Investment Objective:

 

To provide capital appreciation and above-average dividend income.

 

Fees and Expenses of the Fund

 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

 

Shareholder Fees (fees paid directly from your investment)			Class Y				Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None				None
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)			2.00%				2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.75%				0.75%
Distribution (12b-1) Fees			None				None
Other Expenses (1)			0.53%				0.28%
Total Annual Fund Operating Expenses			1.28%				1.03%
Fee Waiver and Expense Reimbursement (2)			0.04%				0.04%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (2)			1.24%				0.99%

 

(1)	The expense information in the fee table has been restated to reflect that effective September 1, 2011, the Fund entered into a new transfer agency agreement.

 

(2)

M&I Investment Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through July 6, 2013. The Adviser may not terminate this arrangement prior to July 6, 2013 unless the investment advisory agreement is terminated.

 

Example

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the

same. The costs in the one-year example and for the first year of the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through July 6, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

		Class Y				Class I
1 Year		$	126			$	101
3 Years		$	402			$	324
5 Years		$	698			$	565
10 Years		$	1,542			$	1,256

 

Portfolio Turnover

 

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55% of the average value of its portfolio.

 

Principal Investment Strategies

 

The Fund invests at least 80% of its assets in a broadly diversified portfolio of common stocks of large-sized U.S. companies similar in size to those within the Russell 1000 ^® Value Index. These large-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 1000 ^® Value Index. The largest company by market capitalization in the Russell 1000 ^® Value Index was approximately $354.7 billion as of August 31, 2011 and the median market capitalization of companies in the Index as of the same period was $4.5 billion. In order to provide both capital appreciation and income, the Adviser attempts to structure the portfolio to pursue an above average yield. The Adviser selects stocks using a unique, quantitative, value-oriented approach.

 

Principal Risks

 

The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A. or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

 

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing

 

values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

 

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

 

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

 

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

 

Fund Performance

 

The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.

 

Class Y—Annual Total Returns (calendar years 2001-2010)

 

 

The return for the Class Y shares of the Fund from January 1, 2011 through September 30, 2011 was (12.07)%.

 

During the periods shown in the bar chart for the Fund:

 

		Quarter Ended				Returns
Best quarter			9/30/2009				15.75	%
Worst quarter			9/30/2002				(17.64	)%

Average Annual Total Returns through 12/31/10

 

		1 Year				5 Year				10 Year/Since Commencement of Operations
Class Y
Return Before Taxes			10.72	%			0.88	%			1.69	%
Return After Taxes on Distributions			10.56	%			0.18	%			0.71	%
Return After Taxes on Distributions and Sale of Fund Shares			7.15	%			0.68	%			1.20	%
Class I (Commencement of Operations 2/1/08)
Return Before Taxes			10.98	%			N/A				(3.69	)%
Russell 1000 ® Value (reflects no deduction for fees, expenses or taxes)			15.51	%			1.28	%			3.26	%
LLCVFI (reflects deduction of fees and no deduction for sales charges or taxes)			13.02	%			1.52	%			1.89	%

 

After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

 

The Russell 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 Large-Cap Value Funds Index (LLCVFI) is an average of the 30 largest mutual funds in this Lipper category.

 

Management of the Fund

 

Adviser. M&I Investment Management Corp.

 

Portfolio Manager. Daniel P. Brown, a Vice President and a Portfolio Manager of the Adviser, has managed the Fund since June 2004 and has been employed by the Adviser since 1997.

 

 

Purchase and Sale of Fund Shares

 

Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $2 million for Class I shares. For Class Y, the minimum subsequent purchase amount is $50.

 

You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application:

 

Phone. Call 1-800-236-FUND (3863).

 

Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

 

Mail. Send a written request, indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

 

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis.

 

BMO Funds Website. Go to www.bmofundsus.com.

 

Tax Information

 

The Fund intends to make distributions that may be taxed as ordinary income or capital gains for federal income tax purposes.

 

Payments to Broker-Dealers and Other Financial Intermediaries

 

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

 

Investment Objective:

 

To provide capital appreciation and current income.

