2017 Annual Management Report of Fund Performance

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1 (the Fund ) For the 12-month period ended September 30, (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio manager ) Annual Management Report of Fund Performance This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the Fund. If the annual financial statements of the Fund do not accompany the mailing of this report, you may obtain a copy of the annual financial statements at your request, and at no cost, by calling and , by writing to us at BMO Investments Inc., First Canadian Place, 100 King Street West, 43rd Floor, Toronto, Ontario, M5X 1A1 or by visiting our website at and or SEDAR at You may also contact us using one of these methods to request a copy of the Fund s proxy voting policies and procedures, proxy voting disclosure record and/or quarterly portfolio disclosure. MANAGEMENT DISCUSSION OF FUND PERFORMANCE Investment Objective and Strategies The Fund s objective is to provide a fixed monthly distribution by investing primarily in Canadian and foreign fixed income and equity securities, income trust securities, as well as mutual fund securities. The portfolio manager will invest directly in Canadian equity securities and fixed income securities issued by the federal government, provincial governments, government agencies and corporations. Up to 10 of the Fund s assets may be invested in securities of other mutual funds or exchange traded funds, which may include mutual funds that are managed by the Manager or one of its affiliates. The Fund s underlying mutual funds selected by the portfolio manager will invest primarily in global equity securities and fixed income securities from issuers around the world, including those with a credit rating below BBB, or an equivalent rating as defined by other recognized rating agencies. Risk No changes affecting the overall level of risk associated with investing in the Fund were made during the Period. The risks of the Fund remain as discussed in the Fund s most recent simplified prospectus or any amendments and fund facts. Results of Operations During the Period, the Fund s total net asset value changed from approximately $556 million to approximately $805 million. Series A units of the Fund returned 2.85% versus the Fund s blended benchmark, composed of 27.5% S&P/TSX Composite Total Return Index, 27.5% FTSE TMX Canada Universe Bond Index, 25% MSCI World Index (C$), S&P Global Infrastructure Index (C$) and Bank of America Merrill Lynch U.S. High Yield, BB/B Rated, Constrained Index (C$ hedged), return of 6.42%. Please see the Past Performance section for information on the performance returns of the Fund s other series. During the Period, Donald Trump won the U.S. presidential election. The new administration s pro-growth, pro-business, anti-tax stance increased growth and inflation expectations in the U.S. and globally. Crude oil prices were volatile but rebounded nearly 8% in the fourth quarter of 2016 following the Organization of the Petroleum Exporting Countries announcement of production cuts. Oil prices fell in early March, but rebounded from its lowest level in more than a year to close the third quarter of just under US$52 per barrel. After falling during the fourth quarter of 2016, gold prices rallied more than 8% in the first quarter of, but weakened to below US$1,300 per ounce by the end of the Period. Base metals performed well, posting double-digit returns in some cases, on continued strengthening in global economic growth. The Canadian 10-year government bond yield has rallied since late The outcome of the U.S. presidential election resulted in a sharp increase in North American bond yields on expectations of fiscal spending and tax reforms in the U.S. These changes were expected to result in higher inflation in both Canada and the U.S. However, investors were disappointed by the lack of progress of the new U.S. administration and bond yields slid during the first half of. However, Canada has demonstrated strong economic performance in as gains in employment remained on

