BMO Mutual Funds Simplified Prospectus as at May 24, 2024

BMO Security Funds

BMO Money Market Fund

(series A, F, I, M, ETF Series and Advisor Series)

BMO Income Funds

BMO Aggregate Bond ETF Fund

(series A, F, I and Advisor Series)

BMO Concentrated Global Balanced Fund

(series A, T6, F, F (Hedged), F6, I,

Advisor Series and Advisor Series (Hedged))

BMO Core Bond Fund

(series A, F, G, I and Advisor Series)

BMO Core Plus Bond Fund

(series A, F, G, I, ETF Series and Advisor Series)

BMO Corporate Bond ETF Fund

(series A, F, I and Advisor Series)

BMO Crossover Bond Fund

(series A, F, I and Advisor Series)

BMO Diversified Income Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO Emerging Markets Bond Fund

(series A, F, I, I (Unhedged) and Advisor Series)

BMO Global Monthly Income Fund

(series A, T6, F and F6)

BMO Global Strategic Bond Fund

(series A, F, I, ETF Series and Advisor Series)

BMO Growth & Income Fund

(series T8, F, F6, Advisor Series

and Classic Series)

BMO Monthly Dividend Fund Ltd.*

(series F, Advisor Series and Classic Series)

BMO Monthly High Income Fund II

(series A, T5, T8, F, F6, I and Advisor Series)

BMO Monthly Income Fund

(series A, T6, F, F6, G and I)

BMO Mortgage and Short-Term Income Fund

(series A, F, I and Advisor Series)

BMO Strategic Fixed Income Yield Fund

(series A, F, I and Advisor Series)

BMO Sustainable Bond Fund

(series A, F, I and Advisor Series)

BMO Sustainable Global Multi-Sector Bond Fund

(series A, F, I, ETF Series and Advisor Series)

BMO Ultra Short-Term Bond ETF Fund

(series A, F, I and Advisor Series)

BMO U.S. Corporate Bond Fund

(series A, F, I and Advisor Series)

BMO U.S. High Yield Bond Fund

(series A, F, I, BMO Private U.S. High Yield

Bond Fund Series O and Advisor Series)

BMO World Bond Fund

(series A, F, I and Advisor Series)

BMO Growth Funds

BMO ARK Genomic Revolution Fund

(series A, F, I, ETF Series and Advisor Series)

BMO ARK Innovation Fund

(series A, F, I, ETF Series and Advisor Series)

BMO ARK Next Generation Internet Fund

(series A, F, I, ETF Series and Advisor Series)

BMO Asian Growth and Income Fund

(series A, T6, F, F6, I and Advisor Series)

BMO Asset Allocation Fund

(series A, T6, F, F6, G, I and Advisor Series)

BMO Brookfield Global Real Estate Tech Fund

(series A, T6, F, F (Hedged), F6, I, ETF Series,

Advisor Series and Advisor Series (Hedged))

BMO Brookfield Global Renewables

Infrastructure Fund

(series A, T6, F, F (Hedged), F6, I, ETF Series,

Advisor Series and Advisor Series (Hedged))

BMO Canadian Banks ETF Fund

(series A, T6, F, F6, I and Advisor Series)

BMO Canadian Equity ETF Fund

(series A, F, G and I)

BMO Canadian Equity Fund

(series A, F, I and Advisor Series)

BMO Canadian Income & Growth Fund

(series A, T6, F, F6, I and Advisor Series)

BMO Canadian Smart Alpha Equity Fund

(series A, T5, F, F6, I and Advisor Series)

BMO Canadian Stock Selection Fund

(series A, F, I, NBA, NBF and Advisor Series)

BMO Concentrated Global Equity Fund

(series A, T6, F, F (Hedged) F6, I,

Advisor Series and Advisor Series (Hedged))

BMO Covered Call Canada High Dividend ETF Fund

(series A, F, I and Advisor Series)

BMO Covered Call Canadian Banks ETF Fund

(series A, F, I and Advisor Series)

BMO Covered Call Energy ETF Fund

(series A, F, I and Advisor Series)

BMO Covered Call Europe High Dividend ETF Fund

(series A, F, I and Advisor Series)

BMO Covered Call U.S. High Dividend ETF Fund

(series A, F, I and Advisor Series)

BMO Covered Call Utilities ETF Fund

(series A, F, I and Advisor Series)

BMO Dividend Fund

(series A, T6, F, F6, G, I and Advisor Series)

BMO European Fund

(series A, F, I and Advisor Series)

BMO Global Climate Transition Fund

(series A, F, I and Advisor Series)

BMO Global Dividend Fund

(series A, T6, F, F6, I and Advisor Series)

BMO Global Dividend Opportunities Fund

(series A, T5, F, I, Active ETF Series

and Advisor Series)

BMO Global Enhanced Income Fund

(series A, T6, F, F6, I, ETF Series

and Advisor Series)

BMO Global Equity Fund

(series A, T6, F, F6, I, Active ETF Series

and Advisor Series)

BMO Global Health Care Fund

(series A, F, I, Active ETF Series

and Advisor Series)

BMO Global Income & Growth Fund

(series A, T6, F, F6, I and Advisor Series)

BMO Global Infrastructure Fund

(series A, F, I, Active ETF Series

and Advisor Series)

BMO Global Innovators Fund

(series A, T6, F, F6, I, Active ETF Series

and Advisor Series)

BMO Global Low Volatility ETF Fund

(series A, T6, F, F6, I and Advisor Series)

BMO Global Quality ETF Fund

(series A, T6, F, F6, I and Advisor Series)

BMO Global REIT Fund

(series A, F, I, Active ETF Series

and Advisor Series)

BMO Greater China Fund

(series A, F, I and Advisor Series)

BMO Growth Opportunities Fund

(series A, F, I and Advisor Series)

BMO International Equity ETF Fund

(series A, F, G and I)

BMO International Equity Fund

(series A, F, I and Advisor Series)

BMO International Value Fund

(series A, F, I, N and Advisor Series)

BMO Japan Fund

(series A, F, I and Advisor Series)

BMO Low Volatility Canadian Equity ETF Fund

(series A, T4, F, F4, I and Advisor Series)

BMO Low Volatility U.S. Equity ETF Fund

(series A, T4, F, F4, I and Advisor Series)

BMO Multi-Factor Equity Fund

(series A, F, I and Advisor Series)

BMO Nasdaq 100 Equity ETF Fund

(series A, F and I)

BMO North American Dividend Fund

(series A, T6, F, F6, I and Advisor Series)

BMO Premium Yield ETF Fund

(series A, F, I and Advisor Series)

BMO SIA Focused Canadian Equity Fund

(series A, F, I, ETF Series and Advisor Series)

BMO SIA Focused North American Equity Fund

(series A, F, I, S, ETF Series and Advisor Series)

BMO Strategic Equity Yield Fund

(series A, F, I and Advisor Series)

BMO Sustainable Global Balanced Fund

(series A, F, I and Advisor Series)

BMO Sustainable Opportunities

Canadian Equity Fund

(series A, F, I, BMO Private Sustainable

Opportunities Canadian Equity Fund Series O

and Advisor Series)

BMO Sustainable Opportunities Global Equity Fund

(series A, F, I, BMO Private Sustainable

Opportunities Global Equity Fund Series O,

Series S and Advisor Series)

BMO Tactical Balanced ETF Fund

(series A, F, G, I and Advisor Series)

BMO Tactical Dividend ETF Fund

(series A, T6, F, F6, G, I, ETF Series

and Advisor Series)

BMO Tactical Global Asset Allocation ETF Fund

(series A, T4, F, F4, I and Advisor Series)

BMO Tactical Global Equity ETF Fund

(series A, T6, F, F6, I, S and Advisor Series)

BMO Tactical Global Growth ETF Fund

(series A, F, I, and Advisor Series)

BMO U.S. All Cap Equity Fund

(series A, F, I, ETF Series and Advisor Series)

BMO U.S. Dividend Fund

(series A, F, I and Advisor Series)

BMO U.S. Equity ETF Fund

(series A, F, G and I)

*A mutual fund corporation offering shares.

Fund’s investment objective references responsible investment.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

(Fund list continues on inside cover)

May 24, 2024

BMO Mutual Funds

Simplified Prospectus

(Fund list continued from outside cover)

BMO U.S. Equity Fund

(series A, A (Hedged), F, F (Hedged), I, N,

Advisor Series, Advisor Series (Hedged)

and Classic Series)

BMO U.S. Equity Growth MFR Fund

(series A, F, I, ETF Series and Advisor Series)

BMO U.S. Equity Plus Fund

(series A, F, I and Advisor Series)

BMO U.S. Equity Value MFR Fund

(series A, F, I, ETF Series and Advisor Series)

BMO Women in Leadership Fund

(series A, F, I, ETF Series and Advisor Series)

BMO Equity Growth Funds

BMO Canadian Small Cap Equity Fund

(series A, F, I and Advisor Series)

BMO Clean Energy ETF Fund

(series A, F and I)

BMO Emerging Markets Fund

(series A, F, I and Advisor Series)

BMO Global Energy Fund

(series A, F, I and Advisor Series)

BMO Global Small Cap Fund

(series A, F, I and Advisor Series)

BMO Precious Metals Fund

(series A, F, I and Advisor Series)

BMO Resource Fund

(series A, F, I and Advisor Series)

BMO U.S. Small Cap Fund

(series A, F, I and Advisor Series)

BMO ETF Portfolios

BMO Fixed Income ETF Portfolio

(series A, T6, F, F2, G, I and Advisor Series)

BMO Income ETF Portfolio

(series A, T6, F, F2, F4, F6, G, I

and Advisor Series)

BMO Conservative ETF Portfolio

(series A, T6, F, F2, F6, G, I

and Advisor Series)

BMO Balanced ETF Portfolio

(series A, T6, F, F2, F4, F6, G, I

and Advisor Series)

BMO Growth ETF Portfolio

(series A, T6, F, F2, F6, G, I

and Advisor Series)

BMO Equity Growth ETF Portfolio

(series A, T6, F, F6, G, I

and Advisor Series)

BMO U.S. Dollar Funds

BMO USD Income ETF Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO USD Conservative ETF Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO USD Balanced ETF Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO U.S. Dollar Balanced Fund

(series A, F, I and Advisor Series)

BMO U.S. Dollar Dividend Fund

(series A, F, I and Advisor Series)

BMO U.S. Dollar Equity Index Fund

(series A and F)

BMO U.S. Dollar Money Market Fund

(series A, F, I, 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, F6 and Advisor Series)

BMO Managed Portfolios

BMO Managed Income Portfolio

(series A, F and Advisor Series)

BMO Managed Conservative Portfolio

(series A, F and Advisor Series)

BMO Managed Balanced Portfolio

(series A, F, NBA and Advisor Series)

BMO Managed Growth Portfolio

(series A, F, NBA and Advisor Series)

BMO Managed Equity Growth Portfolio

(series A, F, NBA and Advisor Series)

BMO SelectTrust

Portfolios

BMO SelectTrust

Fixed Income Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO SelectTrust

Income Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO SelectTrust

Conservative Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO SelectTrust

Balanced Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO SelectTrust

Growth Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO SelectTrust

Equity Growth Portfolio

(series A, T6, F, F6, I and Advisor Series)

BMO Target Education Portfolios

BMO Target Education Income Portfolio

(series A and F)

BMO Target Education 2025 Portfolio

(series A and F)

BMO Target Education 2030 Portfolio

(series A and F)

BMO Target Education 2035 Portfolio

(series A and F)

BMO Target Education 2040 Portfolio

(series A and F)

BMO Retirement Portfolios

BMO Retirement Income Portfolio

(series A, T4, T6, F, F4, F6, G, I

and Advisor Series)

BMO Retirement Conservative Portfolio

(series A, T4, T6, F, F4, F6, G, I

and Advisor Series)

BMO Retirement Balanced Portfolio

(series A, T4, T6, F, F4, F6, G, I

and Advisor Series)

BMO Risk Reduction Funds

BMO Risk Reduction Fixed Income Fund

(series I)

BMO Risk Reduction Equity Fund

(series F and I)

BMO Ascent

Portfolios

BMO Ascent

Income Portfolio

(series A, T6, F and F6)

BMO Ascent

Conservative Portfolio

(series A, T6, F and F6)

BMO Ascent

Balanced Portfolio

(series A, T6, F and F6)

BMO Ascent

Growth Portfolio

(series A, T6, F and F6)

BMO Ascent

Equity Growth Portfolio

(series A, T6, F and F6)

BMO Sustainable Portfolios

BMO Sustainable Income Portfolio

(series A, T6, F, F6, G, I and Advisor Series)

BMO Sustainable Conservative Portfolio

(series A, T6, F, F6, G, I and Advisor Series)

BMO Sustainable Balanced Portfolio

(series A, T6, F, F6, G, I and Advisor Series)

BMO Sustainable Growth Portfolio

(series A, T6, F, F6, G, I and Advisor Series)

BMO Sustainable Equity Growth Portfolio

(series A, T6, F, F6, G, I and Advisor Series)

BMO Alternative Mutual Fund

BMO Inflation Opportunities Fund

(series A, F, I and Advisor Series)

Fund’s investment objective references responsible investment.

®/™ Registered trademarks/trademark of Bank of Montreal, used under licence.

The BMO Mutual Funds in this simplified prospectus are offered by BMO Investments Inc.

BMO ARK Genomic Revolution Fund, BMO ARK Innovation Fund, BMO ARK Next Generation Internet Fund, BMO Brookfield Global Real Estate Tech Fund,

BMO Brookfield Global Renewables Infrastructure Fund, BMO Core Plus Bond Fund, BMO Global Dividend Opportunities Fund, BMO Global Enhanced Income

Fund, BMO Global Equity Fund, BMO Global Health Care Fund, BMO Global Infrastructure Fund, BMO Global Innovators Fund, BMO Global REIT Fund,

BMO Global Strategic Bond Fund, BMO Money Market Fund, BMO SIA Focused Canadian Equity Fund, BMO SIA Focused North American Equity Fund,

BMO Sustainable Global Multi-Sector Bond Fund, BMO Tactical Dividend ETF Fund, BMO U.S. All Cap Equity Fund, BMO U.S. Equity Growth MFR Fund,

BMO U.S. Equity Value MFR Fund and BMO Women in Leadership Fund issue, or will issue, ETF Series securities directly to Designated Brokers and ETF

Dealers (as both such terms are hereinafter defined). BMO Nesbitt Burns Inc., an affiliate of BMO Investments Inc., acts or will act as a Designated Broker

and an ETF Dealer for the ETF Series securities of these funds.

The ETF Series securities of BMO ARK Genomic Revolution Fund, BMO ARK Innovation Fund, BMO ARK Next Generation Internet Fund, BMO Brookfield

Global Real Estate Tech Fund, BMO Brookfield Global Renewables Infrastructure Fund, BMO Core Plus Bond Fund, BMO Global Strategic Bond Fund, BMO

Money Market Fund, BMO SIA Focused Canadian Equity Fund, BMO SIA Focused North American Equity Fund, BMO Sustainable Global Multi-Sector Bond

Fund, BMO Tactical Dividend ETF Fund, BMO U.S. All Cap Equity Fund and BMO Women in Leadership Fund are currently listed on the TSX and are offered on

a continuous basis. An investor can buy or sell ETF Series securities of these funds on the TSX through registered brokers and dealers in the province or

territory where the investor resides. Investors may incur customary brokerage commissions in buying or selling the ETF Series securities of these funds.

The manager on behalf of each of BMO ARK Genomic Revolution Fund, BMO ARK Innovation Fund and BMO ARK Next Generation Internet Fund

(collectively, the “Migrating Funds”) has applied to list the ETF Series securities of the Migrating Funds on Cboe Canada. Listing is subject to the approval

of Cboe Canada in accordance with its original listing requirements. Cboe Canada has conditionally approved the listing of the ETF Series securities of the

Migrating Funds on Cboe Canada. Subject to satisfying Cboe Canada’s original listing requirements, the ETF Series securities of the Migrating Funds will be

listed on Cboe Canada and offered on a continuous basis on or about June 13, 2024, and an investor will be able to buy or sell these ETF Series securities

on Cboe Canada through registered brokers and dealers in the province or territory where the investor resides. Investors may incur customary brokerage

commissions in buying or selling the ETF Series securities.

No underwriter has been involved in the preparation of this simplified prospectus or has performed any review or independent due diligence of

the contents of this simplified prospectus.

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

The funds and the securities of the funds offered under this simplified prospectus are not registered with the United States Securities and

Exchange Commission and they are sold in the United States only in reliance on exemptions from registration.

Introduction 1

Responsibility for mutual fund administration 5

Valuation of portfolio securities 39

Calculation of net asset value 41

Purchases, switches and redemptions 43

Optional Services 60

Fees and Expenses 65

Income tax considerations 85

What are your legal rights? 90

Additional Information 90

Exemptions and approvals 91

Certificate of the Trust Funds and the Manager

and Promoter of the Trust Funds 92

Certificate of BMO Monthly Dividend Fund Ltd.

and the Manager and Promoter 94

Certificate of the Principal Distributor

(Series A, Series A (Hedged) and Series G securities only) 95

Certificate of the Principal Distributor

(Series NBA and Series NBF securities only) 97

Specific information about each of the mutual funds

described in this document 98

What is a mutual fund and what are the risks

of investing in a mutual fund? 98

Investment restrictions 110

Description of securities offered 115

Name, formation and history of the funds 118

Investment risk classification methodology 126

A guide to using the fund descriptions 136

BMO Security Funds

BMO Money Market Fund 141

BMO Income Funds

BMO Aggregate Bond ETF Fund 143

BMO Concentrated Global Balanced Fund 145

BMO Core Bond Fund 148

BMO Core Plus Bond Fund 150

BMO Corporate Bond ETF Fund 153

BMO Crossover Bond Fund 155

BMO Diversified Income Portfolio 157

BMO Emerging Markets Bond Fund 160

BMO Global Monthly Income Fund 162

BMO Global Strategic Bond Fund 164

BMO Growth & Income Fund 167

BMO Monthly Dividend Fund Ltd. 169

BMO Monthly High Income Fund II 171

BMO Monthly Income Fund 173

BMO Mortgage and Short-Term Income Fund 176

BMO Strategic Fixed Income Yield Fund 180

BMO Sustainable Bond Fund 182

BMO Sustainable Global Multi-Sector Bond Fund 184

BMO Ultra Short-Term Bond ETF Fund 187

BMO U.S. Corporate Bond Fund 189

BMO U.S. High Yield Bond Fund 191

BMO World Bond Fund 193

BMO Growth Funds

BMO ARK Genomic Revolution Fund 195

BMO ARK Innovation Fund 197

BMO ARK Next Generation Internet Fund 199

BMO Asian Growth and Income Fund 201

BMO Asset Allocation Fund 203

BMO Brookfield Global Real Estate Tech Fund 206

BMO Brookfield Global Renewables Infrastructure Fund 209

BMO Canadian Banks ETF Fund 212

BMO Canadian Equity ETF Fund 214

BMO Canadian Equity Fund 216

BMO Canadian Income & Growth Fund 218

BMO Canadian Smart Alpha Equity Fund 220

BMO Canadian Stock Selection Fund 222

BMO Concentrated Global Equity Fund 224

BMO Covered Call Canada High Dividend ETF Fund 227

BMO Covered Call Canadian Banks ETF Fund 230

BMO Covered Call Energy ETF Fund 233

BMO Covered Call Europe High Dividend ETF Fund 236

BMO Covered Call U.S. High Dividend ETF Fund 239

BMO Covered Call Utilities ETF Fund 242

BMO Dividend Fund 245

BMO European Fund 247

BMO Global Climate Transition Fund 249

BMO Global Dividend Fund 251

BMO Global Dividend Opportunities Fund 253

BMO Global Enhanced Income Fund 256

BMO Global Equity Fund 258

BMO Global Health Care Fund 261

BMO Global Income & Growth Fund 263

BMO Global Infrastructure Fund 265

BMO Global Innovators Fund 268

BMO Global Low Volatility ETF Fund 271

BMO Global Quality ETF Fund 273

BMO Global REIT Fund 276

BMO Greater China Fund 278

BMO Growth Opportunities Fund 280

BMO International Equity ETF Fund 282

BMO International Equity Fund 284

BMO International Value Fund 286

BMO Japan Fund 288

BMO Low Volatility Canadian Equity ETF Fund 290

BMO Low Volatility U.S. Equity ETF Fund 292

BMO Multi-Factor Equity Fund 294

BMO Nasdaq 100 Equity ETF Fund 296

BMO North American Dividend Fund 298

BMO Premium Yield ETF Fund 300

BMO SIA Focused Canadian Equity Fund 303

BMO SIA Focused North American Equity Fund 305

BMO Strategic Equity Yield Fund 307

BMO Sustainable Global Balanced Fund 313

BMO Sustainable Opportunities Canadian Equity Fund 315

BMO Sustainable Opportunities Global Equity Fund 317

BMO Tactical Balanced ETF Fund 319

BMO Tactical Dividend ETF Fund 321

BMO Tactical Global Asset Allocation ETF Fund 324

BMO Tactical Global Equity ETF Fund 326

BMO Tactical Global Growth ETF Fund 329

BMO U.S. All Cap Equity Fund 331

BMO U.S. Dividend Fund 333

BMO U.S. Equity ETF Fund 335

BMO U.S. Equity Fund 337

BMO U.S. Equity Growth MFR Fund 339

BMO U.S. Equity Plus Fund 341

BMO U.S. Equity Value MFR Fund 343

BMO Women in Leadership Fund 345

BMO Equity Growth Funds

BMO Canadian Small Cap Equity Fund 347

BMO Clean Energy ETF Fund 349

BMO Emerging Markets Fund 351

BMO Global Energy Fund 353

BMO Global Small Cap Fund 355

BMO Precious Metals Fund 357

BMO Resource Fund 359

BMO U.S. Small Cap Fund 361

BMO ETF Portfolios

BMO Fixed Income ETF Portfolio 363

BMO Income ETF Portfolio 365

BMO Conservative ETF Portfolio 367

BMO Balanced ETF Portfolio 369

BMO Growth ETF Portfolio 371

BMO Equity Growth ETF Portfolio 373

BMO U.S. Dollar Funds

BMO USD Income ETF Portfolio 375

BMO USD Conservative ETF Portfolio 377

BMO USD Balanced ETF Portfolio 379

BMO U.S. Dollar Balanced Fund 381

BMO U.S. Dollar Dividend Fund 383

BMO U.S. Dollar Equity Index Fund 385

BMO U.S. Dollar Money Market Fund 387

BMO U.S. Dollar Monthly Income Fund 389

BMO Managed Portfolios

BMO Managed Income Portfolio 391

BMO Managed Conservative Portfolio 393

BMO Managed Balanced Portfolio 395

BMO Managed Growth Portfolio 397

BMO Managed Equity Growth Portfolio 399

BMO SelectTrust

Portfolios

BMO SelectTrust

Fixed Income Portfolio 401

BMO SelectTrust

Income Portfolio 403

BMO SelectTrust

Conservative Portfolio 405

BMO SelectTrust

Balanced Portfolio 407

BMO SelectTrust

Growth Portfolio 409

BMO SelectTrust

Equity Growth Portfolio 411

BMO Target Education Portfolios

BMO Target Education Income Portfolio 413

BMO Target Education 2025 Portfolio 415

BMO Target Education 2030 Portfolio 417

BMO Target Education 2035 Portfolio 419

BMO Target Education 2040 Portfolio 421

BMO Retirement Portfolios

BMO Retirement Income Portfolio 423

BMO Retirement Conservative Portfolio 425

BMO Retirement Balanced Portfolio 427

BMO Risk Reduction Funds

BMO Risk Reduction Fixed Income Fund 429

BMO Risk Reduction Equity Fund 431

BMO Ascent™ Portfolios

BMO Ascent™ Income Portfolio 433

BMO Ascent™ Conservative Portfolio 435

BMO Ascent™ Balanced Portfolio 437

BMO Ascent™ Growth Portfolio 439

BMO Ascent™ Equity Growth Portfolio 441

BMO Sustainable Portfolios

BMO Sustainable Income Portfolio 443

BMO Sustainable Conservative Portfolio 445

BMO Sustainable Balanced Portfolio 447

BMO Sustainable Growth Portfolio 449

BMO Sustainable Equity Growth Portfolio 451

BMO Alternative Mutual Fund

BMO Inflation Opportunities Fund 453

Introduction

In this document, “we”, “us”, “our” and the

“manager” refer to BMO Investments Inc. We refer

to all of the mutual funds we offer as “BMO Mutual

Funds”. We also refer to ETF Series of the mutual

funds we offer as “BMO Exchange Traded Funds”.

We refer to the funds offered under this simplified

prospectus as “fund” or “funds”. We refer to a unit or

the units of the funds as “unit” or “units” and a share

or the shares of the funds as “share” or “shares”.

We also refer to units or shares as “securities” and

holders of shares or units as “securityholders”.

We refer to mutual funds, exchange traded funds or

other investment funds that a fund may invest in as

an “underlying fund” or “underlying funds”.

When you invest in BMO Monthly Dividend

Fund Ltd., you are buying shares of BMO Monthly

Dividend Fund Ltd., which is a corporation, and you

become a “shareholder”. When you invest in any of

the other funds listed on the front cover, you are

buying units of a trust and become a “unitholder”.

We refer to these trust funds as “BMO Trust Funds”.

On the front cover and in this document, if the name

of a series includes the words “Series O”, we refer to

those series as “Series O” securities of the fund.

On the front cover and in this document, if the name

of a series includes the words “ETF Series”, we refer

to those series as “ETF Series” securities of the fund.

This simplified prospectus contains selected

important information to help you make an informed

investment decision and understand your rights as

an investor. It’s divided into two parts. The first part,

from pages 5 to 140, contains general information

applicable to all of the funds. The second part, from

pages 141 to 455, contains specific information about

each fund described in this simplified prospectus.

You’ll find more information about each fund in the

following documents:

the most recently filed fund facts document; •

the most recently filed ETF facts for the ETF Series; •

the most recently filed comparative annual •

financial statements, together with the

accompanying report of the auditor;

any interim financial statements filed after the •

most recently filed comparative annual financial

statements;

the most recently filed annual management •

report of fund performance; and

any interim management report of fund •

performance filed after that annual management

report of fund performance.

These documents are incorporated by reference

into this simplified prospectus, which means they

legally form part of this simplified prospectus just

as if they were printed as part of this document. The

above documents, if filed by the funds after the date

of this simplified prospectus and before the end of

the distribution hereunder, are also deemed to be

incorporated by reference herein.

There’s no charge for these documents. You’ll

also find copies of them, and other information

about the funds, on the funds’ designated

website for legal and regulatory documents at

https://www.bmogam.com/ca-en/legal-and-

regulatory/ and at www.sedarplus.ca.

If you would like a copy of these documents and

you purchased your securities at a BMO Bank of

Montreal branch, through the BMO Investment

Centre, by telephone or through the internet, or for

more information about BMO Mutual Funds, please

call toll free at 1-800-665-7700 or visit our website:

In English: www.bmo.com/mutualfunds

En français: www.bmo.com/fonds

If you would like a copy of these documents and

you purchased your securities through a dealer,

or for more information about BMO Mutual Funds,

please call toll free at 1-800-668-7327 or visit

our website:

In English: www.bmogam.com/ca-en/investors/

En français: www.bmogam.com/ca-fr/placements/

If you would like a copy of these documents or for

more information about BMO Exchange Traded

Funds, please call toll free at 1-800-361-1392 or

visit our website:

In English: www.bmogam.com/ca-en/

products/exchange-traded-funds/

En français: www.bmogam.com/ca-fr/

produits/des-fonds-negocies-en-bourse

While we’ve made the fund descriptions easy to

understand, you’ll come across a few specific

terms. Here’s what they mean.

Adjusted Cost Base (“ACB”): The cost of a security

adjusted in accordance with the Tax Act.

Basket of Securities: In relation to the ETF Series of

a fund, a group of securities or assets determined by

the manager from time to time, representing the

constituents of, and their weightings in, the fund.

BMO Alternative Mutual Fund: BMO Inflation

Opportunities Fund.

BMO Ascent™ Portfolios: Each or collectively,

BMO Ascent™ Balanced Portfolio, BMO Ascent™

Conservative Portfolio, BMO Ascent™ Equity

Growth Portfolio, BMO Ascent™ Growth Portfolio

and BMO Ascent™ Income Portfolio.

BMO Mutual Funds: All of the mutual funds

offered by BMO Investments Inc., as manager.

BMO SelectTrust

Portfolios: Each or collectively,

BMO SelectTrust

Balanced Portfolio,

BMO SelectTrust

Conservative Portfolio,

BMO SelectTrust

Equity Growth Portfolio,

BMO SelectTrust

Fixed Income Portfolio,

BMO SelectTrust

Growth Portfolio, and

BMO SelectTrust

Income Portfolio.

BMO Trust Funds: Each of the funds except for

BMO Monthly Dividend Fund Ltd.

BMO U.S. Dollar Funds: Each or collectively,

BMO USD Income ETF Portfolio,

BMO USD Conservative ETF Portfolio,

BMO USD Balanced ETF Portfolio,

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, and

BMO U.S. Dollar Monthly Income Fund.

Capital Gain: Generally, the amount an investment

has risen in value since it was bought. A capital gain

is realized when the investment is sold. Net capital

gains are capital gains after deducting capital losses.

Capitalization: Market capitalization is the value of

a company, generally measured by multiplying the

price of its common equity shares by the number of

shares outstanding.

Cboe Canada: Cboe Canada Inc.

CDS: CDS Clearing and Depository Services Inc.

Important terms

CDS Participant: A participant in CDS that holds

ETF Series securities on behalf of beneficial owners

of ETF Series securities.

Clean energy: Clean energy may include geothermal

energy, hydro-electricity, wind energy, solar

energy, energy from ethanol & fuel alcohol, biomass

& bio-fuel, fuel cells, and photovoltaic cells.

Constituent Securities: For each fund that offers

ETF Series securities, the issuers included in the

portfolio of that fund from time to time.

CRA: The Canada Revenue Agency.

Derivatives: Specialized investments like forward

contracts, futures, options and swaps whose value

is based on the value of another investment called

an underlying investment. See page 32 for more

information.

Designated Broker: A registered dealer, including

BMO Nesbitt Burns Inc., an affiliate of the manager,

that has entered into a designated broker agreement

with the manager, on behalf of one or more funds

offering ETF Series, pursuant to which the Designated

Broker agrees to perform certain duties in relation

to the ETF Series securities including, without

limitation (i) to subscribe for a sufficient number

of ETF Series securities to satisfy the applicable

exchange’s original listing requirements; (ii) to

subscribe for ETF Series securities when cash

redemptions of ETF Series securities occur; and

(iii) to post a liquid two-way market for the trading

of ETF Series securities on the applicable exchange.

Distribution Reinvestment Plan: The distribution

reinvestment plan of each ETF Series.

ESG: Environmental, social and governance.

ETF: Exchange traded fund.

ETF Dealer: A registered dealer (that may or may

not be a Designated Broker), including BMO Nesbitt

Burns Inc., an affiliate of the manager, that has

entered into a continuous distribution agreement

with the manager, on behalf of one or more funds

offering ETF Series, pursuant to which the ETF

Dealer may subscribe for, purchase and redeem

ETF Series securities from that fund(s) on a

continuous basis from time to time.

ETF Series: Exchange traded series of securities

offered by certain BMO Mutual Funds.

F Series Securities: Each or collectively, Series F,

Series F (Hedged), Series F2, Series F4 and Series

F6 securities of a fund.

FHSA: First home savings account.

Fixed Income Securities: Investments that pay a

fixed rate of interest. They’re usually corporate and

government bonds.

“Fund” or “funds”: The mutual funds offered

under this simplified prospectus.

GIC: Guaranteed investment certificate.

Hedging: A transaction intended to offset risk.

IRC: The independent review committee of the funds.

LIF: A type of RRIF that can be used to hold locked-in

pension funds.

Liquidity: How easy it is for a fund to buy and sell a

security, like a stock or a bond. The easier it is, the

more liquid the investment.

LRIF: A type of RRIF that can be used to hold

locked-in pension funds.

Management Expense Ratio (“MER”): The

management expense ratio represents and is

based on management fees and operating

expenses (excluding commissions and other

portfolio transaction costs) expressed as an

annualized percentage of the daily average NAV

of each series of a fund.

Manager, we or us: BMO Investments Inc., a

wholly-owned, indirect subsidiary of Bank of

Montreal.

Maturity: The day on which investments like bonds

or derivative contracts come due for payment.

MSCI ESG: MSCI ESG Research LLC.

Mutual Fund Series: All series of securities of a

fund other than the ETF Series.

Net Asset Value (“NAV”): The net asset value of a

fund or the net asset value per security of each

series of securities of a fund determined in

accordance with the fund’s constating documents.

Net Income: The net income of a fund is interest,

dividends and other investment income including

income from certain derivatives earned after

deducting all expenses. It does not include capital

gains or capital losses.

NI 81-102: National Instrument 81-102 Investment

Funds, as the same may be amended or replaced

from time to time.

NI 81-107: National Instrument 81-107 Independent

Review Committee for Investment Funds, as the same

may be amended or replaced from time to time.

No Load: No sales or redemption charges are paid

by investors on the purchase or sale of No Load

Series securities.

No Load Series: Each or collectively, Series A,

Series A (Hedged), F Series Securities, Series G,

Series I, Series I (Unhedged), Series NBF, Series O,

Series M, Series N, Series S, ETF Series, No Load

Series T4 and No Load Series T6 securities of a fund.

Plan Agent: State Street Trust Company Canada, the

plan agent for the Distribution Reinvestment Plan.

Prescribed Number of ETF Series Securities:

In relation to a particular fund, the number of ETF

Series securities determined by us from time to time

for the purpose of subscription orders, exchanges,

redemptions or for other purposes.

RDSP: Registered disability savings plan.

Registered plan: A RRSP, RRIF (including a LIF or

LRIF), RDSP, RESP, TFSA, DPSP or FHSA.

REIT: Real estate investment trust.

RESP: Registered education savings plan.

Return of Capital (“ROC”): A fund can generally

choose to make a distribution that is a ROC. Also, a

mutual fund trust will be considered to distribute a

ROC if it distributes more than its net income and

net realized capital gains. In any case, a ROC

distribution is not included in your taxable income,

but instead reduces the ACB of the securities on

which it was paid. When you eventually redeem the

securities, you may realize a larger capital gain (or

smaller capital loss). If the ACB of your securities is

reduced to less than zero while you continue to

hold them, you will be deemed to realize an

immediate capital gain equal to the negative

amount and your ACB will be increased to zero.

A ROC distribution should not be confused with

return on investment or “yield”. You should not

draw any conclusions about a fund’s investment

performance from the amount of ROC it distributes.

RRIF: Registered retirement income fund.

RRSP: Registered retirement savings plan

Securities: Units or shares.

Securityholders: Holders of shares or units.

Severe ESG controversies: A company is identified

as having a severe ESG controversy if it was

implicated in one or more controversy cases related

to an ESG issue where (i) there are credible

allegations that the company or its management

inflicted serious large-scale harm in violation of

global norms, or (ii) where the company or its

management engaged in misconduct which has

severely negatively affected the company’s

reputation, and sufficient remediation steps have

not been taken by the company to address the

controversy (in each case as determined by the

portfolio manager).

Share or shares: A share or the shares of certain

funds.

Shareholder: Holders of shares of a fund. Investors

in BMO Monthly Dividend Fund Ltd. are

considered shareholders.

T+3 Securities: Securities, the trades in respect of

which, customarily settle on the third business day

after the date upon which pricing for the securities

is determined.

TFSA: Tax-free savings account.

T Series Securities: Each or collectively, Series T4,

Series T5, Series T6 and Series T8 securities of a fund.

Tax Act: The Income Tax Act (Canada), as the same

is currently in force and may hereafter be amended

from time to time and includes any statute that may

be enacted in substitution therefor.

Trading Day: For each ETF Series, a day on which:

(i) a regular session of the TSX is held; and (ii) the

primary market or exchange for the majority of the

securities held by the ETF Series is open for trading.

Trading Expense Ratio (“TER”): The trading

expense ratio represents total commissions and

other portfolio transaction costs expressed as an

annualized percentage of the daily average NAV of

each series of a fund.

Trustee: BMO Investments Inc. as the trustee for

each BMO Trust Fund.

TSX: Toronto Stock Exchange.

Underlying funds: Mutual funds, ETFs or other

investment funds that a fund may invest in.

Unit or units: A unit or the units of certain funds.

Unitholder: Holders of units of a fund. Investors in

all funds except for BMO Monthly Dividend Fund Ltd.

are considered unitholders.

Valuation Day: Any day that the TSX is open for

trading or such other time as we may from time to

time determine to be a day for valuation for any fund.

Volatility: The amount of uncertainty or risk about

the size of changes in a security’s value. A higher

volatility means that a security’s value can potentially

be spread out over a larger range of values. This

means that the price of the security can change

more dramatically in either direction, compared to

a security with lower volatility.

Yield: The annual income distributed from an

investment expressed as a percentage of the

investment’s current value. For example, a money

market instrument that pays $30 in interest with a

current value of $1,000 has a yield of 3%.

Responsibility for

mutual fund administration

This section tells you about the companies that

are involved in managing or providing services

to the funds.

Manager

As manager of the funds, we are responsible for the

day-to-day management and administration of the

funds and their respective investment portfolios in

compliance with the funds’ constating documents

(i.e., the declarations of trust for the BMO Trust Funds

and the articles of incorporation, as amended, of

BMO Monthly Dividend Fund Ltd. for the BMO

Monthly Dividend Fund Ltd.) and subject to the

authority of the Board of Directors of BMO Monthly

Dividend Fund Ltd., with respect to the BMO

Monthly Dividend Fund Ltd. In addition, we are the

principal distributor of Series A, Series A (Hedged)

and Series G securities of the funds. We have taken

the initiative in creating all the funds and may be

considered the promoter of all of the funds. Our

registered and principal office is located at:

100 King Street West, 43rd Floor

Toronto, Ontario

M5X 1A1

1-800-665-7700 or 1-800-668-7327

[email protected]

If you purchased your securities at a BMO Bank of

Montreal branch, through the BMO Investment

Centre, by telephone or through the internet, or for

more information about BMO Mutual Funds, you

can direct your inquiries to the BMO Investment

Centre by calling toll free at 1-800-665-7700 or through

our website at www.bmo.com/mutualfunds.

If you purchased your securities through a dealer,

or for more information about BMO Mutual Funds,

you can direct your inquiries to our administration

office by calling us toll free at 1-800-668-7327 or

through our website at www.bmo.com/gam/ca.

For more information about BMO Exchange

Traded Funds, you can direct your inquiries to

our administration office by calling us toll free

at 1-800-361-1392 or through our website at

www.bmoetfs.com.

The address of our administration office is located at:

250 Yonge Street, 7th Floor

Toronto, Ontario

M5B 2M8

Management agreements

Each of the amended and restated master

management agreement dated as of August 25, 2023,

together with an amended and restated Schedule

“A” dated as of September 15, 2023, an amended

and restated Schedule “B” dated as of September 15,

2023 and an amended and restated Schedule “C”

dated as of August 25, 2023, in respect of each of

the funds other than the BMO Guardian Funds

(as defined under Name, formation and history of

the funds – BMO Trust Funds on page 118) and

BMO Monthly Dividend Fund Ltd. (the “BMO

Retail and Advisor Master Management

Agreement”) and the amended and restated master

management and distribution agreement dated as

of May 4, 2018, together with an amended and

restated Schedule “A” dated as of May 30, 2023 and

an amended and restated Schedule “B” dated as

of May 30, 2023, in respect of each of the BMO

Guardian Funds and BMO Monthly Dividend Fund

Ltd. (the “BMO Guardian Master Management

Agreement”) determines how we administer each

fund’s day-to-day operations, supervise each fund’s

investments, help manage the investment and

reinvestment of assets and distribute or cause to be

distributed securities of the funds. Each of the

BMO Retail and Advisor Master Management

Agreement and the BMO Guardian Master

Management Agreement also provides that we are

entitled to management fees in return for our

services. We are supervised by, and act on behalf of,

the Trustee of the BMO Trust Funds and the Board

of Directors of BMO Monthly Dividend Fund Ltd.

The BMO Retail and Advisor Master Management

Agreement may be terminated at any time by any

fund other than a BMO Guardian Fund or by us in

respect of any fund by not less than 90 days’ prior

notice in writing.

The BMO Guardian Master Management Agreement

may be terminated at any time by any BMO Guardian

Fund or by us in respect of any BMO Guardian

Fund by not less than six months’ prior notice in

writing. The BMO Guardian Master Management

Agreement may be immediately terminated with

respect to a BMO Guardian Fund by either party

giving notice in writing if:

the manager ceases to be properly registered to i)

provide its services under the BMO Guardian

Master Management Agreement;

the other party ceases to carry on business, ii)

becomes bankrupt or insolvent, resolves to

wind up or liquidate or a receiver of any of the

assets of the other party is appointed; or

the other party commits a material breach of the iii)

provisions of the BMO Guardian Master

Management Agreement and does not remedy

this breach within 30 days after written notice

requiring the remedy.

We use our best efforts to help each fund make

suitable investments consistent with its objectives

and strategies. We are under an obligation to be fair

and reasonable in all of our management

responsibilities.

We may hire experts to provide investment advice

and portfolio management services for any fund.

We may designate any officers or employees of each

fund, and compensate them.

We may designate branches of Bank of Montreal in

Canada and engage registered dealers to distribute

securities of the funds to the public. We supervise

the distribution activity of all the branches of Bank

of Montreal.

The funds do not pay management fees to the

manager for Series I, Series I (Unhedged) and

Series N. Series O pay a reduced or no management

fee to the manager. Series I and Series I (Unhedged)

investors pay management fees to the manager

directly. For Series N and Series O securities,

investors pay a separate fee directly to their dealer,

a portion of which is paid to us by the dealer.

Directors and executive officers of the manager

Below are the names of the directors and executive

officers of BMO Investments Inc., along with their

municipalities of residence and their current

positions and offices held with BMO Investments Inc.:

Name and

municipality of residence Position with the manager

NELSON C. AVILA

Toronto, Ontario

Chief Financial Officer

WILLIAM E.P. BAMBER

Toronto, Ontario

Head and Ultimate

Designated Person,

Investment Fund Manager

Line of Business,

and Director

MICHAEL E. BONNER

Toronto, Ontario

Head, Ultimate Designated

Person, Mutual Fund

Dealer Line of Business,

and Director

SALVATORE CONIGLIO

Toronto, Ontario

Chief Anti-Money

Laundering Officer

DENISE (CARSON) FERNANDES

Toronto, Ontario

Chief Compliance Officer,

Investment Fund Manager

Line of Business

BENJAMIN K. IRAYA

Oakville, Ontario

Corporate Secretary

ROSS F. KAPPELE

Toronto, Ontario

Head, Client Management

and Distribution,

and Director

GILLES G. OUELLETTE

Toronto, Ontario

Chair and Director

SARA PETRCICH

Toronto, Ontario

Head of Exchange Traded

Funds and Structured

Solutions, and Director

FRANCIS ROY

Toronto, Ontario

Chief Compliance Officer,

Mutual Fund Dealer

Line of Business

ROBERT J. SCHAUER

Toronto, Ontario

Head Investment Funds

Operations and Director

FLORA YUNG

Markham, Ontario

Director

The securities of underlying funds held by a fund

that we, or one of our affiliates or associates,

manage will not be voted unless, at our discretion,

we arrange for securities of the underlying fund to

be voted by the securityholders of the fund.

Portfolio adviser

We have hired portfolio managers to help us manage

the funds. As set out in our agreements with them,

the portfolio managers help us formulate policies

and strategies of the funds and provide specific

investment recommendations from time to time.

Under our direction, they buy and sell investments

according to the objectives and strategies of the

funds and the criteria approved by the Trustee.

At their own expense, they may retain sub-advisors

and securities brokers in any country. However, we

are responsible at all times for managing the funds’

portfolios, and we are answerable to the Trustee.

Itmay be difficult to enforce legal rights against

portfolio managers located outside of Canada

because all or a substantial portion of their assets are

situated outside of Canada.

In respect of each fund, we have an agreement with

the applicable portfolio managers. The agreements

with the portfolio managers prescribe the duties

and powers of the portfolio manager, including

setting benchmarks and investment policies,

stipulating the standard of care each shall exercise

and deciding upon the frequency and nature of

reports to be furnished to the manager and to State

Street Trust Company Canada (in such capacity, the

“Custodian”). The portfolio managers are obliged

to adhere to all applicable legislative and regulatory

requirements and such other guidelines and

restrictions as the manager may stipulate. We pay

the portfolio managers a fee for their services.

Portfolio Manager Municipality Relationship to BMO Investments Inc. Termination Notice Required**

ARK Investment

Management LLC

(“ARK”)

St. Petersburg,

Florida

ARK is not an affiliate

of BMO Investments Inc.

90 days

BMO Asset Management Inc.

(“BMOAM”)

Toronto, Ontario BMOAM is a wholly-owned, indirect

subsidiary of Bank of Montreal, the

parent company of BMO Investments Inc.

60 days

BMO Capital Markets Corp.

(“BMOCMC”)

New York,

New York

BMOCMC is a wholly-owned, indirect

subsidiary of Bank of Montreal, the

parent company of BMO Investments Inc.

90 days

BMOCMC is a sub-advisor to the

portfolio manager for certain funds*

Brookfield Public

Securities Group LLC

(“Brookfield”)

New York,

New York

Brookfield is not an affiliate

of BMO Investments Inc.

90 days

Columbia Management

Investment Advisers LLC

(“CMIA”)

Boston,

Massachusetts

CMIA is not an affiliate

of BMO Investments Inc.

90 days

CMIA is a sub-advisor to the

portfolio manager for certain funds*

Columbia Threadneedle

Management Limited

(“CTML”)

London,

England

CTML is not an affiliate

of BMO Investments Inc.

90 days

CTML is a sub-advisor to the

portfolio manager for certain funds

GuardCap Asset

Management Limited

(“GuardCap”)

London, England GuardCap is not an affiliate

of BMO Investments Inc.

60 days

GuardCap is a sub-advisor to the

portfolio manager for certain funds*

Guardian Capital LP

(“Guardian Capital”)

Toronto, Ontario Guardian Capital is not an affiliate

of BMO Investments Inc.

90 days

Matthews International

Capital Management, LLC

(“Matthews”)

San Francisco,

California

Matthews is not an affiliate

of BMO Investments Inc.

90 days

The table below shows the current portfolio managers and sub-advisors, the municipality of their principal

place of business, their relationship to the manager, and the number of days required to terminate the

agreement(s) with them.

Portfolio Manager Municipality Relationship to BMO Investments Inc. Termination Notice Required**

Pacific Investment

Management Company LLC

(“PIMCO US”)

Newport Beach,

California

PIMCO US is not an affiliate

of BMO Investments Inc.

60 days

PIMCO US is a sub-advisor to PIMCO

Canada for a certain fund

PIMCO Canada Corp.

(“PIMCO Canada”)

Toronto, Ontario PIMCO Canada is not an affiliate

of BMO Investments Inc.

60 days

Polen Capital HK Limited

(“

Polen HK”)

Hong Kong Polen HK is not an affiliate

of BMO Investments Inc.

90 days

Polen Capital UK LLP

(“

Polen UK”)

London, England Polen UK is not an affiliate

of BMO Investments Inc.

90 days

Pyrford International Limited

(“

Pyrford”)

London, England Pyrford is not an affiliate

of BMO Investments Inc.

90 days

Quintessence Wealth

(“

Quintessence”)

Toronto, Ontario Quintessence is not an affiliate

of BMO Investments Inc.

180 days

SIA Wealth Management Inc.

(“

SIA”)

Calgary, Alberta SIA is not an affiliate

of BMO Investments Inc.

90 days

SIA is a sub-advisor to the portfolio

manager for certain funds

Threadneedle Asset

Management Limited

(“Threadneedle”)

London, England Threadneedle is not an affiliate

of BMO Investments Inc.

90 days

*BMOAM is the portfolio manager to whom BMOCMC, CMIA (in respect of BMO North American Dividend Fund, BMO U.S. Dollar Balanced

Fund and BMO U.S. Dollar Monthly Income Fund), CTML (in respect of BMO Diversified Income Portfolio and BMO Monthly Income Fund),

and SIA provide investment advice. Guardian Capital is the portfolio manager to whom GuardCap provides investment advice.

PIMCO Canada is the portfolio manager to whom PIMCO US provides investment advice.

**Each agreement can be terminated if the portfolio manager becomes insolvent (or for certain other technical reasons), in which event

the agreement will terminate immediately.

ARK is an independent, privately owned

investment management firm, headquartered

in St. Petersburg, Florida.

Brookfield is an indirect wholly-owned subsidiary

of Brookfield Asset Management ULC, an unlimited

liability company formed under the laws of British

Columbia, Canada (“BAM ULC”) which in turn

is (i) 75% owned by Brookfield Corporation, a

publicly traded company (NYSE: BN; TSX: BN), and

(ii) 25% owned by Brookfield Asset Management Ltd.

(NYSE: BAM; TSX: BAMA).

CMIA is a wholly-owned subsidiary of Ameriprise

Financial, Inc., a diversified financial services

company and bank holding company incorporated

in Delaware and headquartered in Minneapolis,

Minnesota.

CTML is a wholly-owned subsidiary of Ameriprise

Financial, Inc., a diversified financial services

company and bank holding company incorporated

in Delaware and headquartered in Minneapolis,

Minnesota.

GuardCap is a wholly-owned subsidiary of

Guardian Capital Group Limited, a Canadian group

which was founded in 1962.

Guardian Capital is an independent investment

counselling firm and a member of Guardian Capital

Group Limited, a Canadian group which was

founded in 1962.

Matthews is an independent, privately owned

investment management firm.

PIMCO Canada is a wholly-owned, indirect

subsidiary of Pacific Investment Management

Company LLC. PIMCO US is a global investment

management firm founded in 1971, incorporated in

Delaware and headquartered in Newport Beach,

California. PIMCO Canada together with PIMCO US

is referred to as “PIMCO” in this document.

Polen HK is an indirect subsidiary of Polen Capital

Management, LLC which is a U.S.-based asset

management firm incorporated in Delaware and

headquartered in Boca Raton, Florida. Polen HK is

wholly-owned by Polen Capital UK LLP.

Polen UK is a wholly-owned subsidiary of Polen

Capital Management, LLC which is a U.S.-based

asset management firm incorporated in Delaware

and headquartered in Boca Raton, Florida.

Pyrford is a wholly-owned subsidiary of

Ameriprise Financial, Inc., a diversified financial

services company and bank holding company

incorporated in Delaware and headquartered in

Minneapolis, Minnesota.

Quintessence is a Toronto-based investment

management firm established as a partnership in

November 2006.

SIA is an independent technical analysis firm.

Threadneedle is a wholly-owned subsidiary of

Ameriprise Financial, Inc., a diversified financial

services company and bank holding company

incorporated in Delaware and headquartered in

Minneapolis, Minnesota.

Investment decisions are made by teams at each

portfolio management firm. Each team generally

has a manager or lead person and investment

decisions are subject to the oversight of a committee.

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO Aggregate Bond BMOAM

ETF Fund

Alizay Fatema

Matthew Montemurro

BMO ARK Genomic

Revolution Fund

ARK Nicholas Grous

Dan White

Catherine D. Wood

BMO ARK

Innovation Fund

ARK Frank Downing

Nicholas Grous

Sam Korus

Dan White

Catherine D. Wood

BMO ARK Next

Generation Internet

Fund

ARK

Frank Downing

Nicholas Grous

Dan White

Catherine D. Wood

BMO Ascent™

Balanced Portfolio

BMOAM

Robert Armstrong

Steve Xu

BMO Ascent™

Conservative Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Ascent™ Equity

Growth Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Ascent™

Growth Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Ascent™

Income Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Asian Growth

and Income Fund

Matthews Siddharth Bhargava

Robert Horrocks

Kenneth Lowe

Elli Lee

BMO Asset

Allocation Fund

BMOAM Robert Armstrong

Ariel Liang

Sachal Mahajan

Andrew Osterback

Steve Xu

BMO Balanced ETF

Portfolio

BMOAM Sadiq Adatia

Steven Shepherd

BMO Brookfield Global

Real Estate Tech Fund

Brookfield Julien Perlmutter

BMO Brookfield

Global Renewables

Infrastructure Fund

Brookfield Joseph Idaszak

Inigo Mijangos

BMO Canadian Banks

ETF Fund

BMOAM

Matthew Montemurro

Raymond Chan

Mirza Shakir

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

Fund

BMO Canadian BMOAM

Equity ETF Fund

Matthew Montemurro

Raymond Chan

Mirza Shakir

BMO Canadian

Equity Fund

BMOAM

Ariel Liang

Sachal Mahajan

BMO Canadian

Income & Growth Fund

BMOAM Sadiq Adatia

Earl Davis

Jeff Elliott

Marchello Holditch

Lutz Zeitler

BMO Canadian

Small Cap Equity Fund

BMOAM Jordan Luckock

Valentin Padure

BMO Canadian

Smart Alpha Equity

Fund

BMOAM

Ariel Liang

Sachal Mahajan

BMO Canadian

Stock Selection Fund

BMOAM Jordan Luckock

Jennifer So

BMO Clean Energy ETF

Fund

BMOAM

Matthew Montemurro

Raymond Chan

Mirza Shakir

BMO Concentrated Guardian Sam Baldwin

Denis Larose Capital Global Balanced Fund

BMOAM

Robert Armstrong

Andrew Osterback

Gordon Rumble

Steve Xu

GuardCap

(as sub-advisor )

Bojana Bidovec

Michael Boyd

Orlaith O’Connor

Giles Warren

BMO Concentrated

Global Equity Fund

Guardian

Capital

Denis Larose

GuardCap

(as sub-advisor)

Bojana Bidovec

Michael Boyd

Orlaith O’Connor

Giles Warren

BMO Conservative BMOAM Sadiq Adatia

Steven Shepherd

ETF Portfolio

BMO Core Bond Fund

BMOAM Vishang Chawla

Earl Davis

Andrew Osterback

Gordon Rumble

The list below provides information about each fund’s portfolio manager(s) and sub-advisor(s), if any, as

well as the individual(s) who make investment decisions for the fund.

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO Core Plus

Bond Fund

BMOAM Vishang Chawla

Earl Davis

Andrew Osterback

Gordon Rumble

BMO Corporate Bond

ETF Fund

BMOAM Alizay Fatema

Matthew Montemurro

BMO Covered Call

Canada High Dividend

ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Covered Call

Canadian Banks

ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

BMO Covered Call Energy

ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Covered Call Europe

High Dividend ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Covered Call

U.S. High Dividend

ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Covered Call Utilities

ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Crossover Bond

Fund

CTML Keith Patton

Rebecca Seabrook

Andrew Brown

Abigail Mardlin

BMO Diversified

Income Portfolio

BMOAM Robert Armstrong

Philip Harrington

Andrew Osterback

Gordon Rumble

Steve Xu

Lutz Zeitler

Canadian

Portfolio

CTML

(as sub-advisor )

EAFE Equity

Portfolio

& U.S. Equity

Portfolio

Christopher Childs

Alan Xiao

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO Dividend Fund BMOAM

Philip Harrington

Lutz Zeitler

BMO Emerging

BMOAM

(currency

management only)

Markets Bond Fund

Threadneedle Christopher Cooke

Adrian Hilton

Earl Davis

Gordon Rumble

BMO Emerging

Polen UK

Markets Fund

Damian Bird

Dafydd Lewis

BMO Equity Growth

BMOAM

ETF Portfolio

Sadiq Adatia

Steven Shepherd

BMO European Fund CTML David Moss

BMO Fixed Income

ETF Portfolio

BMOAM

Sadiq Adatia

Steven Shepherd

BMO Global Climate

Transition Fund

BMOAM

Massimo Bonansinga

Hoa Hong

BMO Global Dividend

Fund

Guardian

Capital

Adam Cilio

Srikanth Iyer

Fiona Wilson

BMO Global Dividend

Opportunities Fund

BMOAM

Goshen Benzaquen

Massimo Bonansinga

Jeff Elliott

John Hadwen

BMO Global Energy Fund

BMOAM

Hoa Hong

Sachal Mahajan

BMO Global Enhanced

Income Fund

BMOAM

Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Global Equity Fund

BMOAM

Sadiq Adatia

Jeff Elliott

Marchello Holditch

BMO Global

Health Care Fund

BMOAM

Jeff Elliott

Carmen Tang

BMO Global Income

& Growth Fund

BMOAM

Sadiq Adatia

Earl Davis

Jeff Elliott

Marchello Holditch

BMO Global

Infrastructure Fund

BMOAM

Massimo Bonansinga

John Hadwen

BMO Global

Innovators Fund

BMOAM

Malcolm White

Jeremy Yeung

BMO Global Low

BMOAM

Volatility ETF Fund

Robert Armstrong

Steve Xu

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO Global Monthly

Income Fund

BMOAM Robert Armstrong

Ariel Liang

Sachal Mahajan

Steve Xu

BMO Global Quality

ETF Fund

BMOAM

Matthew Montemurro

Raymond Chan

Mirza Shakir

BMO Global REIT Fund

BMOAM Jeff Elliott

Kate MacDonald

BMO Global Small Cap Fund

CTML Charlotte Friedrichs

Scott Woods

BMO Global Strategic

Bond Fund

PIMCO Alfred Murata

BMO Greater China Fund

Polen HK Kevin Chee

Yingying Dong

June Lui

BMO Growth &

Income Fund

Guardian

Capital

Sam Baldwin

Kevin Hall

BMO Growth ETF Portfolio

BMOAM Sadiq Adatia

Steven Shepherd

BMO Growth

Opportunities Fund

BMOAM Valentin Padure

Jennifer So

BMO Income ETF Portfolio

BMOAM Sadiq Adatia

Steven Shepherd

BMO Inflation

Opportunities Fund

BMOAM Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO International

Equity ETF Fund

BMOAM

Matthew Montemurro

Raymond Chan

Mirza Shakir

BMO International

Equity Fund

BMOAM Ariel Liang

Sachal Mahajan

BMO International

Value Fund

Pyrford Tony Cousins

Daniel McDonagh

Paul Simons

BMO Japan Fund

CTML Harry Waight

Christopher Childs

BMO Low Volatility

Canadian Equity

ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Low Volatility

U.S. Equity ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO Managed

Balanced Portfolio

BMOAM Sadiq Adatia

Marchello Holditch

Steven Shepherd

BMO Managed

Conservative Portfolio

BMOAM Sadiq Adatia

Marchello Holditch

Steven Shepherd

BMO Managed Equity

Growth Portfolio

BMOAM Sadiq Adatia

Marchello Holditch

Steven Shepherd

BMO Managed

Growth Portfolio

BMOAM Sadiq Adatia

Marchello Holditch

Steven Shepherd

BMO Managed

Income Portfolio

BMOAM Sadiq Adatia

Marchello Holditch

Steven Shepherd

BMO Money Market

Fund

BMOAM Vishang Chawla

Andrew Osterback

Gordon Rumble

BMO Monthly Dividend

Fund Ltd.

Guardian

Capital

Kevin Hall

D. Edward Macklin

BMO Monthly High

Income Fund II

Guardian

Capital

Kevin Hall

D. Edward Macklin

BMO Monthly Income BMOAM

Canadian

Portfolio

Fund

CTML

(as sub-advisor )

U.S. Equity

Portfolio

Robert Armstrong

Ariel Liang

Sachal Mahajan

Andrew Osterback

Gordon Rumble

Steve Xu

Christopher Childs

Alan Xiao

Mark Sawyer

BMO Mortgage and BMOAM

Short-Term Income Fund

Vishang Chawla

Earl Davis

Andrew Osterback

Gordon Rumble

BMO Multi-Factor

Equity Fund

CTML Christopher Childs

Alan Xiao

BMO Nasdaq 100

Equity ETF Fund

BMOAM

Matthew Montemurro

Raymond Chan

Mirza Shakir

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO North American

Dividend Fund

BMOAM Robert Armstrong

Philip Harrington

Steve Xu

Lutz Zeitler

Canadian

Portfolio

CMIA

(as sub-advisor )

U.S. Portfolio

Jason Hans

Raghavendran

Sivaraman

Oleg Nusinzon

BMO Precious Metals

Fund

BMOAM Hoa Hong

Sachal Mahajan

BMO Premium Yield

ETF Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Resource Fund

BMOAM Philip Harrington

Hoa Hong

BMO Retirement

Balanced Portfolio

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Retirement

Conservative Portfolio

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Retirement

Income Portfolio

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Risk Reduction

Equity Fund

BMOAM Chris Heakes

Chris McHaney

Charles-Lucien Myssie

Jimmy Xu

BMO Risk Reduction

Fixed Income Fund

BMOAM Vishang Chawla

Earl Davis

Andrew Osterback

Gordon Rumble

BMO SelectTrust

Balanced Portfolio

BMOAM Marchello Holditch

Steven Shepherd

BMO SelectTrust

Conservative Portfolio

BMOAM Marchello Holditch

Steven Shepherd

BMO SelectTrust

Equity Growth Portfolio

BMOAM Marchello Holditch

Steven Shepherd

BMO SelectTrust

Fixed Income Portfolio

BMOAM Marchello Holditch

Steven Shepherd

BMO SelectTrust

Growth Portfolio

BMOAM Marchello Holditch

Steven Shepherd

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO SelectTrust

Income Portfolio

BMOAM Marchello Holditch

Steven Shepherd

BMO SIA Focused

Canadian Equity Fund

SIA

(as sub-advisor ) *

BMOAM

Matthew Montemurro

Raymond Chan

Mirza Shakir

Colin Cieszynski

BMO SIA Focused North

American Equity Fund

SIA

(as sub-advisor ) *

BMOAM

Matthew Montemurro

Raymond Chan

Mirza Shakir

Colin Cieszynski

BMO Strategic Fixed

Income Yield Fund

BMOAM Duy Le

Jimmy Xu

BMO Strategic Equity

Yield Fund

BMOAM Duy Le

Chris McHaney

Charles-Lucien Myssie

BMO Sustainable

Balanced Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Sustainable

Bond Fund

BMOAM Vishang Chawla

Earl Davis

Gordon Rumble

BMO Sustainable

Conservative Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Sustainable

Equity Growth Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Sustainable Global

Balanced Fund

CTML Keith Patton

Rebecca Seabrook

Simon Holmes

Eloise Robinson

Paul Niven

Nick Henderson

Jamie Jenkins

BMO Sustainable Global

Multi-Sector Bond Fund

CTML Keith Patton

Abigail Mardlin

Rebecca Seabrook

Aran Bajwa

BMO Sustainable

Growth Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Sustainable

Income Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Sustainable

Opportunities Canadian

Equity Fund

BMOAM Jennifer So

Lutz Zeitler

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO Sustainable

Opportunities Global

Equity Fund

CTML Nick Henderson

Jamie Jenkins

BMO Tactical

Balanced ETF Fund

Quintessence

Larry Berman

BMO Tactical

Dividend ETF Fund

Quintessence

Larry Berman

BMO Tactical Global

Asset Allocation ETF Fund

BMOAM

SIA

(as sub-advisor ) *

Matthew Montemurro

Raymond Chan

Mirza Shakir

Colin Cieszynski

BMO Tactical Global BMOAM

Equity ETF Fund

SIA

(as sub-advisor ) *

Matthew Montemurro

Raymond Chan

Mirza Shakir

Colin Cieszynski

BMO Tactical Global

Growth ETF Fund

Quintessence Larry Berman

BMO Target Education

2025 Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Target Education

2030 Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Target Education

2035 Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Target Education

2040 Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Target Education

Income Portfolio

BMOAM Robert Armstrong

Steve Xu

BMO Ultra Short-Term

Bond ETF Fund

BMOAM Alizay Fatema

Matthew Montemurro

BMO U.S. All Cap

Equity Fund

BMOAM Raymond Chan

Matthew Montemurro

Mirza Shakir

BMOCMC

(as sub-advisor )

Brian Belski

BMO U.S. Corporate

Bond Fund

BMOAM Vishang Chawla

Earl Davis

Gordon Rumble

BMO U.S. Dividend Fund

CMIA Jason Hans

Raghavendran

Sivaraman

Oleg Nusinzon

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO U.S. Dollar

Balanced Fund

BMOAM

CMIA

(as sub-advisor ) *

Robert Armstrong

Steve Xu

Jason Callan

Alex Christensen

Gene Tannuzzo

BMO U.S. Dollar

Dividend Fund

CMIA Jason Hans

Raghavendran

Sivaraman

Oleg Nusinzon

BMO U.S. Dollar

Equity Index Fund

BMOAM

Matthew Montemurro

Raymond Chan

Mirza Shakir

BMO U.S. Dollar

Money Market Fund

BMOAM Vishang Chawla

Earl Davis

Andrew Osterback

Gordon Rumble

BMO U.S. Dollar

Monthly Income Fund

BMOAM

CMIA

(as sub-advisor ) *

Robert Armstrong

Ariel Liang

Sachal Mahajan

Steve Xu

Jason Callan

Alex Christensen

Daniel DeYoung

Brian Lavin

Gene Tannuzzo

Jason Hans

Raghavendran

Sivaraman

Oleg Nusinzon

BMO U.S. Equity ETF Fund

BMOAM Raymond Chan

Matthew Montemurro

Mirza Shakir

BMO U.S. Equity Fund

CMIA

Jason Hans

Raghavendran

Sivaraman

Oleg Nusinzon

BMO U.S. Equity BMOAM

Growth MFR Fund

BMOCMC

(as sub-advisor )

Raymond Chan

Matthew Montemurro

Mirza Shakir

Brian Belski

BMOCMC is not a registered portfolio manager in

Canada and is acting as a sub-advisor for certain

funds pursuant to an exemption from the requirement

to be registered. BMOCMC has been appointed a

sub-advisor for certain funds by BMOAM, acting as

portfolio manager of the relevant funds. As

portfolio manager, BMOAM is responsible for the

advice given by BMOCMC as sub-advisor.

CMIA is not a registered portfolio manager in

Canada and is acting as portfolio manager or sub-

advisor for certain funds pursuant to an exemption

from the requirement to be registered. CMIA has

been appointed as sub-advisor for certain funds

by BMOAM, acting as portfolio manager of the

relevant funds. As portfolio manager of the relevant

funds, BMOAM is responsible for the advice given

by CMIA as sub-advisor for certain funds. The name

and address of the agent for service of process in

Ontario for CMIA is available from the Ontario

Securities Commission.

CTML is not a registered portfolio manager in

Canada and is acting as portfolio manager or sub-

advisor for certain funds pursuant to an exemption

from the requirement to be registered. CTML has

been appointed as sub-advisor for certain funds

by BMOAM, acting as portfolio manager of the

relevant funds. As portfolio manager of the relevant

funds, BMOAM is responsible for the advice given

by CTML, as sub-advisor for certain funds. The

name and address of the agent for service of process

in Ontario for CTML is available from the Ontario

Securities Commission.

PIMCO US is not a registered portfolio manager in

Canada and is acting as sub-advisor for a certain

fund pursuant to an exemption from the requirement

to be registered. It has been appointed as sub-advisor

for a certain fund by PIMCO Canada, acting as

portfolio manager of the relevant fund. As portfolio

manager, PIMCO Canada is responsible for the

advice given by this sub-advisor.

ARK, Matthews, Polen HK, Polen UK, and

Threadneedle are not registered portfolio managers

in Canada and are acting as portfolio managers for

certain funds pursuant to an exemption from the

requirement to be registered. The name and

address of the agent for service of process in

Ontario for each of them is available from the

Ontario Securities Commission.

Fund

Portfolio

Manager(s)

Individual(s) Making

Investment Decisions

BMO U.S. Equity

Plus Fund

BMOAM Raymond Chan

Matthew Montemurro

Mirza Shakir

BMOCMC

(as sub-advisor ) *

Brian Belski

BMO U.S. Equity

Value MFR Fund

BMOAM

BMOCMC

(as sub-advisor )

Raymond Chan

Matthew Montemurro

Mirza Shakir

Brian Belski

BMO U.S. High Yield

Bond Fund

CMIA

Daniel DeYoung

Brian Lavin

BMO U.S. Small Cap Fund

CMIA

Jason Hans

Raghavendran

Sivaraman

Oleg Nusinzon

BMO USD Balanced

ETF Portfolio

BMOAM

Sadiq Adatia

Steven Shepherd

BMO USD Conservative BMOAM

ETF Portfolio

Sadiq Adatia

Steven Shepherd

BMO USD Income

ETF Portfolio

BMOAM

Sadiq Adatia

Steven Shepherd

BMO Women in

Leadership Fund

BMOAM

Valentin Padure

Jennifer So

BMO World Bond Fund

CTML

Keith Patton

Aran Bajwa

Andrew Brown

*BMOAM is the portfolio manager for these funds or for a portion

of these funds’ portfolio.

It may be difficult to enforce legal rights against ARK,

BMOCMC, Brookfield, CMIA, CTML, GuardCap,

Matthews, PIMCO US, Polen HK, Polen UK, Pyrford

and Threadneedle because they are resident

outside of Canada and all or substantially all of

their assets are located outside of Canada.

GuardCap is not a registered portfolio manager

in Canada and is acting as a sub-advisor for

certain funds pursuant to an exemption from the

requirement to be registered. GuardCap has been

appointed as sub-advisor for certain funds by

Guardian Capital, acting as portfolio manager

of the relevant funds. As portfolio manager,

Guardian Capital is responsible for the advice

given by these sub-advisors.

Name and Title

Role in Investment

Decision-Making Process

Sadiq S. Adatia

Chief Investment Officer

and Portfolio Manager

BMOAM

Chief Investment Officer for

BMO Global Asset Management

(BMO GAM), responsible for the

overall investment strategy of

BMO GAM and responsible

for portfolio management and

research of multi-asset portfolios.

Robert Armstrong

Director, Portfolio Manager

BMOAM

Member of the Multi Asset Solutions

Team, responsible for portfolio

management and research of

multi-asset portfolios.

Aran Baiwa

Portfolio Manager

CTML

Fixed income portfolio manager

responsible for managing global

rates strategies across both developed

and emerging local markets.

Sam Baldwin

Senior Portfolio Manager

Guardian Capital

Member of the Canadian Equity team,

responsible for portfolio management

focusing on the large-cap core

Canadian equities strategies.

Brian Belski

Managing Director,

Head of Investment

Strategy Group,

Global Markets

BMOCMC

Leader of the BMO Investment

Strategy Group, responsible for

strategy and research of BMO

Capital Markets equity portfolios

and investment strategy research

product.

Goshen Benzaquen

Vice President,

Portfolio Manager

BMOAM

Member of the Global Equity Team,

responsible for portfolio

management and research

of equity portfolios.

Larry Berman

Chief Investment Officer

and Portfolio Manager

Quintessence

Chief Investment Officer and lead

portfolio manager responsible for

asset allocation of equity and

balanced strategies.

