BMO Mutual Funds 2012 Semi-Annual Financial Statements: BMO LifeStage 2035 Class

BMO Mutual Funds 2012 Semi-Annual Financial Statements March 31, 2012 BMO LifeSBtMagOeF2u0n3d5nCalmases NOTICE OF NO AUDITOR REVIEW OF THE SEMI-ANNUAL FINANCIAL STATEMENTS BMO Investments Inc., the Manager of the Fund, appoints independent auditors to audit the Fund’s Annual Financial Statements. Under Canadian securities laws (National Instrument 81-106), if an auditor has not reviewed the Semi-Annual Financial Statements, this must be disclosed in an accompanying notice. The Fund’s independent auditors have not performed a review of these Semi-Annual Financial Statements in accordance with standards established by the Canadian Institute of Chartered Accountants. BMO LifeStage 2035 Class (unaudited) STATEMENT OF NET ASSETS (in thousands of Canadian dollars, except per share data) As at STATEMENT OF OPERATIONS (in thousands of Canadian dollars, except per share data) For the periods ended March 31 2012 September 30 2011 March 31 2012 March 31 2011 ASSETS Cash 29 3 Investments at fair value 780 204 Income receivable 4 1 Subscriptions receivable — 1 Total assets 813 209 LIABILITIES Due to broker 18 1 Accrued expenses 2 — Redemptions payable — — Total liabilities 20 1 Net assets representing shareholders’ equity 793 208 INVESTMENT INCOME Interest — — Distributions from underlying funds — — Distributions from exchange traded funds 8 2 Securities lending revenue — — 8 2 EXPENSES Management fees (note 5) 3 2 Fixed administration fees (note 5) — — Independent Review Committee fees 1 1 Fund Facts fees 1 — Operating expenses absorbed by the Manager (1) (1) Commissions and other portfolio transaction costs (note 5) — — Net assets representing shareholders’ equity 4 2 Series A Shares Series I Shares Advisor Series Shares Series H Shares Net assets per share Series A Shares Series I Shares Advisor Series Shares Series H Shares 471 — 52 32 269 175 1 1 $ 10.68 $ — $ 11.64 $ 10.34 $ 10.98 $ 9.88 $ 11.07 $ 9.94 Net investment income for the period 4 — Realized gain on sale of investments — 17 Change in unrealized appreciation (depreciation) in value of investments 28 (2) Increase in net assets from operations 32 15 Increase in net assets from operations Series A Shares 7 — Series I Shares 5 1 Advisor Series Shares 20 14 Series H Shares — — Increase in net assets from operations per share (note 2) Series A Shares Series I Shares Advisor Series Shares Series H Shares 0.41 — 1.23 0.69 1.03 0.94 1.14 0.96 The accompanying notes are an integral part of these financial statements. BMO LifeStage 2035 Class (unaudited) STATEMENT OF CHANGES IN NET ASSETS For the periods ended (in thousands of Canadian dollars) March 31 2012 March 31 2011 March 31 2012 March 31 2011 Series A Shares Net assets – beginning of period — Increase in net assets from operations 7 SHARE TRANSACTIONS: Proceeds from sale of shares 480 Amounts paid on shares redeemed (16) Total share transactions 464 Net assets – end of period 471 Total Fund — Net assets – beginning of period 208 161 — Increase in net assets from operations 32 15 SHARE TRANSACTIONS: — Proceeds from sale of shares 570 31 — Amounts paid on shares redeemed (17) — — Total share transactions 553 31 — Net assets – end of period 793 207 Series I Shares Net assets – beginning of period 32 1 Increase in net assets from operations 5 1 SHARE TRANSACTIONS: Proceeds from sale of shares 16 19 Amounts paid on shares redeemed (1) — Total share transactions 15 19 Net assets – end of period 52 21 Advisor Series Shares Net assets – beginning of period 175 159 Increase in net assets from operations 20 14 SHARE TRANSACTIONS: Proceeds from sale of shares 74 12 Total share transactions 74 12 Net assets – end of period 269 185 Series H Shares Net assets – beginning of period 1 1 Increase in net assets from operations — — Net assets – end of period 1 1 The accompanying notes are an integral part of these financial statements. BMO LifeStage 2035 Class (unaudited) STATEMENT OF INVESTMENT PORTFOLIO As at March 31, 2012 (in thousands of Canadian dollars, unless otherwise noted) Fair Number Cost*+ Value of Units ($) ($) HOLDINGS IN EXCHANGE TRADED FUNDS – 98.4% BMO Aggregate Bond Index ETF. . . . . . . . . . . 5,000. . . . . . 78. . . . . . 79 BMO Dow Jones Canada Titans 60 Index ETF . . . . . . . . . . . . . . . . . . . . . . . . 14,900. . . . . 255. . . . . 249 BMO Emerging Markets Bond Hedged to CAD Index ETF . . . . . . . . . . . . . 2,080. . . . . . 34. . . . . . 34 BMO Emerging Markets Equity Index ETF . . . . 5,400. . . . . . 83. . . . . . 82 BMO High Yield U.S. Corporate Bond Hedged to CAD ETF. . . . . . . . . . . . . . . . . . 2,160. . . . . . 33. . . . . . 33 BMO International Equity Hedged to CAD Index ETF . . . . . . . . . . . . . 9,420. . . . . 131. . . . . 132 BMO Junior Gas Index ETF . . . . . . . . . . . . . . . . 180. . . . . . . 4. . . . . . . 4 BMO Junior Gold Index ETF . . . . . . . . . . . . . . 1,180. . . . . . 23. . . . . . 20 BMO Junior Oil Index ETF . . . . . . . . . . . . . . . . . 750. . . . . . 15. . . . . . 15 BMO U.S. Equity Hedged to CAD Index ETF. . . 6,140. . . . . 123. . . . . 132 Total Investment Portfolio – 98.4% . . . . . . . . . . . . . . . . . . . 779 . . . . . 780 Other Assets Less Liabilities – 1.6%. . . . . . . . . . . . . . . . . . . . . . . . . . . 