth Funds Index (LMCGI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Russell Midcap® Growth Index (RMCGI) measures the performance of those companies included in the Russell Midcap® Index with higher price-to-book ratios and higher forecasted growth values. Those companies also are included in the Russell 1000® Growth Index.The Lipper Mid-Cap Growth Funds Index (LMCGI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Small-Cap Value Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0500 0 0 0.0100 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0069 0.0069 0.0069 0 0.0025 0 0.0047 0.0047 0.0032 0.0116 0.0141 0.0101 -0.0017 -0.0017 -0.0017 0.0099 0.0124 0.0084 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect Columbia’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 101 101 620 620 86 86 352 352 908 908 305 305 622 622 1217 1217 541 541 1394 1394 2092 2092 1221 1221 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 67% of the average value of its portfolio.</div> </div> 0.67 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in value-oriented common stocks of small-sized U.S. companies similar in size, at the time of purchase, to those within the Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index. The largest company by market capitalization in the Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index was approximately $22.2 billion as of October 31, 2021 and the median market capitalization of companies in the Index as of the same period was $1.1 billion. The Fund may at times focus its investments in one or more sectors. </div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Columbia selects stocks using a unique, value-oriented approach focusing on high quality companies with long-term capital appreciation potential that are available at reasonable prices, which combines the use of proprietary analytical tools and the qualitative judgments of the investment team. In general, Columbia believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. As a result, Columbia’s investment process begins by using tools to rank stocks based on expected returns, construct preliminary portfolios with the use of fundamental factors, and manage risk. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on company fundamentals through both quantitative and qualitative analysis to balance return generation with risk management. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Company Size Risks.<span style="font-weight: normal;"> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Style Risks.<span style="font-weight: normal;"> Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks (e.g., growth stocks).</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Financial Services Sector Risks.<span style="font-weight: normal;"> Financial services companies may be adversely affected by changes in regulatory framework or interest rates that may negatively affect financial services businesses; exposure of a financial institution to a non-diversified or concentrated loan portfolio; exposure to financial leverage and/or investments or agreements that, under certain circumstances, may lead to losses; and the risk that a market shock or other unexpected market, economic, political, regulatory, or other event might lead to a sudden decline in the values of most or all financial services companies.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Prior to December 16, 2021, the Fund was managed by the Adviser. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com.</div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2012-2020) <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 24.51%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">12/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">29.52%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(36.65)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.2451 Best quarter 2020-12-31 0.2952 Worst quarter 2020-03-31 -0.3665 Average Annual Total Returns through 12/31/20 2011-02-28 0.0029 0.0661 0.0809 0.0015 0.0480 0.0650 0.0027 0.0465 0.0609 0.0463 0.0965 0.0825 0.1069 0.1135 0.0961 2014-05-27 0.0010 0.0635 0.0430 2014-05-27 0.0044 0.0678 0.0473 0.0463 0.0965 0.0661 0.1069 0.1135 0.0848 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value Index (Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Value) is a market-weighted, value-oriented index of those small companies included in the Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index with lower price-to-book ratios and lower forecasted growth values.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Small-Cap Core Funds Index (LSCCI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Russell 2000® Value Index (Russell 2000® Value) is a market-weighted, value-oriented index of those small companies included in the Russell 2000® Index with lower price-to-book ratios and lower forecasted growth values.The Lipper Small-Cap Core Funds Index (LSCCI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Small-Cap Growth Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0500 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0068 0 0.0025 0.0042 0.0042 0.0110 0.0135 -0.0011 -0.0011 0.0099 0.0124 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect Columbia’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 101 101 620 620 339 339 896 896 596 596 1192 1192 1330 1330 2034 2034 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 62% of the average value of its portfolio.</div> </div> 0.62 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in growth-oriented common stocks of small-sized U.S. companies similar in size, at the time of purchase, to those within the Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index. The largest company by market capitalization in the Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index was approximately $22.2 billion as of October 31, 2021 and the median market capitalization of companies in the Index as of the same period was $1.4 billion. The Fund may at times focus its investments in one or more sectors.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Columbia selects stocks using a unique, growth-oriented approach focusing on high quality companies with sustainable earnings growth that are available at reasonable prices, which combines the use of proprietary analytical tools and the </div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">qualitative judgments of the investment team. In general, Columbia believes companies that are undervalued relative to their fundamentals and exhibit improving investor interest outperform the market over full market cycles. As a result, Columbia’s investment process begins by using tools to rank stocks based on expected returns, construct preliminary portfolios with the use of fundamental factors, and manage risk. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. All purchases and sales of portfolio securities, however, are subjected ultimately to the investment team’s qualitative judgments developed from their cumulative investment experience. The entire process is designed to focus on company fundamentals through both quantitative and qualitative analysis to balance return generation with risk management. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Company Size Risks.<span style="font-weight: normal;"> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Style Risks.<span style="font-weight: normal;"> Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Further, growth stocks may not pay dividends or may pay lower dividends than value stocks. This means they depend more on</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">price changes for returns and may be more adversely affected in a down market compared to value stocks that pay higher dividends. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Healthcare Sector Risks.<span style="font-weight: normal;"> The profitability of companies in the healthcare sector may be adversely affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Prior to December 16, 2021, the Fund was managed by the Adviser. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com.</div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020) <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 11.53%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">12/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">29.06%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(26.16)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.1153 Best quarter 2020-12-31 0.2906 Worst quarter 2020-03-31 -0.2616 Average Annual Total Returns through 12/31/20 2008-01-31 0.2439 0.1294 0.0994 0.2334 0.1113 0.0766 0.1510 0.0985 0.0733 0.3463 0.1636 0.1348 0.3065 0.1086 0.1292 2017-05-31 0.2407 0.1351 0.3463 0.1786 0.3736 0.2106 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth Index (Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Growth) measures the performance of those companies included in the Russell 2000<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index with higher price-to-book ratios and higher forecasted growth values.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Small-Cap Growth Funds Index (LSCGI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Russell 2000® Growth Index (Russell 2000® Growth) measures the performance of those companies included in the Russell 2000® Index with higher price-to-book ratios and higher forecasted growth values.The Lipper Small-Cap Growth Funds Index (LSCGI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Disciplined International Equity Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide capital appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0500 0 0 0.0100 0 -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0060 0.0060 0 0.0025 0 0.0053 0.0053 0.0038 0.0113 0.0138 0.0098 -0.0023 -0.0023 -0.0023 0.0090 0.0115 0.0075 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. Other Expenses for the Class R6 shares are based on estimated amounts for the current fiscal year. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect Columbia’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 92 92 611 611 77 77 336 336 894 894 300 300 600 600 1197 1197 541 541 1354 1354 2056 2056 1234 1234 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 95% of the average value of its portfolio.</div> </div> 0.95 Principal Investment Strategies <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in equity securities of companies located in countries outside of the United States. The Fund invests primarily in companies that are located in the countries included, at the time of purchase, in the MSCI EAFE Index, which includes developed countries outside of North America. However, the Fund may invest up to 20% of its net </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">assets in companies located in countries not represented in this index, including emerging market countries. Equity securities in which the Fund may invest include common stock, preferred stock, depositary receipts, rights, warrants, and exchange-traded funds (ETFs). The Fund also may invest in convertible securities (fixed income securities convertible into shares of common or preferred stock). </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Columbia focuses on companies that it believes are fundamentally strong, have attractive valuations, possess growing investor interest, and may outperform the overall equity market. Using a unique approach which combines the use of proprietary analytical tools and the qualitative judgments of the investment team, Columbia selects equity securities that it believes will provide higher returns than the MSCI EAFE Index, its benchmark index. As part of this process, Columbia considers numerous factors including (but not limited to) valuation, earnings quality, earnings growth potential, and earnings and price momentum. Columbia also integrates environmental, social, and governance (ESG) considerations into its investment process. Columbia invests in those securities it believes will provide a better return relative to their risk than other securities. Columbia may sell a security for numerous reasons, including if a company’s fundamentals deteriorate or Columbia believes a company’s fundamentals will deteriorate, if another security appears to provide the potential for a better return relative to its risk, if Columbia believes the security is no longer attractively valued, or if Columbia believes the security will no longer help the Fund achieve its investment objective. Columbia also may sell a security to manage the size of a holding or sector weighting or to fund redemptions. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">In determining where a company is located, Columbia primarily relies on the country where the company is incorporated, but also may consider the country where the company’s revenues are derived and the primary market listing for the class of shares to be purchased. The Fund may invest in companies across all market capitalizations and may at times focus its investments in one or more sectors. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">by investing in the Fund. In addition, the Fund is subject to the following risks. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Common Stock Risks. <span style="font-weight: normal;">Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in, and perceptions of, their issuers change. Holders of common stocks are generally subject to greater risk than holders of preferred stocks and debt obligations of the same issuer because common stockholders generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risks.<span style="font-weight: normal;"> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Emerging Markets Risks.<span style="font-weight: normal;"> Investments in emerging market countries can involve risks in addition to, and greater than, those generally associated with investing in more developed foreign markets. Emerging market countries may have less established legal, political, business, and social frameworks to support securities markets; greater sensitivity to interest rate changes; higher currency exchange rate volatility; and greater risks of inflation, deflation or currency devaluation. Securities in emerging markets also may be less liquid than those in developed markets and foreign investors may be limited in their ability to invest in, and withdraw assets from, these markets.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Geographic Concentration Risks.<span style="font-weight: normal;"> To the extent the Fund invests a substantial amount of its assets in securities of issuers located in a single country or geographic region, the Fund’s performance may be more susceptible to any changes to the regulatory, political, social or economic conditions in such country or geographic region.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Currency Risks.<span style="font-weight: normal;"> To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Company Size Risks.<span style="font-weight: normal;"> Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price. Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base, and limited access to capital. These factors also increase</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">risks and make these companies more likely to fail than companies with larger market capitalizations. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within similar industries, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Convertible Security Risks.<span style="font-weight: normal;"> Convertible securities are fixed income securities that the Fund has the option to exchange for equity securities at a specified conversion price. Consequently, the value of the convertible security may be exposed to the stock market risk of the underlying stock, or may be exposed to the interest rate or credit risk of the issuer. Because both interest rate and market movements can influence its value, a convertible security is usually not as sensitive to interest rate changes as a similar fixed-income security, nor is it as sensitive to changes in share price as its underlying stock. Convertible securities also are subject to credit risks that affect debt securities in general.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Exchange-Traded Funds Risks.<span style="font-weight: normal;"> By investing in an ETF, a risk exists that the value of the underlying securities of the ETF may decrease. In addition, the market price of ETF shares may trade at a discount to their net asset value or an active trading market for ETF shares may not develop or be maintained. ETFs in</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">which the Fund invests typically will not be able to replicate exactly the performance of the indices they track. The Fund also will bear its proportionate share of the ETF’s fees (including management and advisory fees) and expenses. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> Columbia's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Prior to December 16, 2021, the Fund was managed by the Adviser. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com.</div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2016-2020) <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 9.56%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">14.69%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(24.30)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0956 Best quarter 2020-06-30 0.1469 Worst quarter 2020-03-31 -0.2430 Average Annual Total Returns through 12/31/20(1) 2015-09-17 0.0079 0.0399 0.0363 0.0049 0.0350 0.0317 0.0101 0.0321 0.0293 2015-09-17 0.0058 0.0373 0.0337 0.0782 0.0745 0.0802 0.0725 0.0752 0.0676 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Morgan Stanley Capital International Europe, Australasia, Far East Index (EAFE) is a free-float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper International Multi-Cap Core Funds Index (LIMCCI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Morgan Stanley Capital International Europe, Australasia, Far East Index (EAFE) is a free-float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada.The Lipper International Multi-Cap Core Funds Index (LIMCCI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Ultra Short Tax-Free Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide current income exempt from federal income tax consistent with preservation of capital.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0.0200 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0017 0.0017 0 0.0025 0.0022 0.0022 0.0039 0.0064 -0.0009 -0.0009 0.0030 0.0055 December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser's agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 31 31 255 255 116 116 392 392 210 210 541 541 484 484 974 974 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 137% of the average value of its portfolio.</div> </div> 1.37 Principal Investment Strategies <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Under normal circumstances, the Fund invests at least 80% of its assets in municipal securities, the income from which is exempt from federal income tax (including the federal alternative minimum tax (AMT)). The Fund normally maintains an average dollar-weighted effective maturity of one year or less. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its stated maturity date.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests primarily in municipal securities within the investment grade category (i.e., rated BBB by Standard &amp; Poor’s or Baa by Moody’s Investors Service, or higher, or unrated and considered by the Adviser to be comparable in quality) at the time of purchase. The Fund also may invest up to 10% of its assets in municipal securities that are below investment grade, also known as high yield securities or “junk bonds.” Municipal </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">securities include fixed and floating rate debt obligations of states, territories, and possessions of the U.S., and political subdivisions and financing authorities of these entities that provide income exempt from federal income tax (although not necessarily exempt from federal AMT). Fund investments are selected after assessing factors such as the cyclical trend in interest rates, the shape of the municipal yield curve, tax rates, sector valuation, and municipal bond supply factors. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Securities Risks.<span style="font-weight: normal;"> Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to education, health care, transportation, and utilities. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Income Risks.<span style="font-weight: normal;"> The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risks.<span style="font-weight: normal;"> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. Interest rate changes also are influenced by a number of factors including government or central bank policy, inflation expectations, and supply and demand. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Credit Risks.<span style="font-weight: normal;"> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Call Risks.<span style="font-weight: normal;"> If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">High Yield Securities Risks.