Siddharth Bhargava

Co-Manager Asia Growth

& Income Strategy

Matthews

Co-Manager of the Asia Growth &

Income Team, responsible for

providing a supporting and

consulting role.

Bojana Bidovec

Investment Manager

GuardCap

Member of the GuardCap Global

Equity team, responsible for

fundamental global equity strategy,

research and analysis.

Damian Bird

Portfolio Manager

Polen UK

Co-portfolio manager responsible for

the construction of the portfolio,

position sizing, buy/sell decisions

and performance of the fund.

Name and Title

Role in Investment

Decision-Making Process

Massimo Bonansinga

Director,

Portfolio Manager

BMOAM

Member of the Global Equity Team,

responsible for strategy, portfolio

management and research of

equity portfolios.

Michael Boyd

Investment Manager

GuardCap

Member of the GuardCap Global

Equity team, responsible for

fundamental global equity strategy

research and analysis.

Andrew Brown

Senior Portfolio Manager

CTML

Senior Portfolio Manager within

the global credit team, responsible

for decision-making and portfolio

construction.

Jason Callan

Senior Portfolio Manager

CMIA

Leader of the Core Plus team,

responsible for portfolio

performance, adherence to risk

budgets and portfolio construction

including sector allocations, yield

curve and duration positioning.

Raymond Chan

Director, Portfolio Manager

BMOAM

Member of the ETF Team,

responsible for portfolio management

and research of equity ETFs.

Vishang Chawla

Vice President,

Portfolio Manager

BMOAM

Member of the Active Fixed Income

Team, responsible for portfolio

management and research of

fixed income portfolios.

Kevin Chee

Portfolio Manager

Polen HK

Co-portfolio manager responsible

for company research, portfolio

construction, position sizing,

buy/sell decisions and performance

of the fund.

Christopher Childs

Director, Portfolio Manager,

Quantitative Investments

CTML

Director and Senior Portfolio

Manager of the Asset Allocation Team,

responsible for decision-making

and portfolio construction.

Alex Christensen

Portfolio Manager

CMIA

Member of the Multi-Sector Fixed

Income Team, responsible for

portfolio performance, adherence

to risk budgets and portfolio

construction including sector

allocations, yield curve and

duration positioning.

Colin Cieszynski

Portfolio Manager

SIA

Portfolio Manager responsible for

the quantitative research, analysis,

monitoring for all managed portfolios,

and to communicate changes to be

made in those mandates.

The table below contains descriptions of the individuals who make investment decisions for the funds,

their titles, and their role in the investment decision-making process.

Name and Title

Role in Investment

Decision-Making Process

Adam Cilio

Senior Portfolio Manager

and Engineer

Guardian Capital

Member of the Systematic

Strategies Team, responsible for

research and modelling within

systematic strategies.

Christopher Cooke

Portfolio Manager

Threadneedle

Member of the Emerging Markets

Fixed Income team, responsible

for the selection of fixed income

securities.

Tony Cousins

Chief Executive Officer

and Chief Investment

Officer

Pyrford

Chief Investment Officer and

Chairman of global stock selection

and investment strategy

committees, responsible for final

decision-making.

Earl Davis

Managing Director,

Head of Fixed Income

BMOAM

Leader of the Fixed Income Team,

responsible for strategy, portfolio

management, and research of fixed

income portfolios.

Daniel DeYoung

Portfolio Manager

CMIA

Member of the High Yield Fixed

Income Sector Team, responsible for

portfolio construction, including all

buy and sell decisions, industry

weightings and position sizes.

Yingying Dong

Portfolio Manager

Polen HK

Co-portfolio manager responsible

for company research, portfolio

construction, position sizing,

buy/sell decisions and performance

of the fund.

Frank Downing

Director of Research,

Internet/Fintech

ARK

Head for ARK Internet/Fintech

research team, responsible for

research.

Jeff Elliott

Managing Director,

Head of Global Equities

BMOAM

Leader of the Global Equity Team,

responsible for strategy, portfolio

management and research of

equity portfolios.

Alizay Fatema

Portfolio Manager

BMOAM

Member of the ETF Team, responsible

for portfolio management of fixed

income portfolios.

Charlotte Friedrichs

Portfolio Manager

CTML

Portfolio Manager and member

of the Global Equities Team,

responsible for portfolio management.

Nicholas Grous

Associate Portfolio Manager

ARK

Member of ARK Portfolio Team,

responsible for providing portfolio

management assistance.

John Hadwen

Director, Portfolio Manager

BMOAM

Member of the Global Equity Team,

responsible for strategy, portfolio

management and research of

equity portfolios.

Name and Title

Role in Investment

Decision-Making Process

Kevin Hall

Managing Director

and Portfolio Manager

Guardian Capital

Member of the Canadian Equity

Team, responsible for portfolio

management focusing on equity

income mandates.

Jason Hans

Senior Portfolio Manager

CMIA

Senior Portfolio Manager, member

of the Systematic Strategies team.

Philip Harrington

Director, Portfolio Manager

BMOAM

Member of the Canadian

Fundamental Equity Team,

responsible for portfolio management

and research of equity portfolios.

Chris Heakes

Director, Portfolio Manager

BMOAM

Member of the ETF Team,

responsible for portfolio management

of equity portfolios with a focus

on derivatives strategies.

Nick Henderson

Director and Portfolio

Manager Responsible

Global Equity

CTML

Director and Senior Portfolio

Manager of the Responsible Global

Equities Team, responsible for

decision-making and portfolio

construction.

Adrian Hilton

Head Portfolio Manager

Threadneedle

Head of the Emerging Markets

Fixed Income Team, responsible

for management of the emerging

markets debt investment process

and for the selection of fixed

income securities.

Marchello Holditch

Managing Director,

Head of Multi-Asset

Solutions

BMOAM

Leader of the Multi Asset Solutions

Team, responsible for strategy,

portfolio management and research

of multi-asset portfolios.

Simon Holmes

Director,

Senior Portfolio Manager

CTML

Director and Senior Portfolio

Manager of the Asset Allocation

Team, responsible for decision-

making and portfolio construction.

Hoa Hong

Director, Portfolio Manager

BMOAM

Member of the Global Equity Team,

responsible for strategy, portfolio

management, and research of

equity portfolios.

Robert Horrocks

Portfolio Manager

Matthews

Lead manager of the Asia Growth &

Income Team, together with the

Chief Investment Officer, responsible

for the day-to-day investment

decisions.

Name and Title

Role in Investment

Decision-Making Process

Joseph Idaszak

Director and

Portfolio Manager

Brookfield

Portfolio manager responsible for

overseeing and contributing to the

portfolio construction process,

including execution of buy/sell

decisions and Utilities and

Renewables coverage, across Europe

and North America, for the broader

Infrastructure Securities team.

Srikanth Iyer

Managing Director,

Head of Systematic

Strategies

Guardian Capital

Head of the Systematic Strategies

Team, responsible for the overall

development and implementation

of the systematic strategies.

Jamie Jenkins

Managing Director and

Co-Head, Global Equities

CTML

Managing Director and Co-Head

of the Global Equities Team,

responsible for ultimate decision-

making and portfolio construction.

Sam Korus

Director of Research,

Industrials

ARK

Head of ARK Industrials research

team, responsible for research.

Denis Larose

Chief Investment Officer

Guardian Capital

Chief Investment Officer responsible

for managing the investment

management business of

Guardian Capital.

Brian Lavin

Head of U.S. Fixed

Income Sector Team

CMIA

Leader of the U.S. High Yield

Fixed Income Sector Team,

responsible for portfolio

construction, including all buy and

sell decisions, industry weightings

and position sizes.

Duy Le

Senior Associate,

Portfolio Manager

BMOAM

Member of Synthetic Asset

Management Team, responsible

for structuring and analysis of

synthetic asset portfolios and

derivatives strategies.

Elli Lee

Co-Manager,

Asia Growth &

Income Strategy

Matthews

Co-Manager of the Asia Growth &

Income Team, responsible for

providing a supporting and

consulting role.

Dafydd Lewis

Portfolio Manager

Polen UK

Co-portfolio manager responsible

for the construction of the portfolio,

position sizing, buy/sell decisions

and performance of the fund.

Name and Title

Role in Investment

Decision-Making Process

Ariel Liang

Vice President,

Portfolio Manager

BMOAM

Member of the Quantitative

Investment Team, responsible for

portfolio management and research

of equity portfolios.

Kenneth Lowe

Lead Manager,

Asia Growth &

Income Strategy

Matthews

Lead manager of the Asia Growth

& Income Team, together with

the Chief Investment Officer,

responsible for the day-to-day

investment decisions.

Jordan Luckock

Vice President,

Portfolio Manager

BMOAM

Member of the Canadian

Fundamental Equity Team,

responsible for portfolio

management and research

of equity portfolios.

June Lui

Portfolio Manager

Polen HK

Co-portfolio manager responsible

for company research, portfolio

construction, position sizing,

buy/sell decisions and performance

of the fund.

Kate MacDonald

Vice President,

Portfolio Manager

BMOAM

Member of the Global Equity Team,

responsible for portfolio management

and research of equity portfolios.

D. Edward Macklin

Managing Director,

Head of Canadian Equity

Guardian Capital

Head of the Canadian Equity team,

responsible for portfolio

management focusing on Canadian

equities strategies.

Sachal Mahajan

Director, Portfolio Manager

BMOAM

Member of the Quantitative

Investment Team, responsible for

portfolio management and research

of equity portfolios.

Abigail Mardlin

Portfolio Manager

CTML

Member of the High Yield Portfolio

Management Team, focusing on

Global High Yield and responsible

for individual fixed income security

selection and portfolio construction.

Daniel McDonagh

Head of Portfolio

Management, Europe/UK

Pyrford

Member of Global Equity team,

responsible for investment decision

making within European equities.

Chris McHaney

Director, Portfolio Manager

BMOAM

Member of the ETF Team,

responsible for portfolio

management of equity portfolios

with a focus on derivatives strategies.

Name and Title

Role in Investment

Decision-Making Process

Inigo Mijangos

Director and

Portfolio Manager

Brookfield

Portfolio manager responsible for

overseeing and contributing to the

portfolio construction process,

including execution of buy/sell

decisions and Utilities and

Renewables coverage, across Europe

and North America, for the broader

Infrastructure Securities team.

Matthew Montemurro

Head of Fixed Income

& Equity Index ETFs

BMOAM

Leader of the Index ETF Team,

responsible for strategy, portfolio

management, and research of

equity and fixed income ETFs.

David Moss

Managing Director and

Co-Head, Global Equities

CTML

Managing Director and Co-Head

of the Global Equities Team,

responsible for ultimate decision-

making and portfolio construction.

Alfred Murata

Managing Director and

Portfolio Manager

PIMCO

Fixed income portfolio manager

responsible for managing income-

oriented, multi-sector credit,

opportunistic and securitized strategies.

Charles-Lucien Myssie

Director, Portfolio Manager

BMOAM

Member of the ETF Team,

responsible for portfolio management

of equity portfolios with a focus on

derivatives strategies.

Paul Niven

Managing Director,

Portfolio Manager

and Head, Multi-Asset

CTML

Managing Director, Portfolio

Manager and Head of the Asset

Allocation Team, responsible for

overall positioning, asset allocation

stance and selection of underlying

strategy components.

Oleg Nusinzon

Senior Portfolio Manager

CMIA

Senior Portfolio Manager, member

of the Systematic Strategies team.

Orlaith O’Connor

Investment Manager

GuardCap

Member of the GuardCap Global

Equity team, responsible for

fundamental global equity strategy,

research and analysis.

Andrew Osterback

Director, Portfolio Manager

BMOAM

Member of the Active Fixed Income

Team, responsible for portfolio

management and research of fixed

income portfolios.

Valentin Padure

Vice President,

Portfolio Manager

BMOAM

Member of the Canadian

Fundamental Equity Team,

responsible for portfolio

management and research

of equity portfolios.

Name and Title

Role in Investment

Decision-Making Process

Keith Patton

Managing Director

and Head, Global Rates

& Money Markets

CTML

Managing Director and Head of the

Global Rates & Money Markets

Team, responsible for portfolio

construction and ultimate decision-

making regarding hedging interest

rate risk and duration risk.

Julian Perlmutter

Director and

Portfolio Manager

Brookfield

Director and Portfolio Manager on

the Real Estate Equities team,

responsible for overseeing and

contributing to the portfolio

construction process, including

execution of buy/sell decisions.

Eloise Robinson

Vice President,

Portfolio Manager

CTML

Member of the Asset Allocation

Team, responsible for decision-

making and portfolio construction.

Gordon Rumble

Vice President,

Portfolio Manager

BMOAM

Member of the Active Fixed Income

Team, responsible for portfolio

management and research of fixed

income portfolios.

Mark Sawver

Vice President,

Portfolio Manager,

Quantitative Investments

CTML

Member of the Quantitative

Investments team, responsible

for decision-making and

portfolio construction.

Rebecca Seabrook

Senior Portfolio Manager

CTML

Senior Portfolio Manager within

the global credit team, responsible

for decision-making and

portfolio construction.

Mirza Shakir

Portfolio Manager

BMOAM

Member of the ETF Team,

responsible for portfolio

management and research of

equity ETFs.

Steven Shepherd

Director,

Portfolio Manager

BMOAM

Member of the Multi Asset Solutions

Team, responsible for portfolio

management and research of

multi-asset portfolios.

Paul Simons

Head of Portfolio

Management, Asia/Pacific

Pyrford

Member of Global Equity team,

responsible for investment decision

making within Asian equites.

Raghavendran Sivaraman

Senior Portfolio Manager

CMIA

Senior Portfolio Manager, head of

the Systematic Strategies team.

Name and Title

Role in Investment

Decision-Making Process

Jennifer So

Director,

Portfolio Manager

BMOAM

Member of the Canadian

Fundamental Equity Team,

responsible for portfolio

management and research

of equity portfolios.

Carmen Tang

Senior Associate,

Associate Portfolio Manager

BMOAM

Member of the Global Equity Team,

responsible for strategy, portfolio

management and research of

equity portfolios.

Gene Tannuzzo

Global Head of

Fixed Income

CMIA

Global Head of Fixed Income,

responsible for portfolio

performance, adherence to risk

budgets and portfolio construction

including sector allocations,

yield curve and duration positioning.

Harry Waight

Portfolio Manager

CTML

Portfolio Manager and member of

the Global Equities Team, responsible

for portfolio management.

Giles Warren

Investment Manager,

Fundamental Global

GuardCap

Member of the GuardCap Global

Equity team, responsible for

fundamental global equity strategy

research and analysis.

Dan White

Associate Portfolio Manager

ARK

Member of ARK Portfolio Team,

responsible for providing portfolio

management assistance.

Malcolm White

Director, Portfolio Manager

BMOAM

Member of the Global Equity Team,

responsible for strategy, portfolio

management, and research of

equity portfolios.

Fiona Wilson

Portfolio Manager,

Systematic Strategies

Guardian Capital

Member of the Systematic

Strategies Team, responsible for

portfolio and risk management for

the suite of dividend mandates.

Name and Title

Role in Investment

Decision-Making Process

Catherine D. Wood

CEO, Chief Investment Officer

and Portfolio Manager

ARK

CEO, Chief Investment Officer and

Portfolio Manager for ARK,

responsible for the overall investment

strategy and portfolio management.

Scott Woods

Lead Portfolio Manager

CTML

Portfolio Manager and member

of the Global Equities Team,

responsible for portfolio management.

Alan Xiao

Vice President,

Portfolio Manager,

Quantitative Investments

CTML

Member of the Quantitative

Investments team, responsible for

investment decision making and

portfolio construction.

Jimmy Xu

Head of Liquid

Alternatives

BMOAM

Leader of the Non-Linear ETF Team,

responsible for strategy, portfolio

management, and research of

equity portfolios with a focus on

derivatives strategies.

Steve Xu

Portfolio Manager

BMOAM

Member of the Multi Asset Solutions

Team, responsible for portfolio

management and research of

multi-asset portfolios.

Jeremy Yeung

Director, Portfolio Manager

BMOAM

Member of the Global Equity Team,

responsible for strategy, portfolio

management, and research of

equity portfolios.

Lutz Zeitler

Managing Director,

Head of Canadian

Fundamental Equity

BMOAM

Leader of the Canadian Fundamental

Equity Team, responsible for

strategy, portfolio management,

and research of equity portfolios.

Brokerage arrangements

Each portfolio adviser and each sub-advisor that is

responsible for making trades on behalf of a fund

makes decisions as to the purchase and sale of fund

securities, including units of the underlying funds

and other assets of the funds (such as cash and term

deposits), as well as making decisions regarding the

execution of portfolio transactions of a fund,

including the selection of market, broker and the

negotiation of commissions.

Portfolio Advisers

BMOAM

BMOAM receives goods or services from dealers

or brokers in exchange for directing brokerage

transactions to such dealers or brokers. The types

of goods and services received are order execution

goods and services such as data analysis, software

applications and data feeds, and may also include

research related to order execution. Research

provided by an executing dealer or broker may

include: (i) advice as to the value of securities

and the advisability of effecting transactions in

securities; and (ii) analyses and reports concerning

securities, issuers, industries, portfolio strategy or

economic or political factors and trends that may

have an impact on the value of securities. This

research is provided by the executing dealer directly,

and not by a party other than the executing dealer.

BMOAM may review and approve a dealer or

broker for use if their ability to provide order

execution goods and services, which may include

research related to order execution, adds value to

BMOAM’s investment decision-making process.

BMOAM considers a dealer or broker’s regulatory

status, creditworthiness and its ability to efficiently

process trade orders and settle trades when

considering the approval of such dealer or broker.

BMOAM conducts trade cost analysis to make a

good faith determination that the funds receive a

reasonable benefit considering the use of the order

execution goods and services and related research,

and the amount of brokerage commissions paid.

BMOAM determines which dealers or brokers are

allocated brokerage business based on their ability to

provide best execution of trades, the competitiveness

of the commission costs, and the range of services

and quality of research received.

BMOAM uses the same criteria in selecting all of

its dealers and brokers, regardless of whether the

dealer or broker is an affiliate of BMOAM. Currently,

BMOAM has in place brokerage arrangements with

BMO Nesbitt Burns Inc. (“BMONB”), BMO Capital

Markets Corp. (“BMOCM”), and BMO Capital

Markets Limited (“BMOCM Limited”), each of

which is an affiliate of BMOAM and the manager.

BMONB, BMOCM, and BMOCM Limited may

provide order execution goods and services, which

may include research related to order execution.

Order execution goods and services, and research

related to order execution, may benefit not only

the funds whose trades generated the brokerage

commission, but may also benefit other funds and

clients to whom the portfolio manager provides

advice. Such goods and services may also be shared

with affiliates of the manager. A fund may benefit

from such goods and services obtained with

brokerage commissions generated by client

accounts of affiliates of the manager. There are

policies and procedures in place to ensure that,

over a reasonable period of time, all clients,

including the funds, receive a fair and reasonable

benefit in return for the commissions generated.

A list of any other dealer or broker that provides

order execution goods and services can be provided

upon request. If you purchased securities of a fund

at a BMO Bank of Montreal branch or through the

BMO Investment Centre, please call us toll-free

at 1-800-665-7700 or visit our website at

www.bmo.com/mutualfunds. If you purchased

securities of a fund through an investment dealer

or a mutual fund dealer, please call us toll

free at 1-800-668-7327 or visit our website at

www.bmo.com/gam/ca or www.bmoetfs.com.

Other Portfolio Advisers and Investment Sub-Advisers

At this time, each of the following does not direct

brokerage transactions involving client brokerage

commissions to a dealer in return for the provision

of any good or service, by the dealer or a third party,

other than order execution: CMIA, CTML, GuardCap,

PIMCO US, Pyrford, and Threadneedle.

BMOCM and SIA do not provide trade execution

services on behalf of the funds for which each acts

as the sub-advisor.

ARK

ARK directs brokerage transactions involving client

brokerage commissions of the funds to broker-

dealers and other financial intermediaries in

exchange for eligible brokerage and research goods

and services and/or order execution goods and

services in accordance with Section 28(e) under the

Securities and Exchange Act of 1934 and regulatory

releases and interpretative guidance issued by the

United States Securities and Exchange Commission

(SEC) (referred to in this section only as

“Soft Dollars” and “Soft Dollar Regulatory

Requirements”). BMO GAM has been advised that

the portfolio adviser has adopted Soft Dollar

policies and procedures with respect to directing

brokerage commissions in exchange for eligible

research goods and services and order execution

goods and services that are consistent with

applicable Soft Dollar Regulatory Requirements

in the United States. Pursuant to these Soft Dollar

Regulatory Requirements, a portfolio adviser is

permitted to pay a higher commission to a broker

or dealer that provides research goods and services

and/or order execution goods and services (relative

to the commission paid to another broker or dealer

for executing a transaction), provided that such

portfolio adviser makes a good faith determination

that the commission is reasonable in relation to the

value of the allowable goods and services in terms of

the particular transaction or the portfolio adviser’s

overall responsibility with respect to its clients

over whom it exercises investment discretion.

The portfolio adviser periodically assesses the

reasonableness of brokerage commissions directed

to brokers or dealers, taking into account the total

amount of research goods and services and/or order

execution goods and services provided by each

broker or dealer from whom it receives such services.

The research goods and services and order execution

goods and services received by the portfolio adviser

in exchange for brokerage commissions may be

provided by the executing dealer directly or by a

party other than the executing dealer.

BPSG

BPSG directs brokerage transactions involving

client brokerage commissions of the funds to

broker-dealers and other financial intermediaries

in exchange for eligible brokerage and research

goods and services and/or order execution goods

and services in accordance with Section 28(e)

under the Securities and Exchange Act of 1934

and regulatory releases and interpretative guidance

issued by the United States Securities and Exchange

Commission (SEC) (referred to in this section only

as “Soft Dollars” and “Soft Dollar Regulatory

Requirements”). BMO GAM has been advised that

the portfolio adviser has adopted Soft Dollar

policies and procedures with respect to directing

brokerage commissions in exchange for eligible

research goods and services and order execution

goods and services that are consistent with

applicable Soft Dollar Regulatory Requirements

in the United States. Pursuant to these Soft Dollar

Regulatory Requirements, a portfolio adviser is

permitted to pay a higher commission to a broker

or dealer that provides research goods and services

and/or order execution goods and services (relative

to the commission paid to another broker or dealer

for executing a transaction), provided that such

portfolio adviser makes a good faith determination

that the commission is reasonable in relation to

the value of the allowable goods and services in

terms of the particular transaction or the portfolio

adviser’s overall responsibility with respect to

its clients over whom it exercises investment

discretion. The portfolio adviser periodically assesses

the reasonableness of brokerage commissions

directed to brokers or dealers, taking into account

the total amount of research goods and services

and/or order execution goods and services provided

by each broker or dealer from whom it receives

such services. The research goods and services and

order execution goods and services received by

the portfolio adviser in exchange for brokerage

commissions may be provided by the executing

dealer directly or by a party other than the

executing dealer.

Guardian Capital

Guardian Capital directs, or may direct, brokerage

transactions involving client brokerage commissions

of the funds to a dealer in return for the provision of

research goods and services and/or order execution

goods and services, by the dealer or a third party.

When selecting dealers to effect securities

transactions on behalf of the funds, whether or not

affiliated with Guardian Capital, Guardian Capital

takes into account a number of factors, in the

context of its overriding responsibility to seek best

execution, including:

the execution ability of the dealer with reference •

to the particular trade;

trading expertise and prompt access to large •

blocks of securities;

willingness of the dealer to commit its own capital •

to facilitate trading;

analyst expertise; •

quality of sales coverage, including access to •

company meetings, conferences, industry or

economic speakers and seminars; and

international expertise. •

Additionally, in selecting a dealer for a particular

securities transaction, Guardian Capital may

consider the quality and quantity of research

(“Research”) provided by various competing

dealers, provided such dealers are otherwise able

to effectively execute the applicable trade. The use

of such Research is deemed to be an integral part of

the investment portfolio management process and,

as such, is beneficial to the funds.

In the normal course, each individual acting on

behalf of Guardian Capital (a “portfolio manager”)

receives and may use Research provided by dealers

without any formal arrangement to compensate

such dealers for the Research. Each portfolio

manager may use Research obtained from any

dealer without any corresponding obligation to

direct trading commissions to such dealer. Such

dealers may or may not continue to provide

Research in the absence of any allocation of

trading commissions.

Guardian Capital’s Governance Committee must

approve, in advance, any formal pre-arranged

commitment whereby client brokerage commissions

are allocated according to a pre-determined

formula as payment for any products or services

other than order execution (a “Pre-approved Soft

Dollar Arrangement”). In approving Pre-approved

Soft Dollar Arrangements, the Governance

Committee will require that the applicable soft

dollars be provided by the groups of clients who are

most likely to directly benefit from the products or

services involved.

In the most recent annual period, the types of goods

and services, other than order execution, that have

been provided as a result of the use of client

brokerage commissions of the funds are as follows:

oil and gas commodity forecasts and research; •

equity investment research focusing on •

accounting disclosure and cash flows;

data services; •

advice relating to the value of specific securities •

or the advisability of effecting a transaction in a

specific security; and

other analyses and research reports, presented in •

oral or written form, concerning specific

securities, portfolio strategies, issuers, industries,

and economic and political factors and trends.

Because brokerage commissions are a client asset,

Guardian Capital has the obligation to determine,

in good faith, that commissions paid are reasonable

in relation to the Research and brokerage products

and services received. When making this good faith

determination, Guardian Capital will consider the

unbundled price (when that price is available) that

a broker charges for Research. However, in Guardian

Capital’s experience, such unbundled pricing is

rare. To the contrary, in the normal course, the

excess commission paid to brokers above the

lowest available commission rate for a particular

trade is a function not only of Research provided,

but of a set of factors including execution quality

and the other factors normally considered by

Guardian Capital in its broker selection process.

Therefore, in the normal course, Guardian Capital

makes its good faith determination, not in reference

to particular transactions, but rather, in reference to

its overall responsibilities with respect to accounts

over which it exercises investment discretion.

Over time, as permitted by regulatory requirements,

clients collectively receive the benefit of the Research

supplied to Guardian Capital through the use of

their collective brokerage commissions.

Since the date of the last simplified prospectus

of each BMO Mutual Fund, client brokerage

commissions of the funds have been used for

research goods and services as described above.

During that period, no portfolio transactions

involving client brokerage commissions for any of

the funds have been carried out by any broker that

is affiliated with Guardian Capital.

Matthews

Matthews directs brokerage transactions involving

client brokerage commissions of the fund in

exchange for research goods and services and/or

order execution goods and services. BMO GAM has

been advised that Matthews has adopted policies

and procedures with respect to directing brokerage

commissions in exchange for research goods and

services and order execution goods and services

that are consistent with the requirements of

Section 28(e) of the Securities Exchange Act of 1934

(U.S.). Pursuant to this provision, a portfolio

adviser is permitted to pay a higher commission to

a broker or dealer that provides research goods and

services and/or order execution goods and services

(relative to the commission paid to another broker

or dealer for executing a transaction), provided

that such portfolio adviser makes a good faith

determination that the commission is reasonable

in relation to the value of the allowable goods and

services in terms of the particular transaction or the

portfolio adviser’s overall responsibility with respect

to its clients over whom it exercises investment

discretion. Matthews periodically assesses the

reasonableness of brokerage commissions directed

to brokers or dealers, taking into account the total

amount of research goods and services and/or order

execution goods and services provided by each

broker or dealer from whom they receive such

services. The research goods and services and order

execution goods and services received by Matthews

in exchange for brokerage commissions may be

provided by the executing dealer directly or by a

party other than the executing dealer.

Polen HK and Polen UK

Polen HK and Polen UK (collectively, “Polen

Capital”) are comfortable with clients requesting

the use of directed brokerage or commission

recapture programs but will always strive for

best execution.

Polen Capital maintains an approved brokers list

(the “Approved Brokers List”), which sets forth the

broker/dealers with whom the equity and credit

trading teams may wish to trade on behalf of the

funds and accounts managed. Each time each

trading team wishes to transact with a new broker

that is not otherwise included on the Approved

Brokers List, the operations team first conducts a

diligent onboarding process with respect to such

broker, which may include, but is not limited to, a

review of such broker’s most recent annual audited

financial statements and/or a review of such

broker’s FINRA Financial and Operational

Combined Uniform Single (FOCUS) report, a

review of their regulatory net capital reporting, a

review of their credit rating (if applicable), the

prices obtained, the commission rates charged, the

ability to negotiate commissions, the ability to

obtain volume discounts, the broker’s ability to

handle different types of orders and securities and

a review of any recent topical news stories that

may implicate such broker’s creditworthiness.

Following the completion of such review, the

broker is then presented to the Best Execution

Committee for formal approval on the firm’s

Approved Brokers List. Once the Best Execution

Committee approves a broker for inclusion on the

Approved Brokers List, the firm updates the

Approved Brokers List accordingly, at which point

such broker is then coded as an eligible broker for

trading within the applicable trade order

management system(s).

Quintessence

Quintessence directs brokerage transactions

involving client brokerage commissions of the

funds to a dealer in return for the provision of

research goods and services and/or order execution

goods and services, by the dealer.

When selecting a dealer, whether or not affiliated

with Quintessence of the funds, to effect securities

transactions, Quintessence considers various

factors in the context of any particular trade,

including but not limited to:

price •

size and type of transaction, and relative •

experience/expertise in trading the instrument

in question

minimizing overall transaction cost •

(implementation cost)

commission charged •

registration •

reputation, experience and financial stability •

speed and certainty of execution •

markets on which the instrument trades •

liquidity of the instrument •

reliability and past performance of the broker •

or dealer

the client’s requirements or portfolio objectives, •

overall relationship with the dealer, and •

whether research goods and services may •

be provided.

Quintessence currently has in place a brokerage

arrangement with an execution dealer whereby

the dealer may provide research goods and services

and order execution goods and services in exchange

for effecting brokerage transactions.

The following are the types of research goods or

services that may be provided:

exchange licenses; •

Bloomberg subscriptions; •

subscriptions to market data providers; and •

subscriptions to economic and capital market •

research providers.

Quintessence conducts an annual review to make a

good faith determination that the fund, on whose

behalf Quintessence directs brokerage transactions

involving client brokerage commissions to a dealer

in return for research goods and services by the

dealer, receives reasonable benefit considering

both the use of the research goods and services and

the amount of client brokerage commissions paid

by the funds.

Since the date of the last simplified prospectus of

each BMO Mutual Fund, no affiliated companies

have provided investment decision making services

in the nature of research analysis and reports

concerning securities and portfolio strategies and

statistical or other similar services to the manager or

a person appointed by the manager in return for the

allocation of brokerage transactions. Since the date

of the last simplified prospectus of each BMO Mutual

Fund, services other than order execution provided

to portfolio managers by non-affiliated dealers

and third parties in return for the allocation of

brokerage transactions have included research,

market data subscriptions, and economic analysis.

The name of any non-affiliated dealer or third party

that provided such goods or services to the funds in

return for the allocation of brokerage transactions

will be provided upon request. If you purchased

your securities of a fund at a BMO Bank of Montreal

branch or through the BMO Investment Centre,

you can direct inquiries about the funds to the

BMO Investment Centre by calling toll-free

1-800-665-7700 or through our website at

www.bmo.com/mutualfunds. If you purchased

your securities of a fund through an investment

dealer or a mutual fund dealer, you can direct

inquiries about the funds to our administration

office by calling us toll free at 1-800-668-7327 or

through our website at www.bmo.com/gam/ca or

www.bmoetfs.com.

Principal distributor

BMO Investments Inc. also acts as the principal

distributor of Series A, Series A (Hedged) and

Series G securities of the funds. Where

BMO Investments Inc. acts as principal distributor,

there is a BMO Mutual Funds’ governance and

process team responsible for training courses,

materials and the sale and distribution of the

relevant series of the funds, branch compliance

officers overseeing the distribution, a provincial/

divisional compliance officer ensuring that branch

compliance officers are carrying out their compliance

responsibilities, and a BMO Mutual Funds’

compliance department overseeing trading

surveillance, regulatory changes and transactions

involving actual or potential conflicts of interest.

BMO Nesbitt Burns Inc., an affiliate of the manager,

is the principal distributor of Series NBA securities

and Series NBF securities of the funds which means

that it sells Series NBA securities and Series NBF

securities of the funds. Its address is 1 First

Canadian Place, 100 King Street West, 3rd Floor

Podium, P.O. Box 150, Toronto, Ontario, M5X 1H3.

There is no principal distributor for the remaining

series.

Directors, executive officers and trustees

BMO Monthly Dividend Fund Ltd.

The Board of Directors of BMO Monthly Dividend

Fund Ltd. has exclusive authority over the business

of BMO Monthly Dividend Fund Ltd. The Board of

Directors of BMO Monthly Dividend Fund Ltd. may

exercise all powers that are not required by statute,

its articles or its by-laws to be exercised by the

shareholders. While the officers of BMO Monthly

Dividend Fund Ltd. are responsible for the

management of the business and affairs of

BMO Monthly Dividend Fund Ltd., BMO Monthly

Dividend Fund Ltd. is administered in its day-to-day

operations by the manager.

The name, municipality of residence and other

information pertaining to each of the directors and

executive officers of BMO Monthly Dividend

Fund Ltd. are as follows:

Name and

Municipality

of Residence

Position with

BMO Monthly

Dividend Fund Ltd.

Relationship

to Manager

WILLIAM E.P.

BAMBER

Toronto, Ontario

Head Head and Ultimate

Designated Person,

Investment Fund

Manager Line of

Business and Director,

BMO Investments Inc.

BENJAMIN K.

IRAYA

Oakville, Ontario

Corporate Secretary Corporate Secretary,

BMO Investments Inc.

HELEN KILLOCH

Toronto, Ontario

** Director None

DOUGLAS E. KIRK

Toronto, Ontario

* Director None

GILLES G.

OUELLETTE

Toronto, Ontario

Chairman

and Director

Chair and Director,

BMO Investments Inc.

THOMAS A. PIPPY

Mississauga,

Ontario

* Director None

ROBERT J.

SCHAUER

Toronto, Ontario

Chief Financial

Officer and Director

Head Investment Funds

Operations and Director,

BMO Investments Inc.

*Member, Audit Committee of BMO Monthly Dividend Fund Ltd.

**Chair, Audit Committee of BMO Monthly Dividend Fund Ltd.

BMO Trust Funds

BMO Investments Inc. is the trustee for each BMO

Trust Fund (in such capacity, the “Trustee”) and its

registered and principal office is located in Toronto,

Ontario. The Trustee has the exclusive authority

over the assets and affairs of the BMO Trust Funds.

It has a fiduciary responsibility to act in the best

interests of the unitholders of the BMO Trust

Funds. The BMO Trust Funds are administered in

their day-to-day operations by the manager.

Custodian

State Street Trust Company Canada is the Custodian

of the funds, and its principal office is located in

Toronto, Ontario. As Custodian, it holds the cash

and securities of the funds pursuant to a custodian

contract effective as of June 1, 2018, as amended,

restated or supplemented from time to time, among

the manager, BMOAM, on behalf of the investment

funds it manages, and the Custodian (the “Custodian

Agreement”). The Custodian is not affiliated with

the manager.

The Custodian Agreement may be terminated by

any party upon 90 days’ written notice to the other

parties unless a different period is agreed to in writing

by the parties. The manager may terminate the

Custodian Agreement immediately in respect of itself

and the funds upon written notice to the Custodian

if (i) the Custodian ceases to be qualified to act as a

custodian of the funds pursuant to NI 81-102,

(ii) there is a change of control of the Custodian,

(iii) the manager is required by applicable law or by

the direction of a securities regulatory authority to

cease acting as an investment fund manager of the

funds, (iv) the Custodian commits a material or

persistent breach of the Custodian Agreement

which is not capable of being remedied or is

capable of being remedied but is not remedied

within 60 days or such other period as may be

agreed between the manager and the Custodian,

after receiving notice from the manager requiring

the same to be remedied, or (v) the Custodian

becomes bankrupt or insolvent or upon the passing

of a resolution for its dissolution or the issuance of

an order for its dissolution or the making of a

general assignment for the benefit of its creditors.

All marketable securities are held at the Custodian’s

principal offices located in Toronto, Ontario, with

the exception of foreign assets. Foreign assets may

be held by local sub-custodians appointed by the

Custodian or under their authority in various foreign

jurisdictions where a fund may have assets invested.

The Custodian or the sub-custodians may use the

facilities of any domestic or foreign depository or

clearing agency authorized to operate a book-based

system. The sub-custodians appointed to hold

assets of the funds will be listed in the compliance

report prepared by the Custodian and filed on

SEDAR+ on behalf of the funds pursuant to the

requirements of NI 81-102.

Auditor

PricewaterhouseCoopers LLP, Chartered

Professional Accountants, is the auditor of the funds

and its principal office is located in Toronto, Ontario.

Registrar and transfer agent

State Street Trust Company Canada and BMO

Investments Inc. are the registrar and transfer agent

for the funds and each of their principal offices is

located in Toronto, Ontario. State Street Trust

Company Canada is not affiliated with the manager.

Mutual Fund Series

State Street Trust Company Canada and BMO

Investments Inc. are the registrar of the Mutual

Fund Series. In this capacity, the registrars process

orders, record all investor investment transactions,

issue or cancels certificates, as applicable, issue

account statements to securityholders and deal with

enquiries from investors and dealers. The register

of securities of the Mutual Fund Series of the funds

is kept in Montreal, Quebec and Toronto, Ontario.

ETF Series

The registrar of the ETF Series is State Street Trust

Company Canada. In this capacity, State Street Trust

Company Canada makes arrangements to keep a

record of all securityholders of the ETF Series and

processes orders. The register of securities of the

ETF Series of the funds is kept in Toronto, Ontario.

Securities lending agents

Each of State Street Bank and Trust Company

and Securities Finance Trust Company

(“eSecLending”) acts as agent for securities

lending transactions for those funds that engage

in securities lending. The principal office of each

of State Street Bank and Trust Company and

eSecLending is located in Boston, Massachusetts.

Neither State Street Bank and Trust Company nor

eSecLending is affiliated with the manager.

State Street Securities Lending Agreement

State Street Bank and Trust Company acts as agent

for securities lending transactions for those funds

that engage in securities lending pursuant to a

securities lending authorization agreement

between the manager, on behalf of the funds,

and State Street Bank and Trust Company dated

as of June 12, 2018, as amended, restated or

supplemented from time to time (the “State Street

Securities Lending Agreement”).

The State Street Securities Lending Agreement sets

forth the terms and conditions under which State

Street Bank and Trust Company, and any of its

affiliates appointed as agents of Street Bank and

Trust Company pursuant to the terms of the State

Street Securities Lending Agreement (Street Bank

and Trust Company and such affiliates are

collectively referred to as “State Street”), is

authorized by the manager to act on behalf of

the funds with respect to the lending of certain

securities of the funds held by the Custodian

or by State Street Bank and Trust Company as

sub-custodian. Pursuant to the terms of the State

Street Securities Lending Agreement, State Street

determines the value of the loaned securities and

the collateral on each business day to ensure that

the collateral received from each borrower has a

market value of not less than 105% of the market

value of the loaned securities.

Pursuant to the terms of the State Street Securities

Lending Agreement, State Street agrees to indemnify

a fund from all direct losses, damages, liabilities,

costs or expenses (“Loss”) actually incurred by the

fund and arising directly from a claim brought, or

demand made, by a third party arising from State

Street’s failure to satisfy its standard of care;

however, such indemnification shall not apply

(i) in the event that State Street’s failure to perform

is caused by events or circumstances beyond its

reasonable control including, but not limited to,

nationalization, expropriation, currency restriction,

acts of war or terrorism, riot, revolution, acts of God

or other similar event or acts, and (ii) to the extent

any Loss arises from the fund’s or its agents’

negligent action or omission.

The manager, on behalf of any of the funds, and

State Street may each at any time terminate the

State Street Securities Lending Agreement upon

five (5) business days’ prior written notice to the

other to that effect.

eSecLending Lending Agreement

eSecLending acts as agent for securities lending

transactions for those funds that engage in

securities lending pursuant to a securities lending

authorization agreement between the manager,

on behalf of the funds, and eSecLending dated

as of February 22, 2024, as amended, restated or

supplemented from time to time (the “eSecLending

Securities Lending Agreement”).

The eSecLending Securities Lending Agreement

sets forth the terms and conditions under which

eSecLending is authorized by the manager to act

on behalf of the funds with respect to the lending of

certain securities of the funds held by the Custodian.

Pursuant to the terms of the eSecLending Securities

Lending Agreement, eSecLending determines the

value of the loaned securities and the collateral on

each business day to ensure that the collateral

received from each borrower has a market value

of not less than 105% of the market value of the

loaned securities.

Pursuant to the terms of the eSecLending Securities

Lending Agreement, eSecLending agrees to

indemnify a fund for losses, costs, expenses,

damages, charges, liabilities, demands or claims

(including legal and accounting fees) (“Losses”)

insofar as such Losses are caused by or arise

directly out of (i) a material breach by eSecLending

of its obligations; (ii) any inaccuracy of any

representation or warranty made by eSecLending;

and (iii) the negligence, bad faith, wilful misconduct

or breach of the standard of care by eSecLending in

the performance of its duties except, in each case,

to the extent that any such Losses are caused by the

negligence, bad faith or wilful misconduct of the

manager or the funds.

The eSecLending Securities Lending Agreement

may be terminated by each party at any time,

effective immediately upon written notice of

such termination to the other party if (i) any

representation made by the other party in respect

of the agreement shall be incorrect or untrue in any

material respect when made or deemed to have

been reaffirmed; (ii) the other party notifies the

party of its inability to or its intention not to perform

its obligations under the agreement; (iii) the other

party (a) shall have failed to perform any material

obligation under the agreement, and (b) shall not

have cured such failure within five (5) business days

after notice of such failure from the non-defaulting

party; or (iv) the other party has its license, charter

or other authorization necessary to conduct the

services or a material portion of its activities

withdrawn, suspended or revoked by any applicable

federal or state government or agency thereof.

In addition, each party may terminate the

eSecLending Securities Lending Agreement,

effective immediately upon written notice of such

termination to the other party, in the event that

eSecLending notifies the manager in writing that

it will not implement changes requested by the

manager, or any of the funds, if eSecLending

determines, in its sole discretion, that it is not

commercially practicable to (i) implement changes

that may be required by an entity with regulatory

authority over the funds; and/or (ii) any change

to (a) the agreement in order to comply with

NI 81-102; or (b) the relevant internal controls and

procedures of eSecLending to ensure they are

adequate and appropriate.

See Securities lending, repurchase and reverse

repurchase transactions on page 33 for more details.

Independent review committee and fund governance

Independent review committee

In accordance with NI 81-107, the manager appointed

an independent review committee (the “IRC”) for

the BMO Mutual Funds. The IRC reviews and

provides input on conflict of interest matters in

respect of the manager and the BMO Mutual Funds.

As required under NI 81-107, the manager has

policies and procedures relating to conflicts of

interest matters.

At least annually, the IRC will review and assess the

adequacy and effectiveness of:

the manager’s written policies and procedures •

relating to conflict of interest matters in respect

of the BMO Mutual Funds;

any standing instruction the IRC has provided to •

the manager pertaining to conflict of interest

matters in respect of the BMO Mutual Funds; and

the manager’s and the BMO Mutual Funds’ •

compliance with any conditions imposed by the

IRC in a recommendation or approval it has

provided to the manager.

In addition, at least annually, the IRC will review

and assess the independence of its members, the

compensation of its members, its effectiveness as a

committee, as well as the effectiveness and

contribution of each of its members. The IRC will

provide the manager with a report of the results of

such assessment.

The IRC currently consists of four members, who

are Marlene Davidge (Chair), Jim Falle, Wendy

Hannam and Jacqueline Allen. Each IRC member is

independent from the manager, the funds and

entities related to the manager.

The IRC prepares, at least annually, a report of its

activities for securityholders and makes such reports

available on the BMO Mutual Funds’ designated

website at https://www.bmo.com/gam/ca/advisor/

legal-and-regulatory or at the securityholder’s

request and at no cost, by contacting us at

[email protected] or writing to us at

BMO Investments Inc., 100 King Street West,

43rd Floor, Toronto, Ontario, M5X 1A1. This report

and other information about the IRC are also

available at www.sedarplus.ca.

Fund governance

General oversight

As stated above, the Trustee has the exclusive

authority over the assets and affairs of the BMO

Trust Funds and is ultimately responsible for the

BMO Trust Funds. The Board of Directors of BMO

Monthly Dividend Fund Ltd. is responsible for the

administration and operation of the BMO Monthly

Dividend Fund Ltd. The Trustee and the Board of

Directors delegate the day-to-day administration

and operation of the funds to the manager.

The Board of Directors of BMO Monthly Dividend

Fund Ltd. meets semi-annually to receive the report

of the manager and to discuss and review the

business and operations of the fund. The Board of

Directors also has an Audit Committee. The Audit

Committee of BMO Monthly Dividend Fund Ltd.

generally meets semi-annually to discuss financial

matters, investment performance and compliance

applicable to BMO Monthly Dividend Fund Ltd.

See BMO Monthly Dividend Fund Ltd. under the

heading on page 27 for a description of the extent to

which the members of the Board of Directors of

BMO Monthly Dividend Fund Ltd. are independent

from the manager.

We also have a Performance Review & Risk

Oversight Committee that generally meets monthly

to examine and review investment performance,

the risk management process which includes

documented internal policies pertaining to the

measurement, monitoring, mitigation and reporting

of liquidity risks within the funds and related matters

in connection with the funds. This committee is

responsible for the oversight of policies and

procedures related to liquidity risk management.

The Performance Review & Risk Oversight

Committee is comprised of at least one member

who is independent of portfolio management.

We have hired certain portfolio managers to provide

investment advice and portfolio management to the

funds. Their activities are carefully and regularly

monitored by the manager’s Performance Review

& Risk Oversight Committee to help ensure

observance of investment guidelines, conduct

and financial performance.

We have established appropriate policies, procedures,

practices and guidelines to ensure the proper

management of the funds, including the policies

and procedures relating to conflict of interest

matters as required by NI 81-107. Included among

these policies is a personal trading policy for

employees of the manager. The personal trading

policy is designed to prevent potential, perceived or

actual conflicts between the interests of the

manager and its employees, and the interests of the

funds. Under this policy, certain personnel of the

manager are required to obtain prior approval

before placing any trades in securities for their

personal accounts in order to ensure that the trades

do not conflict with the best interests of the funds

and have not been made available to the employee

because of his or her position, knowledge of or

relationship with the funds.

The disclosure of the amount of fees received from the funds by each affiliated entity that provides services

to the funds or to the manager in relation to the funds is, or will be, contained in the audited financial

statements of the funds.

Bank of Montreal

(Canada)

BMO Capital

Markets Corp.

(indirect wholly-owned

subsidiary)

BMO Nesbitt

Burns Inc.

(wholly-owned subsidiary)

BMO Private

Investment

Counsel Inc.

(wholly-owned subsidiary)

BMO Asset

Management Inc.

(wholly-owned subsidiary)

BMO Financial Corp.

(wholly-owned subsidiary)

Canada

U.S.

BMO Trust Company

(wholly-owned subsidiary)

Bank of Montreal

Holding Inc.

(wholly-owned subsidiary)

BMO Investments Inc.

(indirect wholly-owned

subsidiary)

Risk management

Risk management is dealt with on a number of Risk

management is dealt with on a number of levels.

The agreements between the manager and the

portfolio managers set out the objectives and

strategies of a fund, the investment restrictions and

policies prescribed by the Canadian securities

regulatory authorities and any additional

guidelines and criteria considered by the manager

to be appropriate. Various measures to assess risk

are used, including mark-to-market security

valuation, fair value accounting, effective exposure

reporting, and reconciliations of security and cash

positions. Compliance monitoring of the funds’

portfolios is ongoing. The funds are priced daily,

which aims to ensure that the valuation accurately

reflects market movements. See General oversight

under Fund governance on page 30 for a description

of the risk management process review of the

Performance Review & Risk Oversight Committee.

Affiliated entities

The diagram below sets out the relationships among

the affiliated entities that provide services to the

funds or to the manager in connection with the

funds. All entities below are wholly-owned by

Bank of Montreal, directly or indirectly, unless

otherwise indicated.

Funds of funds

A fund may purchase securities of underlying funds

(or obtain exposure to underlying funds by entering

into derivative transactions). A fund may invest in

underlying funds in a manner that is consistent

with the investment objectives and investment

strategies of the fund, provided that there shall be

no duplication of management fees chargeable in

connection with securities held indirectly by a fund

through its investments in underlying funds and

the management fees directly charged to the fund.

In the event that a fund invests in an underlying

fund and the management fee payable by the

underlying fund is higher than that of the fund, the

fund may indirectly pay the higher management fee

on the portion of the fund’s assets invested in the

underlying fund, regardless of whether the underlying

fund is managed by us or one of our affiliates or

associates or by an independent fund manager.

In some cases, when a fund invests in underlying

funds it will predominantly, if not exclusively,

invest in underlying funds that are managed by us

or one of our affiliates or associates (“Underlying

BMO Funds”).

Where the portfolio manager chooses to invest in

Underlying BMO Funds, it generally does so because

there are economic efficiencies that can be accessed

when investing in Underlying BMO Funds and

because it has greater familiarity with (i) the

capabilities of the investment teams proving

investment management to those Underlying

BMO Funds, (ii) the consistency of the underlying

investment strategy of the Underlying BMO Funds

with the fund’s overall investment objective, and

(iii) how those Underlying BMO Funds will react to

a wide range of market conditions. In particular,

investing in Underlying BMO Funds gives the

manager an increased ability to waive management

fees, thereby helping to keep the funds themselves

commercially viable.

The predominant use of Underlying BMO Funds

creates conflicts of interest because it provides

collateral benefits to the manager, including both

an increase in the manager’s total assets under

management and an increase in the assets of funds

and Underlying BMO Funds, potentially increasing

the commercial viability of the funds and Underlying

BMO Funds through an increase in assets and

greater economies of scale. Despite the predominant

use of Underlying BMO Funds for the reasons

mentioned above, the portfolio manager has the sole

discretion to select unaffiliated underlying funds in

any asset class at any time even if an affiliated

underlying fund exists in a similar asset class.

Dealer manager disclosure

A fund is a “dealer managed investment fund”

(as defined in NI 81-102) if a dealer, or a principal

shareholder of a dealer, owns more than 10% of the

voting rights of the portfolio adviser of the fund.

Certain of the funds are dealer managed investment

funds. As a result, those funds are subject to the

restrictions set out in section 4.1 of NI 81-102.

Generally, a dealer managed investment fund must

not knowingly invest in a class of securities of an

issuer, either in the distribution (primary offering)

or in the 60-day period following the distribution

(secondary market), if a related entity acted as an

underwriter in the distribution of securities of that

class of securities, unless certain exceptions apply

(the “related underwriting prohibition”). In

addition, a dealer managed investment fund must

not knowingly invest in securities of an issuer of

which a partner, director, officer or employee of the

portfolio adviser is a partner, director, or officer of

the issuer of the securities, unless certain exceptions

apply. In both cases, an exception is made for an

investment in a class of securities issued or fully

and unconditionally guaranteed by the government

of Canada or the government of a province or territory

of Canada. Another exception is made in respect of

the related underwriting prohibition if, among other

things, the IRC of the fund has approved the

transaction and the transaction complies with

NI 81-102.

Policies and practices

Derivatives trading

The funds may use derivatives as permitted by the

Canadian securities regulatory authorities for

hedging or non-hedging purposes.

Derivatives may be used to participate in changes to

a particular market or group of securities without

purchasing the securities directly, or to temporarily

reduce participation in a particular market in

which the underlying fund has already invested,

or to mitigate a risk associated with the portfolio

assets held by the fund. The types of derivatives a

fund may use include forward contracts, futures

contracts, options or options on futures and swaps.

The manager allows for the use of derivatives under

certain conditions and limitations. The manager

has written policies and procedures in place with

respect to risk management and also on the use of,

and to supervise the portfolio managers in the use

of, derivatives as investments within the funds.

These policies and procedures are periodically

reviewed by the manager.

The portfolio managers have authority to enter into

derivatives transactions on behalf of the funds only

as set out in this simplified prospectus and as

prescribed in their respective investment management

agreements with the manager. Among other

limitations, all derivative transactions must adhere

to the investment objectives and strategies of each

of the applicable funds. The portfolio managers are

also required to adhere to applicable securities

legislation, including the restrictions in NI 81-102,

subject to any exemptive relief therefrom. While

NI 81-102 rules are used as the standard for trading

limits on derivative trading, individual funds may

employ more conservative guidelines which, in

turn, are monitored by the manager on an ongoing

basis through confirmations from and due diligence

of the portfolio managers. The manager monitors

the activities of the portfolio managers through the

receipt of quarterly compliance attestations from

the relevant portfolio managers that the funds are

in compliance with securities laws relating to the

use of derivatives by the funds and also conducts

annual due diligence on each portfolio manager.

Each of the portfolio managers has policies and

procedures in place with respect to derivatives

trading which are reviewed as part of the manager’s

annual due diligence review. These procedures

dictate the use of derivatives as investments within

the funds including specific procedures for the

authorization, documentation, reporting, monitoring

and review of derivative strategies and positions.

When using derivatives, the portfolio managers

generally apply various measures to assess risk,

including mark-to-market security valuation, fair

value accounting, reconciliations of securities and

cash positions. No stress testing is conducted

specifically with respect to the derivative positions

maintained by the funds. The portfolio managers,

however, are required to perform a review of

exposure on all of their managed portfolios,

including the funds, as indicated above.

Securities lending, repurchase and

reverse repurchase transactions

The securities lending program of the funds is

administered by each of State Street Bank and Trust

Company and eSecLending pursuant to the terms of

the State Street Securities Lending Agreement and

eSecLending Securities Lending Agreement,

respectively.

Each of the State Street Securities Lending

Agreement and eSecLending Securities Lending

Agreement complies with the applicable provisions

of NI 81-102. The manager manages the funds’

risks associated with securities lending (which

are described under General investment risks

page 101) by requiring the applicable securities

lending agent to:

enter into securities lending transactions with •

reputable and well-established Canadian and

foreign brokers, dealers and institutions

(“counterparties”);

maintain internal controls, procedures and records •

including a list of approved counterparties based

on generally accepted creditworthiness standards,

transaction and credit limits for each counterparty

and collateral diversification standards;

establish daily the market value of both the •

securities loaned by a fund under a securities

lending transaction or sold by a fund under a

repurchase transaction and the cash or collateral

held by the fund. If on any business day the

market value of the cash or collateral is less than

102% of the market value of the borrowed or sold

securities, the Custodian will request that the

counterparty provide additional cash or collateral

to the fund to make up the shortfall; and

ensure that the collateral to be delivered to the •

fund is one or more of cash, qualified securities

or securities immediately convertible into, or

exchangeable for, securities of the same issuer,

class or type, and same term, if applicable, as the

securities being loaned by the fund.

Any transaction may be terminated by a fund at any

time and the loaned securities recalled within the

normal and customary settlement period for such

transaction.

The manager reviews its written policies and

procedures periodically to ensure that the risks

associated with securities lending transactions are

being properly managed. Each of State Street Bank

and Trust Company and eSecLending will use risk

measurement procedures or simulations to test

each portfolio under stress, where applicable.

Although permitted to do so, none of the funds

currently engage in repurchase or reverse

repurchase transactions.

Short selling

Each of the funds may engage in short selling of

securities as permitted under NI 81-102. Generally,

short selling can provide a fund with an opportunity

for gain where the fund’s portfolio management

team expects the price of a security to decrease.

A “short sale” is where a fund borrows securities

from a borrowing agent (generally a custodian or

dealer) and then sells the borrowed securities in the

open market. At a later date, the same number and

type of securities are repurchased by the fund and

returned to the borrowing agent. A fund that sells

securities short must post margin with the borrowing

agent from whom it is borrowing securities as

collateral for the borrowed securities. This margin

can be in the form of cash and/or securities. In

addition to paying a borrowing fee to the borrowing

agent on the borrowed securities, the fund may also

be required to pay other fees in connection with the

short sale. If the value of the securities declines

between the time that the fund borrows the securities

and the time it repurchases and returns the securities

to the borrowing agent, the fund profits by the

amount of the change in the value of the securities

(less any borrowing and transaction costs).

A mutual fund will only engage in short sales as

permitted by Canadian securities regulatory

authorities, and only if the strategy is consistent

with the fund’s investment objectives.

The risks involved in short selling and the fund’s

investment strategy relating to short selling are

disclosed under Short selling risk on page 109.

Short selling by a fund will be subject to the

following controls and restrictions as per the

manager’s written policies and procedures:

all short sales will be implemented using market •

facilities through which those securities are

normally bought and sold;

securities will be sold short for cash, with the •

fund assuming the obligation to return the

borrowed securities to the lender. The fund will

receive the cash proceeds within normal trading

settlement periods for the market in which the

short sale is effected;

the security interest provided by the fund over •

fund assets will be granted in accordance with

industry practice for short sale transactions and

will relate only to obligations arising under such

transactions;

securities sold short will be liquid securities •

that are:

a) listed and posted for trading on a stock

exchange and (i) each issuer of a security sold

short has a market capitalization of at least

C$300 million at the time of the short sale, or

(ii) the fund has pre-arranged to borrow for

the purpose of such sale, or

b) bonds, debentures or other evidences of

indebtedness of, or guaranteed by, the

Government of Canada or any province or

territory of Canada or the Government of the

United States of America;

the fund will borrow securities only from its •

custodian or a regulated dealer. For short sale

transactions in Canada, the dealer will have to be a

registered dealer and a member of a self-regulatory

organization that is a participating member of the

Canadian Investor Protection Fund. For short sale

transactions outside Canada, the dealer will have

to be subject to a regulatory audit from time to time

by virtue of being a member of a stock exchange,

and have a net worth in excess of C$50 million, as

determined from its most recent audited financial

statements that are publicly available;

the total market value of all securities of an issuer •

sold short by the fund will not exceed 5% of the

total net assets of the fund, and the fund will place

a “stop-loss” order with a dealer to immediately

purchase for the fund an equal number of the same

securities if the trading price of the securities

exceeds 120% (or such lesser percentage as the

manager may determine) of the price at which

the securities were sold short;

when fund assets are deposited with a dealer as •

security in connection with a short selling

transaction, the amount of fund assets deposited

with the dealer will not, when aggregated with

the amount of fund assets already held by the

dealer as security for outstanding short selling

transactions involving the fund, exceed 10% of

the net assets of the fund, taken at market value at

the time of deposit;

the total market value of all securities sold short •

by the fund will not exceed 20% of the net assets

of the fund on a daily marked-to-market basis; and

the fund will hold “cash cover” (as defined in •

NI 81-102) in an amount that is at least 150% of

the total market value of all securities sold short

by the fund on a daily marked-to-market basis.

The fund assets deposited with lenders as security

until the borrowed securities are returned will be

included in that amount. The fund will not use

the proceeds from short sales to purchase long

positions in securities other than cash cover.

Certain funds have given notice that they may

engage in short selling as set out in the funds’

investment strategies. If any other fund wishes to

engage in short selling, it will provide existing

securityholders with not less than 60 days’ written

notice prior to commencing short selling transactions.

On an annual basis, the investment department of

the manager will report to the Board of Directors of

the manager on short sale strategies, if applicable,

and risk management processes used by the funds.

The funds do not use simulations to test the

portfolio under stress conditions.

Transactions with related

or connected persons or companies

The manager is a member of a group of related

companies known as the “BMO Financial Group”.

Applicable securities legislation contains restrictions

on the circumstances in which the funds, or the

manager on behalf of the funds, may enter into

transactions or arrangements with or involving

other members of the BMO Financial Group.

From time to time the manager may, on behalf of

the funds, enter into transactions or arrangements

with or involving other members of the BMO

Financial Group, or certain other persons or

companies that are related or connected to the

manager or the funds. These may include

transactions or arrangements with or involving

Bank of Montreal, BMOAM, BMO InvestorLine Inc.,

BMO Nesbitt Burns Inc., BMO Private Investment

Counsel Inc., or other related investment funds,

and may involve the purchase or sale of portfolio

securities through or from a member of the

BMO Financial Group, the purchase or sale of

securities issued or guaranteed by a member of the

BMO Financial Group, a fund entering into forward

contracts, options, swaps or other types of over-the-

counter derivatives with a member of the

BMO Financial Group acting as counterparty, the

purchase or redemption of securities of other

mutual funds managed by us or by another member

of the BMO Financial Group (including exchange

traded funds) or the provision of services to the

manager. However, these transactions and

arrangements will only be entered into where

they are permitted under applicable securities

legislation or by securities regulatory authorities

having jurisdiction and, if applicable, approved by

the IRC (or after having received the IRC’s positive

recommendation) and where they are, in the opinion

of the manager, in the best interests of the funds.

Proxy voting policies and procedures

The manager has delegated the voting of proxies for

securities held in each fund’s portfolio to that fund’s

portfolio manager or sub-advisor, as applicable,

as part of the investment management services

provided to the fund, subject to the manager’s

continuing oversight. A portfolio manager or sub-

advisor, as applicable, voting proxies on behalf of a

fund must do so in the best interests of the fund and

its securityholders.

Due to the variety of proxy voting issues that may

arise, the following summary of the proxy voting

policies and procedures is not exhaustive and is

intended to provide guidance but not necessarily

dictate how each issue must be voted in each

instance. Further, a portfolio manager or sub-

advisor may depart from their respective proxy

voting policies and procedures or not vote a proxy

in order to avoid voting decisions that may be

contrary to the best interests of a fund and its

securityholders.

The securities of underlying funds held by a fund

that the manager, or one of its affiliates or associates,

manages will not be voted unless, at the manager’s

discretion, the manager arranges for securities of the

underlying fund to be voted by the securityholders

of the fund. In light of the cost and complexity in

doing so, this is not the manager’s typical practice.

The process for proxy voting differs among funds

depending on whether the proxy voting responsibility

lies with BMOAM or a third party portfolio manager

or sub-advisor. A portfolio manager or sub-advisor

may also engage in active ownership which

includes dialogue with companies held in the

portfolio of the funds with the aim of alerting

companies to ESG risks, proposing solutions to

ESG challenges, moving towards best practices in

managing ESG issues and impacting ESG

performance. Such company engagement may

encompass a spectrum of ESG issues, across a range

of sectors and geographies.

BMO Asset Management Inc.

BMOAM, in its capacity as portfolio manager of

certain funds (including funds where BMOCMC

acts as sub-advisor), provides engagement and

proxy voting services using its Responsible

Investment team (“RI Team”), comprised of ESG

experts, and any other existing or future resources

appropriate for this purpose. The RI Team works

alongside BMOAM’s fixed income and equity

portfolio managers and investment analysts. The

RI Team undertakes engagement activities as well

as proxy voting research and analysis, and also

supports the development of BMOAM’s publicly

available Corporate Governance Guidelines (“CGG”)

and Expectations on Environmental, Social and

Governance Practices, which set out BMOAM’s

expectations of companies regarding good ESG

practices as well as guides BMOAM’s voting on

ESG matters. The RI Team focuses on corporate

engagement with North American investee

companies and actively votes at company meetings

for the Canadian market. BMOAM has retained a

third party engagement and voting service provider

to provide it with proxy voting and responsible

engagement overlay (“reo

”) services to ensure its

coverage extends to international markets and to

execute votes on its behalf and in line with the CGG.

The RI Team monitors and can override any vote

instructions by reo

across all markets.

BMOAM has established proxy voting policies and

procedures for the funds, which include the CGG,

the Expectations on Environmental, Social and

Governance Practices, and standing voting directions

(collectively, the “Proxy Voting Guidelines”).

The Proxy Voting Guidelines inform the voting on

matters for which the funds receive proxy materials

for an issuer.

In providing proxy voting services, BMOAM

through reo

uses International Shareholder

Services (“ISS”), a third party proxy voting

administrator, to auto-execute, without further

guidance, the majority of votes in accordance with

standing voting directions which reflect the CGG.

When ISS or reo

need guidance on the standing

voting directions or when the RI Team wishes to

further consider how to vote on certain matters,

they consult with the RI Team and obtain

instructions on how to proceed.

Although the RI Team generally adheres to the

Proxy Voting Guidelines in executing votes and in

addition relies on reo

and ISS to execute votes, any

proxy issues that differ from the Proxy Voting

Guidelines are considered by taking into account

the particular circumstances involved. This

provides needed flexibility in making prudent

judgments in the proxy voting process. Further,

BMOAM may depart from the Proxy Voting

Guidelines in order to avoid voting decisions that

may be contrary to the best interests of a fund and

its securityholders.

The RI Team actively engages investee companies

prior to, during and after proxy season to inform

voting decisions and communicate good ESG

expectations.

Due to the variety of proxy voting issues that may

arise, the following summary of the Proxy Voting

Guidelines is not exhaustive and is intended to

provide guidance but does not necessarily dictate

how each issue must be voted in each instance.

The Proxy Voting Guidelines include:

a) a standing policy for dealing with routine

matters on which a fund may vote, such as

election of directors, appointment of auditors

and an issuance of shares;

b) the circumstances under which a fund will

deviate from the standing policy for routine

matters. For example, the Proxy Voting

Guidelines provide that the funds will typically

support management’s recommendation

regarding appointing auditors, but may vote

against such recommendation where auditor

independence is in question;

c) the policies under which, and the procedures

by which, a fund will determine how to vote

on non-routine matters such as mergers and

acquisitions, spin-offs and other corporate

restructurings, shareholder rights (other than

the issuance of shares), corporate governance,

compensation, and social and environmental

matters. For example, with respect to mergers

and acquisitions, spin-offs and other corporate

restructurings, the Proxy Voting Guidelines

provide that the funds will typically support

incumbent management provided that the

financial terms, synergistic benefits and

management quality are sound; and

d) procedures to ensure that a fund’s portfolio

securities are voted in accordance with the

fund’s instructions. This includes the

requirement for the portfolio manager or

sub-advisor, as applicable, to certify to the

manager or the portfolio manager, as applicable,

that it has voted all securities held by the funds

it manages in accordance with the Proxy

Voting Guidelines and/or its own proxy

voting policy.

BMOAM has a policy in place to identify and deal

with potential conflicts of interest in proxy voting

such as the following proxy voting situations:

a) voting proxies at a company’s shareholder

meeting where the company is a client of, or

has another type of business relationship

with, BMO Financial Group;

b) voting proxies at a Bank of Montreal or an

affiliate’s shareholder meeting (including

meetings of investment funds managed by

BMOAM or an affiliate) or a company’s

shareholder meeting relating to a corporate

action such as a merger or acquisition

involving the company (or any of its affiliates)

and a member of BMO Financial Group;

c) voting proxies at a company’s shareholder

meeting where an officer, director or

employee of the manager, BMOAM or BMO

Financial Group serves on the board or is

nominated for election to that company;

d) voting proxies at a company’s shareholder

meeting with a potential voting outcome that

favours one client (including one investment

fund) over another; and

e) voting proxies at a company’s shareholder

meeting where different portfolio managers at

BMOAM prefer different voting outcomes.

Third Party Portfolio Managers and Sub-Advisors

Proxy voting responsibility for the funds’ portfolio

securities has been outsourced to the applicable

third party portfolio manager or sub-advisor who

have each adopted similar proxy voting policies

and procedures to the Proxy Voting Guidelines;

provided, however, that ESG matters may be

considered differently by such portfolio managers

and sub-advisors in their proxy voting policies and

procedures. These portfolio managers and sub-

advisors will vote the proxies in a manner

consistent with the best interests of the fund and its

securityholders, and without reference to, or

influence from, the manager, unless such third

party portfolio manager or sub-advisor has agreed

to also consider the Proxy Voting Guidelines.

The Proxy Voting Guidelines and the proxy voting

policies and procedures of third party portfolio

managers and sub-advisors are available on request,

at no cost, by calling 1-800-665-7700 (if you purchased

your securities in a BMO Bank of Montreal branch

or through the BMO Investment Centre), or by

calling 1-800-668-7327 (if you purchased your

securities through a dealer), or by writing to the

manager at 100 King Street West, 43rd Floor,

Toronto, Ontario M5X 1A1.

Each fund’s proxy voting record for the most recent

period ended June 30 of each year is, or will be,

available free of charge to any securityholder of the

fund upon request at any time after August 31 of the

relevant year by calling 1-800-665-7700 (if you

purchased your securities in a BMO Bank of Montreal

branch or through the BMO Investment Centre),

or by calling 1-800-668-7327 (if you purchased

your securities through a dealer).

Each fund’s proxy voting record is also available on

the funds’ websites at https://www.bmo.com/gam/

ca/advisor/legal-and-regulatory.

Interests of management and

others in material transactions

The manager, on behalf of the funds that offer

ETF Series, may enter into various continuous

distribution agreements with registered dealers

(that may or may not be Designated Brokers)

pursuant to which the dealers may subscribe for

ETF Series of one or more of the funds that offer

ETF Series as described under Purchases, Switches

and Redemptions – Purchases – ETF Series.

The manager will receive fees for its services to the

funds. See Fees and Expenses on page 65.

We are entitled to receive management fees from

the funds. See “Management Agreements” on

page 5 for more details. The fees received by us as

management fees are disclosed in the audited

financial statements of the funds.

BMOAM and BMOCMC are related to us and,

as portfolio manager or sub-advisor for certain

funds, are entitled to receive fees from the

manager for investment advisory and portfolio

management services.

The funds pay standard brokerage commissions at

market rates to BMO Nesbitt Burns Inc. for trades

executed by BMO Nesbitt Burns Inc.

Bank of Montreal, BMO Nesbitt Burns Inc. and

BMO InvestorLine Inc. may buy or sell debt

securities to or from the funds subject to certain

conditions set out in NI 81-102, NI 81-107 and the

requirements of the Canadian securities regulators.

See Investment Restrictions on page 110 for further

information.

BMO Mortgage and Short-Term Income Fund may

enter into deposit and similar banking transactions

with Bank of Montreal and may borrow funds from

Bank of Montreal for temporary purposes. The

manager, on behalf of BMO Mortgage and Short-

Term Income Fund and BMO Diversified Income

Portfolio, has obtained exemptive relief to continue

to sell mortgages and other investments to, and buy

mortgages and other investments from, Bank of

Montreal and/or MCAP Financial Corporation.

Bank of Montreal and/or MCAP Financial

Corporation is entitled to receive fees from the

manager under the Mortgage Servicing Agreement.

The prices of mortgages and other investments sold

to or bought from Bank of Montreal and/or MCAP

Financial Corporation will continue to be valued

according to the guidelines set out under “Buying

Mortgages” under BMO Mortgage and Short-Term

Income Fund on page 178, except that mortgages

sold by the fund to Bank of Montreal and/or MCAP

Financial Corporation for liquidity purposes will

be sold to Bank of Montreal and/or MCAP Financial

Corporation for at least 95% of their value.