2 an upward trajectory and manufacturing activity continued to expand. As a result, the Bank of Canada ( BoC ) changed its cautious tone and raised interest rates twice. In the second quarter, the BoC suggested there was a higher likelihood that the two interest rate cuts implemented in 2015 would be unwound. After the second interest rate increase, however, markets started to price in a more aggressive interest rate trajectory. The Canadian yield curve shifted higher across all maturities, particularly across short-term and mid-term maturities. However, strong economic data helped corporate spreads (i.e., difference in yields), as corporate bonds outperformed government debt. Overall, the Canadian bond market, as measured by the FTSE TMX Canada Universe Bond Index, fell 3. since the end of September During the last half of the Period, global equity markets continued to move higher. Even with a Republican majority in the U.S. Congress, it proved unable to enact policy or tax reform. Despite this, the U.S. economy continued to improve as large-capitalization equities, particularly in the Information Technology sector, posted higher returns. Led by the Information Technology sector, growth-style stocks significantly outperformed value-based stocks. The U.K. market lagged the rest of Europe after Prime Minister May called a snap election, but failed to increase support for her party, leading to some concern over how the country s withdrawal from the European Union would progress. During the third quarter of, European markets were particularly strong as global economic data continued to improve, and political risk subsided following the French and German elections. Emerging markets returns were driven higher as global growth expectations improved. The Fund s duration (i.e., interest rate sensitivity) was lower than that of the benchmark, which contributed to its performance. As interest rates rose, using the 10-year Government of Canada ( GoC ) yield as a guide, approximately one-third of the Fund s interest rate positioning contributed to relative performance. An overweight exposure to the Corporate sector of the bond market was another contributor to performance. Riskier assets like equities performed well in the third quarter, corporate bond spreads narrowed and the Fund s overweight allocation to the sector added to relative performance. Positioning in both corporate bonds and along the yield curve added to the Fund s relative yield. The overlay portion of the Fund detracted from its relative performance. As bond yields in Canada increased, they rose at a faster pace than their counterparts in the U.S. Given their relative economic fundamentals, the portfolio manager believes that the move was overdone and positioned a portion of the Fund in favour of Canada. However, the U.S. bond market outperformed Canada. Therefore, this positioning detracted from the Fund s relative performance. A position in the 10-year GoC bond futures was sold during the Period in order to reduce the Fund s interest rate sensitivity, and to help protect the Fund from the prospect of rising interest rates. The Fund distributes a fixed amount per unit each month, consistent with the Fund s stated objective of providing a stable cash flow to its unitholders. A portion of a distribution may consist of a return of capital. This portion may be significant, and will occur when the income earned by the Fund per unit is less than the fixed amount of the distribution. The Manager confirms that the Fund did not borrow money during the Period. For information on the Fund s performance and composition, please refer to the Past Performance section and Summary of Investment Portfolio section of this report. Recent Developments The portfolio manager expects continued strength from global equity markets, particularly in the U.S. However, short-term markets are likely to stay at current levels given their large performance moves late in The Fund is well positioned for further cyclical recovery in global growth. The portfolio manager recognizes that, given the BoC s tightening of monetary policy and a relatively strong Canadian dollar versus its U.S. counterpart, monetary conditions in Canada are more constrained than a year ago. BoC actions should continue to keep inflation under control and limit the recent upward pressure on interest rates. In this scenario, it is anticipated that growth will remain positive but not as strong as in recent months, and that the BoC will become less hawkish in its monetary policy stance. While growth will not likely be quite as robust as it was previously, and inflation should remain in check, the portfolio manager anticipates that there is still some pressure to push yields modestly higher as investors continue to adjust to the U.S. Federal Reserve Board s scaling back of its quantitative easing program (i.e., monetary policy used by central banks to increase money supply). In this environment, the Fund will likely maintain a duration lower than that of the benchmark. A positive growth environment, with interest rates that are still relatively low and inflation that remains in check, should continue to see risky assets perform well. In this context, it is expected that corporate bond spreads (i.e., the incremental yield on corporate bonds versus GoC bonds of similar maturity) will continue to narrow and outperform

