Mutual Fund Summary Prospectus (497k)
08 Novembre 2013 - 12:03PM
Edgar (US Regulatory)
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Summary Prospectus 2012
BMO Small-Cap Value Fund
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Class I MRSNX
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Class Y MRSYX
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As of December 28, 2012, as supplemented June 14, 2013 and November 7, 2013
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Before you invest, you may want to review the Fund’s Prospectus, which contains
information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund online at www.bmofundsus.com. You can also get this information at no cost by calling
1-800-236-FUND
(3863), by sending an email request to bmofundsus.services@bmo.com, or by asking your broker/dealer, investment professional, or financial institution.
The Fund’s Prospectus and Statement of Additional Information, both dated December 28, 2012, are incorporated by reference into this Summary Prospectus.
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.
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Shareholder Fees (fees paid directly from your investment)
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Class Y
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Class I
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
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None
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None
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Redemption Fee (as a percentage of amount redeemed, for shares held less than 30 days)
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None
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None
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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0.75%
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0.75%
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Distribution
(12b-1)
Fees
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None
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None
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Other Expenses
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1.00%
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0.75%
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Acquired Fund Fees and
Expenses
(1)
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0.11%
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0.11%
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Total Annual Fund Operating Expenses
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1.86%
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1.61%
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Fee Waiver and Expense
Reimbursement
(2)
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(0.51%
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(0.51%
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Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement
(2)
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1.35%
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1.10%
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(1)
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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, including business
development companies. Expenses of business development companies are similar to expenses paid by any operating company held by the Fund. These expenses are not direct costs paid by Fund shareholders, do not impact costs associated with fund
operations and are not included in the Fund’s financial statements. Accordingly, Total Annual Fund Operating Expenses shown above will not correlate to the Fund’s ratios of expenses to average net assets appearing in the Financial
Highlights tables, which do not include Acquired Fund Fees and Expenses.
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(2)
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BMO Asset Management Corp. (Adviser) has agreed to waive or reduce its investment advisory fee and reimburse expenses to the extent necessary to prevent total annual operating
expenses (excluding interest, taxes, brokerage commissions, other investment-related costs, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and Acquired Fund Fees and
Expenses) from exceeding 1.24% for Class Y and 0.99% for Class I through December 31, 2013. The Adviser may not terminate this arrangement prior to December 31, 2013 unless the investment advisory agreement is terminated.
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Example
This example is intended to help you compare the cost of investing in the Fund with
the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are
as shown in the table and remain the same. The costs in the
one-year
example and for the first year of the
three-,
five-,
and
ten-year
examples reflect the Adviser’s agreement to waive fees and reimburse expenses through December 31, 2013. Although your actual costs and returns may be higher or lower, based on these assumptions your
costs would be:
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Class Y
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Class I
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1 Year
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$
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137
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$
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112
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3 Years
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$
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535
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$
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458
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5 Years
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$
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958
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$
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828
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10 Years
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$
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2,138
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$
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1,868
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Portfolio Turnover
The Fund incurs transaction costs, such as commissions, when it buys and
sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 58% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in value oriented common stocks of small-sized U.S. companies similar in
size to those within the Russell 2000
®
Value Index. These small-sized companies, at the time of purchase, generally have
market capitalizations in the range of companies in the Russell 2000
®
Value Index. The largest company by market
capitalization in the Russell 2000
®
Value Index was approximately $3.5 billion as of August 31, 2012 and the median
market capitalization of companies in the Index as of the same period was $426.0 million. The Adviser uses a disciplined investment process that identifies companies that it believes have good value relative to their assets, sustainable cash flow,
acceptable levels of debt, and potential for improving their business fundamentals. In addition, these companies may have under-appreciated assets, or be involved in company turnarounds or corporate restructurings.
Principal Risks
The Fund cannot assure that it will achieve its investment objective. An investment in
the Fund is not a deposit of BMO Harris Bank N.A., or any of its affiliates, and is not insured or guaranteed by the FDIC or any other government agency. The net asset value of the Fund will vary and you
www.bmofundsus.com
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Summary Prospectus 2012
BMO Small-Cap Value Fund
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Class I MRSNX
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Class Y MRSYX
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As of December 28, 2012, as supplemented June 14, 2013 and November 7, 2013
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could lose money by investing in the Fund. In addition, the Fund is subject to the following risks.
Stock Market Risks.
The Fund is subject to fluctuations in the stock market, which has periods of increasing and decreasing values. Stocks are more volatile
than debt securities. If the value of the Fund’s investments goes down, you may lose money.
Sector Risks.
Companies with similar characteristics, such as those within the same industry, may be grouped together in broad categories called sectors. To the extent the Fund invests its assets in a
particular sector, the Fund’s performance may be more susceptible to any economic, business, or other developments that generally affect that sector.
Style Risks.
Investments in value stocks are subject to the risk that their intrinsic values may never be realized by the market, that a stock judged to be
undervalued may actually be appropriately priced, or that their prices may decline, even though in theory they are already undervalued. Value stocks can react differently to issuer, political, market, and economic developments than the market as a
whole, and other types of stocks (e.g., growth stocks).
Small Company
Risks.
Generally, the smaller the market capitalization of a company, the fewer the number of shares traded daily, the less liquid its stock, and the more volatile its price. Companies with smaller market capitalizations also tend to have
unproven track records, a limited product or service base, and limited access to capital. These factors also increase risks and make these companies more likely to fail than companies with larger market capitalizations.
Management Risks.
The Adviser’s judgments about the attractiveness, value,
and potential appreciation of the Fund’s investments may prove to be incorrect. Accordingly, no guarantee exists that the investment techniques used by the Fund’s managers will produce the desired results.
Investments in Other Investment Companies Risks.
The Fund may invest in
securities issued by other investment companies, including exchange traded funds. By investing in another investment company, there is a risk that the value of the underlying securities of the investment company may decrease. The Fund will also bear
its proportionate share of the other investment company’s fees and expenses.
Fund Performance
Performance information is not included because the Fund does not have one full calendar year of performance as of the date of this Prospectus.
Management of the Fund
Adviser.
BMO Asset Management Corp.
Portfolio Managers.
Gregory S. Dirkse, Matthew B. Fahey, and Brian J. Janowski
co-manage
the Fund. Mr. Dirkse, a Director and a Portfolio Manager of the Adviser, joined the Adviser in 1999 and has co-managed the Fund since its inception in 2011. Mr. Fahey, a Managing Director and a
Portfolio Manager of the Adviser, joined the Adviser in
1984 and has co-managed the Fund since its inception in 2011. Mr. Janowski, a Director and a Portfolio Manager of the Adviser, joined the Adviser in 2008 and has co-managed the Fund since
its inception in 2011.
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 using 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 long-term 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.
www.bmofundsus.com | p.
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Summary Prospectus 2012
BMO Small-Cap Value Fund
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Class I MRSNX
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Class Y MRSYX
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As of December 28, 2012, as supplemented June 14, 2013 and November 7, 2013
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left blank.
www.bmofundsus.com | p.
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Summary Prospectus 2012
BMO Small-Cap Value Fund
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Class I MRSNX
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Class Y MRSYX
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As of December 28, 2012, as supplemented June 14, 2013 and November 7, 2013
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This page intentionally left blank.
www.bmofundsus.com | p.
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