See “Valuation of assets of BMO Mortgage and

Short-Term Income Fund” on page 41 and “Buying

Mortgages” and “Liquidity” under BMO Mortgage

and Short-Term Income Fund on page 178 for

details.

Remuneration of directors, officers and trustees

Trustee compensation

The manager does not receive any additional fees

for serving as trustee of the BMO Trust Funds.

Employee compensation

The management functions of each fund are carried

out by employees of the manager. The funds do not

have employees.

Director compensation

The directors of BMO Monthly Dividend Fund Ltd.

do not receive compensation from the BMO

Monthly Dividend Fund Ltd.

Independent review committee compensation

The members of the IRC of the BMO Mutual Funds

are entitled to compensation. Certain of the

BMO Mutual Funds have a financial year end in

December and other BMO Mutual Funds have a

financial year end in September.

For the year ended September 30, 2023, members

of the IRC received the following amounts in

annual fees and reimbursement for expenses in

connection with performing their duties for the

BMO Mutual Funds: Jim Falle $30,913; Wendy

Hannam, $30,912; Jacqueline Allen, $30,913; and

Marlene Davidge, $44,437.

For the year ended December 31, 2023, members

of the IRC received the following amounts in

annual fees and reimbursement for expenses in

connection with performing their duties for the

BMO Mutual Funds: Jim Falle, $4,662; Wendy

Hannam, $4,662; Jacqueline Allen, $4,662; and

Marlene Davidge, $6,703.

These annual fees and reimbursement of expenses

were paid by and allocated among the BMO Mutual

Funds in a manner that was fair and reasonable.

Material contracts

The material contracts relating to, or executed by

each fund, are:

Declarations of Trust (BMO Trust Funds), as •

amended, as described under Name, Formation

and History of the Funds – BMO Trust Funds on

page 118;

Articles of Incorporation of BMO Monthly •

Dividend Fund Ltd., as amended, as described

under “BMO Monthly Dividend Fund Ltd.”

on page 123;

BMO Retail and Advisor Master Management •

Agreement, as amended, as described under

Management Agreements on page 5;

BMO Guardian Master Management Agreement, •

as amended, as described under Management

Agreements on page 5;

Custodian Agreement, as amended, as described •

under Custodian on page 27;

Investment management agreements between •

BMO Investments Inc. and each of the portfolio

managers, as amended, as described under

Portfolio Adviser on page 7; and

Index License Agreement between BMO •

Investments Inc. and Nasdaq, Inc. dated May 26,

2021, as described under Additional Information

on page 90.

You may inspect copies of these material contracts

during normal business hours at our head office at

100 King Street West, 43rd Floor, Toronto, Ontario

M5X 1A1. To receive copies of any or all of the

Declarations of Trust, or the articles of incorporation

of BMO Monthly Dividend Fund Ltd., as amended,

please send us a written request.

Legal proceedings

We are not aware of any material legal proceedings,

either pending or ongoing, to which the funds,

BMO GAM or a principal distributor of the funds

is a party.

Designated website

A mutual fund is required to post certain regulatory

disclosure documents on a designated website. The

designated website of the mutual funds this document

pertains to can be found at the following locations:

at https://www.bmo.com/gam/ca/advisor/legal-

and-regulatory.

Valuation of portfolio securities

Assets

The assets of each fund may include:

all cash on hand, on deposit or on call; •

all bills and notes and accounts receivable; •

all shares and subscription rights and other •

securities;

all stock and cash dividends and cash •

distributions not yet received by the fund but

declared to shareholders of record before the net

asset value per security is determined;

all bonds, debentures, mortgages and other •

evidences of indebtedness;

interest accrued on any fixed interest bearing •

securities;

all derivative instruments; •

margin receivable on futures contracts; and •

all other property, including prepaid expenses. •

Value of assets

We determine the value of each fund’s assets using

the following principles:

Cash on hand or on deposit, bills and demand •

notes and accounts receivable, prepaid expenses,

dividends receivable and interest declared or

accrued and not yet received are valued at the full

amount or at what is considered to be the fair

value by the manager;

Money market or short-term investments are •

valued at amortized cost which approximates fair

value due to their short-term nature;

Securities listed on any stock exchange or in the •

over-the-counter market are valued at their

closing price within the bid-ask spread or, if there

is no closing price, or the closing price is not

within the bid-ask spread, the manager

determines the point within the bid-ask spread

that is most representative of fair value based on

the specific facts and circumstances. If there

are no recent sales, the manager may use its

discretion to calculate its best estimate of the fair

value of such securities;

Mutual fund securities that are not listed on any •

stock exchange are valued at the respective net

asset value for such securities quoted by the

trustee or the manager of such fund on the

relevant valuation date;

Debt securities are fair valued. Fair value is •

determined as the last traded market price or

close price set by the market makers where the

close price falls within the bid-ask spread of the

security. In situations where the last traded

market price is not within the bid-ask spread, the

manager determines the point within the bid-ask

spread that is most representative of fair value;

Securities or property which have no available •

price quotations are valued at the manager’s best

estimate of the fair value;

Foreign currency accounts are expressed in •

Canadian dollars (or in U.S. dollars as the case

may be, for example, BMO U.S. Dollar Funds) on

the following basis:

investments and other assets are valued at the •

applicable rate of exchange at the valuation

date; and

purchases and sales of investments, income •

and expenses are recorded at the applicable

rate of exchange on the dates of the

transactions;

A fund’s holdings are valued in Canadian dollars •

(or in U.S. dollars as the case may be, for example,

BMO U.S. Dollar Funds) before calculating the

net asset value of the fund;

Forward foreign exchange contracts are valued as •

the difference between the value on the date the

contract originated and the value of the contract

on the valuation date. Foreign exchange options

are valued at their quoted market value. When

the contract or option closes or expires, a realized

foreign exchange gain or loss shall be recognized;

Forward contracts are valued as the difference •

between the value on the date the contract

originated and the value of the contract on the

valuation date;

Derivative instruments, such as clearing •

corporation options, are valued at their fair value,

which is determined as the value of an option

that would have the effect of closing the position

as at the valuation date;

Where a covered clearing corporation option is •

written, the premium received is considered a

deferred credit with a value equal to the current

market value of an option that would have the

effect of closing the position. Any difference

resulting from revaluation will be treated as an

unrealized gain or loss. Deferred credits will be

deducted to arrive at the net asset value of the fund;

Futures contracts are valued at outstanding current •

margin payable or receivable;

Bullion, coins, certificates or other evidences of •

precious metals are valued at current market value;

Restricted securities are valued at the lesser of •

(i) the value thereof based on reported quotations

in common use, and (ii) the percentage of the

market value of unrestricted securities of the

same class, equal to the percentage that the fund’s

acquisition cost was of the market value of such

unrestricted securities at the time of acquisition,

provided that if we know the time period during

which the restrictions on such securities apply, we

may adjust the price to reflect that time period;

All other assets are valued at the manager’s best •

estimate of fair value; and

If the manager considers any of these valuation •

principles inappropriate under the circumstances,

or the manager cannot value an investment

according to these principles, the manager may

estimate the fair value of an investment using

established fair valuation procedures such as:

consideration of public information, broker

quotes and valuation models. The manager may

also use external fair value service providers. The

value calculated on fair value securities for the

purposes of calculating a fund’s net asset value

may differ from the securities’ most recent

closing market price.

The manager may also fair value securities in the

following circumstances:

when there is a halt trade on a security that is •

normally traded on an exchange;

on securities that trade on markets that have •

closed prior to the time of calculation of the net

asset value of the fund and for which there is

sufficient evidence that the closing price on that

market is not the most appropriate value at the

time of valuation; and

when there are investment or currency restrictions •

imposed by a country that affect the fund’s ability

to liquidate the assets held in that market.

The net asset value per security of a fund is calculated

in Canadian dollars or, if applicable, in U.S. dollars,

in accordance with the rules and policies of the

Canadian Securities Administrators or in accordance

with any exemption therefrom that the fund may

obtain. The net asset value per security of a fund

determined in accordance with the principles set

out above may differ from the net asset value per

security of a fund determined under International

Financial Reporting Standards.

The manager has valued the securities in the funds

in accordance with the disclosed practices, and, in

particular, in accordance with the foregoing

outlined principles. The manager does not have

discretion to deviate from the valuation methods

described above.

Liabilities

The liabilities of each fund include:

all bills and notes and accounts payable and/or •

accrued;

all administrative and operating expenses payable •

or accrued or both, including management fees;

all contractual obligations for money or property, •

including any unpaid distribution credited to

securityholders the day before the net asset value

per security is determined;

all allowances authorized or approved by the •

manager for taxes (if any) or contingencies;

the value of margin payable on futures contracts; •

and

all other liabilities of the fund. •

Securities of the funds are still considered outstanding

on the day we receive a request to redeem them.

They are valued at the redemption price per

security on that day, but are considered a liability of

a fund only after the close of business on that day.

Valuation of assets of BMO Mortgage

and Short-Term Income Fund

When we calculate the net asset value per unit of

BMO Mortgage and Short-Term Income Fund, we

apply the following provisions in addition to the

general ones above:

we value any mortgages purchased from Bank of •

Montreal using method 4 under “Buying Mortgages”

under “BMO Mortgage and Short-Term Income

Fund” on page 178; and

any mortgages in arrears purchased from Bank •

of Montreal are valued on the same basis as any

other mortgages.

Calculation of net asset value

How we calculate net asset value

The issue and redemption price of securities of a

fund is based on the security’s net asset value next

determined after the receipt of a purchase order or

a redemption order.

We calculate the net asset value of each security for

each series of each fund as at 4:00 p.m. Eastern

Time on each Valuation Day. The net asset value

per security for Mutual Fund Series securities sold

through BMO Bank of Montreal branches and the

BMO Investment Centre may be published in major

Canadian newspapers the following day, and are

published and made available at no cost to the public

on the internet at www.bmo.com/mutualfunds.

The net asset value per security for other series of

securities, including ETF Series securities, may be

published in major Canadian newspapers the

following day, and are published and made

available at no cost to the public on the internet at

www.bmo.com/gam/ca and www.bmoetfs.com.

To determine the net asset value for each series of

securities we first calculate four values:

A = the total market value in Canadian dollars

(U.S. dollars for BMO U.S. Dollar Funds) of

the series’ proportionate share of the assets

of the fund

L = the liabilities of the fund attributable to the

series of securities

N = net assets attributable to the series of the fund

U = total number of securities of that series

outstanding

For the BMO Trust Funds, N = A minus L.

For BMO Monthly Dividend Fund Ltd., N = the

assets of the corporation allocated to the relevant

series of the corporation minus the series’ share of

the corporation’s liabilities and minus its share of

any series specific liabilities.

The following equation then determines the net

asset value per security:

N ÷ U

Although no assurance can be given that this will

always be the case, we intend to maintain a NAV

per security of $1.00 for Series A, Series F, Series I,

Series M and Advisor Series of BMO Money Market

Fund and U.S.$1.00 for each series of BMO U.S.

Dollar Money Market Fund, in each case by

allocating income daily and distributing it monthly.

Although no assurance can be given that this will

always be the case, we intend to maintain a NAV per

security of $50.00 or higher for ETF Series securities

of BMO Money Market Fund by accruing income

daily and distributing it monthly.

For funds that have created a Hedged Class, the

proportionate share of the assets of the fund

attributed to each series in each of the Hedged Class

and the Ordinary Class is as follows:

For series in the Ordinary Class, the fund’s assets •

to be allocated to each series in the class do not

include the foreign currency hedging derivatives

and related expenses entered into specifically for

the Hedged Class;

For series in the Hedged Class, the fund’s assets •

to be allocated to each series in the class is:

the series’ proportionate share of the assets of the •

fund, excluding the foreign currency hedging

derivatives and related expenses entered into

specifically for the Hedged Class; plus

the series’ proportionate share of the foreign •

currency hedging derivatives and related

expenses entered into specifically for the

Hedged Class, which is allocated among only

the series in the Hedged Class.

For funds that have created an Unhedged Class,

the proportionate share of the assets of the fund

attributed to each series in each of the Unhedged

Class and the Ordinary Class is as follows:

For series in the Unhedged Class, the fund’s •

assets to be allocated to each series in the class do

not include the foreign currency hedging

derivatives and related expenses that are entered

into in the Ordinary Class;

For series in the Ordinary Class, the fund’s assets •

to be allocated to each series in the class is:

the series’ proportionate share of the assets •

of the fund, excluding the foreign currency

hedging derivatives and related expenses that

are entered into in the Ordinary Class; plus

the series’ proportionate share of the foreign •

currency hedging derivatives and related

expenses that are entered into in the

Ordinary Class, which is allocated among

only the series in the Ordinary Class.

For purchases of securities of funds priced in

Canadian dollars (the “Canadian Dollar Funds”,

which includes all the BMO Mutual Funds except

for the BMO U.S. Dollar Funds) in U.S. dollars,

the net asset value per security is computed

by converting the Canadian dollar value into

U.S. dollars based on current exchange rates.

For purchases of securities of the funds priced in

U.S. dollars (the BMO U.S. Dollar Funds) in

Canadian dollars, the net asset value per security is

computed by converting the U.S. dollar value into

Canadian dollars based on current exchange rates.

For securities purchased in U.S. dollars, switches

will be processed in U.S. dollars and redemption

proceeds will be paid in U.S. dollars.

Purchases, switches and redemptions

About series of securities

All of the funds in this simplified prospectus issue more than one series of securities. You’ll find the type of

securities each fund offers through this simplified prospectus in the Fund details section of its fund

description. Each series is intended for different kinds of investors and has different fees and expenses.

See Fees and Expenses on page 65 and Dealer compensation on page 80 for details.

Security Features

Series A * Available to all investors transacting on a no load basis (i.e., under the No Load option).

Series A (Hedged)

* The same as Series A except Series A (Hedged) seeks to reflect the performance of the

fund after hedging substantially all of the foreign currency exposure and is designed for

investors who want exposure to foreign investments but seek to eliminate the impact of

foreign currency investments relative to the Canadian dollar on their investments.

T Series Securities

* Available to all investors seeking regular monthly cash flows from a fund. Series T4,

Series T5, Series T6 and Series T8 are designed to provide investors with a fixed monthly

distribution based on a target annualized distribution rate of 4%, 5%, 6% and 8%,

respectively, of the NAV per security, at the end of the prior year.

Series F Available to investors who are enrolled in dealer-sponsored wrap programs or

fee-based accounts or to investors who have an account with an OEO dealer, including

BMO InvestorLine Inc., an OEO dealer within BMO Financial Group, or to other investors in

our sole discretion. Series F securities can only be purchased through a dealer who has

entered into an agreement with us and with our prior approval. Instead of paying sales

charges and trailing commissions, investors may pay an annual fee or other fees directly

to their dealer. You and your dealer negotiate this fee. Series F securities have lower

management fees than other series since we do not pay trailing commissions on these

series of securities. BMO InvestorLine Inc. and other OEO dealers do not provide investment

recommendations or advice to their clients.

Series F (Hedged)

The same as Series F except Series F (Hedged) seeks to reflect the performance of the

fund after hedging substantially all of the foreign currency exposure and is designed for

investors who want exposure to foreign investments but seek to eliminate the impact of

foreign currency investments relative to the Canadian dollar on their investments.

Series F2

Series F4

Series F6

The same as Series F except Series F2, Series F4 and Series F6 are designed for investors

seeking regular monthly cash flows from a fund. Series F2, Series F4 and Series F6 are

designed to provide investors with a fixed monthly distribution based on a target

annualized distribution rate of 2%, 4% and 6%, respectively, of the NAV per security,

at the end of the prior year.

Series G

* Available to investors who are a member of a group registered retirement savings plan,

deferred profit-sharing 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 with respect to Series G securities, which means we can charge a

lower management fee.

Series I

Available to institutional investors, for use within managed asset programs or structured

products, who have received our prior approval. Series I securities are not available to the

general public. A fund doesn’t pay a management fee on Series I securities because

Series I investors negotiate and pay a separate fee directly to us.

Security Features

Series I

(Unhedged)

The same as Series I, except Series I (Unhedged) will not hedge foreign currency exposure

on the foreign dollar denominated investments allocated to Series I (Unhedged), and is

designed for investors who want exposure to foreign investments to include any

performance attributable to foreign currency fluctuations relative to the Canadian dollar.

Series O

Available to investors who have entered into an investment management agreement with

BMO Trust Company and BMO Private Investment Counsel Inc. or have entered into an

investment management agreement with BMO Nesbitt Burns Inc. and have received our

prior approval. Investors pay a wealth management fee directly to BMO Trust Company and

to BMO Private Investment Counsel Inc. or directly to BMO Nesbitt Burns Inc., as applicable.

A fund may not pay a management fee on Series O securities because Series O investors

pay a separate fee directly to their dealer, a portion of which may be paid to us by that dealer.

Series M

* Available to investors who invest at least $150,000 in this series of the fund.

Series N

Available to investors who participate in a separate managed account or discretionary

management program through a dealer who has entered into an agreement with us and

only with our prior approval. A fund doesn’t pay a management fee on Series N securities

because Series N investors pay a separate fee directly to their dealer, a portion of which is

paid to us by the dealer. The Series N fee is set by the dealer.

Series NBA

* Available to all investors transacting on a load basis (i.e., under the Sales Charge option)

through sales representatives of BMO Nesbitt Burns Inc. (“Nesbitt Burns Advisors”).

Series NBF

Available to investors who are enrolled in dealer-sponsored wrap programs or flat fee

accounts available through Nesbitt Burns Advisors, and only with our prior approval.

Instead of paying sales charges and trailing commissions, investors may pay an annual fee

or other fees directly to Nesbitt Burns Advisors. Series NBF securities have lower

management fees than other series since we do not pay trailing commissions on these

series of securities.

Series S

Available to investors who participate in a separate managed account or discretionary

management program through a dealer who has entered into an agreement with us and

only with our prior approval. Investors pay a wealth management fee directly to their dealer.

ETF Series

Available to investors that purchase such securities over the TSX or another exchange

or marketplace.

Advisor Series

* Available to all investors transacting on a load basis (i.e., under the Sales Charge option).

Advisor Series (Hedged)

* The same as Advisor Series except Advisor Series (Hedged) seeks to reflect the performance

of the fund after hedging substantially all of the foreign currency exposure and is designed

for investors who want exposure to foreign investments but seek to eliminate the impact of

foreign currency investments relative to the Canadian dollar on their investments.

Classic Series * Available to investors who invest at least $50,000 in this series of the fund.

*Effective June 1, 2022, Series A, Series A (Hedged), Series T4, Series T5, Series T6, Series T8, Series G, Series M, Series NBA, Advisor Series,

Advisor Series (Hedged) and Classic Series securities (collectively, the “Trailer-Paying Series”) are no longer available for purchase by

investors who hold those securities in an account with BMO InvestorLine Inc. (an order-execution-only (“OEO”) dealer within BMO Financial

Group), or another OEO dealer that does not provide investment recommendations or advice to their clients. During the period from

June 1, 2022 to May 31, 2025, OEO dealers and fund organizations are exempted from the prohibition on paying trailing commissions to

OEO dealers for (i) existing Trailer-Paying Series securities that were not converted prior to June 1, 2022 and (ii) investors who transfer

Trailer-Paying Series securities to an OEO dealer account on or after June 1, 2022, provided that the OEO dealer implements a rebate

equal to the amount of the trailing commission paid by us.

Purchasing funds

Purchasing Mutual Fund Series Securities

Through us

You may buy Series A, Series A (Hedged), Series T4

(“No Load Series T4”), Series T6 (“No Load

Series T6”) and Series M securities of the funds

under the No Load option at no charge:

in person, at any BMO Bank of Montreal branch. •

by telephone, once you’ve made arrangements •

for payment:

with your BMO Bank of Montreal branch •

through the BMO Investment Centre, •

1-800-665-7700

through the internet (other than an RDSP) at •

www.bmo.com/mutualfunds, once you’ve made

authorization arrangements.

by mail. Your order to buy must be mailed with a •

certified cheque made out to the fund you’re buying.

automatically through a Continuous Savings Plan. •

If you are buying securities of a BMO U.S. Dollar

Fund (as defined above) or a fund using the U.S.

dollar purchase option, if available, the cheque

must be drawn on a U.S. dollar bank account at a

Canadian financial institution. No BMO registered

plan set up through a BMO Bank of Montreal

branch or through the BMO Investment Centre

and no RDSP or RESP set up as indicated above

or through a dealer can hold securities of funds

purchased in U.S. currency. BMO registered plans

(other than an RDSP or RESP) set up through

dealers can hold securities of funds purchased in

U.S. currency. For further details see Optional

services – Registered plans on page 62.

Through BMO InvestorLine Inc. for F Series Securities

You may buy F Series Securities of the funds

through BMO InvestorLine Inc., an OEO dealer

within BMO Financial Group.

Through us for Series G

You may buy Series G securities of the funds

through Group Plans offered by us.

Through another dealer

You may buy Series A, Series A (Hedged), T Series

Securities, Series M, Advisor Series, Advisor Series

(Hedged) and Classic Series securities of the funds

through other registered dealers. Please contact

your dealer to find out how to place an order. Some

dealers may charge you a fee for their services.

You may buy F Series Securities of the funds only

through registered dealers, including OEO dealers,

who have entered into an F Series agreement with us

and only with our prior approval. A dealer’s ability

to sell F Series Securities is subject to our terms and

conditions.

You may buy Series N and Series S securities of

the

funds through other registered dealers if you

participate in a separate managed account or

discretionary management program through

dealers who have entered into an agreement with

us, and only with our prior approval. Please contact

your dealer to inquire about purchasing Series N or

Series S securities.

You may buy Series NBA and Series NBF securities

of the funds through Nesbitt Burns Advisors. Your

Nesbitt Burns Advisor may charge you a fee for

their services. Please contact your Nesbitt Burns

Advisor to inquire about purchasing Series NBA

or Series NBF securities.

You may buy Series I and Series I (Unhedged)

securities of the funds only through registered

dealers, provided you have entered into an I Series

Agreement with us and obtained our prior

approval. A dealer’s ability to sell Series I and

Series I (Unhedged) securities is subject to our

terms and conditions.

You may buy Series O securities of the funds if you

have entered into an investment management

agreement with BMO Trust Company and

BMO Private Investment Counsel Inc. or if you have

entered into an investment management agreement

with BMO Nesbitt Burns Inc. Please contact your

dealer to inquire about purchasing Series O securities.

Purchasing ETF Series Securities

Through a stock exchange for ETF Series

You may buy or sell ETF Series securities on the

TSX or another exchange or marketplace. You may

incur customary brokerage commissions in buying

or selling ETF Series securities. No fees are paid by

you to us or a fund in connection with the buying or

selling of ETF Series securities on the TSX or

another exchange or marketplace.

The table below sets out the full legal name, as well

as the TSX or Cboe Canada ticker symbol, for each

of the funds that offer ETF Series securities.

Name of TSX Ticker

BMO Mutual Fund Symbol

BMO ARK Genomic Revolution Fund ARKG

BMO ARK Innovation Fund ARKK

BMO ARK Next Generation Internet Fund ARKW

BMO Brookfield Global Real Estate Tech Fund TOWR

BMO Brookfield Global Renewables

Infrastructure Fund GRNI

BMO Core Plus Bond Fund ZCPB

BMO Global Enhanced Income Fund ZWQT

BMO Global Strategic Bond Fund ZGSB

BMO Money Market Fund ZMMK

BMO SIA Focused Canadian Equity Fund ZFC

BMO SIA Focused North American Equity Fund ZFN

BMO Sustainable Global Multi-Sector Bond Fund ZMSB

BMO Tactical Dividend ETF Fund ZZZD

BMO U.S. All Cap Equity Fund ZACE

BMO U.S. Equity Growth MFR Fund ZUGE

BMO U.S. Equity Value MFR Fund ZUVE

BMO Women in Leadership Fund WOMN

Name of Cboe Canada

BMO Mutual Fund Ticker Symbol

BMO Global Dividend Opportunities Fund BGDV

BMO Global Equity Fund BGEQ

BMO Global Health Care Fund BGHC

BMO Global Infrastructure Fund BGIF

BMO Global Innovators Fund BGIN

BMO Global REIT Fund BGRT

Purchase options for Mutual Fund Series

Your choice of purchase option affects the fees and

sales charges you, or we, will pay to your dealer and

the trailing commission we will pay to your dealer.

See Fees and Expenses on page 65 and Dealer

compensation on page 80.

No Load option

You don’t pay a sales charge when you buy No Load

Series securities of the funds.

Sales Charge option

Under the Sales Charge option, you pay a

commission to your dealer when you buy securities

of a fund. The commission is negotiable between

you and your dealer, but cannot exceed 5% of the

amount you invest. When purchasing Series NBA

securities under the Sales Charge option, the

maximum commission cannot exceed 4% of the

amount you invest. For further details see Fees and

Expenses on page 65.

Deferred charge options

There are two deferred charge options – the

Standard Deferred Charge option and the Low Load

Deferred Charge option. Under these deferred

charge options, we pay a commission to your dealer

on your behalf when you buy securities of a fund.

You may be required to pay a fee to us if you

redeem your securities within a specified number

of years after your purchase. The redemption fee is

a percentage of the original cost of the securities

redeemed and declines at the rates shown under

Fees and expenses payable directly by you –

Redemption fees on page 71.

The Standard Deferred Charge option and the Low

Load Deferred Charge option have been discontinued

for new purchases, except that switches from

existing securities acquired under the Standard

Deferred Charge option and the Low Load Deferred

Charge option continue to be available. See further

details under Switches on page 53.

If you purchased your securities under the Standard

Deferred Charge option on or after July 4, 2008 and

after the redemption fee schedule applicable to

those securities is complete, the trailing commission

rate we pay to your dealer will increase to the rate

applicable to securities of the same fund purchased

under the Sales Charge option. See Dealer

compensation starting on page 80 for more

information on the trailing commissions for

securities purchased under the Sales Charge option.

Canadian dollar purchase option

In addition to being available for purchase in

U.S. dollars, the following series of securities of the

following BMO U.S. Dollar Funds are also available

for purchase in Canadian dollars, as set out in the

table below:

Fund Name Canadian Dollar Purchase Option

BMO U.S. Dollar

Balanced Fund

Available for Series A, Series F,

Series I and Advisor Series

BMO U.S. Dollar

Dividend Fund

Available for Series A, Series F,

Series I and Advisor Series

BMO U.S. Dollar

Monthly Income Fund

Available for Series A, Series F

and Advisor Series

BMO USD Balanced Available for Series F

ETF Portfolio and Advisor Series

BMO USD Conservative Available for Series F

ETF Portfolio and Advisor Series

BMO USD Income ETF Available for Series F

Portfolio and Advisor Series

If you are buying securities of one of the BMO U.S.

Dollar Funds in U.S. dollars, the cheque must be

drawn on a U.S. dollar bank account at a Canadian

financial institution.

U.S. dollar purchase option

In addition to being available for purchase in

Canadian dollars, the following series of securities

of the following Canadian Dollar Funds are also

available for purchase in U.S. dollars, as set out in

the table below:

Fund Name U.S. Dollar Purchase Option

BMO Asian Growth Available for Series F

and Income Fund and Advisor Series

BMO Canadian Income Available for Series F

& Growth Fund and Advisor Series

BMO Concentrated

Global Balanced Fund

Available for Series T6,

Series F and Advisor Series

BMO Concentrated Available for Series F

Global Equity Fund and Advisor Series

BMO Covered Call U.S. Available for Series F

High Dividend ETF Fund and Advisor Series

BMO Emerging

Markets Fund

Available for Series F

and Advisor Series

BMO European Fund

Available for Series F

and Advisor Series

BMO Fixed Income Available for Series F

ETF Portfolio and Advisor Series

Fund Name U.S. Dollar Purchase Option

BMO Global

Dividend Fund

Available for Series A,

Series F and Advisor Series

BMO Global Dividend

Opportunities Fund

BMO Global Equity Fund Available for Series T6, Series F,

Series I and Advisor Series

Available for Series A, Series T5,

Series F, Series I and Advisor Series

BMO Global Income

& Growth Fund

Available for Series F

and Advisor Series

BMO Global Innovators

Fund

Available for Series F, Series I

and Advisor Series

BMO Global Small

Cap Fund

Available for Series F

and Advisor Series

BMO Low Volatility

U.S. Equity ETF Fund

Available for Series F

and Advisor Series

BMO North American

Dividend Fund

Available for Series A,

Series F and Advisor Series

BMO Resource Fund

Available for Series F

and Advisor Series

BMO SIA Focused North

American Equity Fund

Available for Series F

and Advisor Series

BMO Sustainable

Opportunities Global

Equity Fund

Available for BMO Private

Sustainable Opportunities

Global Equity Fund Series O

BMO Tactical Global

Asset Allocation ETF Fund

Available for Series F

and Advisor Series

BMO Tactical Global

Equity ETF Fund

Available for Series F

and Advisor Series

BMO Ultra Short-Term

Bond ETF Fund

Available for Series F

and Advisor Series

BMO U.S. All Cap

Equity Fund

Available for Series A,

Series F and Advisor Series

BMO U.S. Equity Fund

Available for Series A,

Series F and Advisor Series

BMO U.S. Equity

Growth MFR Fund

Available for Series A,

Series F and Advisor Series

BMO U.S. Equity

Plus Fund

Available for Series A,

Series F and Advisor Series

BMO U.S. Equity

Value MFR Fund

Available for Series A,

Series F and Advisor Series

BMO U.S. High Yield

Bond Fund

Available for Series F,

Series I and Advisor Series

If you are buying securities of one of the Canadian

Dollar Funds in U.S. dollars, the cheque must be

drawn on a U.S. dollar bank account at a Canadian

financial institution.

The ability to purchase securities of the Canadian

Dollar Funds in U.S. dollars and to purchase

securities of the BMO U.S. Dollar Funds in

Canadian dollars is offered only as a convenience

for investors and does not act as a currency hedge

between the two currencies.

How the funds are structured

There are different types of mutual funds offered

under this simplified prospectus:

the BMO Trust Funds, each of which is organized •

as a trust that issues securities called units; and

BMO Monthly Dividend Fund Ltd., a corporation •

that issues securities called shares.

When you invest in a fund that is organized as a trust,

you buy units. Each BMO Trust Fund distributes its

earnings by allocating and paying its income and

net capital gains to unitholders. In general, income

and capital gains distributed to you from a trust is

taxed as if you received it directly. A BMO Trust Fund

may also distribute capital to you. Distributions of

capital, called ROC, are not taxable but reduce the

ACB of your units.

BMO Monthly Dividend Fund Ltd. is a corporation.

Its capital is divided into series of shares. When you

invest in BMO Monthly Dividend Fund Ltd., you

buy common shares of a particular series of the

corporation. Each year, BMO Monthly Dividend

Fund Ltd. intends to pay just enough capital gains

dividends and ordinary dividends to the shareholders

so that the corporation will not be subject to income

tax on its net realized capital gains or Canadian

source dividends. It may not be necessary to pay

capital gains dividends or ordinary dividends on

each series of shares each year. BMO Monthly

Dividend Fund Ltd. may also distribute capital to

you. Distributions of capital, called ROC, are not

taxable but reduce the ACB of your shares.

We may terminate or cancel a fund or a series of a

fund, as applicable, at any time, and return your

portion of the NAV of such fund or series to you. We

will give you advance notice of any termination of a

fund or series. In the case of a fund termination, we

will provide you with 60 days’ advance notice.

How often we calculate the NAV of a fund

We calculate the NAV of each security for each series

of each fund as at 4:00 p.m. Eastern Time (“ET”) on

each Valuation Day. The NAV per security for Mutual

Fund Series securities sold through BMO Bank of

Montreal branches and the BMO Investment Centre

may be published in major Canadian newspapers

the following day and are published on the internet

at www.bmo.com/mutualfunds. The NAV per

security for other series of securities, including

ETF Series securities, may be published in major

Canadian newspapers the following day and are

published on the internet at www.bmo.com/gam/ca

and www.bmoetfs.com. See Calculation of Net

Asset Value at page 41 for more details on the

methods by which NAV for the funds is determined.

How we process your order

Mutual Fund Series

When you buy, switch or redeem Mutual Fund

Series securities of a fund, you do so at the NAV

per security. Your order to buy, switch or redeem

Mutual Fund Series securities must be forwarded to

us by your dealer. If we receive your order by 4:00

p.m. (ET) on a Valuation Day, we’ll process it at

that day’s NAV per security. If we receive your

order after 4:00 p.m. (ET) or on a day that is not a

Valuation Day, we’ll process it at the next Valuation

Day’s NAV per security. If the TSX closes earlier

than 4:00 p.m. (ET) on a Valuation Day, we may

impose an earlier deadline. We’ll process your

order only if it’s in good order. The issue and

redemption price of the Mutual Fund Series

securities of a fund is based on the fund’s NAV per

security next determined after receipt by the fund

of your order.

If you’re buying Mutual Fund Series securities, you

must include payment with your order. If we do not

receive payment within one (1) business day of

processing your purchase order for any securities,

we must redeem your securities on the next business

day. If the proceeds from the redemption are greater

than the payment you owe, the relevant fund keeps

the difference. If the proceeds are less than the

payment you owe, we will pay the difference to the

relevant fund on your behalf, and collect this

amount together with additional costs from your

dealer who may collect these amounts from you.

We’ll pay to the fund you’re buying any interest

earned between the time you make payment and

the time the purchase is completed. We generally

don’t issue certificates. We may accept or reject an

order to buy within one business day of receiving

the order. If we accept your order, your broker or

dealer or we will send you confirmation of your

order, which is your proof of the transaction. If

you sign up for our Continuous Savings Plan or

Systematic Withdrawal Plan, you’ll only receive

confirmation of the first transaction made under the

plan. If we reject your order, we’ll return any

money we’ve received, without interest.

If you’re redeeming Mutual Fund Series securities,

we’ll transmit funds or mail a cheque in the amount

of the redemption proceeds to you within one (1)

business day after we determine the redemption

price, provided all necessary documents and/or

information have been received by us. You will

receive your redemption proceeds in U.S. dollars

when you redeem securities that were purchased in

U.S. dollars. Otherwise, you will receive your

redemption proceeds in Canadian dollars when you

redeem securities of the funds.

Units of any of the BMO U.S. Dollar Funds and

Mutual Fund Series securities of the Canadian

Dollar Funds that are held in U.S. currency will be

redeemed in U.S. dollars. However, the ACB and

proceeds of disposition must be converted into

Canadian dollars using the transaction date foreign

exchange rate to calculate the appropriate gain or loss.

If you redeem units of BMO Money Market Fund or

BMO U.S. Dollar Money Market Fund before a

distribution of income is payable, you will also be

paid the accumulated income allocated to your units.

Your dealer may provide in any arrangements it has

with you that you are required to compensate your

dealer for any losses suffered by it in connection with

your failure to satisfy the requirements for a

redemption of securities of a fund.

You pay no redemption charges when you buy any

Series A, Series A (Hedged), Series M, No Load

Series T4 and No Load Series T6 securities offered

under the No Load option through us. You also pay

no redemption charges when you buy certain

other series of securities, including Advisor Series,

Advisor Series (Hedged), Classic Series and

Series NBA securities under the Sales Charge

option through your dealer. You pay no redemption

charges when you redeem F Series Securities,

Series G, Series I, Series I (Unhedged), Series O,

Series N, Series S or Series NBF securities.

ETF Series securities

Designated Brokers

We, on behalf of each of the funds that offers ETF

Series securities, have entered into a designated

broker agreement with a Designated Broker pursuant

to which the Designated Broker agrees to perform

certain duties relating to these funds including,

without limitation: (i) to subscribe for a sufficient

number of ETF Series securities to satisfy the

original listing requirements of the TSX or Cboe

Canada, as applicable; (ii) to subscribe for ETF

Series securities on an ongoing basis in connection

with the rebalancing of and adjustments to the

applicable portfolio and when cash redemptions of

ETF Series securities occur; and (iii) to post a liquid

two-way market for the trading of ETF Series

securities on the TSX or Cboe Canada. We may, in

our discretion from time to time, reimburse any

Designated Broker for certain expenses incurred by

the Designated Broker in performing these duties.

The designated broker agreement provides that we

may from time to time and, in any event not more

than once quarterly, require the Designated Broker

to subscribe for ETF Series securities of a fund for

cash in a dollar amount not to exceed 0.30% of the

NAV of the fund. The number of ETF Series securities

issued will be the subscription amount divided

by the NAV per security of the ETF Series next

determined following the delivery by us of a

subscription notice to the Designated Broker.

Payment for the ETF Series securities must be made

by the Designated Broker, and the ETF Series

securities will be issued, by no later than the next

Trading Day, or such other day as determined by

us, after the subscription notice has been delivered.

Issuance of ETF Series

To Designated Brokers and ETF Dealers

All orders to purchase ETF Series securities directly

from the funds must be placed by Designated

Brokers or ETF Dealers. We reserve the absolute

right to reject any subscription order placed by a

Designated Broker or an ETF Dealer. No fees will be

payable by a fund to a Designated Broker or an

ETF Dealer in connection with the issuance of

ETF Series securities. On the issuance of ETF Series

securities, we may, in our discretion, charge an

administrative fee to a Designated Broker or an

ETF Dealer to offset the expenses (including any

applicable additional TSX or Cboe Canada listing

fees) incurred in issuing the ETF Series securities.

On any Trading Day, a Designated Broker or an

ETF Dealer may place a subscription order for the

Prescribed Number of ETF Series securities (or an

integral multiple thereof or such number of ETF

Series securities as we may permit) of a fund. If

a subscription order is received by the fund by

4:00 p.m. (ET) on the business day immediately

prior to a Trading Day (or such later time on such

business day or Trading Day as we may permit),

the fund will issue to the Designated Broker or the

ETF Dealer the ETF Series securities (i) by no later

than the third business day after the subscription

notice is accepted, in the case of a fund that invests

a portion of its portfolio assets in T+3 Securities,

(ii) by no later than the next business day after the

date on which the subscription order is accepted in

the case of a fund that does not invest a portion of

its portfolio assets in T+3 Securities, or (iii) in such

shorter period as may be determined by us in

response to changes in applicable law or general

changes to settlement procedures in applicable

markets, in each case provided that payment for

such ETF Series securities has been received.

For each Prescribed Number of ETF Series securities

issued, a Designated Broker or an ETF Dealer must

deliver payment consisting of, in our discretion:

(i) a Basket of Securities and cash in an amount

sufficient so that the value of the securities and the

cash received is equal to the NAV of the ETF Series

securities next determined following the receipt of

the subscription order; (ii) cash in an amount equal to

the NAV of the ETF Series securities next determined

following the receipt of the subscription order; or

(iii) a combination of securities and cash, as

determined by us, in an amount sufficient so that

the value of the securities and cash received is

equal to the NAV of the ETF Series securities

next determined following the receipt of the

subscription order.

The Basket of Securities for each fund will be made

available to such fund’s Designated Brokers and

ETF Dealers on each Trading Day. We may, in our

discretion, increase or decrease the Prescribed

Number of ETF Series securities from time to time.

To Designated Brokers in special circumstances

ETF Series securities may be issued by a fund to

Designated Brokers in connection with the

rebalancing of and adjustments to the fund or its

portfolio and when cash redemptions of ETF Series

securities occur.

To securityholders as reinvested distributions

ETF Series securities may be issued by a fund to

securityholders of the fund on the automatic

reinvestment of special distributions and other

reinvested distributions.

Buying and selling ETF Series

Investors are able to buy or sell ETF Series securities

through registered brokers and dealers in the

province or territory where the investor resides.

Investors may incur customary brokerage

commissions in buying or selling ETF Series

securities. The funds issue ETF Series securities

directly to Designated Brokers and ETF Dealers.

From time to time as may be agreed by a fund and

the Designated Brokers and the ETF Dealers, the

Designated Brokers and the ETF Dealers may agree

to accept Constituent Securities as payment for

ETF Series securities from prospective purchasers.

Special considerations for securityholders of ETF Series

The provisions of the so-called “early warning”

requirements set out in applicable securities

legislation do not apply in connection with the

acquisition of ETF Series securities. In addition,

the funds have obtained exemptive relief from

the securities regulatory authorities to permit

securityholders to acquire more than 20% of

the ETF Series securities of any fund through

purchases on the TSX without regard to the

take-over bid requirements of applicable securities

legislation, provided that any such securityholder,

and any person acting jointly or in concert with the

securityholder, undertakes to the manager not to

vote more than 20% of the ETF Series securities of

that fund at any meeting of securityholders.

Each fund that invests a portion of its portfolio

assets in T+3 Securities has obtained exemptive

relief from the securities regulatory authorities to

permit such fund to settle primary market trades in

ETF Series securities of the fund no later than the

third business day after the date upon which

pricing for the ETF Series securities is determined.

This settlement cycle differs from the standard

settlement cycle for secondary market trades in the

ETF Series securities of the fund, which customarily

occurs no later than the first or second business day

after the date upon which pricing for the ETF Series

securities is determined.

Short-term trading

We discourage investors from short-term trading.

Short-term trading can include buying and then

redeeming or switching securities of a fund within

30 days of buying or switching them into the fund.

This type of trading can harm a fund’s performance

and the value of other investors’ holdings in a fund

because it can increase brokerage and other

administrative costs of a fund and interfere with the

long-term investment decisions of the portfolio

manager. Short-term trading may be particularly

problematic when large sums are involved.

Policies and procedures on short-term trading

We have policies and procedures to detect and

deter short-term or excessive trading that include

the ability to refuse your present or future order(s)

to buy or switch securities and charging a short-

term trading fee.

Mutual Fund Series

We monitor for potential timing abuses at our head

office. We use an electronic trade surveillance

system to review and flag trades for potential

problems and we also review transaction records to

detect short-term or excessive trading. Flagged

trades are reviewed by compliance officers and

warnings, verbal or written, may be sent. If, in our

sole discretion, we determine that you are engaging

in short-term trading, in addition to taking other

available remedies, the relevant fund may reject

your purchase or switch order(s) or may charge a

short-term trading fee to be paid directly to the

fund out of the redemption proceeds, reducing the

amount otherwise payable to you on the redemption

or switch. See Short-term trading fee on page 72 for

more information. We have the option to waive this

penalty at any time. If further short-term trading

occurs, any further transactions, other than

redemptions, may be refused.

The restrictions imposed on short-term trading,

including the short-term trading fee, will generally

not apply in connection with redemptions or

switches: from money market funds and similar

funds; initiated by us; under special circumstances,

as determined by us in our sole discretion; or made

under optional plans including rebalancing in

connection with BMO MatchMaker

Portfolios and

BMO Intuition

Investment Service or pursuant to

Systematic Withdrawal Plans.

Despite these restrictions and our procedures to

detect and deter short-term trading, we cannot ensure

that such trading will be completely eliminated.

ETF Series

At the present time, we are of the view that it is not

necessary to impose any short-term trading

restrictions on ETF Series securityholders as

ETF Series securities of the funds are generally

traded by investors on an exchange in the

secondary market in the same way as other listed

securities. In the few situations where ETF Series

of securities of the funds are not purchased in the

secondary market, purchases usually involve a

Designated Broker or an ETF Dealer upon whom

we may impose a redemption fee, which is intended

to compensate the applicable fund for any costs and

expenses incurred in relation to the trade.

Minimum amount

you may buy

Your rst

purchase

Each additional

purchase

Minimum

balance

ALL FUNDS AND SERIES, except the BMO Ascent™ Portfolios, Series I, Series I (Unhedged), ETF Series, Series M, Series N, Series NBA,

Series NBF, Series O and Series S.

SINGLE PURCHASE

Regular account

(US$ for BMO U.S. Dollar Funds and

for any funds purchased using the

U.S. dollar purchase option)

$500 $50 $500

RRIF account $5,000 — —

SERIES M SECURITIES

SINGLE PURCHASE $150,000 $5,000 $150,000

SERIES NBA AND SERIES NBF SECURITIES

SINGLE PURCHASE

Regular account $1,000 $100 $500

RRIF account $5,000

BMO ASCENT™ PORTFOLIOS

SINGLE PURCHASE

Regular account $75,000 $50 $60,000

RRIF account $75,000 — —

Buying funds

All minimum amounts are in U.S. dollars where purchases of the funds are being made in U.S. dollars.

Your guide to buying the funds

The following table shows you the minimum

amounts for buying securities of a fund, and for

maintaining an account or an investment in a fund.

These amounts depend on the kind of account

and fund or series you choose. If the value of your

investment in a fund falls below the minimum

amount as determined by us from time to time, we

may redeem all the securities of such fund in your

account. If, as a result of market fluctuation, the

value of your securities falls below the minimum

balance, we may redeem your securities after

giving you 10 days’ notice. If, as a result of a partial

redemption, the value of your remaining holding

falls below the minimum balance, we may redeem

such remaining holding immediately and without

prior notice to you. If the value of your Series M

securities of BMO Money Market Fund falls below

the minimum balance, we may either switch your

Series M securities into Series A securities of

BMO Money Market Fund or redeem them for you.

We may change the minimum amounts at any time

without notice.

Any minimum amounts for Series I, Series I

(Unhedged), Series N, Series O or Series S are

determined on a contractual basis. We have the

right to require a minimum total investment of

$50,000 in order to purchase Classic Series

securities. These minimums are not currently

enforced but may be enforced at our discretion.

There are no minimum initial or minimum

additional investment amounts for ETF Series

securities.

Switches

A switch involves moving your investment from

one BMO Mutual Fund or series of a BMO Mutual

Fund to another BMO Mutual Fund or series. We

describe the kinds of switches you can make below.

When we receive your switch request, we’ll switch

your Mutual Fund Series securities of one BMO

Mutual Fund or series for Mutual Fund Series

securities of another BMO Mutual Fund or series at

the NAV per security next determined after we

receive your switch request.

You may switch Mutual Fund Series securities of

the BMO Mutual Funds through your dealer. If you

switch your Mutual Fund Series securities through

your dealer, you may pay a fee of up to 2% of the

value of the securities redeemed for switching

between BMO Mutual Funds. You and your dealer

can negotiate this fee. There may also be fees or

charges payable on the purchase of Mutual Fund

Series securities of the new BMO Mutual Fund or

new series, depending on the series of securities

purchased and the arrangements between you and

your dealer. See Fees and Expenses on page 65 for

more information. If necessary, securities of the

BMO Mutual Funds may be redeemed to pay fees or

charges. We may require a minimum amount of $50

for switching, in our sole discretion.

You can’t switch between securities of BMO Mutual

Funds purchased in U.S. dollars and securities of

BMO Mutual Funds purchased in Canadian dollars.

You can only switch between securities of BMO

Mutual Funds purchased in the same currency.

There are two kinds of switches you can make:

Switching between Mutual Fund Series of the •

same BMO Mutual Fund

You can switch your Mutual Fund Series

securities of one series of a fund into Mutual

Fund Series securities of another series of the

same fund, provided you are qualified to hold the

series into which you are switching. Unless the

switch is either between series of the Hedged and

Ordinary Classes of the same fund or between the

Unhedged and Ordinary Classes of the same

fund, the switch is a redesignation or conversion,

and should not result in a disposition for income

tax purposes. A switch between series of the

Hedged and Ordinary Classes of the same fund or

between the Unhedged and Ordinary Classes of

the same fund is a disposition for income tax

purposes and, for securities held in a non-

registered account, may result in a capital gain or

capital loss. Net capital gains are taxable. Switching

between ETF Series securities and Mutual Fund

Series securities of the same fund is not permitted.

Switching between BMO Mutual Funds •

You can switch your Mutual Fund Series securities

of a fund into securities of the same Mutual Fund

Series or different Mutual Fund Series of another

BMO Mutual Fund, provided you are qualified to

hold the series into which you are switching and

provided such series is priced in the same currency.

This is a disposition for income tax purposes.

Switching securities you hold in a non-registered

account, including a BMO MatchMaker

account,

may result in a capital gain or capital loss. Net

capital gains are taxable. Switching between ETF

Series securities of a fund into securities of the

same series or different series of another

BMO Mutual Fund is not permitted.

For details about how switches are taxed, see

Income tax considerations for investors.

Switching under the deferred charge options

If you are switching securities of a fund that you

bought under either the Standard Deferred Charge

option or the Low Load Deferred Charge option,

you must switch into the same purchase option if

you would like the new securities to continue the

deferred charge schedule of the securities that you

have switched from. This is true if you switch

between securities of any BMO Mutual Funds.

You may only switch into securities under the

Standard Deferred Charge option if you are

switching with securities that you bought under the

Standard Deferred Charge option. You may only

switch into securities under the Low Load Deferred

Charge option if you are switching with securities

that you bought under the Low Load Deferred

Charge option.

You may not switch into securities of the following

funds under the Standard Deferred Charge option:

BMO Aggregate Bond ETF Fund •

BMO ARK Genomic Revolution Fund •

BMO ARK Innovation Fund •

BMO ARK Next Generation Internet Fund •

BMO Brookfield Global Real Estate Tech Fund •

BMO Brookfield Global Renewables •

Infrastructure Fund

BMO Canadian Banks ETF Fund •

BMO Canadian Income & Growth Fund •

BMO Clean Energy ETF Fund •

BMO Concentrated Global Equity Fund •

BMO Corporate Bond ETF Fund •

BMO Covered Call Canada High Dividend ETF Fund •

BMO Covered Call Canadian Banks ETF Fund •

BMO Covered Call Energy ETF Fund •

BMO Covered Call Europe High Dividend ETF Fund •

BMO Covered Call U.S. High Dividend ETF Fund •

BMO Covered Call Utilities ETF Fund •

BMO Crossover Bond Fund •

BMO Global Climate Transition Fund •

BMO Global Dividend Opportunities Fund •

BMO Global Enhanced Income Fund •

BMO Global Health Care Fund •

BMO Global Income & Growth Fund •

BMO Global Innovators Fund •

BMO Global Quality ETF Fund •

BMO Global REIT Fund •

BMO Inflation Opportunities Fund •

BMO International Equity Fund •

BMO Japan Fund •

BMO Low Volatility Canadian Equity ETF Fund •

BMO Low Volatility U.S. Equity ETF Fund •

BMO Managed Balanced Portfolio •

BMO Managed Conservative Portfolio •

BMO Managed Equity Growth Portfolio •

BMO Managed Growth Portfolio •

BMO Managed Income Portfolio •

BMO Multi-Factor Equity Fund •

BMO Nasdaq 100 Equity ETF Fund •

BMO Premium Yield ETF Fund •

BMO Retirement Balanced Portfolio •

BMO Retirement Conservative Portfolio •

BMO Retirement Income Portfolio •

BMO Risk Reduction Equity Fund •

BMO Risk Reduction Fixed Income Fund •

BMO SIA Focused Canadian Equity Fund •

BMO SIA Focused North American Equity Fund •

BMO Strategic Equity Yield Fund •

BMO Strategic Fixed Income Yield Fund •

BMO Sustainable Balanced Portfolio •

BMO Sustainable Bond Fund •

BMO Sustainable Conservative Portfolio •

BMO Sustainable Equity Growth Portfolio

•

BMO Sustainable Global Multi-Sector Bond Fund •

BMO Sustainable Growth Portfolio •

BMO Sustainable Income Portfolio •

BMO Sustainable Opportunities •

Canadian Equity Fund

BMO Sustainable Opportunities Global Equity Fund •

BMO Tactical Global Asset Allocation ETF Fund •

BMO Tactical Global Growth ETF Fund •

BMO U.S. All Cap Equity Fund •

BMO U.S. Corporate Bond Fund •

BMO U.S. Equity Growth MFR Fund •

BMO U.S. Equity Value MFR Fund •

BMO U.S. Small Cap Fund •

BMO Ultra Short-Term Bond ETF Fund •

BMO USD Balanced ETF Portfolio •

BMO USD Conservative ETF Portfolio •

BMO USD Income ETF Portfolio •

BMO Women in Leadership Fund •

You may not switch into securities of the following

funds under the Low Load Deferred Charge option:

BMO Aggregate Bond ETF Fund •

BMO ARK Genomic Revolution Fund •

BMO ARK Innovation Fund •

BMO ARK Next Generation Internet Fund •

BMO Brookfield Global Real Estate Tech Fund •

BMO Brookfield Global Renewables •

Infrastructure Fund

BMO Canadian Banks ETF Fund •

BMO Canadian Income & Growth Fund •

BMO Clean Energy ETF Fund •

BMO Corporate Bond ETF Fund •

BMO Covered Call Canada High Dividend ETF Fund •

BMO Covered Call Canadian Banks ETF Fund •

BMO Covered Call Energy ETF Fund •

BMO Covered Call Europe High Dividend ETF Fund •

BMO Covered Call U.S. High Dividend ETF Fund •

BMO Covered Call Utilities ETF Fund •

BMO Global Climate Transition Fund •

BMO Global Dividend Opportunities Fund •

BMO Global Enhanced Income Fund •

BMO Global Health Care Fund •

BMO Global Income & Growth Fund •

BMO Global Innovators Fund •

BMO Global Quality ETF Fund •

BMO Global REIT Fund •

BMO Inflation Opportunities Fund •

BMO Low Volatility Canadian Equity ETF Fund •

BMO Low Volatility U.S. Equity ETF Fund •

BMO Managed Balanced Portfolio •

BMO Managed Conservative Portfolio •

BMO Managed Equity Growth Portfolio •

BMO Managed Growth Portfolio •

BMO Managed Income Portfolio •

BMO Nasdaq 100 Equity ETF Fund •

BMO Premium Yield ETF Fund •

BMO Risk Reduction Equity Fund •

BMO Risk Reduction Fixed Income Fund •

BMO Strategic Equity Yield Fund •

BMO Strategic Fixed Income Yield Fund •

BMO Sustainable Balanced Portfolio •

BMO Sustainable Bond Fund •

BMO Sustainable Conservative Portfolio •

BMO Sustainable Equity Growth Portfolio •

BMO Sustainable Growth Portfolio •

BMO Sustainable Income Portfolio •

BMO U.S. All Cap Equity Fund •

BMO U.S. Corporate Bond Fund •

BMO U.S. Equity Growth MFR Fund •

BMO U.S. Equity Value MFR Fund •

BMO Ultra Short-Term Bond ETF Fund •

BMO USD Balanced ETF Portfolio •

BMO USD Conservative ETF Portfolio •

BMO USD Income ETF Portfolio •

Switching between purchase options

Switches between purchase options may involve a

change in the compensation paid to your dealer and

redemption fees. We do not recommend that you

switch between purchase options as it may result in

additional fees.

Switching between Series NBA

and Series NBF securities

You may only switch into Series NBA and Series

NBF securities through your Nesbitt Burns Advisor.

Switching securities by the Manager

With the exception of Series F and Series I securities

of BMO Canadian Smart Alpha Equity Fund, Series I

securities of BMO Asian Growth and Income Fund,

and Series I securities of BMO Global Small Cap Fund,

if you or your dealer are no longer eligible to hold

Series D, F Series Securities, Series G, Series I,

Series I (Unhedged), Series M, Series N, Series NBA,

Series NBF, Series O, or Series S securities (as the

case may be), we may, in our sole and absolute

discretion, switch your Series D, F Series Securities,

Series G, Series I, Series I (Unhedged), Series M,

Series N, Series NBA, Series NBF, Series O, 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, except in the case of BMO Global Small Cap

Fund and BMO High Income Fund II. In the case of

BMO Global Small Cap Fund and BMO Monthly

High Income Fund II, we’ll give you at least 90 days’

notice, during which you may provide instructions

as to which series you prefer to be switched to

(between Series A securities or Advisor Series

securities) or may demonstrate continued eligibility

for the current series. 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

trailing commission payable by us to dealers, if any,

may be higher than the series of securities that you

previously owned. For the management fees and

trailing commissions for each series of a fund, see

the Fund details section of the descriptions of each

fund and Dealer compensation on page 80.

Except in respect of Advisor Series and Series T5

securities of BMO Canadian Smart Alpha Equity

Fund and ETF Series securities, in all other

circumstances, provided the conditions set out

below are met, we may, in our discretion, switch

your securities of a fund into securities of another

series of the same fund. We may only switch your

securities in this circumstance if all the following

conditions are satisfied:

you receive securities of the same value; •

the management fee and administration fee of the •

new series are not more than that of the series

that you previously owned;

the switch is done at no cost to you; •

the switch is not a disposition for tax purposes; and •

the trailing commissions payable to registered •

dealers, if any, remain the same or lower.

Switching securities by an OEO Dealer

If you transfer your Trailer-Paying Series securities

of a fund which are held in an account with a full-

service dealer to an account with BMO InvestorLine

Inc. (an OEO dealer within BMO Financial Group),

or another OEO dealer that does not provide

investment recommendations or advice to their

clients, the OEO dealer will switch the Trailer-

Paying Series securities to a non-Trailer-Paying

Series of the same fund, as trailing commissions

cannot be paid to an OEO dealer. The OEO dealer

will switch your Trailer-Paying Series securities

into their equivalent non-Trailer-Paying-Series

where possible (e.g., from Series A securities to

Series F securities). Where there is no equivalent

non-Trailer-Paying-Series, the OEO dealer will

switch the Trailer-Paying Series securities into

the closest applicable non-Trailer-Paying Series

(e.g., from Series T8 securities to Series F6 securities).

Redeeming securities

Mutual Fund Series securities

To redeem your Mutual Fund Series securities, we

need to receive your request. See How we process

your order on page 48 for more information.

For your protection, you must sign your redemption

request and we may ask that your signature be

guaranteed by a bank, trust company or your dealer.

Mutual Fund Series securities of the funds may be

redeemed at the option of the investor on any

Valuation Day.

You may redeem some or all of your Series A

securities, Series A (Hedged) securities, No Load

Series T4 securities, No Load Series T6 securities

and Series M securities: (1) in person, at any Bank of

Montreal branch; (2) by telephone, once you have

completed the prescribed redemption form, with

your Bank of Montreal branch or through the BMO

Investment Centre, 1-800-665-7700; (3) through the

internet (other than from an RDSP, RESP and TFSA)

at www.bmo.com/mutualfunds after completion of

an authorization form; (4) by mail; or (5) automatically

through a Systematic Withdrawal Plan.

You may also redeem Mutual Fund Series securities

through your dealer. For your protection, you must

sign your redemption request and we may ask that

your signature be guaranteed by a bank, trust

company or your dealer. Your redemption request

will be forwarded to us by courier, priority post or

telecommunication facility at no charge to you on

the same business day you complete the form.

However, if you have not completed the form in

full, we cannot fulfill your redemption request.

If you are redeeming your Mutual Fund Series

securities through your dealer, whenever practicable,

your dealer is required to transmit your redemption

request by courier or telecommunications facilities

in order to expedite the redemption request’s

receipt by the Manager. The cost of this transmittal,

regardless of its form, must be borne by your dealer.

As a security measure, the Manager will not accept

a redemption request sent by telecommunications

facilities directly from an investor. Your redemption

request must be forwarded to us by your dealer on

the same business day.

If we have not received all the necessary

documentation and/or information needed to settle

your redemption request within ten (10) business

days after the redemption date of the relevant

Mutual Fund Series securities of the fund, we are

required under applicable securities legislation to

purchase the equivalent number of Mutual Fund

Series securities you asked to be redeemed as of the

close of business on the tenth business day. If the

purchase price of these Mutual Fund Series securities

is less than the original redemption price, the fund

will keep the difference. If the amount of the

purchase price of these Mutual Fund Series

securities exceeds the original redemption price,

we will immediately pay the difference to the fund

and may seek reimbursement from your dealer,

together with any additional costs. Your dealer may

be entitled to recover these amounts from you.

Redeeming Mutual Fund Series securities you

hold in a non-registered account, including a

BMO MatchMaker

account, may result in a capital

gain or capital loss. You’ll find information about

the taxation of securities held in a non-registered

account under Income tax considerations for

investors on page 87.

If you’re redeeming units of BMO Mortgage and

Short-Term Income Fund worth more than

$1 million, you must give us 30 days’ notice

in writing.

If applicable, an investor whose security holding is

evidenced by a registered certificate who wishes to

have his or her Mutual Fund Series securities

redeemed shall surrender his or her certificate to

the Manager with the request that the same shall be

redeemed. For the protection of investors, an

investor’s signature on any redemption request or

on the back of any certificate must be guaranteed by

a bank, trust company or dealer.

Further documentation may be required for

corporations, and other accounts that are not in the

name of an individual.

If all necessary redemption documents, properly

completed, accompany the redemption request,

within one (1) business day after we determine the

redemption price, we will:

send you a cheque, make a direct deposit to your •

bank account or send money to your dealer in

payment for the Mutual Fund Series securities

you have redeemed; and

send you or your dealer a transaction •

confirmation including the balance in your

investment account.

Redeeming Mutual Fund Series securities

under the deferred charge options

You may be required to pay a redemption fee on

Mutual Fund Series securities bought under either

of the deferred charge options if you redeem these

securities within seven years after you purchase

them under the Standard Deferred Charge option,

or within three years after you purchase them

under the Low Load Deferred Charge option. This

redemption fee is a percentage of the original cost

of your investment, and declines at the rates shown

on page 71 under Fees and expenses payable

directly by you – Redemption fees. If you are

redeeming securities that were switched from

another fund, the redemption fee rate is based on

the date the original securities were purchased in

the other fund. Under either of the deferred charge

options, your securities are redeemed in the order

they were purchased or deemed purchased.

If you purchased Mutual Fund Series securities

under the Low Load Deferred Charge option or the

Standard Deferred Charge option, you may have to

pay a redemption fee when you redeem your

Mutual Fund Series securities. The redemption fee

is based on the original date of purchase and the

original price of your Mutual Fund Series securities.

To minimize any redemption fees you may be

required to pay under any deferred charge option,

the following rules apply:

the Mutual Fund Series securities first purchased •

or deemed to be purchased along with any securities

received on the reinvestment of distributions of

these securities will be redeemed first; and

any redemptions or re-designations in a calendar •

year that fall within the “Free Redemption

Amount” will not be subject to a redemption fee.

Free redemption amount

In each calendar year, up to 10% of the Mutual

Fund Series securities you hold under the Standard

Deferred Charge option in a fund can either (i) be

redeemed for cash without a redemption fee, or

(ii) if not already redeemed, redesignated as Sales

Charge option securities. This amount is the

“Free Redemption Amount” and is not cumulative,

meaning that you cannot carry any unused amount

forward to the next calendar year. The Free

Redemption Amount is not available for securities

purchased under the Low Load Deferred Charge

option. Securities bought under the Standard

Deferred Charge option that are redesignated as

part of the Free Redemption Amount will, from the

time they are re-designated, become subject to the

higher level of trailing commissions that are

applicable to securities purchased under the

Sales Charge option. The trailing commissions for

securities purchased under the Sales Charge option

are set out starting on page 81.

More detailed rules regarding the calculation of the

redemption fee are set out under Fees and expenses

payable by you – Redemption Fee. The intent of

these rules is to ensure that you generally pay the

lowest possible redemption fee. The rules that

apply to the securities you hold may be different,

depending on the year in which you purchased

your securities. Because you may have purchased

securities under one of the deferred charge options

in different years, possibly with different rules in

effect at those times, all of your securities may not

have the same redemption fees applied to them

even if you redeem them at the same time.

No redemption fee will be payable for:

switching your investment to another fund •

purchased under the Low Load Deferred

Charge option;

cash distributions or dividends on Mutual Fund •

Series securities purchased under the Low Load

Deferred Charge option; or

Mutual Fund Series securities received on the •

reinvestment of distributions or dividends that

are distributed as a result of Mutual Fund Series

securities purchased under the Low Load

Deferred Charge option.

No redemption fee will be payable for:

switching your investment to another fund •

purchased under the Standard Deferred

Charge option;

cash distributions or dividends paid in cash on •

Mutual Fund Series securities purchased under

the Standard Deferred Charge option; or

Mutual Fund Series securities received on the •

reinvestment of distributions or dividends that

are paid from securities purchased under the

Standard Deferred Charge option.

Redeeming and exchanging ETF Series securities

Redemption of ETF Series securities for cash

On any Trading Day, securityholders may redeem

ETF Series securities of any fund for cash at a

redemption price per security equal to the lesser of:

(i) 95% of the closing price for the ETF Series

securities on the TSX or Cboe Canada, as applicable,

on the effective day of the redemption; and (ii) the NAV

per security on the effective day of the redemption.

Because securityholders will generally be able to sell

ETF Series securities at the market price on the TSX

or Cboe Canada, as applicable, through a registered

broker or dealer subject only to customary brokerage

commissions, securityholders are advised to consult

their brokers, dealers or investment advisors before

redeeming their ETF Series securities for cash.

In order for a cash redemption to be effective on a

Trading Day, a cash redemption request in the form

prescribed by us from time to time must be

delivered to the applicable fund at its registered

office by 9:00 a.m. on the Trading Day (or such later

time on such Trading Day as we may permit). If a

cash redemption request is not received by the

delivery deadline noted immediately above on a

Trading Day, the cash redemption request will be

effective only on the next Trading Day. Payment of

the redemption price will be made (i) by no later

than the third business day after the effective day of

the redemption, in the case of a fund that invests a

portion of its portfolio assets in T+3 Securities,

(ii) by no later than the next business day after the

effective day of the redemption, in the case of a

fund that does not invest a portion of its portfolio

assets in T+3 Securities or (iii) in each case, such

shorter period as may be determined by us in

response to changes in applicable law or general

changes to settlement procedures in applicable

markets. The cash redemption request forms may

be obtained from any registered broker or dealer.

Depending on the nature of the security invested in,

redemptions of ETF Series securities may settle in a

T+2 settlement period, no later than the second

business day after the effective date of the redemption.

Securityholders that redeem ETF Series securities

prior to the ex-dividend date for any distribution

will not be entitled to receive that distribution.

In connection with the redemption of ETF Series

securities, a fund will generally dispose of securities

or other assets to satisfy the redemption. Please see

Income tax considerations for investors on page 87

for more information.

Exchange of ETF Series securities

for Baskets of Securities

On any Trading Day, securityholders may exchange

the Prescribed Number of ETF Series securities (or

an integral multiple thereof) for Baskets of Securities

and cash. However, at the discretion of the manager

some funds may only pay cash on the exercise by a

securityholder of the exchange right in respect of a

Prescribed Number of ETF Series securities.

To effect an exchange of ETF Series securities, a

securityholder must submit an exchange request in

the form prescribed by us from time to time to the

applicable fund at its registered office by 9:00 a.m.

on a Trading Day (or such later time on such

Trading Day as we may permit). The exchange

price will be equal to the NAV of the ETF Series

securities on the effective day of the exchange

request, payable by delivery of Baskets of Securities

and cash, or, with respect to BMO Money Market

Fund, cash only. The ETF Series securities will be

redeemed in the exchange.

If an exchange request is not received by the

submission deadline noted immediately above on

a Trading Day, the exchange order will be effective

only on the next Trading Day. Settlement of

exchanges for Baskets of Securities and cash, or

in the case of BMO Money Market Fund, cash only,

will be made (i) by no later than the third business

day after the effective day of the exchange request,

in the case of a fund that invests a portion of its

portfolio assets in T+3 Securities, (ii) by no later

than the next business day after the effective day of

the exchange request in the case of a fund that does

not invest a portion of its portfolio assets in T+3

Securities, or (iii) in such shorter period as may be

determined by the manager in response to changes

in applicable law or general changes to settlement

procedures in applicable markets. The securities to

be included in the Baskets of Securities delivered

on an exchange shall be selected by the manager in

its discretion. Depending on the nature of the

security invested in, redemptions of ETF Series

securities may settle in a T+2 settlement period, no

later than the second business day after the

effective date of the redemption.

Securityholders should be aware that the NAV per

security will decline on the ex-dividend date of any

distribution payable in cash on ETF Series securities.

A securityholder that is no longer a holder of record

on or after the ex-dividend date will not be entitled

to receive that distribution.

If Constituent Securities are cease traded at any

time by order of a securities regulatory authority or

other relevant regulator or stock exchange, the

delivery of such securities to a securityholder on an

exchange in the Prescribed Number of ETF Series

securities may be postponed until such time as the

transfer of the securities is permitted by law.

Requests for exchange and

redemption of ETF Series securities

A securityholder submitting an exchange or

redemption request is deemed to represent to the

fund and us that: (i) it has full legal authority to

tender the ETF Series securities for exchange or

redemption and to receive the proceeds of the

exchange or redemption; and (ii) the ETF Series

securities have not been loaned or pledged and are

not the subject of a repurchase agreement, securities

lending agreement or a similar arrangement that

would preclude the delivery of the ETF Series

securities to the fund. We reserve the right to verify

these representations at our discretion. Generally,

we will require verification with respect to an

exchange or redemption request if there are

unusually high levels of exchange or redemption

activity or short interest in the applicable fund. If

the securityholder, upon receipt of a verification

request, does not provide us with satisfactory

evidence of the truth of the representations, the

securityholder’s exchange or redemption request

will not be considered to have been received in

proper form and will be rejected.

Costs associated with exchange

and redemption of ETF Series securities

We may charge to securityholders, in our discretion,

an administrative fee of up to 0.05% of the exchange

or redemption proceeds of the fund to offset certain

transaction costs associated with the exchange or

redemption of ETF Series securities of a fund.

Exchange and redemption of ETF Series

securities through CDS Participants

The exchange and redemption rights described above

must be exercised through the broker or the dealer

(referred to as the CDS Participant) through which

the owner holds ETF Series securities. Beneficial

owners of ETF Series securities should ensure

that they provide exchange and/or redemption

instructions to the CDS Participants through which

they hold ETF Series securities sufficiently in

advance of the cut-off times described above to

allow such CDS Participants to notify CDS and for

CDS to notify us prior to the relevant cut-off time.

Automatic redemption

If the value of your investment in a fund falls below

the minimum amount as determined by us from

time to time, we will give you 30 days’ written notice

before we redeem all the securities of such fund in

your account. If, as a result of market fluctuation, the

value of your securities falls below the minimum

balance, we may redeem your securities after

giving you 10 days’ notice. If, as a result of a partial

redemption, the value of your remaining holding

falls below the minimum balance, we may redeem

such remaining holding immediately and without

prior notice to you. If the value of your securities of

Series M of BMO Money Market Fund falls below

the minimum balance, we may either switch your

securities to Series A securities of BMO Money

Market Fund or redeem them for you. For the

minimum amounts for buying securities of a fund

and for maintaining an account or an investment in

a fund, see “Purchases, switches and redemptions”

for more details. The Manager may change the

minimum amounts at any time without notice.