 

Fees and Expenses of the Fund

 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

 

Shareholder Fees (fees paid directly from your investment)			Class Y				Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None				None
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)			2.00%				2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.50%				0.50%
Distribution (12b-1) Fees			None				None
Other Expenses (1)			1.19%				0.94%
Total Annual Fund Operating Expenses			1.69%				1.44%
Fee Waiver and Expense Reimbursement (2)			0.79%				0.79%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (2)			0.90%				0.65%

 

(1)	“Other Expenses” are based on estimated amounts for the Fund’s current fiscal year because it is a new fund.

 

(2)

M&I Investment Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class Y and 0.65% for Class I through December 29, 2012. The Adviser may not terminate this arrangement prior to December 29, 2012 unless the investment advisory agreement is terminated.

 

Example

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the

same. The costs in the one-year example and for the first year of the three-year example reflect the Adviser’s agreement to waive fees and reimburse expenses through December 29, 2012. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

		Class Y				Class I
1 Year		$	92			$	66
3 Years		$	455			$	378

 

Portfolio Turnover

 

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance.

 

Principal Investment Strategies

 

The Fund invests at least 80% of its net assets primarily in dividend paying common stocks of large-sized U.S. companies similar in size to those within the Russell 1000 ^® Value Index. These large-sized companies, at the time of purchase, generally have market capitalization in the range of companies in the Russell 1000 ^® Value Index. The largest company by market capitalization in the Russell 1000 ^® Value Index was approximately $354.7 billion as of August 31, 2011 and the median market capitalization of companies in the Index as of the same period was $4.5 billion. In order to provide both capital appreciation and current income, the Adviser focuses on companies with dividend yields in excess of 1%. The Adviser selects stocks using a unique, quantitative, value-oriented approach.

 

Principal Risks

 

The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank, N.A. or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

 

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

 

Sector Risks. Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests

 

its assets in a particular sector, the Fund’s performance may be more susceptible to any economic, business or other developments that generally affect that sector.

 

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

 

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

 

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

 

Fund Performance

 

Performance information is not included because the Fund does not have one full calendar year of performance.

 

Management of the Fund

 

Adviser. M&I Investment Management Corp.

 

Portfolio Manager. Daniel P. Brown, a Vice President and a Portfolio Manager of the Adviser, has managed the Fund since its inception and has been employed by the Adviser since 1997.

 

Purchase and Sale of Fund Shares

 

Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $2,000,000 for Class I shares. For Class Y, the minimum subsequent purchase amount is $50.

 

You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application:

 

Phone. Call 1-800-236-FUND (3863).

 

Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

Mail. Send a written request, indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

 

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis.

 

BMO Funds Website. Go to www.bmofundsus.com.

 

Tax Information

 

The Fund intends to make distributions that may be taxed as ordinary income or capital gains for federal income tax purposes.

 

Payments to Broker-Dealers and Other Financial Intermediaries

 

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

 

Investment Objective:

 

To provide capital appreciation.

 

Fees and Expenses of the Fund

 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

 

Shareholder Fees (fees paid directly from your investment)			Class Y				Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None				None
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)			2.00%				2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.75%				0.75%
Distribution (12b-1) Fees			None				None
Other Expenses (1)			0.53%				0.28%
Total Annual Fund Operating Expenses			1.28%				1.03%
Fee Waiver and Expense Reimbursement (2)			0.04%				0.04%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (2)			1.24%				0.99%

 

(1)	The expense information in the fee table has been restated to reflect that effective September 1, 2011, the Fund entered into a new transfer agency agreement.

 

(2)

M&I Investment Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through July 6, 2013. The Adviser may not terminate this arrangement prior to July 6, 2013 unless the investment advisory agreement is terminated.

 

Example

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of

the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through July 6, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

		Class Y				Class I
1 Year		$	126			$	101
3 Years		$	402			$	324
5 Years		$	698			$	565
10 Years		$	1,542			$	1,256

 

Portfolio Turnover

 

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 113% of the average value of its portfolio.