3 GoC benchmarks. With the expectation that corporate bonds will outperform, the Fund s overweight exposure to the Corporate sector will be maintained for the foreseeable future. Subsequent Event Multi-Series Structure Change On November 21,, in addition to the types of units currently available for sale to investors, the Manager launched Series D units. Series D units may only be purchased through discount brokers. RELATED PARTY TRANSACTIONS BMO Investments Inc., an indirect, wholly-owned subsidiary of Bank of Montreal ( BMO ), is the Manager of the Fund. From time to time, the Manager may, on behalf of the Fund, enter into transactions or arrangements with or involving other members of BMO Financial Group, or certain other persons or companies that are related or connected to the Manager (each a Related Party ). The purpose of this section is to provide a brief description of any transaction involving the Fund and a Related Party. Portfolio Manager The Fund s portfolio manager is BMO Asset Management Inc. ( BMOAM ), an affiliate of the Manager. BMOAM provides portfolio management services to the Fund. BMOAM receives from the Fund a management fee based on assets under management, calculated daily and payable monthly. Administration Fee and Operating Expenses The Fund pays a fixed administration fee to the Manager in respect of each series other than Series I. The Manager in return pays the operating expenses of these series of the Fund, other than certain specified expenses that are paid directly by the Fund ( Fund Expenses ). Fund Expenses, include expenses incurred in respect of preparing and distributing fund facts, interest or other borrowing expenses, all reasonable costs and expenses incurred in relation to compliance with NI , including compensation and expenses payable to the Fund s Independent Review Committee ( IRC ) members, taxes to which the Fund is or might be subject, and costs associated with compliance with any new governmental or regulatory requirement introduced after December 1, Fund Expenses are allocated proportionately among the relevant series. If the Fund Expenses are specific to a series, the Fund Expenses are allocated to that series. The fixed administration fee is calculated as a fixed annual percentage of the average net asset value of each relevant series of the Fund. Separate fees and expenses are negotiated and paid by each Series I investor. Further details about the fixed administration fee and/or Fund Expenses can be found in the Fund s most recent simplified prospectus at and or Buying and Selling Securities Investments in Bank of Montreal Common Shares or Preferred Shares, Investments in Bank of Montreal Debt Securities in the Secondary Market, Investing in Bank of Montreal Debt Securities in a Primary Offering, Related-Party Underwritings, Trades in Debt Securities with a Related Entity, Trading as Principal and Conducting Inter-Fund Trades During the Period, the Manager relied on an approval and standing instruction provided by the Fund s IRC with respect to the following related party transactions: (a) investments in common shares or preferred shares of BMO, an affiliate of the Manager; (b) investments in debt securities of BMO, an affiliate of the Manager, in the secondary market; (c) investments in debt securities of BMO, an affiliate of the Manager, in a primary offering; (d) investments in a class of non-government debt securities and/or equity securities of an issuer during the period of distribution of those securities to the public and/or the 60-day period following the distribution period where BMO Nesbitt Burns Inc., an affiliate of the Manager, acted as an underwriter in the distribution; (e) trades in debt securities in the secondary market with BMO Nesbitt Burns Inc. who is trading with the Fund as principal; and (f) inter-fund trades (each, a Related Party Transaction ). In accordance with the IRC s approval and standing instruction, in making a decision to cause the Fund to make a Related Party Transaction, the Manager and portfolio manager of the Fund, are required to comply with the Manager s written policies and procedures governing the Related Party Transaction and report periodically to the IRC, describing each instance that the Manager relied on the approval and standing instruction and its compliance or non-compliance with the governing policies and procedures. The governing policies and procedures are designed to ensure the Related Party Transaction (i) is made free from any influence of BMO, BMO Nesbitt Burns Inc. or an associate or affiliate of BMO and/or BMO Nesbitt Burns Inc. and without taking into account any considerations relevant to BMO, BMO Nesbitt Burns Inc. or an associate or affiliate of BMO and/or BMO Nesbitt Burns Inc., (ii) represents the business judgment of the Manager, uninfluenced by considerations other than the best interests of the Fund, and (iii) achieves a fair and reasonable result for the Fund.

4 Brokerage Commissions The Fund pays standard brokerage commissions at market rates to BMO Nesbitt Burns Inc., an affiliate of the Manager, for executing a portion of its trades. The brokerage commissions charged to the Fund (excluding exchange and other fees) during the periods indicated, were as follows: Period ended Period ended Sep. 30, Sep. 30, 2016 $000 $000 Total brokerage commissions $ Brokerage commissions paid to BMO Nesbitt Burns Inc. $ 5 1 Distribution Services The Manager markets and distributes the Fund through Bank of Montreal branches and/or (depending on the series) through registered dealers and brokers, including BMO InvestorLine Inc. and BMO Nesbitt Burns Inc., both affiliates of the Manager. The Manager pays to these affiliates a service fee called a trailing commission based on the average daily value of the units and/or shares that are held in investor accounts. This service fee is paid monthly or quarterly and varies by purchase option and by series. Management Fees The Manager is responsible for the day-to-day management of the business and operations of the Fund. The Manager monitors and evaluates the Fund s performance, pays for the investment advice provided by the Fund s portfolio manager and provides certain administrative services required by the Fund. As compensation for its services, the Manager is entitled to receive a management fee payable monthly, calculated based on the daily net asset value of each series of the Fund at the maximum annual rate set out in the table below. As a Percentage of Management Fees General Maximum Annual Administration, Management Dealer Investment Fee Rate* Compensation Advice and Profit % % % Series A Units Advisor Series Units Series T5 Units Series T6 Units Series T8 Units Series F Units Series I Units Series R Units FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the periods indicated. The Fund s Net Assets per Unit (1) Series A Units Net assets, beginning of period $ Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ From capital gains $ Return of capital $ Total Annual Distributions (4) $ Net assets, end of period $ Advisor Series Units 2016) Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ 0.03 From capital gains $ 0.02 Return of capital $ Total Annual Distributions (4) $ Net assets, end of period $ * For Series I Units, separate Series I fees are negotiated and paid by each Series I investor. Since the Manager pays no distribution, service or trailing fees on Series I Units, the combined management and administrative fees for Series I Units will not exceed the management fee charged for Series A Units.