Extraordinary circumstances when you

may not be allowed to redeem your securities

A fund may suspend your right to request a

redemption of securities for all or part of a

period when:

normal trading is suspended on a stock, options •

or futures exchange in Canada or outside Canada

in which securities or derivatives that make up

more than 50% of the value or underlying exposure

of the fund’s total assets are traded, and those

securities or derivatives are not traded on any

other exchange that represents a reasonable

alternative for the fund; or

with the prior permission of the securities •

regulatory authorities, for any period not

exceeding 30 days during which the manager

determines that conditions exist that render

impractical the sale of assets of the fund or that

impair the ability of the valuation agent to

determine the value of the assets of the fund.

A fund may postpone a redemption payment for

any period during which your right to request a

redemption is suspended under the circumstances

described above or with the approval of the

Canadian securities regulatory authorities. A fund

may not accept orders for the purchase of securities

during any period when the redemption of its

securities has been suspended.

The suspension may apply to all requests for

redemption received prior to the suspension but as

to which payment has not been made, as well as to

all requests received while the suspension is in effect.

All securityholders making such requests shall be

advised by the manager of the suspension and that the

redemption will be effected at a price determined

on the first valuation day following the termination

of the suspension. All such securityholders shall

have and shall be advised that they have the right

to withdraw their requests for redemption. The

suspension shall terminate in any event on the

first day on which the condition giving rise to the

suspension has ceased to exist, provided that no

other condition under which a suspension is

authorized then exists. To the extent not inconsistent

with official rules and regulations promulgated by

any government body having jurisdiction over the

funds, any declaration of suspension made by the

manager shall be conclusive.

Optional Services

This section tells you about the plans and services

that are available to BMO Mutual Funds investors

in respect of Mutual Fund Series securities. Call us

toll free at 1-800-665-7700 or 1-800-668-7327 or ask

your dealer for full details.

Continuous savings plan

You can generally make weekly, bi-weekly, semi-

monthly, monthly or quarterly investments in the

funds using our Continuous Savings Plan. Here’s

how the plan works:

we’ll automatically transfer money from your bank •

account to buy securities of the funds you choose

if you choose the BMO U.S. Dollar Funds or any •

funds purchased in U.S. currency, we’ll withdraw

money from your U.S. dollar bank account at a

Canadian financial institution

you must meet the following minimum •

requirements:

Series

Minimum

amount

you may buy

Minimum

balance

All funds and series, except

the BMO Ascent™ Portfolios ,

Series I, Series I (Unhedged),

ETF Series, Series M, Series N,

Series NBA, Series NBF, Series O

and Series S securities

$50 a month —

Series M securities $1,500 a month $150,000

Series NBA and

Series NBF securities

$50 a month $5,000

BMO Ascent™ Portfolios $50 a month

* $60,000*

*Your first purchase must be at least $75,000.

Averaging the cost of your investments

Making regular investments through our

Continuous Savings Plan can reduce the cost of

investing. Here’s how. Let’s say you invest $100

in a fund each month. That money will buy more

securities of the fund when prices are low and

fewer securities when prices are high. Over time,

this can mean a lower average cost per security

than if you had made one lump-sum purchase.

The most recently filed fund facts documents will

be delivered by dealers once to participants in a

Continuous Savings Plan upon their initial

purchase of securities of a fund and then not

thereafter for subsequent purchases of the same

fund pursuant to the Continuous Savings Plan

unless they request it. You may request copies of

the most recently filed fund facts documents for

your funds at any time and at no cost by calling us

toll free at 1-800-665-7700 if you purchased your

securities at a BMO Bank of Montreal branch or

through the BMO Investment Centre or toll free at

1-800-668-7327 if you purchased your securities

through a dealer. The most recently filed fund facts

documents and simplified prospectus of the funds

may also be found on the SEDAR+ website at

www.sedarplus.ca or on our websites at

www.bmo.com/mutualfunds and

www.bmo.com/gam/ca.

You do not have a statutory right of withdrawal

under applicable securities legislation for your

purchase of securities of the funds pursuant to a

Continuous Savings Plan, other than in respect of

your initial purchase of these securities. However,

you will continue to have all other statutory rights

under applicable securities legislation, including a

right of action if there is a misrepresentation in this

simplified prospectus or any document incorporated

by reference into the simplified prospectus. Please

see What Are Your Legal Rights on page 90 for more

information. You may terminate your participation

in the Continuous Savings Plan at any time upon

providing notice to us at least four (4) business days

before the next scheduled investment date.

Systematic withdrawal plan

You can withdraw money monthly, quarterly,

semi-annually or annually from your funds using

our Systematic Withdrawal Plan. Here’s how the

plan works:

you must hold your funds in a non-registered •

account

we’ll redeem enough securities to withdraw money •

from your account and make payments to you

if you hold funds in U.S. currency, we’ll either •

deposit the payments directly to your U.S. dollar

bank account at a Canadian financial institution

or we’ll mail a cheque to you

you must meet the following minimum •

requirements:

Series/Accounts

Minimum

amount you

can withdraw

Minimum

balance

All funds and series, except

Series I, Series I (Unhedged),

ETF Series, Series M, Series N,

Series NBA, Series NBF, Series O

and Series S securities

$100 monthly,

quarterly or

semi-annually

$10,000

Series M securities $1,000 a month $150,000

Series NBA and $100 a month $20,000

Series NBF securities

RRIF, LIF and LRIF accounts Minimum amount

required under

the Tax Act

—

If you withdraw more than your funds are earning,

you’ll reduce your original investment and may use

it up altogether.

Registered plans

Except for units of BMO Risk Reduction Equity

Fund and BMO Risk Reduction Fixed Income

Fund, securities of each fund are expected to be

“qualified investments” under the Tax Act at all

times for an RRSP, RRIF, RDSP, RESP, TFSA, FHSA

or DPSP and you may purchase securities of such

funds in registered plans offered by us or other

institutions, subject to certain restrictions.

You may not purchase securities of the following

funds in registered plans: BMO Risk Reduction

Equity Fund and BMO Risk Reduction Fixed

Income Fund.

Even though securities of a fund are a qualified

investment for your RRSP, RRIF, RDSP, RESP,

TFSA or FHSA, you will be subject to adverse tax

consequences if such securities are a “prohibited

investment” for your registered plan under the

Tax Act.

Generally, units of a BMO Trust Fund will not be a

prohibited investment for your RRSP, RRIF, RDSP,

RESP, TFSA or FHSA if you deal at arm’s length

with the BMO Trust Fund and you, your family

(including your parents, spouse, children, siblings

and in-laws) and other persons or partnerships that

do not deal at arm’s length with you, in total, own

less than 10% of the value of the BMO Trust Fund

whether directly or indirectly. Generally, shares

of BMO Monthly Dividend Fund Ltd. will not be a

prohibited investment for your RRSP, RRIF, RDSP,

RESP, TFSA or FHSA if you deal at arm’s length

with BMO Monthly Dividend Fund Ltd., and you,

your family (including your parents, spouse,

children, siblings and in-laws) and other persons

or partnerships that do not deal at arm’s length with

you, in total, do not own 10% or more of the shares

of any class or series of BMO Monthly Dividend

Fund Ltd.. Even if a share or unit would otherwise

be a prohibited investment for your RRSP, RRIF,

RDSP, RESP, TFSA or FHSA it will not be a prohibited

investment if it qualifies as “excluded property”.

None of the BMO Trust Funds established before

2024 (other than BMO Risk Reduction Equity Fund,

BMO Risk Reduction Fixed Income Fund, BMO

Covered Call Energy ETF Fund, BMO Emerging

Markets Bond Fund, BMO Global Climate

Transition Fund, BMO Managed Conservative

Portfolio, BMO Premium Yield ETF Fund, BMO

Sustainable Equity Growth Portfolio, BMO U.S.

Equity Growth MFR Fund, BMO U.S. Equity Value

MFR Fund, BMO U.S. Corporate Bond Fund and

BMO Sustainable Bond Fund) deviated in the last

year from the requirements under the Tax Act to be

a mutual fund trust in order that its units be

qualified investments. Units of BMO Covered Call

Energy ETF Fund, BMO Emerging Markets Bond

Fund, BMO Global Climate Transition Fund, BMO

Managed Conservative Portfolio, BMO Premium

Yield ETF Fund, BMO Sustainable Equity Growth

Portfolio, BMO U.S. Equity Growth MFR Fund,

BMO U.S. Equity Value MFR Fund, BMO U.S.

Corporate Bond Fund and BMO Sustainable Bond

Fund (each, a “Registered Investment Fund”) are

qualified investments because such funds are

registered investments. None of the Registered

Investment Funds deviated from the requirements

under the Tax Act in the last year to be a registered

investment.

BMO Monthly Dividend Fund Ltd. did not deviate

in the last year from the requirements under the

Tax Act to be a mutual fund corporation in order

that its shares be qualified investments.

You should consult your tax advisor about the

special rules that apply to each particular

registered plan, including whether or not an

investment in a fund would be a prohibited

investment for your registered plan.

We can also set up a registered plan for you. See

Fees and Expenses on page 65 for fees that may

apply. No BMO registered plans set up through

BMO Bank of Montreal branches or through the

BMO Investment Centre and no RDSP or RESP, can

hold securities of the BMO U.S. Dollar Funds or any

funds purchased in U.S. currency. BMO registered

plans (other than an RDSP or RESP) set up through

dealers can hold securities of the BMO U.S. Dollar

Funds or any funds purchased in U.S. currency.

BMO MatchMaker

Investment Service and

BMO Intuition

Investment Service

BMO MatchMaker

helps you match your

investment goals and risk tolerance to one of our

strategic BMO Mutual Fund portfolios or savings

portfolios. BMO Intuition

, one of our RESP

products, offers you a choice of several strategic

portfolios and a savings portfolio. You pay no fee for

these services. Here’s how they work:

Your contributions will be allocated automatically •

among the investments in the portfolio you’ve

chosen, based on the weighting designated for

each investment within that portfolio

If you choose a strategic portfolio, it will be •

reviewed during the last month of each calendar

quarter (i.e., March, June, September and

December). If the percentage weighting of any

single mutual fund held in your portfolio varies

by more than its set target range, all of the mutual

funds in your portfolio will be automatically

rebalanced by switching securities among the

funds to return them to their target ranges, at or

near the end of the quarter. The set target ranges

for the portfolios are listed in the table below.

See Income tax considerations for investors

We have obtained regulatory relief to permit •

BMOAM to review the makeup of each of the

strategic and savings portfolios on a periodic

basis. Pursuant to this relief, BMOAM will

exercise limited discretionary authority to make

changes in your portfolio upon such periodic

reviews by changing the percentage weightings

of the funds (and GICs in the case of savings

portfolios) in, and/or adding and/or removing

funds from, each portfolio with a view to

optimizing your return while having regard to

your tolerance for risk. You should not opt for a

BMO MatchMaker

or BMO Intuition

portfolio if

you are not willing to have BMOAM exercise such

limited discretionary authority over your portfolio.

There will be no charge for this feature of the

BMO MatchMaker

or BMO Intuition

service.

The BMO MatchMaker

Investment Service and the

BMO Intuition

Investment Service are only offered

through BMO Bank of Montreal branches and the

BMO Investment Centre.

Rebalancing targets for BMO MatchMaker

Investment

Service and BMO Intuition

Investment Service

As described above, one of the primary benefits of

investing in a strategic portfolio under either

BMO MatchMaker

Investment Service or

BMO Intuition

Investment Service is the automatic

rebalancing of your portfolio to help ensure that

your portfolio continues to provide the best

potential returns for your level of risk tolerance.

However, your portfolio will only be automatically

rebalanced if the percentage weightings of at least

one of the mutual funds held in your portfolio

varies by more than its set target range. The set

target ranges for the mutual funds held in each

strategic portfolio are listed in the table below.

BMO MatchMaker

Investment Service

Strategic Portfolios

Set Target Range

for Automatic

Rebalancing

BMO MatchMaker

Income Portfolio Plus or minus 2.0%

BMO MatchMaker

Balanced Portfolio Plus or minus 3.0%

BMO MatchMaker

Growth Portfolio Plus or minus 4.0%

BMO MatchMaker

Equity

Growth Portfolio Plus or minus 4.5%

BMO Intuition

Investment Service

Strategic Portfolios

Set Target Range

for Automatic

Rebalancing

BMO Intuition

RESP Income Portfolio Plus or minus 2.0%

BMO Intuition

RESP Balanced Portfolio

BMO Intuition

RESP Growth Portfolio Plus or minus 4.0%

Plus or minus 3.0%

BMO Intuition

RESP Equity

Growth Portfolio Plus or minus 4.5%

For more information about our BMO MatchMaker

Investment Service or BMO Intuition

Investment

Service, including details on the mutual funds held

in the various strategic portfolios, please visit our

website at www.bmo.com/mutualfunds, call us

toll free at 1-800-665-7700, or visit your nearest

BMO Bank of Montreal branch.

BMO Mutual Funds allocation averaging program

Under this program, which is available only

through dealers, you can arrange for regular

(monthly, quarterly, semi-annual or annual)

transfers from a lump sum investment in a

BMO Money Market Fund or BMO U.S. Dollar

Money Market Fund into Mutual Fund Series

securities of a maximum of five other BMO Mutual

Funds of your choice. The minimum initial

investment is $5,000 and the minimum transfer

amount to any one fund each time is $50.

BMO Mutual Funds automatic rebalancing service

The automatic rebalancing service is a portfolio

management tool used to maintain accounts at

certain defined asset mixes. Under this program,

which is available only through dealers, you can

arrange for regular rebalancing. The program will

adjust to maintain the asset mix you submit based

on current market values. The program will

determine whether the current market values meet

the desired asset mix. Any deviations from the

desired asset mix will be evaluated against a

threshold. If the threshold has been met/exceeded;

the program will automatically trigger the

necessary transactions (switches) to rebalance the

account to the specified asset mix.

BMO Mutual Funds distribution transfer program

Under this program, which is available only through

dealers, you can arrange to have distributions made

by one BMO Mutual Fund automatically reinvested

in Mutual Fund Series securities of another

BMO Mutual Fund or BMO Mutual Funds within

the same series and currency. The reinvestment

will be processed and trade dated on the same

valuation date. This service is not available to

investors who hold their Mutual Fund Series

securities in a registered plan.

ETF Series distribution reinvestment plan

If you are a holder of ETF Series securities (a

“Plan Participant”), you can elect to automatically

reinvest all cash distributions paid on ETF Series

securities held by you in additional ETF Series

securities (“Plan Securities”) in accordance with

the terms of the Distribution Reinvestment Plan

(a copy of which is available through your broker or

dealer) and the distribution reinvestment agency

between the manager, on behalf of the ETF Series,

and the Plan Agent, as may be amended. The key

terms of the Distribution Reinvestment Plan are as

described below.

You cannot participate in the Distribution

Reinvestment Plan if you are not a resident of

Canada. If you cease to be a resident of Canada, you

will be required to terminate your participation in

the Distribution Reinvestment Plan. No ETF Series

will be required to purchase Plan Securities if such

purchase would be illegal.

If you wish to enroll in the Distribution

Reinvestment Plan as of a particular distribution

record date, you should notify the CDS Participant

through which you hold ETF Series securities

sufficiently in advance of that distribution record

date to allow such CDS Participant to notify CDS by

4:00 p.m. on the distribution record date.

Distributions that you are due to receive will be

used to purchase Plan Securities on your behalf in

the market. No fractional Plan Securities will be

purchased under the Distribution Reinvestment

Plan. Any funds remaining after the purchase of

whole Plan Securities will be credited to you via its

CDS Participant in lieu of fractional Plan Securities.

The automatic reinvestment of the distributions

under the Distribution Reinvestment Plan will not

relieve you of any income tax applicable to such

distributions.

You may voluntarily terminate your participation in

the Distribution Reinvestment Plan as of a particular

distribution record date by notifying your CDS

Participant sufficiently in advance of that distribution

record date. You should contact your CDS Participant

to obtain details of the appropriate procedures for

terminating your participation in the Distribution

Reinvestment Plan. Beginning on the first distribution

payment date after such notice is received from you

and accepted by a CDS Participant, distributions to

you will be made in cash. Any expenses associated

with the preparation and delivery of such termination

notice will be borne by you to exercise your right

to terminate participation in the Distribution

Reinvestment Plan. The manager may terminate

the Distribution Reinvestment Plan, in its sole

discretion, upon not less than 30 days’ notice to:

(i) registered participants in the Distribution

Reinvestment Plan, (ii) the CDS Participants

through which the Plan Participants hold their

ETF Series securities; (iii) the Plan Agent; and

(iv) if necessary, the TSX and/or Cboe Canada,

as applicable.

The manager may amend, modify or suspend the

Distribution Reinvestment Plan at any time in its

sole discretion, provided that it receives prior

approval for amendments from the TSX and/or

Cboe Canada, as applicable, and gives notice of

the amendment, modification or suspension to:

(i) registered participants in the Distribution

Reinvestment Plan, (ii) the CDS Participants

through which the Plan Participants hold their

ETF Series securities, (iii) the Plan Agent, and

(iv) if necessary, the TSX and/or Cboe Canada,

as applicable.

Fees and Expenses

The following table shows the fees and expenses

payable by the funds and the fees and expenses you

may have to pay directly if you invest in the funds.

Fees are paid by the funds before they calculate

their price per security. These fees indirectly

reduce the value of your investment.

In general, the approval of securityholders will not

be obtained if the basis of the calculation of a fee or

expense that is charged to No Load Series securities

of a fund (or is charged directly to securityholders

of No Load Series by the fund or by us in connection

with the holding of securities of such No Load

Series of the fund) is changed in a way that could

result in an increase in charges to the No Load

Series or to securityholders of such No Load Series

or if a fee or expense, to be charged to No Load

Series securities of a fund (or to be charged directly

to securityholders of No Load Series by the fund or

by us in connection with the holding of securities of

such No Load Series of the fund) that could result in

an increase in charges to the No Load Series or to

securityholders of such No Load Series, is introduced.

In the cases above, securityholders of such No Load

Series will be sent a written notice of the change at

least 60 days prior to the effective date.

If the basis of the calculation of a fee or expense that

is charged to any series other than a No Load Series

of a fund is changed in a way that could result in an

increase in charges to the series or to securityholders

of these series or if a fee or expense, to be charged

directly to securityholders of these series by the

fund or by us in connection with the holding of

securities of such series of the fund, is introduced,

and if this fee or expense is charged by an entity

that is at arm’s length to the fund, then the approval

of securityholders of such series will not be

obtained. In the cases above, securityholders of

such series will be sent a written notice of the

change at least 60 days prior to the effective date.

If a fund holds securities of an underlying fund, fees

and expenses are payable by the underlying fund in

addition to the fees and expenses payable by the

fund. No management fees or incentive fees are

payable by a fund that, to a reasonable person, would

duplicate a fee payable by an underlying fund for

the same service. No sales fees or redemption fees

are payable by the fund in relation to its purchases

or redemptions of the underlying fund that, to a

reasonable person, would duplicate a fee payable

by an investor in the fund. Further, except in cases

where we have obtained exemptive relief, no sales

or redemption fees are payable by a fund in relation

to its purchases or redemptions of the securities of

an underlying fund if we or one of our affiliates or

associates manage the underlying fund. See

Additional information for more details.

Fees and expenses payable by the funds

Management fees Each fund pays us a fee for our management services. For this management fee, various services are provided

to the funds such as investment management and advisory services, sales and trailing commissions to registered

dealers on the distribution of the funds’ securities, and other services that include, but are not limited to,

advertising and promotional services, office overhead expenses related to the manager’s activities, and all

other services necessary or desirable to conduct and operate the funds’ business in an efficient manner.

The management fee for each series is expressed as a percentage of the daily NAV of the series and varies by fund

and series. This fee is calculated daily and payable monthly. Management fees are subject to applicable taxes.

You’ll find the management fee that we may charge for the series of securities of each fund in the Fund details section.

F Series Securities, Series NBF and Series S securities have lower management fees than other series since we

do not pay trailing commissions on F Series Securities, Series NBF and Series S securities. Series G securities have

lower management fees than other series since we pay reduced trailing commissions on Series G securities.

For Series I and Series I (Unhedged) securities, separate fees are negotiated and paid by each Series I and Series I

(Unhedged) investor. The maximum annual management fee and expenses for Series I and Series I (Unhedged) will

not exceed the rate charged on Series A or Advisor Series and where no Series A or Advisor Series exists, 2.50%.

For ETF Series securities, we do not pay trailing commissions on this series. However, ETF Series securities of a fund

have higher management fees than F Series Securities of the same fund since we are responsible for payment of the

costs related to the Administration Expenses which are allocated to the ETF Series, other than the Fund Expenses

described below.

For Series N securities, investors pay a separate fee directly to their dealer, a portion of which is paid to us as

manager; such portion will not exceed the management fee rate charged in connection with Series F of that

fund. This fee is set by the dealer.

For Series O securities, investors pay a separate fee directly to their dealer, a portion of which is paid to us as

manager. This fee is set by the dealer.

For each series, we may, at our discretion, waive a portion or the entire amount of the management fee

chargeable at any given time.

Depending on several factors, we may reduce or rebate all or a portion of the management fee for certain

investors in a fund. These factors include the value of an investment in the fund and the nature of an investment,

such as large investments by institutional investors.

Operating expenses All funds other than Variable Admin BMO Mutual Funds and Combined Expense BMO Mutual Funds

Except for the funds identified below under the headings Variable Admin BMO Mutual Funds and Combined

Expense BMO Mutual Funds, and except as described under the sub-headings Series I and Series I (Unhedged)

and ETF Series, the manager pays certain operating expenses of each fund, including, audit and legal fees and

expenses; custodian and transfer agency fees; costs attributable to the issue, redemption and change of

securities, including the cost of the securityholder record keeping system; expenses incurred in respect of

preparing and distributing prospectuses, financial reports and other types of reports, statements and

communications to securityholders; fund accounting and valuation costs; and filing fees, including those incurred

by the manager (collectively, the “Administration Expenses”). For these funds, a fixed administration fee is paid

to the manager.

The administration fee may vary by fund and is a fixed annual percentage of the NAV of the fund. The

administration fee paid to the manager by a fund in respect of a series may, in any particular period, exceed or

be lower than the operating expenses the manager actually incurs in providing services for that series of the

fund. The administration fee currently paid exceeds the operating expenses the manager incurs in providing

services for many of the funds or for certain series of those funds which may not be the case going forward.

Administration fees are subject to applicable taxes.

Fees and expenses payable by the funds (continued)

Operating expenses The manager may, in certain cases, waive a portion of the administration fee that it receives from a fund or from

certain series of a fund. As a result, the administration fee payable by a fund or a series of a fund to the manager

may be lower than the fee shown in the Fund details section of the relevant fund description. The manager may,

in its sole discretion, suspend or cease to offer any waiver of the administration fee at any time without notice

to securityholders.

Each fund also pays the following operating expenses directly (“Fund Expenses”): expenses incurred in respect

of preparing and distributing fund facts and ETF facts; interest or other borrowing expenses; all reasonable costs

and expenses incurred in relation to compliance with NI 81-107, including compensation and expenses payable

to IRC members and any independent counsel or other advisors employed by the IRC, the costs of the orientation

and continuing education of IRC members and the costs and expenses associated with IRC meetings; taxes of all

kinds 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, 2007 (or after May 4, 2018, in respect of expenses that

affect the ETF Series). Funds that offer more than one series of securities allocate Fund Expenses proportionately

among the series. Fund Expenses that are specific to a series are allocated to that series.

Certain Fund Expenses are subject to applicable taxes. The fixed administration fee (if applicable) and

Fund Expenses are included in the management expense ratios of these funds.

Series I and Series I (Unhedged)

For Series I and Series I (Unhedged) securities, separate fees are negotiated and paid by each Series I and Series I

(Unhedged) investor. The maximum annual management fee and expenses for Series I and Series I (Unhedged)

will not exceed the rate charged on Series A or Advisor Series and where no Series A or Advisor Series exists, 2.50%.

ETF Series

For ETF Series securities of the funds, no fixed administration fee is paid. As described above under Management

fees, we are responsible for payment of the Administration Expenses which are allocated to the ETF Series, other

than the Fund Expenses described above.

See the Administration fee information in the Fund details table for each fund.

(cont’d)

Variable Admin BMO Mutual Funds

Applicable to:

• BMO Ascent™ Balanced Portfolio

• BMO Ascent™ Conservative Portfolio

• BMO Ascent™ Equity Growth Portfolio

• BMO Ascent™ Growth Portfolio

• BMO Ascent™ Income Portfolio

• BMO Asian Growth and Income Fund

• BMO Canadian Income & Growth Fund

• BMO Canadian Smart Alpha Equity Fund

• BMO Canadian Stock Selection Fund (Series NBA and Series NBF only)

• BMO Clean Energy ETF Fund

• BMO Concentrated Global Balanced Fund

• BMO Concentrated Global Equity Fund

• BMO Covered Call Canada High Dividend ETF Fund

• BMO Covered Call Canadian Banks ETF Fund

• BMO Covered Call Europe High Dividend ETF Fund

Fees and expenses payable by the funds (continued)

Operating expenses • BMO Covered Call U.S. High Dividend ETF Fund

• BMO Crossover Bond Fund

• BMO Global Climate Transition Fund

• BMO Global Enhanced Income Fund

• BMO Global Health Care Fund

• BMO Global Income & Growth Fund

• BMO Global Innovators Fund

• BMO Global REIT Fund

• BMO Global Small Cap Fund

• BMO Growth & Income Fund

• BMO International Equity Fund

• BMO Japan Fund

• BMO Low Volatility Canadian Equity ETF Fund

• BMO Low Volatility U.S. Equity ETF Fund

• BMO Managed Balanced Portfolio (Series NBA only)

• BMO Managed Equity Growth Portfolio (Series NBA only)

• BMO Managed Growth Portfolio (Series NBA only)

• BMO Monthly Dividend Fund Ltd.

• BMO Monthly High Income Fund II

• BMO Multi-Factor Equity Fund

• BMO Nasdaq 100 Equity ETF Fund

• BMO SIA Focused Canadian Equity Fund

• BMO SIA Focused North American Equity Fund

• BMO Strategic Equity Yield Fund

• BMO Sustainable Balanced Portfolio

• BMO Sustainable Bond Fund

• BMO Sustainable Conservative Portfolio

• BMO Sustainable Equity Growth Portfolio

• BMO Sustainable Global Multi-Sector Bond Fund

• BMO Sustainable Growth Portfolio

• BMO Sustainable Income Portfolio

• BMO Sustainable Opportunities Canadian Equity Fund

• BMO Sustainable Opportunities Global Equity Fund

• BMO Tactical Global Asset Allocation ETF Fund

• BMO Tactical Global Growth ETF Fund

• BMO Target Education 2040 Portfolio

• BMO U.S. All Cap Equity Fund

• BMO U.S. Corporate Bond Fund

• BMO U.S. Small Cap Fund

• BMO USD Balanced ETF Portfolio

• BMO USD Conservative ETF Portfolio

• BMO USD Income ETF Portfolio

• BMO Women in Leadership Fund

(collectively, the “Variable Admin BMO Mutual Funds”)

(cont’d)

Fees and expenses payable by the funds (continued)

Operating expenses

(cont’d)

Except as described below under the sub-headings Series I and Series I (Unhedged), ETF Series and Series NBA

and Series NBF and BMO Asian Growth and Income Fund, each Variable Admin BMO Mutual Fund pays all of its

operating expenses directly. These operating expenses include Administration Expenses and Fund Expenses.

The Variable Admin BMO Mutual Funds allocate these operating expenses proportionately among their series.

Operating expenses that are specific to a series are allocated to that series. For each series of a Variable Admin

BMO Mutual Fund, we may, at our discretion, absorb all or a portion of these operating expenses at any given time.

Certain operating expenses are subject to applicable taxes. The operating expenses paid by the Variable Admin

BMO Mutual Funds are included in the management expense ratios of the funds.

Series I and Series I (Unhedged)

For Series I and Series I (Unhedged) securities of the Variable Admin BMO Mutual Funds, separate fees and

expenses are negotiated with each Series I/ Series I (Unhedged) investor.

ETF Series

As described above under Management fees, we are responsible for payment of the Administration Expenses

which are allocated to the ETF Series of the Variable Admin BMO Mutual Funds, other than the Fund Expenses.

Series NBA and Series NBF

The operating expenses (excluding portfolio commissions) of Series NBA and Series NBF of the Variable Admin

BMO Mutual Funds listed in the following table have been capped at the amounts set forth below, which cap

cannot be changed without agreement of the fund and the manager and on 60 days’ written notice to

unitholders of the applicable series.

Fund Series Operating Expenses Cap

NBA and NBF 0.50%

NBA As incurred

The operating expenses of each series of BMO Asian Growth and Income Fund have been capped at 0.25%.

BMO Canadian Stock Selection Fund

BMO Managed Balanced Portfolio

BMO Managed Growth Portfolio

BMO Managed Equity Growth Portfolio

BMO Asian Growth and Income Fund

Fees and expenses payable by the funds (continued)

Operating expenses

(cont’d)

IRC fees and expenses

Each IRC member receives compensation for the duties he or she performs as an IRC member. In addition,

each IRC member is entitled to reimbursement of all reasonable expenses in connection with his or her duties

as an IRC member. These annual fees and reimbursement of expenses are allocated among the funds in a

manner that is fair and reasonable.

Please see above under the heading Remuneration of directors, officers and trustee – Independent review

committee compensation on page 38 for particulars.

Combined Expense BMO Mutual Funds

Applicable to:

• BMO Aggregate Bond ETF Fund

• BMO ARK Genomic Revolution Fund

• BMO ARK Innovation Fund

• BMO ARK Next Generation Internet Fund

• BMO Brookfield Global Real Estate Tech Fund

• BMO Brookfield Global Renewables Infrastructure Fund

• BMO Canadian Banks ETF Fund

• BMO Covered Call Energy ETF Fund

• BMO Covered Call Utilities ETF Fund

• BMO Corporate Bond ETF Fund

• BMO Global Quality ETF Fund

• BMO Premium Yield ETF Fund

• BMO Ultra Short-Term Bond ETF Fund

• BMO U.S. Equity Growth MFR Fund

• BMO U.S. Equity Value MFR Fund

(collectively, the “Combined Expense BMO Mutual Funds”)

Except as described below under the sub-heading Series I and Series I (Unhedged), we are responsible for

payment of the Administration Expenses for each of the Combined Expense BMO Mutual Funds, other than the

Fund Expenses. Each Combined Expense BMO Mutual Fund pays its Fund Expenses directly. Fund Expenses that

are specific to a series are allocated to that series. Certain Fund Expenses are subject to applicable taxes. The

Fund Expenses are included in the management expense ratios of the funds.

Series I and Series I (Unhedged)

For Series I and Series I (Unhedged) securities of the Combined Expense BMO Mutual Funds, separate fees and

expenses are negotiated with each Series I/ Series I (Unhedged) investor.

Fees and expenses payable directly by you

For fees and expenses payable directly by you, the applicable rate of GST, HST or QST, as applicable, will

be determined based on your province or territory of residence.

Sales charges For securities purchased under the Sales Charge option:

All funds (other than money market funds and Series NBA securities):

Money market funds: 0 – 2% of the amount you invest

Series NBA securities: 0 – 4% of the amount you invest

0 – 5% of the amount you invest

For securities purchased under the deferred charge options:

None

Switch fees 0 – 2% of the amount you switch

Redemption fees For securities purchased under the Sales Charge option:

For securities purchased under the deferred charge options:

You pay a redemption fee at the following rates if you redeem your securities during the time periods specified.

The redemption fee is a percentage of the original cost of the securities you are redeeming.

None

Standard Deferred During the following

periods after purchase Charge schedule

First year 6.0%

Second year 5.5%

Third year 5.0%

Fourth year 4.5%

Fifth year 4.0%

Sixth year 3.0%

Redemption fee

Seventh year 2.0%

Thereafter Nil

Low Load Deferred During the following

periods after purchase Charge schedule

Third year 1.0%

First year 3.0%

Second year 2.0%

Thereafter Nil

Redemption fee

Series I and Series I

(Unhedged) fees

For Series I and Series I (Unhedged) securities, separate fee and expense arrangements are negotiated and

paid by each Series I and Series I (Unhedged) investor.

Series N or

Series O fees

Series N or Series O investors pay a separate fee directly to their dealer, a portion of which may be paid to us

by that dealer. This fee is set by the dealer.

Fees and expenses payable directly by you (continued)

Short-term

trading fee

Short-term trading by investors may adversely affect all investors in a fund. To discourage short-term trading,

a fund may, at our sole discretion, charge a short-term trading fee of up to 2% of the amount that you redeem

or switch if you buy or switch and then redeem or switch securities of the fund within 30 days of purchasing

or switching them. This fee will be paid directly to the fund. While this fee generally will be paid out of the

redemption proceeds of the fund in question, we have the right to redeem such other funds in any of your

accounts without further notice to pay this fee. We may in our sole discretion decide which securities will be

redeemed in such manner as we may determine. You will be responsible for any costs and expenses, as well

as any tax consequences, resulting from the collection of this fee. We may waive this fee at any time. The

manager is of the view that it is not necessary to impose any short-term trading restrictions on the ETF Series

at this time since such series are primarily traded in the secondary market. See Short-term trading on page 51.

DB/ETF Dealer fee

An amount may be charged to a Designated Broker or an ETF Dealer to offset certain transaction and other

costs associated with the listing, issue, exchange and/or redemption of ETF Series securities of a fund. This

charge, which is payable to the applicable fund, does not apply to securityholders who buy and sell their ETF

Series securities through the facilities of the TSX or another exchange or marketplace.

ETF administrative

fee

The manager may charge to securityholders, in its discretion, an administrative fee of up to 0.05% of the

exchange or redemption proceeds of the ETF Series securities of a fund to offset certain transaction costs

associated with the exchange or redemption of ETF Series securities of the fund.

ETF brokerage

commissions

Investors are able to buy or sell ETF Series securities through registered brokers and dealers in the province

or territory where the investor resides. Investors may incur customary brokerage commissions in buying or

selling ETF Series securities. The applicable funds issue ETF Series securities directly to the Designated Brokers

and the ETF Dealers.

Registered

plan fees

An annual administration fee of $10 (plus applicable taxes) is charged for each RRSP and RESP account. This fee

may be different if you invest through a dealer other than us.

A fee of $50 (plus applicable taxes) may be applied to a registered plan account if and at such time as you

transfer it, in whole or in part, to another institution. This fee may be different if you invest through a dealer

other than us.

Other fees Continuous Savings Plan – None

and expenses

Systematic Withdrawal Plan – None

BMO MatchMaker

Investment Service – None

BMO Intuition

Investment Service – None

BMO Distribution Transfer Program – None

Your dealer may charge a fee for similar services

Dishonoured payments – $25 (plus applicable taxes)

*The Standard Deferred Charge option and the Low Load Deferred Charge option have been discontinued for new purchases, except that

switches from existing securities acquired under the Standard Deferred Charge option and the Low Load Deferred Charge option continue

to be available. See further details under Switches on page 53. The Standard Deferred Charge option and the Low Load Deferred Charge

option are disclosed for historical purposes.

Price range and trading volume of ETF Series securities

The following tables set out the market price range and monthly trading volume of ETF Series securities of

the funds noted below on the TSX for each month or, if applicable, partial months of the 12-month period

before the date of this simplified prospectus.

BMO ARK Genomic Revolution Fund

High

Price

Low Volume

2023

May $14.17 $12.47 46,695

June $14.92 $13.84 27,854

July $16.15 $14.00 66,851

August $15.82 $13.24 28,924

September $14.23 $11.97 21,117

October $11.88 $9.98 52,170

November $12.48 $10.41 41,565

December $14.47 $12.37 268,228

2024

January $13.96 $12.34 185,804

February $14.25 $12.40 263,765

March $13.80 $12.14 94,340

April $12.28 $10.02 99,406

BMO ARK Next Generation Internet Fund

High

Price

Low Volume

2023

May $17.60 $15.18 11,483

June $18.79 $17.67 15,339

July $21.33 $18.80 46,486

August $21.21 $17.83 39,839

September $19.35 $17.15 10,593

October $18.37 $16.70 23,711

November $21.75 $18.27 98,164

December $24.41 $22.19 214,085

2024

January $23.17 $21.82 135,498

February $25.13 $22.00 83,986

March $26.74 $25.00 38,114

April $26.13 $23.59 35,748

BMO ARK Innovation Fund

High

Price

Low Volume

2023

May $16.03 $13.87 270,979

June $17.20 $16.14 325,122

July $19.49 $16.93 608,548

August $19.17 $16.00 395,594

September $17.69 $15.22 369,275

October $15.98 $13.90 190,844

November $18.64 $14.37 614,453

December $20.95 $19.08 827,091

2024

January $19.68 $17.89 808,454

February $20.29 $17.91 547,180

March $20.16 $19.07 263,197

April $19.46 $16.89 516,076

BMO Brookeld Global Real Estate Tech Fund

High

Price

Low Volume

2023

May $26.58 $25.36 3,290

June $26.17 $25.06 37,553

July $26.27 $25.75 25,153

August $26.14 $25.37 130,440

September $26.33 $24.05 18,654

October $24.71 $23.15 1,387,419

November $27.28 $25.15 90,567

December $28.55 $27.47 55,007

2024

January $28.19 $27.51 41,723

February $27.92 $27.15 40,375

March $28.43 $27.50 37,198

April $27.12 $25.54 18,107

BMO Brookeld Global Renewables Infrastructure Fund

High

Price

Low Volume

2023

May $29.30 $28.05 545,785

June $28.58 $27.73 602,218

July $28.28 $27.70 233,162

August $27.33 $26.21 1,408,466

September $26.49 $24.06 266,593

October $24.34 $23.30 1,388,543

November $26.00 $24.45 1,313,120

December $26.75 $26.09 40,450

2024

January $26.67 $25.55 41,478

February $25.73 $25.17 52,155

March $26.19 $25.38 38,355

April $25.98 $25.27 45,621

BMO Global Dividend Opportunities Fund

High

Price

Low Volume

2023

May — — —

June — — —

July — — —

August — — —

September — — —

October $15.44 $14.91 12,066

November $16.15 $15.30 7,370

December $16.29 $16.00 1,006

2024

January $16.79 $16.19 15,668

February $17.50 $16.73 6,381

March $18.26 $17.66 243

April $18.28 $17.82 4,123

BMO Core Plus Bond Fund

High

Price

Low Volume

2023

May $27.58 $26.81 334,116

June $27.14 $26.73 332,574

July $26.81 $26.47 757,234

August $26.69 $26.24 271,800

September $26.64 $25.70 282,924

October $26.00 $25.49 146,949

November $26.98 $26.11 765,349

December $27.97 $27.04 321,699

2024

January $27.48 $26.92

356,377

February $27.55 $26.87 1,183,641

March $27.53 $27.06 1,159,233

April $27.04 $26.56 716,324

BMO Global Enhanced Income Fund

High

Price

Low Volume

2023

May — — —

June $15.18 $14.77 13,591

July $15.48 $14.99 119,184

August $15.48 $15.17 84,851

September $15.47 $14.72 53,167

October $14.94 $14.41 68,911

November $15.31 $14.61 231,494

December $15.54 $15.28 72,437

2024

January $15.91 $15.50 281,453

February $16.17 $15.73 129,700

March $16.56 $16.13 84,670

April $16.54 $16.05 46,208

BMO Global Equity Fund

High

Price

Low Volume

2023

May — — —

June $15.48 $15.29 —

July $15.93 $15.27 9,967

August $16.01 $15.43 2,416

September $16.09 $14.87 363

October $15.33 $14.61 85

November $16.04 $14.97 1,976

December $16.15 $15.75 8,221

2024

January $16.57 $15.77 4,754

February $17.64

$16.45 1,301

March $18.33 $17.62 21,291

April $18.30 $17.43 26,848

BMO Global Infrastructure Fund

High

Price

Low Volume

2023

May — — —

June $15.33 $15.24 —

July $15.59 $15.16 37,001

August $15.42 $15.09 54,581

September $15.41 $14.29 10,571

October $14.27 $13.72 2,180,300

November $15.16 $14.38 733,100

December $15.61 $15.11 34,703

2024

January $15.44 $14.96 10,100

February $15.30 $14.74 179,380

March $15.87 $15.31 99,201

April $15.90 $15.36 6,401

BMO Global Health Care Fund

High

Price

Low Volume

2023

May — — —

June $15.27 $15.09 —

July $15.46 $14.73 3,637

August $15.89 $15.13 720

September $15.84 $15.16 19,079

October $15.58 $14.88 —

November $15.67 $15.03 825

December $15.80 $15.41 351

2024

January $16.42 $15.90 48

February $17.47

$16.52 199

March $17.66 $17.25 6,672,536

April $17.53 $17.04 11,968

BMO Global Innovators Fund

High

Price

Low Volume

2023

May — — —

June $15.56 $15.32 100

July $16.28 $15.39 960

August $16.36 $15.22 54

September $16.39 $14.92 2,606

October $15.84 $14.78 8

November $16.91 $15.31 246

December $17.13 $16.32 3,213

2024

January $17.90 $16.49 7,902

February $19.32 $17.54 10,974

March $20.40 $19.46 17,873

April $20.24 $18.13 15,008

BMO Global REIT Fund

High

Price

Low Volume

2023

May — — —

June $15.53 $15.44 150

July $16.11 $15.55 2,248

August $15.81 $15.13 1,885

September $15.67 $14.44 159

October $14.86 $13.87 2,269,763

November $15.32 $14.35 508,376

December $16.56 $15.61 208,505

2024

January $16.33 $15.90 6,151

February $16.18 $15.78 54,806

March $16.38 $15.99 112,697

April $16.23 $15.27 20,993

BMO Money Market Fund

High

Price

Low Volume

2023

May $50.09 $49.91 4,420,314

June $50.08 $49.89 4,600,881

July $50.06 $49.88 3,290,708

August $50.08 $49.89 4,190,331

September $50.07 $49.88 8,388,408

October $50.08 $49.90 7,301,687

November $50.10 $49.91 8,271,778

December $50.08 $49.89 11,316,365

2024

January $50.11 $49.92 8,513,651

February $50.11 $49.91 7,810,718

March $50.10 $49.89 9,008,130

April $50.08 $49.89 8,581,842

BMO Global Strategic Bond Fund

High

Price

Low Volume

2023

May $26.07 $25.55 17,081

June $25.83 $25.43 50,025

July $25.73 $25.15 17,014

August $25.57 $25.19 19,614

September $25.55 $24.85 7,595

October $24.77 $24.35 21,846

November $25.75 $24.64 28,926

December $26.75 $25.73 21,296

2024

January $26.61 $26.22 13,498

February $26.72 $26.28 19,776

March $26.99 $26.70 14,880

April $26.75 $26.15 29,493

BMO SIA Focused Canadian Equity Fund

High

Price

Low Volume

2023

May $39.95 $38.80 241,582

June $40.22 $38.52 18,132

July $40.87 $39.07 41,901

August $40.62 $39.40 40,376

September $40.84 $39.11 30,194

October $39.48 $38.25 95,171

November $40.52 $39.00 25,245

December $40.61 $39.23 111,422

2024

January $41.86 $38.83 60,500

February $42.04 $39.95 56,165

March $43.10 $42.27 56,640

April $42.89 $41.42 36,121

BMO SIA Focused North American Equity Fund

High

Price

Low Volume

2023

May $39.16 $36.99 357,155

June $40.43 $38.46 243,371

July $41.57 $39.64 119,750

August $41.49 $39.84 101,576

September $41.65 $38.31 88,390

October $39.75 $38.11 158,857

November $41.17 $38.83 312,483

December $41.70 $40.48 259,659

2024

January $44.67 $40.56 330,269

February $47.53 $44.90 166,406

March $48.48 $47.34 113,596

April $48.97 $46.31 166,113

BMO Tactical Dividend ETF Fund

High

Price

Low Volume

2023

May $28.69 $27.73 58,628

June $28.04 $27.07 52,952

July $27.38 $26.68 74,516

August $27.76 $26.85 36,493

September $28.13 $27.30 35,158

October $28.02 $27.35 84,072

November $28.27 $27.73 30,804

December $28.60 $28.04 32,769

2024

January $28.58 $27.55 52,750

February $28.10 $27.31 49,248

March $28.25 $27.57 94,353

April $28.58 $27.53 43,514

BMO Sustainable Global Multi-Sector Bond Fund

High

Price

Low Volume

2023

May $27.65 $27.43 86,095

June $27.53 $27.38 3,506

July $27.64 $27.08 8,195

August $27.77 $27.33 11,455

September $27.59 $27.41 20,248

October $27.33 $26.97 12,472

November $27.85 $27.31 6,720

December $28.68 $28.01 15,911

2024

January $28.51 $28.22 5,415

February $28.59 $28.28 25,763

March $28.70 $28.21 12,300

April $28.46 $27.90 6,309

BMO U.S All Cap Equity Fund

High

Price

Low Volume

2023

May $31.48 $30.28 9,991

June $32.59 $31.48 344,327

July $33.52 $32.21 29,772

August $33.72 $32.69 37,140

September $34.01 $31.57 35,419

October $32.64 $31.34 34,005

November $34.80 $32.44 42,100

December $35.86 $34.72 30,245

2024

January $37.53 $35.18 89,418

February $38.92 $37.04 73,106

March $40.25 $38.75 47,312

April $40.10 $38.63 30,118

BMO U.S. Equity Growth MFR Fund

High

Price

Low Volume

2023

May — — —

June $14.99 $14.69 4,106

July $15.50 $15.12 5,226

August $15.63 $15.02 3,896

September $15.72 $14.74 754

October $15.10 $14.52 22,608

November $15.96 $15.85 458

December $16.12 $15.90 3,597

2024

January $17.07 $15.96 2,771

February $17.75 $16.85 9,601

March $18.28 $17.71 4,263

April $18.15 $17.32 3,807

BMO Women in Leadership Fund

High

Price

Low Volume

2023

May $28.76 $28.08 18,120

June $29.16 $28.27 7,546

July $29.74 $28.69 7,819

August $29.56 $28.75 7,471

September $29.79 $28.28 7,591

October $28.75 $27.40 6,889

November $30.19 $27.94 5,212

December $30.99 $30.24 10,345

2024

January $32.09 $30.38 30,995

February $32.84 $31.68 11,079

March $33.18 $32.46 15,141

April $33.04 $32.10 14,303

BMO U.S. Equity Value MFR Fund

High

Price

Low Volume

2023

May — — —

June $15.28 $14.91 1,000

July $15.34 $15.16 2,272

August $15.43 $15.19 13,904

September $15.25 $14.71 3,699

October $14.74 $14.74 18

November $15.49 $15.47 1,632

December $15.49 $15.49 12

2024

January $15.92 $15.57 3,542

February $16.18 $16.08 5,674

March $16.83 $16.58 7,627

April $16.60 $16.21 3,434

Management fee rebate or distribution programs

In return for our services, each series of each fund

(except for Series I, Series I (Unhedged), Series N

and Series O of BMO U.S. Dollar Money Market

Fund) pays us a management fee (plus applicable

taxes). The fee is calculated daily and payable

monthly. The management fee that we may charge

for the series of securities of each fund is disclosed

in this simplified prospectus. Each Series I investor

pays a separate fee (plus applicable taxes) to the

manager, which fee is negotiated between the

investor and the manager. Each Series N investor

pays a separate fee directly to their dealer, a portion

of which is paid to us by the dealer. Series O

investors pay a separate fee directly to their dealer,

a portion of which is paid to us by the dealer.

Management fees are subject to applicable taxes.

For each series of a fund, we may, at our discretion,

waive a portion or the entire amount of the

management fees chargeable at any given time

without notice.

To encourage large investments in the funds or to

accommodate special situations, we may reduce or

rebate all or a portion of the management fees we

charge to the fund in respect of certain investors in

a fund. The reduction is based on a number of

factors, including the type of investor, the number

and value of securities held by an investor and the

relationship between the investor and the manager.

If your investments qualify, we will calculate the

reduction in the management fees according to a

schedule that we may change at our discretion.

If we reduce our usual management fee for an

investment in one of the BMO Trust Funds, the

fund will pay an amount equal to the reduction to

you in the form of a special distribution, which is

called a management fee distribution. If we reduce

our usual management fee for an investment in

BMO Monthly Dividend Fund Ltd., we will pay the

reduction directly to you as a rebate.

We calculate management fee distributions or

rebates on each Valuation Day. They are distributed

or paid regularly to eligible investors. We will

reinvest the distribution or rebate in additional

securities of the fund.

For the BMO Trust Funds, management fee

distributions are made first out of net income and

net realized capital gains and then out of capital.

A unitholder who is not exempt from tax and who

receives a management fee distribution from a

BMO Trust Fund must take into account in the

calculation of the unitholder’s income for tax

purposes the portion paid out of net income and

net realized capital gains of the BMO Trust Fund.

Generally, a shareholder in BMO Monthly Dividend

Fund Ltd. who is not exempt from tax and who

receives a management fee rebate from us must

include it in income for tax purposes. See Income

tax considerations for investors on page 87 for

information on the tax consequences of management

fee distributions and management fee rebates.

Management fee distributions and rebates will not

result in adverse tax consequences to a fund.

At all times, the manager is entitled to charge the

fund or the investor, as applicable, the rate of

management fee as set out in this simplified

prospectus. For Series I and Series I (Unhedged)

securities, a separate management fee is negotiated

and paid by each Series I and Series I (Unhedged)

investor. For Series N securities, investors pay a

separate fee directly to their dealer, a portion of

which is paid to us by the dealer. For Series O

securities, investors pay a separate fee directly to

their dealer, a portion of which is paid to us by the

dealer. The manager may reduce the rate of any

management fee reductions or cancel any

management fee reduction at any time.

Dealer compensation

Sales commissions

If you buy Load Series T4, Series T5, Load Series T6,

Series T8, Advisor Series, Advisor Series (Hedged)

or Classic Series securities under the Sales Charge

option, you may be required to pay your dealer a

sales commission at the time of purchase. The

maximum amount of the commission is 5% of the

amount you invest in the funds other than money

market funds and 2% of the amount you invest in

money market funds. The sales commission is

negotiable between you and your dealer.

If you buy Series NBA securities under the Sales

Charge option, you pay your Nesbitt Burns

Advisor a sales commission at the time of purchase.

The maximum amount of the commission is 4%

of the amount you invest. The sales commission

is negotiable between you and your Nesbitt

Burns Advisor.

Sales commissions are not paid when you switch

between funds, but a switch fee of up to 2% may be

charged by your dealer. This fee may be negotiated

between you and your dealer. No commissions are

paid when you receive securities from reinvested

distributions.

Trailing commissions

For certain series of the funds, out of the

management fees that we receive, we pay your

registered dealer a trailing commission, calculated

daily and paid monthly or quarterly at the option of

the dealer. The trailing commission is a percentage

of the average daily value of the securities you hold.

The trailing commission varies by fund and by

purchase option. We do not pay trailing commissions

on ETF Series, F Series Securities, Series I, Series I

(Unhedged), Series N, Series NBF, Series O or

Series S securities.

Effective June 1, 2022, the Trailer-Paying Series

are longer available for purchase by investors

who hold those securities in an account with

BMO InvestorLine Inc. (an OEO dealer within

BMO Financial Group), or another OEO dealer that

does not provide investment recommendations or

advice to their clients. During the period from

June 1, 2022 to May 31, 2025, OEO dealers and fund

organizations are exempted from the prohibition

on paying trailing commissions to OEO dealers for

(i) existing Trailer-Paying Series securities that

were not converted prior to June 1, 2022 and

(ii) investors who transfer Trailer-Paying Series

securities to an OEO dealer account on or after

June 1, 2022, provided that the OEO dealer

implements a rebate equal to the amount of the

trailing commission paid by us.

The following table provides a summary of the

annual trailing commission we pay to your dealer

on Series A, Series G, T Series Securities,

Series NBA, Advisor Series, Classic Series and

Series M securities.

We also pay a fee to Bank of Montreal to cover the

cost of distributing securities of the funds sold

through the BMO Bank of Montreal branch network.

Fund

Annual Trailing Commission (%) (as applicable)

No Load

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)

Deferred Charge

options

(Advisor Series, Load

Series T4, Series T5, Load

Series T6 and Series T8

are available under the

Deferred Charge options)

(1)

Series G

Series A,

No Load

Series T4,

No Load

Series T6 and

Series M

Series

NBA

Advisor Series,

Load Series T4,

Series T5,

Load Series T6

and Series T8

Classic

Series

Standard

Deferred

Charge

option

(1)

Low Load

Deferred

Charge

option

(2)

BMO Money Market Fund

— 0.20 — 0.20 — 0.20 0.20

BMO Aggregate Bond ETF Fund — 0.50 — 0.50 — — —

BMO Concentrated Global Balanced Fund — 1.00 — 1.00 — 0.50 1.00

BMO Core Bond Fund 0.25 0.50 — 0.50 — 0.25 0.50

BMO Core Plus Bond Fund 0.25 0.50 — 0.50 — 0.25 0.50

BMO Corporate Bond ETF Fund — 0.50 — 0.50 — — —

BMO Crossover Bond Fund — 0.50 — 0.50 — — 0.50

BMO Diversified Income Portfolio — 1.00 — 1.00 — 0.50 1.00

BMO Emerging Markets Bond Fund — 0.75 — 0.75 — 0.25 0.75

BMO Global Monthly Income Fund — 1.00 — — — — —

BMO Global Strategic Bond Fund — 0.75 — 0.75 — 0.25 0.50

BMO Growth & Income Fund — — — 1.00 0.25 0.50 1.00

BMO Monthly Dividend Fund Ltd. — —

— 1.00 0.25 0.50 1.00

BMO Monthly High Income Fund II — 1.00

— 1.00 — 0.50 1.00

BMO Monthly Income Fund 0.35

(3)

0.80

— — — — —

BMO Mortgage and Short-Term Income Fund —

0.50

— 0.50 — 0.25 0.25

BMO Strategic Fixed Income Yield Fund —

0.50

— 0.50 — — —

BMO Sustainable Bond Fund —

0.50

— 0.50 — — —

BMO Sustainable Global Multi-Sector Bond Fund — 0.50 — 0.50 — — 0.50

BMO Ultra Short-Term Bond ETF Fund — 0.50 — 0.50 — — —

BMO U.S. Corporate Bond Fund — 0.50 — 0.50 — — —

BMO U.S. High Yield Bond Fund — 0.75 — 0.75 — 0.25 0.50

BMO World Bond Fund — 0.50 — 0.50 — 0.25 0.50

BMO ARK Genomic Revolution Fund — 1.00 — 1.00 — — —

BMO ARK Innovation Fund — 1.00 — 1.00 — — —

BMO ARK Next Generation Internet Fund — 1.00 — 1.00 — — —

BMO Asian Growth and Income Fund — 1.00 — 1.00 — 0.50 1.00

BMO Asset Allocation Fund 0.35 1.00 — 1.00 — 0.50 1.00

BMO Brookfield Global Real Estate Tech Fund — 1.00 — 1.00 — — —

BMO Brookfield Global Renewables Infrastructure Fund — 1.00 — 1.00 —

— —

BMO Canadian Banks ETF Fund — 1.00 — 1.00 — — —

BMO Canadian Equity ETF Fund

0.25 0.50 — — — — —

BMO Canadian Equity Fund — 1.00 — 1.00 — — —

BMO Canadian Income & Growth Fund — 1.00 — 1.00 — — —

BMO Canadian Smart Alpha Equity Fund — 1.00 — 1.00 — 0.50 1.00

BMO Canadian Stock Selection Fund — 1.00 1.00 1.00 — 0.50 1.00

BMO Concentrated Global Equity Fund — 1.00 — 1.00 — — 1.00

BMO Covered Call Canada High Dividend ETF Fund — 1.00 — 1.00 — — —

BMO Covered Call Canadian Banks ETF Fund — 1.00 — 1.00 — — —

Fund

Annual Trailing Commission (%) (as applicable)

No Load

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)

Deferred Charge

options

(Advisor Series, Load

Series T4, Series T5, Load

Series T6 and Series T8

are available under the

Deferred Charge options)

(1)

Series G

Series A,

No Load

Series T4,

No Load

Series T6 and

Series M

Series

NBA

Advisor Series,

Load Series T4,

Series T5,

Load Series T6

and Series T8

Classic

Series

Standard

Deferred

Charge

option

(1)

Low Load

Deferred

Charge

option

BMO Covered Call Energy ETF Fund — 1.00 — 1.00 — — —

BMO Covered Call Europe High Dividend ETF Fund — 1.00 — 1.00 — — —

BMO Covered Call U.S. High Dividend ETF Fund — 1.00 — 1.00 — — —

BMO Covered Call Utilities ETF Fund — 1.00 — 1.00 — — —

BMO Dividend Fund 0.35 1.00 — 1.00 — 0.50 1.00

BMO European Fund — 1.00 — 1.00 — 0.50 1.00

BMO Global Climate Transition Fund — 1.00 — 1.00 — — —

BMO Global Dividend Fund — 1.00 — 1.00 — 0.50 1.00

BMO Global Dividend Opportunities Fund — 1.00 — 1.00 — 0.50 1.00

BMO Global Enhanced Income Fund — 1.00 — 1.00 — — —

BMO Global Equity Fund — 1.00 — 1.00 — 0.50 1.00

BMO Global Health Care Fund — 1.00 — 1.00 — — —

BMO Global Income & Growth Fund — 1.00 — 1.00 — — —

BMO Global Infrastructure Fund — 1.00 — 1.00 — 0.50 1.00

BMO Global Innovators Fund — 1.00 — 1.00 — — —

BMO Global Low Volatility ETF Fund — 1.00 — 1.00 — 0.50 1.00

BMO Global Quality ETF Fund — 1.00 — 1.00 —

— —

BMO Global REIT Fund — 1.00 — 1.00 — — —

BMO Greater China Fund — 1.00 — 1.00 — 0.50 1.00

BMO Growth Opportunities Fund — 1.00 — 1.00 — 0.50 1.00

BMO International Equity ETF Fund 0.25 0.50 — — — — —

BMO International Equity Fund — 1.00 — 1.00 — — 1.00

BMO International Value Fund — 1.00 — 1.00 — 0.50 1.00

BMO Japan Fund — 1.00 — 1.00 — — 1.00

BMO Low Volatility Canadian Equity ETF Fund — 1.00 — 1.00 — — —

BMO Low Volatility U.S. Equity ETF Fund — 1.00 — 1.00 — — —

BMO Multi-Factor Equity Fund — 1.00 — 1.00 — — 1.00

BMO Nasdaq 100 Equity ETF Fund — 0.50 — — — — —

BMO North American Dividend Fund — 1.00 — 1.00 — 0.50 1.00

BMO Premium Yield ETF Fund — 1.00 — 1.00 — — —

BMO SIA Focused Canadian Equity Fund — 1.00 — 1.00 — — 1.00

BMO SIA Focused North American Equity Fund — 1.00 — 1.00 — — 1.00

BMO Strategic Equity Yield Fund — 1.00 — 1.00 — — —

BMO Sustainable Global Balanced Fund — 1.00 — 1.00 — 0.50 1.00

BMO Sustainable Opportunities Canadian Equity Fund — 1.00 — 1.00 — — 1.00

BMO Sustainable Opportunities Global Equity Fund — 1.00 — 1.00 — — 1.00

BMO Tactical Dividend ETF Fund 0.35 1.00 — 1.00 — 0.50 1.00

FundFund

Annual Trailing Commission (%) (as applicable)Annual Trailing Commission (%) (as applicable)

No LoadNo Load

Sales Charge option Sales Charge option

(Advisor Series, Load Series T4, (Advisor Series, Load Series T4,

Series T5, Load Series T6, Series T5, Load Series T6,

Series T8, Series NBA and Series T8, Series NBA and

Classic Series are available Classic Series are available

under the Sales Charge option)under the Sales Charge option)

Deferred Charge

options

(Advisor Series, Load

Series T4, Series T5, Load

Series T6 and Series T8

are available under the

Deferred Charge options)

(1)

Series GSeries G

Series A, Series A,

No Load No Load

Series T4, Series T4,

No Load No Load

Series T6 and Series T6 and

Series MSeries M

Series

NBA

Advisor Series, Advisor Series,

Load Series T4, Load Series T4,

Series T5, Series T5,

Load Series T6 Load Series T6

and Series T8

Classic Classic

SeriesSeries

Standard

Deferred

Charge

option

(1)

Low Load Low Load

Deferred Deferred

Charge Charge

option option

BMO Tactical Balanced ETF Fund 0.35 1.00 — 1.00 — 0.50 1.00

BMO Tactical Global Asset Allocation ETF Fund — 1.00 — 1.00 — — 1.00

BMO Tactical Global Equity ETF Fund — 1.00 — 1.00 — 0.50 1.00

BMO Tactical Global Growth ETF Fund — 1.00 — 1.00 — — 1.00

BMO U.S. All Cap Equity Fund — 1.00 — 1.00 — — —

BMO U.S. Dividend Fund — 1.00 — 1.00 — 0.50 1.00

BMO U.S. Equity ETF Fund 0.25 0.50 — — — — —

BMO U.S. Equity Fund — 1.00 — 1.00 0.50 0.50 1.00

BMO U.S. Equity Growth MFR Fund — 1.00 — 1.00 — — —

BMO U.S. Equity Plus Fund — 1.00 — 1.00 — 0.50 1.00

BMO U.S. Equity Value MFR Fund — 1.00 — 1.00 — — —

BMO Women in Leadership Fund — 1.00 — 1.00 — — 1.00

BMO Canadian Small Cap Equity Fund — 1.00 — 1.00 — 0.50 1.00

BMO Clean Energy ETF Fund — 0.50 — — — — —

BMO Emerging Markets Fund — 1.00 — 1.00 — 0.50 1.00

BMO Global Energy Fund — 1.00 — 1.00 — 0.50 1.00

BMO Global Small Cap Fund — 1.00 — 1.00 —

0.50 1.00

BMO Precious Metals Fund — 1.00 — 1.00 — 0.50 1.00

BMO Resource Fund — 1.00 — 1.00 — 0.50 1.00

BMO U.S. Small Cap Fund — 1.00 — 1.00 — — 1.00

BMO Fixed Income ETF Portfolio 0.25 0.50 — 0.50 — 0.25 0.50

BMO Income ETF Portfolio 0.35 1.00 — 1.00 — 0.50 1.00

BMO Conservative ETF Portfolio 0.35 1.00 — 1.00 — 0.50 1.00

BMO Balanced ETF Portfolio 0.35 1.00 — 1.00 — 0.50 1.00

BMO Growth ETF Portfolio 0.35 1.00 — 1.00 — 0.50 1.00

BMO Equity Growth ETF Portfolio 0.35 1.00 — 1.00 — 0.50 1.00

BMO USD Income ETF Portfolio — 1.00 — 1.00 — — —

BMO USD Conservative ETF Portfolio — 1.00 — 1.00 — — —

BMO USD Balanced ETF Portfolio — 1.00 — 1.00 — — —

BMO U.S. Dollar Balanced Fund — 1.00 — 1.00 — 0.50 1.00

BMO U.S. Dollar Dividend Fund — 1.00 — 1.00 — 0.50 1.00

BMO U.S. Dollar Equity Index Fund — 0.50 — — — — —

BMO U.S. Dollar Money Market Fund

(2)

— 0.20 — 0.20 — 0.20 0.20

BMO U.S. Dollar Monthly Income Fund

— 1.00 — 1.00 — 0.50 0.50

BMO Managed Income Portfolio

— 1.00 — 1.00 — — —

BMO Managed Conservative Portfolio — 1.00 — 1.00 — — —

BMO Managed Balanced Portfolio — 1.00 1.00 1.00 — — —

Fund

Annual Trailing Commission (%) (as applicable)

No Load

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)

Deferred Charge

options

(Advisor Series, Load

Series T4, Series T5, Load

Series T6 and Series T8

are available under the

Deferred Charge options)

(1)

Series G

Series A,

No Load

Series T4,

No Load

Series T6 and

Series M

Series

NBA

Advisor Series,

Load Series T4,

Series T5,

Load Series T6

and Series T8

Classic

Series

Standard

Deferred

Charge

option

(1)

Low Load

Deferred

Charge

option

BMO Managed Growth Portfolio — 1.00 1.00 1.00 — — —

BMO Managed Equity Growth Portfolio — 1.00 1.00 1.00 — — —

BMO SelectTrust

Fixed Income Portfolio

— 0.50 — 0.50 — 0.25 0.50

BMO SelectTrust

Income Portfolio — 1.00

(4)

— 1.00

(4)

— 0.375 1.00

(4)

BMO SelectTrust

Conservative Portfolio — 1.00 — 1.00 — 0.50 1.00

BMO SelectTrust

Balanced Portfolio — 1.00 — 1.00 — 0.50 1.00

BMO SelectTrust

Growth Portfolio — 1.00 — 1.00 — 0.50 1.00

BMO SelectTrust

Equity Growth Portfolio — 1.00 — 1.00 — 0.50 1.00

BMO Target Education Income Portfolio — 0.20 — — — — —

BMO Target Education 2025 Portfolio — 0.60 — — — — —

BMO Target Education 2030 Portfolio — 0.60 — — — — —

BMO Target Education 2035 Portfolio — 0.60 — — — — —

BMO Target Education 2040 Portfolio — 0.60 — — — — —

BMO Retirement Income Portfolio 0.35 1.00 — 1.00 — — 1.00

BMO Retirement Conservative Portfolio 0.35 1.00 — 1.00 — — 1.00

BMO Retirement Balanced Portfolio 0.35 1.00 — 1.00 — — 1.00

BMO Risk Reduction Fixed Income Fund — — — — — — —

BMO Risk Reduction Equity Fund — — — — — — —

BMO Ascent™ Income Portfolio — 0.75 — — — — —

BMO Ascent™ Conservative Portfolio — 0.75 — — — — —

BMO Ascent™ Balanced Portfolio — 0.75 — — — —

—

BMO Ascent™ Growth Portfolio — 0.75 — — — — —

BMO Ascent™ Equity Growth Portfolio — 0.75 — — — — —

BMO Sustainable Income Portfolio 0.35 1.00 — 1.00 — — —

BMO Sustainable Conservative Portfolio 0.35 1.00 — 1.00 — — —

BMO Sustainable Balance Portfolio 0.35 1.00 — 1.00 — — —

BMO Sustainable Growth Portfolio 0.35 1.00 — 1.00 — — —

BMO Sustainable Equity Growth Portfolio 0.35 1.00 — 1.00 — — —

BMO Inflation Opportunities Fund — 1.00 — 1.00 — — —

(1)

If you purchased your securities under the Standard Deferred Charge option on or after July 4, 2008 and after the redemption fee

schedule applicable to those securities is complete, the trailing commission rate we pay your dealer will increase to the rate applicable

to securities of the same fund purchased under the Sales Charge option.

(2)

The maximum annual trailing commission rate we pay your dealer is disclosed under each purchase option for each series of

BMO Money Market Fund and BMO U.S. Dollar Money Market Fund.

(3)

0.60% prior to June 1, 2024.

(4)

0.75% prior to June 1, 2024.

Buying and selling ETF Series

Investors are able to buy or sell ETF Series securities

through registered brokers and dealers in the

province or territory where the investor resides.

Investors may incur customary brokerage

commissions in buying or selling ETF Series

securities. The funds issue ETF Series securities

directly to the Designated Brokers and ETF Dealers.

Other sales incentives

We’ll pay for any new compensation programs that

we may introduce as well as a portion of marketing

and educational programs. Neither the funds nor

their securityholders pay for any compensation

programs.

Sales incentive programs

We pay for marketing materials we give to dealers

to help support their sales efforts. We may also share

with dealers up to 50% of their costs in marketing

the funds.

We may pay up to 10% of the total direct costs of

some participating dealers to hold educational

seminars or conferences for their representatives

to teach them about, among other things, new

developments in the mutual fund industry,

financial planning or new financial products.

The participating dealer makes all decisions

about where and when the conference is held

and who can attend.

We may arrange seminars for representatives of

the dealers where we inform them about new

developments in our mutual funds, our products

and services and mutual fund industry matters.

We invite dealers to send their representatives to

our seminars and we do not decide who attends.

The representatives must pay their own travel,

accommodation and personal expenses in

connection with attending our seminars.

Equity interests

Bank of Montreal Holding Inc. owns 100% of the

issued shares of the manager. Bank of Montreal

Holding Inc. is a wholly-owned subsidiary of

Bank of Montreal. BMO Nesbitt Burns Inc.,

BMO InvestorLine Inc. and BMO Private

Investment Counsel Inc., all wholly-owned,

indirect subsidiaries of Bank of Montreal, may sell

securities of the funds. Such sales are made on the

same basis as those made by other dealers, with no

preferential compensation.

Income tax considerations

The following is a summary of the principal Canadian

federal income tax considerations under the Tax

Act as of the date hereof generally applicable to the

funds and to you if, at all relevant times, you are a

Canadian resident individual (other than a trust)

who holds securities directly as capital property or

in a registered plan, who deals at arm’s length with

the funds and who is not affiliated with the funds,

each within the meaning of the Tax Act.

In respect of the BMO Strategic Equity Yield Fund,

additional Canadian federal income tax

considerations and risks related thereto may

apply to you and such fund. Please see Additional

Income Tax Considerations on page 308 for

more information.

This summary is based on the current provisions

of the Tax Act and regulations thereunder and,

subject to the comments in the following paragraph,

all specific proposals to amend the Tax Act and

regulations publicly announced before the date

hereof which we assume will be enacted as

proposed although there is no assurance in that

regard. It also takes into account our understanding

of the CRA’s administrative policies and assessing

practices published in writing before the date hereof.

Currently, one-half of a capital gain (“taxable

capital gain”) realized by a taxpayer is included in

income. The one-half inclusion rate also applies to

a taxpayer’s capital loss to determine the taxpayer’s

“allowable capital loss” which must be deducted

against taxable capital gains. In the 2024 federal

budget, the government proposed to increase the

capital gains inclusion rate, for capital gains

realized on or after 25 June 2024, from one-half to

two-thirds for corporations and trusts, and from

one-half to two-thirds on the portion of capital

gains realized in the year that exceed $250,000 for

individuals. The $250,000 threshold is to apply to

capital gains realized by an individual, either

directly or indirectly via a partnership or trust.

No draft legislation to implement these changes

has been released as of the date of this simplified

prospectus. We refer to these proposals as the

“Capital Gains Inclusion Rate Change”.

This summary is not intended to be legal or tax

advice. We have tried to make it easy to understand.

As a result, we cannot be technically precise, or

cover all the tax consequences that may apply.

We suggest that you consult your tax advisor for

details about your situation.

Income of the funds

Each BMO Trust Fund and BMO Monthly Dividend

Fund Ltd. must calculate its net income, including

net taxable capital gains, in Canadian dollars, for

each taxation year according to the rules in the Tax

Act. In general, interest must be included in income

as it accrues, dividends when they are received and

capital gains and losses when they are realized.