<span style="font-weight: normal;"> High yield securities, also referred to as “junk bonds” or non-investment grade securities, are debt securities rated lower than BBB by Standard &amp; Poor’s or Baa by Moody’s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories, and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because a thin trading market for such securities may exist.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risks.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that the trading market for a particular type of security becomes less liquid or the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. The market for lower-quality debt instruments, including junk bonds, is generally less liquid than the market for higher-quality debt instruments. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Illiquidity may result from political, economic, or issuer specific events or overall market disruptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Portfolio Turnover Risks.<span style="font-weight: normal;"> A high portfolio turnover rate (100% or more) may result in the realization and distribution to shareholders of a greater amount of capital gains than if the Fund had a low portfolio turnover rate. A higher tax liability may result. High portfolio turnover also may result in higher</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">transaction costs, which may negatively affect Fund performance. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com.</div> <div style="margin-top: 4pt;"> </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 0.34%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 55.38%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.79%;">0.58%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">6/30/2013</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">(0.06)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0034 Best quarter 2020-06-30 0.0058 Worst quarter 2013-06-30 -0.0006 Average Annual Total Returns through 12/31/20 2009-09-30 0.0125 0.0129 0.0119 0.0125 0.0128 0.0118 0.0117 0.0126 0.0117 0.0105 0.0101 0.0073 0.0176 0.0141 0.0130 2014-05-27 0.0100 0.0104 0.0086 0.0105 0.0101 0.0082 0.0176 0.0141 0.0119 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Bloomberg Barclays 1 Year Municipal Bond Index is the 1-year component of the Bloomberg Barclays Capital Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The iMoneyNet, Inc. Money Market Fund Tax-Free National Retail Index is an average of money funds with investment objectives similar to that of the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Short Municipal Debt Funds Index (LSMDI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class A will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Bloomberg Barclays 1 Year Municipal Bond Index is the 1-year component of the Bloomberg Barclays Capital Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa.The iMoneyNet, Inc. Money Market Fund Tax-Free National Retail Index is an average of money funds with investment objectives similar to that of the Fund.The Lipper Short Municipal Debt Funds Index (LSMDI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Corporate Income Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To maximize total return consistent with current income.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. More information about these and other discounts and waivers is available from your financial professional and under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Purchase of Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Sales Charge” on page 60 of this Prospectus, under “How to Buy Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Class A Shares <span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/> Waivers and Reductions of Sales Charges” beginning on page 61 of this Prospectus, under “Appendix<span style="padding-left: 2%;"/>–<span style="padding-left: 2%;"/>Sales Charge Waivers” on page 90 of this Prospectus, and “How to Buy Shares” beginning on page B-36 of the Fund’s Statement of Additional Information.</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of certain BMO Funds. 50000 Shareholder Fees (fees paid directly from your investment) 0 0 0.0350 0 0 0.0055 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0018 0.0018 0.0018 0 0 0.0025 0.0048 0.0023 0.0023 0.0066 0.0041 0.0066 -0.0007 0.0000 -0.0007 0.0059 0.0041 0.0059 The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser's agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 60 60 42 42 408 408 204 204 132 132 547 547 361 361 230 230 698 698 816 816 518 518 1137 1137 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio.</div> </div> 0.42 Principal Investment Strategies <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in corporate debt securities, including convertible debt securities. Although the Fund will invest primarily in U.S. dollar denominated securities with a minimum rating in the lowest investment grade category (i.e., rated BBB by Standard &amp; Poor’s or Baa by Moody’s Investors Service, or higher, or unrated and considered by the sub-adviser to be comparable in quality) at the time of purchase, the Fund may invest up to 20% of its assets in debt </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">securities that are below investment grade, also known as high yield securities or “junk bonds,” and non-U.S. dollar denominated foreign debt securities. The Fund also may invest in U.S. government securities, asset-backed and mortgage-backed securities, and U.S. dollar denominated foreign debt securities. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser uses macroeconomic, credit, and market analysis to select portfolio securities. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process. The Fund normally maintains an average dollar-weighted effective maturity of three to fifteen years. Effective maturity takes into account the possibility that a bond may have prepayments or may be called by the issuer before its maturity date. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Corporate Debt Securities Risks.<span style="font-weight: normal;"> Corporate debt securities are fixed income securities issued by businesses. The market value of corporate debt may be affected by changes in the market rate of interest, the credit rating of the corporation, the corporation’s performance, and perceptions of the corporation in the market place. Corporate issuers may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Income Risks.<span style="font-weight: normal;"> The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risks.<span style="font-weight: normal;"> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. Interest rate changes also are influenced by a number of factors including government or central bank policy, inflation expectations, and supply and demand.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Credit Risks.<span style="font-weight: normal;"> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk. Bonds rated lower than BBB or Baa have speculative characteristics. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Call Risks.<span style="font-weight: normal;"> If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">High Yield Securities Risks.<span style="font-weight: normal;"> High yield securities, also referred to as “junk bonds” or non-investment grade securities, are debt securities rated lower than BBB by Standard &amp; Poor’s or Baa by Moody’s Investors Service. These securities tend to be more sensitive to economic conditions than are higher-rated securities, generally involve more credit risk than securities in the higher-rated categories, and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors. The Fund may have difficulty disposing of certain high yield securities because a thin trading market for such securities may exist.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risks.<span style="font-weight: normal;"> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Asset-Backed/Mortgage-Backed Securities Risks.<span style="font-weight: normal;"> Asset-backed and mortgage-backed securities are subject to risks of prepayment. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Asset-backed securities may also be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to the Fund. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities which may result in the Fund experiencing difficulty in selling or valuing asset-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed and asset-backed securities that are subordinate to another security.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Government Obligations Risks.<span style="font-weight: normal;"> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae or Freddie Mac). As a result, a risk exists that these entities will default on a financial obligation.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risks.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that the trading market for a particular type of security becomes less liquid or the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. The market for lower-quality debt instruments, including junk bonds, is generally less liquid than the market for higher-quality debt instruments. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Illiquidity may result from political, economic, or issuer specific events or overall market disruptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at bmofunds.com.</div> <div style="margin-top: 4pt;"> </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was (0.75)%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 55.38%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.79%;">10.02%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.79%;">(5.18)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 -0.0075 Best quarter 2020-06-30 0.1002 Worst quarter 2020-03-31 -0.0518 Average Annual Total Returns through 12/31/20 2008-12-22 0.1094 0.0821 0.0629 0.0940 0.0660 0.0459 0.0653 0.0566 0.0418 2008-12-22 0.1072 0.0804 0.0614 0.0935 0.0644 0.0540 0.0987 0.0663 0.0558 2014-05-27 0.1072 0.0804 0.0550 0.0935 0.0644 0.0506 0.0987 0.0663 0.0497 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y and Class A will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Bloomberg Barclays U.S. Credit Index (BBCI) is an index that covers U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Corporate Debt Funds BBB-Rated Index (LCDBRI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y and Class A will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Bloomberg Barclays U.S. Credit Index (BBCI) is an index that covers U.S. corporate and specified foreign debentures and secured notes that meet specified maturity, liquidity and quality requirements.The Lipper Corporate Debt Funds BBB-Rated Index (LCDBRI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Government Money Market Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide current income consistent with stability of principal.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0019 0.0019 0 0 0.0031 0.0006 0.0050 0.0025 -0.0005 -0.0005 0.0045 0.0020 December 31, 2022 Example <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser's agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 46 46 20 20 155 155 75 75 275 275 136 136 623 623 313 313 Principal Investment Strategies <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests at least 80% of its assets in obligations issued and/or guaranteed by the U.S. government or by its agencies or instrumentalities and in repurchase agreements secured by such obligations (collectively referred to as U.S. government securities). The Fund operates as a “government money market fund” within the meaning of Rule 2a-7 under the Investment Company Act of 1940, as amended (1940 Act). As such, the Fund invests at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are collateralized fully (as defined in Rule 2a-7 under the 1940 Act). The Fund invests its assets in high quality, short-term money market instruments and repurchase agreements.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund may invest only in securities which have been determined by the Adviser to present minimal credit risks to the Fund, based on the Adviser’s consideration of a number of factors including, but not limited to, financial condition, sources of liquidity, ability to react to market-wide and issuer- or guarantor-specific events, and positions within the industry and industry strength. U.S. government securities present minimal credit risk by definition under applicable regulation. The Adviser uses a “bottom-up” approach, which evaluates debt securities against the context of broader market factors such as the cyclical trend in interest rates, the shape of the yield curve, and debt security supply factors.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests in the securities of U.S. government-sponsored entities that are not backed by the full faith and credit of the U.S. government, but are supported through federal loans or other benefits, including the Federal Home Loan Banks (FHLBs), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac). The Fund also may invest in the securities of U.S. government-sponsored entities that are supported by the full </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">faith and credit of the U.S. government, such as the Government National Mortgage Association (Ginnie Mae). Finally, the Fund may invest in the securities of governmental entities that have no explicit financial support from the U.S. government, but are regarded as having implied support because the U.S. government sponsors their activities, including the Farm Credit Administration and the Financing Corporation. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the 1940 Act, which requires, among other things, the Fund to meet certain requirements as to portfolio quality, diversification, maturity, and liquidity. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund, and you should not expect that the Adviser will provide financial support to the Fund at any time. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Government Obligations Risks.<span style="font-weight: normal;"> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae or Freddie Mac). As a result, a risk exists that these entities will default on a financial obligation.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Repurchase Agreements Risk.<span style="font-weight: normal;"> Repurchase agreements are transactions in which the Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. Repurchase agreements are subject to market risk with respect to the collateral securing the repurchase agreements and credit risk with respect to the counterparty. In the event of a bankruptcy or other default by the counterparty, the Fund could experience delays and potential losses in liquidating the underlying security.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Income Risks.<span style="font-weight: normal;"> The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risks.<span style="font-weight: normal;"> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">on the price of fixed income securities with longer maturities. Interest rate changes also are influenced by a number of factors including government or central bank policy, inflation expectations, and supply and demand. During periods of low short-term interest rates, the Fund may have difficulty maintaining a positive yield. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Credit Risks.<span style="font-weight: normal;"> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Call Risks.<span style="font-weight: normal;"> If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risks.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that the trading market for a particular type of security becomes less liquid or the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Illiquidity may result from political, economic, or issuer specific events or overall market disruptions. Additionally, significant redemptions by large investors in the Fund could have a material adverse effect on the Fund’s other shareholders and the net asset value could be affected by forced selling during periods of high redemption pressures and/or illiquid markets.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio manager will produce the desired results.</span> </div> You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund, and you should not expect that the Adviser will provide financial support to the Fund at any time. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. Investors may obtain the Fund’s current 7-Day Net Yield or updated performance information at bmofunds.com. </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. bmofunds.com Premier Class—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Premier Class shares of the Fund from January 1, 2021 through September 30, 2021 was 0.01%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 55.38%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 26.72%;">6/30/2019</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">0.56%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2014</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">0.00%</td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">7-Day Net Yield as of December 31, 2020 was 0.01% for Premier Class shares and Class Y shares.</div> The return for the Premier Class shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0001 Best quarter 2019-06-30 0.0056 Worst quarter 2014-03-31 0.0000 7-Day Net Yield as of December 31, 2020 0.0001 0.0001 Average Annual Total Returns through 12/31/20 2004-05-28 0.0031 0.0097 0.0049 2004-05-17 0.0024 0.0078 0.0039 0.0028 0.0080 0.0040 0.0025 0.0075 0.0038 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">The iMoneyNet, Inc. Government Money Market Index (INGMMI) is an average of money funds with investment objectives similar to that of the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper U.S. Government Money Market Funds Index (LUSGMMI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> The iMoneyNet, Inc. Government Money Market Index (INGMMI) is an average of money funds with investment objectives similar to that of the Fund.The Lipper U.S. Government Money Market Funds Index (LUSGMMI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Tax-Free Money Market Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide current income exempt from federal income tax consistent with stability of principal.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0020 0.0020 0 0 0.0039 0.0014 0.0059 0.0034 -0.0014 -0.0014 0.0045 0.0020 December 31, 2022 Example <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">reflect the Adviser's agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 46 46 20 20 175 175 95 95 315 315 177 177 725 725 417 417 Principal Investment Strategies <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests primarily in fixed and floating rate municipal bonds and notes, variable rate demand instruments, and other high-quality, short-term tax-exempt obligations maturing in 397 calendar days or less. Under normal circumstances, the Fund invests its assets so that at least 80% of the annual interest income that the Fund distributes will be exempt from federal income tax, including federal alternative minimum tax (AMT).</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To maintain principal preservation, the Adviser places a strict emphasis on credit research. Using fundamental analysis, the Adviser develops an approved list of issuers and securities that meet the Adviser’s standards for minimal credit risk. The Adviser continually monitors the credit risks of all of the Fund’s portfolio securities on an ongoing basis by reviewing financial data. The Fund may invest only in securities which have been determined by the Adviser to present minimal credit risks to the Fund, based on the Adviser’s consideration of a number of factors including, but not limited to, financial condition, sources of liquidity, ability to react to market-wide and issuer- or guarantor-specific events, and positions within the industry and industry strength.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund seeks to enhance yield by taking advantage of favorable changes in interest rates and reducing the effect of unfavorable changes in interest rates. In seeking to achieve this objective, the Adviser targets a dollar-weighted average portfolio maturity of 60 calendar days or less based on its interest rate outlook. The interest rate outlook is developed by analyzing a variety of factors, such as current and expected U.S. economic growth, current and expected interest rates and inflation, and the Federal Reserve Board’s monetary policy. By developing an interest rate outlook and adjusting the portfolio’s maturity accordingly, the Adviser seeks to position the Fund to take advantage of yield enhancing opportunities. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended, which requires, among other things, the Fund to meet certain </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">requirements as to portfolio quality, diversification, maturity, and liquidity. </div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund, and you should not expect that the Adviser will provide financial support to the Fund at any time. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Securities Risks.<span style="font-weight: normal;"> Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sector Risks.<span style="font-weight: normal;"> The Fund may invest its assets in municipal securities that finance similar projects, such as those relating to education, health care, transportation, and utilities. To the extent the Fund invests its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Income Risks.<span style="font-weight: normal;"> The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.</span></div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risks.<span style="font-weight: normal;"> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. Interest rate changes also are influenced by a number of factors including government or central bank policy, inflation expectations, and supply and demand. During periods of low short-term interest rates, the Fund may have difficulty maintaining a positive yield.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Credit Risks.<span style="font-weight: normal;"> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Call Risks.<span style="font-weight: normal;"> If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Demand Instruments Risks.<span style="font-weight: normal;"> The Fund's right to obtain payment at par on a demand instrument upon demand may be negatively impacted by events impacting issuer’s ability to pay the par value that occur between the date the Fund elects to redeem the instrument and the date redemption proceeds are due.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risks.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that the trading market for a particular type of security becomes less liquid or the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Illiquidity may result from political, economic, or issuer specific events or overall market disruptions. Additionally, significant redemptions by large investors in the Fund could have a material adverse effect on the Fund’s other shareholders and the net asset value could be affected by forced selling during periods of high redemption pressures and/or illiquid markets.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Fees and Gates Risks.<span style="font-weight: normal;"> The Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund’s weekly liquid assets were to fall below a designated threshold, subject to the discretion of the Fund’s Board. If the Fund’s weekly liquid assets fall below 30% of its total assets, the Board, in its discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed and/or impose temporary gates on redemptions. In addition, if the Fund’s weekly liquid assets fall below 10% of its total assets, the Fund must impose a liquidity fee in the default amount of 1% of the value of shares redeemed unless the Board determines that not doing so is in the best interests of the Fund, or that a higher or lower fee level (up to 2% of the value of shares redeemed) is in the best interests of the Fund.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">guarantee exists that the investment techniques used by the Fund’s portfolio managers will produce the desired results. </div> You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund, and you should not expect that the Adviser will provide financial support to the Fund at any time. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. Investors may obtain the Fund’s current 7-Day Net Yield or updated performance information at bmofunds.com.</div> <div style="margin-top: 4pt;"> </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. bmofunds.com Premier Class—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Premier Class shares of the Fund from January 1, 2021 through September 30, 2021 was 0.01%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 55.38%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 26.72%;">6/30/2019</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">0.39%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2015</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">0.00%</td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">7-Day Net Yield as of December 31, 2020 was 0.01% for Premier Class shares and Class Y shares.</div> The return for the Premier Class shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0001 Best quarter 2019-06-30 0.0039 Worst quarter 2015-03-31 0.0000 7-Day Net Yield as of December 31, 2020 0.0001 0.0001 Average Annual Total Returns through 12/31/20 2005-06-29 0.0052 0.0084 0.0049 2004-09-22 0.0035 0.0062 0.0032 0.0035 0.0058 0.0030 0.0044 0.0066 0.0034 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">The iMoneyNet, Inc. Fund Report/Tax-Free National Retail Index (IMNTFNRI) is an average of money funds with investment objectives similar to that of the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Tax-Exempt Money Market Funds Index (LTEMMI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> The iMoneyNet, Inc. Fund Report/Tax-Free National Retail Index (IMNTFNRI) is an average of money funds with investment objectives similar to that of the Fund.The Lipper Tax-Exempt Money Market Funds Index (LTEMMI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Prime Money Market Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide current income consistent with stability of principal.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0.0015 0 0 0.0038 0.0013 0.0053 0.0028 -0.0008 -0.0008 0.0045 0.0020 December 31, 2022 Example <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> 46 46 20 20 162 162 82 82 288 288 149 149 657 657 348 348 Principal Investment Strategies <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund invests in high quality, short-term money market instruments, such as short-term commercial paper, corporate bonds and notes, asset-backed securities, bank instruments, demand and variable rate demand instruments, U.S. government obligations, municipal securities, repurchase agreements, and funding agreements. The Fund may invest in U.S. dollar-denominated instruments issued by foreign governments, corporations and financial institutions. The Fund may invest only in securities which have been determined by the Adviser to present minimal credit risks to the Fund, based on the Adviser’s consideration of a number of factors including, but not limited to, financial condition, sources of liquidity, ability to react to market-wide and issuer- or guarantor-specific events, and positions within the industry and industry strength. The Adviser uses a “bottom-up” approach, which evaluates debt securities of individual companies against the context of broader market factors such as the cyclical trend in interest rates, the shape of the yield curve, and debt security supply factors. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940, as amended (1940 Act), which requires, among other things, the Fund to meet certain requirements as to portfolio quality, diversification, maturity, and liquidity.</div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund, and you should not expect that the Adviser will </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">provide financial support to the Fund at any time. In addition, the Fund is subject to the following risks.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Bank Instruments Risks.<span style="font-weight: normal;"> Bank instruments are unsecured interest-bearing deposits with banks, including bank accounts, time deposits, certificates of deposit, and banker’s acceptances. Changes in economic, regulatory, or political conditions or other events that affect the banking industry, may have an adverse effect on bank instruments or banking institutions that serve as counterparties in transactions with the Fund.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Asset-Backed Securities Risks.<span style="font-weight: normal;"> Asset-backed securities are subject to risks of prepayment. The Fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. Asset-backed securities may decline in value because of defaults on the underlying obligations. Asset-backed securities may also be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to the Fund. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities which may result in the Fund experiencing difficulty in selling or valuing asset-backed securities.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Foreign Securities Risks.<span style="font-weight: normal;"> Investing in foreign securities may involve additional risks, including political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, the Fund may incur higher costs and expenses when making foreign investments, which will affect the Fund’s total return.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Repurchase Agreements Risk.<span style="font-weight: normal;"> Repurchase agreements are transactions in which the Fund buys a security from a dealer or bank and agrees to sell the security back at a mutually agreed upon time and price. Repurchase agreements are subject to market risk with respect to the collateral securing the repurchase agreements and credit risk with respect to the counterparty. In the event of a bankruptcy or other default by the counterparty, the Fund could experience delays and potential losses in liquidating the underlying security.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Income Risks.<span style="font-weight: normal;"> The Fund’s income could decline due to falling market interest rates. In a falling interest rate environment, the Fund may be required to invest its assets in lower-yielding securities.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Interest Rate Risks.<span style="font-weight: normal;"> Prices of fixed income securities rise and fall in response to changes in the interest rate paid by similar securities. Generally, when interest rates rise, prices of fixed income securities fall. Interest rate changes have a greater effect on the price of fixed income securities with longer maturities. Interest rate changes also are influenced by a number of factors including government or central bank policy, inflation expectations, and supply and demand. During periods of low</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">short-term interest rates, the Fund may have difficulty maintaining a positive yield. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Credit Risks.<span style="font-weight: normal;"> Credit risk is the possibility that an issuer or counterparty will default on a security or repurchase agreement by failing to pay interest or principal when due. If an issuer defaults, the Fund may lose money. Lower credit ratings correspond to higher credit risk.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Call Risks.<span style="font-weight: normal;"> If the securities in which the Fund invests are redeemed by the issuer before maturity (or “called”), the Fund may have to reinvest the proceeds in securities that pay a lower interest rate, which may decrease the Fund’s yield. This will most likely happen when interest rates are declining.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Demand Instruments Risks.<span style="font-weight: normal;"> The Fund's right to obtain payment at par on a demand instrument upon demand may be negatively impacted by events impacting issuer’s ability to pay the par value that occur between the date the Fund elects to redeem the instrument and the date redemption proceeds are due.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Government Obligations Risks.<span style="font-weight: normal;"> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae or Freddie Mac). As a result, a risk exists that these entities will default on a financial obligation.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Municipal Securities Risks.<span style="font-weight: normal;"> Municipal bonds are subject to risks based on many factors, including economic and regulatory developments, changes or proposed changes in the federal and state tax structure, deregulation, court rulings, and other factors. The value of municipal securities may be affected more by supply and demand factors or the creditworthiness of the issuer than by market interest rates. Repayment of municipal securities depends on the ability of the issuer or project backing such securities to generate taxes or revenues. There is a risk that interest may be taxable on a municipal security that is otherwise expected to produce tax-exempt interest.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Sovereign Debt Securities Risks.<span style="font-weight: normal;"> Sovereign debt securities are subject to risks in addition to those relating to debt securities and foreign securities, including the risk that a governmental entity may be unwilling or unable to meet its obligations due to insufficient cash flow or foreign reserves, the size of the debt service burden, or government monetary policy. In the event of a default on sovereign debt, the Fund also may have limited legal recourse against the defaulting government entity.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Liquidity Risks.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that the trading market for a particular type of security becomes less liquid or the Fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities also may lead to an increase in their price volatility. Illiquidity may result from political, economic, or issuer specific events or overall market disruptions. Additionally, significant redemptions by large investors in the Fund could have a material adverse effect on the Fund’s other shareholders and the net asset value could be affected by forced selling during periods of high redemption pressures and/or illiquid markets. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Fees and Gates Risks.<span style="font-weight: normal;"> The Fund has adopted policies and procedures to impose liquidity fees on redemptions and/or temporary redemption gates in the event that the Fund’s weekly liquid assets were to fall below a designated threshold, subject to the discretion of the Fund’s Board. If the Fund’s weekly liquid assets fall below 30% of its total assets, the Board, in its discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed and/or impose temporary gates on redemptions. In addition, if the Fund’s weekly liquid assets fall below 10% of its total assets, the Fund must impose a liquidity fee in the default amount of 1% of the value of shares redeemed unless the Board determines that not doing so is in the best interests of the Fund, or that a higher or lower fee level (up to 2% of the value of shares redeemed) is in the best interests of the Fund.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio manager will produce the desired results.</span> </div> You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The Adviser has no legal obligation to provide financial support to the Fund, and you should not expect that the Adviser willprovide financial support to the Fund at any time. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. Investors may obtain the Fund’s current 7-Day Net Yield or updated performance information at bmofunds.com. </div> The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of an average of money funds with similar objectives and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future. bmofunds.com Premier Class—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Premier Class shares of the Fund from January 1, 2021 through September 30, 2021 was 0.02%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 55.38%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 26.72%;">3/31/2019</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">0.59%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">6/30/2014</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">0.00%</td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">7-Day Net Yield as of December 31, 2020 was 0.01% for Premier Class shares and Class Y shares.</div> The return for the Premier Class shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0002 Best quarter 2019-03-31 0.0059 Worst quarter 2014-06-30 0.0000 7-Day Net Yield as of December 31, 2020 0.0001 0.0001 Average Annual Total Returns through 12/31/20 2000-04-03 0.0041 0.0113 0.0061 1992-11-23 0.0031 0.0091 0.0046 0.0032 0.0086 0.0044 0.0041 0.0095 0.0048 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">The iMoneyNet, Inc. Money Fund Report Averages (IMNMFRA) is an average of money funds with investment objectives similar to that of the Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Money Market Instrument Funds Index (LMMI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> The iMoneyNet, Inc. Money Fund Report Averages (IMNMFRA) is an average of money funds with investment objectives similar to that of the Fund. The Lipper Money Market Instrument Funds Index (LMMI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. Fund Summary BMO Conservative Allocation Fund Investment Objective: To provide total return primarily from income, secondarily from appreciation. Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0.0050 0 0.0091 0.0066 0.0066 0.0044 0.0043 0.0043 0.0043 0.0043 0.0134 0.0109 0.0159 0.0087 -0.0058 -0.0058 -0.0058 -0.0010 0.0076 0.0051 0.0101 0.0036 Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 78 78 52 52 103 103 37 37 367 367 289 289 445 445 227 227 679 679 545 545 811 811 432 432 1562 1562 1276 1276 1840 1840 1025 1025 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio.</div> </div> 0.26 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser constructs an overall portfolio for the Fund consistent with its investment objective by investing substantially, but without limitation, in other BMO Funds from a variety of asset classes and supplementing those with unaffiliated funds as considered desirable.</div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser intends to accomplish the Fund’s investment objective with the predominant use of the BMO Funds because of the greater familiarity with 1) the capabilities of those investment teams, 2) the consistency of the underlying investment strategy with the Fund’s overall investment objective, 3) how those BMO Funds will react to a wide range of market conditions, and 4) how those strategies will interact with the unaffiliated funds selected or under consideration by the Adviser.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Despite the predominant use of BMO Funds for reasons mentioned above, the Adviser has the sole discretion to select unaffiliated funds, including exchange-traded funds, in any</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">asset class as an underlying fund at any time even if a BMO Fund exists in a similar asset class. The Adviser considers numerous factors when selecting the unaffiliated underlying funds, but focuses on how those unaffiliated funds can supplement the BMO Funds already selected for the portfolio to accomplish the Fund’s investment objective.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The predominant use of underlying BMO Funds creates conflicts of interest because the Adviser receives fees for managing the underlying BMO Funds. The Adviser receives more revenue when more assets are invested in the underlying BMO Funds. The Fund’s investment in other BMO Funds presents additional collateral benefits to the Adviser, such as increasing the Adviser’s assets under management and seeding an underlying fund or increasing its assets and the resulting economies of scale.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The overall allocation, or asset mix, of the underlying funds is at the discretion of the Adviser and is periodically rebalanced or modified. The Fund normally targets an allocation of approximately 80% of its total assets in funds that invest principally in fixed income securities and 20% of its total assets in funds that invest principally in equity securities. Under normal market conditions, the Fund allocates its assets among the underlying funds based on asset allocation target ranges of 70-90% of its total assets in funds that invest principally in fixed income securities and 10-30% of its total assets in funds that invest principally in equity securities.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Equity securities in which the underlying funds may invest may be of any market capitalization and include common stock, preferred stock, depositary receipts, rights and warrants, and exchange-traded funds. Fixed income securities in which the underlying funds may invest include corporate bonds and government securities, mortgage-backed and asset-backed securities, and convertible securities (fixed income securities convertible into shares of common or preferred stock). The Fund also may invest in funds with exposure to debt securities that are below investment grade, also known as high yield securities (junk bonds), and in funds that invest in cash, cash equivalents, and other short-term fixed income instruments, including money market funds.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is one of the BMO Target Risk Funds. The target investment allocation for each of the Target Risk Funds, based on each Fund’s total assets, is set forth below.