5 Series T5 Units 2016) Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ 0.08 From dividends $ 0.03 From capital gains $ 0.02 Return of capital $ Total Annual Distributions (4) $ Net assets, end of period $ Series T6 Units (6) 2013) Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ From capital gains $ Return of capital $ Total Annual Distributions (4) $ Net assets, end of period $ Series T8 Units Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ From capital gains $ 0.02 Return of capital $ Total Annual Distributions (4) $ Net assets, end of period $ Series F Units Net assets, beginning of period $ )* Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ From capital gains $ 0.02 Return of capital $ Total Annual Distributions (4) $ Net assets, end of period $ ) 2016)

6 Series I Units Net assets, beginning of period $ Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ From capital gains $ Return of capital $ Total Annual Distributions (4) $ Net assets, end of period $ Series R Units (5) 2013) Net assets, beginning of period $ * Total revenue $ Total expenses (2) $ for the period $ for the period $ from operations (3) $ (excluding dividends) $ From dividends $ From capital gains $ Return of capital $ Total Annual Distributions (4) $ Net assets, end of period $ * Initial net assets. (1) This information is derived from the Fund s audited financial statements. The financial information presented for the periods ended September 30,, September 30, 2016, September 30, 2015 and September 30, 2014 is derived from the financial statements determined in accordance with IFRS. Information for periods prior to October 1, 2013 is derived from prior period financial statements prepared in accordance with Canadian GAAP. (2) Includes commissions and other portfolio transaction costs. Prior to October 1, 2013, withholding taxes were not included in expenses as they were included in revenue. (3) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted average number of units outstanding over the financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. (4) Distributions were either paid in cash or reinvested in additional units of the Fund, or both. The allocation of the distributions from each of income, dividends, capital gains and return of capital is based on the Manager s estimate as at September 30 of the period shown, which is the Fund s financial year-end. However, the actual allocation of distributions is determined as at December 15, the Fund s tax year-end. Accordingly, the actual allocation among income, dividends, capital gains and return of capital may differ from these estimates. (5) The information shown in this column is for the period beginning March 8, 2013 (the series inception date) and ending September 30, (6) The information shown in this column is for the period beginning March 28, 2013 (the series inception date) and ending September 30, The information shown in this column is for the period beginning August 26, 2016 (the series inception date) and ending September 30, Ratios and Supplemental Data Series A Units Total net asset value (000 s) (1) $ 545, , , , ,021 outstanding (000 s) (1) 80,574 71,238 70,837 71,838 69,736 (2) % before waivers or absorptions % Trading expense ratio (3) % Portfolio turnover rate (4) % Net asset value per unit $ Advisor Series Units Total net asset value (000 s) (1) $ 157,467 1 outstanding (000 s) (1) 15,931 0 (2) % before waivers or absorptions % Trading expense ratio (3) % Portfolio turnover rate (4) % Net asset value per unit $ Series T5 Units Total net asset value (000 s) (1) $ 3, outstanding (000 s) (1) (2) % before waivers or absorptions % Trading expense ratio (3) % Portfolio turnover rate (4) % Net asset value per unit $ Series T6 Units 2016) 2016) (6) ) Total net asset value (000 s) (1) $ 25,408 11,191 14,681 13,573 11,914 outstanding (000 s) (1) 2,553 1,087 1,399 1,276 1,203 (2) % before waivers or absorptions % Trading expense ratio (3) % Portfolio turnover rate (4) % Net asset value per unit $