 

Principal Investment Strategies

 

The Fund invests at least 80% of its assets in common stocks of large-sized U.S. companies similar in size to those within the Russell 1000 ^® Growth Index. These large-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 1000 ^® Growth Index. The largest company by market capitalization in the Russell 1000 ^® Growth Index was approximately $357.6 billion as of August 31, 2011 and the median market capitalization of companies in the Index as of the same period was $5.8 billion. The Adviser looks for high quality companies with sustainable earnings growth that are available at reasonable prices.

 

Principal Risks

 

The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A. or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

 

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

 

 

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

 

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

 

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

 

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

 

Fund Performance

 

The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.

 

Class Y—Annual Total Returns (calendar years 2001-2010)

 

 

The return for the Class Y shares of the Fund from January 1, 2011 through September 30, 2011 was (11.11)%.

During the periods shown in the bar chart for the Fund:

 

		Quarter Ended				Returns
Best quarter			9/30/2009				15.99	%
Worst quarter			12/31/2008				(22.17	)%

 

Average Annual Total Returns through 12/31/10

 

		1 Year				5 Year				10 Year/Since Commencement of Operations
Class Y
Return Before Taxes			14.44	%			2.90	%			0.37	%
Return After Taxes on Distributions			14.43	%			2.54	%			(0.10	)%
Return After Taxes on Distributions and Sale of Fund Shares			9.40	%			2.50	%			0.22	%
Class I (Commencement of Operations 2/1/08)
Return Before Taxes			14.82	%			N/A				1.67	%
Russell 1000 ® Growth (reflects no deduction for fees, expenses or taxes)			16.71	%			3.75	%			0.02	%
LLCGFI (reflects deduction of fees and no deduction for sales charges or taxes)			15.13	%			2.38	%			(1.01	)%

 

After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. Return After Taxes on Distributions and Sale of Fund Shares may be higher than Return Before Taxes when a net capital loss occurs upon the redemption of Fund shares. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

 

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

 

 

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

 

Management of the Fund

 

Adviser. M&I Investment Management Corp.

 

Portfolio Managers. Alan K. Creech and Robert G. Cummisford co-manage the Fund. Mr. Creech, a Vice President and a Portfolio Manager of the Adviser, has co-managed the Fund since March 2007 and has been employed by the Adviser since 2004. Mr. Cummisford, a Vice President and a Portfolio Manager of the Adviser, has co-managed the Fund since March 2007 and has been employed by the Adviser since 2004.

 

Purchase and Sale of Fund Shares

 

Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $2 million for Class I shares. For Class Y, the minimum subsequent purchase amount is $50.

 

You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application:

 

Phone. Call 1-800-236-FUND (3863).

 

Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

 

Mail. Send a written request, indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

 

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis.

 

BMO Funds Website. Go to www.bmofundsus.com.

 

Tax Information

 

The Fund intends to make distributions that may be taxed as ordinary income or capital gains for federal income tax purposes.

Payments to Broker-Dealers and Other Financial Intermediaries

 

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

 

Investment Objective:

 

To provide capital appreciation.

 

Fees and Expenses of the Fund

 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

 

Shareholder Fees (fees paid directly from your investment)			Class Y				Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None				None
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)			2.00%				2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.50%				0.50%
Distribution (12b-1) Fees			None				None
Other Expenses (1)			0.70%				0.45%
Total Annual Fund Operating Expenses			1.20%				0.95%
Fee Waiver and Expense Reimbursement (2)			0.30%				0.30%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (2)			0.90%				0.65%

 

(1)	The expense information in the fee table has been restated to reflect that effective September 1, 2011, the Fund entered into a new transfer agency agreement.

 

(2)

M&I Investment Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business and Acquired Fund Fees and Expenses) from exceeding 0.90% for Class Y and 0.65% for Class I through July 6, 2013. The Adviser may not terminate this arrangement prior to July 6, 2013 unless the investment advisory agreement is terminated.