</div> <table cellpadding="0" cellspacing="0" style="border-bottom: 1pt solid #0091ff; border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3pt;">BMO Fund</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 19.60%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Equity</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Fixed<br/>Income</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 21.40%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Alternatives</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; background-color: #0091ff; padding: 3pt 3pt 1.5pt 3.5pt;">Money<br/>Market<br/>Funds</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Conservative Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">10% - 30%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">60% - 80%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 3pt 3pt;">Moderate Allocation</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 3pt 3.5pt;">30% - 50%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 3pt 3.5pt;">40% - 60%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 3pt 3.5pt;">0% - 10%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-bottom: 1pt solid #0091ff; border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3pt;">BMO Fund</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 19.60%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Equity</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Fixed<br/>Income</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 21.40%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Alternatives</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; background-color: #0091ff; padding: 3pt 3pt 1.5pt 3.5pt;">Money<br/>Market<br/>Funds</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Balanced Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">50% - 70%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">25% - 45%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Growth Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">70% - 90%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">5% - 25%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 3pt 3pt;">Aggressive Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 3pt 3.5pt;">90% - 100%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 17.86%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0% - 10%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 3pt 3.5pt;">0% - 10%</td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser will continuously monitor the Fund and may make modifications to either the investment approach or the underlying fund allocations that the Adviser believes could benefit shareholders. The Adviser will also monitor the underlying funds on an ongoing basis and may increase or decrease the Fund’s investment in one or several underlying funds. The underlying fund selections are made based on several considerations, including the underlying fund’s investment team expertise, style or asset class exposures, portfolio characteristics, risk profile, and investment process. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The underlying funds invest their assets directly in equity securities, fixed income securities, derivatives and other alternative investments, cash, and cash equivalents (including money market funds) in accordance with their own investment objectives and policies.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Although the Fund intends to invest primarily in a combination of underlying funds, the Fund may invest directly in equity and fixed income securities, money market securities, and certain derivative instruments including currency and index-related futures and forwards for both hedging and investment purposes.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the Fund may invest up to 100% of its assets directly in cash, money market funds, and other money market instruments, repurchase agreements, and other short-term obligations. When the Fund engages in such activities, it may not achieve its investment objective.</div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This section describes the principal risks associated with the Fund’s principal investment strategies. The net asset value of the Fund will vary, and you could lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the Fund should have a </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">long-term perspective and be able to tolerate potentially sharp declines in value. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Asset Allocation Risk.<span style="font-weight: normal;"> Investments in the Fund are subject to risks related to the Adviser’s allocation choices. The selection of the underlying funds and the allocation of the Fund’s assets among the various asset classes and market segments could cause the Fund to lose value or cause the Fund to underperform relevant benchmarks or other funds with similar investment objectives.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Fund Investment Risk.<span style="font-weight: normal;"> The Fund invests in underlying funds, including exchange-traded funds, and incurs expenses related to the underlying funds. In addition, investors in the Fund will incur fees to pay for certain expenses related to the operations of the Fund. An investor holding the underlying funds directly and in the same proportions as the Fund would incur lower overall expenses, but would not receive the benefit of the portfolio management and other services provided by the Fund. The Fund’s risks are directly related to the risks of the underlying funds. It is important to understand the risks associated with investing in the underlying funds.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Fixed Income Risk.<span style="font-weight: normal;"> Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or counterparty defaults by failing to pay interest or principal when due. Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the underlying fund’s yield or share price.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Equity Risk.<span style="font-weight: normal;"> The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries, or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Foreign Securities Risk.<span style="font-weight: normal;"> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, an underlying fund may incur higher costs and expenses when making foreign investments, which will affect the underlying fund’s total return.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Emerging Markets Risk.<span style="font-weight: normal;"> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 0pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 3.85%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Large-, Mid-, and Small-Cap Risk.<span style="font-weight: normal;"> Stocks of different market capitalizations tend to go in and out of favor based on market and economic conditions. Historically, small- and mid-cap stocks tend to be more volatile than large-cap stocks, and small-cap stocks have been riskier than large- and mid-cap stocks. During a period when stocks of a particular market capitalization fall behind other types of investments, an underlying fund’s large-, mid-, or small-cap holdings could adversely affect performance.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Sector Risk.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent an underlying fund invests its assets in a particular sector, the underlying fund’s performance may be more susceptible to any economic, business or other developments that generally affect that sector.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Style Risk.<span style="font-weight: normal;"> Different investment styles, such as growth or equity, tend to shift in and out of favor depending on market and investor sentiment. The Fund may underperform other funds that invest in underlying funds with similar asset classes but employ different investment styles.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">High Yield Securities Risk.<span style="font-weight: normal;"> High yield securities, also referred to as “junk bonds” or non-investment grade securities, tend to be more sensitive to economic conditions than higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Asset-Backed/Mortgage-Backed Securities Risk.<span style="font-weight: normal;"> Asset-backed and mortgage-backed securities are subject to risks of prepayment. An underlying fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may also be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to an underlying fund and, consequently, to the Fund. In addition, the secondary market for asset-backed securities may not be as liquid as the market for</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 0pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 3.85%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">other securities which may result in an underlying fund or the Fund experiencing difficulty in selling or valuing asset-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed and asset-backed securities that are subordinate to another security. </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Government Obligations Risk.<span style="font-weight: normal;"> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae or Freddie Mac). As a result, a risk exists that these entities will default on a financial obligation.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Derivatives Risk.<span style="font-weight: normal;"> The performance of derivative instruments depends largely on the performance of the underlying reference instrument and the portfolio manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates, and/or other economic factors. Derivatives involve additional costs and can create economic leverage in an underlying fund’s portfolio which may result in significant volatility and cause the underlying fund to participate in losses (as well as gains) in an amount that exceeds the underlying fund’s initial investment. Other risks include liquidity due to a possible lack of a secondary market, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument such that the underlying fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform. Specific types of derivative securities also are subject to a number of additional risks, such as:</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Foreign Currency Exchange Contracts Risk.<span style="font-weight: normal;"> Forward foreign currency exchange contracts are subject to currency risks. A forward foreign currency exchange contract may also result in losses in the event of a default or bankruptcy of the counterparty. Forward foreign currency exchange contracts may limit potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Contracts Risk.<span style="font-weight: normal;"> Forward contracts are not currently exchange-traded and therefore no clearinghouse or exchange stands ready to meet the</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">obligations of the contracts. Thus, an underlying fund faces the risk that its counterparties may not perform their obligations. Non-deliverable forwards are considered swaps and may in the future be required to be centrally cleared and traded on public facilities. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Options and Futures Risk.<span style="font-weight: normal;"> Options and futures contracts may be more volatile than investments directly in the underlying securities, involve additional costs, and may involve a small initial investment relative to the risk assumed.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Swap Agreements Risk.<span style="font-weight: normal;"> A swap agreement may not be assigned without the consent of the counterparty and may result in losses in the event of a default or bankruptcy of the counterparty.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Liquidity Risk.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that a fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the fund’s performance.</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risks.<span style="font-weight: normal;"> Direct investment in derivatives involves the same risks described as part of the “Underlying Fund Investment Risk” above.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Cybersecurity Risk.<span style="font-weight: normal;"> With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio manager will produce the desired results. In addition, the Adviser’s strategy may limit the Fund’s gains in rising markets.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary, and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is the successor to the portfolio of a collective trust fund (Collective Fund) managed by the Adviser with objectives, policies and restrictions that were, in all material respects, equivalent to those of the Fund. On May 30, 2014, the Fund’s inception date, the assets of the Collective Fund were transferred to the Fund in exchange for Fund shares. The performance information shown for the Class I shares includes the performance of the Collective Fund for periods before the Fund commenced operations, not adjusted to reflect the Class I expenses. If the Class I expenses had been deducted, the returns would be lower than those shown below. The Collective Fund was not registered under the Investment Company Act of 1940, as amended (1940 Act), and was not subject to certain investment restrictions and diversification requirements that are imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (Code), which, if applicable, might have adversely affected the performance of the Collective Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares the Collective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Performance for the Fund’s Class Y, R3 and R6 shares will vary from the Class I shares based on the expenses of each class. Please keep in mind that past performance does not represent how the Fund </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">will perform in the future both before and after taxes. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares the Collective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fundwill perform in the future both before and after taxes. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 2.36%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 55.38%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.79%;">7.95%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.79%;">(6.05)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0236 Best quarter 2020-06-30 0.0795 Worst quarter 2020-03-31 -0.0605 Average Annual Total Returns through 12/31/20 1994-07-31 0.0914 0.0598 0.0575 0.0726 0.0343 0.0351 0.0573 0.0394 0.0354 0.0751 0.0443 0.0384 0.0901 0.0661 0.0542 2014-05-30 0.0876 0.0570 0.0414 2014-05-30 0.0858 0.0545 0.0388 2014-05-30 0.0923 0.0614 0.0456 0.0751 0.0443 0.0375 0.0901 0.0661 0.0480 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Bloomberg Barclays U.S. Aggregate Bond Index (BBUABI) is an index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. To qualify for inclusion, a bond or security must have at least one year to final maturity and be rated Baa3 or better, dollar denominated, non-convertible, fixed-rate and publicly issued.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Mixed-Asset Target Allocation Conservative Funds Index (LMATACI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Bloomberg Barclays U.S. Aggregate Bond Index (BBUABI) is an index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. To qualify for inclusion, a bond or security must have at least one year to final maturity and be rated Baa3 or better, dollar denominated, non-convertible, fixed-rate and publicly issued. The Lipper Mixed-Asset Target Allocation Conservative Funds Index (LMATACI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Moderate Allocation Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide total investment return from income and appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0.0050 0 0.0067 0.0042 0.0042 0.0017 0.0046 0.0046 0.0046 0.0046 0.0113 0.0088 0.0138 0.0063 -0.0037 -0.0037 -0.0037 -0.0027 0.0076 0.0051 0.0101 0.0036 Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 78 78 52 52 103 103 37 37 322 322 244 244 401 401 175 175 587 587 451 451 720 720 324 324 1342 1342 1050 1050 1625 1625 761 761 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio.</div> </div> 0.27 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser constructs an overall portfolio for the Fund consistent with its investment objective by investing substantially, but without limitation, in other BMO Funds from a variety of asset classes and supplementing those with unaffiliated funds as considered desirable.</div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser intends to accomplish the Fund’s investment objective with the predominant use of the BMO Funds because of the greater familiarity with 1) the capabilities of those investment teams, 2) the consistency of the underlying investment strategy with the Fund’s overall investment objective, 3) how those BMO Funds will react to a wide range of market conditions, and 4) how those strategies will interact with the unaffiliated funds selected or under consideration by the Adviser.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Despite the predominant use of BMO Funds for reasons mentioned above, the Adviser has the sole discretion to select unaffiliated funds, including exchange-traded funds, in any</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">asset class as an underlying fund at any time even if a BMO Fund exists in a similar asset class. The Adviser considers numerous factors when selecting the unaffiliated underlying funds, but focuses on how those unaffiliated funds can supplement the BMO Funds already selected for the portfolio to accomplish the Fund’s investment objective.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The predominant use of underlying BMO Funds creates conflicts of interest because the Adviser receives fees for managing the underlying BMO Funds. The Adviser receives more revenue when more assets are invested in the underlying BMO Funds. The Fund’s investment in other BMO Funds presents additional collateral benefits to the Adviser, such as increasing the Adviser’s assets under management and seeding an underlying fund or increasing its assets and the resulting economies of scale.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The overall allocation, or asset mix, of the underlying funds is at the discretion of the Adviser and is periodically rebalanced or modified. The Fund normally targets an allocation of approximately 60% of its total assets in funds that invest principally in fixed income securities and 40% of its total assets in funds that invest principally in equity securities. Under normal market conditions the Fund allocates its assets among the underlying funds based on asset allocation target ranges of 50-70% of its total assets in funds that invest principally in fixed income securities and 30-50% of its total assets in funds that invest principally in equity securities.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Equity securities in which the underlying funds may invest may be of any market capitalization and include common stock, preferred stock, depositary receipts, rights and warrants, and exchange-traded funds. Fixed income securities in which the underlying funds may invest include corporate bonds and government securities, mortgage-backed and asset-backed securities, and convertible securities (fixed income securities convertible into shares of common or preferred stock). The Fund also may invest in funds with exposure to debt securities that are below investment grade, also known as high yield securities (junk bonds), and in funds that invest in cash, cash equivalents, and other short-term fixed income instruments, including money market funds. While the Fund will invest primarily in underlying funds that invest in U.S. securities, some underlying funds may invest in foreign securities, including emerging markets.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is one of the BMO Target Risk Funds. The target investment allocation for each of the Target Risk Funds, based on each Fund’s total assets, is set forth below.