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  • BMO Mutual Funds 2014 ANNUAL FINANCIAL STATEMENTS

    December 31, 2014

    BMO Global Diversified Fund (formerly BMO Guardian Global Diversified Fund)

  • Independent Auditor's Report

    To the Unitholders of BMO Canadian Diversified Monthly Income Fund (formerly BMO Guardian Canadian Diversified Monthly Income Fund) BMO Monthly Dividend Fund Ltd. (formerly BMO Guardian Monthly Dividend Fund Ltd.) BMO Growth & Income Fund (formerly BMO Guardian Growth & Income Fund) BMO Monthly High Income Fund II (formerly BMO Guardian Monthly High Income Fund II) BMO Enterprise Fund (formerly BMO Guardian Enterprise Fund) BMO Asian Growth and Income Fund (formerly BMO Guardian Asian Growth and Income Fund)

    BMO Global Small Cap Fund (formerly BMO Guardian Global Small Cap Fund) BMO Global Diversified Fund (formerly BMO Guardian Global Diversified Fund) BMO Canadian Large Cap Equity Fund (formerly BMO Guardian Canadian Large Cap Equity Fund) BMO High Yield Bond Fund (formerly BMO Guardian High Yield Bond Fund) BMO Floating Rate Income Fund (formerly BMO Guardian Floating Rate Income Fund) BMO Global Growth and Income Fund (formerly BMO Global Absolute Return Fund) BMO SelectTrust™ Income Portfolio (formerly BMO SelectTrust Security Portfolio)

    BMO SelectTrust™ Conservative Portfolio (formerly BMO Conservative Solution (Mar 28, 2013), BMO Guardian Conservative Solution) BMO SelectTrust™ Balanced Portfolio (formerly BMO Balanced Solution (Mar 28, 2013), BMO Guardian Balanced Solution) BMO SelectTrust™ Growth Portfolio (formerly BMO Growth Solution (Mar 28, 2013), BMO Guardian Growth Solution) BMO SelectTrust™ Equity Growth Portfolio (formerly BMO Aggressive Growth Solution (Mar 28, 2013), BMO Guardian Aggressive Growth Solution) BMO International Value Fund (formerly BMO Nesbitt Burns International Equity Fund) BMO Canadian Stock Selection Fund (formerly BMO Nesbitt Burns Canadian Stock Selection Fund)

    (collectively the Funds)

    __________________________________________________________________________________________________________

    We have audited the accompanying financial statements of each of the Funds, which comprise the statements

    of financial position as at December 31, 2014, December 31, 2013 and January 1, 2013 and statements of

    comprehensive income, changes in net assets attributable to holders of redeemable units and cash flows for the

    years ended December 31, 2014 and December 31, 2013, and the related notes, which comprise a summary of

    significant accounting policies and other explanatory information.

    Management’s responsibility for the financial statements

    Management is responsible for the preparation and fair presentation of the financial statements of each of

    the Funds in accordance with International Financial Reporting Standards, and for such internal control as

    management determines is necessary to enable the preparation of financial statements that are free from material

    misstatement, whether due to fraud or error.

    Auditor’s responsibility

    Our responsibility is to express an opinion on the financial statements of each of the Funds based on our audits.

    We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards

    require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance

    about whether the financial statements are free from material misstatement.

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the

    financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of

    the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk

    assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of

    the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for

    the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes

    evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made

    by management, as well as evaluating the overall presentation of the financial statements.

    We believe that the audit evidence we have obtained in each of our audits is sufficient and appropriate to provide a

    basis for our audit opinion.

  • Independent Auditor's Report

    Opinion

    In our opinion, the financial statements of each of the Funds present fairly, in all material respects, the financial

    position of each of the Funds as at December 31, 2014, December 31, 2013 and January 1, 2013 and the financial

    performance and cash flows of each of the Funds for the years ended December 31, 2014 and December 31, 2013 in

    accordance with International Financial Reporting Standards.