 

Example

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of

the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through July 6, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

		Class Y				Class I
1 Year		$	92			$	66
3 Years		$	351			$	273
5 Years		$	631			$	496
10 Years		$	1,428			$	1,139

 

Portfolio Turnover

 

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 82% of the average value of its portfolio.

 

Principal Investment Strategies

 

Under normal circumstances, the Fund invests at least 80% of its assets in common stocks of large-sized U.S. companies. Large-sized companies are those companies, at the time of purchase, similar in size to those within the S&P 500 ^® Index, which was approximately $ 1.6 billion to $ 357.6 billion in market capitalization as of August 31, 2011. The median market capitalization of companies in the S&P 500 ^® Index as of the same period was $ 11.0 billion. The Fund normally invests in approximately 40 to 55 stocks.

 

The Adviser’s investment process begins with a top down business cycle analysis and then focuses on companies with positive fundamental change characteristics such as enhancing revenues, improving profit margins and/or increasing cash flows.

 

From time to time, the Fund maintains a portion of its assets in cash. The Fund may increase its cash holdings in response to market conditions or in the event attractive investment opportunities are not available.

 

Principal Risks

 

The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A. or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

 

 

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

 

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

 

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

 

Cash Risks. To the extent the Fund holds cash or cash equivalents rather than securities, this could cause the Fund to not achieve its investment objective and could negatively affect the Fund’s performance.

 

Fund Performance

 

Performance information is not included because the Fund does not have one full calendar year of performance.

 

Management of the Fund

 

Adviser. M&I Investment Management Corp.

 

Portfolio Managers. Carl Goldsmith, Marla Ryan, CFA, and Brenda Cullen co-manage the Fund. Mr. Goldsmith, a senior vice president of Delta Asset Management, an operating division of the Adviser, has co-managed the Fund since its inception in August 2010. Ms. Ryan, a senior vice president of Delta Asset Management, has co-managed the Fund since its inception in August 2010. Ms. Cullen, a vice president and senior equity analyst of Delta Asset Management, has co-managed the Fund since its inception in August 2010.

 

Purchase and Sale of Fund Shares

 

Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $2 million for Class I shares. For Class Y, the minimum subsequent purchase amount is $50.

 

You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application:

 

Phone. Call 1-800-236-FUND (3863).

Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

 

Mail. Send a written request, indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

 

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis.

 

BMO Funds Website. Go to www.bmofundsus.com.

 

Tax Information

 

The Fund intends to make distributions that are expected to be taxed primarily as capital gains for federal income tax purposes.

 

Payments to Broker-Dealers and Other Financial Intermediaries

 

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

 

Investment Objective:

 

To provide capital appreciation.

 

Fees and Expenses of the Fund

 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

 

Shareholder Fees (fees paid directly from your investment)			Class Y				Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None				None
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)			2.00%				2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.75%				0.75%
Distribution (12b-1) Fees			None				None
Other Expenses (1)			0.50%				0.25%
Total Annual Fund Operating Expenses			1.25%				1.00%
Fee Waiver and Expense Reimbursement (2)			0.01%				0.01%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (2)			1.24%				0.99%

 

(1)	The expense information in the fee table has been restated to reflect that effective September 1, 2011, the Fund entered into a new transfer agency agreement.

 

(2)

M&I Investment Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through July 6, 2013. The Adviser may not terminate this arrangement prior to July 6, 2013 unless the investment advisory agreement is terminated.

 

Example

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of

the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through July 6, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

		Class Y				Class I
1 Year		$	126			$	101
3 Years		$	396			$	317
5 Years		$	685			$	551
10 Years		$	1,510			$	1,224

 

Portfolio Turnover

 

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 37% of the average value of its portfolio.

 

Principal Investment Strategies

 

The Fund invests at least 80% of its assets in value-oriented common stocks of medium-sized U.S. companies similar in size to those within the Russell Midcap ^® Value Index. These mid-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell Midcap ^® Value Index. The largest company by market capitalization in the Russell Midcap ^® Value Index was approximately $18.0 billion as of August 31, 2011 and the median market capitalization of companies in the Index as of the same period was $3.6 billion. The Adviser selects companies that exhibit traditional value characteristics, such as a price-to-earnings ratio less than the S&P 400 ^® Index, higher-than-average dividend yields or a lower-than-average price-to-book value. In addition, these companies may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings.