</div> <table cellpadding="0" cellspacing="0" style="border-bottom: 1pt solid #0091ff; border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3pt;">BMO Fund</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 19.60%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Equity</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Fixed<br/>Income</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 21.40%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Alternatives</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; background-color: #0091ff; padding: 3pt 3pt 1.5pt 3.5pt;">Money<br/>Market<br/>Funds</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Conservative Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">10% - 30%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">60% - 80%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Moderate Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">30% - 50%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">40% - 60%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Balanced Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">50% - 70%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">25% - 45%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Growth Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">70% - 90%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">5% - 25%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 3pt 3pt;">Aggressive Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 3pt 3.5pt;">90% - 100%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 17.86%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0% - 10%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 3pt 3.5pt;">0% - 10%</td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser will continuously monitor the Fund and may make modifications to either the investment approach or the underlying fund allocations that the Adviser believes could benefit shareholders. The Adviser will also monitor the underlying funds on an ongoing basis and may increase or decrease the Fund’s investment in one or several underlying funds. The underlying fund selections are made based on several considerations, including the underlying fund’s investment team expertise, style or asset class exposures, portfolio characteristics, risk profile, and investment process. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The underlying funds invest their assets directly in equity securities, fixed income securities, derivatives and other alternative investments, cash, and cash equivalents (including money market funds) in accordance with their own investment objectives and policies.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Although the Fund intends to invest primarily in a combination of underlying funds, the Fund may invest directly in equity and fixed income securities, money market securities, and certain derivative instruments including currency and index-related futures and forwards for both hedging and investment purposes.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the Fund may invest up to 100% of its assets directly in cash, money market funds, and other money market instruments, repurchase agreements, and other short-term obligations. When the Fund engages in such activities, it may not achieve its investment objective.</div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">This section describes the principal risks associated with the Fund’s principal investment strategies. The net asset value of the Fund will vary, and you could lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Asset Allocation Risk.<span style="font-weight: normal;"> Investments in the Fund are subject to risks related to the Adviser’s allocation choices. The selection of the underlying funds and the allocation of the Fund’s assets among the various asset classes and market segments could cause the Fund to lose value or cause the Fund to underperform relevant benchmarks or other funds with similar investment objectives.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Fund Investment Risk.<span style="font-weight: normal;"> The Fund invests in underlying funds, including exchange-traded funds, and incurs expenses related to the underlying funds. In addition, investors in the Fund will incur fees to pay for certain expenses related to the operations of the Fund. An investor holding the underlying funds directly and in the same proportions as the Fund would incur lower overall expenses, but would not receive the benefit of the portfolio management and other services provided by the Fund. The Fund’s risks are directly related to the risks of the underlying funds. It is important to understand the risks associated with investing in the underlying funds.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Equity Risk.<span style="font-weight: normal;"> The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries, or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Foreign Securities Risk.<span style="font-weight: normal;"> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, an underlying fund may incur higher costs and expenses when making foreign investments, which will affect the underlying fund’s total return.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Emerging Markets Risk.<span style="font-weight: normal;"> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Large-, Mid-, and Small-Cap Risk.<span style="font-weight: normal;"> Stocks of different market capitalizations tend to go in and out of favor based</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 0pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 3.85%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">on market and economic conditions. Historically, small- and mid-cap stocks tend to be more volatile than large-cap stocks, and small-cap stocks have been riskier than large- and mid-cap stocks. During a period when stocks of a particular market capitalization fall behind other types of investments, an underlying fund’s large-, mid-, or small-cap holdings could adversely affect performance. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Sector Risk.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent an underlying fund invests its assets in a particular sector, the underlying fund’s performance may be more susceptible to any economic, business or other developments that generally affect that sector.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Style Risk.<span style="font-weight: normal;"> Different investment styles, such as growth or equity, tend to shift in and out of favor depending on market and investor sentiment. The Fund may underperform other funds that invest in underlying funds with similar asset classes but employ different investment styles.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Fixed Income Risk.<span style="font-weight: normal;"> Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or counterparty defaults by failing to pay interest or principal when due. Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the underlying fund’s yield or share price.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">High Yield Securities Risk.<span style="font-weight: normal;"> High yield securities, also referred to as “junk bonds” or non-investment grade securities, tend to be more sensitive to economic conditions than higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Asset-Backed/Mortgage-Backed Securities Risk.<span style="font-weight: normal;"> Asset-backed and mortgage-backed securities are subject to risks of prepayment. An underlying fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 0pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 3.85%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">securities. Asset-backed securities may also be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to an underlying fund and, consequently, to the Fund. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities which may result in an underlying fund or the Fund experiencing difficulty in selling or valuing asset-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed and asset-backed securities that are subordinate to another security. </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Government Obligations Risk.<span style="font-weight: normal;"> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae or Freddie Mac). As a result, a risk exists that these entities will default on a financial obligation.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Derivatives Risk.<span style="font-weight: normal;"> The performance of derivative instruments depends largely on the performance of the underlying reference instrument and the portfolio manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates, and/or other economic factors. Derivatives involve additional costs and can create economic leverage in an underlying fund’s portfolio which may result in significant volatility and cause the underlying fund to participate in losses (as well as gains) in an amount that exceeds the underlying fund’s initial investment. Other risks include liquidity due to a possible lack of a secondary market, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument such that the underlying fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform. Specific types of derivative securities also are subject to a number of additional risks, such as:</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Foreign Currency Exchange Contracts Risk.<span style="font-weight: normal;"> Forward foreign currency exchange contracts are subject to currency risks. A forward foreign currency exchange contract may also result in losses in the event of a default or bankruptcy of the counterparty. Forward</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">foreign currency exchange contracts may limit potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Contracts Risk.<span style="font-weight: normal;"> Forward contracts are not currently exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts. Thus, an underlying fund faces the risk that its counterparties may not perform their obligations. Non-deliverable forwards are considered swaps and may in the future be required to be centrally cleared and traded on public facilities.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Options and Futures Risk.<span style="font-weight: normal;"> Options and futures contracts may be more volatile than investments directly in the underlying securities, involve additional costs, and may involve a small initial investment relative to the risk assumed.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Swap Agreements Risk.<span style="font-weight: normal;"> A swap agreement may not be assigned without the consent of the counterparty and may result in losses in the event of a default or bankruptcy of the counterparty.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Liquidity Risk.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that a fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the fund’s performance.</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risks.<span style="font-weight: normal;"> Direct investment in derivatives involves the same risks described as part of the “Underlying Fund Investment Risk” above.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Cybersecurity Risk.<span style="font-weight: normal;"> With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio manager will produce the desired results. In addition, the Adviser’s strategy may limit the Fund’s gains in rising markets.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary, and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is the successor to the portfolio of a collective trust fund (Collective Fund) managed by the Adviser with objectives, policies and restrictions that were, in all material respects, equivalent to those of the Fund. On May 30, 2014, the Fund’s inception date, the assets of the Collective Fund were transferred to the Fund in exchange for Fund shares. The performance information shown for the Class I shares includes the performance of the Collective Fund for periods before the Fund commenced operations, not adjusted to reflect the Class I expenses. If the Class I expenses had been deducted, the returns would be lower than those shown below. The Collective Fund was not registered under the Investment Company Act of 1940, as amended (1940 Act), and was not subject to certain investment restrictions and diversification requirements that are imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (Code), which, if applicable, might have adversely affected the performance of the Collective Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares the</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Collective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Performance for the Fund’s Class Y, R3 and R6 shares will vary from the Class I shares based on the expenses of each class. Please keep in mind that past performance does not represent how the Fund will perform in the future both before and after taxes. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares theCollective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future both before and after taxes. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 5.15%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 55.38%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 15.79%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.79%;">10.78%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 55.38%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 15.79%;">(9.93)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0515 Best quarter 2020-06-30 0.1078 Worst quarter 2020-03-31 -0.0993 Average Annual Total Returns through 12/31/20 1994-07-31 0.1140 0.0759 0.0637 0.0855 0.0530 0.0499 0.0779 0.0529 0.0471 0.0751 0.0443 0.0384 0.1247 0.0893 0.0751 2014-05-30 0.1106 0.0731 0.0542 2014-05-30 0.1079 0.0706 0.0516 2014-05-30 0.1149 0.0774 0.0584 0.0751 0.0443 0.0375 0.1247 0.0893 0.0676 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Bloomberg Barclays U.S. Aggregate Bond Index (BBUABI) is an index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. To qualify for inclusion, a bond or security must have at least one year to final maturity and be rated Baa3 or better, dollar denominated, non-convertible, fixed-rate and publicly issued.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Mixed-Asset Target Allocation Moderate Funds Index (LMATAMI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The Bloomberg Barclays U.S. Aggregate Bond Index (BBUABI) is an index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. To qualify for inclusion, a bond or security must have at least one year to final maturity and be rated Baa3 or better, dollar denominated, non-convertible, fixed-rate and publicly issued. The Lipper Mixed-Asset Target Allocation Moderate Funds Index (LMATAMI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Balanced Allocation Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide total investment return from income and appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0.0050 0 0.0050 0.0025 0.0025 0.0003 0.0047 0.0047 0.0047 0.0047 0.0097 0.0072 0.0122 0.0050 -0.0017 -0.0017 -0.0017 -0.0010 0.0080 0.0055 0.0105 0.0040 Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 82 82 56 56 107 107 41 41 292 292 213 213 370 370 150 150 520 520 384 384 654 654 270 270 1174 1174 879 879 1462 1462 619 619 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 20% of the average value of its portfolio.</div> </div> 0.20 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser constructs an overall portfolio for the Fund consistent with its investment objective by investing substantially, but without limitation, in other BMO Funds from a variety of asset classes and supplementing those with unaffiliated funds as considered desirable.</div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser intends to accomplish the Fund’s investment objective with the predominant use of the BMO Funds because of the greater familiarity with 1) the capabilities of those investment teams, 2) the consistency of the underlying investment strategy with the Fund’s overall investment objective, 3) how those BMO Funds will react to a wide range of market conditions, and 4) how those strategies will interact with the unaffiliated funds selected or under consideration by the Adviser.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Despite the predominant use of BMO Funds for reasons mentioned above, the Adviser has the sole discretion to select unaffiliated funds, including exchange-traded funds, in any</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">asset class as an underlying fund at any time even if a BMO Fund exists in a similar asset class. The Adviser considers numerous factors when selecting the unaffiliated underlying funds, but focuses on how those unaffiliated funds can supplement the BMO Funds already selected for the portfolio to accomplish the Fund’s investment objective.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The predominant use of underlying BMO Funds creates conflicts of interest because the Adviser receives fees for managing the underlying BMO Funds. The Adviser receives more revenue when more assets are invested in the underlying BMO Funds. The Fund’s investment in other BMO Funds presents additional collateral benefits to the Adviser, such as increasing the Adviser’s assets under management and seeding an underlying fund or increasing its assets and the resulting economies of scale.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The overall allocation, or asset mix, of the underlying funds is at the discretion of the Adviser and is periodically rebalanced or modified. The Fund normally targets an allocation of approximately 40% of its total assets in funds that invest principally in fixed income securities and 60% of its total assets in funds that invest principally in equity securities. Under normal market conditions, the Fund allocates its assets among the underlying funds based on asset allocation target ranges of 30-50% of its total assets in funds that invest principally in fixed income securities and 50-70% of its total assets in funds that invest principally in equity securities.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Equity securities in which the underlying funds may invest may be of any market capitalization and include common stock, preferred stock, depositary receipts, rights and warrants, and exchange-traded funds. Fixed income securities in which the underlying funds may invest include corporate bonds and government securities, mortgage-backed and asset-backed securities, and convertible securities (fixed income securities convertible into shares of common or preferred stock). The Fund also may invest in funds with exposure to debt securities that are below investment grade, also known as high yield securities (junk bonds), and in funds that invest in cash, cash equivalents, and other short-term fixed income instruments, including money market funds. While the Fund will invest primarily in underlying funds that invest in U.S. securities, some underlying funds may invest in foreign securities, including emerging markets.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is one of the BMO Target Risk Funds. The target investment allocation for each of the Target Risk Funds, based on each Fund’s total assets, is set forth below.</div> <table cellpadding="0" cellspacing="0" style="border-bottom: 1pt solid #0091ff; border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3pt;">BMO Fund</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 19.60%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Equity</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Fixed<br/>Income</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 21.40%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Alternatives</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; background-color: #0091ff; padding: 3pt 3pt 1.5pt 3.5pt;">Money<br/>Market<br/>Funds</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Conservative Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">10% - 30%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">60% - 80%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Moderate Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">30% - 50%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">40% - 60%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Balanced Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">50% - 70%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">25% - 45%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Growth Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">70% - 90%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">5% - 25%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 3pt 3pt;">Aggressive Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 3pt 3.5pt;">90% - 100%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 17.86%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0% - 10%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 3pt 3.5pt;">0% - 10%</td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser will continuously monitor the Fund and may make modifications to either the investment approach or the underlying fund allocations that the Adviser believes could benefit shareholders. The Adviser will also monitor the underlying funds on an ongoing basis and may increase or decrease the Fund’s investment in one or several underlying funds. The underlying fund selections are made based on several considerations, including the underlying fund’s investment team expertise, style or asset class exposures, portfolio characteristics, risk profile, and investment process. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The underlying funds invest their assets directly in equity securities, fixed income securities, derivatives and other alternative investments, cash, and cash equivalents (including money market funds) in accordance with their own investment objectives and policies.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Although the Fund intends to invest primarily in a combination of underlying funds, the Fund may invest directly in equity and fixed income securities, money market securities, and certain derivative instruments including currency and index-related futures and forwards for both hedging and investment purposes.