AMENDMENT NO. 1 DATED NOVEMBER 10, 2017 TO THE SIMPLIFIED PROSPECTUS DATED APRIL 24, (the Prospectus ) in respect of:

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1 AMENDMENT NO. 1 DATED NOVEMBER 10, 2017 TO THE SIMPLIFIED PROSPECTUS DATED APRIL 24, 2017 (the Prospectus ) in respect of: BMO Money Market Fund (series A, F, D, I, M and Advisor Series) BMO Core Bond Fund (series A, F, D, G, I and Advisor Series) BMO Core Plus Bond Fund (series A, F, D, G, I and Advisor Series) BMO Diversified Income Portfolio (series A, T5, T6, T8, F, D, I and Advisor Series) BMO Global Diversified Fund (series A, T5, T6, F, D and Advisor Series) BMO Global Monthly Income Fund (series A, T6 and D) BMO Growth & Income Fund (series T5, T8, F, D, Advisor Series and Classic Series) BMO Laddered Corporate Bond Fund BMO Monthly Dividend Fund Ltd. (series F, D, Advisor Series and Classic Series) BMO Monthly Income Fund (series A, T6, F, F6, D, G and I) BMO Mortgage and Short-Term Income Fund BMO World Bond Fund BMO Asset Allocation Fund (series A, T5, F, D, G, I and Advisor Series) BMO Canadian Large Cap Equity Fund (series A, T5, F, D, I and Advisor Series) BMO Dividend Fund (series A, T5, F, F6, D, G, I and Advisor Series) BMO Global Growth & Income Fund (series A, T5, F, D, I and Advisor Series) BMO North American Dividend Fund (series A, T6, F, F6, D, I and Advisor Series) BMO Tactical Dividend ETF Fund (series A, T6, F, F6, D, G, I, L and Advisor Series) BMO Global Small Cap Fund

2 - 2 - BMO Precious Metals Fund BMO Resource Fund BMO Fixed Income ETF Portfolio (series A, T6, F, D, G, I and Advisor Series) BMO Income ETF Portfolio (series A, T6, F, F4, F6, D, G, I and Advisor Series) BMO Conservative ETF Portfolio (series A, T6, F, F4, F6, D, G, I and Advisor Series) BMO Balanced ETF Portfolio (series A, T6, F, F2, F4, F6, D, G, I and Advisor Series) BMO Growth ETF Portfolio (series A, T6, F, F4, F6, D, G, I and Advisor Series) BMO Equity Growth ETF Portfolio (series A, T6, F, F4, F6, D, G, I and Advisor Series) BMO U.S. Dollar Balanced Fund BMO U.S. Dollar Dividend Fund BMO U.S. Dollar Equity Index Fund (series A, D and I) BMO U.S. Dollar Money Market Fund (series A, D, BMO Private U.S. Dollar Money Market Fund Series O and Advisor Series) BMO U.S. Dollar Monthly Income Fund (series A, T5, T6, F, D and Advisor Series) BMO Asian Growth and Income Class (series F, D and Advisor Series) BMO Canadian Equity Class (series A, F, D and Advisor Series) BMO Dividend Class (series A, D and Advisor Series) BMO Global Dividend Class (series A, T5, F, D, I and Advisor Series) BMO Global Energy Class (series A, F, D and Advisor Series) BMO Global Equity Class (series A, F, D and Advisor Series) BMO Global Low Volatility ETF Class (series A, T6, F, D and Advisor Series) BMO Greater China Class (series A, F, D and Advisor Series) BMO International Value Class BMO U.S. Equity Class (series F, D and Advisor Series)