    Chartered Professional Accountants, Licensed Public Accountants

    Toronto, Ontario

    March 31, 2015

  • STATEMENT OF FINANCIAL POSITION (All amounts in thousands of Canadian dollars, except per unit data)

    STATEMENT OF COMPREHENSIVE INCOME (All amounts in thousands of Canadian dollars, except per unit data)

    The accompanying notes are an integral part of these financial statements.

    BMO Global Diversified Fund (formerly BMO Guardian Global Diversified Fund)

    December 31 December 31 January 1 As at 2014 2013 2013

    ASSETS

    CURRENT ASSETS Cash 1,475 1,393 1,330 Investments

    Non-derivative financial assets 79,813 56,773 43,842

    Derivative assets — — 113 Receivable for investments sold 6 — 122 Subscriptions receivable 212 500 45 Interest receivable 2 — 121 Dividends receivable 55 39 82 Distribution receivable from

    investment trusts 17 8 11 Total assets 81,580 58,713 45,666

    LIABILITIES

    CURRENT LIABILITIES Payable for investments

    purchased 212 114 263 Redemptions payable 5 47 0 Derivative liabilities — — 234 Accrued expenses 190 102 90 Total liabilities 407 263 587

    Net assets attributable to holders of redeemable units 81,173 58,450 45,079

    Net assets attributable to holders of redeemable units Advisor Series Units 68,618 52,236 40,751 Series T5 Units 8,566 4,673 3,258 Series F Units 3,989 1,541 1,070

    Net assets attributable to holders of redeemable units per unit Advisor Series Units $ 12.62 $ 12.61 $ 11.22 Series T5 Units $ 8.82 $ 8.82 $ 8.23 Series F Units $ 13.16 $ 12.85 $ 11.31

    December 31 December 31 For the periods ended 2014 2013

    INCOME Interest income 7 204 Dividend income 682 773 Distribution from investment trusts 2,161 364 Other changes in fair value of investments and

    derivatives Net realized gain 4,330 4,357 Change in unrealized (depreciation)

    appreciation (679) 1,383 Net gain in fair value of investments and

    derivatives 6,501 7,081

    Securities lending 7 4 Foreign exchange loss (10) (32)

    Total loss (3) (28)

    Total income 6,498 7,053

    EXPENSES Management fees (note 6) 1,545 1,052 Variable administration fees (note 6) 127 164 Audit fees 5 8 Independent review committee fees 1 2 Withholding taxes 36 37 Custodian fees, interest and bank charges 26 34 Legal and filing fees 21 20 Unitholder reporting costs 5 9 Commissions and other portfolio transaction costs (note 6) 36 47 Operating expenses absorbed by the Manager (1) (104) Total expenses 1,801 1,269

    Increase in net assets attributable to holders of redeemable units 4,697 5,784

    Increase in net assets attributable to holders of redeemable units Advisor Series Units 4,081 5,198 Series T5 Units 431 430 Series F Units 185 156

    Increase in net assets attributable to holders of redeemable units per unit (note 3) Advisor Series Units 0.85 1.42 Series T5 Units 0.56 1.02 Series F Units 0.87 1.58

  • BMO Global Diversified Fund (formerly BMO Guardian Global Diversified Fund)

    STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (All amounts in thousands of Canadian dollars)

    The accompanying notes are an integral part of these financial statements.

    December 31 December 31 For the periods ended 2014 2013

    Advisor Series Units

    Net assets attributable to holders of redeemable units at beginning of period 52,236 40,751

    Increase in net assets attributable to holders of redeemable units 4,081 5,198

    Distributions to holders of redeemable units from: Net investment income (35) — Net realized gains on investments and

    derivatives (2,073) — Return of capital (2,321) — Management fee rebate 0 0

    Total distributions to holders of redeemable units (4,429) 0

    Redeemable unit transactions Proceeds from redeemable units issued 23,453 13,989 Reinvestments of distributions to holders of

    redeemable units 3,836 0 Redemption of redeemable units (10,559) (7,702) Net increase from redeemable unit

    transactions 16,730 6,287

    Net increase in net assets attributable to holders o

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