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the Fund may invest up to 100% of its assets directly in cash, money market funds, and other money market instruments, repurchase agreements, and other short-term obligations. When the Fund engages in such activities, it may not achieve its investment objective.</div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">This section describes the principal risks associated with the Fund’s principal investment strategies. The net asset value of the Fund will vary, and you could lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Asset Allocation Risk.<span style="font-weight: normal;"> Investments in the Fund are subject to risks related to the Adviser’s allocation choices. The selection of the underlying funds and the allocation of the Fund’s assets among the various asset classes and market segments could cause the Fund to lose value or cause the Fund to underperform relevant benchmarks or other funds with similar investment objectives.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Fund Investment Risk.<span style="font-weight: normal;"> The Fund invests in underlying funds, including exchange-traded funds, and incurs expenses related to the underlying funds. In addition, investors in the Fund will incur fees to pay for certain expenses related to the operations of the Fund. An investor holding the underlying funds directly and in the same proportions as the Fund would incur lower overall expenses, but would not receive the benefit of the portfolio management and other services provided by the Fund. The Fund’s risks are directly related to the risks of the underlying funds. It is important to understand the risks associated with investing in the underlying funds.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Equity Risk.<span style="font-weight: normal;"> The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries, or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Foreign Securities Risk.<span style="font-weight: normal;"> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, an underlying fund may incur higher costs and expenses when making foreign investments, which will affect the underlying fund’s total return.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Emerging Markets Risk.<span style="font-weight: normal;"> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Large-, Mid-, and Small-Cap Risk.<span style="font-weight: normal;"> Stocks of different market capitalizations tend to go in and out of favor based</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 0pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 3.85%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">on market and economic conditions. Historically, small- and mid-cap stocks tend to be more volatile than large-cap stocks, and small-cap stocks have been riskier than large- and mid-cap stocks. During a period when stocks of a particular market capitalization fall behind other types of investments, an underlying fund’s large-, mid-, or small-cap holdings could adversely affect performance. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Sector Risk.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent an underlying fund invests its assets in a particular sector, the underlying fund’s performance may be more susceptible to any economic, business or other developments that generally affect that sector.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Style Risk.<span style="font-weight: normal;"> Different investment styles, such as growth or equity, tend to shift in and out of favor depending on market and investor sentiment. The Fund may underperform other funds that invest in underlying funds with similar asset classes but employ different investment styles.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Fixed Income Risk.<span style="font-weight: normal;"> Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or counterparty defaults by failing to pay interest or principal when due. Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the underlying fund’s yield or share price.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">High Yield Securities Risk.<span style="font-weight: normal;"> High yield securities, also referred to as “junk bonds” or non-investment grade securities, tend to be more sensitive to economic conditions than higher-rated securities, generally involve more credit risk than securities in the higher-rated categories and are predominantly considered to be speculative. The issuers of high yield securities are typically more leveraged, and the risk of loss due to default by an issuer of high yield securities is significantly greater than issuers of higher-rated securities because such securities are generally unsecured and are often subordinated to other creditors.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Asset-Backed/Mortgage-Backed Securities Risk.<span style="font-weight: normal;"> Asset-backed and mortgage-backed securities are subject to risks of prepayment. An underlying fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 0pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 3.85%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">securities. Asset-backed securities may also be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to an underlying fund and, consequently, to the Fund. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities which may result in an underlying fund or the Fund experiencing difficulty in selling or valuing asset-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed and asset-backed securities that are subordinate to another security. </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Government Obligations Risk.<span style="font-weight: normal;"> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae or Freddie Mac). As a result, a risk exists that these entities will default on a financial obligation.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Derivatives Risk.<span style="font-weight: normal;"> The performance of derivative instruments depends largely on the performance of the underlying reference instrument and the portfolio manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates, and/or other economic factors. Derivatives involve additional costs and can create economic leverage in an underlying fund’s portfolio which may result in significant volatility and cause the underlying fund to participate in losses (as well as gains) in an amount that exceeds the underlying fund’s initial investment. Other risks include liquidity due to a possible lack of a secondary market, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument such that the underlying fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform. Specific types of derivative securities also are subject to a number of additional risks, such as:</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Foreign Currency Exchange Contracts Risk.<span style="font-weight: normal;"> Forward foreign currency exchange contracts are subject to currency risks. A forward foreign currency exchange contract may also result in losses in the event of a default or bankruptcy of the counterparty. Forward</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">foreign currency exchange contracts may limit potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Contracts Risk.<span style="font-weight: normal;"> Forward contracts are not currently exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts. Thus, an underlying fund faces the risk that its counterparties may not perform their obligations. Non-deliverable forwards are considered swaps and may in the future be required to be centrally cleared and traded on public facilities.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Options and Futures Risk.<span style="font-weight: normal;"> Options and futures contracts may be more volatile than investments directly in the underlying securities, involve additional costs, and may involve a small initial investment relative to the risk assumed.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Swap Agreements Risk.<span style="font-weight: normal;"> A swap agreement may not be assigned without the consent of the counterparty and may result in losses in the event of a default or bankruptcy of the counterparty.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Liquidity Risk.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that a fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the fund’s performance.</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risks.<span style="font-weight: normal;"> Direct investment in derivatives involves the same risks described as part of the “Underlying Fund Investment Risk” above.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Cybersecurity Risk.<span style="font-weight: normal;"> With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio manager will produce the desired results. In addition, the Adviser’s strategy may limit the Fund’s gains in rising markets.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary, and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is the successor to the portfolio of a collective trust fund (Collective Fund) managed by the Adviser with objectives, policies and restrictions that were, in all material respects, equivalent to those of the Fund. On May 30, 2014, the Fund’s inception date, the assets of the Collective Fund were transferred to the Fund in exchange for Fund shares. The performance information shown for the Class I shares includes the performance of the Collective Fund for periods before the Fund commenced operations, not adjusted to reflect the Class I expenses. If the Class I expenses had been deducted, the returns would be lower than those shown below. The Collective Fund was not registered under the Investment Company Act of 1940, as amended (1940 Act), and was not subject to certain investment restrictions and diversification requirements that are imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (Code), which, if applicable, might have adversely affected the performance of the Collective Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares the</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Collective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Performance for the Fund’s Class Y, R3 and R6 shares will vary from the Class I shares based on the expenses of each class. Please keep in mind that past performance does not represent how the Fund will perform in the future both before and after taxes. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares theCollective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future both before and after taxes. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 8.02%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">13.81%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(14.41)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.0802 Best quarter 2020-06-30 0.1381 Worst quarter 2020-03-31 -0.1441 Average Annual Total Returns through 12/31/20 1994-07-31 0.1235 0.0887 0.0757 0.0855 0.0589 0.0577 0.0920 0.0633 0.0570 0.1840 0.1521 0.1388 0.1658 0.1070 0.0918 2014-05-30 0.1218 0.0860 0.0645 2014-05-30 0.1181 0.0832 0.0617 2014-05-30 0.1257 0.0902 0.0687 0.1840 0.1521 0.1295 0.1658 0.1070 0.0840 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The S&amp;P 500<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index (S&amp;P 500<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup>) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Mixed-Asset Target Allocation Growth Funds Index (LMATAGI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The S&P 500® Index (S&P 500®) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The Lipper Mixed-Asset Target Allocation Growth Funds Index (LMATAGI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Growth Allocation Fund Investment Objective: <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">To provide total investment return from income and appreciation.</div> Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0.0050 0 0.0060 0.0035 0.0035 0.0010 0.0048 0.0048 0.0048 0.0048 0.0108 0.0083 0.0133 0.0058 -0.0030 -0.0030 -0.0030 -0.0020 0.0078 0.0053 0.0103 0.0038 Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 80 80 54 54 105 105 39 39 314 314 235 235 392 392 166 166 566 566 431 431 700 700 304 304 1290 1290 998 998 1575 1575 707 707 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.</div> </div> 0.24 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser constructs an overall portfolio for the Fund consistent with its investment objective by investing substantially, but without limitation, in other BMO Funds from a variety of asset classes and supplementing those with unaffiliated funds as considered desirable.</div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser intends to accomplish the Fund’s investment objective with the predominant use of the BMO Funds because of the greater familiarity with 1) the capabilities of those investment teams, 2) the consistency of the underlying investment strategy with the Fund’s overall investment objective, 3) how those BMO Funds will react to a wide range of market conditions, and 4) how those strategies will interact with the unaffiliated funds selected or under consideration by the Adviser.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Despite the predominant use of BMO Funds for reasons mentioned above, the Adviser has the sole discretion to select unaffiliated funds, including exchange-traded funds, in any</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">asset class as an underlying fund at any time even if a BMO Fund exists in a similar asset class. The Adviser considers numerous factors when selecting the unaffiliated underlying funds, but focuses on how those unaffiliated funds can supplement the BMO Funds already selected for the portfolio to accomplish the Fund’s investment objective.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The predominant use of underlying BMO Funds creates conflicts of interest because the Adviser receives fees for managing the underlying BMO Funds. The Adviser receives more revenue when more assets are invested in the underlying BMO Funds. The Fund’s investment in other BMO Funds presents additional collateral benefits to the Adviser, such as increasing the Adviser’s assets under management and seeding an underlying fund or increasing its assets and the resulting economies of scale.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The overall allocation, or asset mix, of the underlying funds is at the discretion of the Adviser and is periodically rebalanced or modified. The Fund normally targets an allocation of approximately 20% of its total assets in funds that invest principally in fixed income securities and 80% of its total assets in funds that invest principally in equity securities. Under normal market conditions the Fund allocates its assets among the underlying funds based on asset allocation target ranges of 10-30% of its total assets in funds that invest principally in fixed income securities and 70-90% of its total assets in funds that invest principally in equity securities.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Equity securities in which the underlying funds may invest may be of any market capitalization and include common stock, preferred stock, depositary receipts, rights and warrants, and exchange-traded funds. The underlying funds may also invest in fixed income securities, including corporate bonds and government securities, mortgage-backed and asset-backed securities, and convertible securities (fixed income securities convertible into shares of common or preferred stock). The Fund also may allocate assets to underlying funds that invest in cash, cash equivalents, and other short-term fixed income instruments, including money market funds. While the Fund will invest primarily in underlying funds that invest in U.S. securities, some underlying funds may invest in foreign securities, including emerging markets.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is one of the BMO Target Risk Funds. The target investment allocation for each of the Target Risk Funds, based on each Fund’s total assets, is set forth below.</div> <table cellpadding="0" cellspacing="0" style="border-bottom: 1pt solid #0091ff; border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3pt;">BMO Fund</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 19.60%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Equity</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Fixed<br/>Income</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 21.40%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Alternatives</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; background-color: #0091ff; padding: 3pt 3pt 1.5pt 3.5pt;">Money<br/>Market<br/>Funds</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 3pt 3pt;">Conservative Allocation</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 3pt 3.5pt;">10% - 30%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 3pt 3.5pt;">60% - 80%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 3pt 3.5pt;">0% - 10%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-bottom: 1pt solid #0091ff; border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3pt;">BMO Fund</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 19.60%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Equity</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Fixed<br/>Income</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 21.40%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Alternatives</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; background-color: #0091ff; padding: 3pt 3pt 1.5pt 3.5pt;">Money<br/>Market<br/>Funds</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Moderate Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">30% - 50%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">40% - 60%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Balanced Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">50% - 70%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">25% - 45%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Growth Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">70% - 90%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">5% - 25%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 3pt 3pt;">Aggressive Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 3pt 3.5pt;">90% - 100%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 17.86%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0% - 10%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 3pt 3.5pt;">0% - 10%</td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser will continuously monitor the Fund and may make modifications to either the investment approach or the underlying fund allocations that the Adviser believes could benefit shareholders. The Adviser will also monitor the underlying funds on an ongoing basis and may increase or decrease the Fund’s investment in one or several underlying funds. The underlying fund selections are made based on several considerations, including the underlying fund’s investment team expertise, style or asset class exposures, portfolio characteristics, risk profile, and investment process. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The underlying funds invest their assets directly in equity securities, fixed income securities, derivatives and other alternative investments, cash, and cash equivalents (including money market funds) in accordance with their own investment objectives and policies.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Although the Fund intends to invest primarily in a combination of underlying funds, the Fund may invest directly in equity and fixed income securities, money market securities, and certain derivative instruments including currency and index-related futures and forwards for both hedging and investment purposes.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the Fund may invest up to 100% of its assets directly in cash, money market funds, and other money market instruments, repurchase agreements, and other short-term obligations. When the Fund engages in such activities, it may not achieve its investment objective.</div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This section describes the principal risks associated with the Fund’s principal investment strategies. The net asset value of the Fund will vary, and you could lose money by investing in </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Asset Allocation Risk.<span style="font-weight: normal;"> Investments in the Fund are subject to risks related to the Adviser’s allocation choices. The selection of the underlying funds and the allocation of the Fund’s assets among the various asset classes and market segments could cause the Fund to lose value or cause the Fund to underperform relevant benchmarks or other funds with similar investment objectives.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Fund Investment Risk.