3 - 3 - BMO SelectClass Income Portfolio (series A, T6, F, D and Advisor Series) BMO SelectClass Balanced Portfolio (series A, T6, F, D and Advisor Series) BMO SelectClass Growth Portfolio (series A, T6, F, D and Advisor Series) BMO SelectClass Equity Growth Portfolio (series A, T6, F, D and Advisor Series) BMO Income ETF Portfolio Class (series A, T6, F, D and Advisor Series) BMO Balanced ETF Portfolio Class (series A, T6, F, F2, D and Advisor Series) BMO Growth ETF Portfolio Class (series A, T6, F, D and Advisor Series) BMO Equity Growth ETF Portfolio Class (series A, T6, F, D and Advisor Series) BMO LifeStage Plus 2022 Fund (series A, D and Advisor Series) BMO LifeStage Plus 2025 Fund (series A, D and Advisor Series) BMO LifeStage Plus 2026 Fund (series A, D and Advisor Series) BMO LifeStage Plus 2030 Fund (series A, D and Advisor Series) BMO FundSelect Income Portfolio (series A and D) BMO FundSelect Balanced Portfolio (series A, D and NBA) BMO FundSelect Growth Portfolio (series A, D and NBA) BMO FundSelect Equity Growth Portfolio (series A, D and NBA) (each a Fund and, collectively, the Funds ) Unless otherwise specifically defined, the terms used in this amendment have the meanings given to those terms in the Prospectus. 1. Introduction The Prospectus is hereby amended to: (1) qualify for distribution series D securities for each of BMO Money Market Fund, BMO Diversified Income Portfolio, BMO Global Diversified Fund, BMO Global Monthly Income Fund, BMO Growth & Income Fund, BMO Laddered Corporate Bond Fund, BMO Monthly Dividend Fund Ltd., BMO Mortgage and Short-Term Income Fund, BMO

4 - 4 - World Bond Fund, BMO Canadian Large Cap Equity Fund, BMO Global Growth & Income Fund, BMO North American Dividend Fund, BMO Global Small Cap Fund, BMO Precious Metals Fund, BMO Resource Fund, BMO U.S. Dollar Balanced Fund, BMO U.S. Dollar Dividend Fund, BMO U.S. Dollar Equity Index Fund, BMO U.S. Dollar Money Market Fund, BMO U.S. Dollar Monthly Income Fund, BMO Asian Growth and Income Class, BMO Canadian Equity Class, BMO Dividend Class, BMO Global Dividend Class, BMO Global Energy Class, BMO Global Equity Class, BMO Global Low Volatility ETF Class, BMO Greater China Class, BMO International Value Class, BMO U.S. Equity Class, BMO SelectClass Income Portfolio, BMO SelectClass Balanced Portfolio, BMO SelectClass Growth Portfolio, BMO SelectClass Equity Growth Portfolio, BMO Income ETF Portfolio Class, BMO Balanced ETF Portfolio Class, BMO Growth ETF Portfolio Class, BMO Equity Growth ETF Portfolio Class, BMO LifeStage Plus 2022 Fund, BMO LifeStage Plus 2025 Fund, BMO LifeStage Plus 2026 Fund, BMO LifeStage Plus 2030 Fund, BMO FundSelect Income Portfolio, BMO FundSelect Balanced Portfolio, BMO FundSelect Growth Portfolio and BMO FundSelect Equity Growth Portfolio (the D Series Funds ); (2) qualify for distribution series G securities for each of BMO Core Bond Fund, BMO Core Plus Bond Fund, BMO Monthly Income Fund, BMO Asset Allocation Fund, BMO Dividend Fund, BMO Tactical Dividend ETF Fund, BMO Fixed Income ETF Portfolio, BMO Income ETF Portfolio, BMO Conservative ETF Portfolio, BMO Balanced ETF Portfolio, BMO Growth ETF Portfolio and BMO Equity Growth ETF Portfolio (the G Series Funds ); (3) disclose the new standardized risk classification methodology for the Funds recently mandated by the Canadian Securities Administrators; and (4) lower the investment risk level of BMO Global Small Cap Fund from medium to high to medium, of BMO Conservative ETF Portfolio from low to medium to low and of BMO Greater China Class from high to medium to high. 2. Series D Securities This amendment qualifies for distribution series D securities of each of the D Series Funds. The following technical amendments are made to the Prospectus to reflect this change: (1) Each of the front and back covers of the Prospectus are amended by adding D to the list of series being offered by each of the D Series Funds.