7 Series T8 Units 2016) Total net asset value (000 s) (1) $ 4,759 1 outstanding (000 s) (1) (2) % before waivers or absorptions % Trading expense ratio (3) % Portfolio turnover rate (4) % Net asset value per unit $ Series F Units Total net asset value (000 s) (1) $ 24, outstanding (000 s) (1) 2, (2) % before waivers or absorptions % Trading expense ratio (3) % Portfolio turnover rate (4) % Net asset value per unit $ Series I Units 2016) Total net asset value (000 s) (1) $ 2, ,023 4,564 3,582 outstanding (000 s) (1) % before waivers or absorptions + % 0.02 Trading expense ratio (3) % Portfolio turnover rate (4) % Net asset value per unit $ Series R Units (5) 2013) Total net asset value (000 s) (1) $ 42,058 53,115 62,286 74,542 76,252 outstanding (000 s) (1) 7,506 8,864 9,847 11,364 12,193 (2) % before waivers or absorptions % Trading expense ratio (3) % Portfolio turnover rate (4) % Net asset value per unit $ Operating expenses are paid by BMOII and management fees are paid directly to BMOII as negotiated with the investor. (1) This information is provided as at September 30 of the period shown, as applicable. (2) is based on total expenses (excluding commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. (4) The Fund s portfolio turnover rate indicates how actively the Fund s portfolio manager manages its portfolio investments. A portfolio turnover rate of 10 is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund. (5) The information shown in this column is for the period beginning March 8, 2013 (the series inception date) and ending September 30, (6) The information shown in this column is for the period beginning March 28, 2013 (the series inception date) and ending September 30, The information shown in this column is for the period beginning August 26, 2016 (the series inception date) and ending September 30, PAST PERFORMANCE The Fund s performance information assumes that all distributions made by the Fund in the periods shown were used to purchase additional securities of the Fund and is based on the net asset value of the Fund. The performance information does not take into account sales, redemption, distribution or other optional charges that, if applicable, would have reduced returns or performance. Please remember that how the Fund has performed in the past does not indicate how it will perform in the future. The returns of each series may differ from one another for a number of reasons, including if the series was not issued and outstanding for the entire reporting period and because of the different levels of management fees and expenses allocated and payable by each series. On July 15, 2016, the administration fee applicable to the Fund was lowered from 0.25% to 0.. On October 14, 2016, after obtaining all necessary unitholder and regulatory approvals, BMO Canadian Diversified Monthly Income Fund merged into the Fund. These changes could have affected the performance of the Fund had they been in effect throughout the performance measurement periods presented. Year-by-Year Returns The following bar charts show the performance of each series of the Fund for each of the financial years shown. The charts show in percentage terms how an investment made on the first day of each financial year would have increased or decreased by the last day of each financial year. Series A Units

8 Advisor Series Units Series F Units (4) (4) Series T5 Units Series I Units (4) (1) Series T6 Units Series R Units Series T8 Units 2013 (3) (2) (1) For the period beginning with the performance launch date of May 10, 2010 to September 30, (2) For the period beginning with the performance launch date of March 11, 2013 to September 30, (3) For the period beginning with the performance launch date of April 1, 2013 to September 30, (4) For the period beginning with the performance launch date of August 29, 2016 to September 30, (4)

