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BMO Intermediate Tax-Free Fund

The BMO Intermediate Tax-Free Fund seeks to provide a high level of current income that is free from federal income taxes, consistent with preservation of capital by focusing on high-quality municipal bonds.

Designed for investors that:

  • Are looking to meet longer-term needs
  • Are looking for a trade-off between interest rate risk and the potential for higher returns

Quarterly performance

QTD

YTD

1 yr

3 yr

5 yr

10 yr

Since inception.

Expenses. (%)

BMO Intermediate Tax-Free Fund Class A (BITAX)
Class A

Inception: 5/27/2014

-0.16 -0.25 0.25 1.88 2.99 4.50 4.25 0.58 gross
0.56 net
BMO Intermediate Tax-Free Fund Class A - OFFER -3.63 -3.74 -3.25 0.68 2.26 4.13 4.10
BMO Intermediate Tax-Free Fund Class Y (MITFX)
Class Y

Inception: 2/01/1994

-0.17 -0.25 0.25 1.88 2.99 4.50 4.25 0.58 gross
0.56 net
BMO Intermediate Tax-Free Fund Class I (MIITX)
Class I

Inception: 12/27/2010

-0.10 -0.07 0.58 2.15 3.22 4.65 4.31 0.33 gross
0.33 net
Barclays 1-15 Year Blend Municipal Bond Index -0.06 -0.13 0.02 1.76 2.72 4.00 N/A
Lipper Intermediate Municipal Fund Index 0.57 0.49 0.81 2.00 2.77 3.89 N/A




BMO Short Tax-Free Fund

The BMO Short Tax-Free Fund seeks to maximize total return consistent with current income by focusing on intermediate-term investment grade bonds and notes.

Designed for investors that:

  • Are looking to meet spending needs a year or more into the future
  • Are looking for higher potential returns while maintaining principal preservation

Quarterly performance

QTD

YTD

1 yr

3 yr

5 yr

10 yr

Since inception.

Expenses. (%)

BMO Short Tax-Free Fund Class A (BASFX)
Class A

Inception: 5/27/2014

0.07 0.70 0.54 1.01 1.51 N/A 1.47 0.76 gross
0.55 net
BMO Short Tax-Free Fund Class A - OFFER -1.96 -1.34 -1.49 0.33 1.11 N/A 1.13
BMO Short Tax-Free Fund Class I (MTFIX)
Class I

Inception: 11/29/2012

0.21 0.82 0.69 1.19 1.68 N/A 1.64 0.51 gross
0.40 net
Barclays Short (1-5 Year) Municipal Index -0.11 0.66 0.01 0.80 1.08 2.12 N/A
Lipper Short Municipal Debt Fund Index 0.11 0.71 0.47 0.74 0.83 1.41 N/A




BMO Ultra Short Tax-Free Fund

The BMO Ultra Short Tax-Free Fund uses a slightly longer duration than daily to enhance yield, focusing on high-quality municipal issues that are largely exempt from federal income tax.

Designed for investors that:

  • Are looking for liquidity for ongoing spending needs
  • Are looking to potentially enhance yield and better match intermediate cash liabilities

Quarterly performance

QTD

YTD

1 yr

3 yr

5 yr

10 yr

Since inception.

Expenses. (%)

BMO Ultra Short Tax-Free Fund Class A (BAUSX)
Class A

Inception: 5/27/2014

0.19 0.82 0.89 0.74 0.69 N/A 0.93 0.64 gross
0.55 net
BMO Ultra Short Tax-Free Fund Class A - OFFER -1.86 -1.24 -1.16 0.05 0.27 N/A 0.71
BMO Ultra Short Tax-Free Fund Class I (MUISX)
Class I

Inception: 9/30/2009

0.25 1.01 1.15 1.00 0.96 N/A 1.19 0.39 gross
0.30 net
50% Barclays 1-Yr Municipal Bond Index and 50% iMoneyNet Money Fund Tax Free National Retail Index 0.10 0.80 0.68 0.55 0.48 0.74 N/A
Lipper Short Municipal Debt Fund Index 0.11 0.71 0.47 0.74 0.83 1.41 N/A




Meet the team

Meet the team

By the numbers:


$3.9 billion¹

Municipal fixed income assets under management


9

Investment professionals


25+ years

Average industry experience of team members


80+

National and regional broker/dealer relationships


¹Source: BMO Global Asset Management. Data as of 6/30/2018.