Trust income that is paid or payable to a fund

during the trust’s taxation year is generally included

in the calculation of the fund’s income for the

taxation year of the fund in which the trust’s taxation

year ends. However, in certain circumstances, the

business income and other non-portfolio earnings

of an income trust or other Canadian resident

publicly traded trust (other than certain Canadian

real estate investment trusts) that is paid or payable

to a fund is treated as an eligible dividend received,

at that time, from a taxable Canadian corporation.

Each year a fund is required to include in the

calculation of its income, an amount as notional

interest accrued on strip bonds, zero-coupon bonds

and certain other prescribed debt obligations held

by the fund even though the fund is not entitled to

receive interest on the debt instrument. Foreign

source income received by a fund (whether directly

or indirectly from an underlying trust) will generally

be net of any taxes withheld in the foreign

jurisdiction. The foreign taxes so withheld will be

included in the calculation of the fund’s income. A

fund may be deemed to earn income on investments

in some types of foreign entities. Gains from the

disposition of commodities such as precious and

other metals and minerals are taxed as income

rather than capital gains. Gains and losses realized

on futures, forward contracts, options and other

derivatives may be treated as ordinary income and

loss or as capital gains and capital losses, depending

on the circumstances. Gains and losses realized on

the short sale of securities by a fund will generally

be on income account unless the securities are

“Canadian securities” as defined in the Tax Act

and, in the case of a BMO Trust Fund, the BMO

Trust Fund has made an irrevocable election that

gains and losses on Canadian securities be on

capital account.

In calculating a fund’s net income, all of the fund’s

deductible expenses, including expenses common

to all series of securities of the fund and expenses

specific to a particular series of securities of the

fund, will be taken into account for the fund as

a whole.

A fund may receive capital gains distributions or

capital gains dividends from an underlying fund,

which generally will be treated as capital gains

realized by the fund.

A fund that invests in foreign denominated

securities must calculate its ACB and proceeds of

disposition in Canadian dollars based on the

conversion rate on the date the securities were

purchased and sold, as applicable. As a result, a

fund may realize capital gains and losses due to

changes in the value of foreign currency relative to

the Canadian dollar. In particular, BMO U.S. Dollar

Money Market Fund may realize and distribute

capital gains as a result of a change in the value of

the U.S. dollar relative to the Canadian dollar.

Capital gains realized during a taxation year are

reduced by capital losses realized during the year.

Net capital losses realized during a taxation year

may be used to offset net capital gains realized

during future taxation years subject to certain

limitations. In certain circumstances, a capital loss

realized by a fund may be denied or suspended and,

therefore, may not be available to offset capital

gains. For example, a capital loss realized by a fund

will be suspended if, during the period that begins

30 days before and ends 30 days after the date on

which the capital loss was realized, the fund (or a

person affiliated with the fund for the purposes of

the Tax Act) acquires a property that is, or is

identical to, the particular property on which the

loss was realized and owns that property at the end

of that period. This is more likely to apply to a fund

that invests in underlying funds.

In general, the higher a fund’s portfolio turnover

rate, the greater the chance that it will realize

capital gains and that you will receive a capital

gains distribution or capital gains dividend from

the fund. Any capital gains realized would be offset

by any available capital losses realized on portfolio

transactions. There is not necessarily a relationship

between a high turnover rate and the performance

of a fund.

Taxation of BMO Trust Funds

Each BMO Trust Fund will distribute to unitholders

a sufficient amount of its net income and net capital

gains, if any, for each taxation year so that it will not

be liable for ordinary income tax under Part I of the

Tax Act for any taxation year, after taking into

account any capital gains refund to which it is

entitled if it qualifies as a mutual fund trust under

the Tax Act throughout the taxation year.

A BMO Trust Fund that does not qualify as a mutual

fund trust under the Tax Act throughout its taxation

year will not be eligible to claim a capital gains

refund for the year and may become liable to

alternative minimum tax.

We expect that each BMO Trust Fund (other

than BMO Covered Call Energy ETF Fund, BMO

Emerging Markets Bond Fund, BMO Global Climate

Transition Fund, BMO Managed Conservative

Portfolio, BMO Premium Yield ETF Fund, BMO

Sustainable Equity Growth Portfolio, BMO U.S.

Equity Growth MFR Fund, BMO U.S. Equity Value

MFR Fund, BMO U.S. Corporate Bond Fund, BMO

Sustainable Bond Fund, BMO Risk Reduction Equity

Fund and BMO Risk Reduction Fixed Income Fund)

will qualify, or be deemed to qualify, as a mutual

fund trust under the Tax Act at all relevant times.

The Tax Act has been amended to eliminate the

ability of a mutual fund trust to distribute ordinary

income as part of the redemption price of units and

to limit the ability of a mutual fund trust to distribute

capital gains as part of the redemption price of units.

Although the BMO Trust Funds that are mutual fund

trusts have generally not utilized this procedure

for normal course redemptions, the result of the

amendments may be that certain BMO Trust Funds

will be required to make larger taxable distributions

to unitholders that remain in the fund.

Taxation of Corporate Funds

BMO Monthly Dividend Fund Ltd. is liable for tax

on its net income, excluding taxable dividends from

Canadian corporations but including net taxable

capital gains, at full corporate rates without any

general rate reduction.

If BMO Monthly Dividend Fund Ltd. qualifies as an

“investment corporation” under the Tax Act for a

taxation year, it may deduct from its tax otherwise

payable for the year an amount equal to 20% of the

amount by which its taxable income for the year is

greater than its “taxed capital gains” for the year.

BMO Monthly Dividend Fund Ltd. will typically

pay enough ordinary dividends and capital gains

dividends so that the corporation will not pay a

refundable tax on its Canadian source dividends or

normal income tax on its net realized capital gains.

Generally, BMO Monthly Dividend Fund Ltd.

distributes its Canadian source dividend income to

investors in the form of ordinary dividends and its

net realized capital gains in the form of capital

gains dividends.

BMO Monthly Dividend Fund Ltd. will pay tax on

other types of income if that income is more than

the corporation’s deductible expenses and

investment losses. Other types of income include

interest, foreign source dividends, income

distributions from a trust and income gains from

short sales and certain derivatives.

Income tax considerations for investors

Non-registered accounts

If you hold securities in your non-registered account,

you must include in your income for a taxation

year, the taxable portion of all distributions

(including management fee distributions from a

BMO Trust Fund) or dividends paid or payable to

you by a fund during the year, whether you received

them in cash or invested them in additional

securities. U.S. dollar distributions must be

converted into Canadian dollars. The amount of

reinvested distributions or dividends is added to

the ACB of your securities. This ensures that you do

not pay tax on the amount again at a later date.

Distributions paid by a BMO Trust Fund may consist

of capital gains, dividends, foreign source income,

other income and/or ROC.

BMO Monthly Dividend Fund Ltd. may pay ordinary

dividends, capital gains dividends and/or ROC.

Subject to the Capital Gains Rate Inclusion Change,

one-half of a capital gain distribution from a

BMO Trust Fund or a capital gains dividend from

BMO Monthly Dividend Fund Ltd. is a “taxable

capital gain” and included in your income. You

may be eligible for foreign tax credits in respect of

foreign taxes paid by a BMO Trust Fund in respect

of foreign source income distributed to you.

Dividends from Canadian corporations distributed

by a BMO Trust Fund and ordinary dividends

received from BMO Monthly Dividend Fund Ltd.

will be eligible for the dividend tax credit.

ROC is not immediately taxable to you but will

reduce the ACB of the securities on which it was

paid. As a result, the amount of any capital gain that

you realize when you redeem your securities will

be larger (or the capital loss will be smaller), unless

the ROC was reinvested in additional securities. If

the ACB of your securities is reduced to less than

zero while you continue to hold them, you will be

deemed to realize an immediate capital gain equal

to the negative amount and your ACB will be

increased to zero. Monthly distributions on Series T4,

Series T5, Series T6, Series T8, Series F2, Series F4

and Series F6 are expected to include ROC.

You should include in your income any management

fee rebate that you receive in connection with your

investment in BMO Monthly Dividend Fund Ltd.,

whether you received it in cash or invest it in

additional securities.

Management fees paid directly by you are generally

not deductible in computing your income. You

should consult with your tax advisor about the tax

treatment of fees payable directly to us, your dealer

or any other fees payable directly by you.

Buying securities before a distribution date

You must include in your income the taxable portion

of a distribution or dividend received from a fund

even though the fund may have earned the income

or realized the capital gains that gave rise to the

distribution or dividend before you owned your

securities. If you invest in a fund late in the year, you

may have to pay tax on its earnings for the whole year.

Sales charge and fees

Sales charges paid on the purchase of securities are

not deductible in computing your income but are

added to the ACB of your securities.

Switching your securities

If you switch your securities of a fund for securities

of another series of the same fund (other than a

switch between securities of (i) a Hedged Class into

securities of an Ordinary Class or vice versa; or

(ii) an Unhedged Class into securities of an Ordinary

Class or vice versa), the switch is made either as a

redesignation or a conversion of your securities,

depending on the situation. In other words, the

switch should occur on a tax-deferred basis so that

you do not realize a capital gain or capital loss on

your switched securities. The cost of your new

securities will generally be equal to the ACB of the

switched securities. As part of a tax-deferred switch,

some securities may be redeemed to pay fees.

Any other type of switch involves the redemption

of your securities, which is a disposition for income

tax purposes.

Redeeming your securities

You will realize a capital gain or capital loss when

you redeem or otherwise dispose of your securities.

The capital gain (or capital loss) will be the amount

by which your proceeds of disposition exceed (or are

exceeded by) the aggregate of the ACB of the security

and any reasonable costs of disposition. If you

purchase and redeem securities in U.S. dollars, the

cost and proceeds of disposition must be converted

into Canadian dollars at the exchange rate on the

date of purchase and redemption, as applicable.

In general, subject to the Capital Gains Inclusion

Rate Change, you must include one-half of any

capital gain (“taxable capital gain”) in computing

your income for tax purposes and must deduct one-

half of any capital loss (“allowable capital loss”) to

offset taxable capital gains. Allowable capital losses

in excess of taxable capital gains in the year may be

carried back three years or forward indefinitely for

deduction against taxable capital gains realized in

those years subject to certain limitations.

In certain situations where you dispose of a security

of a fund and would otherwise realize a capital loss,

the loss will be denied. This may occur if you, your

spouse or a person affiliated with you for purposes

of the Tax Act acquires securities of the fund within

30 days before or after you dispose of the security

which are considered to be “substituted property”. In

these circumstances, the capital loss may be deemed

to be a “superficial loss” and denied. The amount

of the denied capital loss would be added to the ACB

of the securities which are “substituted property”.

We will provide you with details of your proceeds

of redemption. However, in order to calculate your

gain or loss you will need to know the ACB of your

securities on the date of the redemption.

How to calculate ACB

For most situations, here’s how the total ACB of

your securities of a series of a particular fund is

calculated. If you purchase your securities in U.S.

dollars, you must convert the purchase price into

Canadian dollars at the exchange rate in effect at

the time of purchase, including reinvestment of

distributions in additional securities.

Start with the cost of your initial investment, •

including any sales charges you paid.

Add the cost of any additional investments, •

including any sales charges you paid.

Add the amount of any distributions that were •

reinvested (including ROC and management fee

distributions).

Subtract the amount of any ROC. •

For a tax-deferred switch into the series, •

add the ACB of switched securities.

For a tax-deferred switch out of the series, •

subtract the ACB of the switched securities.

Subtract the ACB of any previously redeemed •

securities.

The ACB of a single security is the average of the

ACB of all the identical securities.

Tax reporting

Each year we will send you a tax slip with detailed

information about the distributions paid to you on

securities held in a non-registered account. To

calculate your ACB, you will need to keep detailed

records of the cost of all purchases and the amount

of all distributions paid to you, as well as exchange

rates where relevant.

Minimum tax

Individuals (other than certain trusts) are subject to

an alternative minimum tax (“AMT”). Net income of

a BMO Trust Fund paid or payable to a unitholder

that is designated as dividends received on shares

of taxable Canadian corporations or as net realized

taxable capital gains, ordinary dividends or capital

gains dividends received from BMO Monthly

Dividend Fund Ltd. and taxable capital gains

realized on the disposition of securities of a fund

may give rise to liability for such AMT. Bill C-69

will amend the AMT for taxation years that begin

after 2023 to increase the tax rate, raise the

exemption and broaden the tax base. In particular,

the full amount of most capital gains will be

included in the tax base rather than 80%.

Taxation of registered plans

The securities of BMO Risk Reduction Fixed Income

Fund and BMO Risk Reduction Equity Fund are not

available for sale to registered plans because they

are not, and are not expected to be, a qualified

investment for registered plans.

The securities of each fund (other than BMO Risk

Reduction Fixed Income Fund and BMO Risk

Reduction Equity Fund) are, or are expected to be,

qualified investments for registered plans at all

relevant times. Generally, neither you nor your

registered plan is subject to tax on distributions paid

on those securities or on capital gains realized when

those securities are redeemed or switched. However,

even if securities of a fund are a qualified investment

for your registered plan, you may be subject to tax

if a security held in your RRSP, RRIF, RDSP, RESP,

TFSA or FHSA is a “prohibited investment” for

such registered plan.

Generally, units of a BMO Trust Fund will not be a

prohibited investment for your RRSP, RRIF, RDSP,

RESP, TFSA or FHSA if you deal at arm’s length

with the BMO Trust Fund and you, your family

(including your parents, spouse, children, siblings

and in-laws) and other persons or partnerships that

do not deal at arm’s length with you, in total, own

less than 10% of the value of the BMO Trust Fund

whether directly or indirectly. Generally, shares of

BMO Monthly Dividend Fund Ltd. will not be a

prohibited investment for your RRSP, RRIF, RDSP,

RESP, TFSA or FHSA if you deal at arm’s length with

BMO Monthly Dividend Fund Ltd., and you, your

family (including your parents, spouse, children,

siblings and in-laws) and other persons or

partnerships that do not deal at arm’s length with

you, in total, do not own 10% or more of the shares

of any class or series of BMO Monthly Dividend

Fund Ltd. Even if a share or unit would otherwise be

a prohibited investment for your RRSP, RRIF, RDSP,

RESP, TFSA or FHSA it will not be a prohibited

investment if it qualifies as “excluded property”.

Amounts withdrawn from a registered plan

(other than from a TFSA, contributions withdrawn

from a RESP, certain withdrawals from a RDSP or a

qualifying withdrawal from an FHSA) will generally

be subject to tax.

You should consult your tax advisor about the

special rules that apply to each particular

registered plan, including whether or not an

investment in a fund would be a prohibited

investment for your RRSP, RRIF, RDSP, RESP,

TFSA or FHSA.

Exchange of tax information

As a result of due diligence and reporting obligations

in the Tax Act, securityholders may be asked to

provide their dealer with information about their

citizenship and tax residence. If a securityholder is

identified as a U.S. citizen (including a U.S. citizen

living in Canada) and/or a foreign tax resident,

information about the securityholder and their

investment in the funds will be reported to the

CRA, unless securities of the funds are held in a

registered plan. The CRA is expected to provide

that information to the applicable foreign tax

authorities if the applicable foreign government has

entered into an exchange of information agreement

with Canada. Securityholders are required by law

to provide certain information for the purposes of

such information exchange, unless the investment

is held within a registered plan.

What are your legal rights?

Mutual Fund Series

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 after you receive a

simplified prospectus or fund facts document, or

cancel your purchase within 48 hours after you •

receive confirmation of the purchase.

In some provinces and territories, you also have the

right to cancel a purchase, or in some jurisdictions,

claim damages, if the simplified prospectus, fund

facts document or financial statements contain a

misrepresentation. You must act within the time

limits set by law in the applicable province or territory.

ETF Series

Securities legislation in certain of the provinces and

territories of Canada provides purchasers with the

right to withdraw from an agreement to purchase

ETF Series securities within 48 hours after the

receipt of a confirmation of a purchase of such

securities. In several of the provinces and territories,

the securities legislation further provides a

purchaser with remedies for rescission or, in some

jurisdictions, revisions of the price or damages if

the prospectus and any amendment contains a

misrepresentation, or non-delivery of the ETF facts,

provided that the remedies for rescission, revisions

of the price or damages are exercised by the

purchaser within the time limit prescribed by the

securities legislation of the purchaser’s province

or territory.

We have obtained relief from the requirement in

securities legislation to include an underwriter’s

certificate in the prospectus under a decision

pursuant to National Policy 11-203 Process for

Exemptive Relief Applications in Multiple

Jurisdictions. As such, purchasers of ETF Series

securities will not be able to rely on the inclusion of

an underwriter’s certificate in the prospectus or any

amendment for the statutory rights and remedies

that would otherwise have been available against

an underwriter that would have been required to

sign an underwriter’s certificate.

For more information, see the securities law of your

province or territory or ask a lawyer.

Additional Information

Registration and transfer through CDS

Registration of interests in, and transfers of, the

ETF Series securities will be made only through

CDS. ETF Series securities must be purchased,

transferred and surrendered for exchange or

redemption only through a CDS Participant. All

rights of an owner of ETF Series securities must be

exercised through, and all payments or other

property to which such owner is entitled will be

made or delivered by, CDS or the CDS Participant

through which the owner holds such ETF Series

securities. Upon purchase of any ETF Series

securities, the owner will receive only the customary

confirmation; physical certificates evidencing

ownership will not be issued. References in this

simplified prospectus to a holder of ETF Series

securities mean, unless the context otherwise

requires, the owner of the beneficial interest in

such ETF Series securities.

Neither the funds nor we will have any liability for:

(i) records maintained by CDS relating to the

beneficial interests in the ETF Series securities

or the book entry accounts maintained by CDS;

(ii) maintaining, supervising or reviewing any

records relating to such beneficial ownership

interests; or (iii) any advice or representation made

or given by CDS and made or given with respect to

the rules and regulations of CDS or any action taken

by CDS or at the direction of the CDS Participants.

The ability of a beneficial owner of ETF Series

securities to pledge such ETF Series securities or

otherwise take action with respect to such owner’s

interest in such ETF Series securities (other than

through a CDS Participant) may be limited due to

the lack of a physical certificate.

The funds have the option to terminate registration

of the ETF Series securities through the book-based

system in which case certificates for ETF Series

securities in fully registered form will be issued to

beneficial owners of such ETF Series securities or

to their nominees.

Disclosure Statement for BMO Nasdaq 100

Equity ETF Fund

The manager entered into an agreement dated

May 26, 2021 with Nasdaq, Inc. (the “Nasdaq

License Agreement”) under which the manager has

the right, on and subject to the terms of the Nasdaq

License Agreement, to use the NASDAQ 100 Index

as a basis for the operation of BMO Nasdaq 100

Equity ETF Fund (referred to as the “Product”),

and to use certain trademarks in connection with

the NASDAQ 100 Index

and the Product. The

Nasdaq License Agreement automatically renews

in respect of NASDAQ 100 Index

on an annual

basis, unless either party gives at least 90 days’

notice of termination prior to the end of the term or

unless the agreement is otherwise terminated

earlier in accordance with its terms. If the Nasdaq

License Agreement is terminated in respect of

NASDAQ 100 Index

for any reason, the manager

will no longer be able to operate BMO Nasdaq 100

Equity ETF Fund which uses NASDAQ 100 Index

The Product is not sponsored, endorsed, sold,

or promoted by Nasdaq, Inc. or its affiliates

(Nasdaq, with its affiliates, are referred to as the

“Corporations”). The Corporations have not passed

on the legality or suitability of, or the accuracy or

adequacy of, descriptions and disclosures relating to

the Product. The Corporations make no representation

or warranty, express or implied, to the owners of

the Product or any member of the public regarding

the advisability of investing in securities generally

or in the Product particularly, or the ability of the

NASDAQ 100 Index

to track general stock market

performance. The Corporations’ only relationship

to BMO Investments Inc. (“Licensee”) is in the

licensing of the Nasdaq

, Nasdaq 100

and certain

trade names of the Corporations and the use of the

NASDAQ 100 Index

, which is determined, composed

and calculated by Nasdaq without regard to the

Licensee or the Product. Nasdaq has no obligation

to take the needs of the Licensee or the purchasers

of the Product into consideration in determining,

composing or calculating the NASDAQ 100 Index

The Corporations are not responsible for and have

not participated in the determination of the timing

of, prices at, or quantities of the Product to be

issued or in the determination or calculation of the

equation by which the Product is to be converted

into cash. The Corporations have no liability in

connection with administration, marketing or

trading of the Product.

The Corporations do not guarantee the accuracy

and/or uninterrupted calculation of NASDAQ 100

Index

or any data included therein. The

Corporations make no warranty, express or

implied, as to results to be obtained by Licensee,

owners of the Product, or any other person or

entity from the use of the NASDAQ 100 Index

or any data included therein. The Corporations

make no express or implied warranties, and

expressly disclaim all warranties of merchantability

or fitness for a particular purpose or use with

respect to the NASDAQ 100 Index

or any data

included therein. Without limiting any of the

foregoing, in no event shall the Corporations have

any liability for any lost profits or special, incidental,

punitive, indirect, or consequential damages,

even if notified of the possibility of such damages.

Exemptions and approvals

Please see Investment Restrictions on page 110 for a

description of all exemptions from, or approvals in

relation to, NI 81-102, obtained by the funds or the

manager that continue to be relied on by the funds

or the manager.

BMO Money Market Fund

BMO Aggregate Bond ETF Fund

BMO Concentrated Global Balanced Fund

BMO Core Bond Fund

BMO Core Plus Bond Fund

BMO Corporate Bond ETF Fund

BMO Crossover Bond Fund

BMO Diversified Income Portfolio

BMO Emerging Markets Bond Fund

BMO Global Monthly Income Fund

BMO Global Strategic Bond Fund

BMO Growth & Income Fund

BMO Monthly High Income Fund II

BMO Monthly Income Fund

BMO Mortgage and Short-Term Income Fund

BMO Strategic Fixed Income Yield Fund

BMO Sustainable Bond Fund

BMO Sustainable Global Multi-Sector Bond Fund

BMO Ultra Short-Term Bond ETF Fund

BMO U.S. Corporate Bond Fund

BMO U.S. High Yield Bond Fund

BMO World Bond Fund

BMO ARK Genomic Revolution Fund

BMO ARK Innovation Fund

BMO ARK Next Generation Internet Fund

BMO Asian Growth and Income Fund

BMO Asset Allocation Fund

BMO Brookfield Global Real Estate Tech Fund

BMO Brookfield Global Renewables

Infrastructure Fund

BMO Canadian Banks ETF Fund

BMO Canadian Equity ETF Fund

BMO Canadian Equity Fund

BMO Canadian Income & Growth Fund

BMO Canadian Smart Alpha Equity Fund

BMO Canadian Stock Selection Fund

BMO Concentrated Global Equity Fund

BMO Covered Call Canada High Dividend ETF Fund

BMO Covered Call Canadian Banks ETF Fund

BMO Covered Call Energy ETF Fund

BMO Covered Call Europe High Dividend ETF Fund

BMO Covered Call U.S. High Dividend ETF Fund

BMO Covered Call Utilities ETF Fund

BMO Dividend Fund

BMO European Fund

BMO Global Climate Transition Fund

BMO Global Dividend Fund

BMO Global Dividend Opportunities Fund

BMO Global Enhanced Income Fund

BMO Global Equity Fund

BMO Global Health Care Fund

BMO Global Income & Growth Fund

BMO Global Infrastructure Fund

BMO Global Innovators Fund

BMO Global Low Volatility ETF Fund

BMO Global Quality ETF Fund

BMO Global REIT Fund

BMO Greater China Fund

BMO Growth Opportunities Fund

BMO International Equity ETF Fund

BMO International Equity Fund

BMO International Value Fund

BMO Japan Fund

BMO Low Volatility Canadian Equity ETF Fund

BMO Low Volatility U.S. Equity ETF Fund

BMO Multi-Factor Equity Fund

BMO Nasdaq 100 Equity ETF Fund

BMO North American Dividend Fund

BMO Premium Yield ETF Fund

BMO SIA Focused Canadian Equity Fund

BMO SIA Focused North American Equity Fund

BMO Strategic Equity Yield Fund

BMO Sustainable Global Balanced Fund

BMO Sustainable Opportunities

Canadian Equity Fund

BMO Sustainable Opportunities Global Equity Fund

BMO Tactical Balanced ETF Fund

BMO Tactical Dividend ETF Fund

BMO Tactical Global Asset Allocation ETF Fund

BMO Tactical Global Equity ETF Fund

BMO Tactical Global Growth ETF Fund

BMO U.S. All Cap Equity Fund

BMO U.S. Dividend Fund

BMO U.S. Equity ETF Fund

BMO U.S. Equity Fund

BMO U.S. Equity Growth MFR Fund

BMO U.S. Equity Plus Fund

BMO U.S. Equity Value MFR Fund

BMO Women in Leadership Fund

BMO Canadian Small Cap Equity Fund

BMO Clean Energy ETF Fund

BMO Emerging Markets Fund

BMO Global Energy Fund

BMO Global Small Cap Fund

BMO Precious Metals Fund

BMO Resource Fund

BMO U.S. Small Cap Fund

BMO Fixed Income ETF Portfolio

Certificate of the Trust Funds and the Manager and Promoter of the Trust Funds

BMO Income ETF Portfolio

BMO Conservative ETF Portfolio

BMO Balanced ETF Portfolio

BMO Growth ETF Portfolio

BMO Equity Growth ETF Portfolio

BMO USD Income ETF Portfolio

BMO USD Conservative ETF Portfolio

BMO USD Balanced ETF Portfolio

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 Managed Income Portfolio

BMO Managed Conservative Portfolio

BMO Managed Balanced Portfolio

BMO Managed Growth Portfolio

BMO Managed Equity Growth Portfolio

BMO SelectTrust

Fixed Income Portfolio

BMO SelectTrust

Income Portfolio

BMO SelectTrust

Conservative Portfolio

BMO SelectTrust

Balanced Portfolio

BMO SelectTrust

Growth Portfolio

BMO SelectTrust

Equity Growth Portfolio

BMO Target Education Income Portfolio

BMO Target Education 2025 Portfolio

BMO Target Education 2030 Portfolio

BMO Target Education 2035 Portfolio

BMO Target Education 2040 Portfolio

BMO Retirement Income Portfolio

BMO Retirement Conservative Portfolio

BMO Retirement Balanced Portfolio

BMO Risk Reduction Fixed Income Fund

BMO Risk Reduction Equity Fund

BMO Ascent™ Income Portfolio

BMO Ascent™ Conservative Portfolio

BMO Ascent™ Balanced Portfolio

BMO Ascent™ Growth Portfolio

BMO Ascent™ Equity Growth Portfolio

BMO Sustainable Income Portfolio

BMO Sustainable Conservative Portfolio

BMO Sustainable Balanced Portfolio

BMO Sustainable Growth Portfolio

BMO Sustainable Equity Growth Portfolio

BMO Inflation Opportunities Fund

(collectively, the “Trust Funds”)

This simplified prospectus and the documents incorporated by reference into the simplified prospectus,

constitute full, true and plain disclosure of all material facts relating to the securities offered by the

simplified prospectus, as required by the securities legislation of British Columbia, Alberta, Saskatchewan,

Manitoba, Ontario, Quebec, Prince Edward Island, Nova Scotia, New Brunswick, Newfoundland and

Labrador, Northwest Territories, Yukon Territory and Nunavut, and do not contain any misrepresentations.

DATED the 24th day of May, 2024.

(Signed) “William E.P. Bamber”

WILLIAM E.P. BAMBER

Acting in the capacity of

Chief Executive Officer,

BMO Investments Inc. as Trustee and

manager of the Trust Funds

(Signed) “Nelson C. Avila”

NELSON C. AVILA

Chief Financial Officer

BMO Investments Inc. as Trustee and

manager of the Trust Funds

ON BEHALF OF THE BOARD OF DIRECTORS

OF BMO INVESTMENTS INC.,

the Trustee, manager and promoter of the Trust Funds

(Signed) “Gilles G. Ouellette”

GILLES G. OUELLETTE

Director

(Signed) “Robert J. Schauer”

ROBERT J. SCHAUER

Director

This simplified prospectus and the documents incorporated by reference into the simplified prospectus,

constitute full, true and plain disclosure of all material facts relating to the securities offered by the

simplified prospectus, as required by the securities legislation of British Columbia, Alberta, Saskatchewan,

Manitoba, Ontario, Quebec, Prince Edward Island, Nova Scotia, New Brunswick, Newfoundland and

Labrador, Northwest Territories, Yukon Territory and Nunavut, and do not contain any misrepresentations.

DATED the 24th day of May, 2024.

(Signed) “William E.P. Bamber” (Signed) “Robert J. Schauer”

ROBERT J. SCHAUER

Chief Financial Officer

BMO Monthly Dividend Fund Ltd.

WILLIAM E.P. BAMBER

Acting in the capacity of

Chief Executive Officer,

BMO Monthly Dividend Fund Ltd.

ON BEHALF OF THE BOARD OF DIRECTORS OF BMO MONTHLY DIVIDEND FUND LTD.

(Signed) “Gilles G. Ouellette” (Signed) “Thomas A. Pippy”

THOMAS A. PIPPY

Director

GILLES G. OUELLETTE

Director

BMO INVESTMENTS INC.,

as the manager and promoter of BMO Monthly Dividend Fund Ltd.

(Signed) “William E.P. Bamber” (Signed) “Nelson C. Avila”

NELSON C. AVILA

Chief Financial Officer

BMO Investments Inc.

WILLIAM E.P. BAMBER

Acting in the capacity of

Chief Executive Officer

BMO Investments Inc.

ON BEHALF OF THE BOARD OF DIRECTORS OF BMO INVESTMENTS INC.,

the manager and promoter of BMO Monthly Dividend Fund Ltd.

(Signed) “Gilles G. Ouellette” (Signed) “Robert J. Schauer”

ROBERT J. SCHAUER

Director

GILLES G. OUELLETTE

Director

Certificate of BMO Monthly Dividend Fund Ltd. and the Manager and Promoter

BMO Money Market Fund

BMO Aggregate Bond ETF Fund

BMO Concentrated Global Balanced Fund

BMO Core Bond Fund

BMO Core Plus Bond Fund

BMO Corporate Bond ETF Fund

BMO Crossover Bond Fund

BMO Diversified Income Portfolio

BMO Emerging Markets Bond Fund

BMO Global Monthly Income Fund

BMO Global Strategic Bond Fund

BMO Monthly High Income Fund II

BMO Monthly Income Fund

BMO Mortgage and Short-Term Income Fund

BMO Strategic Fixed Income Yield Fund

BMO Sustainable Bond Fund

BMO Sustainable Global Multi-Sector Bond Fund

BMO Ultra Short-Term Bond ETF Fund

BMO U.S. Corporate Bond Fund

BMO U.S. High Yield Bond Fund

BMO World Bond Fund

BMO ARK Genomic Revolution Fund

BMO ARK Innovation Fund

BMO ARK Next Generation Internet Fund

BMO Asian Growth and Income Fund

BMO Asset Allocation Fund

BMO Brookfield Global Real Estate Tech Fund

BMO Brookfield Global Renewables

Infrastructure Fund

BMO Canadian Banks ETF Fund

BMO Canadian Equity ETF Fund

BMO Canadian Equity Fund

BMO Canadian Income & Growth Fund

BMO Canadian Smart Alpha Equity Fund

BMO Canadian Stock Selection Fund

BMO Concentrated Global Equity Fund

BMO Covered Call Canada High Dividend ETF Fund

BMO Covered Call Canadian Banks ETF Fund

BMO Covered Call Energy ETF Fund

BMO Covered Call Europe High Dividend ETF Fund

BMO Covered Call U.S. High Dividend ETF Fund

BMO Covered Call Utilities ETF Fund

BMO Dividend Fund

BMO European Fund

BMO Global Climate Transition Fund

BMO Global Dividend Fund

BMO Global Dividend Opportunities Fund

BMO Global Enhanced Income Fund

BMO Global Equity Fund

BMO Global Health Care Fund

BMO Global Income & Growth Fund

BMO Global Infrastructure Fund

BMO Global Innovators Fund

BMO Global Low Volatility ETF Fund

BMO Global Quality ETF Fund

BMO Global REIT Fund

BMO Greater China Fund

BMO Growth Opportunities Fund

BMO International Equity ETF Fund

BMO International Equity Fund

BMO International Value Fund

BMO Japan Fund

BMO Low Volatility Canadian Equity ETF Fund

BMO Low Volatility U.S. Equity ETF Fund

BMO Multi-Factor Equity Fund

BMO Nasdaq 100 Equity ETF Fund

BMO North American Dividend Fund

BMO Premium Yield ETF Fund

BMO SIA Focused Canadian Equity Fund

BMO SIA Focused North American Equity Fund

BMO Strategic Equity Yield Fund

BMO Sustainable Global Balanced Fund

BMO Sustainable Opportunities

Canadian Equity Fund

BMO Sustainable Opportunities Global Equity Fund

BMO Tactical Balanced ETF Fund

BMO Tactical Dividend ETF Fund

BMO Tactical Global Asset Allocation ETF Fund

BMO Tactical Global Equity ETF Fund

BMO Tactical Global Growth ETF Fund

BMO U.S. All Cap Equity Fund

BMO U.S. Dividend Fund

BMO U.S. Equity ETF Fund

BMO U.S. Equity Fund

BMO U.S. Equity Growth MFR Fund

BMO U.S. Equity Plus Fund

BMO U.S. Equity Value MFR Fund

BMO Women in Leadership Fund

BMO Canadian Small Cap Equity Fund

BMO Clean Energy ETF Fund

BMO Emerging Markets Fund

BMO Global Energy Fund

BMO Global Small Cap Fund

BMO Precious Metals Fund

BMO Resource Fund

BMO U.S. Small Cap Fund

BMO Fixed Income ETF Portfolio

BMO Income ETF Portfolio

Certificate of the Principal Distributor

(Series A, Series A (Hedged) and Series G securities only)

BMO Conservative ETF Portfolio

BMO Balanced ETF Portfolio

BMO Growth ETF Portfolio

BMO Equity Growth ETF Portfolio

BMO USD Income ETF Portfolio

BMO USD Conservative ETF Portfolio

BMO USD Balanced ETF Portfolio

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 Managed Income Portfolio

BMO Managed Conservative Portfolio

BMO Managed Balanced Portfolio

BMO Managed Growth Portfolio

BMO Managed Equity Growth Portfolio

BMO SelectTrust

Fixed Income Portfolio

BMO SelectTrust

Income Portfolio

BMO SelectTrust

Conservative Portfolio

BMO SelectTrust

Balanced Portfolio

BMO SelectTrust

Growth Portfolio

BMO SelectTrust

Equity Growth Portfolio

BMO Target Education Income Portfolio

BMO Target Education 2025 Portfolio

BMO Target Education 2030 Portfolio

BMO Target Education 2035 Portfolio

BMO Target Education 2040 Portfolio

BMO Retirement Income Portfolio

BMO Retirement Conservative Portfolio

BMO Retirement Balanced Portfolio

BMO Ascent™ Income Portfolio

BMO Ascent™ Conservative Portfolio

BMO Ascent™ Balanced Portfolio

BMO Ascent™ Growth Portfolio

BMO Ascent™ Equity Growth Portfolio

BMO Sustainable Income Portfolio

BMO Sustainable Conservative Portfolio

BMO Sustainable Balanced Portfolio

BMO Sustainable Growth Portfolio

BMO Sustainable Equity Growth Portfolio

BMO Inflation Opportunities Fund

To the best of our knowledge, information and belief, this simplified prospectus and the documents

incorporated by reference into the simplified prospectus, constitute full, true and plain disclosure of all

material facts relating to the securities offered by the simplified prospectus, as required by the securities

legislation of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island,

Nova Scotia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Yukon Territory and

Nunavut and do not contain any misrepresentations.

DATED the 24th day of May, 2024.

PRINCIPAL DISTRIBUTOR,

BMO INVESTMENTS INC.

(Signed) “William E.P. Bamber”

WILLIAM E.P. BAMBER

Acting in the capacity of Chief Executive Officer

BMO Canadian Stock Selection Fund

BMO Managed Balanced Portfolio

BMO Managed Growth Portfolio

BMO Managed Equity Growth Portfolio

Certificate of the Principal Distributor (Series NBA and Series NBF securities only)

To the best of our knowledge, information and belief, this simplified prospectus and the documents

incorporated by reference into the simplified prospectus, constitute full, true and plain disclosure of all

material facts relating to the securities offered by the simplified prospectus, as required by the securities

legislation of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island,

Nova Scotia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Yukon Territory and

Nunavut and do not contain any misrepresentations.

DATED the 24th day of May, 2024.

PRINCIPAL DISTRIBUTOR,

BMO NESBITT BURNS INC.

(Signed) “Deland Kamanga”

DELAND KAMANGA

Chief Executive Officer

Specific information about

each of the mutual funds

described in this document

What is a mutual fund and what are the risks of

investing in a mutual fund?

What is a mutual fund?

A mutual fund is a pool of investments managed by

professional money managers. When you invest in

a mutual fund, you’re actually pooling your money

with other people who have similar investment

goals. A portfolio manager invests that money on

behalf of the whole group. If the investments make

money, everyone shares in the gain. If the investments

lose money, the whole group shares in the loss.

Mutual fund companies keep track of each

investor’s share of the pool by selling mutual funds

in units or shares. The more you invest the more

units or shares you own and the bigger your share of

the fund’s income, gains and losses. As an investor,

you also share a portion of the fund’s expenses.

Mutual funds come in many varieties that are

designed to meet the differing needs of investors.

A fund could hold investments like stocks, bonds,

cash, derivatives, or underlying funds or some

combination of these, depending on its

investment objectives.

The value of these investments can go up or down.

They’re affected by things such as changes in

interest rates or currency exchange rates, economic

conditions in Canada or abroad, global pandemics

or health crises or news about the companies the

fund invests in. When the value of the investments

change, it can make the price of the mutual fund

securities rise or fall. That’s why mutual fund

investments can increase or decrease in value after

you buy them and why the value of your investment

in a mutual fund may be more or less when you

redeem it than when you purchased it.

Under exceptional circumstances, a mutual fund

may not allow you to redeem your securities. See

Extraordinary circumstances when you may not be

allowed to redeem your securities on page 59 for

more information.

How mutual funds are structured

A mutual fund can be set up as a trust or corporation.

Both allow you to pool your money with other

investors, but there are some differences. When you

invest in a trust, you buy units of the trust. When

you invest in a corporation, you buy shares of the

corporation. Some mutual fund corporations issue

several classes of shares, where each share class

works like a separate mutual fund with its own

investment objectives.

The main difference between an investment in a

trust and a corporation is in how the entity and your

investment in the entity are taxed. This is generally

more important if you’re investing outside of a

registered plan. Distributions from a mutual fund

that is a trust are generally treated differently for

tax purposes than distributions from a mutual fund

that is a corporation.

Units of a mutual fund trust and classes of a mutual

fund corporation may be issued in different series.

Each series is intended for different kinds of investors

and may have different fees and expenses or different

distribution policies.

Classes and series of securities

of funds structured as trusts

A fund that is structured as a trust may issue

securities in one or more classes and a class may be

issued in one or more series. An unlimited number

of securities of each series may be issued. In respect

of a fund structured as a trust, for some purposes,

such as calculating fees and expenses, a class or a

series of securities may be dealt with separately

from other classes or series of securities of that

fund. In addition, the money that you and other

investors pay to purchase securities of any series is

tracked on a series-by-series basis in your fund’s

administration records. For other purposes, such as

the investment activity of the portfolio of a fund, all

classes and series of securities of the fund are dealt

with together.

Currently, only BMO Concentrated Global

Balanced Fund, BMO Concentrated Global Equity

Fund, BMO U.S. Equity Fund and BMO Emerging

Markets Bond Fund have created two classes of

securities. BMO Concentrated Global Balanced

Fund, BMO Concentrated Global Equity Fund and

BMO U.S. Equity Fund offer Hedged Class and

Ordinary Class securities, while BMO Emerging

Markets Bond Fund offers Unhedged Class and

Ordinary Class securities. The Hedged Class is issued

in three series of securities (Series A (Hedged),

Series F (Hedged) and Advisor Series (Hedged), as

applicable), the Unhedged Class is issued in one

series of securities (Series I (Unhedged)), and the

Ordinary Class is issued in multiple series of

securities (Series A, Series F, Series G, Series I,

ETF Series, Series N, Series NBA, Series NBF and

Advisor Series, as applicable). Except for the

foreign currency hedging derivatives and related

expenses entered into specifically for the Hedged

Class of a fund, the other separate classes of a fund

(Ordinary Class and Unhedged Class, as applicable)

derive their returns from a common pool of assets

with a single investment objective and together

constitute a single mutual fund.

For BMO Concentrated Global Balanced Fund,

BMO Concentrated Global Equity Fund and

BMO U.S. Equity Fund, the proportionate share of

the assets of the fund attributed to each series of the

fund is as follows:

For series in the Ordinary Class, the fund’s assets •

to be allocated to each series in the class do not

include the foreign currency hedging derivatives

and related expenses entered into specifically for

the Hedged Class;

For series in the Hedged Class, the fund’s assets •

to be allocated to each series in the class is:

the series’ proportionate share of the assets of the •

fund, excluding the foreign currency hedging

derivatives and related expenses entered into

specifically for the Hedged Class; plus

the series’ proportionate share of the foreign •

currency hedging derivatives and related

expenses entered into specifically for the

Hedged Class, which is allocated among only

the series in the Hedged Class.

For BMO Emerging Markets Bond Fund, the

proportionate share of the assets of the fund

attributed to each series of the fund is as follows:

For series in the Unhedged Class, the fund’s assets •

to be allocated to each series in the class do not

include the foreign currency hedging derivatives

and related expenses that are entered into in the

Ordinary Class;

For series in the Ordinary Class, the fund’s assets •

to be allocated to each series in the class is:

the series’ proportionate share of the assets of •

the fund, excluding the foreign currency

hedging derivatives and related expenses that

are entered into in the Ordinary Class; plus

the series’ proportionate share of the foreign •

currency hedging derivatives and related

expenses that are entered into in the

Ordinary Class, which is allocated among

only the series in the Ordinary Class.

All other funds have created one class of securities:

the Ordinary Class. The series that the Ordinary

Class is issued in are shown on the front cover of

the simplified prospectus. The series of each fund

derive their returns from a common pool of assets

with a single investment objective and together

constitute a single mutual fund.

See About series of securities on page 43 for more

details on the different series of securities available.

What is an ETF Series?

ETF Series are exchange traded series of securities

offered by some of the funds. ETF Series securities of

these funds are issued and sold on a continuous basis.

BMO ARK Genomic Revolution Fund, BMO ARK

Innovation Fund, BMO ARK Next Generation

Internet Fund, BMO Brookfield Global Real Estate

Tech Fund, BMO Brookfield Global Renewables

Infrastructure Fund, BMO Core Plus Bond Fund,

BMO Global Dividend Opportunities Fund, BMO

Global Enhanced Income Fund, BMO Global Equity

Fund, BMO Global Health Care Fund, BMO Global

Infrastructure Fund, BMO Global Innovators Fund,

BMO Global REIT Fund, BMO Global Strategic

Bond Fund, BMO Money Market Fund, BMO SIA

Focused Canadian Equity Fund, BMO SIA Focused

North American Equity Fund, BMO Sustainable

Global Multi-Sector Bond Fund, BMO Tactical

Dividend ETF Fund, BMO U.S. All Cap Equity

Fund, BMO U.S. Equity Growth MFR Fund, BMO

U.S. Equity Value MFR Fund and BMO Women in

Leadership Fund issue, or will issue, ETF Series

securities directly to Designated Brokers and ETF

Dealers (as both such terms are hereinafter

defined). The initial issuance of ETF Series

securities of BMO Global Dividend Opportunities

Fund, BMO Global Enhanced Income Fund, BMO

Global Equity Fund, BMO Global Health Care Fund,

BMO Global Infrastructure Fund, BMO Global

Innovators Fund, BMO Global REIT Fund, BMO

U.S. Equity Growth MFR Fund and BMO U.S.

Equity Value MFR Fund will not occur until each of

the ETF Series securities has received, in aggregate,

subscriptions sufficient to satisfy the original listing

requirements of the TSX or Cboe Canada, as

applicable. BMO Nesbitt Burns Inc., an affiliate of

BMO Investments Inc., acts or will act as a

Designated Broker and an ETF Dealer for the ETF

Series securities of these funds.

The ETF Series securities of BMO ARK Genomic

Revolution Fund, BMO ARK Innovation Fund,

BMO ARK Next Generation Internet Fund,

BMO Brookfield Global Real Estate Tech Fund,

BMO Brookfield Global Renewables Infrastructure

Fund, BMO Core Plus Bond Fund, BMO Global

Strategic Bond Fund, BMO Money Market Fund,

BMO SIA Focused Canadian Equity Fund, BMO SIA

Focused North American Equity Fund, BMO

Sustainable Global Multi-Sector Bond Fund, BMO

Tactical Dividend ETF Fund, BMO U.S. All Cap

Equity Fund and BMO Women in Leadership Fund

are currently listed on the TSX and are offered on a

continuous basis. An investor can buy or sell ETF

Series securities of these funds on the TSX through

registered brokers and dealers in the province or

territory where the investor resides. Investors may

incur customary brokerage commissions in buying

or selling the ETF Series securities of these funds.

The manager on behalf of each of the Migrating

Funds has applied to list the ETF Series securities

of the Migrating Funds on Cboe Canada. Listing is

subject to the approval of Cboe Canada in accordance

with its original listing requirements. Cboe Canada

has conditionally approved the listing of the ETF

Series securities of the Migrating Funds on Cboe

Canada. Subject to satisfying Cboe Canada’s original

listing requirements, the ETF Series securities of

the Migrating Funds will be listed on Cboe Canada

and offered on a continuous basis on or about

June 13, 2024, and an investor will be able to buy

or sell these ETF Series securities on Cboe Canada

through registered brokers and dealers in the province

or territory where the investor resides. Investors

may incur customary brokerage commissions in

buying or selling the ETF Series securities.

What are the risks of investing in a mutual fund?

Risk varies from one fund to another. You can

measure risk by how often the fund’s value changes

and how big the changes tend to be. This is called

volatility. The bigger and more often the changes in

value the more volatile the fund.

Every fund has a different degree of volatility, which

depends largely on the investments that the fund

makes. For example, if a fund only invests in interest-

paying money market instruments offered by the

Canadian government, it will be subject to very

little volatility. That’s because the government

guarantees payment of a certain interest rate and

there’s little chance it will fail to keep its promise.

On the other hand, some funds may invest heavily

in technology stocks. Technology stocks can have

frequent, large changes in value as a company’s

products go in and out of favour, so funds that

have heavy exposure to technology stocks can be

quite volatile.

As a general rule, the higher the risk, the higher the

potential for gains (and losses). The lower the risk

the lower the potential for gains (and losses). A key

to reducing the overall volatility of your portfolio is

to hold a wide variety of investments.

The BMO Alternative Mutual Fund is an

“alternative mutual fund” for securities law

purposes and is permitted to use strategies

generally prohibited for conventional mutual

funds, such as invest up to 20% of its NAV in

securities of a single issuer, and the ability to

borrow cash, to short sell beyond the limited

prescribed for conventional mutual funds and to

generally employ leverage. While these strategies

will only be used in accordance with the investment

objectives and strategies of the BMO Alternative

Mutual Fund, during certain market conditions they

may accelerate the risk that an investment in the

BMO Alternative Mutual Fund decreases in value.

When you’re deciding which funds to invest in, you

need to ask yourself how comfortable you’ll be with

their volatility. Here are some important points that

can help you decide:

the length of time you’re prepared to invest. •

The more time you have until you need to cash

in your investments, the more you should be

thinking about investing in funds that have

exposure to equities. These can be volatile in the

short-term, but over the long-term, they’ve

tended to provide higher returns than other kinds

of investments.

100

your investment goals. Your goals are unique and •

will influence the amount of risk that you are willing

to take. If you can reach your goal only by earning

higher returns on your investments, you may want

to think about taking on more risk by making

more volatile funds a larger part of your portfolio.

your portfolio as a whole. A fund that may seem •

too risky on its own may be suitable as a small

percentage of your portfolio. Why? Diversification.

When you hold a variety of interest-paying funds

and equity funds in your portfolio, you increase

the potential for higher returns. At the same time,

a good mix of investments tends to reduce wide

swings in the value of your portfolio. That’s

because the various kinds of investments the

funds hold tend to react differently to market and

economic changes.

Mutual fund investments are not guaranteed

Unlike bank accounts or GICs, the funds aren’t

covered by the Canada Deposit Insurance Corporation

or the Régie de l’assurance-dépôts du Québec and

aren’t guaranteed by Bank of Montreal or by anyone

else. The value of each fund will vary with changes

in the value of the fund’s investments.

Under exceptional circumstances, a fund may suspend

redemptions. See Extraordinary circumstances

when you may not be allowed to redeem your

securities on page 59.

General investment risks

An investment in a fund should be made with an

understanding that the value of a fund will fluctuate

in accordance with changes in the financial condition

of a fund’s underlying investments. Underlying

investments and the value of a fund may fluctuate

over short term periods due to short term market

movements and over longer periods during more

prolonged market upturns or downturns. In addition

to changes in the condition of markets generally

and other factors such as local, regional or global

events such as war, acts of terrorism, the spread of

infectious illness or other public health issues,

recessions, or other events could have a significant

impact on a fund and its investments and could also

result in fluctuations in the value of a fund. The

economies of certain foreign markets may also be

more vulnerable to diplomatic developments,

the imposition of economic sanctions against a

particular country or countries, changes in

international trading patterns, trade barriers, and

other protectionist or retaliatory measures. Here

are some common risk factors that may cause the

value of a fund to change. Not all risks apply to all

funds or to all series of securities of a fund.

Certain additional risk factors apply to

BMO Strategic Equity Yield Fund. Please see

Additional Tax Related Risk Factors on page 311

for more information.

Absence of an active market for ETF Series

securities and lack of operating history risk

Although the ETF Series securities of certain funds

are listed on the TSX or Cboe Canada, there can be

no assurance that an active public market for these

ETF Series securities will be sustained. The ETF

Series securities of BMO Global Dividend

Opportunities Fund, BMO Global Enhanced

Income Fund, BMO Global Equity Fund,

BMO Global Health Care Fund, BMO Global

Infrastructure Fund, BMO Global Innovators Fund,

BMO Global REIT Fund, BMO U.S. Equity Growth

MFR Fund and BMO U.S. Equity Value MFR Fund

are newly organized exchange traded series with no

previous operating history and there can be no

assurance that an active public market for their ETF

Series securities will be developed or sustained.

Borrowing risk

An alternative mutual fund may borrow cash or

securities which could magnify the impact of any

movements in the prices of underlying investments

and could impact the value of your investment. As a

result, the gains or losses on investments realized

by an alternative mutual fund may be more volatile

as compared to investing in the same asset classes

and securities without making use of borrowings.

Call writing risk

Certain of the funds are subject to the full risk of

their investment position in the securities in their

portfolio, including the securities that are subject to

call options written by the funds, should the market

price of such securities decline. In addition, such

funds are not expected to participate in a gain on a

security subject to a call option, if the gain results in

the market price of the security exceeding the

exercise price of the option. In such circumstances,

the holder of the option will likely exercise the option.

The premiums associated with writing covered call

options may not exceed the returns that would have

101

resulted if any of the applicable funds had remained

directly invested in the securities subject to call

options. The use of options may have the effect of

limiting or reducing the total returns of a fund.

There can be no assurance that a liquid exchange or

over-the-counter market will exist to permit any of

the funds to write covered call options on desired

terms or to close out option positions should it

desire to do so. The ability of a fund to close out its

positions may also be affected by exchange-imposed

daily trading limits. In addition, exchanges may

suspend the trading of options in volatile markets.

If a fund is unable to repurchase a call option that is

in-the-money, it will be unable to realize its profits

or limit its losses until such time as the option it has

written becomes exercisable or expires.

Capital depletion risk

Series F2, Series F4, Series T4, Series T5, Series T6,

Series F6 and Series T8 securities make monthly

distributions of a fixed amount comprised, in whole

or in part, of ROC based on 2%, 4%, 5%, 6% and

8%, as applicable, of the NAV per security of the

series on December 31 of the prior year or initial

NAV. As well, certain other series of the funds may

make distributions comprised, in whole or in part,

of ROC. A ROC reduces the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. ROC

that is not reinvested will reduce the NAV of the fund,

which could reduce the fund’s ability to generate

future income. You should not draw any conclusions

about the fund’s investment performance from the

amount of this distribution. ROC can only be made

by a series of a fund to the extent that there is a

positive balance in the capital account for the

relevant series. To the extent that the balance in the

capital account becomes, or is at risk of becoming,

zero, monthly distributions may be reduced or

discontinued without prior notice. See page 3 for

additional information about ROC.

Commodity risk

If a fund has direct exposure to commodities or

to a company whose business is dependent on

commodities such as oil or gold, the value of the

fund’s portfolio may be affected by movements in

the price of commodities. If commodity prices

decline, a negative impact can be expected on

the earnings of companies whose businesses are

dependent on commodities and on the performance

of funds that invest in such companies.

Credit risk

Credit risk is the risk that the company, government

or other entity (including a special purpose vehicle)

that issued a bond or other fixed income security

(including asset-backed and mortgage-backed

securities) can’t pay interest or repay principal

when it’s due. This risk is lowest among issuers that

have a high credit rating from a credit rating agency.

It’s highest among issuers that have a low credit

rating or no credit rating. Investments with a lower

credit rating usually offer a better return than

higher-grade investments, but have the potential

for substantial loss as well as gain, as will the funds

that buy them.

High yielding, higher risk income securities in

which some of the funds may invest are subject to

greater risk of loss of principal and income than

higher rated fixed income securities, and are

considered to be less certain with respect to the

issuer’s capacity to pay interest and repay principal.

A specialized credit rating agency, such as Standard

& Poor’s or DBRS, may reduce the credit rating of

an issuer’s debt securities. Unexpected downgrades

in credit rating typically decrease the value of

such securities.

Currency risk

Funds that invest in foreign securities buy them

using foreign currency. For example, the funds use

U.S. dollars to buy U.S. stocks or bonds. Because

currencies change in value against each other, it’s

possible that an unfavourable move in the exchange

rate may reduce, or even eliminate, any increase in

the value of that investment. The opposite can also

be true – the fund can benefit from changes in

exchange rates. This risk also applies to derivatives

where the underlying interest is denominated in a

foreign currency.

Cybersecurity risk

With the increased use of technologies such as the

internet to conduct business, the manager and each

of the funds are susceptible to operational, information

security and related risks. In general, cyber incidents

can result from deliberate attacks or unintentional

events. Cyber attacks include, but are not limited to,

gaining unauthorized access to digital systems

(e.g., through “hacking” or malicious software

coding) for purposes of misappropriating assets or

sensitive information, corrupting data or causing

operational disruption. Cyber attacks also may be

102

carried out in a manner that does not require

gaining unauthorized access, such as causing

denial-of-service attacks on websites (i.e., efforts to

make network services unavailable to intended

users). Cyber incidents affecting the funds, the

manager or the funds’ service providers (including,

but not limited to, a fund’s portfolio manager,

sub-advisor(s), transfer agent, custodian and

sub-custodians) have the ability to cause disruptions

and impact each of their respective business

operations, potentially resulting in financial losses,

interference with the funds’ ability to calculate

their NAV, impediments to trading, the inability of

securityholders to transact business with the funds

and the inability of the funds to process transactions

including redeeming securities, violations of

applicable privacy and other laws, regulatory fines,

penalties, reputational damage, reimbursement or

other compensation costs, or additional compliance

costs associated with the implementation of any

corrective measures. Similar adverse consequences

could result from cyber incidents affecting the

issuers of securities in which the funds invest

and counterparties with which the funds engage

in transactions.

In addition, substantial costs may be incurred to

prevent any cyber incidents in the future. While the

manager and the funds have established business

continuity plans in the event of, and risk management

systems to prevent, such cyber incidents, inherent

limitations exist in such plans and systems including

the possibility that certain risks have not been

identified. Furthermore, the manager and the funds

cannot control the cyber security plans and systems

of the funds’ service providers, the issuers of

securities in which the funds invest or any other

third parties whose operations may affect the funds

or their securityholders. As a result, the funds and

their securityholders could be negatively affected.

Deposit risk

Certain funds may deposit some or all of their assets

in deposit accounts with one or more Canadian

chartered banks or trust companies. As a result,

such funds may be exposed to counterparty risk

associated with the chartered banks and trust

companies that hold the assets. The cash of most of

the funds on deposit with such Canadian chartered

banks or trust companies is not expected to be

covered by the Canada Deposit Insurance Corporation

or any other government deposit insurer.

Derivatives risk

Funds may use derivatives for two main purposes:

hedging risk or gaining investment exposure.

Derivatives have their own risks. The following

are some of the common risks:

there is no guarantee the hedging or investment •

strategy will be effective or achieve the intended

effect;

derivatives entered into for hedging purposes may •

reduce the opportunity for gains if the value of the

hedged instrument rises because the derivative

may incur an offsetting loss, and hedging may

also be costly or difficult to implement;

using derivatives for investment purposes does •

not protect a mutual fund from a decline in the

value of the underlying security, currency or

market for which the derivative is a substitute;

when entering into a derivative contract, a fund •

may be required to provide margin or collateral

to the counterparty, which exposes the fund to the

credit risk of the counterparty. If the counterparty

becomes insolvent, the fund could lose its margin

or collateral or incur expenses to recover the

margin or collateral;

the other party to a derivative contract may not •

be able to meet its obligations to complete the

transaction;

many derivatives, particularly those that are •

privately negotiated, are complex and often

valued subjectively. Improper valuations can

result in increased cash payment requirements

to counterparties or a loss of value to a fund;

the price of a derivative may change more than •

the price of the underlying security or asset, and

the price of a derivative can be affected by factors

other than the price of the underlying security

or asset;

there is no guarantee that a fund can close out a •

derivative contract when it wants to at a price

that corresponds to the price the derivative

contract has been valued at for NAV purposes,

which may result in the fund experiencing losses.

For example,

stock exchanges may set daily trading limits •

on exchange traded derivatives, which could

prevent a fund from trading or closing out its

position in such derivatives;

the price of stock index options may be •

distorted if trading in some or all of the stocks

that make up the index is interrupted, and a

fund may not be able to close out its position in

these options if exchange trading is interrupted

or trading restrictions are imposed; and

103

a counterparty may not be willing, when •

requested by a fund, to agree to an early close

out of a derivative contract at a price which

reflects the current market value of the

derivative contract.

derivatives traded on certain foreign markets •

may be harder to price and/or close out and may

have higher credit risks than derivatives traded

in North America; and

derivatives (other than exchange traded •

derivatives) are entered into at prices and on

terms that are negotiated on a bilateral basis

between the counterparty and the fund, and

accordingly the negotiated pricing levels do not

benefit from exchange-based pricing (which

generally provides active price competition and

liquidity), and moreover the pricing of bilaterally

negotiated derivatives available to the fund may

become less attractive over time if counterparties

consider that the fund is price insensitive or has

limited alternatives.

In addition, in determining its income for tax

purposes, a fund will treat gains and losses realized

on derivatives used to hedge against fluctuations in

the value of securities held as capital property as

capital gains and capital losses provided there is

sufficient linkage. A fund will treat option premiums

received from writing covered put and call options

on capital property and any gains or losses realized

from closing out the options as capital gains or

losses in accordance with the CRA’s published

administrative practice. A fund will generally treat

gains and losses realized on other derivatives on

income account.

The CRA’s practice is to not grant advance income

tax rulings on the characterization of items as

capital or income. No advance income tax ruling

has been sought or received from the CRA.

Accordingly, there is a risk that the CRA may

disagree with the tax treatment adopted by a fund.

In such case, the net income of the fund for tax

purposes and, in the case of a BMO Trust Fund, the

taxable component of distributions to investors

could subsequently be determined to be more than

originally reported. Investors or the fund could be

reassessed for income tax. Also, the fund could

become liable for unremitted withholding taxes on

prior distributions made to non-resident investors.

Any liability imposed on the fund will reduce the

value of the fund and the value of an investor’s

investment in the fund.

Equity risk

Equities such as common shares give the holder

part ownership in a company. The value of an

equity security changes with the fortunes of the

company that issued it. General market conditions

and the health of the economy as a whole can also

affect equity prices. Certain securities may be

particularly sensitive to general market movements,

which may result in a greater degree of price

volatility for such securities and in the NAV of a

fund that invests in such securities under specific

market conditions and over time. Equity related

securities that provide indirect exposure to the

equity securities of an issuer, such as convertible

debentures, can also be affected by equity risk.

Factor-based investment strategy risk

The types and number of investment opportunities

available to funds or underlying funds that seek to

maximize exposure to certain target factors, such as

dividends, low volatility, quality and value, may be

limited due to the use of a factor-based investment

strategy. Although the target factors are generally

considered positive characteristics, they also

introduce unique risks. The mathematical and

statistical models that guide the disciplined

securities selection used in factor-based investing

rely on historical data. Rules-based models can

generate unanticipated results that may impact the

performance of a fund or underlying fund for a

variety of reasons, including when markets behave

in an unpredictable manner, errors or omissions in

the data used by the model, the weight placed on

each factor and/or assumption in the model and

technical issues in the design, development,

implementation and maintenance of the model.

These funds or underlying funds may underperform

other funds that do not seek exposure to the

particular target factors.

The determination of the criteria to apply when

considering a factor and the assessment of a

company or industry by an index provider, a third

party data provider or a portfolio manager may

differ from the criteria or assessment applied by

someone else. As a result, the companies or

underlying funds selected by a portfolio manager

may not reflect the values of any particular investor.

In addition, for underlying funds that seek to track

an index, the index providers may be unsuccessful

in creating an index composed of issuers that

exhibit the target factors. Similarly, for underlying

funds that use an active rules-based investment

104

strategy to target certain factors, the portfolio

manager may be unsuccessful in identifying issuers

that exhibit the desired factors. The methodology

used will generally not eliminate the possibility

that these underlying funds may have exposure to

factors other than the target factors, including

negative factors.

In the case of underlying funds that use a factor in

constructing an index, the portfolio manager is

reliant on the methodology and decision-making

of the relevant index provider for the securities

included in the index. A failure by an index

provider to properly apply a factor, whether

through error in the methodology or incomplete

data regarding an issuer, could result in an

underlying fund holding a security which does not

meet the intended target factor. In the case of

underlying funds for which the portfolio manager

relies on data from various data providers when

making securities selections, errors in data

received could also result in an underlying fund

holding a security that would not normally be held.

Indices that are constructed based on target factors

use a weighting methodology that is not based on

market capitalization, which may lead to higher

turnover relative to capitalization-weighted

methodologies. Higher turnover may result in an

underlying fund realizing capital gains more

frequently and incurring higher trading costs.

Floating rate note risk

Floating rate notes generally are subject to legal or

contractual restrictions on resale. The liquidity of

floating rate notes, including the volume and

frequency of secondary market trading in such

loans, varies significantly over time and among

individual floating rate notes. During periods of

infrequent trading valuing a floating rate note can

be more difficult and buying and selling a floating

rate note at an acceptable price can be more

difficult and delayed. Difficulty in selling a floating

rate note can result in a loss.

A decline in the credit quality of a floating rate may

reflect a decline in the financial condition of the

issuer of the note. Credit ratings assigned by rating

agencies are based on a number of factors and may

not reflect the issuer’s current financial condition

or the volatility or liquidity of the floating rate note.

In the event of bankruptcy of the issuer of the floating

rate note, the funds investing in such notes could

experience delays or limitations with respect to its

ability to realize the benefits of any collateral securing

the note. In order to enforce their rights in the event

of a default, bankruptcy or similar situation, such

funds may be required to retain legal or similar

counsel, which may increase operating expenses

and adversely affect NAVs.

In addition, floating rate notes generally can be

prepaid before maturity. If this happens, the

floating rate note can offer less income and/or

potential for capital gains.

Foreign investment risk

When a fund invests in foreign securities, its value

is affected by financial markets and general economic

trends in the countries where the securities are

issued. While the U.S. market has standards that

are similar to those in Canada, other foreign

markets may not. For example, some foreign

markets may not be as strictly regulated as

Canadian and U.S. markets. Their laws might make

it difficult to protect investor rights. The political

climate might be less stable and social, religious

and regional tensions may exist. Business

disclosure and accounting standards may be less

stringent than in Canada and the U.S., making it

difficult to obtain complete information about a

potential investment. Securities markets may be

smaller than in more developed countries, making

it more difficult to sell securities in order to take

profits or avoid losses. As a result, the value of

foreign securities, and the value of funds that hold

them, may rise or fall more rapidly and to a greater

degree than Canadian and U.S. investments. In

general, securities issued in more developed

markets have lower foreign investment risk.

Securities issued in emerging or developing

markets have higher foreign investment risk.

Funds that concentrate their investments in a single

country or region of the world tend to be riskier

than funds with greater geographic diversification

because prices of securities in the same markets

tend to move up and down together.

In addition, a fund that invests in foreign securities

may become subject to foreign withholding taxes

on dividends or other distributions on such

securities and on the disposition of such securities.

Depending on the circumstances, some of all of

such foreign taxes may not be eligible for relief

under the provisions of the Tax Act that permit a

credit or deduction for certain foreign taxes by a

fund or securityholders.

105

Fund of funds risk

Certain funds invest directly in, or obtain exposure to,

other investment funds as part of their investment

strategy. Therefore, these funds will be subject to

the risks of the underlying funds. Also, if an

underlying fund suspends redemptions, the

investment fund that invests in the underlying fund

will be unable to value part of its portfolio and may

be unable to redeem securities.

Some funds may be deemed to earn income on

certain investments in some types of foreign

investment entities. There is a risk that the CRA

may disagree with the tax treatment adopted by a

fund. In such case, the net income of the fund for

tax purposes and the taxable component of

distributions to investors could subsequently be

determined to be more than originally reported.

Investors or the fund could be reassessed for

income tax. Also, the fund could become liable for

unremitted withholding taxes on prior distributions

made to non-resident investors. Any liability

imposed on the fund may reduce the value of the

fund and the value of an investor’s investment in

the fund.

Halted trading of ETF Series securities risk

Trading of ETF Series securities on certain

marketplaces may be halted by the activation of

individual or market-wide “circuit breakers”

(which halt trading for a specific period of time

when the price of a particular security or overall

market prices decline by a specified percentage).

In the case of the TSX or Cboe Canada, trading of

ETF Series securities may also be halted if: (i) the

ETF Series securities are delisted from the TSX or

Cboe Canada without first being listed on another

exchange; or (ii) TSX or Cboe Canada, as

applicable, officials determine that such action is

appropriate in the interest of a fair and orderly

market or to protect investors.

Indexing risk

Certain funds, including index funds and certain

exchange traded funds, use a variety of indexing

strategies or have exposure to underlying mutual

funds that use indexing strategies. Indexing strategies

involve tracking the performance of an index by

tracking the performance of the investments

included in the index. It’s unlikely that a fund or an

underlying mutual fund will be able to track an

index perfectly because each of the fund and

underlying mutual fund has its own operating and

trading costs which lower returns. Indices don’t

have these costs.

Also, a fund or an underlying mutual fund may, in

basing its investment decisions on an index, have

more of its assets invested in one or more issuers

than is usually permitted for mutual funds. In these

circumstances, the fund or underlying mutual fund

may tend to be more volatile and less liquid than

more diversified mutual funds as it is affected more

by the performance of individual issuers.

Further, concentrating its investments in the

securities of a particular index allows a fund or an

underlying mutual fund to focus on that index’s

potential, but it also means that the fund or underlying

mutual fund may tend to be more volatile than a

fund or underlying mutual fund that invests in the

securities of a variety of indices because prices of

securities on the same index tend to move up and

down together. If required by its investment

objectives, the fund or underlying mutual fund

must continue to invest in the securities of the

index, even if the index is performing poorly. That

means the fund or underlying mutual fund won’t be

able to reduce risk by diversifying its investments

into securities listed on other indices.

Also, if the stock market upon which the index is

based is not open, the fund or underlying mutual

fund may be unable to determine its NAV

per security, and so may be unable to satisfy

redemption requests.

Industry concentration risk

Some mutual funds concentrate their investments

in a particular industry. This allows them to focus

on that industry’s potential, but it also means that

they tend to be more volatile than funds that invest

in many industries. Securities in the same industry

tend to be affected in the same way by changes in

economic, regulatory, financial and market

conditions. Where required to invest in a particular

industry by their investment objectives, these funds

must continue to invest in that industry, even if the

industry is performing poorly. That means the

funds won’t be able to reduce risk by diversifying

their investments into other industries.

106

Interest rate risk

The value of funds that invest in fixed income

securities can move up or down as interest rates

change. Here’s why. Fixed income securities —

including bonds, mortgages, treasury bills and

commercial paper — pay a rate of interest that’s

fixed when they’re issued. Their value tends to

move in the opposite direction to interest rate

changes. For example, when interest rates rise,

the value of an existing bond will fall because the

interest rate on that bond is less than the market

rate. The opposite is also true. These changes in

turn affect the value of any fund investing in fixed

income securities. In addition, to the extent a fund

invests in instruments with a negative yield

(e.g. where there are negative interest rates),

its value could be impaired.

In the case of money market funds in particular, a

fund’s yield is affected by short-term interest rates,

and will vary.

Various regulators and industry bodies are working

globally on transitioning from interbank offered

rates (“IBORs”). The effect of such a transition on a

fund and the securities in which it invests may not

yet be determined, and may depend on factors that

include, but are not limited to: (i) existing fallback

or termination provisions in individual contracts;

and (ii) whether, how, and when industry participants

develop and adopt new reference rates and fallbacks

for both legacy and new products and instruments.

There is no assurance that the composition or

characteristics of any alternative reference rate will

be similar to or produce the same value or economic

equivalence as an IBOR, or that an instrument using

an alternative rate will have the same volume or

liquidity. Such transition may result in a reduction

in the value of IBOR-based instruments held by a

fund and increased illiquidity and volatility in

markets that currently rely on an IBOR to determine

interest rates, any of which could adversely impact

a fund’s performance.

Issuer concentration risk

Some mutual funds concentrate their investments

in a particular issuer. This allows them to focus on

that issuer’s potential, but it also means that they

tend to be more volatile than more diversified

funds. Their liquidity, and therefore their ability

to satisfy redemption requests, may be adversely

affected. And because these funds invest in fewer

issuers, they’re affected more by the performance of

individual issuers. These funds may be riskier than

other funds that hold a greater number of issuers in

their portfolios.

Large transaction risk

A fund may have one or more investors who hold or

acquire a significant amount of securities of the fund,

including another mutual fund. For example, a

financial institution may buy or sell large amounts

of the securities of a fund to hedge its obligations

relating to a guaranteed investment product whose

performance is linked to the performance of the

fund. As well, certain mutual funds, including

BMO Mutual Funds, may invest directly in the

funds. If one or more of these investors (including

these investing funds) decides to redeem its

investment in a fund, the fund may have to make

large sales of securities to meet these requests.