5 - 5 - (2) The Date started row of the Fund details table for each of the D Series Funds (on the pages indicated under paragraph (3) below) is amended by adding the following series D date immediately below the date provided for F Series Securities, if the D Series Fund offers such series, or else below the date provided for series A securities or, in the case of BMO Global Monthly Income Fund, below the date provided for series T6 securities: Series D: November 10, 2017 (3) The Management fee row of the Fund details table for each of the D Series Funds (on the pages indicated below) is amended by adding the following series D management fee immediately below the management fee provided for F Series Securities, if the D Series Fund offers such series, or else below the management fee provided for series A securities or, in the case of BMO Global Monthly Income Fund, below the management fee provided for series T6 securities: Fund Page Management fee BMO Money Market Fund 7 Series D: 0.85% BMO Diversified Income Portfolio 18 Series D: 1.00% BMO Global Diversified Fund 28 Series D: 1.25% BMO Global Monthly Income Fund 31 Series D: 1.25% BMO Growth & Income Fund 36 Series D: 1.10% BMO Laddered Corporate Bond Fund 38 Series D: 0.95% BMO Monthly Dividend Fund Ltd. 40 Series D: 0.85% BMO Mortgage and Short-Term Income Fund 47 Series D: 0.90% BMO World Bond Fund 55 Series D: 1.40% BMO Canadian Large Cap Equity Fund 67 Series D: 1.25% BMO Global Growth & Income Fund 92 Series D: 1.25% BMO North American Dividend Fund 103 Series D: 1.25% BMO Global Small Cap Fund 132 Series D: 1.50% BMO Precious Metals Fund 134 Series D: 1.25% BMO Resource Fund 136 Series D: 1.25% BMO U.S. Dollar Balanced Fund 155 Series D: 0.80% BMO U.S. Dollar Dividend Fund 157 Series D: 0.80% BMO U.S. Dollar Equity Index Fund 159 Series D: 0.45% BMO U.S. Dollar Money Market Fund 161 Series D: 0.85% BMO U.S. Dollar Monthly Income Fund 163 Series D: 1.10% BMO Asian Growth and Income Class 165 Series D: 1.50%

6 - 6 - Fund Page Management fee BMO Canadian Equity Class 167 Series D: 1.25% BMO Dividend Class 169 Series D: 0.75% BMO Global Dividend Class 171 Series D: 1.15% BMO Global Energy Class 173 Series D: 1.25% BMO Global Equity Class 175 Series D: 1.10% BMO Global Low Volatility ETF Class 177 Series D: 0.60% BMO Greater China Class 179 Series D: 1.50% BMO International Value Class 181 Series D: 1.15% BMO U.S. Equity Class 185 Series D: 1.25% BMO SelectClass Income Portfolio 187 Series D: 1.15% BMO SelectClass Balanced Portfolio 189 Series D: 1.25% BMO SelectClass Growth Portfolio 191 Series D: 1.35% BMO SelectClass Equity Growth Portfolio 193 Series D: 1.45% BMO Income ETF Portfolio Class 195 Series D: 0.60% BMO Balanced ETF Portfolio Class 197 Series D: 0.65% BMO Growth ETF Portfolio Class 200 Series D: 0.65% BMO Equity Growth ETF Portfolio Class 202 Series D: 0.70% BMO LifeStage Plus 2022 Fund 204 Series D: 1.20% BMO LifeStage Plus 2025 Fund 206 Series D: 1.45% BMO LifeStage Plus 2026 Fund 208 Series D: 1.45% BMO LifeStage Plus 2030 Fund 210 Series D: 1.20% BMO FundSelect Income Portfolio 212 Series D: 1.20% BMO FundSelect Balanced Portfolio 214 Series D: 1.35% BMO FundSelect Growth Portfolio 216 Series D: 1.45% BMO FundSelect Equity Growth Portfolio 218 Series D: 1.60% (4) For BMO Diversified Income Portfolio, the second paragraph under the heading Distribution policy on page 19 is deleted in its entirety and For Series A, Series D and Series I securities, the fund distributes monthly any net income and/or ROC. The amount of the monthly distribution for each series is set at the beginning of each calendar year based on the market outlook.