Liquidity tiering for potentially higher yields in the tax-free market

These are exceptionally challenging times for income investors. While the Federal Reserve (Fed) has raised short-term rates gradually from the historically low levels reached during the global financial crisis, investors are still challenged to balance their income and liquidity goals.

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Keep in mind that as interest rates rise, bond prices fall. This may have an adverse effect on the Fund's portfolio.

Interest income from Tax-Free Fund investments may still be subject to the federal alternative minimum tax (AMT) for individuals and corporations, and state or local taxes.

Performance data quoted prior to the inception of the Class A Shares is the performance of the Fund's Investor (Class Y) Shares, not adjusted for any differences in the expenses of the classes.

Performance data quoted prior to the inception of the Class I Shares is the performance of the Fund's Investor (Class Y) Shares, not adjusted for any differences in the expenses of the classes.

Performance data quoted represents past performance and past performance is not a guarantee of future results. Investment returns and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. To receive the most recent month-end performance, call 1-800-236-3863.

Returns are pre-tax. An investor should consider his or her current and anticipated investment horizon and income tax bracket when making an investment decision as the illustration above does not reflect these factors. For more information about performance, please contact your investment professional. For more information about performance, please contact your investment professional. Total returns for periods of one year or less are cumulative.

Net Expense Ratios reflect contractual fee waivers and/or expense reimbursements made by BMO Asset Management Corp., the investment adviser (Adviser). The Adviser may not terminate these fee waivers and/or expense reimbursements prior to December 31, 2018 without the consent of the Board of Directors, unless the investment advisory agreement is terminated. Without these contractual waivers, the Funds' returns would have been lower. Please see the prospectus for more information.

BMO Intermediate Tax-Free Fund Institutional shares received a 4-star rating for overall performance, 4 stars for 3-year performance among 261 Muni National Intermediate Funds, 4 stars for 5-year performance among 233 funds, and 4 stars for 10-year performance among 154 funds.

BMO Short Tax-Free Fund Institutional shares received a 4-star rating for overall performance, 4 stars for 3-year performance among 174 Muni National Short Funds, and 4 stars for 5-year performance among 152 funds. For the 10-year performance ending 6/30/2018, the Morningstar Rating™ is not available.

BMO Ultra Short Tax-Free Fund Institutional shares received a 3-star rating for overall performance, 3 stars for 3-year performance among 174 Muni National Short Funds, and 3 stars for 5-year performance among 152 funds. For the 10-year performance ending 6/30/2018, the Morningstar Rating™ is not available.

For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and is rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating™ metrics. Morningstar Rating™ is for the I share class only; other classes may have different performance characteristics.

Money Fund Report Averages™ is an arithmetic average of performance for all money market mutual funds tracked within this category. Money Fund Report Averages™ is a service of iMoneyNet, Inc. (formerly IBC Financial Data).

The Bloomberg Barclays 1-15 Yr Blend Muni Bond Index is the 1-15 year Blend component of the Barclays Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa and a range of maturities between 1 and 17 years. Investments cannot be made in an index.

The Bloomberg Barclays Short (1-5 Year) Muni Index includes investment-grade tax-exempt bonds that are issued by state and local governments and have maturities of 1 to 5 years. Investments cannot be made in an index.

The Bloomberg Barclays 1-Yr Municipal Bond Index is the 1-year component of the Bloomberg Barclays Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. Investments cannot be made in an index.

Effective June 2, 2017, Class Y shares of the BMO Short Tax-Free Fund converted into Class A shares of the Fund. The Fund no longer offers Class Y shares.

Effective June 2, 2017, Class Y shares of the BMO Ultra Short Tax-Free Fund were converted into Class A shares of the Fund. The Fund no longer offers Class Y shares.

Lipper Intermediate Municipal Debt Index is comprised of funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years.

Lipper Short Municipal Debt Index is comprised of funds that invest in municipal debt issues with dollar-weighted average maturities of less than three years.

For the BMO Intermediate Tax-Free Fund, the maximum sales charge (load) imposed on purchases (as a percentage of offering price) is 3.50% for Class A shares. The Class NAV performance does not reflect the deduction of the sales load or fee, and if reflected, the load or fee would reduce the performance quoted.

For the BMO Short Tax-Free Fund and the BMO Ultra Short Tax-Free Fund, the maximum sales charge (load) imposed on purchases (as a percentage of offering price) is 2.00% for Class A shares. The Class NAV performance does not reflect the deduction of the sales load or fee, and if reflected, the load or fee would reduce the performance quoted.