<span style="font-weight: normal;"> The Fund invests in underlying funds, including exchange-traded funds, and incurs expenses related to the underlying funds. In addition, investors in the Fund will incur fees to pay for certain expenses related to the operations of the Fund. An investor holding the underlying funds directly and in the same proportions as the Fund would incur lower overall expenses, but would not receive the benefit of the portfolio management and other services provided by the Fund. The Fund’s risks are directly related to the risks of the underlying funds. It is important to understand the risks associated with investing in the underlying funds.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Equity Risk.<span style="font-weight: normal;"> The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries, or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Foreign Securities Risk.<span style="font-weight: normal;"> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, an underlying fund may incur higher costs and expenses when making foreign investments, which will affect the underlying fund’s total return.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Emerging Markets Risk.<span style="font-weight: normal;"> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Large-, Mid-, and Small-Cap Risk.<span style="font-weight: normal;"> Stocks of different market capitalizations tend to go in and out of favor based on market and economic conditions. Historically, small- and mid-cap stocks tend to be more volatile than large-cap stocks, and small-cap stocks have been riskier than large- and mid-cap stocks. During a period when stocks of</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 0pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; vertical-align: top; width: 3.85%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: Normal; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">a particular market capitalization fall behind other types of investments, an underlying fund’s large-, mid-, or small-cap holdings could adversely affect performance. </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Sector Risk.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent an underlying fund invests its assets in a particular sector, the underlying fund’s performance may be more susceptible to any economic, business or other developments that generally affect that sector.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Style Risk.<span style="font-weight: normal;"> Different investment styles, such as growth or equity, tend to shift in and out of favor depending on market and investor sentiment. The Fund may underperform other funds that invest in underlying funds with similar asset classes but employ different investment styles.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Fixed Income Risk.<span style="font-weight: normal;"> Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or counterparty defaults by failing to pay interest or principal when due. Fixed income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt the underlying fund’s yield or share price.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Asset-Backed/Mortgage-Backed Securities Risk.<span style="font-weight: normal;"> Asset-backed and mortgage-backed securities are subject to risks of prepayment. An underlying fund’s yield will be reduced if cash from prepaid securities is reinvested in securities with lower interest rates. The risk of prepayment also may decrease the value of mortgage-backed securities. Asset-backed securities may also be subject to greater risk of default during periods of economic downturn than other securities, which could result in possible losses to an underlying fund and, consequently, to the Fund. In addition, the secondary market for asset-backed securities may not be as liquid as the market for other securities which may result in an underlying fund or the Fund experiencing difficulty in selling or valuing asset-backed securities. Asset-backed securities may have a higher level of default and recovery risk than mortgage-backed securities. Both of these types of securities may decline in value because of mortgage foreclosures or defaults on the underlying obligations. Credit risk is greater for mortgage-backed and asset-backed securities that are subordinate to another security.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 0pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Government Obligations Risk.<span style="font-weight: normal;"> No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities where it is not obligated to do so by law (such as Fannie Mae or Freddie Mac). As a result, a risk exists that these entities will default on a financial obligation.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Derivatives Risk.<span style="font-weight: normal;"> The performance of derivative instruments depends largely on the performance of the underlying reference instrument and the portfolio manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates, and/or other economic factors. Derivatives involve additional costs and can create economic leverage in an underlying fund’s portfolio which may result in significant volatility and cause the underlying fund to participate in losses (as well as gains) in an amount that exceeds the underlying fund’s initial investment. Other risks include liquidity due to a possible lack of a secondary market, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument such that the underlying fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform. Specific types of derivative securities also are subject to a number of additional risks, such as:</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Foreign Currency Exchange Contracts Risk.<span style="font-weight: normal;"> Forward foreign currency exchange contracts are subject to currency risks. A forward foreign currency exchange contract may also result in losses in the event of a default or bankruptcy of the counterparty. Forward foreign currency exchange contracts may limit potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Contracts Risk.<span style="font-weight: normal;"> Forward contracts are not currently exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts. Thus, an underlying fund faces the risk that its counterparties may not perform their obligations. Non-deliverable forwards are considered swaps and may in the future be required to be centrally cleared and traded on public facilities.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Options and Futures Risk.<span style="font-weight: normal;"> Options and futures contracts may be more volatile than investments directly in the underlying securities, involve additional costs, and may involve a small initial investment relative to the risk assumed.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Swap Agreements Risk.<span style="font-weight: normal;"> A swap agreement may not be assigned without the consent of the counterparty and may result in losses in the event of a default or bankruptcy of the counterparty.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Liquidity Risk.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that a fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the fund’s performance.</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risks.<span style="font-weight: normal;"> Direct investment in derivatives involves the same risks described as part of the “Underlying Fund Investment Risk” above.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Cybersecurity Risk.<span style="font-weight: normal;"> With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio manager will produce the desired results. In addition, the Adviser’s strategy may limit the Fund’s gains in rising markets.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary, and you could lose money by investing inthe Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is the successor to the portfolio of a collective trust fund (Collective Fund) managed by the Adviser with objectives, policies and restrictions that were, in all material respects, equivalent to those of the Fund. On May 30, 2014, the Fund’s inception date, the assets of the Collective Fund were transferred to the Fund in exchange for Fund shares. The performance information shown for the Class I shares includes the performance of the Collective Fund for periods before the Fund commenced operations, not adjusted to reflect the Class I expenses. If the Class I expenses had been deducted, the returns would be lower than those shown below. The Collective Fund was not registered under the Investment Company Act of 1940, as amended (1940 Act), and was not subject to certain investment restrictions and diversification requirements that are imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (Code), which, if applicable, might have adversely affected the performance of the Collective Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares the Collective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Performance for the Fund’s Class Y, R3 and R6 shares will vary from the Class I shares based on the expenses of each class. Please keep in mind that past performance does not represent how the Fund will perform in the future both before and after taxes. Investors may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares the Collective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future both before and after taxes. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 10.90%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">16.64%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(18.86)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.1090 Best quarter 2020-06-30 0.1664 Worst quarter 2020-03-31 -0.1886 Average Annual Total Returns through 12/31/20 1994-07-31 0.1292 0.1006 0.0874 0.1012 0.0759 0.0725 0.0915 0.0736 0.0675 0.1840 0.1521 0.1388 0.1734 0.1137 0.0933 2014-05-30 0.1257 0.0979 0.0739 2014-05-30 0.1230 0.0951 0.0713 2014-05-30 0.1309 0.1022 0.0783 0.1840 0.1521 0.1295 0.1734 0.1137 0.0867 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The S&amp;P 500<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index (S&amp;P 500<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup>) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Mixed-Asset Target Allocation Aggressive Funds Index (LMATAAI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, suchas IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The S&P 500® Index (S&P 500®) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.The Lipper Mixed-Asset Target Allocation Aggressive Funds Index (LMATAAI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. BMO Aggressive Allocation Fund Investment Objective: To provide total investment return primarily from appreciation, secondarily from income. Fees and Expenses of the Fund <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</div> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0.0050 0 0.0054 0.0029 0.0029 0.0007 0.0048 0.0048 0.0048 0.0048 0.0102 0.0077 0.0127 0.0055 -0.0021 -0.0021 -0.0021 -0.0014 0.0081 0.0056 0.0106 0.0041 Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. December 31, 2022 Example <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated, whether you redeem all of your shares at the end of those periods or not. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2022. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</div> </div> 83 83 57 57 108 108 42 42 304 304 225 225 382 382 162 162 543 543 407 407 677 677 293 293 1229 1229 935 935 1515 1515 676 676 Portfolio Turnover <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio.</div> </div> 0.25 Principal Investment Strategies <div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser constructs an overall portfolio for the Fund consistent with its investment objective by investing substantially, but without limitation, in other BMO Funds from a variety of asset classes and supplementing those with unaffiliated funds as considered desirable.</div> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser intends to accomplish the Fund’s investment objective with the predominant use of the BMO Funds because of the greater familiarity with 1) the capabilities of those investment teams, 2) the consistency of the underlying investment strategy with the Fund’s overall investment objective, 3) how those BMO Funds will react to a wide range of market conditions, and 4) how those strategies will interact with the unaffiliated funds selected or under consideration by the Adviser.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Despite the predominant use of BMO Funds for reasons mentioned above, the Adviser has the sole discretion to select unaffiliated funds, including exchange-traded funds, in any</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">asset class as an underlying fund at any time even if a BMO Fund exists in a similar asset class. The Adviser considers numerous factors when selecting the unaffiliated underlying funds, but focuses on how those unaffiliated funds can supplement the BMO Funds already selected for the portfolio to accomplish the Fund’s investment objective.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The predominant use of underlying BMO Funds creates conflicts of interest because the Adviser receives fees for managing the underlying BMO Funds. The Adviser receives more revenue when more assets are invested in the underlying BMO Funds. The Fund’s investment in other BMO Funds presents additional collateral benefits to the Adviser, such as increasing the Adviser’s assets under management and seeding an underlying fund or increasing its assets and the resulting economies of scale.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The overall allocation, or asset mix, of the underlying funds is at the discretion of the Adviser and is periodically rebalanced or modified. The Fund normally targets an allocation of approximately 100% of its total assets in funds that invest principally in equity securities, and will invest at least 80% of its assets in funds that invest principally in common or preferred stocks. Under normal market conditions the Fund allocates its assets among the underlying funds based on asset allocation target ranges of 0-10% of its total assets in funds that invest principally in money market funds and 90-100% of its total assets in funds that invest principally in equity securities.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Equity securities in which the underlying funds may invest may be of any market capitalization and include common stock, preferred stock, depositary receipts, rights and warrants, and exchange-traded funds. The Fund also may allocate assets to underlying funds that invest in cash, cash equivalents, convertible securities (fixed income securities convertible into shares of common or preferred stock), and other short-term fixed income instruments, including money market funds. While the Fund will invest primarily in underlying funds that invest in U.S. securities, some underlying funds may invest in foreign securities, including emerging markets.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is one of the BMO Target Risk Funds. The target investment allocation for each of the Target Risk Funds, based on each Fund’s total assets, is set forth below.</div> <table cellpadding="0" cellspacing="0" style="border-bottom: 1pt solid #0091ff; border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3pt;">BMO Fund</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 19.60%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Equity</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Fixed<br/>Income</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 21.40%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Alternatives</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; background-color: #0091ff; padding: 3pt 3pt 1.5pt 3.5pt;">Money<br/>Market<br/>Funds</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Conservative Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">10% - 30%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">60% - 80%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Moderate Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">30% - 50%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">40% - 60%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 3pt 3pt;">Balanced Allocation</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 3pt 3.5pt;">50% - 70%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 3pt 3.5pt;">25% - 45%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt Solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 3pt 3.5pt;">0% - 10%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-bottom: 1pt solid #0091ff; border-collapse: collapse; empty-cells: show; margin-top: 0pt; width: 100%;"> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3pt;">BMO Fund</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 19.60%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Equity</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Fixed<br/>Income</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 21.40%; background-color: #0091ff; padding: 3pt 3.5pt 1.5pt 3.5pt;">Alternatives</td> <td style="border-bottom: 1pt solid #0091FF; color: #ffffff; font-family: Arial; font-size: 8pt; font-style: Normal; font-weight: bold; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; background-color: #0091ff; padding: 3pt 3pt 1.5pt 3.5pt;">Money<br/>Market<br/>Funds</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 1.5pt 3pt;">Growth Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">70% - 90%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 17.86%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">5% - 25%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 1.5pt 3.5pt;">0% - 15%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 1.5pt 3.5pt;">0% - 10%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: bottom; width: 23.99%; padding: 1.5pt 3.5pt 3pt 3pt;">Aggressive Allocation</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 19.60%; padding: 1.5pt 3.5pt 3pt 3.5pt;">90% - 100%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; white-space: nowrap; width: 17.86%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 21.40%; padding: 1.5pt 3.5pt 3pt 3.5pt;">0% - 10%</td> <td style="border-bottom: 1pt solid #0091FF; color: #000000; font-family: Arial; font-size: 9pt; font-style: Normal; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: bottom; width: 16.13%; padding: 1.5pt 3pt 3pt 3.5pt;">0% - 10%</td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The Adviser will continuously monitor the Fund and may make modifications to either the investment approach or the underlying fund allocations that the Adviser believes could benefit shareholders. The Adviser will also monitor the underlying funds on an ongoing basis and may increase or decrease the Fund’s investment in one or several underlying funds. The underlying fund selections are made based on several considerations, including the underlying fund’s investment team expertise, style or asset class exposures, portfolio characteristics, risk profile, and investment process. The Adviser also integrates environmental, social, and governance (ESG) considerations into its investment process.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The underlying funds invest their assets directly in equity securities, fixed income securities, derivatives and other alternative investments, cash, and cash equivalents (including money market funds) in accordance with their own investment objectives and policies.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Although the Fund intends to invest primarily in a combination of underlying funds, the Fund may invest directly in equity and fixed income securities, money market securities, and certain derivative instruments including currency and index-related futures and forwards for both hedging and investment purposes.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the Fund may invest up to 100% of its assets directly in cash, money market funds, and other money market instruments, repurchase agreements, and other short-term obligations. When the Fund engages in such activities, it may not achieve its investment objective.</div> Principal Risks <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">This section describes the principal risks associated with the Fund’s principal investment strategies. The net asset value of the Fund will vary, and you could lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time. Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">Asset Allocation Risk.<span style="font-weight: normal;"> Investments in the Fund are subject to risks related to the Adviser’s allocation choices. The selection of the underlying funds and the allocation of the Fund’s assets among the various asset classes and market segments could cause the Fund to lose value or cause the Fund to underperform relevant benchmarks or other funds with similar investment objectives.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Underlying Fund Investment Risk.