7 - 7 - (5) For BMO Global Diversified Fund, the second paragraph under the heading Distribution policy on page 29 is deleted in its entirety and For Series F, Series D and Advisor Series securities, the fund distributes monthly any net income and/or ROC. The amount of the monthly distribution is set at the beginning of each calendar year based on the market outlook. (6) For BMO Global Monthly Income Fund, the second paragraph under the heading Distribution policy on page 32 is deleted in its entirety and For Series A and Series D securities, the fund distributes monthly any net income and/or ROC. The amount of the monthly distribution for each series is set at the beginning of each calendar year based on the market outlook. (7) For BMO Growth & Income Fund, the second paragraph under the heading Distribution policy on page 37 is deleted in its entirety and For Series F, Series D, Advisor Series and Classic Series securities, the fund distributes monthly any net income and/or ROC. The amount of the monthly distribution is set at the beginning of each calendar year based on the market outlook. (8) For BMO World Bond Fund, the second paragraph under the heading Distribution policy on page 56 is deleted in its entirety and replaced with the following: For Series A, Series F, Series D, Series I and Advisor Series securities, the fund distributes monthly any net income and/or ROC. The amount of the monthly distribution for each series is set at the beginning of each calendar year based on the market outlook. (9) For BMO Global Growth & Income Fund, the second paragraph under the heading Distribution policy on page 93 is deleted in its entirety and For Series F, Series D, Series I and Advisor Series securities, the fund distributes monthly any net income and/or ROC. The amount of the monthly distribution is set at the beginning of each calendar year based on the market outlook.

8 - 8 - (10) For BMO U.S. Dollar Monthly Income Fund, the second paragraph under the heading Distribution policy on page 164 is deleted in its entirety and For Series A, Series F, Series D and Advisor Series securities, the fund distributes monthly any net income and/or ROC. The amount of the monthly distribution for each series is set at the beginning of each calendar year based on the market outlook. (11) The paragraph under the sub-sub-heading Through BMO InvestorLine or us for Series D on page 269 under the sub-heading Purchasing funds under the heading Purchases, switches and redemptions is deleted in its entirety and You can buy Series D securities of the funds through BMO InvestorLine, a discount brokerage within BMO Financial Group, or through us in situations where we do not incur substantial distribution costs. (12) The rows for each of the D Series Funds in the maximum annual service fee table under the heading Dealer compensation beginning on page 286 are deleted in their entirety and Maximum Annual Service Fee (%) (as applicable) Series A, Series T4, Series T6 and Series M Sales Charge option (Advisor Series, Load Series T4, Series T5, Load Series T6, Series T8, Series NBA and Classic Series are available under the Sales Charge option) Advisor Series, Load Series T4, Series T5, Load Series Series T6 and Classic Deferred Charge options* (Advisor Series, Load Series T4, Series T5, Load Series T6 and Series T8 are available under the Deferred Charge options) Standard Deferred Charge option* Low Load Deferred Charge option Fund Series D NBA Series T8 Series BMO Money Market Fund BMO Diversified Income Portfolio BMO Global Diversified Fund BMO Global Monthly Income Fund BMO Growth & Income Fund BMO Laddered Corporate Bond Fund BMO Monthly Dividend Fund Ltd BMO Mortgage and Short-Term Income 0.15 Fund BMO World Bond Fund BMO Canadian Large Cap Equity Fund BMO Global Growth & Income Fund BMO North American Dividend Fund BMO Global Small Cap Fund

9 - 9 - Maximum Annual Service Fee (%) (as applicable) Series A, Series T4, Series T6 and Series M Sales Charge option (Advisor Series, Load Series T4, Series T5, Load Series T6, Series T8, Series NBA and Classic Series are available under the Sales Charge option) Advisor Series, Load Series T4, Series T5, Load Series Series T6 and Classic Deferred Charge options* (Advisor Series, Load Series T4, Series T5, Load Series T6 and Series T8 are available under the Deferred Charge options) Standard Deferred Charge option* Low Load Deferred Charge option Fund Series D NBA Series T8 Series BMO Precious Metals Fund BMO Resource Fund BMO U.S. Dollar Balanced Fund BMO U.S. Dollar Dividend Fund BMO U.S. Dollar Equity Index Fund BMO U.S. Dollar Money Market Fund BMO U.S. Dollar Monthly Income Fund BMO Asian Growth and Income Class BMO Canadian Equity Class BMO Dividend Class BMO Global Dividend Class BMO Global Energy Class BMO Global Equity Class BMO Global Low Volatility ETF Class BMO Greater China Class BMO International Value Class BMO U.S. Equity Class BMO SelectClass Income Portfolio BMO SelectClass Balanced Portfolio BMO SelectClass Growth Portfolio BMO SelectClass Equity Growth 0.25 Portfolio BMO Income ETF Portfolio Class BMO Balanced ETF Portfolio Class BMO Growth ETF Portfolio Class BMO Equity Growth ETF Portfolio Class BMO LifeStage Plus 2022 Fund BMO LifeStage Plus 2025 Fund BMO LifeStage Plus 2026 Fund BMO LifeStage Plus 2030 Fund BMO FundSelect Income Portfolio BMO FundSelect Balanced Portfolio BMO FundSelect Growth Portfolio BMO FundSelect Equity Growth Portfolio 3. Series G Securities This amendment qualifies for distribution series G securities of each of the G Series Funds. The following technical amendments are made to the Prospectus to reflect this change:

10 (1) Each of the front and back covers of the Prospectus are amended by adding G to the list of series being offered by each of the G Series Funds. (2) Each of the front and back covers of the Prospectus are amended to replace the list of series offered with the following: Offering series A securities, series A (Hedged) securities, series T4 securities, series T5 securities, series T6 securities, series T8 securities, series F securities, series F (Hedged) securities, series F2 securities, series F4 securities, series F6 securities, series D securities, series G securities, series I securities, series O securities, series L securities, series M securities, series N securities, series NBA securities, series NBF securities, series S securities, Advisor Series securities, Advisor Series (Hedged) securities and/or Classic Series securities, as noted. (3) The Series term under the sub-heading A word about special terms on page 6 under the heading Specific information about each of the mutual funds described in this document is deleted in its entirety and Series: Each or collectively, Series A, Series A (Hedged), F Series Securities, Series D, Series G, Series I, Series NBF, Series O, Series L, Series M, Series N, Series S, Series T4 and Series T6 securities of a fund. (4) The Date started row of the Fund details table for each of the G Series Funds (on the pages indicated under paragraph (5) below) is amended by adding the following series G date immediately below the date provided for series D securities: Series G: November 10, 2017 (5) The Management fee row of the Fund details table for each of the G Series Funds (on the pages indicated below) is amended by adding the following series G management fee immediately below the management fee provided for series D securities: Fund Page Management fee BMO Core Bond Fund 14 Series G: 0.60% BMO Core Plus Bond Fund 16 Series G: 0.75% BMO Monthly Income Fund 44 Series G: 0.90% BMO Asset Allocation Fund 60 Series G: 0.85%

11 Fund Page Management fee BMO Dividend Fund 79 Series G: 1.00% BMO Tactical Dividend ETF Fund 107 Series G: 1.00% BMO Fixed Income ETF Portfolio 138 Series G: 0.70% BMO Income ETF Portfolio 140 Series G: 0.70% BMO Conservative ETF Portfolio 143 Series G: 0.70% BMO Balanced ETF Portfolio 146 Series G: 0.75% BMO Growth ETF Portfolio 149 Series G: 0.75% BMO Equity Growth ETF Portfolio 152 Series G: 0.80% (6) For BMO Monthly Income Fund, the second paragraph under the heading Distribution policy on page 46 is deleted in its entirety and replaced with the following: For Series A, Series F, Series D, Series G and Series I securities, the fund distributes monthly any net income and/or ROC. The amount of the monthly distribution for each series is set at the beginning of each calendar year based on the market outlook. (7) For BMO Dividend Fund, the second paragraph under the heading Distribution policy on page 80 is deleted in its entirety and replaced with the following: For Series A, Series F, Series D, Series G, Series I and Advisor Series securities, the fund distributes a fixed amount of net income per security each quarter. Any net income earned by the fund in excess of this quarterly distribution is distributed in December. (8) The following row is added immediately below the row for series D in the table on page 267 under the sub-heading About series of securities under the heading Purchases, switches and redemptions : Series G Available to investors who are a member of a group registered retirement savings plan, group deferred profitsharing plan, group tax-free savings account or pension plan (a Group Plan ) offered by us. We may, at any time and in our sole discretion, make this series available for purchase by investors in other types of group plans. We pay a reduced trailing commission to your dealer in respect of Series G securities, which means we can charge a lower management fee.