The portfolio manager may have to change the

composition of the fund’s portfolio significantly or

may be forced to sell investments at unfavourable

prices which can negatively impact the fund’s

returns. Conversely, if one or more of these

investors decides to increase its investment in a

fund, the fund may have to hold a relatively large

position in cash for a period of time while the

portfolio manager attempts to find suitable

investments. This could negatively impact the

fund’s return.

A trust, such as a BMO Trust Fund, is subject to a

“loss restriction event” for the purposes of the

Tax Act if a person becomes a “majority-interest

beneficiary” of the BMO Trust Fund, or a group of

persons becomes a “majority-interest group of

beneficiaries” of the BMO Trust Fund, as those

terms are defined in the Tax Act. Generally, a

majority-interest beneficiary of a BMO Trust Fund

is a unitholder who, together with persons and

partnerships with whom the unitholder is affiliated,

owns units with fair market value that is greater

than 50% of the fair market value of all units of the

BMO Trust Fund. If a BMO Trust Fund experiences

a “loss restriction event” (i) it will be deemed to

have a year-end for tax purposes (which would

result in an allocation of the BMO Trust Fund’s

taxable income at such time to unitholders so that

the BMO Trust Fund is not liable for income tax on

such amounts), and (ii) it will become subject to

the loss restriction rules generally applicable to

corporations that experience an acquisition of

control, including a deemed realization of any

107

unrealized capital losses and restrictions on their

ability to carry forward losses. As a result of

the application of these rules, the amount of

distributions paid by the BMO Trust Fund after a

loss restriction event may be larger than it otherwise

would have been. However, no person or group of

persons should become a majority-interest beneficiary

or majority-interest group of beneficiaries of a

BMO Trust Fund as long as the BMO Trust Fund

qualifies as an “investment fund” under the Tax Act

by satisfying certain investment diversification and

other conditions. Because of the way ETF Series

securities are bought and sold, it may not be possible

for a BMO Trust Fund that issues ETF Series securities

to determine if or when a loss restriction event

has occurred. There can be no assurance that a

BMO Trust Fund has not been, or will not in the

future become, subject to the loss restriction event

rules and there can be no assurance regarding

when distributions resulting from a loss restriction

event will be made.

Leverage risk

When an BMO Alternative Mutual Fund makes

investments in derivatives, borrows cash for

investment purposes, or uses short sales on

equities, fixed income securities or other portfolio

assets, leverage may be introduced into the

BMO Alternative Mutual Fund. Leverage occurs

when the BMO Alternative Mutual Fund’s notional

exposure to underlying assets is greater than the

amount invested. It is an investment technique

that can magnify gains and losses. Consequently,

any adverse change in the value or level of the

underlying asset, rate or index may amplify losses

compared to those that would have been incurred if

the underlying asset had been directly held by the

BMO Alternative Mutual Fund and may result in

losses greater than the amount invested in the

derivative itself. Leverage may increase volatility,

may impair the BMO Alternative Mutual Fund’s

liquidity and may cause the BMO Alternative Mutual

Fund to liquidate positions at unfavourable times.

Liquidity risk

Some securities may be difficult to buy or sell

because they’re not well known or because political

or economic events significantly affect them. These

include investments in specific sectors, especially

commodity sectors, and investments in developing

or smaller markets. In addition, smaller companies

may be hard to value because they’re developing

new products or services for which there is not yet

a developed market or revenue stream. They may

only have a small number of shares in the market,

which may make it difficult for a fund to buy or sell

shares when it wants to. The value of funds that hold

these investments may rise or fall substantially.

Put writing risk

Certain funds will collect premiums on the options

it writes. These funds’ risk of loss, if one or more of

its options is exercised and expires in-the-money,

may substantially outweigh the gains to these funds

from the receipt of such option premiums. These

funds will either earmark or segregate sufficient

liquid assets to cover their obligations under each

option on an ongoing basis. While the put option

strategy is intended to be profitable in neutral, rising

and moderately declining markets, large market

declines may negatively impact these funds’

performance.

There can be no assurance that a liquid exchange or

over-the-counter market will exist to permit any of

the funds to write put options on desired terms or to

close out option positions should it desire to do so.

The ability of a fund to close out its positions may

also be affected by exchange-imposed daily trading

limits. In addition, exchanges may suspend the

trading of options in volatile markets. If a fund is

unable to repurchase a put option that is in-the-

money, it will be unable to realize its profits or limit

its losses until such time as the option it has written

becomes exercisable or expires.

Responsible investment risk

Certain funds have investment objectives that

reference responsible investment. These funds, and

certain other funds, employ responsible investment

strategies to pursue their investment objectives.

A fund that employs responsible investment

strategies may underperform similar funds that do

not employ such strategies:

the fund may decline to invest—or may •

underweight or dispose of its investment—

in a particular issuer, sector or region due to

responsible investment considerations when

other investment considerations suggest that

such an investment would be advantageous.

the fund may invest—or may overweight or •

maintain its investment—in a particular issuer,

sector or region due to responsible investment

considerations when other investment

considerations suggest that such an investment

would be disadvantageous.

108

A fund’s use of responsible investment strategies may

be guided by the portfolio manager’s assessment of

the ESG factors that pertain to the issuers, sectors,

or countries that comprise the fund’s investment

universe. The process of assessing ESG factors is at

least partially subjective. For a fund that uses

responsible investment strategies, there can be no

assurance that the assessment of ESG factors that

guides these strategies will reflect the beliefs or

values of any of the fund’s investors.

Funds may use third-party research as well

as proprietary research to evaluate the ESG

characteristics, risks and opportunities regarding

an issuer. Such research information and data may

be incomplete, inaccurate or unavailable, resulting

in incorrect assessments of the ESG practices of an

issuer. Legislative and regulatory changes, market

developments and/or changes in data availability

and reliability could also materially affect the

quality and comparability of such research

information and data.

Securities lending, repurchase and

reverse repurchase transactions risk

The funds may engage in securities lending,

repurchase and reverse repurchase transactions.

These transactions will be used in conjunction

with the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Securities lending is an

agreement whereby a fund lends securities through

an authorized agent in exchange for a fee and a

form of acceptable collateral. Under a repurchase

transaction, a fund agrees to sell securities for cash

while, at the same time, assuming an obligation to

repurchase the same securities for cash (usually at

a higher price) at a later date. A reverse repurchase

transaction is a transaction pursuant to which a

fund buys securities for cash while, at the same

time, agreeing to resell the same securities for cash

(usually at a higher price) at a later date.

The risks associated with securities lending,

repurchase or reverse repurchase transactions arise

when a counterparty defaults under the agreement

evidencing the transaction and the fund is forced to

make a claim in order to recover its investment. In a

securities lending or a repurchase transaction, a

fund could incur a loss if the value of the securities

loaned or sold has increased in value relative to the

value of the collateral held by the fund. In the case

of a reverse repurchase transaction, a fund could

incur a loss if the value of the securities purchased

by the fund decreases in value relative to the value

of the collateral held by the fund.

To limit these risks:

the collateral held by the fund must equal at least •

102% of the market value of the security sold,

loaned or cash paid (the collateral is adjusted on

each business day to ensure that this value is

maintained);

repurchase transactions and securities lending •

agreements are limited to 50% of a fund’s assets.

Collateral held for loaned securities and cash

paid for received securities are not included

when making this calculation; and

we only enter into such transactions with parties •

who appear to have the resources and the financial

strength to fulfill the terms of the agreements.

Series risk

The funds issue more than one series of securities.

Each series has its own fees and expenses which

are tracked separately; however, if a series can’t

meet its financial obligations, the other series are

responsible for making up the difference. This is

because the fund as a whole is legally responsible

for the financial obligations of all of the series.

Short selling risk

Short selling strategies can provide a fund with

an opportunity to manage volatility and enhance

performance in declining or volatile markets. Short

selling securities involves risk because there is no

assurance that securities will sufficiently decline in

value during the period of the short sale to offset the

interest paid by the fund and make a profit for the

fund. Securities sold short may instead increase in

value. The fund may also experience difficulties

repurchasing and returning the borrowed securities.

The borrowing agent from whom the fund has

borrowed securities may go bankrupt and the fund

may lose the collateral it has deposited with the

borrowing agent.

109

To limit these risks, a fund will implement controls

when conducting a short sale:

the security sold short must not be an illiquid asset •

at the time the fund sells the security short: •

the fund has borrowed or arranged to borrow •

the security from a borrowing agent

the aggregate market value of all securities of •

the issuer of the securities sold short by the fund

does not exceed 5% of the NAV of the fund

the aggregate market value of all securities •

sold short by the fund does not exceed 20% of

the NAV of the fund

the fund must hold cash cover that, together •

with the portfolio assets deposited with the

borrowing agents as security for the short sales

by the fund, is at least 150% of the aggregate

market value of all securities sold short by the

fund on a daily mark-to-market basis

the fund must not use the cash cover from a short •

sale to enter into a long position in a security,

other than a security that qualifies as cash cover.

Tax changes risk

There is no assurance that Canadian federal

or provincial tax laws, foreign tax laws or the

administrative policies or assessing practices of the

CRA respecting the treatment of mutual fund trusts

and mutual fund corporations will not be changed

in a manner that adversely affects the funds or

securityholders.

Certain proposals included in Bill C 59 would

implement an excessive interest and financing

expenses limitation (“EIFEL”). The EIFEL rules if

enacted, may limit the deductibility of net interest

and financing expenses for Canadian tax purposes.

The EIFEL rules are generally intended to apply in

respect of taxation years beginning on or after

October 1, 2023. To the extent that the EIFEL rules

were to apply to a Fund to deny the deduction of

otherwise deductible net interest and financing

expenses, the Fund would be required to make

larger taxable distributions to unitholders.

The CRA’s practice is not to grant advance income

tax rulings on the characterization of items as

capital gains or income. No advance income tax

ruling has been sought or received from the CRA.

Accordingly, there is a risk that the CRA may

disagree with the with the tax treatment adopted by

a fund. In such case, the net income of the fund for

tax purposes and, in the case of a BMO Trust Fund,

the taxable component of distributions to investors

could subsequently be determined to be more than

originally reported. Investors or the fund could be

reassessed for income tax. Also, the fund could

become liable for unremitted withholding taxes on

prior distributions made to non-resident investors.

Any liability imposed on the fund will reduce the

value of the fund and the value of an investor’s

investment in the fund.

Trading price of ETF Series securities risk

ETF Series securities may trade in the market at a

premium or discount to the NAV per security. There

can be no assurance that ETF Series securities will

trade at prices that reflect their NAV. The trading

price of the ETF Series securities will fluctuate in

accordance with changes in the fund’s NAV, as well

as market supply and demand on the TSX or Cboe

Canada, or another exchange. However, given that

generally only a Prescribed Number of ETF Series

securities (as defined under Issuance of ETF Series –

To Designated Brokers and ETF Dealers on page 49)

are issued to Designated Brokers and ETF Dealers,

and that holders of a Prescribed Number of ETF

Series securities (or an integral multiple thereof)

may redeem such ETF Series securities at their

NAV, we believe that large discounts or premiums

to the NAV of the ETF Series securities should not

be sustained.

Zero-coupon securities risk

Certain funds may invest in zero-coupon securities.

Zero-coupon securities tend to be more highly

sensitive to interest rate fluctuations than securities

with similar terms to maturity that pay a coupon.

Investment restrictions

The funds are subject to certain restrictions and

requirements contained in securities legislation,

including NI 81-102, that are designed in part to

ensure that investments of the funds are diversified

and relatively liquid and to ensure the proper

administration of the funds. The funds are managed

in accordance with these restrictions and

requirements subject to any exemptive relief from

those restrictions and requirements, which are

described below.

110

Approval of the securities regulatory authority

BMO GAM, on behalf of the funds or certain of the

funds (as applicable), has received the approval of

the securities regulatory authority to vary certain of

the investment restrictions and requirements

contained in applicable securities legislation,

including NI 81-102.

Investment in UCITS and SICAV

The funds have obtained exemptive relief from

subsection 2.5(2)(a), (a.1) and (c) of NI 81-102, to

permit each fund to invest up to 10% of its net assets,

taken at market value at the time of the investment,

in underlying funds which are Undertaking for

Collective Investments in Transferable Securities

(“UCITS”) or Société d'Investissement à Capital

Variable (“SICAV”) even though the UCITS or

SICAV funds are not subject to NI 81-102, and are

not reporting issuers in any province or territory

of Canada.

Consolidation Relief

The funds have obtained exemptive relief from

subsection 5.1(4) of National Instrument 81-101

Mutual Fund Prospectus Disclosure, to allow the

Manager to consolidate the prospectus of the

conventional mutual funds that it manages with

the prospectus of the “alternative mutual funds”

(within the meaning of NI 81-102) that it manages.

Self-Dealing and Reporting Relief

The manager has received relief that permits the

funds to invest a portion of its assets in: (i) any

collective investment scheme that is not an

investment fund that is, or will be, managed by

the manager or an affiliate of the manager;

(ii) BMO Georgian Alignment II Access Fund LP,

an Ontario limited partnership which is a non-

redeemable investment fund that is not a reporting

issuer, (iii) BMO Partners Group Private Markets

Fund, an Ontario trust which is a mutual fund

that is not a reporting issuer; and (iv) any future

investment fund that is, or will be, managed by the

manager or an affiliate of the manager that will

have similar non-traditional investment strategies.

Appointment of eSecLending as Agent

The manager has received relief that permits the

manager to appoint eSecLending as agent to act on

behalf of the funds to administer securities lending,

repurchase and reverse repurchase transactions

entered into by the funds, even though eSecLending

is not a custodian or a sub-custodian of the funds.

Investing in securities underwritten

by a related entity

The manager has received relief that permits the

funds to invest in corporate debt securities of

issuers that are not reporting issuers in Canada

regardless of whether or not the securities have a

designated rating (as defined in NI 81-102) and that

have been underwritten by an entity related to the

funds, the manager or an entity related to the

manager, provided certain conditions are met,

including that the funds have obtained prior

IRC approval.

In specie transactions

The manager has received relief that permits the

funds to engage in in specie transactions, provided

certain conditions are met.

Rule 144A Securities

The funds may rely on an exemption from the

requirements in securities legislation relating to

purchasing and holding illiquid assets with respect

to certain fixed income securities that qualify for,

and may be traded pursuant to, the exemption from

the registration requirements of the Securities Act of

1933, as amended (the “US Securities Act”), as set

out in Rule 144A of the US Securities Act for resales

of certain fixed income securities to “qualified

institutional buyers” (as such term is defined in the

US Securities Act). The exemptive relief is subject

to certain conditions.

In addition, BMO GAM, on behalf of the funds or

certain of the funds (as applicable), has obtained

exemptions from, or approvals in relation to,

NI 81-105 or National Policy Statement No. 39 as set

out below.

Delivery of fund facts

The funds have obtained exemptive relief from the

requirement to deliver fund facts documents for

purchases of securities of the funds made in

connection with rebalancing activities of the

BMO MatchMaker

Investment Service and

BMO Intuition

Investment Service portfolios,

subject to certain conditions.

Awards and ratings

The funds have received exemptive relief from

Canadian securities regulatory authorities to permit

the Lipper Fund Awards and Lipper Leader

Ratings, and the FundGrade A+ Awards and

FundGrade Ratings to be referenced in sales

communications relating to a fund, subject to

certain conditions.

111

Offering of ETF securities

The funds have received exemptive relief from

Canadian securities regulatory authorities in

connection with the offering of ETF Series

securities to:

relieve the fund from the requirement to prepare 1.

and file a long form prospectus for the ETF

Series securities in accordance with National

Instrument 41-101 General Prospectus

Requirements in the form prescribed by

Form 41-101F2 Information Required in an

Investment Fund Prospectus, subject to the

terms of the relief, provided that the fund files

a prospectus for the ETF Series securities in

accordance with the provisions of National

Instrument 81-101 Mutual Fund Prospectus

Disclosure, other than the requirements

pertaining to the filing of a fund facts document;

relieve the fund from the requirement that a 2.

prospectus offering ETF Series securities

contain a certificate of the underwriters;

relieve a person or company purchasing ETF 3.

Series securities in the normal course through

the facilities of the TSX or another exchange

from the take-over bid requirements of Canadian

securities legislation;

permit the fund to borrow cash from the 4.

custodian of the fund and, if required by the

custodian of the fund, to provide a security

interest over any of its portfolio assets as a

temporary measure to fund the portion of any

distribution payable to investors that represents,

in the aggregate, amounts that are owing to, but

not yet been received by, the fund; and

treat the ETF Series and the Mutual Fund Series 5.

of the fund as if such series were two separate

funds in connection with their compliance with

the provisions of Parts 9, 10 and 14 of NI 81-102.

T+3 Securities

Each fund that invests a portion of its portfolio

assets in T+3 Securities has obtained exemptive

relief from the securities regulatory authorities to

permit such fund to settle primary market trades in

ETF Series securities of the fund no later than

the third business day after the date upon which

pricing for the ETF Series securities is determined.

This settlement cycle differs from the standard

settlement cycle for secondary market trades in the

ETF Series securities of the fund, which customarily

occurs no later than the first or second business day

after the date upon which pricing for the ETF Series

securities is determined.

BMO Global Strategic Bond Fund

and BMO World Bond Fund

BMO Global Strategic Bond Fund and BMO World

Bond Fund each have obtained approval from

Canadian securities regulatory authorities to invest

up to 20% of their net assets taken at market value at

the time of purchase, in evidences of indebtedness

that are issued or guaranteed fully as to principal

and interest by permitted supranational agencies or

governments (other than the Government of

Canada, a province of Canada, or the United States

of America, where such approval was not required)

and are rated AA or better by Standard & Poor’s

Rating Service, and up to 35% of their net assets

taken at market value at the time of purchase in

evidences of indebtedness that are issued or

guaranteed fully as to principal and interest by

permitted supranational agencies or governments

(other than the Government of Canada, a province

of Canada, or the United States of America, where

such approval was not required) and are rated AAA

or better by Standard & Poor’s Rating Service or the

equivalent ratings as defined by other recognized

rating agencies.

BMO Mortgage and Short-Term Income Fund

and BMO Diversified Income Portfolio

The manager, on behalf of BMO Mortgage and

Short-Term Income Fund and BMO Diversified

Income Portfolio, has obtained exemptive relief

from the Canadian securities regulatory authorities

from the self-dealing prohibition in section 4.2 of

NI 81-102 to enable these funds to continue to

purchase mortgages from, or sell mortgages to,

certain related parties, including Bank of Montreal,

in accordance with the following conditions:

the purchase or sale is consistent with, or is •

necessary to meet, the investment objectives of

the funds;

the IRC of the funds approves the transaction in •

accordance with section 5.2(2) of NI 81-107;

the manager complies with its obligations under •

section 5.1 of NI 81-107;

the manager and the IRC of the funds comply •

with section 5.4 of NI 81-107 for any standing

instructions the IRC provides in connection with

the transactions;

the funds keep the written records required by •

section 6.1(2)(g) of NI 81-107; and

the mortgages are purchased from, or sold to, •

Bank of Montreal and/or MCAP Financial

Corporation in accordance with National Policy

Statement 29 Mutual Funds Investing in Mortgages.

112

BMO Precious Metals Fund

and BMO Resource Fund

Both BMO Precious Metals Fund and BMO Resource

Fund are permitted to vary from standard restrictions

and practices related to buying and selling

commodities.

BMO Precious Metals Fund has approval to invest

up to 20% of its assets in precious metals, including

silver and platinum.

BMO Resource Fund has approval to invest up to

10% of its net assets directly in commodities such

as precious metals and other metals and minerals

or certificates representing the same provided that

the certificates representing the precious or other

metals and minerals are issued by an issuer

approved by the securities regulatory authorities.

For the purposes of this exemption, any bank listed

in Schedule I or II to the Bank Act (Canada) is an

approved issuer of certificates.

BMO Ascent™ Portfolios and

BMO SelectTrust

Portfolios

Each of the BMO Ascent™ Portfolios, BMO

SelectTrust

Portfolios and such other BMO Mutual

Funds with similar investment objectives that are

subject to NI 81-102 as may be managed by

BMOAM or an affiliate or successor of BMOAM

from time to time, are permitted, subject to certain

conditions, to invest up to 10% of its net asset

value, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

BMO Global Dividend Opportunities Fund,

BMO Global Energy Fund, BMO Global Low

Volatility ETF Fund and BMO Greater China Fund

In connection with the merging of certain funds

that were classes of the shares of BMO Corporate

Class Inc. (the “Corporate Class Funds”) into the

corresponding series of the applicable trust funds,

BMO Global Dividend Opportunities Fund,

BMO Global Energy Fund, BMO Global Low

Volatility ETF Fund and BMO Greater China Fund

have each received exemptive relief from the

Canadian securities regulatory authorities to use the

date of formation and performance history of the

applicable Corporate Class Fund in the simplified

prospectus, Fund Facts, sales communications

and reports to securityholders, and to use the

performance data and information derived from

the financial statements of the applicable Corporate

Class Fund in the annual and interim financial

statements and annual and interim management

reports of fund performance, where applicable and

subject to certain conditions.

Approval of the IRC

The funds have received the approval of the IRC,

and may rely upon such approval and the relevant

requirements of NI 81-107, to vary certain of the

investment restrictions and requirements contained

in securities legislation, including NI 81-102, to

engage in certain transactions with a related party

(each, a “Related Party Transaction”). Set out below

is a summary of each Related Party Transaction.

In respect of each Related Party Transaction,

the IRC has provided its approval by way of a

standing instruction.

Transactions in securities of related issuers

The investment restrictions and requirements

contained in applicable securities legislation

prohibit a registered portfolio adviser from

knowingly causing a fund to purchase a security of

an issuer related to it, its manager or an entity

related to its manager.

However, in accordance with NI 81-107, a fund may

make or hold an investment in the security of an

issuer related to it, its manager or an entity related to

its manager, if certain conditions are met, including

that the purchase is made on an exchange on which

the securities of the issuer are listed and traded.

In addition, in accordance with NI 81-107, a fund

may make an investment in the secondary market

in a non-exchange traded debt security of an issuer

related to it, its manager or an entity related to the

manager, and continue to hold the debt security, if

certain conditions are met, including that certain

pricing conditions are met.

Lastly, in accordance with NI 81-107, a fund may

make an investment in a long-term debt security of

an issuer related to it, its manager or an entity

related to the manager, provided that the investment

is made under a distribution of the long-term debt

security of that issuer (i.e., in a primary offering),

and if certain conditions are met, including that the

debt security has a term to maturity greater than

365 days, the debt security is not asset-backed

commercial paper and that, immediately after the

investment is made, the fund complies with

holding limits.

113

Principal trades in debt securities

The investment restrictions and requirements

contained in applicable securities legislation

prohibit a fund from purchasing a security from or

selling a security to an entity related to it, its

manager or an entity related to its manager, unless

the security is traded on an exchange and certain

pricing conditions are met.

However, in accordance with NI 81-107, a fund may

purchase a debt security of any issuer from, or sell a

debt security of any issuer to, a dealer related to the

portfolio manager, acting as principal (i.e., for its own

account), if certain conditions are met, including

that certain pricing conditions are met.

Investments in securities underwritten

by a related entity

The investment restrictions and requirements

contained in applicable securities legislation prohibit

a fund from knowingly making an investment in a

class of securities of an issuer during, or for 60 days

after, the period in which a related entity acts as an

underwriter in the distribution of securities of that

class of securities, except as a member of the selling

group distributing five percent or less of the securities

underwritten. This prohibition also does not apply

to an investment in a class of securities issued or

fully and unconditionally guaranteed by the

government of Canada or the government of a

jurisdiction in Canada.

However, in accordance with NI 81-102, this

prohibition does not apply to an investment in a

class of securities of a reporting issuer in Canada

if certain conditions are met. If the investment is

made during the distribution, the conditions include

that the distribution of securities of the reporting

issuer is made by prospectus or under an exemption

from the prospectus requirement. If the investment

is made during the 60 days after the distribution,

the conditions include that the investment is made

on an exchange on which the securities of the

reporting issuer are listed and traded and that

certain pricing conditions are met (in the case of a

debt security that does not trade on an exchange).

Inter-fund trades

The investment restrictions and requirements

contained in applicable securities legislation

prohibit a portfolio manager of a fund or managed

account from knowingly causing a fund or managed

account to purchase a security of an issuer from, or

sell a security of an issuer to, another investment

fund for which the portfolio manager is the

portfolio adviser.

However, in accordance with NI 81-107, this

prohibition does not apply when the trade occurs

between two investment funds or managed accounts

managed by the same manager or an affiliate of the

manager, if certain conditions are met, including

that certain pricing conditions are met.

The IRC of the funds has provided its approval and

issued standing instructions in respect of each of

the Related Party Transactions described above.

In accordance with the conditions of the applicable

standing instructions of the IRC, the IRC reviews

each of the Related Party Transactions at least

quarterly. In its review, the IRC considers whether

the investment decisions in respect of the Related

Party Transactions:

were made by the manager in the best interests of •

the funds and were free from any influence of the

manager or an entity related to the manager and

without taking into account any consideration

relevant to the manager or an entity related to

the manager;

were in compliance with the conditions of the •

policies and procedures of the manager;

were in compliance with the applicable standing •

instruction of the IRC; and

achieved a fair and reasonable result for the fund. •

In the event an investment decision in respect of a

Related Party Transaction is not made in accordance

with a condition imposed by securities legislation

or by the IRC in its approval, the manager is

required to notify the IRC and the IRC, as soon as

practicable, is required to notify the Canadian

securities regulatory authorities. The IRC is also

required to report such a transaction in its annual

report to the securityholders of the funds.

Additional information about the mandate, duties

and responsibilities of the IRC is disclosed under

Independent review committee and fund

governance on page 29.

114

Investment restrictions arising from the Tax Act

The manager intends that the units of each BMO

Trust Fund (other than BMO Risk Reduction Equity

Fund and BMO Risk Reduction Fixed Income Fund)

be qualified investments for registered plans at a

particular time on the basis that the BMO Trust Fund

is a “mutual fund trust” as defined in the Tax Act

at the particular time or, if it is not a mutual fund

trust, because the BMO Trust Fund is a “registered

investment” as defined in the Tax Act.

In order for a BMO Trust Fund to be a mutual fund

trust, it must not engage in any undertaking other

than the investment of its funds in property for

purposes of the Tax Act and it must meet prescribed

conditions with respect to the public distribution of

its units, including, in general that it have at least

150 unitholders holding a prescribed minimum

investment in units (“Prescribed Distribution

Requirement”).

A BMO Trust Fund may apply to the CRA to become

a registered investment. If the BMO Trust Fund is a

mutual fund trust, it does not have to satisfy any

additional requirements. If the BMO Trust Fund does

not qualify as a mutual fund trust because it does

not meet the Prescribed Distribution Requirement,

it must restrict its investments to those investments

that would be qualified investments for registered

plans and may be liable to a penalty tax if does not

do so; if it subsequently becomes a mutual fund

trust by satisfying the Prescribed Distribution

Requirement, it is not required to restrict its

investments.

None of the BMO Trust Funds established before

2024 (other than BMO Risk Reduction Equity Fund,

BMO Risk Reduction Fixed Income Fund, BMO

Covered Call Energy ETF Fund, BMO Emerging

Markets Bond Fund, BMO Global Climate

Transition Fund, BMO Managed Conservative

Portfolio, BMO Premium Yield ETF Fund, BMO

Sustainable Equity Growth Portfolio, BMO U.S.

Equity Growth MFR Fund, BMO U.S. Equity Value

MFR Fund, BMO U.S. Corporate Bond Fund and

BMO Sustainable Bond Fund) deviated in the last

year from the requirements under the Tax Act to be

a mutual fund trust in order that its units be

qualified investments.

Units of BMO Covered Call Energy ETF Fund, BMO

Emerging Markets Bond Fund, BMO Global Climate

Transition Fund, BMO Managed Conservative

Portfolio, BMO Premium Yield ETF Fund, BMO

Sustainable Equity Growth Portfolio, BMO U.S.

Equity Growth MFR Fund, BMO U.S. Equity Value

MFR Fund, BMO U.S. Corporate Bond Fund and

BMO Sustainable Bond Fund (each, a “Registered

Investment Fund”) are qualified investments

because such funds are registered investments.

None of the Registered Investment Funds deviated

from the requirements under the Tax Act in the last

year to be a registered investment or became liable

to the penalty tax.

The shares of BMO Monthly Dividend Fund Ltd. are

qualified investments for registered plans because

BMO Monthly Dividend Fund Ltd. is a “mutual

fund corporation” as defined in the Tax Act. In

order for BMO Monthly Dividend Fund Ltd. to be a

mutual fund corporation, it must not engage in any

undertaking other than the investment of its funds

in property for purposes of the Tax Act and it must

meet prescribed conditions with respect to the

public distribution of its shares.

BMO Monthly Dividend Fund Ltd. did not deviate in

the last year from the requirements under the Tax

Act to be a mutual fund corporation in order that its

shares be qualified investments.

Description of securities offered

All of the funds in this simplified prospectus issue

more than one series of securities. You’ll find the

type of securities each fund offers through this

simplified prospectus in the Fund details section of

its fund description. See About series of securities

under Purchases, switches and redemptions on

page 43 for a description of the series of securities

offered by each Fund and the eligibility requirements

attached to each series of securities. Each series is

intended for different kinds of investors and has

different fees and expenses. See Fees and Expenses

on page 65 and Dealer compensation on page 80

for details.

115

BMO Trust Funds

Each BMO Trust Fund is divided into units and is

authorized to issue an unlimited number of units

and fractions of units. Certificates are generally not

issued to unitholders.

All of the BMO Trust Funds may issue more than

one series of units. The principal differences between

each series are the fees payable by the series, the

purchase options under which you may purchase

the series, the type and frequency of distributions

you may receive as an investor in the series and, in

the case of ETF Series, such series of securities can

be purchased and sold on the TSX or another

exchange or marketplace.

As a unitholder, you are generally entitled to

participate pro rata in the net income and net

capital gains of the BMO Trust Fund that are

attributable to the units you hold. On liquidation,

you are entitled to participate pro rata in the net

assets of the BMO Trust Fund remaining after

satisfaction of outstanding liabilities that are

attributable to the series of units you hold. You may

not transfer or assign units of a BMO Trust Fund but

may redeem units on demand and pledge units as

security. You have no ownership rights in any

assets of a BMO Trust Fund. A unit of one fund does

not carry rights to any other fund. As a unitholder,

you have no special rights to buy other units. See

“Meetings of securityholders” on page 117 for a

description of your voting rights.

All units are issued as fully paid and non-assessable

in Canadian dollars (except for the BMO U.S.

Dollar Funds that are issued as fully paid and

non-assessable in U.S. dollars) so that you will not

be liable for any further payments to the BMO Trust

Fund for those units.

BMO Monthly Dividend Fund Ltd.

The Fund holds an annual meeting where the

shareholders of this fund vote to elect directors of

the corporation and to appoint auditors for the

corporation, among other matters. At any meeting

of shareholders, each shareholder is entitled to

one vote for each whole share registered in the

shareholder’s name. Shareholders do not have

any voting rights on any fractional shares held.

Certificates are not generally issued to shareholders.

Amendments to the Constating Documents

We may make certain amendments to the applicable

constating documents (i.e., the Declarations of

Trust and the articles of BMO Monthly Dividend

Fund Ltd.) of each fund, as permitted by applicable

legislation. You will be entitled to vote on certain

material changes to a fund’s constating documents.

Please see “Meetings of securityholders” on

page 117 for more details.

Changes requiring written notice to unitholders

In respect of any BMO Trust Fund and subject to

any longer notice requirements imposed under

applicable securities legislation, the Trustee is

permitted to amend the Declarations of Trust by

giving not less than 30 days’ notice to unitholders

of the fund affected by the proposed amendment

in circumstances where:

a) applicable securities legislation requires that

written notice be given to unitholders before the

change takes effect; or

b) the change would not be prohibited by applicable

securities legislation and the Trustee reasonably

believes that the proposed amendment has the

potential to materially adversely impact the

financial interests or rights of the unitholders, so

that it is equitable to give unitholders advance

notice of the proposed change.

Changes not requiring written notice to unitholders

In respect of any BMO Trust Fund, the Trustee is

permitted to amend the Declarations of Trust, without

the approval of, or prior notice to, the unitholders of

such fund, if the Trustee reasonably believes that the

proposed amendment does not have the potential to

materially adversely impact the financial interests

or rights of unitholders of the fund or that the

proposed amendment is necessary to:

a) ensure compliance with applicable laws,

regulations or policies of any governmental

authority having jurisdiction over the fund or

the distribution of its units;

b) remove any conflicts or other inconsistencies

that may exist between any of the terms of the

Declarations of Trust and any provisions of any

applicable laws, regulations or policies affecting

the fund, the Trustee or its agents;

c) make any change or correction in the

Declarations of Trust that is a typographical

correction or is required to cure or correct any

ambiguity or defective or inconsistent provision,

clerical omission or error contained therein;

116

d) facilitate the administration of the fund as a

mutual fund trust or make amendments or

adjustments in response to any existing or

proposed amendments to the Tax Act or its

administration which might otherwise

adversely affect the tax status of the fund or

its unitholders; or

e) for the purpose of protecting the unitholders

of the fund.

Meetings of securityholders

You have a right to exercise one vote for each whole

security you hold at meetings of securityholders of

your fund or of your series on any matters that

require securityholder approval under NI 81-102,

under the constating documents of the funds and in

the case of the BMO Monthly Dividend Fund Ltd.,

as provided for under corporate legislation.

You are entitled to vote on the following matters:

certain reorganizations of your fund (see below •

for further details);

in certain circumstances, for holders of securities •

other than Series A, Series A (Hedged), F Series

Securities, Series G, Series I, Series I (Unhedged),

Series N, Series NBF, Series O, Series M, ETF

Series and certain Series T4, Series T6 and

Series S securities (collectively referred to as the

“No Load Series”), any changes in the basis of the

calculation of a fee or expense or the introduction

of any fee or expense that could result in an increase

in the charges to the series or to securityholders

of such series, as set out in the simplified

prospectus (see below for further details);

certain material changes to your fund’s constating •

documents (see “Amendments to the Constating

Documents” on page 116 for more details);

the appointment of a new manager of your fund, •

unless the new manager is an affiliate of the

manager;

any change in the fundamental investment •

objectives of your fund; and

any decrease in the frequency of calculating your •

fund’s net asset value.

If the nature of the business to be transacted at a

meeting concerns only a particular series of a fund,

generally, only securityholders holding securities

of that series of that fund will be entitled to vote and

those securities will be voted separately as a series.

In general, the approval of securityholders will not

be obtained if the basis of the calculation of a fee or

expense that is charged to the No Load Series of a

117

fund (or is charged directly to securityholders of

these series by the fund or by us in connection with

the holding of securities of such series of the fund)

is changed in a way that could result in an increase

in charges to the series or to securityholders of such

series or if a fee or expense, to be charged to the No

Load Series of a fund (or to be charged directly to

securityholders of these series by the fund or by us

in connection with the holding of securities of such

series of the fund) that could result in an increase

in charges to the series or to securityholders of

such series, is introduced. In the cases above,

securityholders of such series will be sent a written

notice of the change at least 60 days prior to the

effective date.

If the basis of the calculation of a fee or expense that

is charged to any other series of a fund is changed

in a way that could result in an increase in charges

to the series or to securityholders of these series

or if a fee or expense, to be charged directly to

securityholders of these series by the fund or by us

in connection with the holding of securities of such

series of the fund, is introduced, and if this fee or

expense is charged by an entity that is at arm’s

length to the fund, then the approval of securityholders

of such series will not be obtained. In the cases

above, securityholders of such series will be sent a

written notice of the change at least 60 days prior to

the effective date.

In certain circumstances, in place of you approving

a fund merger, the IRC has been permitted under

applicable securities legislation to approve a fund

merger. In these circumstances, you will receive

written notice of any proposed merger at least

60 days prior to the effective date of the merger.

If a fund holds securities of another mutual fund

that is managed by us or one of our associates or

affiliates, the fund will not vote the securities of the

underlying fund. We may, at our discretion, arrange

for securities of the underlying fund to be voted by the

securityholders of the fund holding those securities.

We may change securityholders’ rights for any fund,

as permitted by applicable securities legislation, by

amending its declaration of trust or the articles of

BMO Monthly Dividend Fund Ltd., as the case may

be. See “Amendments to the Constating Documents”

on page 116 for more details.

In order to effect any change which requires

securityholder approval, unless otherwise required

by the constating documents of the funds or by

applicable securities legislation or corporate

legislation, as applicable, a resolution passed by at

least a majority of the votes cast at a meeting of

securityholders is required. In the case of an

equality of votes, the chairman presiding at the

meetings of all of the funds except those organized

under the BMO Retail and Advisor Master Declaration

of Trust (as defined under Name, formation and

history of the funds – BMO Trust Funds on

page 118) will have a casting vote.

Distributions

Distributions in respect of BMO Money Market

Fund, BMO U.S. Dollar Money Market Fund, and

all funds held in BMO registered plans are always

reinvested in additional securities of the same

Mutual Fund Series of the fund you hold.

Distributions in respect of Mutual Fund Series of

all other funds, including funds held outside

BMO registered plans, are reinvested in additional

securities of the same Mutual Fund Series of the

fund, unless you tell us in writing that you prefer

cash. Given the nature of Series T4, Series T5,

Series T6, Series T8, Series F2, Series F4 and

Series F6 securities, we recommend that you

request cash distributions. You’ll find information

about the taxation of distributions under Income

tax considerations for investors on page 87.

Distributions in respect of ETF Series of the relevant

funds are made in cash. Annual distributions may

be paid in cash or reinvested automatically in

additional ETF Series securities of the fund at a

price equal to the NAV per security of the fund and

the ETF Series securities will be immediately

consolidated such that the number of outstanding

ETF Series securities following the distribution will

equal the number of ETF Series securities outstanding

prior to the distribution. The ETF Series have

adopted a Distribution Reinvestment Plan, which

provides that a Plan Participant may elect to

automatically reinvest all cash distributions paid on

ETF Series securities held by that Plan Participant

in additional Plan Securities in accordance with the

terms of the Distribution Reinvestment Plan (a copy

of which is available through your broker or dealer)

and the distribution reinvestment agency agreement

between the manager, on behalf of the ETF Series,

and the Plan Agent, as may be amended. Please see

Optional services – ETF Series distribution

reinvestment plan on page 64 for a description of the

key terms of the Distribution Reinvestment Plan.

Name, formation

and history of the funds

BMO Trust Funds

The BMO Trust Funds are trusts established under

the laws of the Province of Ontario by two different

declarations of trust. The BMO Trust Funds that

were traditionally known as the BMO Retail and

Advisor trust funds (the “BMO Retail and Advisor

Funds”) are governed by an amended and restated

master declaration of trust dated as of May 27, 2022,

together with an amended and restated Schedule “A”

dated as of May 24, 2024, (the “BMO Retail and

Advisor Master Declaration of Trust”). The

remainder of the BMO Trust Funds, which were

traditionally known as the BMO Guardian trust

funds (the “BMO Guardian Funds”), are governed

by an amended and restated master declaration of

trust dated as of March 25, 2022, together with an

amended and restated Schedule “A” dated as of

May 30, 2023 (the “BMO Guardian Master

Declaration of Trust”).

The BMO Retail and Advisor Master Declaration of

Trust and the BMO Guardian Master Declaration of

Trust are collectively referred to as the “Declarations

of Trust”, and in respect of each BMO Trust Fund,

the “Declaration of Trust”.

118

P revious name(s), if any,

Fund Formation in the last 10 years

BMO Aggregate Bond ETF Fund March 24, 2023

BMO ARK Genomic Revolution Fund November 4, 2022

BMO ARK Innovation Fund November 4, 2022

BMO ARK Next Generation Internet Fund November 4, 2022

BMO Ascent™ Balanced Portfolio April 18, 2017

BMO Ascent™ Conservative Portfolio April 18, 2017

BMO Ascent™ Equity Growth Portfolio April 18, 2017

BMO Ascent™ Growth Portfolio April 18, 2017

BMO Ascent™ Income Portfolio April 18, 2017

BMO Asian Growth and Income Fund August 25, 2003

BMO Asset Allocation Fund November 24, 1987

BMO Balanced ETF Portfolio August 7, 2013

BMO Brookfield Global Real Estate Tech Fund February 25, 2022

BMO Brookfield Global Renewables Infrastructure Fund February 25, 2022

BMO Canadian Banks ETF Fund June 13, 2022

BMO Canadian Equity ETF Fund November 24, 1987

BMO Canadian Equity Fund May 6, 1993 BMO Equity Fund

(up to April 3, 2014)

BMO Canadian Income & Growth Fund November 4, 2022

BMO Canadian Small Cap Equity Fund May 6, 1993

BMO Canadian Smart Alpha Equity Fund January 4, 1999 BMO Canadian Large Cap Equity Fund

(up to May 30, 2023)

BMO Canadian Stock Selection Fund December 12, 2013

BMO Clean Energy ETF Fund May 26, 2021

BMO Concentrated Global Balanced Fund February 27, 2006 BMO Global Diversified Fund

(up to November 17, 2019)

BMO Concentrated Global Equity Fund May 10, 2019

BMO Conservative ETF Portfolio August 7, 2013

BMO Core Bond Fund November 5, 2014

BMO Core Plus Bond Fund May 4, 2018

BMO Corporate Bond ETF Fund March 24, 2023

BMO Covered Call Canada High Dividend ETF Fund May 4, 2018

BMO Covered Call Canadian Banks ETF Fund April 19, 2016

BMO Covered Call Energy ETF Fund May 30, 2023

BMO Covered Call Europe High Dividend ETF Fund April 19, 2016

BMO Covered Call U.S. High Dividend ETF Fund April 19, 2016

BMO Covered Call Utilities ETF Fund May 30, 2023

BMO Crossover Bond Fund May 4, 2018

BMO Diversified Income Portfolio October 1, 2004

BMO Dividend Fund May 31, 1994

BMO Emerging Markets Bond Fund August 7, 2013

119

P revious name(s), if any,

Fund Formation in the last 10 years

BMO Emerging Markets Fund May 31, 1994

BMO Equity Growth ETF Portfolio August 7, 2013

BMO European Fund May 31, 1994

BMO Fixed Income ETF Portfolio May 4, 2018

BMO Global Climate Transition Fund May 30, 2023

BMO Global Dividend Fund October 22, 1996

BMO Global Dividend Opportunities Fund September 5, 2000

(1)

BMO Global Energy Fund October 23, 2008

(2)

BMO Global Enhanced Income Fund June 13, 2022

BMO Global Equity Fund April 13, 2015

BMO Global Health Care Fund May 30, 2023

BMO Global Income & Growth Fund November 4, 2022

BMO Global Infrastructure Fund October 1, 2004

BMO Global Innovators Fund November 4, 2022

BMO Global Low Volatility ETF Fund April 14, 2010

(3)

BMO Global Monthly Income Fund October 1, 2004

BMO Global Quality ETF Fund June 13, 2022

BMO Global REIT Fund May 30, 2023

BMO Global Small Cap Fund July 28, 1994

BMO Global Strategic Bond Fund May 4, 2018

BMO Greater China Fund October 1, 2004

(4)

BMO Growth & Income Fund October 21, 1996

BMO Growth ETF Portfolio August 7, 2013

BMO Growth Opportunities Fund April 13, 2015

BMO Income ETF Portfolio August 7, 2013 BMO Security ETF Portfolio

(up to July 28, 2014)

BMO Inflation Opportunities Fund May 24, 2024

BMO International Equity ETF Fund February 11, 1999

BMO International Equity Fund May 4, 2018

BMO International Value Fund December 12, 2013

BMO Japan Fund May 4, 2018

BMO Low Volatility Canadian Equity ETF Fund May 10, 2019

BMO Low Volatility U.S. Equity ETF Fund May 22, 2020

BMO Managed Balanced Portfolio October 1, 2004 BMO FundSelect

Balanced Portfolio

(up to May 30, 2023)

BMO Managed Conservative Portfolio May 30, 2023

BMO Managed Equity Growth Portfolio October 1, 2004 BMO FundSelect

Equity Growth

Portfolio (up to May 30, 2023)

120

(1)

This date reflects the start date of BMO Global Dividend Class, which merged into BMO Global Dividend Opportunities Fund on August 25, 2023.

(2)

This date reflects the start date of BMO Global Energy Class, which merged into BMO Global Energy Fund on August 25, 2023.

(3)

This date reflects the start date of BMO Global Low Volatility ETF Class, which merged into BMO Global Low Volatility ETF Fund on August 25, 2023.

(4)

This date reflects the start date of BMO Greater China Class, which merged into BMO Greater China Fund on August 25, 2023.

P revious name(s), if any,

Fund Formation in the last 10 years

BMO Managed Growth Portfolio October 1, 2004 BMO FundSelect

Growth Portfolio

(up to May 30, 2023)

BMO Managed Income Portfolio October 1, 2004 BMO FundSelect

Security Portfolio

(up to July 28, 2014)

BMO FundSelect

Income Portfolio

(up to May 30, 2023)

BMO Money Market Fund November 24, 1987

BMO Monthly High Income Fund II October 10, 2002

BMO Monthly Income Fund February 11, 1999

BMO Mortgage and Short-Term Income Fund July 16, 1974

BMO Multi-Factor Equity Fund May 4, 2018

BMO Nasdaq 100 Equity ETF Fund May 26, 2021

BMO North American Dividend Fund May 31, 1994

BMO Precious Metals Fund October 22, 1996

BMO Premium Yield ETF Fund March 24, 2023

BMO Resource Fund May 6, 1993

BMO Retirement Balanced Portfolio December 13, 2018

BMO Retirement Conservative Portfolio December 13, 2018

BMO Retirement Income Portfolio December 13, 2018

BMO Risk Reduction Equity Fund August 18, 2015

BMO Risk Reduction Fixed Income Fund August 18, 2015

BMO SelectTrust

Balanced Portfolio July 17, 2006

BMO SelectTrust

Conservative Portfolio July 17, 2006

BMO SelectTrust

Equity Growth Portfolio July 17, 2006

BMO SelectTrust

Fixed Income Portfolio August 7, 2013

BMO SelectTrust

Growth Portfolio July 17, 2006

BMO SelectTrust

Income Portfolio July 17, 2006 BMO SelectTrust™ Security Portfolio

(up to July 28, 2014)

BMO SIA Focused Canadian Equity Fund December 13, 2018

BMO SIA Focused North American Equity Fund December 13, 2018

BMO Strategic Equity Yield Fund May 30, 2023

BMO Strategic Fixed Income Yield Fund May 24, 2024

BMO Sustainable Balanced Portfolio May 22, 2020 BMO Principle Income Portfolio

(up to August 25, 2020)

BMO Sustainable Bond Fund May 26, 2021

BMO Sustainable Conservative Portfolio May 22, 2020 BMO Principle Income Portfolio

(up to August 25, 2020)

BMO Sustainable Equity Growth Portfolio May 30, 2023

BMO Sustainable Global Balanced Fund November 5, 2014 BMO Global Balanced Fund

(up to November 18, 2021)

BMO Sustainable Global Multi-Sector Bond Fund May 4, 2018 BMO Global Multi-Sector Bond Fund

(up to November 18, 2021)

121

P revious name(s), if any,

Fund Formation in the last 10 years

BMO Sustainable Growth Portfolio May 22, 2020 BMO Principle Income Portfolio

(up to August 25, 2020)

BMO Sustainable Income Portfolio May 22, 2020 BMO Principle Income Portfolio

(up to August 25, 2020)

BMO Sustainable Opportunities Canadian Equity Fund May 22, 2020

BMO Sustainable Opportunities Global Equity Fund April 19, 2016 BMO Fossil Fuel Free Fund

(up to May 9, 2019)

BMO Tactical Balanced ETF Fund December 13, 2018

BMO Tactical Dividend ETF Fund December 13, 2018

BMO Tactical Global Asset Allocation ETF Fund December 13, 2018

BMO Tactical Global Equity ETF Fund April 13, 2015

BMO Tactical Global Growth ETF Fund April 19, 2016

BMO Target Education 2025 Portfolio November 5, 2014

BMO Target Education 2030 Portfolio November 5, 2014

BMO Target Education 2035 Portfolio November 5, 2014

BMO Target Education 2040 Portfolio May 22, 2020

BMO Target Education Income Portfolio November 5, 2014

BMO Ultra Short-Term Bond ETF Fund May 30, 2023

BMO U.S. All Cap Equity Fund May 26, 2021

BMO U.S. Corporate Bond Fund June 13, 2022

BMO U.S. Dividend Fund November 5, 2014

BMO U.S. Dollar Balanced Fund August 7, 2013

BMO U.S. Dollar Dividend Fund August 7, 2013

BMO U.S. Dollar Equity Index Fund July 6, 1998

BMO U.S. Dollar Money Market Fund July 6, 1998

BMO U.S. Dollar Monthly Income Fund October 1, 2004

BMO U.S. Equity ETF Fund October 22, 1996

BMO U.S. Equity Fund October 22, 1996

BMO U.S. Equity Growth MFR Fund May 30, 2023

BMO U.S. Equity Plus Fund November 5, 2014

BMO U.S. Equity Value MFR Fund May 30, 2023

BMO U.S. High Yield Bond Fund May 9, 2008

BMO U.S. Small Cap Fund May 4, 2018

BMO USD Balanced ETF Portfolio May 22, 2020

BMO USD Conservative ETF Portfolio May 22, 2020

BMO USD Income ETF Portfolio May 22, 2020

BMO Women in Leadership Fund May 4, 2018

BMO World Bond Fund May 6, 1993

122

BMO Monthly Dividend Fund Ltd.

BMO Monthly Dividend Fund Ltd. is a mutual fund

corporation incorporated by articles of incorporation

under the laws of the Province of Ontario dated

February 3, 1978 and amended on September 18,

2000, August 30, 2002, July 8, 2003, July 6, 2009,

March 28, 2013 to change its name to BMO Monthly

Dividend Fund Ltd., on December 10, 2014 and

November 10, 2017.

Major events in the past ten years

BMO Asian Growth and Income Fund

On August 25, 2023, BMO Asian Growth and

Income Class merged into this fund.

On September 1, 2015, Matthews International

Capital Management, LLC ceased to act as the

sub-advisor of this fund, and was appointed as the

portfolio manager of this fund.

BMO Balanced ETF Portfolio

On August 25, 2023, BMO Balanced ETF Portfolio

Class merged into this fund.

On April 12, 2019, BMO Balanced Yield Plus ETF

Portfolio merged into this fund.

BMO Canadian Equity Fund

On August 25, 2023, BMO Canadian Equity Class

merged into this fund.

BMO Canadian Smart Alpha Equity Fund

On May 30, 2023, the fund’s name was changed to

BMO Canadian Smart Alpha Equity Fund.

BMO Concentrated Global Balanced Fund

Effective December 6, 2019, GuardCap Asset

Management Limited was appointed a sub-advisor

for a portion of this fund.

Effective November 15, 2019, Matthews International

Capital Management, LLC ceased to act as a portfolio

manager of this fund and Guardian Capital LP took

over portfolio management responsibility for the

portion of the fund’s portfolio previously managed by

Matthews International Capital Management, LLC.

In addition, the fund’s name was changed to BMO

Concentrated Global Balanced Fund and its

investment strategies were changed to allow the

fund to maintain an asset allocation of 60% equities

and 40% Canadian fixed income securities.

On September 1, 2015, Matthews International

Capital Management LLC ceased to act as the

sub-advisor of this fund, and was appointed as a

portfolio manager of this fund.

123

BMO Core Bond Fund

On April 12, 2019, BMO Laddered Corporate Bond

Fund merged into this fund.

On January 7, 2016, the investment strategies of this

fund were changed to allow the fund to implement

dynamic positioning strategies on the yield-curve

by actively trading different types of securities

which will increase the portfolio turnover rate of

the fund but will not generally affect the fund’s risk

profile. The portfolio turnover rate of securities in

the fund could exceed 100%.

BMO Core Plus Bond Fund

On September 15, 2023, BMO Bond Fund merged

into this fund.

On January 7, 2016, the investment strategies of this

fund were changed to allow the fund to implement

dynamic positioning strategies on the yield-curve

by actively trading different types of securities

which will increase the portfolio turnover rate of

the fund but will not generally affect the fund’s risk

profile. The portfolio turnover rate of securities in

the fund could exceed 100%.

BMO Crossover Bond Fund

On November 15, 2021, Taplin, Canida & Habacht,

LLC ceased to act as a sub-advisor for this fund.

BMO Diversified Income Portfolio

On January 29, 2018, Columbia Threadneedle

Management Limited (formerly, BMO Asset

Management Limited) was appointed as

sub-advisor for a portion of this fund.

On October 14, 2016, BMO Canadian Diversified

Monthly Income Fund merged into this fund.

BMO Dividend Fund

On August 25, 2023, BMO Dividend Class merged

into this fund.

On September 23, 2016, BMO Enhanced Equity

Income Fund merged into this fund.

BMO Emerging Markets Bond Fund

On April 1, 2022, Threadneedle Asset Management

Limited replaced BMO Asset Management Inc.

as portfolio manager of the Fund, and Columbia

Threadneedle Management Limited (formerly,

BMO Asset Management Limited) ceased to act as

sub-advisor for the Fund.

On January 29, 2018, Columbia Threadneedle

Management Limited (formerly, BMO Asset

Management Limited) replaced Taplin, Canida &

Habacht, LLC as the sub-advisor of this fund.

BMO Emerging Markets Fund

Effective March 1, 2023, Polen Capital UK LLP

replaced Columbia Threadneedle (EM) Investments

Limited (formerly, LGM Investments Limited) as

portfolio manager of the fund.

BMO Equity Growth ETF Portfolio

On August 25, 2023, BMO Equity Growth ETF

Portfolio Class merged into this fund.

BMO European Fund

On January 9, 2015, Columbia Threadneedle

Management Limited (formerly, BMO Asset

Management Limited) replaced Vontobel Asset

Management, Inc. as the sub-advisor of this fund.

On the same date, the investment strategies of the

fund were changed to reflect the investment style of

Columbia Threadneedle Management Limited

(formerly, BMO Asset Management Limited).

BMO Fixed Income ETF Portfolio

On September 15, 2023, BMO Tactical Global Bond

ETF Fund merged into this fund.

On April 12, 2019, BMO Fixed Income Yield Plus

ETF Portfolio merged into this fund.

BMO Global Dividend Opportunities Fund

On August 25, 2023, BMO Global Dividend Class

merged into this fund.

BMO Global Energy Fund

On August 25, 2023, BMO Global Energy Class

merged into this fund.

BMO Global Equity Fund

On August 25, 2023, BMO Global Equity Class

merged into this fund.

On October 31, 2022, BMO Asset Management Inc.

replaced Columbia Threadneedle Management

Limited (formerly, BMO Asset Management

Limited) as portfolio manager of this fund.

On November 19, 2021, BMO Global Growth &

Income Fund merged into this fund.

On May 4, 2018, Columbia Threadneedle

Management Limited (formerly, BMO Asset

Management Limited) was appointed as the

sub-advisor for this fund.

BMO Global Infrastructure Fund

On October 31, 2022, BMO Asset Management Inc.

replaced Macquarie Investment Management

Advisers as portfolio manager of this fund.

BMO Global Low Volatility ETF Fund

On August 25, 2023, BMO Global Low Volatility

ETF Class merged into this fund.

BMO Global Small Cap Fund

On January 29, 2018, Columbia Threadneedle

Management Limited (formerly, BMO Asset

Management Limited) was appointed as the

sub-advisor of this fund. On the same date, the

investment strategies of the fund were changed

to reflect the investment style of Columbia

Threadneedle Management Limited (formerly,

BMO Asset Management Limited).

BMO Greater China Fund

On August 25, 2023, BMO Greater China Class

merged into this fund.

BMO Growth ETF Portfolio

On August 25, 2023, BMO Growth ETF Portfolio

Class merged into this fund.

BMO Income ETF Portfolio

On August 25, 2023, BMO Income ETF Portfolio

Class merged into this fund.

BMO International Equity Fund

On January 9, 2024, BMO Asset Management Inc.

replaced Columbia Management Investment

Advisers, LLC as portfolio manager of this fund.

On December 16, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Inc. as portfolio manager of the fund

and BMO Asset Management Corp. ceased to act as

sub-advisor for this fund.

BMO International Value Fund

On August 25, 2023, BMO International Value Class

merged into this fund.

BMO Managed Balanced Portfolio

On May 30, 2023, the fund’s name was changed to

BMO Managed Balanced Portfolio.

BMO Managed Equity Growth Portfolio

On May 30, 2023, the fund’s name was changed to

BMO Managed Equity Growth Portfolio.

BMO Managed Growth Portfolio

On May 30, 2023, the fund’s name was changed to

BMO Managed Growth Portfolio.

BMO Managed Income Portfolio

On May 30, 2023, the fund’s name was changed to

BMO Managed Income Portfolio.

124

BMO Money Market Fund

On July 8, 2022, BMO LifeStage Plus 2022 Fund

merged into this fund.

On July 3, 2020, BMO LifeStage Plus 2020 Fund

merged into this fund.

On June 30, 2017, BMO LifeStage Plus 2017 Fund

merged into this fund.

On July 3, 2015, BMO LifeStage Plus 2015 Fund

merged into this fund.

BMO Monthly Income Fund

On January 29, 2018, Columbia Threadneedle

Management Limited (formerly, BMO Asset

Management Limited) was appointed as sub-

advisor for a portion of this fund.

BMO North American Dividend Fund

On December 16, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Corp. as sub-advisor for the U.S.

equity portion of this fund.

BMO SelectTrust

Balanced Portfolio

On August 25, 2023, BMO SelectClass

Balanced

Portfolio merged into this fund.

BMO SelectTrust

Equity Growth Portfolio

On August 25, 2023, BMO SelectClass

Equity

Growth Portfolio merged into this fund.

BMO SelectTrust

Growth Portfolio

On August 25, 2023, BMO SelectClass

Growth

Portfolio merged into this fund.

BMO SelectTrust

Income Portfolio

On August 25, 2023, BMO SelectClass

Income

Portfolio merged into this fund.

BMO Sustainable Balanced Portfolio

On August 26, 2020, the fund’s name was changed

to BMO Sustainable Balanced Portfolio and its

investment objectives were changed to provide that

investments are selected using a responsible

investing approach.

BMO Sustainable Conservative Portfolio

On August 26, 2020, the fund’s name was changed

to BMO Sustainable Balanced Portfolio and its

investment objectives were changed to provide that

investments are selected using a responsible

investing approach.

BMO Sustainable Global Balanced Fund

On November 19, 2021, the fund’s name was

changed from BMO Global Balanced Fund to

BMO Sustainable Global Balanced Fund and the

investment objectives were changed to adopt a

responsible investment approach.

BMO Sustainable Global Multi-Sector Bond Fund

On November 19, 2021, the fund’s name was

changed from BMO Global Multi-Sector Bond Fund

to BMO Sustainable Global Multi-Sector Bond Fund

and the investment objectives were changed to

adopt a responsible investment approach.

BMO Sustainable Growth Portfolio

On August 26, 2020, the fund’s name was changed

to BMO Sustainable Growth Portfolio and its

investment objectives were changed to provide

that investments are selected using a responsible

investing approach.

BMO Sustainable Income Portfolio

On August 26, 2020, the fund’s name was changed

to BMO Sustainable Income Portfolio and its

investment objectives were changed to provide

that investments are selected using a responsible

investing approach.

BMO Sustainable Opportunities Global Equity Fund

On May 4, 2018, Columbia Threadneedle

Management Limited (formerly, BMO Asset

Management Limited) was appointed as the

sub-advisor for this fund.

BMO Target Education Income Portfolio

On July 3, 2020, BMO Target Education 2020

Portfolio merged into this fund.

BMO U.S. Dividend Fund

On December 16, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Inc. as portfolio manager of the fund

and BMO Asset Management Corp. ceased to act as

sub-advisor for this fund.

BMO U.S. Dollar Balanced Fund

On December 16, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Corp. as sub-advisor for the U.S.

equity portion of this fund.

On November 15, 2021, Columbia Management

Investment Advisers, LLC replaced Taplin, Canida

& Habacht, LLC as sub-advisor for the U.S. fixed

income portion of this fund.

125

BMO U.S. Dollar Dividend Fund

On December 16, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Inc. as portfolio manager of the fund

and BMO Asset Management Corp. ceased to act as

sub advisor for the fund.

BMO U.S. Dollar Money Market Fund

On November 19, 2021, BMO Asset Management

Corp. ceased to act as sub-advisor for this fund.

BMO U.S. Dollar Monthly Income Fund

On December 16, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Corp. as sub-advisor for the U.S.

equity portion of this fund.

On November 15, 2021, Columbia Management

Investment Advisers, LLC replaced Taplin, Canida

& Habacht, LLC as sub-advisor for the U.S. fixed

income and U.S. high yield bond portions of this fund.

On March 7, 2017, Monegy, Inc. ceased to act as a

portfolio manager of this fund, BMO Asset

Management Inc. took over portfolio management

responsibility for the portion of the portfolio

previously managed by Monegy, Inc. and Taplin,

Canida & Habacht, LLC was appointed as sub-

advisor for that portion of the portfolio.

BMO U.S. Equity Fund

On August 25, 2023, BMO U.S. Equity Class merged

into this fund.

On December 16, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Inc. as portfolio manager of the Fund

and BMO Asset Management Corp. ceased to act as

sub-advisor for this fund.

BMO U.S. High Yield Bond Fund

On June 25, 2021, BMO Floating Rate Income Fund

merged into this fund.

On November 15, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Inc. as portfolio manager for the fund

and Taplin, Canida & Habacht, LLC ceased to act as

sub-advisor for this fund.

Effective March 7, 2017, BMO Asset Management

Inc. replaced Monegy, Inc. as the portfolio manager

of this fund and Taplin, Canida & Habacht, LLC was

appointed as the sub-advisor.

On October 14, 2016, BMO High Yield Bond Fund

merged into this fund.

BMO U.S. Small Cap Fund

On December 16, 2021, Columbia Management

Investment Advisers, LLC replaced BMO Asset

Management Inc. as portfolio manager of the fund

and BMO Asset Management Corp. ceased to act as

sub-advisor for this fund.

BMO World Bond Fund

On May 4, 2018, Columbia Threadneedle

Management Limited (formerly, BMO Asset

Management Limited) was appointed as the sub-

advisor for this fund.

Investment risk classification methodology

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 the fund facts or ETF facts for a fund,

is required to be determined in accordance with a

standardized risk classification methodology

mandated by the Canadian Securities Administrators

that is based on a fund’s historical volatility as

measured by the 10-year standard deviation of the

monthly returns of the fund, or in the case of certain

series of securities of BMO Global Dividend

Opportunities Fund, BMO Global Energy Fund,

BMO Global Low Volatility ETF Fund and BMO

Greater China Fund, the monthly returns of the

corresponding series of BMO Global Dividend

Class, BMO Global Energy Class, BMO Global Low

Volatility ETF Class and BMO Greater China Class,

respectively, 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 •

126

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 the increase to be reasonable in

the circumstances by 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 or sub-advisor,

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

10-year period, or for the remainder of the 10-year

period, as the case may be, when calculating the

standard deviation of the fund. In the case of a fund

that undergoes 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 investment risk level may

change once the fund has sufficient performance

history. The investment risk level and the reference

index or reference fund 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.

127

The following chart sets out the reference index or other fund used for each fund that has less than a

10-year return history.

Fund Reference index or fund

BMO Aggregate Bond ETF Fund BMO Aggregate Bond Index ETF

BMO ARK Genomic Revolution Fund MSCI ACWI Health Care Index (C$)

BMO ARK Innovation Fund MSCI ACWI Index (C$)

BMO ARK Next Generation Internet Fund MSCI ACWI Information Technology Index (C$)

BMO Ascent™ Balanced Portfolio 40% FTSE Canada Universe Bond Index, 20% S&P/TSX Composite Index

and 40% MSCI World Index (C$)

BMO Ascent™ Conservative Portfolio 60% FTSE Canada Universe Bond Index, 15% S&P/TSX Composite Index

and 25% MSCI World Index (C$)

BMO Ascent™ Equity Growth Portfolio 30% S&P/TSX Composite Index and 75% MSCI World Index (C$)

BMO Ascent™ Growth Portfolio 20% FTSE Canada Universe Bond Index, 25% S&P/TSX Composite Index

and 55% MSCI World Index (C$)

BMO Ascent™ Income Portfolio 75% FTSE Canada Universe Bond Index, 10% S&P/TSX Composite Index

and 15% MSCI World Index (C$)

BMO Brookfield Global

Real Estate Tech Fund FTSE EPRA Nareit Developed Index

BMO Brookfield Global Real Estate

Tech Fund – Series F (Hedged),

Advisor Series (Hedged) FTSE EPRA Nareit Developed Index (US$)

BMO Brookfield Global Renewables

Infrastructure Fund FTSE Global Core Infrastructure 50/50 Index

BMO Brookfield Global Renewables

Infrastructure Fund – Series F (Hedged),

Advisor Series (Hedged)

FTSE Global Core Infrastructure 50/50 Index (C$ Hedged)

and FTSE Global Core Infrastructure 50/50 Index (US$)

BMO Canadian Banks ETF Fund BMO Equal Weight Banks Index ETF

BMO Canadian Income & Growth Fund

30% FTSE Canada Universe Bond Index, 10% Bloomberg U.S. High Yield Very Liquid Index

(Hedged to C$), 40% S&P/TSX Composite Index, 20% MSCI World Index (C$)

BMO Clean Energy ETF Fund BMO Clean Energy Index ETF and S&P Global Clean Energy Index

BMO Concentrated Global Equity Fund MSCI World Index (C$)

BMO Concentrated Global Equity Fund –

Series F (Hedged), Advisor Series (Hedged)

MSCI World Index (C$ Hedged)

BMO Core Bond Fund FTSE Canada Universe Bond Index

BMO Core Plus Bond Fund FTSE Canada Universe Bond Index

BMO Corporate Bond ETF Fund BMO Corporate Bond Index ETF and FTSE Canada All Corporate Bond Index™

BMO Covered Call Canada

High Dividend ETF Fund

BMO Canadian High Dividend Covered Call ETF and S&P/TSX Canadian Dividend

Aristocrats Total Return Index

128

Fund Reference index or fund

BMO Covered Call

Canadian Banks ETF Fund

BMO Covered Call Canadian Banks ETF and S&P/TSX Equal Weight Diversified Banks

Total Return Index

BMO Covered Call Energy ETF Fund BMO Covered Call Energy ETF (ZWEN) and S&P Global 1200 Energy Index

BMO Covered Call Europe

High Dividend ETF Fund

BMO Europe High Dividend Covered Call Hedged to CAD ETF and MSCI Europe

Total Return Index (C$ Hedged)

BMO Covered Call U.S.