 

Principal Risks

 

The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A. or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

 

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing

 

values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

 

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

 

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

 

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

 

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

 

Fund Performance

 

The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.

Class Y—Annual Total Returns (calendar years 2001-2010)

 

 

The return for the Class Y shares of the Fund from January 1, 2011 through September 30, 2011 was (17.28)%.

 

During the periods shown in the bar chart for the Fund:

 

		Quarter Ended				Returns
Best quarter			9/30/2009				21.90	%
Worst quarter			12/31/2008				(22.55	)%

 

Average Annual Total Returns through 12/31/10

 

		1 Year				5 Year				10 Year/Since Commencement of Operations
Class Y
Return Before Taxes			21.67	%			3.69	%			8.19	%
Return After Taxes on Distributions			21.59	%			2.61	%			6.89	%
Return After Taxes on Distributions and Sale of Fund Shares			14.19	%			2.92	%			6.78	%
Class I (Commencement of Operations 2/1/08)
Return Before Taxes			21.98	%			N/A				3.66	%
RMCVI (reflects no deduction for fees, expenses or taxes)			24.75	%			4.08	%			8.07	%
LMCVFI (reflects deduction of fees and no deduction for sales charges or taxes)			14.54	%			0.93	%			3.56	%

 

After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from

 

those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

 

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

 

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

 

Management of the Fund

 

Adviser. M&I Investment Management Corp.

 

Portfolio Managers. Matthew B. Fahey, Gregory S. Dirkse and Brian J. Janowski are the portfolio managers of the Fund. Mr. Fahey is the lead portfolio manager of the Fund. Mr. Fahey, a Senior Vice President and a Portfolio Manager of the Adviser, has managed the Fund since June 1997 and has been employed by the Adviser since 1984. Mr. Dirkse, a Vice President and a Portfolio Manager of the Adviser, has managed the Fund since March 2011 and has been employed by the Adviser since 1999. Mr. Janowski, a Vice President and a Portfolio Manager of the Adviser, has managed the Fund since March 2011 and has been employed by the Adviser since 2008.

 

Purchase and Sale of Fund Shares

 

Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $2 million for Class I shares. For Class Y, the minimum subsequent purchase amount is $50.

 

You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application:

 

Phone. Call 1-800-236-FUND (3863).

 

Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

 

Mail. Send a written request, indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis.

 

BMO Funds Website. Go to www.bmofundsus.com.

 

Tax Information

 

The Fund intends to make distributions that may be taxed as ordinary income or capital gains for federal income tax purposes.

 

Payments to Broker-Dealers and Other Financial Intermediaries

 

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

 

Investment Objective:

 

To provide capital appreciation.

 

Fees and Expenses of the Fund

 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

 

Shareholder Fees (fees paid directly from your investment)			Class Y				Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None				None
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)			2.00%				2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.75%				0.75%
Distribution (12b-1) Fees			None				None
Other Expenses (1)			0.48%				0.23%
Total Annual Fund Operating Expenses			1.23%				0.98%

 

(1)	The expense information in the fee table has been restated to reflect that effective September 1, 2011, the Fund entered into a new transfer agency agreement.

 

Example

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

		Class Y				Class I
1 Year		$	125			$	100
3 Years		$	390			$	312
5 Years		$	676			$	542
10 Years		$	1,489			$	1,201

 

Portfolio Turnover

 

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and

may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio.

 

Principal Investment Strategies

 

The Fund invests at least 80% of its assets in growth-oriented common stocks of medium-sized U.S. companies similar in size to those within the Russell Midcap ^® Growth Index. These mid-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell Midcap ^® Growth Index. The largest company by market capitalization in the Russell Midcap ^® Growth Index was approximately $19.3 billion as of August 31, 2011 and the median market capitalization of companies in the Index as of the same period was $4.6 billion. The Adviser selects stocks of companies with growth characteristics, including companies with above average earnings growth potential and companies where significant changes are taking place, such as new products, services or methods of distribution, or overall business restructuring.