12 (9) The following is added immediately after the paragraph under the subsub-heading Through BMO InvestorLine or us for Series D on page 269 under the sub-heading Purchasing funds under the heading Purchases, switches and redemptions : Through us for Series G You can buy Series G securities of the funds through Group Plans offered by us. (10) The sixth paragraph under the sub-heading How the funds are structured on page 271 under the heading Purchases, switches and redemptions is deleted in its entirety and With the exception of Series F and Series I securities of BMO Canadian Large Cap Equity Fund, if you or your dealer are no longer eligible to hold F Series Securities, Series D, Series G, Series I, Series M, Series N, Series NBA, Series NBF, Series O, Series L or Series S securities (as the case may be), we may, in our sole and absolute discretion, switch your F Series Securities, Series D, Series G, Series I, Series M, Series N, Series NBA, Series NBF, Series O, Series L or Series S securities (as applicable) into Series A securities or Advisor Series securities (under the Sales Charge option) of the same fund. If we do any of the above switches, we ll give you at least 30 days notice. If we switch your securities of a fund into securities of another series of the same fund in the circumstances described above, the management fee charged to your new series and the service fee and trailing commissions payable by us to dealers, if any, may be higher than the series that you previously owned. These fees and commissions are set out below under Dealer compensation on page 286. (11) The following is added as the last sentence to the third paragraph of the row titled Management fees on page 280 under the sub-heading Fees and expenses payable by the funds under the heading Fees and expenses : Series G securities have lower management fees than other series since we pay a reduced trailing commission to your dealer on Series G securities. (12) The first paragraph under the sub-heading Service fees on page 286 under the heading Dealer compensation is deleted in its entirety and

13 For certain series of the funds, out of the management fees that we receive, we pay your registered dealer (including discount brokers for securities you purchase through your discount brokerage account) a service fee or trailing commission, calculated daily and paid monthly or quarterly at the option of the dealer. The service fee is a percentage of the average daily value of the securities you hold. The service fee varies by fund and by purchase option. We do not pay service fees on F Series Securities, Series I, Series L, Series N, Series NBF, Series O or Series S securities. The following table provides a summary of the maximum annual service fee we pay to your dealer on Series A, Series D, Series G, T Series Securities, Series NBA, Advisor Series, Classic Series and Series M securities. (13) The rows for each of the G Series Funds in the maximum annual service fee table under the heading Dealer compensation beginning on page 286 are deleted in their entirety and Maximum Annual Service Fee (%) (as applicable) Series A, Series T4, Series T6 and Series M Sales Charge option (Advisor Series, Load Series T4, Series T5, Load Series T6, Series T8, Series NBA and Classic Series are available under the Sales Charge option) Advisor Series, Load Series T4, Series T5, Load Series Series T6 and Classic Deferred Charge options* (Advisor Series, Load Series T4, Series T5, Load Series T6 and Series T8 are available under the Deferred Charge options) Standard Deferred Charge option* Low Load Deferred Charge option Fund Series D Series G NBA Series T8 Series BMO Core Bond Fund BMO Core Plus Bond Fund BMO Monthly Income Fund BMO Asset Allocation Fund BMO Dividend Fund BMO Tactical Dividend ETF Fund BMO Fixed Income ETF Portfolio BMO Income ETF Portfolio BMO Conservative ETF Portfolio BMO Balanced ETF Portfolio BMO Growth ETF Portfolio BMO Equity Growth ETF Portfolio

14 New Fund Risk Classification Methodology This amendment sets out the new standardized risk classification methodology for the Funds recently mandated by the Canadian Securities Administrators. The following technical amendments are made to the Prospectus to reflect this change: (1) The section titled 5. Fund risk classification starting on page 4 of the Prospectus under the heading Specific information about each of the mutual funds described in this document is deleted in its entirety and 5. Fund risk classification We assign an investment risk level to each fund to provide you with further information to help you determine whether a fund is appropriate for you. The methodology we use to determine the investment risk level of a fund for purposes of the disclosure in this simplified prospectus and in a fund s fund facts is required to be determined in accordance with a standardized risk classification methodology that is based on a fund s historical volatility as measured by the 10-year standard deviation of the monthly returns of the fund, assuming the reinvestment of all income and capital gains distributions in additional securities of the fund. However, other types of risk, both measurable and non-measurable, may exist. It is also important to note that a fund s historical volatility may not be indicative of its future volatility. Using this methodology, we will generally assign an investment risk level based on a fund s historical 10-year standard deviation in one of the following categories: Low Low to medium Medium Medium to high High In certain instances, this methodology may produce a result that would require us to assign a lower investment risk level for a fund which we believe may not be indicative of the fund s future volatility. As a result, in addition to using the standardized risk classification methodology described above, we may increase a fund s investment risk level if we determine that to be reasonable in the circumstances by