<span style="font-weight: normal;"> The Fund invests in underlying funds, including exchange-traded funds, and incurs expenses related to the underlying funds. In addition, investors in the Fund will incur fees to pay for certain expenses related to the operations of the Fund. An investor holding the underlying funds directly and in the same proportions as the Fund would incur lower overall expenses, but would not receive the benefit of the portfolio management and other services provided by the Fund. The Fund’s risks are directly related to the risks of the underlying funds. It is important to understand the risks associated with investing in the underlying funds.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Equity Risk.<span style="font-weight: normal;"> The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries, or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Foreign Securities Risk.<span style="font-weight: normal;"> Investing in foreign securities may involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of the securities markets, and possible imposition of foreign withholding taxes. Furthermore, an underlying fund may incur higher costs and expenses when making foreign investments, which will affect the underlying fund’s total return.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Emerging Markets Risk.<span style="font-weight: normal;"> Investments in emerging markets can involve risks in addition to and greater than those generally associated with investing in more developed foreign markets, which may make emerging market securities more volatile and potentially less liquid than securities issued in more developed markets.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Large-, Mid-, and Small-Cap Risk.<span style="font-weight: normal;"> Stocks of different market capitalizations tend to go in and out of favor based on market and economic conditions. Historically, small- and mid-cap stocks tend to be more volatile than large-cap stocks, and small-cap stocks have been riskier than large- and mid-cap stocks. During a period when stocks of a particular market capitalization fall behind other types of investments, an underlying fund’s large-, mid-, or small-cap holdings could adversely affect performance.</span> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Sector Risk.<span style="font-weight: normal;"> Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent an underlying fund invests its assets in a particular sector, the underlying fund’s performance may be more susceptible to any economic, business or other developments that generally affect that sector.</span> </td> </tr> </table> <table cellpadding="4" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 2pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Style Risk.<span style="font-weight: normal;"> Different investment styles, such as growth or equity, tend to shift in and out of favor depending on market and investor sentiment. The Fund may underperform other funds that invest in underlying funds with similar asset classes but employ different investment styles.</span></td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-bottom: 0pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-bottom: 0pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Derivatives Risk.<span style="font-weight: normal;"> The performance of derivative instruments depends largely on the performance of the underlying reference instrument and the portfolio manager’s ability to predict correctly the direction of securities prices, interest rates, currency exchange rates, and/or other economic factors. Derivatives involve additional costs and can create economic leverage in an underlying fund’s portfolio which may result in significant volatility and cause the underlying fund to participate in losses (as well as gains) in an amount that exceeds the underlying fund’s initial investment. Other risks include liquidity due to a possible lack of a secondary market, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument such that the underlying fund may not realize the intended benefits. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. With over-the-counter derivatives, there is the risk that the other party to the transaction will fail to perform. Specific types of derivative securities also are subject to a number of additional risks, such as:</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Foreign Currency Exchange Contracts Risk.<span style="font-weight: normal;"> Forward foreign currency exchange contracts are subject to currency risks. A forward foreign currency exchange contract may also result in losses in the event of a default or bankruptcy of the counterparty. Forward foreign currency exchange contracts may limit potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Forward Contracts Risk.<span style="font-weight: normal;"> Forward contracts are not currently exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations of the contracts. Thus, an underlying fund faces the risk that its counterparties may not perform</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">their obligations. Non-deliverable forwards are considered swaps and may in the future be required to be centrally cleared and traded on public facilities. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Options and Futures Risk.<span style="font-weight: normal;"> Options and futures contracts may be more volatile than investments directly in the underlying securities, involve additional costs, and may involve a small initial investment relative to the risk assumed.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; padding-left: 11.11%; text-align: left; text-decoration: none; text-transform: none;">Swap Agreements Risk.<span style="font-weight: normal;"> A swap agreement may not be assigned without the consent of the counterparty and may result in losses in the event of a default or bankruptcy of the counterparty.</span> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-left: 3.70%; margin-top: 4pt; width: 96.30%;"> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 7pt; font-style: Normal; font-weight: Normal; line-height: 9pt; padding-left: 0pt; padding-right: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 3.85%;">•</td> <td style="color: #000000; font-family: Arial; font-size: 10pt; font-style: Normal; font-weight: bold; line-height: 12pt; padding-left: 2pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 96.15%;">Liquidity Risk.<span style="font-weight: normal;"> Liquidity risk refers to the possibility that a fund may not be able to sell or buy a security or close out an investment contract at a favorable price or time. Consequently, an underlying fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the fund’s performance.</span> </td> </tr> </table> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Stock Market Risks.<span style="font-weight: normal;"> The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing value. Stocks are generally more volatile than debt securities. The value of equity securities purchased by the Fund may decline if the financial condition of the companies in which the Fund invests declines or if overall market and economic conditions deteriorate. If the value of the Fund’s investments goes down, you may lose money. U.S. and international markets have experienced significant periods of volatility in recent months and years, due to a number of economic, political and global macro factors, including the impact of the coronavirus (COVID-19) global pandemic, which resulted in a public health crisis, business interruptions, growth concerns in the U.S.</span><span style="font-weight: normal;"> and overseas, travel restrictions, changed social behaviors, rising inflation and reduced consumer spending. While U.S. and global economies have recovered in some respects from the effects of COVID-19,</span><span style="font-weight: normal;"> the recovery is proceeding at slower than expected rates and may last for a prolonged period of time. Policy changes by the U.S. government and/or Federal Reserve, such as raising interest rates, also could cause increased volatility in financial markets, which could have a negative impact on the Fund. Adverse market events also may lead to increased shareholder redemptions, which could cause the Fund to experience a loss or difficulty in selling investments to meet such redemptions.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Derivatives Risks.<span style="font-weight: normal;"> Direct investment in derivatives involves the same risks described as part of the “Underlying Fund Investment Risk” above.</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">Cybersecurity Risk.<span style="font-weight: normal;"> With the increased use of technologies such as the Internet to conduct business, the Fund is</span> </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: bold; line-height: 12pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">Management Risks.<span style="font-weight: normal;"> The Adviser's judgments about the attractiveness, value, and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s portfolio manager will produce the desired results. In addition, the Adviser’s strategy may limit the Fund’s gains in rising markets.</span> </div> An investment in the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary, and you could lose money by investing in the Fund. Fund Performance <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Fund is the successor to the portfolio of a collective trust fund (Collective Fund) managed by the Adviser with objectives, policies and restrictions that were, in all material respects, equivalent to those of the Fund. On May 30, 2014, the Fund’s inception date, the assets of the Collective Fund were transferred to the Fund in exchange for Fund shares. The performance information shown for the Class I shares includes the performance of the Collective Fund for periods before the Fund commenced operations, not adjusted to reflect the Class I expenses. If the Class I expenses had been deducted, the returns would be lower than those shown below. The Collective Fund was not registered under the Investment Company Act of 1940, as amended (1940 Act), and was not subject to certain investment restrictions and diversification requirements that are imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (Code), which, if applicable, might have adversely affected the performance of the Collective Fund.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares the Collective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Performance for the Fund’s Class Y, R3 and R6 shares will vary from the Class I shares based on the expenses of each class. Please keep in mind that past performance does not represent how the Fund will perform in the future both before and after taxes. Investors </div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">may obtain updated performance information for the Fund at bmofunds.com. </div> The bar chart and table show the historical performance of the Collective Fund and the Fund and provide some indication of the risks of investing in the Fund. The bar chart shows how the Collective Fund’s and the Fund’s total returns before taxes have varied from year to year, while the table compares the Collective Fund’s and the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance does not represent how the Fund will perform in the future both before and after taxes. bmofunds.com Class I—Annual Total Returns (calendar years 2011-2020)  <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-bottom: 2pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 was 12.86%. </div> <div style="color: #000000; font-family: arial; font-size: 9pt; font-style: italic; font-weight: normal; line-height: 11pt; margin-top: 2pt; text-align: left; text-decoration: none; text-transform: none;">During the periods shown in the bar chart for the Fund: </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; empty-cells: show; margin-top: 5pt; width: 87.65%;"> <tr style="page-break-inside: avoid;"> <td style="line-height: 9pt; padding-right: 4.5pt; padding-top: 3pt; text-align: left; vertical-align: top; width: 53.70%;"> </td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">Quarter Ended</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 3pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; white-space: nowrap; width: 17.47%;">Returns</td> </tr> <tr style="page-break-inside: avoid; background-color: #dee9f6;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 0pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%;">Best quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-right: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%;">6/30/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-left: 4.5pt; padding-top: 1.5pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">19.43%</td> </tr> <tr style="page-break-inside: avoid;"> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: left; text-decoration: none; text-transform: none; vertical-align: top; width: 53.70%; padding: 0.75pt 4.5pt 3pt 0pt;">Worst quarter</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 26.72%; padding: 0.75pt 4.5pt 3pt 4.5pt;">3/31/2020</td> <td style="color: #000000; font-family: Arial; font-size: 9pt; font-style: italic; font-weight: Normal; line-height: 11pt; padding-bottom: 3pt; padding-left: 4.5pt; padding-top: 0.75pt; text-align: center; text-decoration: none; text-transform: none; vertical-align: top; width: 17.47%;">(22.34)%</td> </tr> </table> The return for the Class I shares of the Fund from January 1, 2021 through September 30, 2021 2021-09-30 0.1286 Best quarter 2020-06-30 0.1943 Worst quarter 2020-03-31 -0.2234 Average Annual Total Returns through 12/31/20 1994-07-31 0.1410 0.1139 0.0990 0.1074 0.0815 0.0799 0.1029 0.0831 0.0765 0.1840 0.1521 0.1388 0.2120 0.1436 0.1224 2014-05-30 0.1374 0.1109 0.0850 2014-05-30 0.1355 0.1083 0.0823 2014-05-30 0.1418 0.1154 0.0893 0.1840 0.1521 0.1295 0.2120 0.1436 0.1149 <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 7pt; text-align: left; text-decoration: none; text-transform: none;">After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; text-align: left; text-decoration: none; text-transform: none;">investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The S&amp;P 500<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup> Index (S&amp;P 500<sup style="font-size: 85%; font-style: normal; text-transform: none;">®</sup>) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.</div> <div style="color: #000000; font-family: arial; font-size: 10pt; font-style: normal; font-weight: normal; line-height: 12pt; margin-top: 4pt; text-align: left; text-decoration: none; text-transform: none;">The Lipper Multi-Cap Core Funds Index (LMCCI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category.</div> After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. After-tax returns shown are not relevant toinvestors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class I and after-tax returns for Class Y, Class R3, and Class R6 will vary. The Return After Taxes on Distributions and Sale of Fund Shares may be higher than other return figures when a capital loss is realized on the sale of Fund shares which provides an assumed tax benefit to the shareholder that increases the after-tax return. The S&P 500® Index (S&P 500®) is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The Lipper Multi-Cap Core Funds Index (LMCCI) tracks the total return performance of the 30 largest mutual funds included in this Lipper category. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.30% for Class Y, 0.05% for Class I, 0.55% for Class R3, and (0.00)% for Class R6 through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.33% for Class Y, 0.08% for Class I, 0.58% for Class R3, and (0.00)% for Class R6 through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.30% for Class Y, 0.05% for Class I, 0.55% for Class R3, and (0.00)% for Class R6 through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.33% for Class Y, 0.08% for Class I, 0.58% for Class R3, and (0.00)% for Class R6 through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.54% for Class I, 0.79% for Class A, and 0.39% for Class R6 through December 31, 2022. EffectiveDecember 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. Other Expenses have been restated to reflect current fees. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.65% for Class I and 0.90% for Class A through December 31, 2022. Effective December 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.79% for Class Y, 0.54% for Class I, 0.79% for Class A, and 0.39% for Class R6 through December 31, 2022. Effective December 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.99% for Class I, 1.24% for Class A, and 0.84% for Class R6 through December 31, 2022. Effective December 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.99% for Class I, 1.24% for Class A, and 0.84% for Class R6 through December 31, 2022. Effective December 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.99% for Class I, 1.24% for Class A, and 0.84% for Class R6 through December 31, 2022. Effective December 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.99% for Class I and 1.24% for Class A through December 31, 2022. Effective December 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. Other Expenses for the Class R6 shares are based on estimated amounts for the current fiscal year. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class I, 1.15% for Class A, and 0.75% for Class R6 through December 31, 2022. Effective December 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. Because Class R6 shares have not yet commenced operations, no performance data is available. Class R6 shares are expected to have substantially similar annual returns as Class I shares because the shares are invested in the same portfolio of securities. The performance of Class R6 shares is expected to be higher than Class I shares because Class R6 shares have lower Total Annual Fund Operating Expenses. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. The management fee disclosed is a blended fee based on the Fund’s total assets as of August 31, 2021. Under the investment advisory agreement, the Fund pays a management fee of 0.20% on the Fund’s first $100 million of average daily net assets, 0.19% on the next $150 million of average daily net assets, 0.17% on the next $250 million of average daily net assets, and 0.10% on assets in excess of $500 million. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.30% for Class I and 0.55% for Class A through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. The benchmark for the Fund is a blended benchmark, which consists of 50% Bloomberg Barclays 1 Year Municipal Bond Index and 50% iMoneyNet, Inc. Money Market Fund Tax-Free National Retail Index. The Maximum Deferred Sales Charge on Class A shares is applied only to purchases of $1,000,000 or more that are redeemed within 18 months of purchase. The management fee disclosed is a blended fee based on the Fund’s total assets as of August 31, 2021. Under the investment advisory agreement, the Fund pays a management fee of 0.20% on the Fund’s first $100 million of average daily net assets, 0.19% on the next $150 million of average daily net assets, 0.15% on the next $250 million of average daily net assets, and 0.10% on assets in excess of $500 million. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.59% for Class Y, 0.55% for Class I, and 0.59% for Class A through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. BMO Asset Management Corp. (Adviser) agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.65% for Class I and 0.90% for Class A through December 31, 2022. Effective December 16, 2021, the Adviser’s role as investment adviser to the Fund terminated. Columbia Management Investment Advisers, LLC (Columbia), the new investment adviser to the Fund, has agreed to maintain the fee waiver in place through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. The management fee disclosed is a blended fee based on the Fund’s total assets as of August 31, 2021. Under the investment advisory agreement, the Fund pays a management fee of 0.20% on the Fund’s first $2 billion of average daily net assets, 0.185% on the next $2 billion of average daily net assets, 0.17% on the next $2 billion of average daily net assets, 0.155% on the next $2 billion of average daily net assets, and 0.14% on assets in excess of $8 billion. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.45% for Class Y and 0.20% for Premier Class through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.45% for Class Y and 0.20% for Premier Class through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.45% for Class Y and 0.20% for Premier Class through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement. Acquired Fund Fees and Expenses represent the pro rata expense indirectly incurred by the Fund as a result of its investment in other investment companies. Total Annual Fund Operating Expenses shown will not correlate to the Fund’s ratio of expenses to average net assets appearing in the Financial Highlights tables, which do not include Acquired Fund Fees and Expenses. BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and Expenses) from exceeding 0.33% for Class Y, 0.08% for Class I, 0.58% for Class R3, and (0.00)% for Class R6 through December 31, 2022. This expense limitation agreement may not be terminated prior to December 31, 2022 without the consent of the Fund’s Board of Directors, unless terminated due to the termination of the investment advisory agreement.