 

Principal Risks

 

The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A. or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

 

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

 

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

 

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

 

Company Size Risks. Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock and the more volatile its price.

 

Companies with smaller market capitalizations also tend to have unproven track records, a limited product or service base and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.

 

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

 

Fund Performance

 

The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.

 

Class Y—Annual Total Returns (calendar years 2001-2010)

 

 

The return for the Class Y shares of the Fund from January 1, 2011 through September 30, 2011 was (16.00)%.

 

During the periods shown in the bar chart for the Fund:

 

		Quarter Ended				Returns
Best quarter			6/30/2003				17.76	%
Worst quarter			9/30/2001				(23.19	)%

Average Annual Total Returns through 12/31/10

 

		1 Year				5 Year				10 Year/Since Commencement of Operations
Class Y
Return Before Taxes			31.29	%			7.22	%			2.55	%
Return After Taxes on Distributions			31.29	%			7.04	%			2.46	%
Return After Taxes on Distributions and Sale of Fund Shares			20.34	%			6.19	%			2.16	%
Class I (Commencement of Operations 2/1/08)
Return Before Taxes			31.67	%			N/A				5.74	%
RMCGI (reflects no deduction for fees, expenses or taxes)			26.38	%			4.88	%			3.12	%
LMCGFI (reflects deduction of fees and no deduction for sales charges or taxes)			25.66	%			6.22	%			2.59	%

 

After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

 

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

 

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

 

Management of the Fund

 

Adviser. M&I Investment Management Corp.

 

Portfolio Managers. Kenneth S. Salmon and Patrick M. Gundlach co-manage the Fund. Mr. Salmon, a Vice President and a Portfolio Manager of the Adviser, has co-managed the Fund

 

since December 2004 and has been employed by the Adviser since 2000. Mr. Gundlach, a Vice President and a Portfolio Manager of the Adviser, has co-managed the Fund since July 2007 and has been employed by the Adviser since 2004.

 

Purchase and Sale of Fund Shares

 

Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $2 million for Class I shares. For Class Y, the minimum subsequent purchase amount is $50.

 

You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application:

 

Phone. Call 1-800-236-FUND (3863).

 

Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

 

Mail. Send a written request, indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

 

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis.

 

BMO Funds Website. Go to www.bmofundsus.com.

 

Tax Information

 

The Fund intends to make distributions that are expected to be taxed primarily as capital gains for federal income tax purposes.

 

Payments to Broker-Dealers and Other Financial Intermediaries

 

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

 

Investment Objective:

 

To provide capital appreciation.

 

Fees and Expenses of the Fund

 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

 

Shareholder Fees (fees paid directly from your investment)			Class Y				Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None				None
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)			2.00%				2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			0.75%				0.75%
Distribution (12b-1) Fees			None				None
Other Expenses (1)			1.02%				0.77%
Total Annual Fund Operating Expenses			1.77%				1.52%
Fee Waiver and Expense Reimbursement (2)			0.53%				0.53%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (2)			1.24%				0.99%

 

(1)	The expense information in the fee table has been restated to reflect that effective September 1, 2011, the Fund entered into a new transfer agency agreement.

 

(2)

M&I Investment Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business and Acquired Fund Fees and Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through July 6, 2013. The Adviser may not terminate this arrangement prior to July 6, 2013 unless the investment advisory agreement is terminated.

 

Example

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of

the three-, five, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through July 6, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

		Class Y				Class I
1 Year		$	126			$	101
3 Years		$	506			$	428
5 Years		$	910			$	779
10 Years		$	2,040			$	1,767

 

Portfolio Turnover

 

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the period March 1, 2011 (commencement of operations) to August 31, 2011, the Fund’s portfolio turnover rate (not annualized) was 21% of the average value of its portfolio.