13 NET ASSETS – 100.0%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 793 +Where applicable, distributions received from holdings as a return of capital are used to reduce the adjusted cost base of the securities in the portfolio. *For the purpose of the Statement of Investment Portfolio, cost includes commissions and other portfolio transaction costs (note 2). THE TABLE BELOW IS THE ASSET MIX OF THE UNDERLYING FUNDS AS AT: March 31 2012 September 30 2011 Canadian Equity Funds. . . . . . . . . . . . . . . . . 34.0% . . . . . . . . . . . 33.7% U.S. Equity Funds. . . . . . . . . . . . . . . . . . . . . 19.1% . . . . . . . . . . . 18.2% Fixed Income Funds. . . . . . . . . . . . . . . . . . . 18.4% . . . . . . . . . . . 19.7% International Equity Fund. . . . . . . . . . . . . . . 16.6% . . . . . . . . . . . 16.4% Emerging Markets Equity Fund. . . . . . . . . . . 10.3% . . . . . . . . . . . 10.1% Other Assets Less Liabilities. . . . . . . . . . . . . . 1.6% . . . . . . . . . . . . 1.9% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0%. . . . . . . . . . . 100.0% The accompanying notes are an integral part of these financial statements. BMO LifeStage 2035 Class (unaudited) NOTES TO THE FINANCIAL STATEMENTS (All amounts in thousands of Canadian dollars, except per share data) March 31, 2012 1. BMO Global Tax Advantage Funds BMO Global Tax Advantage Funds Inc. (the “Corporation”) is a mutual fund corporation incorporated on September 5, 2000 under the Canada Business Corporations Act and commenced operations on October 19, 2000. The authorized capital consists of an unlimited number of Class A, Class B and thirty-five classes of redeemable special shares. The Corporation is authorized to issue an unlimited number of special shares in each of Series A, Series I, Series F, Advisor Series, Series H, Series T5, Series T6 and Series T8. Each series is intended for different kinds of investors and has different management fees and fixed administration fees. BMO LifeStage 2035 Class (the “Fund”) is a class of the special shares of the Corporation. Refer to Note 8(a) for the series issued in this Fund, and the respective launch dates, and Note 8(d) for management fee rates and fixed administration fee rates for each series. There are 100 Class A shares and one Class B share outstanding which are held by BMO Investments Inc. (the “Manager”), a subsidiary of Bank of Montreal. The information provided in these unaudited financial statements is for the period(s) ended March 31, 2012 and 2011 except for the comparative information on the Statement of Net Assets and the related notes, which are as at September 30, 2011. Financial information provided for a series established during the period(s) is presented from the launch date as noted in Note 8(a). 2. Summary of significant accounting policies These financial statements have been prepared in accordance with Canadian generally accepted accounting principles (“Canadian GAAP”), including estimates and assumptions made by management that may affect the reported amounts of assets, liabilities, income and expenses during the reported periods. Actual results could differ from estimates. Certain prior period balances have been reclassified to conform with the current period presentation. Valuation of investments Canadian GAAP requires the use of bid prices for long positions and ask prices for short positions in the fair valuation of investments traded in an active market, rather than the use of closing prices currently used for the purpose of determining Net Asset Value (“NAV”). For investments that are not traded in an active market, Canadian GAAP requires the use of valuation techniques, incorporating factors that market participants would consider in setting a price. The NAV is the fair value of the total assets of a Fund less the fair value of its total liabilities at a Valuation Date (the “Valuation Date” is each day on which the Toronto Stock Exchange is opened for trading) determined in accordance with Part 14 of National Instrument 81-106 – Investment Fund Continuous Disclosure (“NI 81-106”) for the purpose of processing shareholder transactions. For financial statement purposes, valuations are determined in accordance with Canadian GAAP. This may result in a difference between the Net Assets per share for each series and the NAV per share for each series. Refer to Note 8(b) for details of the comparison between NAV per share and Net Assets per share for each series. Investments are deemed to be held for trading. Investments are recorded at their fair value with the change between this amount and average cost being recorded as unrealized appreciation (depreciation) in value of investments in the Statement of Operations. Securities listed on a recognized public securities exchange in North America are valued for financial statement purposes at their bid prices for long positions and ask prices for short positions. The Manager uses fair value pricing when the price of a security held in the Fund is unavailable, unreliable or not considered to reflect the current value, and may determine another value which it considers to be fair and reasonable using the services of third-party valuation service providers, or using a valuation technique that, to the extent possible, makes maximum use of inputs and assumptions based on observable market data including volatility, comparable companies and other applicable rates or prices. Procedures are in place to fair value securities traded in countries outside of North America daily, to avoid stale prices and to take into account, among other things, any significant events occurring after the close of a foreign market. ... - tailieumienphi.vn