High Dividend ETF Fund

BMO U.S. High Dividend Covered Call ETF and S&P 500 Dividend Aristocrats

Total Return Index (C$)

BMO Covered Call Utilities ETF Fund BMO Covered Call Utilities ETF

BMO Crossover Bond Fund

50% ICE BofA1-10yr BBB-rated U.S. Corporate Index, 30% ICE BofA1-10yr BBB-rated

European Corporate Index, 15% ICE BofA1-10yr BB-rated U.S. HY Index and 5% ICE

BofA European Currency High Yield BB Index, Hedged to C$

BMO Global Climate Transition Fund MSCI ACWI Index

BMO Global Dividend Opportunities Fund MSCI World Index

BMO Global Enhanced Income Fund MSCI World Index (C$)

BMO Global Equity Fund MSCI World Index (C$)

BMO Global Health Care Fund MSCI World Health Care Index

BMO Global Income & Growth Fund 30% Bloomberg Global Aggregate Bond Index (Hedged to C$), 10% Bloomberg

U.S. High Yield Very Liquid Index (Hedged to C$), 60% MSCI World Index (C$)

BMO Global Innovators Fund MSCI World Index (C$)

BMO Global Quality ETF Fund BMO MSCI All Country World High Quality Index ETF, MSCI ACWI Quality Index

BMO Global REIT Fund MSCI World Real Estate Index

BMO Growth Opportunities Fund 60% S&P/TSX Composite Index and 40% S&P 500 Index (US$)

BMO Inflation Opportunities Fund 10% FTSE Canada 91 Day Treasury Bill TR Index, 20% Bloomberg U.S. Treasury: U.S. TIPS

Total Return Index Hedged CAD, 20% Markit iBoxx USD Liquid High Yield TR, 20% Bloomberg

Inflation Sensitive Equity Net Return Index CAD, 10% Dow Jones Brookfield Global

Infrastructure North American Listed Index TR CAD, 15% Bloomberg Commodity ex-Precious

Metals Index CAD, 5% London Bullion Market Association (LBMA) Gold Price (C$)

BMO International Equity Fund MSCI EAFE Total Return Index (C$)

BMO Japan Fund MSCI Japan Total Return Index (C$)

BMO Low Volatility Canadian Equity ETF Fund

BMO Low Volatility U.S. Equity ETF Fund

BMO Low Volatility Canadian Equity ETF and MSCI Canada Minimum Volatility (CAD) Index

BMO Low Volatility US Equity ETF and MSCI USA Minimum Volatility (CAD) Index

BMO Managed Conservative Portfolio 60% FTSE Canada Universe Bond Index, 25% S&P/TSX Composite Index

and 15% MSCI World Index (C$)

BMO Multi-Factor Equity Fund S&P 500 Index (C$)

BMO Nasdaq 100 Equity ETF Fund BMO Nasdaq 100 Equity Index ETF and NASDAQ–100 Index

BMO Premium Yield ETF Fund BMO Premium Yield ETF and 60% CBOE S&P 500 2% OTM PutWrite Index (C$)

and 40% CBOE S&P 500 BuyWrite Index (C$)

129

Fund Reference index or fund

BMO Retirement Balanced Portfolio

40% FTSE Canada Universe Bond Index, 30% CBOE S&P 500 Total Return 95-110

Collar Index (C$ hedged) and 30% MSCI World Index (C$)

BMO Retirement Conservative Portfolio

60% FTSE Canada Universe Bond Index, 25% CBOE S&P 500 Total Return 95-110

Collar Index (C$ hedged) and 15% MSCI World Index (C$)

BMO Retirement Income Portfolio

75% FTSE Canada Universe Bond Index, 20% CBOE S&P 500 Total Return 95-110

Collar Index (C$ hedged) and 5% MSCI World Index (C$)

BMO Risk Reduction Equity Fund CBOE S&P 500 Total Return 95-110 Collar Index (C$ hedged)

BMO Risk Reduction Fixed Income Fund FTSE Canada Universe Bond Index

BMO SIA Focused Canadian Equity Fund S&P/TSX Composite Index

BMO SIA Focused North American

Equity Fund

50% S&P/TSX Composite Index and 50% S&P 500 Index (C$)

BMO Strategic Equity Yield Fund

50% CBOE S&P 500 PutWrite Index (C$) and 50% S&P/TSX 60 Index

BMO Strategic Fixed Income Yield Fund Bloomberg U.S. Aggregate Bond Index (Hedged to CAD)

BMO Sustainable Balanced Portfolio 40% FTSE Canada Universe Bond Index, 18% S&P/TSX Composite Index, 18% MSCI EAFE

Index (C$), 21% S&P 500 Index (C$) and 3% MSCI Emerging Markets Index (C$)

BMO Sustainable Bond Fund FTSE Canada Universe Bond Index

BMO Sustainable Conservative Portfolio 60% FTSE Canada Universe Bond Index, 15% S&P/TSX Composite Index

and 25% MSCI EAFE Index (C$)

BMO Sustainable Equity Growth Portfolio 30% S&P/TSX Composite Index and 75% MSCI World Index (C$)

BMO Sustainable Global Balanced Fund

50% MSCI World Index (C$) and 50% Bloomberg Global Aggregate

Bond Index (C$ hedged)

BMO Sustainable Global

Multi-Sector Bond Fund

35% ICE BofA BB-B Global Non-Financial High Yield Index, 21.67% ICE BofA

1-10 Year BBB US Corporate Index, 21.67% ICE BofA 1-10 Year BBB Sterling Corporate

Index and 21.66% ICE BofA 1-10 Year BBB Euro Corporate

BMO Sustainable Growth Portfolio 20% FTSE Canada Universe Bond Index, 25% S&P/TSX Composite Index

and 55% MSCI World Index (C$)

BMO Sustainable Income Portfolio 75% FTSE Canada Universe Bond Index, 10% S&P/TSX Composite Index

and 15% MSCI World Index (C$)

BMO Sustainable Opportunities

Canadian Equity Fund

S&P/TSX Composite Index

BMO Sustainable Opportunities

Global Equity Fund

MSCI World Index (C$)

BMO Tactical Balanced ETF Fund 40% Bloomberg Global Aggregate Bond Index (C$) and 60% MSCI World Index (C$)

BMO Tactical Global Asset

Allocation ETF Fund

40% Bloomberg Global Aggregate Bond Index (C$)

and 60% MSCI World Index (C$)

BMO Tactical Global Equity ETF Fund MSCI World Index (C$)

BMO Tactical Global Growth ETF Fund MSCI World Index (C$ hedged)

BMO Target Education 2025 Portfolio

40% FTSE Canada Universe Bond Index, 20% S&P/TSX Composite Index

and 40% MSCI World Index (C$)

130

Fund Reference index or fund

BMO Target Education 2030 Portfolio

30% FTSE Canada Universe Bond Index, 20% S&P/TSX Composite Index

and 50% MSCI World Index (C$)

BMO Target Education 2035 Portfolio

20% FTSE Canada Universe Bond Index, 25% S&P/TSX Composite Index

and 55% MSCI World Index (C$)

BMO Target Education 2040 Portfolio

20% FTSE Canada Universe Bond Index, 25% S&P/TSX Composite Index

and 55% MSCI World Index (C$)

BMO Target Education Income Portfolio FTSE Canada Short Term Overall Bond Index

BMO Ultra Short-Term Bond ETF Fund BMO Ultra Short-Term Bond ETF

BMO USD Income ETF Portfolio 75% Bloomberg U.S. Aggregate Bond Index (USD), 25% S&P 500 Index (USD)

BMO USD Conservative ETF Portfolio 60% Bloomberg U.S. Aggregate Bond Index (USD), 40% S&P 500 Index (USD)

BMO USD Balanced ETF Portfolio 40% Bloomberg U.S. Aggregate Bond Index (USD), 60% S&P 500 Index (USD)

BMO U.S. All Cap Equity Fund S&P 1500 Index

BMO U.S. Corporate Bond Fund Bloomberg U.S. Corporate Bond Index

BMO U.S. Dividend Fund S&P 500 Index (C$ hedged)

BMO U.S. Equity Fund –

Series A (Hedged), Series F (Hedged)

S&P 500 Index (C$ Hedged)

BMO U.S. Equity Growth MFR Fund

S&P 500 Index

BMO U.S. Equity Plus Fund 75% S&P 500 Index (C$) and 25% S&P/TSX Composite Index

BMO U.S. Equity Value MFR Fund S&P 500 Index

BMO U.S. Small Cap Fund Russell 2500 Total Return Index C$

BMO Women in Leadership Fund Barclays Women in Leadership North American Index (C$)

The following chart sets out a description of each reference index used for each fund that has less than a

10-year return history.

Reference index Description of reference index

Bloomberg Global Aggregate The Bloomberg Global Aggregate Bond Index is a flagship measure of global investment

grade debt. This multi-currency benchmark includes treasury, government-related, corporate

and securitized fixed-rate bonds from both developed and emerging markets issuers.

Bond Index (C$)

Bloomberg U.S. Aggregate Bond Index

The Bloomberg U.S. Aggregate Bond Index provides a broad-based measure of the U.S.

investment grade fixed rate debt markets that contains four major sub-index components:

the U.S. Government Index, the U.S. Credit Index, the U.S. Mortgage-Backed Securities Index

and the U.S. Asset-Backed Securities Index.

Bloomberg U.S. Corporate Bond Index

The Bloomberg U.S. Corporate Bond Index measures the investment grade, fixed-rate,

taxable corporate bond market. It includes USD denominated securities publicly issued by

U.S. and non-U.S. industrial, utility and financial issuers.

Bloomberg U.S. High Yield Very Liquid Index

The Bloomberg US High Yield Very Liquid Index is a component of the US Corporate High

Yield Index that is designed to track a more liquid component of the USD-denominated,

high yield, fixed-rate corporate bond market.

131

Reference index Description of reference index

Bloomberg Inflation Sensitive Equities The Bloomberg Inflation Sensitive Equity Index is constructed to track the performance of

companies with a sector classification of Energy, Industrials, Materials or Real Estate that

demonstrate a strong positive correlation with inflation. The Index aims to represent an

equally weighted basket consisting of fifty companies, determined by their derived beta

ranking, from the Bloomberg U.S. 3000 Index.

Bloomberg U.S. Treasury Inflation-Linked The Bloomberg U.S. Treasury Inflation-Linked Bond Index (Series-L) measures the

performance of the US Treasury Inflation Protected Securities (TIPS) market. Eligible

securities must have at least one year remaining to maturity, greater than US$500 million

outstanding, and principal and interest must be inflation linked and denominated in USD.

The U.S. dollar currency exposure is hedged back to Canadian dollars.

Bond Index Hedged to CAD

Bloomberg Commodity ex-Precious Metal The Bloomberg Commodity ex-Precious Metal Index is a commodity subindex of the

Bloomberg Commodity Index. It excludes futures contracts from the Precious Metals sector.

It reflects the return of underlying commodity futures price movements only.

Barclays Women in Leadership The Barclays Women in Leadership North American Index provides exposure to North

American based companies that satisfy one or both of the gender diversity criteria of

having a female chief executive officer or having at least 25% female members on the

board of directors.

North American Index

CBOE S&P 500 2% OTM PutWrite Index The CBOE S&P 500 2% OTM PutWrite Index represents selling near term 2% out of the

money put options and holding short-term t-bills.

CBOE S&P 500 BuyWrite Index The CBOE S&P 500 BuyWrite Index represents buying 500 large capitalization U.S. public

issuers and selling near term close to the money call options.

CBOE S&P 500 Total Return The CBOE S&P 500 Total Return 95-110 Collar Index reflects the price movements of

securities listed on the S&P 500 along with price movements from selling index call options at

110% of the index value, and each quarter purchase index put options at 95% of the index value.

95-110 Collar Index

Dow Jones Brookfield The Dow Jones Brookfield Global Infrastructure North American Listed Index is a float-

adjusted market capitalization weighted index that reflects shares of securities actually

available to investors in the marketplace. To be eligible for inclusion in the Dow Jones

Global Infrastructure

North American Listed Index

Brookfield Global Infrastructure North American Listed Index, a company must have a

minimum float-adjusted market capitalization of US$500 million as well as a minimum

three-month average daily trading volume of US$1 million. Securities of constituent issuers

also must be listed on a North American stock exchange. Further information about the

Dow Jones Brookfield Global Infrastructure North American Listed Index and its constituent

issuers is available from S&P on its website at http://ca.spindices.com/.

FTSE Canada All Corporate Bond Index™ The FTSE Canada All Corporate Bond Index™ consists of semi-annual pay fixed rate bonds

denominated in Canadian dollars, with an effective term to maturity greater than one year,

a credit rating of BBB or higher and minimum size requirement of $100 million per issue.

The index consists of corporate bonds.

FTSE Canada Universe Bond Index The FTSE Canada Universe Bond Index is a broad measure of the total return of Canadian

bonds that mature in more than one year.

FTSE EPRA Nareit Developed Index

FTSE EPRA Nareit Developed Index tracks the performance of listed real estate companies

and real estate investment trusts (REITS) worldwide. By making the index constituents

free-float adjusted, liquidity, size and revenue screened, it is suitable for use as the basis

for investment products, such as derivatives and ETFs.

132

Reference index Description of reference index

FTSE Global Core Infrastructure

50/50 Index

FTSE Global Core Infrastructure 50/50 Index represents the performance of large, mid and

small cap stocks globally that meet FTSE Russell’s definition of infrastructure, weighted

according to three broad industry sectors – 50% utilities, 30% transportation (with a cap of

7.5% for railroads/ railways) and a 20% mix of other sectors including pipelines, satellites

and telecommunication towers.

FTSE Canada Short Term

Corporate Bond Index

The FTSE Canada Short Term Corporate Bond Index consists of semi-annual pay fixed rate

corporate bonds denominated in Canadian dollars, with an effective term to maturity less

than five years but greater than one year.

FTSE Canada Short Term

Overall Bond Index

The FTSE Canada Short Term Overall Bond Index is a broad measure of the total return of

Canadian bonds that mature in less than five years and greater than one year.

FTSE Canada Universe Bond Index

The FTSE Canada Universe Bond Index is a broad measure of the total return of Canadian

bonds that mature in more than one year.

FTSE 91 Day Canada Treasury Bill

The FTSE Canada 91 Day T-Bill Index tracks the performance of Government of Canada

Treasury Bills with 91 days to maturity.

ICE BofA1-10yr BB-rated

U.S. HY Index

The ICE BofA1-10yr BB-rated U.S. HY Index tracks the performance of U.S. dollar denominated

below investment grade corporate debt publicly issued in the US domestic market with a

remaining term to final maturity less than 10 years and rated BB1 through BB3, inclusive.

ICE BofA1-10yr BBB-rated

European Corporate Index

The ICE BofA1-10yr BBB-rated European Corporate Index tracks the performance of EUR

denominated investment grade corporate debt publicly issued in the eurobond or Euro

member domestic markets with a remaining term to final maturity less than 10 years

and rated BBB1 through BBB3, inclusive.

ICE BofA1-10yr BBB-rated

U.S. Corporate Index

The ICE BofA1-10yr BBB-rated U.S. Corporate Index tracks the performance of U.S. dollar

denominated investment grade corporate debt publicly issued in the US domestic market with

a remaining term to final maturity less than 10 years and rated BBB1 through BBB3, inclusive.

ICE BofA 1-10 Year BBB

Sterling Corporate Index

The ICE BofA 1-10 Year BBB Sterling Corporate Index tracks the performance of GBP

denominated investment grade corporate debt publicly issued in the eurobond or UK

domestic market with a remaining term to final maturity less than 10 years and rated

BBB1 through BBB3, inclusive.

ICE BofA BB-B Global

Non-Financial High Yield Index

The ICE BofA BB-B Global Non-Financial High Yield Index tracks the performance of USD,

CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in

the major domestic or eurobond markets excluding all securities of financial issuers.

ICE BofA European Currency

High Yield BB Index

The ICE BofA European Currency High Yield BB Index tracks the performance of EUR and

GBP denominated below investment grade corporate debt publicly issued in the eurobond,

sterling domestic or euro domestic markets rated BB1 through BB3, inclusive.

London Bullion Market Association Gold LBMA Gold Price is determined by an auction process conducted by the ICE Benchmark

Administration and published by the London Bullion Market Association (LBMA).

Markit iBoxx USD Liquid High Yield Index The Markit iBoxx USD Liquid High Yield Index consists of liquid USD high yield bonds,

selected to provide a balanced representation of the USD high yield corporate bond

universe. The indices are an integral part of the global Markit iBoxx index families, which

provide the marketplace with accurate and objective indices by which to assess the

performance of bond markets and investments. The index is market-value weighted with

an issuer cap of 3%.

133

Reference index Description of reference index

MSCI ACWI Health Care Index The MSCI ACWI Health Care Index includes large and mid cap securities across 23 Developed

Markets and 24 Emerging Markets countries. All securities in the index are classified in the

Health Care as per the Global Industry Classification Standard (GICS

)

MSCI ACWI Index

The MSCI ACWI Index measures the total return of a representation of equity securities

from developed markets and emerging markets globally.

MSCI ACWI Information Technology Index The MSCI ACWI Information Technology Index includes large and mid cap securities across

23 Developed Markets countries and 24 Emerging Markets (EM) countries. All securities in

the index are classified in the Information Technology as per the Global Industry

Classification Standard (GICS

MSCI ACWI Quality Index

The MSCI ACWI Quality Index is based on the parent index, the MSCI ACWI Index, which

includes large- and mid-capitalization stocks across developed market and emerging market

countries. The index aims to capture the performance of quality stocks selected from

the parent index, by identifying stocks with high quality scores based on three main

fundamental variables: high return on equity, stable year-over-year earnings growth

and low financial leverage.

MSCI Canada Minimum

Volatility (CAD) Index

The MSCI Canada Minimum Volatility (CAD) Index aims to reflect the performance

characteristics of a minimum variance strategy applied to the MSCI large and mid-cap

Canadian equity universe. This index is calculated by optimizing the MSCI Canada Index,

its parent index, in CAD for the lowest absolute risk (within a given set of constraints).

MSCI EAFE Total Return Index

The MSCI Europe, Australasia, Far East (“EAFE”) Total Return Index measures the

performance of large and mid-cap securities across 21 developed markets, including

countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.

MSCI Europe Total Return Index

The MSCI Europe Total Return Index captures large- and mid-capitalization representation

across 15 Developed Markets (DM) countries in Europe.

MSCI Japan Total Return Index

The MSCI Japan Total Return Index is designed to measure the performance of the large

and mid-cap segments of the Japanese market. With 321 constituents, the index covers

approximately 85% of the free float-adjusted market capitalization in Japan.

MSCI USA Minimum

Volatility (USD) Index

The MSCI USA Minimum Volatility (USD) aims to reflect the performance characteristics of a

minimum variance strategy applied to the large and mid-capitalization U.S. equity universe.

The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the

lowest absolute risk (within a given set of constraints).

MSCI World Health Care Index The MSCI World Health Care Index consists of large and mid-cap equities across developed

countries and includes securities that are classified within the GICS Health Care sector.

MSCI World Index

The MSCI World Index is a broad global equity index that represents large- and mid-cap

equity performance across 23 developed markets countries. It covers approximately 85%

of the free float-adjusted market capitalization in each country.

MSCI World Real Estate Index The MSCI World Real Estate Index consists of large and mid-cap equities across developed

countries and includes securities that are classified within the GICS Real Estate sector.

NASDAQ-100 Index

The NASDAQ-100 Index is a modified market capitalization weighted index that tracks

100 of the largest non-financial securities listed on the Nasdaq Stock Market based on

market capitalization.

Russell 2500 Total Return Index

The Russell 2500 Total Return Index is a broad market cap-weighted index of small- and

mid-cap market capitalization securities that includes the smallest 2,500 companies covered

in the Russell 3000 universe of United States-based listed equities.

134

Reference index Description of reference index

S&P 500 Dividend Aristocrats The S&P 500 Dividend Aristocrats Total Return Index measures the performance of S&P 500

companies that have increased dividends every year for the last 25 consecutive years.

Total Return Index

S&P 500 Index The S&P 500 Index is a market capitalization-weighted index of the 500 largest

U.S. publicly traded companies.

S&P 1500 Index The S&P 1500 Index measures the performance of the broad U.S. equity market, including

small, mid and large capitalization stocks.

S&P Global Clean Energy Index

The S&P Global Clean Energy Index measures companies from both developed and

emerging markets that are involved in clean energy related businesses.

S&P Global 1200 Energy Index The S&P Global 1200 Energy Index consists of all members of the S&P Global 1200 that are

classified within the GICS energy sector.

S&P/TSX Canadian Dividend The S&P/TSX Canadian Dividend Aristocrats Total Return Index measures the performance

of companies included in the S&P Canada BMI that have followed a policy of consistently

increasing dividends every year for at least five years.

Aristocrats Total Return Index

S&P/TSX Composite Dividend

Total Return Index

The S&P/TSX Composite Dividend Total Return Index aims to provide a broad-based

benchmark of Canadian dividend-paying stocks. This index includes all stocks in the

S&P/TSX Composite Index with positive annual dividend yields as of the latest rebalancing

of the S&P/TSX Composite Index.

S&P/TSX Composite Index The S&P/TSX Composite Index is a market capitalization-weighted index of securities of the

largest and most liquid companies on the TSX.

S&P/TSX Equal Weight Diversified

Banks Total Return Index

The S&P/TSX Equal Weight Diversified Banks Total Return Index measures the performance

of commercial banks whose businesses are derived primarily from commercial lending

operations and also have significant activity in retail banking and small and medium

corporate lending, and weights these equally within the index.

S&P/TSX Preferred Share

Total Return Index

The S&P/TSX Preferred Share Total Return Index is designed to track the performance of

the Canadian preferred stock market.

S&P/TSX 60 Index The S&P/TSX 60 Index is a market capitalization-weighted index comprised of 60 of the

largest (by market capitalization) and most liquid securities on the TSX.

135

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 1-800-665-7700, write to BMO Investments Inc.

at 100 King Street West, 43rd Floor, Toronto, Ontario

M5X 1A1 or email us at [email protected].

If you purchased your securities of a fund,

including ETF Series securities, through a dealer,

you may call us toll free at 1-800-668-7327, write to

BMO Investments Inc. at 250 Yonge Street, 7th Floor,

Toronto, Ontario, M5B 2M8 or email us at

[email protected] or

[email protected].

136

A guide to using

the fund descriptions

You’ll find all the key information about each fund

in one place – the fund descriptions. They begin on

page 141. Each fund description is organized into

sections to make it easier for you to compare funds.

Below is a short guide to what you’ll find in each

section of the fund descriptions.

1. Fund details

The Fund details section provides an overview of

some basic information about the fund, like what

kind of fund it is, when it was started and what type

of securities it offers.

A mutual fund can be set up as a trust or as a

corporation. We offer both kinds of mutual funds

under this simplified prospectus. BMO Monthly

Dividend Fund Ltd. is a corporation. When you

invest in BMO Monthly Dividend Fund Ltd., you

are also buying shares of a corporation. BMO Trust

Funds are organized as trusts. When you invest in a

BMO Trust Fund, you are buying units of a trust.

The funds may offer more than one series of

securities. Each series is intended for a different

kind of investor and may have a different

management fee.

The Fund details section tells you if the fund is a

qualified investment for registered plans. You

should consult your own tax advisor to determine

whether an investment in a fund would be a

prohibited investment for your registered plan.

This section shows the management fee that we

may charge for the series of securities of the funds.

For each series, we may, from time to time at our

discretion, waive a portion or the entire amount of

the management fee chargeable at any given time.

This section includes information about the

administration fee of some of the funds, the name of

the portfolio manager of each fund and the name of

the sub-advisor, if any, for a fund.

2. What Does the Fund Invest in?

This section tells you the Investment Objectives and

Investment Strategies of the fund.

Investment Objectives

These are the goals of the fund. You’ll find details

about the kinds of securities the fund invests in, as

well as any special focus, like concentrating on a

particular country or industry.

Certain funds, identified on the front cover,

have investment objectives that reference

responsible investing.

Investment Strategies

This section tells you how the portfolio manager

and/or the sub-advisor tries to achieve the fund’s

objectives. Each of the funds follows the standard

investment restrictions and practices established by

Canadian securities legislation, unless Canadian

securities regulators have given the fund approval

to vary from these restrictions. See Investment

Restrictions on page 110 for further information.

As permitted by Canadian securities legislation, the

IRC has provided us with approval to enable the

funds to engage in certain transactions with, and

purchase securities of, certain related parties.

Please see Investment Restrictions on page 110 for

more information.

Each fund may temporarily depart from its

investment objectives by holding a portion of its

assets in cash or cash equivalents, short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions.

A fund may purchase securities of underlying funds

(or obtain exposure to underlying funds by entering

into derivative transactions). A fund may invest in

underlying funds in a manner that is consistent

with the investment objectives and investment

strategies of the fund, provided that there shall be

no duplication of management fees chargeable in

connection with securities held indirectly by a fund

through its investments in underlying funds and

the management fees directly charged to the fund.

In the event that a fund invests in an underlying

fund and the management fee payable by the

underlying fund is higher than that of the fund, the

fund may indirectly pay the higher management fee

on the portion of the fund’s assets invested in the

underlying fund, regardless of whether the

underlying fund is managed by us or one of our

affiliates or associates or by an independent fund

manager. In some cases, when a fund invests in

underlying funds it will predominantly, if not

exclusively, invest in underlying funds that are

managed by us or one of our affiliates or associates

as described in the Part B for the relevant fund. For

more information on the inherent conflicts of

interest associated with funds investing in underlying

funds affiliated or associated with us, please see

Responsibility for mutual fund administration –

Funds of funds on page 32.

In some cases, the investment strategies section of a

fund may indicate that the fund has percentage or

other restrictions on its investment in certain types

of securities. In these cases, if the restriction is

adhered to at the time of investment and then later

the market value of the investment, the rating of the

investment, or the value of the fund, changes in a

manner that causes the restriction to be exceeded, it

is not a violation of the restriction.

How the funds use derivatives

A derivative is an investment whose value is based

on the value of another investment – called the

underlying investment. There are many different

kinds of derivatives, but they usually take the form

of a contract to buy or sell a stock, currency,

commodity, market index or mutual fund.

Some common types of derivatives a fund may

use include:

Futures or forward contracts: these are agreements •

made today to buy or sell a particular currency,

security or market index on a specific day in the

future at a specified price;

Options contracts: these are agreements that give •

the buyer the right, but not the obligation, to buy

or sell certain securities within a certain time

period, at a specified price; and

Swap agreements: these are negotiated contracts •

between parties agreeing to exchange periodic

payments in the future based on returns of different

investments. Swaps are generally equivalent to a

series of forward contracts packaged together.

Mutual funds can use derivatives for purposes other

than hedging only if the fund has enough cash or

securities to cover its positions.

A mutual fund can only use derivatives as permitted

by the Canadian securities regulatory authorities

and subject to any exemptive relief they have

received, and only if their use is consistent with the

fund’s investment objectives.

Currency hedging strategies

Certain funds buy securities denominated in

foreign currencies. The value of these securities

will vary with changes in the value of the Canadian

dollar. To protect against variations in exchange

rates, these funds may buy or sell forward currency

contracts or currency futures contracts.

Each fund that engages in currency hedging will

exchange currency on a spot basis at prevailing

rates or through forward contracts of one year or

less. We enter into currency hedging contracts only

up to the market value of the assets a fund holds in

that currency. We may adjust the contracts from

time to time.

Securities lending, repurchase

and reverse repurchase transactions

All of the funds may engage in securities lending,

repurchase and reverse repurchase transactions as

described under Securities lending, repurchase and

reverse repurchase transactions on page 33.

Short selling strategies

Certain of the funds may engage in short selling in

order to manage volatility or enhance the fund’s

performance in declining or volatile markets.

A “short sale” is where a fund borrows securities

from a borrowing agent (generally a custodian or

dealer) and then sells the borrowed securities in the

open market. At a later date, the same number and

type of securities are repurchased by the fund and

returned to the borrowing agent. A fund that sells

securities short must post margin with the borrowing

agent from whom it is borrowing securities as

collateral for the borrowed securities. This margin

can be in the form of cash and/or securities. In

addition to paying a borrowing fee to the borrowing

agent on the borrowed securities, the fund may also

be required to pay other fees in connection with the

short sale. If the value of the securities declines

between the time that the fund borrows the securities

and the time it repurchases and returns the securities

to the borrowing agent, the fund profits by the

amount of the change in the value of the securities

(less any borrowing and transaction costs).

A mutual fund will only engage in short sales

as permitted by Canadian securities regulatory

authorities, and only if the strategy is consistent

with the fund’s investment objectives.

137

Responsible investment strategies

Certain funds, including but not limited to those

funds whose investment objectives reference

responsible investing, employ one or more of the

following strategies:

integration & evaluation: The fund explicitly •

considers ESG-related factors alongside traditional

financial factors when making investment

decisions. Portfolio managers that employ this

strategy use various resources for evaluating and

monitoring ESG-related factors in a qualitative

and quantitative manner including, but not

limited to, internal and external research, company

reports, company meetings, industry publications,

news publications and/or analyst reports

exclusionary screening: The fund excludes certain •

types of securities, issuers, sectors or regions from

its portfolio based on evaluations of activities,

business practices, or business segments based

on one or more ESG-related factors

best-in-class screening: The fund seeks to invest •

in issuers that perform better than their peers on

one or more performance metrics that incorporate

ESG-related factors

engagement & stewardship: The fund seeks to •

influence the issuers in which it has invested to

make decisions that increase the positive impact

of those issuers on ESG-related factors. To this

end, the fund may vote on management and/or

shareholder resolutions in accordance with

certain ESG-related considerations or aims, and

may interact with the management of the issuers

in which it has invested through meetings

and/or written dialogue in accordance with

certain ESG-related considerations or aims

thematic investing: The fund seeks to invest in •

securities, issuers, sectors or regions that are

expected to benefit from long-term macroeconomic

or structural trends that are ESG-related.

138

The investment strategies may involve the

following risks:

the yield of the fund varies with short-term •

interest rates

although the fund intends to maintain a NAV per •

unit of $1.00 for Series A, Series F, Series I,

Series M and Advisor Series, and a NAV per unit

of $50.00 or higher for ETF Series, there is no

assurance that we can do so as the value of the

fund’s portfolio securities may ﬂuctuate under

certain conditions, including where interest rates

are low or negative. During periods of low market

yields, the NAV per unit may fall below $1.00 for

Series A, Series F, Series I, Series M and Advisor

Series or $50.00 for ETF Series.

The investment strategies may also involve the

following risks, which we explain starting on

page 101:

credit risk •

cybersecurity risk •

interest rate risk •

large transaction risk •

series risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identiﬁed in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

For Series A, Series F, Series I, Series M and

Advisor Series securities, any net income is

allocated daily and distributed monthly, and any

net capital gains are distributed in December.

Distributions for these series are automatically

reinvested in additional securities of the fund.

For ETF Series securities, any net income is

accrued daily and distributed monthly, and any net

capital gains are distributed monthly, in each case

in cash. Annual distributions may be paid in cash or

reinvested automatically in additional ETF Series

securities of the fund at a price equal to the NAV per

security of the fund and the ETF Series securities

will be immediately consolidated such that the

number of outstanding ETF Series securities

following the distribution will equal the number of

ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities of

the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

If the cash distributions to you are greater than

the net increase in the value of your investment in

ETF Series securities, these distributions will

erode the value of your original investment.

A ROC does not necessarily reﬂect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

Investment objectives

This fund’s objectives are:

to preserve the value of your investment •

to provide a high level of liquidity •

and interest income.

As part of its investment objectives, the fund invests

primarily in high-quality money market instruments

issued by governments and corporations in Canada,

like treasury bills, bankers’ acceptances, and

commercial paper.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests only in securities rated R-1 or higher by •

DBRS or the equivalent rating as deﬁned by other

recognized rating agencies

invests in short-term debt securities, maintaining •

an average term of 90 days or less to reset date

and 180 days to maturity date

strives to maintain a NAV per unit of $1.00 for •

Series A, Series F, Series I, Series M and Advisor

Series by allocating income daily and distributing

it monthly, but there is a risk the NAV per unit

could vary from this amount

strives to maintain a NAV per unit of $50.00 or •

higher for ETF Series by accruing income daily

and distributing it monthly, but there is a risk the

NAV per unit could vary from this amount

may invest up to 10% of the fund’s assets in •

foreign securities.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Money Market

SeriesA: May2, 1988

SeriesF: November11, 2009

SeriesI: May10, 2010

Series M: April 16, 2012

ETF Series: November 29, 2021

(Ticker symbol: ZMMK)

Advisor Series: November11, 2009

Units of a mutual fund trust

Qualified investment

SeriesA: 0.60%

SeriesF: 0.20%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Series M: 0.30%

ETF Series: 0.28%

(2)

Advisor Series: 0.60%

0.08%

Series M: 0.05%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

(for ETF Series, no fixed

administration fee is paid)

(2)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May1989)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

The ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

BMO Money Market

Fund

BMO Security Funds

3. What are the risks of investing in the Fund?

When you’re deciding which funds to invest in, risk is one of the things you should think about. This

section tells you the specific risks of investing in the fund. You’ll find a description of each risk under

General investment risks on page 101.

If, as of May 6, 2024, any investor held Mutual Fund Series units of a particular Fund representing more

than 10% of the net asset value of that Fund, that holding is identified in the following table. For privacy

reasons, the names of investors who are individuals are redacted; however, you may obtain this

information by emailing us at [email protected].

Fund Investor % of Fund held

BMO ARK Genomic Revolution Fund BMO Investments Inc. 13.46

BMO ARK Next Generation Internet Fund BMO Investments Inc. 20.93

BMO Brookfield Global Real Estate Tech Fund BMO Investments Inc. 25.35

BMO Brookfield Global Renewables Infrastructure Fund BMO Investments Inc. 15.29

BMO Canadian Equity Fund BMO SelectTrust

Balanced Portfolio

27.44

BMO Canadian Equity Fund BMO SelectTrust

Growth Portfolio 19.44

BMO Canadian Income and Growth Fund BMO Investments Inc. 16.90

BMO Canadian Smart Alpha Equity Fund BMO SelectTrust

Balanced Portfolio 38.83

BMO Canadian Smart Alpha Equity Fund BMO SelectTrust

Equity Growth Portfolio 16.55

BMO Canadian Smart Alpha Equity Fund BMO SelectTrust

Growth Portfolio 15.42

BMO Concentrated Global Balanced Fund BMO Concentrated Global Balanced GIF 17.99

BMO Core Bond Fund BMO SelectTrust

Income Portfolio 47.86

BMO Core Bond Fund BMO SelectTrust

Conservative Portfolio 14.77

BMO Core Plus Bond Fund BMO SelectTrust

Balanced Portfolio 21.28

BMO Covered Call Energy ETF Fund BMO Investments Inc. 28.26

BMO Crossover Bond Fund BMO SelectTrust

Balanced Portfolio 63.90

BMO Crossover Bond Fund BMO SelectTrust

Income Portfolio 24.72

BMO Emerging Markets Bond Fund BMO SelectTrust

Balanced Portfolio 36.60

BMO Emerging Markets Bond Fund BMO Ascent Balanced Portfolio 17.02

BMO Emerging Markets Bond Fund BMO SelectTrust

Income Portfolio 13.02

BMO Emerging Markets Fund BMO SelectTrust

Balanced Portfolio 29.66

BMO Emerging Markets Fund BMO SelectTrust

Growth Portfolio 21.61

BMO Global Climate Transition Fund BMO Investments Inc. 75.94

BMO Global Dividend Opportunities Fund BMO Global Monthly Income Fund 13.24

BMO Global Equity Fund BMO SelectTrust

Balanced Portfolio 46.67

BMO Global Equity Fund BMO SelectTrust

Growth Portfolio 26.79

BMO Global Equity Fund BMO SelectTrust

Equity Growth Portfolio 10.46

BMO Global Health Care Fund BMO SelectTrust

Balanced Portfolio 14.04

BMO Global Infrastructure Fund BMO Ascent Balanced Portfolio 24.23

BMO Global Infrastructure Fund BMO Ascent Growth Portfolio 10.80

BMO Global Innovators Fund BMO SelectTrust

Growth Portfolio 38.31

BMO Global Innovators Fund BMO SelectTrust

Equity Growth Portfolio 14.56

BMO Global REIT Fund BMO SelectTrust

Growth Portfolio 22.70

BMO Global Small Cap Fund BMO Ascent Balanced Portfolio 26.62

BMO Growth Opportunities Fund BMO SelectTrust

Balanced Portfolio 28.97

BMO Growth Opportunities Fund BMO SelectTrust

Growth Portfolio 25.08

BMO International Equity Fund BMO SelectTrust

Growth Portfolio 68.55

139

Fund Investor % of Fund held

BMO International Equity Fund BMO SelectTrust

Equity Growth Portfolio 27.50

BMO Japan Fund BMO Managed Growth Portfolio 28.06

BMO Japan Fund BMO Managed Balanced Portfolio 24.68

BMO Japan Fund BMO Managed Equity Growth Portfolio 11.70

BMO Multi-Factor Equity Fund BMO Managed Growth Portfolio 14.49

BMO Multi-Factor Equity Fund BMO Managed Balanced Portfolio 13.30

BMO Premium Yield ETF Fund BMO Investments Inc. 17.94

BMO Risk Reduction Equity Fund BMO Retirement Balanced Portfolio 68.98

BMO Risk Reduction Equity Fund BMO Retirement Conservative Portfolio 24.61

BMO Risk Reduction Fixed Income Fund BMO Retirement Balanced Portfolio 48.86

BMO Risk Reduction Fixed Income Fund BMO Retirement Conservative Portfolio 35.18

BMO Risk Reduction Fixed Income Fund BMO Retirement Income Portfolio 15.96

BMO Strategic Equity Yield Fund BMO SelectTrust

Income Portfolio 28.94

BMO Strategic Equity Yield Fund BMO SelectTrust

Conservative Portfolio 10.16

BMO Sustainable Bond Fund redacted 33.96

BMO Sustainable Bond Fund BMO Sustainable Balanced Portfolio 32.61

BMO Sustainable Bond Fund BMO Sustainable Conservative Portfolio 12.87

BMO Sustainable Equity Growth Portfolio BMO Investments Inc. 23.40

BMO Sustainable Equity Growth Portfolio redacted 18.50

BMO Sustainable Equity Growth Portfolio redacted 12.66

BMO Sustainable Global Balanced Fund BMO Global Balanced GIF 37.00

BMO Sustainable Global Multi-Sector Bond Fund BMO Asset Management Inc 41.49

BMO Sustainable Global Multi-Sector Bond Fund ACPI (Veritable Foundation Income Portfolio) 11.36

BMO Sustainable Opportunities Canadian Equity Fund BMO Sustainable Balanced Portfolio 10.96

BMO Tactical Balanced ETF Fund BMO Tactical Balanced GIF 11.73

BMO U.S. Corporate Bond Fund BMO SelectTrust

Income Portfolio 37.05

BMO U.S. Corporate Bond Fund BMO SelectTrust

Balanced Portfolio 31.67

BMO U.S. Corporate Bond Fund BMO SelectTrust

Growth Portfolio 13.45

BMO U.S. Corporate Bond Fund BMO SelectTrust

Conservative Portfolio 12.82

BMO U.S. Equity Growth MFR Fund BMO Investments Inc. 99.94

BMO U.S. Equity Value MFR Fund BMO Investments Inc. 100.00

BMO U.S. Small Cap Fund BMO Target Education 2035 Portfolio 10.36

BMO Women in Leadership Fund BMO Ascent Balanced Portfolio 12.46

BMO World Bond Fund Majestic Select Partners Global 38.71

CDS & Co., the nominee of CDS, is the registered

owner of the ETF Series units of each Fund that

issues such units, and holds these units for various

dealers and other persons on behalf of their clients

and others.

From time to time, ETF Series units of a particular

Fund representing more than 10% of the net asset

value of that Fund may be beneficially owned,

directly or indirectly, by:

a Designated Broker, •

an ETF Dealer, •

140

another dealer, •

a Fund, and/or •

another investment fund managed by us, or by •

one of our associates or affiliates.

4. Distribution policy

This section tells you when you might receive

distributions from a fund and the character of the

distribution. See Description of securities offered –

Distributions on page 118.

141

Fund details

What does the fund invest in?

Investment objectives

This fund’s objectives are:

to preserve the value of your investment •

to provide a high level of liquidity •

and interest income.

As part of its investment objectives, the fund invests

primarily in high-quality money market instruments

issued by governments and corporations in Canada,

like treasury bills, bankers’ acceptances, and

commercial paper.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests only in securities rated R-1 or higher by •

DBRS or the equivalent rating as defined by other

recognized rating agencies

invests in short-term debt securities, maintaining •

an average term of 90 days or less to reset date

and 180 days to maturity date

strives to maintain a NAV per unit of $1.00 for •

Series A, Series F, Series I, Series M and Advisor

Series by allocating income daily and distributing

it monthly, but there is a risk the NAV per unit

could vary from this amount

strives to maintain a NAV per unit of $50.00 or •

higher for ETF Series by accruing income daily

and distributing it monthly, but there is a risk the

NAV per unit could vary from this amount

may invest up to 10% of the fund’s assets in •

foreign securities.

Type of fund

Canadian Money Market

Date started

SeriesA: May2, 1988

SeriesF: November11, 2009

SeriesI: May10, 2010

Series M: April 16, 2012

ETF Series: November 29, 2021

(Ticker symbol: ZMMK)

Advisor Series: November11, 2009

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

SeriesA: 0.60%

SeriesF: 0.20%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Series M: 0.30%

ETF Series: 0.28%

Advisor Series: 0.60%

(2)

(1)

Administration

fee

0.08%

Series M: 0.05%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(for ETF Series, no fixed

administration fee is paid)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

(1)

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May1989)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

The ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

BMO Money Market

Fund

BMO Security Funds

142

What are the risks of investing in the fund?

The investment strategies may involve the

following risks:

the yield of the fund varies with short-term •

interest rates

although the fund intends to maintain a NAV per •

unit of $1.00 for Series A, Series F, Series I,

Series M and Advisor Series, and a NAV per unit

of $50.00 or higher for ETF Series, there is no

assurance that we can do so as the value of the

fund’s portfolio securities may fluctuate under

certain conditions, including where interest rates

are low or negative. During periods of low market

yields, the NAV per unit may fall below $1.00 for

Series A, Series F, Series I, Series M and Advisor

Series or $50.00 for ETF Series.

The investment strategies may also involve the

following risks, which we explain starting on

page 101:

credit risk •

cybersecurity risk •

interest rate risk •

large transaction risk •

series risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I, Series M and

Advisor Series securities, any net income is

allocated daily and distributed monthly, and any

net capital gains are distributed in December.

Distributions for these series are automatically

reinvested in additional securities of the fund.

For ETF Series securities, any net income is

accrued daily and distributed monthly, and any net

capital gains are distributed monthly, in each case

in cash. Annual distributions may be paid in cash or

reinvested automatically in additional ETF Series

securities of the fund at a price equal to the NAV per

security of the fund and the ETF Series securities

will be immediately consolidated such that the

number of outstanding ETF Series securities

following the distribution will equal the number of

ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities of

the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

If the cash distributions to you are greater than

the net increase in the value of your investment in

ETF Series securities, these distributions will

erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO Aggregate Bond ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in Canadian

bonds. The fund may invest all or a portion of its

assets in an exchange traded fund that invests in

such securities, invest directly in the underlying

securities held by the exchange traded fund and/or

use derivatives to provide the fund with a return

determined by reference to the exchange traded

fund or its reference index.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in •

securities of BMO Aggregate Bond Index ETF

BMO Aggregate Bond Index ETF seeks to replicate, •

to the extent possible, the performance of an

aggregate bond index, net of expenses, which is

currently the FTSE Canada Universe Bond

Index™. The index is designed to be a broad

measure of the Canadian investment-grade fixed

income market consisting of federal, provincial,

municipal and corporate bonds. The index

consists of semi-annual pay fixed rate bonds

issued domestically in Canada and denominated

in Canadian dollars, with an effective term to

maturity of greater than one year and a credit

rating of BBB or higher. Each security in the

Index is weighted by its relative market

capitalization and rebalanced on a daily basis.

Further information about the FTSE Canada

Universe Bond Index™ and its constituent issuers

is available from FTSE Canada on its website at

https://www.ftse.com/products/indices/canada-

bond-universe

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Aggregate Bond

Index ETF, the fund may invest in securities

that make up the FTSE Canada Universe Bond

Index™ in substantially the same proportion as

BMO Aggregate Bond Index ETF

allocates assets between the underlying exchange •

traded fund and/or direct investments in

Canadian bonds based on a determination of

the most effective manner to achieve the

fund’s objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The allocation

between the underlying exchange traded fund

and direct investments may be changed without

notice from time to time

as an alternative to or in conjunction with •

investing directly in the underlying exchange

traded fund and/or directly investing in securities,

the fund may use derivatives like options,

143

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Fixed Income

SeriesA: March 27, 2023

SeriesF: March 27, 2023

SeriesI: March 27, 2023

Advisor Series: March 27, 2023

Units of a mutual fund trust

Qualified investment

SeriesA: 0.58%

(1)

SeriesF: 0.08%

(1)

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(2)

Advisor Series: 0.58%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since March 2023)

(1)

The manager is responsible for payment of the costs related to the

Administration Expenses, other than the Fund Expenses. See Fees and Expenses

on page 65 for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Income Funds

futures, forward contracts and swaps to gain

market exposure to the return of the underlying

exchange traded fund or a portion thereof

may invest up to 10% of the fund’s assets in •

foreign securities

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order

to manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are overvalued

and selling them in the open market. The securities

will then be repurchased by the fund at a later date

and returned to the lender. The fund will only

engage in short sales as permitted by Canadian

securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes monthly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

144

145

Fund details

BMO Concentrated Global

Balanced Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a competitive

total rate of return, comprised of capital gains and

income from interest and dividends, while

maintaining a lower level of volatility than pure

equity funds by investing primarily in a diversified

portfolio of both Canadian and foreign equity and

fixed income securities with no restrictions on the

capitalization of the issuers.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests the fund’s assets in a balance of equity •

and fixed income securities

typically maintains the fund’s asset allocation of •

60% equities and 40% Canadian fixed income

securities although the allocation will vary

over time

uses a disciplined, fundamental bottom-up •

approach to security selection

invests in a highly concentrated portfolio of •

global equity securities

invests in Canadian dollar denominated investment •

grade debt instruments such as debt securities

issued or guaranteed by Canadian federal and

provincial governments or issued by Canadian

corporations

may also invest in non-investment grade debt •

instruments to add value and enhance the fund’s

total return

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 90% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

managers

Sub-advisor

Global Neutral Balanced

Series A: August 29, 2016

Series T6: August 29, 2016

Series F: February 27, 2006

Series F (Hedged): June 8, 2020

Series F6: November 28, 2019

Series I: May 25, 2020

Advisor Series:

February 27, 2006

Advisor Series (Hedged):

June 8, 2020

Units of a mutual fund trust

Qualified investment

Series A: 1.60%

Series T6: 1.60%

Series F: 0.60%

Series F (Hedged): 0.60%

Series F6: 0.60%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

Advisor Series: 1.60%

Advisor Series (Hedged): 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

Guardian Capital LP

Toronto, Ontario

(Portfolio Manager

since February 2006)

GuardCap Asset

Management Limited

London, England

(Sub-advisor since

December 2019)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund uses derivatives, such as forward

contracts, to hedge its foreign currency exposure on

the fund’s foreign dollar denominated portfolio

investments allocated to Series F (Hedged) and

Advisor Series (Hedged) securities. While this

strategy may not achieve a perfect hedge of the

foreign currency exposure for Series F (Hedged)

and Advisor Series (Hedged) securities, Series A

(Hedged) and Advisor Series (Hedged) securities

will generally have a rate of return that is based on

the performance of the fund’s portfolio investments

excluding the performance attributable to foreign

currency fluctuations relative to the Canadian

dollar. Prior approval of securityholders of Series A

(Hedged), and Advisor Series (Hedged) will be

obtained before the currency hedging strategy of

Series A (Hedged) and Advisor Series (Hedged) is

changed.

As a result of this hedging strategy, hedging costs

are allocated to Series F (Hedged) and Advisor

Series (Hedged) and therefore may lower the

returns of these series.

The fund may or may not hedge some or all of its

foreign currency exposure on the foreign dollar

denominated investments allocated to the other

series of the fund. The return on these series of

securities of the fund will generally be based on

both the performance of the fund’s portfolio

investments and any performance attributable to

foreign currency fluctuations relative to the

146

Canadian dollar. The extent to which returns will

be based on foreign currency fluctuations will

depend on how much of the foreign currency

exposure is hedged. The fund has received an

exemption from the Canadian securities regulators

allowing it, subject to certain conditions, to

purchase from, or sell to, related dealers that are

principal dealers in the Canadian debt securities

market, non-government debt securities or

government debt securities in secondary markets.

For more detailed information on this exemption,

see Investment Restrictions.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

Derivatives are used for Series F (Hedged) and

Advisor Series (Hedged) securities to hedge against

foreign currency exposure and as a result Series F

(Hedged) and Advisor Series (Hedged) securities

will be subject to greater derivatives risk than

securities in other series of the fund. Series F

(Hedged) and Advisor Series (Hedged) securities

will be subject to less currency risk than securities

of other series of the fund because their foreign

currency exposure is hedged. However, the

hedging strategy may not achieve a perfect hedge of

the foreign currency exposure for Series F (Hedged)

and Advisor Series (Hedged) securities.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large transaction

risk associated with investing in this Fund (see Large

transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the year

as market conditions change. Any net income

earned by the fund in excess of the monthly

distribution may also be distributed to securityholders

from time to time. Any net capital gains are

distributed in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series A, Series F, Series F (Hedged), Series I,

Advisor Series and Advisor Series (Hedged)

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.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

147

148

Fund details

BMO Core Bond

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a high level of

interest income along with some opportunity for

growth by investing primarily in Canadian dollar

denominated investment grade debt instruments.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in Canadian dollar •

denominated investment grade debt instruments

such as debt securities issued or guaranteed by

Canadian federal and provincial governments or

issued by Canadian corporations

may also invest in non-investment grade debt •

instruments to add value and enhance the fund’s

total return

utilizes fundamental research, employing an •

active investment style to identify overvalued

and undervalued sectors of the fixed income

market

credit quality and security selection, along with •

active yield-curve management are emphasized

when allocating the fund’s net assets across

sectors

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 30% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Fixed Income

Series A: November 13, 2014

Series F: November 13, 2014

Series G: February 16, 2018

Series I: November 13, 2014

Advisor Series: November 13, 2014

Units of a mutual fund trust

Qualified investment

Series A: 0.95%

Series F: 0.35%

Series G: 0.60%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

Advisor Series: 0.95%

(1)

0.10%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November2014)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

149

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes monthly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell

us in writing that you prefer to receive cash

distributions.

Please see Income tax considerations for investors

on page 87 for more information.

150

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a high level of

interest income along with the opportunity for

growth by investing primarily in Canadian dollar

denominated investment grade and non-investment

grade debt instruments.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in Canadian dollar •

denominated investment grade fixed income

instruments such as debt securities issued or

guaranteed by Canadian federal and provincial

governments or issued by Canadian corporations

and in non-investment grade debt instruments,

loans and any other debt obligations the

portfolio manager believes will enhance the

fund’s total return

utilizes fundamental research, employing an •

active investment style to identify overvalued and

undervalued sectors of the fixed income market

credit quality and security selection, along with •

active yield-curve management are emphasized

when allocating the fund’s net assets across sectors

invest up to 30% of the fund’s assets in securities •

of underlying funds, with such underlying funds

expected to be predominantly or exclusively

underlying funds that are managed by us or one

of our affiliates or associates

may invest up to 40% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as

options, futures, forward contracts, swaps and

other derivative instruments may be used for

both hedging and non-hedging purposes, or to,

among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Fund details

BMO Core Plus Bond

Fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Fixed Income

Series A: November 13, 2014

Series F: November 13, 2014

Series G: February 16, 2018

Series I: November 13, 2014

ETF Series: May 23, 2018

(Ticker symbol: ZCPB)

Advisor Series: November 13, 2014

Units of a mutual fund trust

Qualified investment

Series A: 1.15%

Series F: 0.40%

Series G: 0.75%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

ETF Series: 0.50%

Advisor Series: 1.15%

(2)

(1)

0.10%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(for ETF Series, no fixed

administration fee is paid)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November 2014)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

151

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for the ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series G, Series I and Advisor

Series securities, the fund distributes monthly any

net income and/or ROC and any net capital gains in

December. Distributions for these series are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid quarterly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its

ETF Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

152

Fund details

BMO Corporate Bond ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in Canadian

corporate bonds. The fund may invest all or a

portion of its assets in an exchange traded fund that

invests in such securities, invest directly in the

underlying securities held by the exchange traded

fund and/or use derivatives to provide the fund

with a return determined by reference to the

exchange traded fund or its reference index.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in •

securities of BMO Corporate Bond Index ETF

BMO Corporate Bond Index ETF seeks to replicate, •

to the extent possible, the performance of a

corporate bond index, net of expenses, which is

currently the FTSE Canada All Corporate Bond

Index™. The index consists of semi-annual pay

fixed rate bonds denominated in Canadian

dollars, with an effective term to maturity greater

than one year, a credit rating of BBB or higher

and minimum size requirement of $100 million

per issue. The index consists of corporate bonds.

Further information about the FTSE Canada All

Corporate Bond Index™ is available from FTSE

Canada on its website at https://www.ftse.com/

products/indices/canada-bond-universe

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Corporate Bond

Index ETF, the fund may invest in securities that

make up the FTSE Canada All Corporate Bond

Index™ in substantially the same proportion as

BMO Corporate Bond Index ETF

allocates assets between the underlying exchange •

traded fund and/or direct investments in

Canadian corporate bonds based on a

determination of the most effective manner to

achieve the fund’s objectives, taking into account

liquidity requirements, while attempting to

minimize transaction costs and fees. The

allocation between the underlying exchange

traded fund and direct investments may be

changed without notice from time to time

as an alternative to or in conjunction with •

investing directly in the underlying exchange

traded fund and/or directly investing in securities,

the fund may use derivatives like options,

futures, forward contracts and swaps to gain

market exposure to the return of the underlying

exchange traded fund or a portion thereof

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

153

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Corporate Fixed Income

SeriesA: March 27, 2023

SeriesF: March 27, 2023

SeriesI: March 27, 2023

Advisor Series: March 27, 2023

Units of a mutual fund trust

Qualified investment

SeriesA: 0.65%

(1)

SeriesF: 0.15%

(1)

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(2)

Advisor Series: 0.65%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since March 2023)

(1)

The manager is responsible for payment of the costs related to the

Administration Expenses, other than the Fund Expenses. See Fees and Expenses

on page 65 for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

cybersecurity risk •

derivatives risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes monthly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

154

Fund details

BMO Crossover Bond

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide interest income

along with the opportunity for growth by investing

primarily in lower quality investment grade fixed-

income securities and higher quality non-investment

grade securities, known as crossover bonds, that

are primarily issued by corporations in developed

markets.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

the fund invests primarily in bonds and •

debentures issued by corporations in developed

markets, including the U.S. and Europe. The

fund may also invest in debt securities issued by

issuers in other jurisdictions

the fund invests primarily in securities rated BBB •

and BB at the time of investment by Standard &

Poor’s Rating Service or the equivalent rating

from other recognized rating agencies

the portfolio manager utilizes fundamental •

research to employ an active and value oriented

investment style to take advantage of credit

spreads by identifying overvalued and

undervalued sectors of the fixed income market

credit quality and security selection, along with •

active yield-curve management are emphasized

when allocating the fund’s assets across sectors

may hold a portion of its assets in cash or short-•

term money market instruments and/or high

quality fixed income securities while seeking

investment opportunities or for defensive

purposes to reflect economic and market

conditions

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Corporate Fixed Income

Series A: May 14, 2018

Series F: May 14, 2018

Series I: May 14, 2018

Advisor Series: May 14, 2018

Units of a mutual fund trust

Qualified investment

Series A: 1.00%

Series F: 0.50%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

Advisor Series: 1.00%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Columbia Threadneedle

Management Limited

London, England

(Portfolio Manager since May 2022;

Sub-advisor from May 2018 to

May 2022)

155

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as

options, futures, forward contracts, swaps and

other derivative instruments may be used for

both hedging and non-hedging purposes, or to,

among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures.

The fund’s foreign currency exposure is

typically fully hedged

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

156

157

Fund details

BMO Diversified Income

Portfolio

What does the fund invest in?

Investment objectives

This 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 fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager

(Canadian portfolio) and the sub-advisor

(U.S. equity portfolio) use to try to achieve the

fund’s objective:

invests directly in Canadian equity securities and •

fixed income securities issued by the federal

government, provincial governments,

government agencies and corporations

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equity

securities and fixed income securities of issuers

around the world, including those rated below

BBB at the time of investment by Standard &

Poor’s Rating Service or the equivalent rating as

defined by other recognized rating agencies

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors on

the basis that they will help the fund to achieve

its objective. The underlying funds, as well as the

percentage holding in each underlying fund, may

be changed without notice from time to time

may invest up to 80% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Sub-advisor

Global Neutral Balanced

SeriesA: June1, 2006

SeriesT6: April 1, 2013

Series F: August 29, 2016

Series F6: October 22, 2021

SeriesI: May10, 2010

Advisor Series: August 29, 2016

Units of a mutual fund trust

Qualified investment

SeriesA: 1.75%

SeriesT6: 1.75%

Series F: 0.35%

Series F6: 0.35%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.75%

(1)

0.20%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

sinceJune2006)

Columbia Threadneedle

Management Limited

London, England

(Sub-advisor since January 2018)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

158

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund has obtained exemptive relief from

Canadian securities regulators to enable the fund to

purchase mortgages from, or sell mortgages to,

certain related parties, including Bank of Montreal,

in accordance with certain conditions imposed by

the regulators. For more detailed information on

this exemptive relief, see Investment Restrictions.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities

of the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the

year as market conditions change. Any net income

earned by the fund in excess of the monthly

distribution may also be distributed to

securityholders from time to time. Any net capital

gains are distributed in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series A, Series F 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.

For Series T6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series T6 as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

159

160

Fund details

BMO Emerging Markets Bond

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to earn income as well as

provide the potential for capital appreciation by

investing primarily in fixed income securities

issued in or by, or have economic exposure to,

emerging market countries, and that are denominated

in U.S. dollars, other leading trading currencies or

local currencies.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

thatpurpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in a diversified pool of fixed income •

securities, such as bonds and debentures issued

by governments and corporations or obtains

exposure to such securities

employs a research-driven, relative value process •

focused on regional selection, sector selections,

security selection and yield curve positioning

while also considering the fund’s overall

duration positioning

seeks opportunities in both local currencies and •

U.S. dollar investments

selects fixed income securities and other •

instruments that are economically tied to an

emerging market country, organize or operate in

the country, derive a majority of their income

from operations within the country, or benefit

from exposure to such markets

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Emerging Markets Fixed Income

Series A: August 12, 2013

Series F: August 12, 2013

Series I: August 12, 2013

Series I (Unhedged):

October 13, 2022

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.35%

Series F: 0.65%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

Series I (Unhedged): N/A.

A Series I (Unhedged) fee is

negotiated and paid directly

by each Series I (Unhedged)

investor.

Advisor Series: 1.35%

(1)

0.30%

Series I: N/A (for Series I and

Series I (Unhedged), separate

fees and expenses are

negotiated and paid directly by

each Series I or Series I

(Unhedged) investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager since

September 2022, currency

management only)

Threadneedle Asset

Management Limited

London, England

(Portfolio Manager

since April 2022)

(1)

The combined management fee and expenses for Series I or Series I (Unhedged)

will not exceed the management fee charged for Advisor Series or Series A.

161

- reduce the impact of currency fluctuations on

the fund. For example, the portfolio manager

may attempt to reduce the impact of any

adverse changes in exchange rates by using

forward contracts and/or currency futures. The

portfolio manager will determine the level of

currency exposure based on its current view of

currency markets. The fund’s foreign currency

exposure is typically fully hedged, except with

respect to Series I (Unhedged) securities

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund will not hedge its foreign currency exposure

on the foreign dollar denominated investments

allocated to Series I (Unhedged) securities. The

return on Series I (Unhedged) securities will

generally be based on both the performance of the

fund’s portfolio investments and any performance

attributable to foreign currency fluctuations relative to

the Canadian dollar. Prior approval of securityholders

of Series I (Unhedged) will be obtained before any

currency hedging strategy is implemented on the

foreign dollar denominated investments allocated

to Series I (Unhedged) securities.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

Because the fund’s investments are concentrated in

developing countries, the value of the fund may be

more sensitive to stock market, economic and

political trends, and currency exchange rates than

funds that invest in developed countries.

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk

•

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

Derivatives are used for Series A, Series F, Series I

and Advisor Series securities to hedge against foreign

currency exposure and as a result these series of

securities will be subject to greater derivatives risk

than Series I (Unhedged) securities. Series A, Series F,

Series I and Advisor Series securities will be subject

to less currency risk than Series I (Unhedged)

securities because their foreign currency exposure

is hedged. However, the hedging strategy may not

achieve a perfect hedge of the foreign currency

exposure for Series A, Series F, Series I and

Advisor Series securities.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income monthly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

162

Fund details

BMO Global Monthly Income

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a fixed monthly

distribution by investing primarily, directly or

indirectly, in foreign equities and foreign fixed

income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in foreign equities,

foreign fixed income securities or both, and will

be selected on the basis that they help the

portfolio to achieve the same strategies that it

uses when investing directly in those securities

allocates assets among the underlying mutual •

funds and exchange traded funds based on each

underlying fund’s investment objectives and

strategies, among other factors. The underlying

funds, as well as the percentage holding in each

underlying fund, may be changed without notice

from time totime

may invest directly in foreign and Canadian fixed •

income and equity securities and cash or cash

equivalents

may invest in high quality preferred shares, •

equity units of foreign companies, foreign real

estate investment trusts, as well as Canadian real

estate investment trusts and property companies

denominated in foreign currencies or holding

foreign properties

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use derivatives •

to implement the investment strategy. Derivatives,

such as options, futures, forward contracts,

swaps and other derivative instruments may be

used for both hedging and non-hedging purposes,

or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity Balanced

SeriesA: October12, 2004

SeriesT6: April 1, 2013

Series F: October 22, 2021

Series F6: October 22, 2021

Units of a mutual fund trust

Qualified investment

SeriesA: 2.00%

SeriesT6: 2.00%

Series F: 1.00%

Series F6: 1.00%

0.23%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

sinceNovember 2012)

163

For Series A and Series F 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.

For Series T6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make monthly

distributions of an amount comprised of any net

income and/or ROC based on 6% of the NAV per

security of Series F6 as determined on December 31

of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the

year as market conditions change. Any net income

earned by the fund in excess of the monthly

distribution may also be distributed to

securityholders from time to time. Any net capital

gains are distributed in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

164

Fund details

BMO Global Strategic Bond

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a fixed monthly

distribution and capital appreciation potential by

investing primarily in debt instruments issued by

governments and corporations from around

theworld.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in a diversified pool of fixed •

income securities, such as bonds and debentures

issued by governments and corporations or

obtains exposure to suchsecurities

seeks the best potential investments for the •

portfolio by analyzing the credit ratings of

various issuers and using quantitative and

otherresearch

invests primarily in global fixed income •

securities, including investment grade securities

rated BBB or higher at the time of investment by

Standard and Poor’s Rating Service or the

equivalent rating as defined by other recognized

rating agencies, high yield securities with a credit

rating below BBB, and emerging marketdebt

may hold a portion of its assets in cash or •

short-term money market instruments and/or high

quality fixed income securities while seeking

investment opportunities or for defensive purposes

to reflect economic and market conditions

may invest up to 10% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Sub-advisor

Multi-Sector Fixed Income

SeriesA: November27, 2000

SeriesF: November3, 2008

SeriesI: May9, 2008

ETF Series: May 23, 2018

(Ticker symbol: ZGSB)

Advisor Series: November3, 2008

Units of a mutual fund trust

Qualified investment

SeriesA: 1.75%

SeriesF: 0.45%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

ETF Series: 0.73%

Advisor Series: 1.75%

(2)

(1)

0.28%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(for ETF Series, no fixed

administration fee is paid)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

(1)

PIMCO Canada Corp.

Toronto, Ontario

(Portfolio Manager

since May 2006)

Pacific Investment Management

Company LLC

Newport Beach, California

(Sub-advisor since May 2006)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

165

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures. The

fund’s foreign currency exposure is typically

fully hedged

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund has obtained approval from the Canadian

securities regulatory authorities for an exemption

from certain of the derivatives rules in NI 81-102,

allowing the fund to engage in the following

derivatives transactions in accordance with certain

conditions:

to enter into credit default and interest rate swaps •

with a remaining term to maturity greater than

3 years;

to the extent that cash cover is required in •

respect of specified derivatives, to cover

specified derivative positions with:

- any bonds, debentures, notes or other evidences

of indebtedness that are liquid having a

remaining term to maturity of 365 days or less

and a “designated credit rating” as defined in

NI 81-102 (“Fixed Income Securities”); or

- floating rate evidences of indebtedness which are

a “conventional floating rate debt instrument”

as defined in NI 81-102 with principal amounts

having a market value of approximately par at

the time of each change in the rate to be paid

(“FRNs”):

~ if the interest rates are reset no later than

every 185 days;

~ if the FRNs are issued by a government or

permitted supranational agency, the

principal and interest of the FRN is fully

and unconditionally guaranteed by the

federal, provincial, territorial or state

governments of Canada, of the United

States of America, of a government of

another sovereign state or of a “permitted

supranational agency” as defined in

NI 81-102 and the FRNs have an “approved

credit rating” as defined in NI 81-102; and

~ if the FRNs are issued by another person or

company, the FRNs have an “approved

credit rating” as defined in NI 81-102.

to use as cover when the fund has a long position •

in a debt-like security that has a component that

is a long position in a forward contract or in a

standardized future or forward contract:

- cash cover, including Fixed Income Securities

and FRNs, in an amount that, together with

margin on account for the specified derivative

and the market value of the specified derivative,

is not less than, on a daily mark-to-market

basis, the underlying market exposure of the

specified derivative;

- a right or obligation to sell an equivalent

quantity of the underlying interest of the future

or forward contract, and cash cover that

together with margin on account for the

position, is not less than the amount, if any, by

which the strike price of the future or forward

contract exceeds the strike price of the right or

obligation to sell the underlying interest; or

- a combination of the positions referred to in

subparagraphs (a) and (b) that is sufficient,

without recourse to other assets of the fund, to

enable the fund to acquire the underlying

interest of the future or forward contract.

to use as cover when the fund has a right to •

receive payments under a swap:

- cash cover, including Fixed Income Securities

and FRNs, in an amount that, together with

margin on account for the swap and the market

value of the swap, is not less than, on a daily

mark-to-market basis, the underlying market

exposure of the swap;

- a right or obligation to enter into an offsetting

swap on an equivalent quantity and with an

equivalent term and cash cover that together

with margin on account for the position is not

less than the aggregate amount, if any, of the

obligations of the fund under the swap less the

obligations of the fund under such offsetting

swap; or

- a combination of the positions referred to in

subparagraphs (a) and (b) that is sufficient,

without recourse to other assets of the fund, to

enable the fund to satisfy its obligations under

the swap.

For more information on exemptions applicable

to the fund, please see Investment Restrictions –

BMO Global Strategic Bond Fund and BMO World

Bond Fund on page 112.

166

securityholders from time to time. The fund

distributes monthly any net income and/or ROC

and any net capital gains in December.

Distributions for these series are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

For ETF Series securities, distributions, if any, are

paid quarterly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series

securities following the distribution will equal the

number of ETF Series securities outstanding prior

to the distribution. If you are enrolled in a

Distribution Reinvestment Plan, your distributions

are automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk

•

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

interest rate risk •

large transaction risk •

liquidity risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for the ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series

securities, the fund distributes a fixed amount per

security per month. The amount of the monthly

distribution may be adjusted without notice

throughout the year as market conditions change.

Any net income earned by the fund in excess of the

monthly distribution may also be distributed to

167

Fund details

BMO Growth & Income

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to generate a high level of

monthly distributions with moderate volatility by

investing primarily in a portfolio of trust units,

equity securities and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in common equities and real estate •

investment trusts, generally with large market

capitalizations

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Dividend

& Income Equity

Series T8: January8, 2008

Series F: January2, 2001

Series F6: October 22, 2021

Advisor Series: October21, 1996

Classic Series: October21, 1996

Units of a mutual fund trust

Qualified investment

Series T8: 1.85%

Series F: 0.50%

Series F6: 0.50%

Advisor Series: 1.85%

Classic Series: 1.25%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Guardian CapitalLP

Toronto, Ontario

(Portfolio Manager

since October1996)

may invest in fixed income securities, primarily •

consisting of Canadian government and

corporate issues of any maturity or credit rating

may invest up to 20% of the fund’s assets in •

foreign securities

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

cybersecurity risk •

equity risk •

foreign investment risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

168

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the year

as market conditions change. Any net income earned

by the fund in excess of the monthly distribution

may also be distributed to securityholders from time

to time. Any net capital gains are distributed in

December. Distributions are automatically reinvested

in additional securities of the fund, unless you tell us

in writing that you prefer to receive cash distributions.

For Series F, 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.

For Series T8 securities, the fund will make monthly

distributions of an amount comprised of any net

income and/or ROC based on 8% of the NAV per

security of Series T8 as determined on December 31

of the prior year.

For Series F6 securities, the fund will make monthly

distributions of an amount comprised of any net

income and/or ROC based on 6% of the NAV per

security of Series F6 as determined on December 31

of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

AROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

169

Fund details

BMO Monthly Dividend

Fund Ltd.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Fixed Income Balanced

Series F: July15, 2003

Advisor Series: January1, 1996

Classic Series: February 3, 1978

Shares of a mutual fund

corporation

Qualified investment

Series F: 0.60%

Advisor Series: 1.60%

Classic Series: 1.00%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Guardian CapitalLP

Toronto, Ontario

(Portfolio Manager

since February1978)

What does the fund invest in?

Investment objectives

This fund’s objective is to generate a high level of

tax-efficient income with moderate volatility by

investing primarily in a portfolio of high quality

preferred shares of Canadian corporations.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of shareholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in exchangeable fixed/floating •

rate, floating rate, perpetual or retractable

preferred shares of large capitalization Canadian

corporations

attempts to add value by purchasing preferred •

shares where the valuations of the instrument do

not reflect the underlying creditquality

invests in common equities and real estate •

investment trusts, generally with large market

capitalizations and above average dividend yields

may also purchase fixed income securities •

may invest up to 20% of the fund’s assets in •

foreign securities.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

equity risk •

foreign investment risk •

interest rate risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large transaction

risk associated with investing in this Fund (see

Large transaction risk on page 107).

170

Distribution policy

The fund distributes a fixed amount per security

per month. The fund makes distributions monthly

as ordinary dividends or as ROC. The amount of the

monthly distribution is set at the beginning of each

calendar year based on the market outlook. The

fund may also make distributions in excess of the

monthly distribution to securityholders from time

to time. Any capital gains dividends are distributed

within 60days after December31. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

AROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

171

Fund details

BMO Monthly High Income

Fund II

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in common equities and real estate •

investment trusts, generally with large market

capitalizations and above average dividend yields

may invest in fixed income securities, primarily •

consisting of Canadian government and

corporate issues of any maturity or credit rating

may invest up to 20% of the fund’s assets in •

foreign securities.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

equity risk •

foreign investment risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Dividend

& Income Equity

Series A: April 1, 2013

Series T5: January4, 2010

Series T8: January8, 2008

Series F: October10, 2002

Series F6: October 22, 2021

Series I: August25, 2003

Advisor Series: October10, 2002

Units of a mutual fund trust

Qualified investment

Series A: 1.85%

Series T5: 1.85%

Series T8: 1.85%

Series F: 0.60%

Series F6: 0.60%

Series I: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.85%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Guardian CapitalLP

Toronto, Ontario

(Portfolio Manager

since October2002)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to generate a high level of

monthly distributions with moderate volatility by

investing primarily in a portfolio of trust units,

equity securities and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

172

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on yoursecurities.

Please see Income tax considerations for investors

on page 87 for more information.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large transaction

risk associated with investing in this Fund (see

Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the year

as market conditions change. Any net income earned

by the fund in excess of the monthly distribution

may also be distributed to securityholders from

time to time. Any net capital gains are distributed

inDecember. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

For SeriesA, SeriesF, 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.

For SeriesT5 and SeriesT8 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 5% and

8%, respectively, of the NAV per security of the

applicable series as determined on December31 of

the prioryear.

For Series F6 securities, the fund will make monthly

distributions of an amount comprised of any net

income and/or ROC based on 6% of the NAV per

security of Series F6 as determined on December 31

of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

173

Fund details

BMO Monthly Income

Fund

What does the fund invest in?

Investment objectives

This fund’s objectives are:

to provide a fixed monthly distribution •

to preserve the value of your investment. •

As part of its investment objectives, the fund invests

primarily in:

Canadian fixed income securities with higher-•

than-average yields, issued by the federal

government, provincial governments, government

agencies and corporations

preferred and common shares •

real estate investment trusts •

royalty trusts and other high-yielding investments. •

To enhance the yield, the fund may also invest in

Canadian or foreign:

lower-rated or unrated securities •

derivative instruments like options, futures and •

forward contracts.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager

(Canadian portfolio) and the sub-advisor

(U.S. equity portfolio) use to try to achieve the

fund’s objectives:

invests in both equities and fixed income •

securities

when choosing fixed income securities: •

- invests primarily in securities rated BBB or

higher at the time of investment by Standard

and Poor’s Rating Service or the equivalent

rating as defined by other recognized rating

agencies. The fund will invest no more than

two times its benchmark index weight in

BBB-rated securities

- examines economic indicators like growth,

inflation and monetary policy to provide a

framework for selecting appropriate securities

- selects the term of the securities based on the

outlook for interest rates

- analyzes credit ratings of various issuers to

determine the best potential investments for

the portfolio

- invests in government and corporate securities

to diversify the fund’s holdings

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Sub-advisor

Canadian Neutral Balanced

SeriesA: March22, 1999

Series T6: April 1, 2013

SeriesF: November3, 2008

SeriesF6: October 19, 2016

Series G: February 16, 2018

SeriesI: March5, 2008

Units of a mutual fund trust

Qualified investment

SeriesA: 1.30%

SeriesT6: 1.30%

SeriesF: 0.50%

SeriesF6: 0.50%

Series G: 0.90%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

0.12%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

sinceMarch1999)

Columbia Threadneedle

Management Limited

London, England

(Sub-advisor since January 2018)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Series A.