 

Principal Investment Strategies

 

The Fund invests at least 80% of its assets in value oriented common stocks of small-sized U.S. companies similar in size to those within the Russell 2000 ^® Value Index. These small-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 2000 ^® Value Index. The largest company by market capitalization in the Russell 2000 ^® Value Index was approximately $2.8 billion as of August 31, 2011 and the median market capitalization of companies in the Index as of the same period was $415 million. The Adviser uses a disciplined investment process that identifies companies that it believes have good value relative to their assets, sustainable cash flow, acceptable levels of debt, and potential for improving their business fundamentals. In addition, these companies may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings.

 

Principal Risks

 

The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A. or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

 

Stock Market Risks. The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing

 

values. Stocks are more volatile than debt securities. If the value of the Fund’s investments goes down, you may lose money.

 

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

 

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

 

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

 

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

 

Fund Performance

 

Performance information is not included because the Fund does not have one full calendar year of performance.

 

Management of the Fund

 

Adviser. M&I Investment Management Corp.

 

Portfolio Managers. Matthew B. Fahey, Gregory S. Dirkse and Brian J. Janowski are the portfolio managers of the Fund. Mr. Fahey is the lead portfolio manager of the Fund. Mr. Fahey, a Senior Vice President and a Portfolio Manager of the Adviser, has managed the Fund since its inception and has been employed by the Adviser since 1984. Mr. Dirkse, a Vice President and a Portfolio Manager of the Adviser, has managed the Fund since its inception and has been employed by the Adviser since 1999. Mr. Janowski, a Vice President and a Portfolio Manager of the Adviser, has managed the Fund since its inception and has been employed by the Adviser since 2008.

Purchase and Sale of Fund Shares

 

Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $2 million for Class I shares. For Class Y, the minimum subsequent purchase amount is $50.

 

You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application:

 

Phone. Call 1-800-236-FUND (3863).

 

Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

 

Mail. Send a written request, indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

 

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis.

 

BMO Funds Website. Go to www.bmofundsus.com.

 

Tax Information

 

The Fund intends to make distributions that may be taxed as ordinary income or capital gains for federal income tax purposes.

 

Payments to Broker-Dealers and Other Financial Intermediaries

 

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

 

Investment Objective:

 

To provide capital appreciation.

 

Fees and Expenses of the Fund

 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

 

Shareholder Fees (fees paid directly from your investment)			Class Y				Class I
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)			None				None
Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)			2.00%				2.00%
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees			1.00%				1.00%
Distribution (12b-1) Fees			None				None
Other Expenses (1)			0.46%				0.21%
Total Annual Fund Operating Expenses			1.46%				1.21%
Fee Waiver and Expense Reimbursement (2)			0.02%				0.02%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (2)			1.44%				1.19%

 

(1)	The expense information in the fee table has been restated to reflect that effective September 1, 2011, the Fund entered into a new transfer agency agreement.

 

(2)

M&I Investment Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business and Acquired Fund Fees and Expenses) from exceeding 1.44% for Class Y and 1.19% for Class I through July 6, 2013. The Adviser may not terminate this arrangement prior to July 6, 2013 unless the investment advisory agreement is terminated.

 

Example

 

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are as shown in the table and remain the same. The costs in the one-year example and for the first year of

the three-, five-, and ten-year examples reflect the Adviser’s agreement to waive fees and reimburse expenses through July 6, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:

 

		Class Y				Class I
1 Year		$	147			$	121
3 Years		$	460			$	382
5 Years		$	796			$	663
10 Years		$	1,745			$	1,464

 

Portfolio Turnover

 

The Fund incurs transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 101% of the average value of its portfolio.

 

Principal Investment Strategies

 

The Fund invests at least 80% of its assets in common stocks of small-sized U.S. companies similar in size to those within the Russell 2000 ^® Growth Index. These small-sized companies, at the time of purchase, generally have market capitalizations in the range of companies in the Russell 2000 ^® Growth Index. The largest company by market capitalization in the Russell 2000 ^® Growth Index was approximately $3.2 billion as of August 31, 2011 and the median market capitalization of companies in the Index as of the same period was $540 million. The Adviser selects stocks of companies with growth characteristics, including companies with above-average earnings growth potential and companies where significant changes are taking place, such as new products, services or methods of distribution, or overall business restructuring.