9 Annual Compound Returns This table compares the historical annual compound returns of the Fund with its blended benchmark (composed of 27.5% S&P/TSX Composite Total Return Index ( S&P/TSX ), 27.5% FTSE TMX Canada Universe Bond Index, 25% MSCI World Index (C$), S&P Global Infrastructure Index (C$) and Bank of America Merrill Lynch ( BOAML ) U.S. High Yield, BB/B Rated, Constrained Index (C$ hedged)), in addition to the S&P/TSX, a broad-based index. The BOAML U.S. High Yield BB/B Rated, Constrained Index (C$ hedged) contains all securities in the BOAML U.S. High Yield Index rated BB1 through B3, based on an average of Moody s, S&P and Fitch, but caps issuer exposure at 2%. The FTSE TMX Canada Universe Bond Index is a broad measure of the total return of Canadian bonds that mature in more than one year. The S&P/TSX reflects the price movements of selected securities listed on the Toronto Stock Exchange and weighted by market capitalization. The MSCI World Index (C$) measures the total return of equity securities available in developed markets globally. The S&P Global Infrastructure Total Return Index (C$) provides total return of equities, liquid and tradable exposure to 75 companies from around the world that represent the listed infrastructure universe. Series A Units year years years years Inception BMO Diversified Income Portfolio % Blended Benchmark % S&P/TSX % Advisor Series Units year years years years Inception (4) BMO Diversified Income Portfolio % Blended Benchmark % S&P/TSX % Series T5 Units year years years years Inception (4) BMO Diversified Income Portfolio % Blended Benchmark % S&P/TSX % Series T6 Units year years years years Inception (3) BMO Diversified Income Portfolio % Blended Benchmark % S&P/TSX % Series T8 Units year years years years Inception (4) BMO Diversified Income Portfolio % Blended Benchmark % S&P/TSX % Series F Units year years years years Inception (4) BMO Diversified Income Portfolio % Blended Benchmark % S&P/TSX % Series I Units year years years years Inception (1) BMO Diversified Income Portfolio % Blended Benchmark % S&P/TSX % Series R Units year years years years Inception (2) BMO Diversified Income Portfolio % Blended Benchmark % S&P/TSX % (1) Return from the performance launch date of May 10, 2010 to September 30,. (2) Return from the performance launch date of March 11, 2013 to September 30,. (3) Return from the performance launch date of April 1, 2013 to September 30,. (4) Return from the performance launch date of August 29, 2016 to September 30,. As noted above, the table shows a comparison of the historical annual compound returns of the Fund with the S&P/TSX, a broad-based index. The Fund, however, uses a blended benchmark to compare its overall relative performance. The reason for this is that the blended benchmark is a better reflection of the asset mix of the underlying investments within the Fund s portfolio. Accordingly, the blended benchmark is a more accurate and useful comparison. A commentary on the market and/or information regarding the relative performance of the Fund as compared to its benchmark can be found under the Results of Operations section of this report.

10 SUMMARY OF INVESTMENT PORTFOLIO As at September 30, % of Net Portfolio Allocation Asset Value Bonds and Debentures 30.2 Canadian Equities 23.5 U.S. Equities 15.5 International Equities 13.7 Fixed Income Fund 8.2 Global Equity Fund 6.9 Cash/Receivables/Payables 1.2 Money Market Investments 0.8 Total Portfolio Allocation % of Net Top 25 Holdings Asset Value Issuer BMO U.S. High Yield Bond Fund, Series I BMO Global Infrastructure Index ETF+ 6.9 Government of Canada, 0.75 May 1, Government of Canada, 0.50 Feb 1, Toronto-Dominion Bank, The, 2.2 Royal Bank of Canada 2.0 Bank of Nova Scotia, The, 1.8 Province of Ontario, Unsecured, 2.60 Jun 2, Province of Quebec, Unsecured, 3.50 Dec 1, Enbridge Inc. 1.4 Canadian National Railway Company 1.3 Brookfield Asset Management Inc., Class A 1.2 Cash/Receivables/Payables 1.2 Province of Ontario, Unsecured, 2.90 Dec 2, Microsoft Corporation 1.1 Visa Inc., Class A 0.9 Province of Ontario, Unsecured, 2.80 Jun 2, Manulife Financial Corporation 0.9 Government of Canada, Unsecured, 0.50 Mar 1, Brookfield Infrastructure Partners L.P. 0.8 Intact Financial Corporation 0.8 JPMorgan Chase & Co. 0.8 TransCanada Corporation 0.7 Franco-Nevada Corporation 0.7 Waste Connections, Inc. 0.7 Top Holdings as a Percentage of Total Net Asset Value 46.1 Total Net Asset Value $805,324,682 +The prospectus and other information about the underlying exchange traded fund held in the portfolio are available on the internet at and, also at ++The prospectus and other information about the underlying investment fund held in the portfolio are available on the internet at and, also at and The summary of investment portfolio may change due to the Fund s ongoing portfolio transactions. Updates are available quarterly.

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