15 taking into account other qualitative factors including, but not limited to, economic climate, portfolio management styles, sector concentration and types of investments made by the fund and the liquidity of those investments. In addition, if a fund does not have at least 10 years of performance history, and if there is another fund with 10 years of performance history that has the same manager, portfolio manager, investment objectives and investment strategies as the fund, then the return history of the other fund will be used for the remainder of the 10-year period when calculating the standard deviation of the fund. If such a fund does not exist, then the return history of a reference index that reasonably approximates, or in the case of a newly established fund is expected to reasonably approximate, the standard deviation of the fund, will be used for the remainder of the 10-year period when calculating the standard deviation of the fund. In the case of a fund that has a change to its investment objectives, the fund will use its own performance history following the change and use the return history of a reference index that reasonably approximates the standard deviation of the fund for the remainder of the 10-year period. This risk classification may change once the fund has sufficient performance history. The investment risk level and the reference index for each fund are reviewed at least annually and when it is no longer reasonable in the circumstances, such as where there is a material change in a fund s investment objectives and/or investment strategies. These investment risk levels do not necessarily correspond to an investor s risk tolerance assessment. Please consult your financial advisor for advice regarding your personal circumstances. Details about the standardized risk classification methodology used to identify the investment risk level of each fund are available on request, at no cost to you. If you purchased your securities of a fund at a BMO Bank of Montreal branch or through the BMO Investment Centre, you may call us toll free at , write to BMO Investments Inc. at 100 King Street West, 43rd Floor, Toronto, Ontario M5X 1A1 or us at mutualfunds@bmo.com. If you purchased your securities of a fund through a dealer, you may call us toll free at , write to BMO Investments Inc. at 250

16 Change of Investment Risk Level Yonge Street, 7th Floor, Toronto, Ontario M5B 2M8 or us at The investment risk level of BMO Global Small Cap Fund has changed from medium to high to medium, of BMO Conservative ETF Portfolio has changed from low to medium to low and of BMO Greater China Class has changed from high to medium to high. The following technical amendments are made to the Prospectus to reflect these changes: (1) For BMO Global Small Cap Fund, the third bullet below the sub-heading Who should invest in this fund? on page 133 is deleted in its entirety and you are comfortable with medium investment risk (i.e., you are willing to accept fluctuations in the market value of your investment). (2) For BMO Conservative ETF Portfolio, the second bullet below the subheading Who should invest in this fund? on page 144 is deleted in its entirety and you are comfortable with low investment risk (i.e., you are willing to accept some fluctuations in the market value of your investment over the short-term). (3) For BMO Conservative ETF Portfolio, the third paragraph under the subheading Who should invest in this fund? on page 144 is deleted in its entirety and Since the fund does not have a 10-year performance history the fund s risk classification is based on the fund s returns and the return of a blended benchmark index, which reasonably approximates the standard deviation of the fund. Additional information regarding the fund s blended benchmark index is included in its most recently filed annual management report of fund performance. For more information please see Fund risk classification on page 4. (4) For BMO Greater China Class, the fourth bullet below the sub-heading Who should invest in this fund? on page 180 is deleted in its entirety and you are comfortable with medium to high investment risk (i.e., you are willing to accept fluctuations in the market value of your investment).

17 What are your legal rights? Under securities law in some provinces and territories, you have the right to: withdraw from your agreement to buy mutual funds within two business days of receiving the simplified prospectus or fund facts, cancel your purchase within 48 hours of receiving confirmation of your order, or cancel your purchase agreement and get your money back if the simplified prospectus, annual information form, fund facts or financial statements misrepresent any facts about the fund. You may also be entitled to get your money back or make a claim for damages if you have suffered a loss. The time limit to exercise these rights depends on the governing legislation in your province or territory. For more information, refer to the securities legislation of your province or territory or consult your lawyer.