 

Principal Risks

 

The Fund cannot assure that it will achieve its investment objective. An investment in the Fund is not a deposit of BMO Harris Bank N.A. or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.

 

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

 

 

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

 

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

 

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

 

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

 

Fund Performance

 

The bar chart and table show the historical performance of the Fund’s shares and provide some indication of the risks of investing in the Fund. The bar chart shows how the Fund’s total returns before taxes have varied from year to year, while the table compares the Fund’s average annual total returns to the returns of a broad measure of market performance and an index of funds with similar investment objectives. Please keep in mind that past performance, before and after taxes, does not represent how the Fund will perform in the future. Investors may obtain updated performance information for the Fund at www.bmofundsus.com.

 

Class Y—Annual Total Returns (calendar years 2001-2010)

 

 

The return for the Class Y shares of the Fund from January 1, 2011 through September 30, 2011 was (19.73)%.

During the periods shown in the bar chart for the Fund:

 

		Quarter Ended				Returns
Best quarter			12/31/2001				31.02	%
Worst quarter			9/30/2001				(27.21	)%

 

Average Annual Total Returns through 12/31/10

 

		1 Year				5 Year				10 Year/Since Commencement of Operations
Class Y
Return Before Taxes			35.59	%			9.32	%			8.61	%
Return After Taxes on Distributions			35.59	%			8.18	%			7.74	%
Return After Taxes on Distributions and Sale of Fund Shares			23.13	%			7.65	%			7.25	%
Class I (Commencement of Operations 2/1/08)
Return Before Taxes			35.91	%			N/A				9.41	%
Russell 2000 ® Growth (reflects no deduction for fees, expenses or taxes)			29.09	%			5.30	%			3.78	%
LSCGFI (reflects deduction of fees and no deduction for sales charges or taxes)			26.08	%			3.92	%			2.58	%

 

After-tax returns are calculated using the highest historical individual marginal federal income tax rates and do not reflect the effect of any applicable state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors holding shares through tax-deferred programs, such as IRAs or 401(k) plans. After-tax returns are shown only for Class Y, and after-tax returns for Class I will vary.

 

The Russell 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 (LSCGFI) is an average of the 30 largest mutual funds in this Lipper category.

 

 

Management of the Fund

 

Adviser. M&I Investment Management Corp.

 

Portfolio Managers. Kenneth S. Salmon and Patrick M. Gundlach co-manage the Fund. Mr. Salmon, a Vice President and a Portfolio Manager of the Adviser, has co-managed the Fund since December 2004 and has been employed by the Adviser since 2000. Mr. Gundlach, a Vice President and a Portfolio Manager of the Adviser, has co-managed the Fund since July 2007 and has been employed by the Adviser since 2004.

 

Purchase and Sale of Fund Shares

 

Minimums. To open an account, your first investment must be at least $1,000 for Class Y shares and $2 million for Class I shares. For Class Y, the minimum subsequent purchase amount is $50.

 

You may sell (redeem) your shares of the Fund on any day the New York Stock Exchange is open for business in one of the following methods, depending on the elections you made in your account application:

 

Phone. Call 1-800-236-FUND (3863).

 

Wire/Electronic Transfer. Upon written request sent to the address below under “Mail,” redemption proceeds can be directly deposited by Electronic Funds Transfer or wired to your previously designated domestic commercial bank.

 

Mail. Send a written request, indicating your name, the Fund name, your account number and the number of shares or the dollar amount you want to redeem, to: BMO Funds U.S. Services, P.O. Box 55931, Boston, MA 02205-5931.

 

Systematic Withdrawal Program. If your account balance is at least $10,000, you may have predetermined amounts of at least $100 withdrawn from your account on a monthly or quarterly basis.

 

BMO Funds Website. Go to www.bmofundsus.com.

 

Tax Information

 

The Fund intends to make distributions that are expected to be taxed primarily as capital gains for federal income tax purposes.