174

when choosing equities: •

- examines the financial statistics of each

company it’s considering to determine if the

equity securities are attractively priced

- reviews company operations and research and

development to assess the company’s potential

forgrowth

- monitors the companies in which the fund

invests for changes that may affect their

profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 30% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large transaction

risk associated with investing in this Fund (see

Large transaction risk on page 107).

175

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the year as

market conditions change. Any net income earned

by the fund in excess of the monthly distribution

may also be distributed to securityholders from

time to time. Any net capital gains are distributed in

December. Distributions are automatically reinvested

in additional securities of the fund, unless you tell us

in writing that you prefer to receive cash distributions.

For Series A, Series F, 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.

For Series T6 and Series F6securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

176

Fund details

BMO Mortgage and Short-Term

Income Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a level of income

consistent with investments in short-term fixed

income securities.

The fund invests primarily in short-term, high-quality,

fixed income securities issued by or guaranteed

by Canadian federal, provincial or municipal

governments or issued by corporations. It may also

investin:

mortgages insured or guaranteed by Canadian •

federal or provincial governments

conventional first mortgages on Canadian real •

estate, either directly or indirectly through

pooled mortgage investments, such as

mortgage-backed securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

examines economic indicators like growth, •

inflation and monetary policy to provide a

framework for selecting appropriate securities

analyzes credit ratings of various issuers to •

determine the best potential investments for

theportfolio

allocates investments among government and •

corporate securities to diversify the fund’sholdings

expects to invest a minimum of 30% of the fund’s •

assets directly or indirectly in mortgages and

other pooled mortgage investments, such as

mortgage-backed securities, bonds secured by

mortgages and similar securities, and other

mortgage-related debtsecurities

will only invest in securities rated BBB or higher •

at the time of investment by Standard& Poor’s

Rating Service or the equivalent rating as defined

by other recognized rating agencies. The fund

will invest no more than two times its benchmark

index weight in BBB-rated securities

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Short Term Fixed Income

SeriesA: July16, 1974

SeriesF: November3, 2008

SeriesI: March5, 2008

Advisor Series: November3, 2008

Units of a mutual fund trust

Qualified investment

SeriesA: 1.25%

SeriesF: 0.35%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.25%

(1)

0.17%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since January1991)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

177

may invest up to 30% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund has adopted additional restrictions

consistent with its investment policies and with

securities regulation. We may revise these

restrictions without unitholders’ approval.

The fund has received exemptive relief from

Canadian securities regulators to enable the fund to

purchase mortgages from, or sell mortgages to

certain related parties including Bank of Montreal

and/or MCAP Financial Corporation, both

associates or affiliates of the manager, in

accordance with certain conditions imposed by the

regulators. For more information, see Investment

Restrictions.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

Investment Restrictions

BMO Mortgage and Short-Term Income Fund has

adopted the restrictions and practices contained in

NI 81-102, except for sections 2.3(1)(b) and 2.3(1)(c).

However, the fund has adopted additional restrictions

consistent with its investment policies and with

securities regulation. The Trustee may revise these

restrictions without unitholders’ approval.

Specifically, BMO Mortgage and Short-Term

Income Fund will not invest in:

mortgages on raw or undeveloped land unless •

insured under the National Housing Act (Canada);

mortgages with loan-to-value ratios exceeding •

75% unless insured under the National Housing

Act (Canada) or unless the excess is insured by an

insurance company registered under the Insurance

Companies Act (Canada);

any one mortgage that represents more than 2% •

of the net asset value of the fund;

mortgages on residential properties of more than •

8 units or on commercial and industrial properties

that would represent more than 40% of the fund’s

net assets, provided that such mortgages in

excess of 20% of the fund’s net assets must be

insured by an agency of the Government of

Canada or a Province of Canada;

mortgages with an amortization period more •

than 30 years, unless insured under the National

Housing Act;

mortgages on commercial or industrial properties •

with a remaining term to maturity of more than

10 years;

mortgages with a remaining term of more than •

5 years if 10% of the fund’s net assets are already

invested in residential mortgages with maturities

up to 10 years; or

mortgages on a property in which any of the •

following has an interest as mortgagor:

- any senior officer or Trustee of the fund or

the manager;

- any person or company who is a substantial

securityholder of the fund or the manager; or

- any associate or affiliate of a person or

company named above, unless the mortgage is

less than $75,000 on a single family dwelling.

All mortgage investments of BMO Mortgage and

Short-Term Income Fund are insured under the

National Housing Act (Canada).

Liquidity

Consistent with the requirement of the Canadian

securities regulatory authorities, if 50% or more of

the fund’s portfolio is ever invested in mortgages,

the Trustee and the manager of the fund will aim to

keep liquid assets in the fund totalling $2,170,000 at

all times, plus 5% of the excess over $30,000,000 of

the net assets of the fund. The fund will not invest in

additional mortgages that would reduce the fund’s

liquid assets below that amount. If redemptions on any

day would exceed that amount, the manager will:

buy or find a buyer of as many of the fund’s •

mortgages necessary to cover redemption, selling

those mortgages for at least 95% of their value

(see “Valuation of assets of BMO Mortgage and

Short-Term Income Fund” for more details); or

temporarily borrow money from Bank of •

Montreal to cover the redemptions at an interest

rate as good or better than comparable loans to

other persons not affiliated with the Bank of

Montreal. The loan shall not exceed 5% of the

fund’s net assets.

The fund will not enter into forward commitments

on mortgages if they would compromise the

liquidity standard.

Buying Mortgages

Canadian mutual funds generally use four methods

to determine the price of mortgages:

The principal amount must produce a yield 1.

similar to the yield for the resale of comparable

unserviced mortgages by mortgage lenders under

similar conditions, if mortgages are bought

from a lending institution with which the fund

and its manager are dealing at arm’s length;

The principal amount must produce a yield to 2.

the fund equal to the interest rate at which major

lending institutions are making commitments

to loan on the security of comparable mortgages

when the fund buys the mortgage;

The principal amount must produce the same 3.

yield to the fund as the interest rate charged by

the lending institution to the mortgagor on the

date of commitment, provided that date is not

120 days before the fund acquires the mortgage,

and the interest rate is equal to the rate at which

the lending institution made commitments to

loan on the security of comparable mortgages

on the date of commitment; and

The principal amount must produce a yield to 4.

the fund of not more than 0.25% less than the

interest rate at which the lending institution is

making commitments, at the time of the purchase,

to loan on the security of comparable mortgages,

as long as that lending institution has agreed to

repurchase the mortgages from the fund in

circumstances favourable to the fund and the

Canadian securities regulatory authorities

consider that such an agreement justifies the

difference in yield to the fund.

Since September 1, 1977, the fund has used method 4

to buy mortgages from Bank of Montreal. Method 4

will realize a lower yield than methods 2 and 3 if

interest rates do not change in the period between

the commitment and the purchase. During periods of

constant interest rates, methods 2 and 3 will produce

the same yield to the fund. During periods of rising

interest rates, method 2 will produce a greater yield

than method 3. During periods of falling interest

rates, method 3 will produce a greater yield than

method 2.

Subject to compliance with the regulatory relief

referenced below, the fund may buy mortgage

investments from Bank of Montreal.

Bank of Montreal will administer the fund’s mortgage

loans, if any, according to a mortgage servicing

agreement between the fund and Bank of Montreal

made on October 1, 1987. Under this agreement,

Bank of Montreal buys from the fund any mortgage

bought from Bank of Montreal if the mortgage is:

in default; •

not a valid first mortgage; and •

not paid at maturity. •

Bank of Montreal will buy back these mortgages

at the principal amount, adjusted to reflect the

amortization of any premium or discount paid by

the fund at purchase, plus accrued interest.

The BMO Mortgage and Short-Term Income Fund

does not currently hold any real property mortgages.

178

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large transaction

risk associated with investing in this Fund (see

Large transaction risk on page 107).

Distribution policy

The fund distributes any net income monthly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

179

Fund details

BMO Strategic Fixed Income

Yield Fund

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily, either directly or indirectly, in •

debt instruments anywhere in the world including,

through the use of derivatives and structured

notes from issuers that provide exposure to global

fixed income and/or interest rate securities

may also hold cash or cash equivalents, fixed •

income securities, money market instruments

and/or money market funds from time to time

including to meet any cash cover requirements

or to fund redemption requests

may dynamically shift the fund’s investment •

exposure across global markets

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100 % of the fund’s assets in •

foreign securities

may use derivatives to implement the investment •

strategy

may use derivatives, such as options, futures, •

forward contracts, swaps and other derivative

instruments for both hedging and non-hedging

purposes, including but not limited to:

- entering into swaps (including structured total

return swaps) on a structured pay-off, security

(including securities of exchange traded funds),

basket of securities or reference asset such as

an index

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency forwards.

The fund’s foreign currency exposure is

typically fully hedged.

- buying call options on a security (including

securities of exchange traded funds) or basket

of securities for return potential

- writing call options on a security (including

securities of exchange traded funds) or basket

of securities which cap their upside and

generate cash flow

- buying put options on a security (including

securities of exchange traded funds) or basket

of securities to decrease downside risk

- writing put options on a security (including

securities of exchange traded funds) or basket

of securities to generate cash flow

180

What does the fund invest in?

Investment objectives

The fund’s objective is to generate income while

preserving capital by investing primarily in debt

instruments anywhere in the world. The Fund may

make these investments directly, or indirectly by

using derivative instruments or investing all or a

portion of its assets in one or more investment funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Fixed Income

SeriesA: May 24, 2024

SeriesF: May 24, 2024

SeriesI: May 24, 2024

Advisor Series: May 24, 2024

Units of a mutual fund trust

Expected to be a

qualified investment

SeriesA: 1.05%

SeriesF: 0.55%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.05%

(1)

0.10%

SeriesI: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2024)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

- buying forward contracts on a security

(including securities of exchange traded funds)

or basket of securities.

The decision to engage in derivatives transactions

for non-hedging purposes will be made based on

the opportunity for capital appreciation, and by

considering the overall market risk exposure of the

fund’s portfolio. The capital appreciation achieved

by the fund through the use of these derivative

strategies may be less than the increase in the value

of the underlying securities themselves over the same

period. Derivatives may also be used to gain exposure

to securities without buying securities directly.

Derivatives may be used for hedging purposes to

protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations by

using interest rate swaps and/or equity swaps.

Derivatives may be used to reduce the impact of

volatility on the fund. For example, the portfolio

manager may attempt to reduce the impact of any

adverse changes in exchange rates by buying

currency forwards, futures and/or options.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

call writing risk •

cybersecurity risk •

credit risk •

currency risk •

deposit risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

liquidity risk •

put writing risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk •

zero-coupon securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes monthly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

181

Fund details

BMO Sustainable Bond

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide income along

with the opportunity for growth by investing

primarily in Canadian dollar denominated debt

instruments using a responsible investment approach.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in Canadian dollar denominated •

investment grade fixed income instruments

such as debt securities issued or guaranteed by

Canadian federal and provincial governments or

issued by Canadian corporations

may also invest in non-investment grade debt •

instruments, loans and any other debt obligations

the portfolio manager believes will enhance the

fund’s total return

utilizes fundamental research, employing an •

active investment style to identify overvalued and

undervalued sectors of the fixed income market

credit quality and security selection, along with •

active yield-curve management are emphasized

when allocating the fund’s net assets across sectors

may invest up to 30% of the fund’s assets in •

foreign securities

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

182

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Fixed Income

SeriesA: June 1, 2021

SeriesF: June 1, 2021

SeriesI: June 1, 2021

Advisor Series: June 1, 2021

Units of a mutual fund trust

Qualified investment

SeriesA: 0.85%

SeriesF: 0.35%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 0.85%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

The fund or the underlying funds may enter

into securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction

with the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

exclusionary screening •

best-in-class screening. •

The Fund’s evaluation of issuers may include

consideration of:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, supplier •

and community relations, impacts on public

health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of minority

shareholder interests.

Generally, the fund will not purchase the securities

of an issuer that:

is primarily engaged in the product on of weapons •

(whether conventional, unconventional or nuclear);

is primarily engaged in the mining and/or •

distribution of thermal coal;

is primarily engaged in the production and/or •

distribution of unconventional oil;

is primarily engaged in the production and/or •

distribution of tobacco;

is rated B or CCC by MSCI ESG; or •

is involved in a severe ESG controversy. •

183

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities

of the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large transaction

risk associated with investing in this Fund (see

Large transaction risk on page 107).

Distribution policy

The fund distributes monthly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a high level of

interest income along with the opportunity for

growth by investing primarily in a portfolio of

global fixed income securities using a responsible

investment approach.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in a diversified pool of fixed •

income securities, such as bonds and debentures

issues by government and corporations or obtains

exposure to such securities

seeks the best potential investments for the •

portfolio by analyzing the credit ratings of various

issuers and using quantitative and other research

invests primarily in global fixed income •

securities, including investment grade securities

rated BBB or higher at the time of investment by

Standard and Poor’s Rating Service or the equivalent

rating as defined by other recognized rating

agencies and/or high yield securities with a credit

rating below BBB, and emerging market debt

may hold a portion of its assets in cash or •

short-term money market instruments and/or

high quality fixed income securities while

seeking investment opportunities or for

defensive purposes to reflect economic and

market conditions

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

184

Fund details

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Multi-Sector Fixed Income

Series A: May 14, 2018

Series F: May 14, 2018

Series I: May 14, 2018

ETF Series: May 23, 2018

(Ticker symbol: ZMSB)

Advisor Series: May 14, 2018

Units of a mutual fund trust

Qualified investment

Series A: 1.00%

Series F: 0.50%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

ETF Series: 0.60%

(2)

Advisor Series: 1.00%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Threadneedle

Management Limited

London, England

(Portfolio Manager since May 2022;

Sub-advisor from

May 2018 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

BMO Sustainable Global

Multi-Sector Bond Fund

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures.

The fund’s foreign currency exposure is

typically fully hedged

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter

into securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

exclusionary screening •

best-in-class screening. •

The Fund’s evaluation of issuers may include

consideration of:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of minority

shareholder interests.

Generally, the fund will not purchase the securities

of an issuer that:

is primarily engaged in the product on of weapons •

(whether conventional, unconventional or nuclear);

is primarily engaged in the mining and/or •

distribution of thermal coal;

is primarily engaged in the production and/or •

distribution of unconventional oil;

is primarily engaged in the production and/or •

distribution of tobacco;

is rated B or CCC by MSCI ESG; or •

is involved in a severe ESG controversy. •

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

185

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for the ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net asset

value, that holding is identified in the table that

begins on page 139.

Any such holding may increase the large transaction

risk associated with investing in this Fund (see Large

transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series

securities, the fund distributes a fixed amount per

security per quarter. The fund distributes quarterly

any net income and/or ROC and any net capital

gains in December. The amount of the quarterly

distribution for each series is set at the beginning of

each calendar year based on the market outlook.

The amount of the quarterly distribution may be

adjusted without notice throughout the year as

market conditions change. Any net income earned

by the fund in excess of the quarterly distribution

may also be distributed to securityholders from

time to time. Distributions for these series are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid quarterly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such that

the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information

186

Fund details

BMO Ultra Short-Term Bond ETF

Fund

The fundamental investment objectives may

only be changed with the approval of a majority

of the votes cast at a meeting of unitholders called

for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in •

securities of BMO Ultra Short-Term Bond ETF

BMO Ultra Short-Term Bond ETF seeks to provide •

exposure to a variety of fixed income securities

with a remaining effective term to maturity of one

year or less. BMO Ultra Short-Term Bond ETF will

primarily invest in money market instruments and

high-interest savings accounts as well as invest

directly in fixed income securities, including

corporate, Government of Canada, provincial and

municipal bonds. BMO Ultra Short-Term Bond

ETF may invest in floating rate instruments,

floating rate preferred shares and other floating

rate securities, subject to the rate reset date being

no greater than one year and the term being no

greater than five years

to the extent that the fund does not invest 100% of •

its assets in securities of BMO Ultra Short-Term

Bond ETF, the fund may invest in short-term fixed

income securities or in the securities that make up

BMO Ultra Short-Term Bond ETF in substantially

the same proportion as the exchange traded fund

allocates assets among the exchange traded fund •

and/or securities based on a determination

of the most effective manner to achieve the

fund’s objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and swaps

to gain market exposure to the return of the

exchange traded fund or a portion thereof

may invest up to 10% of the fund’s assets in •

foreign securities

187

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Short Term Fixed Income

Series A: June 16, 2023

Series F: June 16, 2023

Series I: June 16, 2023

Advisor Series: June 16, 2023

Units of a mutual fund trust

Qualified investment

Series A: 0.65%

(1)

Series F: 0.15%

(1)

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(2)

Advisor Series: 0.65%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

The manager is responsible for payment of the costs related to the

Administration Expenses, other than the Fund Expenses. See Fees and Expenses

on page 65 for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange traded

funds that invest primarily in a variety of fixed

income securities with a remaining effective term

to maturity of one year or less. This fund invests

primarily, directly or indirectly, in short-term fixed

income securities by investing all or a portion of its

assets in one or more exchange traded funds, by

investing directly in the underlying securities held by

the exchange traded funds and/or by using derivatives

to provide the fund with a return determined by

reference to the exchange traded funds.

188

the fund or underlying funds may use derivatives •

to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order

to manage volatility or enhance the fund’s

performance in declining or volatile markets.

In compliance with its investment objectives,

the fund will engage in short sales by borrowing

securities which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes monthly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you

of the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in U.S. dollar denominated •

investment grade corporate bonds

may also invest in non-investment grade debt •

instruments, loans and any other debt obligations

the portfolio manager believes will enhance the

fund’s total return

utilizes fundamental research, employing an •

active investment style to identify overvalued and

undervalued sectors of the fixed income market

credit quality and security selection, along with •

active yield-curve management are emphasized

when allocating the fund’s net assets across sectors

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly or

exclusively underlying funds that are managed by

us or one of our affiliates or associates

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

189

Fund details

BMO U.S. Corporate Bond

Fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Corporate Fixed Income

Series A: June 13, 2022

Series F: June 13, 2022

Series I: June 13, 2022

Advisor Series: June 13, 2022

Units of a mutual fund trust

Qualified investment

Series A: 0.85%

Series F: 0.35%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 0.85%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide income along

with the opportunity for growth by investing

primarily in U.S. dollar denominated corporate

debt instruments.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Distribution policy

The fund distributes monthly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

190

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

191

Fund details

BMO U.S. High Yield Bond

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a high level of total

return through a combination of income and capital

appreciation by investing primarily in fixed income

securities issued by UnitedStates corporations.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies that the portfolio manager

uses to try to achieve the fund’s objective:

invests primarily in a diversified pool of fixed •

income securities, such as bonds and debentures

issued by corporations or obtains exposure to

suchsecurities

invests primarily in high yield securities rated •

below BBB at the time of investment by Standard

and Poor’s Rating Service or the equivalent rating

as defined by other recognized rating agencies

invests in fixed income securities issued by the •

United States or Canadian government or obtains

exposure to suchsecurities

seeks the best potential investments for the •

portfolio by analyzing the credit ratings of

various issuers and using fundamental analysis

may hold a portion of its assets in cash or •

short-term money market instruments and/or

high quality fixed income securities while

seeking investment opportunities or to reflect

economic and market conditions

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 30% of the fund’s assets in •

securities outside the United States

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

High Yield Fixed Income

SeriesA: June23, 2008

SeriesF: February17, 2009

SeriesI: May9, 2008

BMO Private U.S. High Yield

Bond Fund SeriesO: July30, 2012

Advisor Series: November11, 2009

Units of a mutual fund trust

Qualified investment

Series A: 1.20%

Series F: 0.45%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

BMO Private U.S. High Yield

Bond Fund SeriesO: 0.175%

Advisor Series: 1.20%

0.25%

BMO Private U.S. High Yield Bond

Fund Series O: 0.25%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Management

Investment Advisers, LLC

Boston, Massachusetts

(Portfolio Manager

since November 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

192

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures.

The fund’s foreign currency exposure is

typically fully hedged

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

interest rate risk •

large transaction risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

for each series is set at the beginning of each

calendar year based on the market outlook. The

amount of the monthly distribution may be

adjusted without notice throughout the year as

market conditions change. Any net income earned

by the fund in excess of the monthly distribution

may also be distributed to securityholders from

time to time. Any net capital gains are distributed in

December. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

193

Fund details

BMO World Bond

Fund

What does the fund invest in?

Investment objectives

This fund’s objectives are:

to provide a high level of interest income •

to provide some opportunity for growth in the •

value of your investment.

As part of its investment objectives, the fund invests

primarily in bonds and debentures that mature in

more than one year and are issued by:

governments and corporations around the world •

supranational agencies like the World Bank. •

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

will seek to optimize portfolio holdings in an •

effort to mitigate portfolio risk, while seeking

superior risk-adjusted returns

will employ a fundamental driven process •

focused on duration management, yield curve

positioning, country allocation, security selection

and asset allocation into highly rated agencies

will select bonds based on their overall liquidity •

and with respect to the overall size of the issuing

country

may gain credit exposure through the use of one •

or more diversified exchange traded funds

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Fixed Income

SeriesA: August3, 1993

SeriesF: November3, 2008

SeriesI: May9, 2008

Advisor Series: June1, 2012

Units of a mutual fund trust

Qualified investment

Series A: 1.75%

Series F: 0.45%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.75%

0.30%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Threadneedle

Management Limited

London, England

(Portfolio manager since

May 2022; Sub-advisor

from May 2018 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

194

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures.

The fund’s foreign currency exposure is

typically fully hedged

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

For more information on exemptions applicable to

the fund, please see Investment Restrictions –

BMO Global Strategic Bond Fund and BMO World

Bond Fund on page 112.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the year

as market conditions change. Any net income earned

by the fund in excess of the monthly distribution

may also be distributed to securityholders from

time to time. Any net capital gains are distributed in

December. Distributions are automatically reinvested

in additional securities of the fund, unless you tell us

in writing that you prefer to receive cash distributions.

For Series A, Series F, 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.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO ARK Genomic Revolution

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity securities of

companies involved in disruptive genomic

innovation from around the world.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in global equity securities of •

companies across various sectors that are focused

on and are expected to substantially benefit from

extending and enhancing the quality of human

and other life by incorporating technological and

scientific developments and advancements in

genomics into their business such as CRISPR,

targeted therapeutics, bioinformatics, molecular

diagnostics, stem cells and agricultural biology

that have the potential for changing the way the

world works

invests in companies across all market •

capitalizations

employs thematic market research and •

fundamental analysis to identify and select

companies that demonstrate superior growth

potential

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including funds

that are managed by us or one of our affiliates or

associates and non-affiliated funds

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

195

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Sector Equity

SeriesA: November 4, 2022

SeriesF: November 4, 2022

SeriesI: November 4, 2022

ETF Series: November 15, 2022

(Ticker symbol: ARKG)

Advisor Series: November 4, 2022

Units of a mutual fund trust

Qualified investment

SeriesA: 1.75%

(1)

SeriesF: 0.75%

(1)

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(2)

ETF Series: 0.75%

(1)

Advisor Series: 1.75%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

ARK Investment Management LLC

St. Petersburg, Florida

(Portfolio Manager

since November 2022)

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Growth Funds

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series

securities, the fund distributes any net income and

any net capital gains in December. Distributions for

these series are automatically reinvested in additional

securities of the fund, unless you tell us in writing

that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF Series

securities of the fund at a price equal to the NAV per

security of the fund and the ETF Series securities will

be immediately consolidated such that the number

of outstanding ETF Series securities following the

distribution will equal the number of ETF Series

securities outstanding prior to the distribution. If

you are enrolled in a Distribution Reinvestment Plan,

your distributions are automatically reinvested in

additional securities of the ETF Series pursuant to

the Distribution Reinvestment Plan. In addition,

the fund may from time to time pay additional

distributions on its ETF Series securities, including

without restriction in connection with a special

dividend or in connection with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

196

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

industry concentration risk •

issuer concentration risk

* •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

*During the 12-month period immediately

preceding April 30, 2024, up to 11.56% of the net

asset value of the fund was invested in shares of

Exact Sciences Corp.

development of technologically enabled products

or services associated with fintech innovation,

genomic innovation, industrial innovation and

next generation internet innovation that have the

potential for changing the way the world works

- fintech innovation involves products or services

with the potential to change the way the

financial sector works, including transaction

innovations, blockchain technology, risk

transformation, frictionless funding platforms,

customer facing platforms and new

intermediaries

- genomic innovation involves products or

services that are focused on extending and

enhancing the quality of human and other life

by incorporating technological and scientific

developments and advancements in genomics

such as CRISPR, targeted therapeutics,

bioinformatics, molecular diagnostics, stem

cells and agricultural biology

- industrial innovation involves products or

services, technological improvements, and

advancements in scientific research related to,

among other things, energy, automation and

manufacturing, materials, artificial intelligence,

and transportation

- next generation internet innovation involves

products or services focused on shifting the

bases of technology infrastructure to the cloud,

enabling mobile, new and local services such as

shared technology, infrastructure and services,

internet-based products and services, new

payment methods, big data, the internet of

things, and social distribution and media

invests in companies across all market •

capitalizations

employs thematic market research and •

fundamental analysis to identify and select

companies that demonstrate superior growth

potential

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including funds

that are managed by us or one of our affiliates or

associates and non-affiliated funds

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

197

Fund details

BMO ARK Innovation

Fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Equity

SeriesA: November 4, 2022

SeriesF: November 4, 2022

SeriesI: November 4, 2022

ETF Series: November 15, 2022

(Ticker symbol: ARKK)

Advisor Series: November 4, 2022

Units of a mutual fund trust

Qualified investment

SeriesA: 1.75%

(1)

SeriesF: 0.75%

(1)

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(2)

ETF Series: 0.75%

(1)

Advisor Series: 1.75%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

ARK Investment Management LLC

St. Petersburg, Florida

(Portfolio Manager

since November 2022)

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity securities of

companies involved in disruptive innovation from

around the world.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in global equity securities of •

companies across various sectors involved in the

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

industry concentration risk •

issuer concentration risk* •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

*During the 12-month period immediately preceding

April 30, 2024, up to 11.86% and 13.03% of the net

asset value of the fund was invested in shares of

Coinbase Global Inc. Class A and Tesla Inc.

respectively.

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series

securities, the fund distributes any net income and

any net capital gains in December. Distributions for

these series are automatically reinvested in additional

securities of the fund, unless you tell us in writing

that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF Series

securities of the fund at a price equal to the NAV per

security of the fund and the ETF Series securities will

be immediately consolidated such that the number

of outstanding ETF Series securities following the

distribution will equal the number of ETF Series

securities outstanding prior to the distribution. If

you are enrolled in a Distribution Reinvestment Plan,

your distributions are automatically reinvested in

additional securities of the ETF Series pursuant to

the Distribution Reinvestment Plan. In addition,

the fund may from time to time pay additional

distributions on its ETF Series securities, including

without restriction in connection with a special

dividend or in connection with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

198

199

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity securities of

companies involved in disruptive internet

innovation from around the world.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in global equity securities of •

companies across various sectors focused on and

expected to benefit from shifting the bases of

technology infrastructure to the cloud, enabling

mobile, new and local services, such as companies

that rely on or benefit from the increased use of

shared technology, infrastructure and services,

internet-based products and services, new

payment methods, big data, the internet of things,

and social distribution and media that have the

potential for changing the way the world works

invests in companies across all market •

capitalizations

employs thematic market research and •

fundamental analysis to identify and select

companies that demonstrate superior growth

potential

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including funds

that are managed by us or one of our affiliates or

associates and non-affiliated funds

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Fund details

BMO ARK Next Generation

Internet Fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Equity

SeriesA: November 4, 2022

SeriesF: November 4, 2022

SeriesI: November 4, 2022

ETF Series: November 15, 2022

(Ticker symbol: ARKW)

Advisor Series: November 4, 2022

Units of a mutual fund trust

Qualified investment

SeriesA: 1.75%

(1)

SeriesF: 0.75%

(1)

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(2)

ETF Series: 0.75%

(1)

Advisor Series: 1.75%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

ARK Investment Management LLC

St. Petersburg, Florida

(Portfolio Manager

since November 2022)

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

200

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with its

investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

industry concentration risk •

issuer concentration risk* •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

*During the 12-month period immediately preceding

April 30, 2024, up to 10.04%, 10.89% and 12.34%

of the net asset value of the fund was invested in

shares of Exact Sciences Corp., Tesla Inc. and Zoom

Video Communications, Class A respectively.

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series

securities, the fund distributes any net income and

any net capital gains in December. Distributions

for these series are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF Series

securities of the fund at a price equal to the NAV per

security of the fund and the ETF Series securities will

be immediately consolidated such that the number

of outstanding ETF Series securities following the

distribution will equal the number of ETF Series

securities outstanding prior to the distribution.

If you are enrolled in a Distribution Reinvestment

Plan, your distributions are automatically

reinvested in additional securities of the ETF Series

pursuant to the Distribution Reinvestment Plan.

In addition, the fund may from time to time pay

additional distributions on its ETF Series securities,

including without restriction in connection with a

special dividend or in connection with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

201

Fund details

BMO Asian Growth and Income

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide income and

capital appreciation by investing in a diversified

portfolio comprised of U.S. dollar-denominated

convertible securities and higher yielding equity

securities of Asian companies. The fund’s primary

emphasis is Asian countries excluding Japan. Due to

its convertible bond component, the portfolio allows

conservative investors to participate in the upside

potential of Asian equities, with less volatility than a

pure equity fund and also offers some protection

against unfavourable currency fluctuations.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in equities and convertible •

bonds through a bottom-up selection process

based on GARP (Growth at a Reasonable Price)

methodology

uses quantitative and qualitative analyses to •

identify dominant, well-managed businesses in

growth industries, selling at discounts to their

enterprise value and growth potential

considers political and economic conditions on a •

secondary basis to identify companies poised to

benefit from country specific dynamics and long-

term seculartrends

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Asia Pacific ex-Japan Equity

SeriesA: April16, 2012

SeriesT6: November 16, 2015

SeriesF: July7, 2004

SeriesF6: November 16, 2015

SeriesI: July5, 2006

Advisor Series: August25, 2003

Units of a mutual fund trust

Qualified investment

SeriesA: 2.25%

SeriesT6: 2.25%

SeriesF: 0.95%

SeriesF6: 0.95%

Series I: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 2.25%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Matthews International Capital

Management, LLC

San Francisco, California

(Sub-advisor between August

2003 and August 2015; Portfolio

Manager since September 2015)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

202

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

interest rate risk •

issuer concentration risk* •

large transaction risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

*During the 12-month period immediately

preceding April 30, 2024, up to 10.45% of the net

asset value of the fund was invested in shares of

Taiwan Semiconductor Manufacturing Company, Ltd.

203

Fund details

BMO Asset Allocation

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a balance between

income and growth in the value of your investment

over the longterm.

As part of its investment objective, the fund invests

primarily in Canadian equities and fixed income

securities. The portfolio manager may change the

mix of assets according to its outlook for each

assetclass.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in equities and in fixed income securities •

invests between 30%-70% of the fund’s assets in •

equities, between 30%-70% of the fund’s assets

in bonds and up to 30% of the fund’s assets in

money market securities

when choosing fixed income securities: •

- invests primarily in securities rated BBB or

higher at the time of investment by Standard

and Poor’s Rating Service or the equivalent

rating as defined by other recognized rating

agencies. The fund will invest no more than

two times its benchmark index weight in BBB-

rated securities

- examines economic indicators like growth,

inflation and monetary policy to provide a

framework for selecting appropriate securities

- selects a variety of investment terms based on

the interest rate outlook

- analyzes credit ratings of various issuers to

determine the best potential investments for

the portfolio

- invests in government and corporate securities

to diversify the fund’s holdings

when choosing equities: •

- employs a sytematic model based on

fundamental equity analysis to identify and

select equities that trade below their intrinsic

value, demonstrate superior earnings growth,

and demonstrate positive price momentum

- reviews company operations and research and

development to assess the company’s potential

for growth

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Neutral Balanced

Series A: May 2, 1988

Series T6: June 13, 2022

Series F: November 11, 2009

Series F6: October 22, 2021

Series G: February 16, 2018

Series I: March 5, 2008

Advisor Series: November 11, 2009

Units of a mutual fund trust

Qualified investment

Series A: 1.75%

Series T6: 1.75%

Series F: 0.45%

Series F6: 0.45%

Series G: 0.85%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.75%

0.17%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May1994)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

204

- monitors the companies in which the fund

invests for changes that may affect their

profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 10% of the fund’s assets in •

permitted mortgages

may invest up to 30% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on yoursecurities.

Please see Income tax considerations for investors

on page 87 for more information.

205

Fund details

BMO Brookfield Global

Real Estate Tech Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

through capital appreciation and income by

primarily investing in global technology focused real

estate companies.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in global technology focused •

real estate companies, including data centers,

communications infrastructure and industrials

employs fundamental, bottom-up, value-based •

security selection

considers market conditions, asset values, •

cash-flow projections, and capital structure

evaluates position sizes based on conviction, •

relative value, company size and liquidity

may invest up to 100% of the fund’s assets in •

foreign securities

may invest in fixed income securities •

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

206

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Real Estate Equity

Series A: February 25, 2022

Series T6: June 13, 2022

Series F: February 25, 2022

Series F (Hedged):

March 3, 2022

Series F6: June 13, 2022

Series I: February 25, 2022

ETF Series: March 1, 2022

(Ticker symbol: TOWR)

Advisor Series: February 25, 2022

Advisor Series (Hedged):

March 3, 2022

Units of a mutual fund trust

Qualified investment

Series A: 1.80%

(1)

Series T6: 1.80%

(1)

Series F: 0.80%

(1)

Series F (Hedged): 0.80%

(1)

Series F6: 0.80%

(1)

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I Investor.

(2)

ETF Series: 0.80%

(1)

Advisor Series: 1.80%

(1)

Advisor Series (Hedged): 1.80%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Brookfield Public Securities

Group LLC

New York, New York

(Portfolio Manager

since February 2022)

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

The fund uses derivatives, such as forward contracts,

to hedge its foreign currency exposure on the fund’s

foreign dollar denominated portfolio investments

allocated to Series F (Hedged) and Advisor Series

(Hedged) securities. While this strategy may not

achieve a perfect hedge of the foreign currency

exposure for Series F (Hedged) and Advisor Series

(Hedged) securities, Series F (Hedged) and Advisor

Series (Hedged) securities will generally have a rate

of return that is based on the performance of the

fund’s portfolio investments excluding the

performance attributable to foreign currency

fluctuations relative to the Canadian dollar. Prior

approval of securityholders of Series F (Hedged)

and Advisor Series (Hedged) will be obtained

before the currency hedging strategy of Series F

(Hedged) and Advisor Series (Hedged) is changed.

As a result of this hedging strategy, hedging costs

are allocated to Series F (Hedged) and Advisor

Series (Hedged) and therefore may lower the

returns of these series.

The fund may or may not hedge some or all of its

foreign currency exposure on the foreign dollar

denominated investments allocated to the other

series of the fund. The return on these series of

securities of the fund will generally be based on

both the performance of the fund’s portfolio

investments and any performance attributable

to foreign currency fluctuations relative to the

Canadian dollar. The extent to which returns will

be based on foreign currency fluctuations will

depend on how much of the foreign currency

exposure is hedged.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund may engage in short selling in order

to manage volatility or enhance the fund’s

performance in declining or volatile markets.

In compliance with its investment objectives,

the fund will engage in short sales by borrowing

securities which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

issuer concentration risk

* •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

* During the 12-month period immediately

preceding April 30, 2024, up to 10.09% and 10.25%

of the net asset value of the fund was invested in

shares of Digital Realty Trust Inc and Prologis Inc

respectively.

Derivatives are used for Series F (Hedged) and

Advisor Series (Hedged) securities to hedge against

foreign currency exposure and as a result Series F

(Hedged) and Advisor Series (Hedged) securities

will be subject to greater derivatives risk than

securities in other series of the fund. Series F (Hedged)

and Advisor Series (Hedged) securities will be

subject to less currency risk than securities of other

series of the fund because their foreign currency

exposure is hedged. However, the hedging strategy

may not achieve a perfect hedge of the foreign

currency exposure for Series F (Hedged) and

Advisor Series (Hedged) securities.

207

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities

of the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series F (Hedged), Series I,

Advisor Series and Advisor Series (Hedged), the

fund distributes any net income and/or ROC

quarterly and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid quarterly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

208

BMO Brookfield Global

Renewables Infrastructure Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

through capital appreciation and income by

primarily investing in global renewables and

sustainable infrastructure companies.

The fundamental investment objectives may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in global renewables and •

sustainable infrastructure companies, including:

- wind and solar, including asset owners and

operators, developers, and supply chain

- clean power, including hydroelectric,

geothermal and biomass

- clean technology, including electrification of

the grid through electric vehicles, grid

modernization, energy efficiency and

distributed generation

- water sustainability, including water and

wastewater treatment systems and utilities,

and supply chain

- opportunistic transitioning companies,

including companies focused on power

generation and electrification investments

may invest in master limited partnerships (MLPs) •

may invest in fixed income securities •

employs fundamental, bottom-up and value-based •

security selection

considers market conditions, asset values, •

cash-flow projections and capital structure

evaluates position sizes based on conviction, •

relative value, company size and liquidity

evaluates the sustainable performance of •

companies, which may include consideration of:

- environmental factors, such as carbon

footprint, climate change, water risk, resource

efficiency and environmental impact

- social factors, such as employee, customer,

supplier and community relations, impacts on

public health and human rights

- governance factors, such as executive pay,

board structure and oversight, and protection

of minority shareholder interests

and will exclude companies involved in severe

ESG controversies. The fund is not permitted to

purchase investments inconsistent with our

concept of responsible investment

209

Fund details

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Infrastructure Equity

Series A: February 25, 2022

Series T6: June 13, 2022

Series F: February 25, 2022

Series F (Hedged):

March 3, 2022

Series F6: June 13, 2022

Series I: February 25, 2022

ETF Series: March 1, 2022

(Ticker symbol: GRNI)

Advisor Series: February 25, 2022

Advisor Series (Hedged):

March 3, 2022

Units of a mutual fund trust

Qualified investment

Series A: 1.80%

(1)

Series T6: 1.80%

(1)

Series F: 0.80%

(1)

Series F (Hedged): 0.80%

(1)

Series F6: 0.80%

(1)

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I Investor.

(2)

ETF Series: 0.80%

(1)

Advisor Series: 1.80%

(1)

Advisor Series (Hedged): 1.80%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Brookfield Public Securities

Group LLC

New York, New York

(Portfolio Manager

since February 2022)

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

monitors the companies in which the fund invests •

for changes which may affect their profitability

and the portfolio manager’s ESG analysis

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund uses derivatives, such as forward contracts,

to hedge its foreign currency exposure on the fund’s

foreign dollar denominated portfolio investments

allocated to Series F (Hedged) and Advisor Series

(Hedged) securities. While this strategy may not

achieve a perfect hedge of the foreign currency

exposure for Series F (Hedged) and Advisor Series

(Hedged) securities, Series F (Hedged) and Advisor

Series (Hedged) securities will generally have a rate

of return that is based on the performance of the

fund’s portfolio investments excluding the

performance attributable to foreign currency

fluctuations relative to the Canadian dollar. Prior

approval of securityholders of Series F (Hedged)

and Advisor Series (Hedged) will be obtained

before the currency hedging strategy of Series F

(Hedged) and Advisor Series (Hedged) is changed.

As a result of this hedging strategy, hedging costs

are allocated to Series F (Hedged) and Advisor

Series (Hedged) and therefore may lower the

returns of these series.

The fund may or may not hedge some or all of its

foreign currency exposure on the foreign dollar

denominated investments allocated to the other

series of the fund. The return on these series of

securities of the fund will generally be based on

both the performance of the fund’s portfolio

investments and any performance attributable to

foreign currency fluctuations relative to the

Canadian dollar. The extent to which returns will

be based on foreign currency fluctuations will

depend on how much of the foreign currency

exposure is hedged.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

exclusionary screening •

thematic investing. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

210

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Derivatives are used for Series F (Hedged) and

Advisor Series (Hedged) securities to hedge against

foreign currency exposure and as a result Series F

(Hedged) and Advisor Series (Hedged) securities

will be subject to greater derivatives risk than

securities in other series of the fund. Series F

(Hedged) and Advisor Series (Hedged) securities

will be subject to less currency risk than securities

of other series of the fund because their foreign

currency exposure is hedged. However, the

hedging strategy may not achieve a perfect hedge of

the foreign currency exposure for Series F (Hedged)

and Advisor Series (Hedged) securities.

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series F (Hedged), Series I,

Advisor Series and Advisor Series (Hedged), the

fund distributes any net income and/or ROC

quarterly and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid quarterly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number of

ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities of

the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

211

Fund details

BMO Canadian Banks ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of an exchange traded fund that

invests primarily in Canadian banks. The fund may

invest all or a portion of its assets in an exchange

traded fund that invests in such securities, invest

directly in the underlying securities held by the

exchange traded fund and/or use derivatives to

provide the fund with a return determined by

reference to the exchange traded fund or its

reference index.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in •

securities of BMO Equal Weight Banks Index ETF

BMO Equal Weight Banks Index ETF seeks to •

replicate, to the extent possible, the performance

of an equal weight diversified Canadian bank

index, net of expenses, which is currently the

Solactive Equal Weight Canada Banks Index

which includes Canadian exchange listed

securities in the diversified bank industry.

Constituents are subject to minimum market

capitalization and liquidity screens. In addition,

each security in the Solactive Equal Weight

Canada Banks Index is allocated an equal weight

rather than a market capitalization weight.

Further information about the Solactive Equal

Weight Canada Banks Index and its constituent

issuers is available from Solactive on its website

at http:// www.solactive.com.

to the extent that the fund does not invest 100% •

of its assets in securities of the BMO Equal

Weight Banks Index ETF, the fund may invest in

securities that make up the Solactive Equal

Weight Canada Banks Index in substantially the

same proportion as the BMO Equal Weight Banks

Index ETF

allocates assets between the underlying exchange •

traded fund and/or direct investments in

Canadian banks securities based on a determination

of the most effective manner to achieve the

fund’s objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The allocation

212

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Financial Services Equity

Series A: June 13, 2022

Series T6: June 13, 2022

Series F: June 13, 2022

Series F6: June 13, 2022

Series I: June 13, 2022

Advisor Series: June 13, 2022

Units of a mutual fund trust

Qualified investment

Series A: 1.25%

(1)

Series T6: 1.25%

(1)

Series F: 0.25%

(1)

Series F6: 0.25%

(1)

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(2)

Advisor Series: 1.25%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2022)

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

between the underlying exchange-traded fund

and direct investments, may be changed without

notice from time to time

as an alternative to or in conjunction with •

investing directly in the underlying exchange

traded fund and/or directly investing in

securities, the fund may use derivatives like

options, futures, forward contracts and swaps to

gain market exposure to the return of the

underlying exchange traded fund or a portion

thereof. The fund will only use derivatives as

permitted by Canadian securities regulators

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

cybersecurity risk •

derivatives risk •

213

equity risk •

fund of funds risk •

indexing risk •

industry concentration risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series,

the fund distributes monthly any net income and/or

ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

214

Fund details

BMO Canadian Equity ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in Canadian

equities. The fund may invest all or a portion of its

assets in one or more exchange traded funds, invest

directly in the underlying securities held by the

exchange traded funds and/or use derivatives to

provide the fund with a return determined by

reference to the exchange traded funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests up to 100% of the fund’s assets in •

securities of BMO S&P/TSX Capped Composite

Index ETF

BMO S&P/TSX Capped Composite Index ETF •

seeks to replicate, to the extent possible, the

performance of the S&P/TSX Capped Composite

Index, net of expenses. The S&P/TSX Capped

Composite Index is a market capitalization-

weighted index of securities of the largest and

most liquid companies on the TSX. It is the

broadest in the S&P/TSX family and is the basis

for multiple sub-indices. It includes common

stocks and income trust units. Further

information about the S&P/TSX Capped

Composite Index and its constituent issuers

is available from S&P on its website at

http://ca.spindices.com.

to the extent that the fund does not invest 100% •

of its assets in securities of BMO S&P/TSX

Capped Composite Index ETF, the fund may

invest in securities that make up the S&P/TSX

Capped Composite Index in substantially the

same proportion as the BMO S&P/TSX Capped

Composite Index ETF

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Equity

Series A: May 2, 1988

Series F: May 5, 2017

Series G: March 11, 2019

Series I: July 17, 2009

Units of a mutual fund trust

Qualified investment

Series A: 0.75%

Series F: 0.20%

Series G: 0.60%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

0.10%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 1994)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Series A.

215

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, may use derivatives like

options, futures, forward contracts and swaps

to gain market exposure to the return of the

exchange traded fund or a portion thereof.

The fund will only use derivatives as permitted

by Canadian securities regulators

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

216

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing in

equities of well-established Canadian companies.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in Canadian equity securities •

employs a systematic model based on fundamental •

equity analysis to identify and select equities that

trade below their intrinsic value, demonstrate

superior earnings growth, and demonstrate

positive price momentum

reviews operations and research and development •

to assess each company’s potential for growth

monitors the entities in which the fund invests •

for changes that may affect their profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 30% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Equity

SeriesA: August3, 1993

SeriesF: November3, 2008

SeriesI: March5, 2008

Advisor Series: June 16, 2023

Units of a mutual fund trust

Qualified investment

SeriesA: 2.00%

SeriesF: 0.50%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 2.00%

0.16%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

sinceAugust1993)

BMO Canadian Equity

Fund

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Series A.

217

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

218

Fund details

BMO Canadian Income & Growth

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to generate income and

provide long-term capital growth by investing

primarily, directly or indirectly, in Canadian equity

and fixed income securities.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in Canadian equity and fixed •

income securities, either directly or indirectly,

using a combination of top down macro analysis

and fundamental analysis

considers yield, growth and inflation in portfolio •

construction

invests between 25%-75% of the fund’s assets in •

equity securities and between 25%-75% of the

fund’s assets in fixed income securities

when choosing equity securities: •

- employs fundamental analysis to identify and

select equities that trade below their intrinsic

value and considers dividend yield

- reviews company operations, the quality of

management, and research and development

practices to assess the company’s potential

for growth

when choosing fixed income securities: •

- examines economic indicators like growth,

inflation and monetary policy to provide a

framework for selecting appropriate securities

- selects investments with a variety of terms to

maturity based on the interest rate outlook

- analyzes credit ratings of various issuers to

determine the best potential investments for

yield and growth in the portfolio

- invests in government and corporate securities

to diversify the fund’s holdings

- invests in investment grade and high yield bonds

may invest up to 30% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Canadian Neutral Balanced

Date started

Series A: November 4, 2022

Series T6: November 4, 2022

Series F: November 4, 2022

Series F6: November 4, 2022

Series I: November 4, 2022

Advisor Series: November 4, 2022

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.45%

Series T6: 1.45%

Series F: 0.45%

Series F6: 0.45%

Series I: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.45%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager since

November 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance performance in

declining or volatile markets. In compliance with its

investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund or its underlying funds at a

later date and returned to the lender. The fund or its

underlying funds will only engage in short sales as

permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the year

as market conditions change. Any net income earned

by the fund in excess of the monthly distribution

may also be distributed to securityholders from

time to time. Any net capital gains are distributed

in December. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

For Series A, Series F, Series I and Advisor Series,

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.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should not

draw any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

219

220

Fund details

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Equity

SeriesA: July30, 2012

Series T5: January22, 2007

Series F: July15, 2003

Series F6: October 22, 2021

Series I: November3, 2008

Advisor Series: January4, 1999

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series T5: 1.55%

Series F: 0.55%

Series F6: 0.55%

Series I: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.55%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since June2012)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Canadian Smart Alpha

Equity Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

through capital appreciation and dividends by

investing primarily in a portfolio of Canadian

equities and equity-related securities with large

market capitalization, principally selected from the

universe of stocks generally considered to be the

largest Canadian companies based on market

capitalization from time to time.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

will invest primarily in Canadian equity •

securities generally considered to be of large

capitalization

will employ a systematic model based on •

fundamental equity analysis methodologies to

identify and select equities that trade below their

intrinsic value, demonstrate superior earnings

growth, and demonstrate positive price

momentum

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 10% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

221

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

For Series T5 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 5% of the

NAV per security of the series as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T5 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T5 and Series F6 investors only)

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

222

Fund details

BMO Canadian Stock Selection

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve long-term capital

growth consistent with the preservation of capital

by investing primarily in equity securities of large

Canadian companies that have long-term growth

potential or that pay or are expected to pay above-

average dividends.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in securities of large •

capitalization Canadian companies

examines the financial statistics of each company •

it’s considering to determine if the equity

securities are attractively priced

reviews company operations and research and •

development to assess the company’s potential

for growth

monitors the companies in which the fund •

invests for changes that may affect their

profitability

may invest up to 10% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

(1)

These dates reflect the start dates of the applicable series of BMO Nesbitt Burns

Canadian Stock Selection Fund. BMO Nesbitt Burns Canadian Stock Selection Fund

merged into the fund effective December 15, 2013. Pursuant to exemptive relief

issued in connection with the fund merger transaction, securities regulators have

approved these start dates to be used by the fund.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

Canadian Equity

Series A: April 8, 2014

Series F: December 23, 2013

Series I: October 31, 2008

(1)

Series NBA: January 22, 1997

(1)

Series NBF: October 31, 2008

(1)

Advisor Series: December 23, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.80%

Series F: 0.50%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each SeriesI investor.

(2)

Series NBA: 1.50%

Series NBF: 0.50%

Advisor Series: 1.80%

0.20%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(2)

(for Series NBA and NBF,

investors pay operating

expenses directly subject to a

capped amount)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November 2004)

223

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

cybersecurity risk •

derivatives risk •

equity risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO Concentrated

Global Equity Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve long-term capital

appreciation through investment in a portfolio of

high quality equity or equity-related securities of

issuers throughout the world.

As part of this fund’s investment objective, the fund

invests primarily in equities of companies that

trade on recognized exchanges in countries around

the world.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that

purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

uses a disciplined, fundamental bottom-up •

approach to security selection

invests in a highly concentrated portfolio of •

global equity securities

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

224

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Sub-advisor

Global Equity

Series A: May 14, 2018

Series T6: May 16, 2019

Series F: May 14, 2018

Series F (Hedged): June 8, 2020

Series F6: May 16, 2019

Series I: May 14, 2018

Advisor Series: May 14, 2018

Advisor Series (Hedged):

June 8, 2020

Units of a mutual fund trust

Qualified investment

Series A: 1.80%

Series T6: 1.80%

Series F: 0.80%

Series F (Hedged): 0.80%

Series F6: 0.80%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each SeriesI investor.

(1)

Advisor Series: 1.80%

Advisor Series (Hedged): 1.80%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Guardian Capital LP

Toronto, Ontario

(Portfolio Manager

since May 2018)

GuardCap Asset

Management Limited

London, England

(Sub-advisor since May 2018)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

The fund uses derivatives, such as forward contracts,

to hedge its foreign currency exposure on the fund’s

foreign dollar denominated portfolio investments

allocated to Series F (Hedged) and Advisor Series

(Hedged) securities. While this strategy may not

achieve a perfect hedge of the foreign currency

exposure for Series F (Hedged) and Advisor Series

(Hedged) securities, Series F (Hedged) and Advisor

Series (Hedged) securities will generally have a rate

of return that is based on the performance of the

fund’s portfolio investments excluding the

performance attributable to foreign currency

fluctuations relative to the Canadian dollar. Prior

approval of securityholders of Series F (Hedged)

and Advisor Series (Hedged) will be obtained

before the currency hedging strategy of Series F

(Hedged) and Advisor Series (Hedged) is changed.

As a result of this hedging strategy, hedging costs

are allocated to Series F (Hedged) and Advisor

Series (Hedged) and therefore may lower the

returns of these series.

The fund may or may not hedge some or all of its

foreign currency exposure on the foreign dollar

denominated investments allocated to the other

series of the fund. The return on these series of

securities of the fund will generally be based on

both the performance of the fund’s portfolio

investments and any performance attributable to

foreign currency fluctuations relative to the

Canadian dollar. The extent to which returns will

be based on foreign currency fluctuations will

depend on how much of the foreign currency

exposure is hedged.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

industry concentration risk •

issuer concentration risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

225

Distribution policy

For Series A, Series F, Series F (Hedged), Series I,

Advisor Series and Advisor Series (Hedged)

securities, the fund distributes any net income and

any net capital gains in December. Distributions

for these series are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund

will make monthly distributions of an amount

comprised of any net income and/or ROC based

on 6% of the NAV per security of the series as

determined on December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

226

Fund details

BMO Covered Call Canada

High Dividend ETF Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange traded

funds that invest primarily in dividend paying

Canadian equities while mitigating downside risk.

This fund invests primarily, directly or indirectly,

in dividend paying Canadian equities by investing

all or a portion of its assets in one or more exchange

traded funds, by investing directly in the underlying

securities held by the exchange traded funds and/or

by using derivatives to provide the fund with a return

determined by reference to the exchange traded funds.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests up to 100% of the fund’s assets in •

securities of BMO Canadian High Dividend

Covered Call ETF

BMO Canadian High Dividend Covered Call ETF •

seeks to provide exposure to the performance of a

portfolio of dividend paying Canadian companies

to generate income and to provide long-term

capital appreciation while mitigating downside

risk through the use of covered call options.

BMO Canadian High Dividend Covered Call ETF

will primarily invest in and hold dividend paying

equity securities of Canadian companies. The

selected companies will have the potential for

long-term capital appreciation. As an alternative

to or in conjunction with investing in and holding

the dividend paying Canadian securities, BMO

Canadian High Dividend Covered Call ETF may

invest in or use certain other securities to obtain

exposure. Securities will be selected using a rules

based methodology that considers dividend

growth, yield and payout ratio. Securities will

also be subject to a screening process to ensure

sufficient liquidity. Depending on market volatility

and other factors, BMO Canadian High Dividend

Covered Call ETF will write covered call options

on these securities. Under such call options, BMO

Canadian High Dividend Covered Call ETF will

sell to the buyer of the option, for a premium,

either a right to buy the security at an exercise

price or, if the option is cash settled, the right to a

payment equal to the difference between the

value of the security and the exercise price.

Covered call options partially hedge against a

decline in the price of the securities on which

they are written to the extent of the premiums

received by BMO Canadian High Dividend

Covered Call ETF at the time the options are

written by it. The call options written by BMO

Canadian High Dividend Covered Call ETF may

be either exchange traded options or over-the-

counter options

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Canadian High

Dividend Covered Call ETF, the fund may invest

in the securities of dividend paying Canadian

companies or in the securities that make up the

BMO Canadian High Dividend Covered Call ETF

in substantially the same proportion as the

exchange traded fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Dividend

& Income Equity

Series A: May 14, 2018

Series F: May 14, 2018

Series I: May 14, 2018

Advisor Series: May 14, 2018

Units of a mutual fund trust

Qualified investment

Series A: 1.45%

Series F: 0.55%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each SeriesI investor.

(1)

Advisor Series: 1.45%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2018)

227

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying

exchange traded fund and securities, may be

changed without notice from time to time

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and

swaps to gain market exposure to the return of

the exchange traded fund or a portion thereof

may invest up to 10% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying exchange traded funds

may enter into securities lending, repurchase and

reverse repurchase transactions to earn additional

income. These transactions will be used in

conjunction with the other investment strategies in

a manner considered appropriate to achieving the

fund’s investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

228

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies

on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a monthly distribution comprised

of any net income, net capital gains and/or ROC.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

229

230

Fund details

BMO Covered Call Canadian

Banks ETF Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange traded

funds that invest primarily in Canadian bank equities

while mitigating downside risk. This fund invests

primarily, directly or indirectly, in Canadian bank

equities by investing all or a portion of its assets in

one or more exchange traded funds, by investing

directly in the underlying securities held by the

exchange traded funds and/or by using derivatives

to provide the fund with a return determined by

reference to the exchange traded funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in securities •

of BMO Covered Call Canadian Banks ETF

BMO Covered Call Canadian Banks ETF seeks to •

provide exposure to the performance of a

portfolio of Canadian banks to generate income

and to provide long-term capital appreciation

while mitigating downside risk through the use

of covered call options. BMO Covered Call

Canadian Banks ETF will primarily invest in and

hold the securities of Canadian banks, exchange

traded funds or a combination of these. Depending

on market volatility and other factors, BMO

Covered Call Canadian Banks ETF will write

covered call options on these securities. Under

such call options, BMO Covered Call Canadian

Banks ETF will sell to the buyer of the option, for

a premium, either a right to buy the security from

BMO Covered Call Canadian Banks ETF at an

exercise price or, if the option is cash settled, the

right to a payment from BMO Covered Call

Canadian Banks ETF equal to the difference

between the value of the security and the exercise

price. Covered call options partially hedge against

a decline in the price of the securities on which

they are written to the extent of the premiums

received by BMO Covered Call Canadian Banks

ETF at the time the options are written by it. The

call options written by BMO Covered Call

Canadian Banks ETF may be either exchange

traded options or over-the-counter options

to the extent that the fund does not invest 100% •

of its assets in securities of the BMO Covered Call

Canadian Banks ETF, the fund may invest in the

securities of Canadian banks or in the securities

that make up the BMO Covered Call Canadian

Banks ETF in substantially the same proportion

as the exchange traded fund

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Financial Services Equity

SeriesA: April 28, 2016

SeriesF: April 28, 2016

SeriesI: April 28, 2016

Advisor Series: April 28, 2016

Units of a mutual fund trust

Qualified investment

SeriesA: 1.45%

SeriesF: 0.55%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.45%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager since

April2016)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

231

may invest directly in cash or cash equivalents •

to meet any cash cover requirements or fund

redemption requests

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and

swaps to gain market exposure to the return of

the exchange traded fund or a portion thereof

may invest up to 10% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a monthly distribution comprised

of any net income, net capital gains and/or ROC.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

232

Fund details

BMO Covered Call Energy ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange traded

funds that invest primarily in energy and energy

related companies, which may include clean energy

(i.e., renewable energy) companies, while mitigating

downside risk. This fund invests primarily, directly

or indirectly, in North American listed securities by

investing all or a portion of its assets in one or more

exchange traded funds, by investing directly in the

underlying securities held by the exchange traded

funds and/or by using derivatives to provide the

fund with a return determined by reference to the

exchange traded funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in •

securities of BMO Covered Call Energy ETF

BMO Covered Call Energy ETF seeks to provide •

exposure to the performance of a portfolio of

energy and energy related companies, which may

include clean energy (i.e., renewable energy)

companies, to generate income and to provide

long-term capital appreciation while mitigating

downside risk through the use of covered call

options. BMO Covered Call Energy ETF will

invest in or use derivative instruments to seek to

hedge foreign currency exposure back to the

Canadian dollar. BMO Covered Call Energy ETF

will primarily invest in and hold the equity

securities of energy and energy related companies,

which may include clean energy (i.e., renewable

energy) companies. Securities will be selected

using a rules based methodology that considers

quality, growth, potential, and yield. Securities

will also be subject to a screening process to

ensure sufficient liquidity. Depending on market

volatility and other factors, BMO Covered Call

Energy ETF will write covered call options on

233

Type of fund

Energy Equity

Date started

SeriesA: June 16, 2023

SeriesF: June 16, 2023

SeriesI: June 16, 2023

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

SeriesA: 1.65%

SeriesF: 0.65%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

(2)

(1)

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

The manager is responsible for payment of the costs related to the

Administration Expenses, other than the Fund Expenses. See Fees and Expenses

on page 65 for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

these securities. Under such call options,

BMO Covered Call Energy ETF will sell to the

buyer of the option, for a premium, either a right

to buy the security from BMO Covered Call

Energy ETF at an exercise price or, if the option is

cash settled, the right to a payment from BMO

Covered Call Energy ETF equal to the difference

between the value of the security and the exercise

price. Covered call options partially hedge

against a decline in the price of the securities on

which they are written to the extent of the

premiums received by BMO Covered Call Energy

ETF at the time the options are written by it. The

call options written by BMO Covered Call Energy

ETF may be either exchange traded options or

over-the-counter options

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Covered Call

Energy ETF, the fund may invest in the securities

of energy or energy related companies, which

may include clean energy (i.e., renewable

energy) companies, or in the securities that make

up BMO Covered Call Energy ETF in substantially

the same proportion as the exchange traded fund

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and

swaps to gain market exposure to the return of

the exchange traded fund or a portion thereof

may invest up to 10% of the fund’s assets in •

securities outside of North America

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures.

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

234

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a monthly distribution

comprised of any net income, net capital gains

and/or ROC. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should not

draw any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

235

236

Fund details

BMO Covered Call Europe

High Dividend ETF Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange traded

funds that invest primarily in dividend paying

European companies while mitigating downside

risk. This fund invests primarily, directly or

indirectly, in dividend paying European companies

by investing all or a portion of its assets in one or

more exchange traded funds, by investing directly

in the underlying securities held by the exchange

traded funds and/or by using derivatives to provide

the fund with a return determined by reference to

the exchange traded funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in securities •

of BMO Europe High Dividend Covered Call

Hedged to CAD ETF

BMO Europe High Dividend Covered Call •

Hedged to CAD ETF seeks to provide exposure to

the performance of a portfolio of dividend paying

European companies to generate income and to

provide long-term capital appreciation while

mitigating downside risk through the use of

covered call options. BMO Europe High Dividend

Covered Call Hedged to CAD ETF will invest in or

use derivative instruments to seek to hedge

foreign currency exposure back to the Canadian

dollar. BMO Europe High Dividend Covered Call

Hedged to CAD ETF will primarily invest in and

hold the equity securities of dividend paying

European companies. Securities will be selected

using a rules based methodology that considers

dividend growth, yield and payout ratio.

Securities will also be subject to a screening

process to ensure sufficient liquidity. Depending

on market volatility and other factors, BMO

Europe High Dividend Covered Call Hedged to

CAD ETF will write covered call options on these

securities. Under such call options, BMO Europe

High Dividend Covered Call Hedged to CAD ETF

will sell to the buyer of the option, for a premium,

either a right to buy the security at an exercise

price or, if the option is cash settled, the right to a

payment equal to the difference between the

value of the security and the exercise price.

Covered call options partially hedge against a

decline in the price of the securities on which

they are written to the extent of the premiums

received by BMO Europe High Dividend Covered

Call Hedged to CAD ETF at the time the options

are written by it. The call options written by BMO

Europe High Dividend Covered Call Hedged to

CAD ETF may be either exchange traded options

or over-the-counter options

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

European Equity

SeriesA: April 28, 2016

SeriesF: April 28, 2016

SeriesI: April 28, 2016

Advisor Series: April 28, 2016

Units of a mutual fund trust

Qualified investment

SeriesA: 1.45%

SeriesF: 0.55%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.45%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager since

April2016)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

237

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Europe High

Dividend Covered Call Hedged to CAD ETF, the

fund may invest in the securities of dividend

paying European companies or in the securities

that make up the BMO Europe High Dividend

Covered Call Hedged to CAD ETF in substantially

the same proportion as the exchange traded fund

allocates assets among the exchange traded fund •

and/or securities based on a determination

of the most effective manner to achieve the

fund’s objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

may invest directly in cash or cash equivalents •

to meet any cash cover requirements or fund

redemption requests

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and

swaps to gain market exposure to the return of

the exchange traded fund or a portion thereof

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures.

The fund’s foreign currency exposure is

typically fully hedged

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a monthly distribution comprised

of any net income, net capital gains and/or ROC.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

238

239

Fund details

BMO Covered Call U.S.

High Dividend ETF Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in dividend

paying U.S. companies while mitigating downside

risk. This fund invests primarily, directly or

indirectly, in dividend paying U.S. companies by

investing all or a portion of its assets in one or more

exchange traded funds, by investing directly in the

underlying securities held by the exchange traded

funds and/or by using derivatives to provide the

fund with a return determined by reference to the

exchange traded funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in securities •

of BMO U.S. High Dividend Covered Call ETF

BMO U.S. High Dividend Covered Call ETF seeks •

to provide exposure to the performance of a

portfolio of dividend paying U.S. companies to

generate income and to provide long-term capital

appreciation while mitigating downside risk

through the use of covered call options. BMO U.S.

High Dividend Covered Call ETF will primarily

invest in and hold the equity securities of

dividend paying U.S. companies. Securities will

be selected using a rules based methodology that

considers dividend growth, yield and payout

ratio. In addition, depending on market volatility

and other factors, BMO U.S. High Dividend

Covered Call ETF will write covered call options

on these securities. Under such call options, BMO

U.S. High Dividend Covered Call ETF will sell to

the buyer of the option, for a premium, either a

right to buy the security at an exercise price or, if

the option is cash settled, the right to a payment

equal to the difference between the value of the

security and the exercise price. Covered call

options partially hedge against a decline in the

price of the securities on which they are written

to the extent of the premiums received by BMO

U.S. High Dividend Covered Call ETF at the time

the options are written by it. The call options

written by BMO U.S. High Dividend Covered Call

ETF may be either exchange traded options or

over-the-counter options

to the extent that the fund does not invest 100% •

of its assets in securities of BMO U.S. High

Dividend Covered Call ETF, the fund may invest

in the securities of dividend paying U.S. companies

or in the securities that make up the BMO U.S.

High Dividend Covered Call ETF in substantially

the same proportion as the exchange traded fund

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

US Equity

SeriesA: April 28, 2016

SeriesF: April 28, 2016

SeriesI: April 28, 2016

Advisor Series: April 28, 2016

Units of a mutual fund trust

Qualified investment

SeriesA: 1.45%

SeriesF: 0.55%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.45%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager since

April2016)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

240

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and

swaps to gain market exposure to the return of

the exchange traded fund or a portion thereof

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage

in short sales as permitted by Canadian

securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a monthly distribution comprised

of any net income, net capital gains and/or ROC.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

241

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that

is similar to the return of one or more exchange

traded funds that invest primarily in utilities

companies while mitigating downside risk. This

fund invests primarily, directly or indirectly, in

equity securities of Canadian companies widely

recognized as utilities companies by investing all

or a portion of its assets in one or more exchange

traded funds, by investing directly in the underlying

securities held by the exchange traded funds and/or

by using derivatives to provide the fund with a

return determined by reference to the exchange

traded funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in •

securities of BMO Covered Call Utilities ETF

BMO Covered Call Utilities ETF seeks to provide •

exposure to the performance of a portfolio of

utilities companies to generate income and to

provide long-term capital appreciation while

mitigating downside risk through the use of

covered call options. BMO Covered Call Utilities

ETF will invest in or use derivative instruments to

seek to hedge foreign currency exposure back to

the Canadian dollar. BMO Covered Call Utilities

ETF will primarily invest in and hold the equity

securities of Canadian companies widely recognized

as utilities companies, which may also include

telecommunication and pipeline companies.

Depending on market volatility and other factors,

BMO Covered Call Utilities ETF will write covered

call options on these securities. Under such call

options, BMO Covered Call Utilities ETF will sell

to the buyer of the option, for a premium, either a

right to buy the security from BMO Covered Call

Utilities ETF at an exercise price or, if the option

is cash settled, the right to a payment from BMO

Covered Call Utilities ETF equal to the difference

between the value of the security and the exercise

price. Covered call options partially hedge

against a decline in the price of the securities on

which they are written to the extent of the

premiums received by BMO Covered Call

Utilities ETF at the time the options are written

by it. The call options written by BMO Covered

Call Utilities ETF may be either exchange traded

options or over-the-counter options

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Covered Call

Utilities ETF, the fund may invest in the securities

of utilities companies or in the securities that

make up BMO Covered Call Utilities ETF in

substantially the same proportion as the

exchange traded fund

242

Type of fund

Sector Equity

Date started

SeriesA: June 16, 2023

SeriesF: June 16, 2023

SeriesI: June 16, 2023

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

SeriesA: 1.65%

SeriesF: 0.65%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

(2)

(1)

fee

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

The manager is responsible for payment of the costs related to the

Administration Expenses, other than the Fund Expenses. See Fees and Expenses

on page 65 for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

Fund details

BMO Covered Call Utilities ETF

Fund

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and

swaps to gain market exposure to the return of

the exchange traded fund or a portion thereof

may invest up to 10% of the fund’s assets in •

securities outside of North America

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures. The

fund’s foreign currency exposure is typically

fully hedged

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

243

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a monthly distribution

comprised of any net income, net capital gains

and/or ROC. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

244

245

Fund details

BMO Dividend

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a high after-tax

return, which includes dividend income and

capital gains from growth in the value of your

investment.

As part of its investment objective, the fund invests

primarily in dividend-yielding common and

preferred shares of established Canadian companies.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in dividend yielding common and •

preferred shares of established Canadian companies

may also invest in fixed income securities •

examines the financial statistics of each company •

it’s considering to determine if the equity

securities are attractively priced

reviews company operations and research and •

development to assess each company’s potential

for growth

monitors the companies in which the fund •

invests for changes that may affect their

profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 30% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Dividend

& Income Equity

Series A: October3, 1994

Series T6: June 13, 2022

Series F: November3, 2008

Series F6: November 16, 2015

Series G: February 16, 2018

Series I: March5, 2008

Advisor Series: June1, 2012

Units of a mutual fund trust

Qualified investment

Series A: 1.50%

Series T6: 1.50%

Series F: 0.50%

Series F6: 0.50%

Series G: 1.00%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.50%

0.13%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since October1994)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

246

Distribution policy

The fund distributes any net capital gains in

December. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

For Series A, Series F, Series G, Series I and Advisor

Series securities, the fund distributes a fixed amount

of net income and/or ROC per security each quarter.

Any net income earned by the fund in excess of this

quarterly distribution is distributed in December.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount

comprised of any net income and/or ROC based on

6% of the NAV per security of the series as

determined on December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you

of the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

foreign investment risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

247

Fund details

BMO European

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing in com -

panies in Western Europe and the United Kingdom.

As part of the investment objective, this fund

invests primarily in companies that are listed on

recognized exchanges and that will likely benefit

from merger activity and reduced trade barriers as

European markets and economies restructure. It

may also invest in fixed income securities issued

by governments in Western Europe and the

United Kingdom.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

examines the financial information of individual •

companies to identify sound potential investments

employs a fundamental bottom-up investment •

approach that emphasizes growth and stability of

earnings while adhering to a strict valuation

discipline

seeks out companies with strong, consistent and •

growing free cash generation

reviews a company’s financial information, •

competitive position and its future prospects

may also meet the company’s management •

and take into account general industry and

economic trends

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

European Equity

SeriesA: October3, 1994

Series F: November3, 2008

Series I: November3, 2008

Advisor Series: November11, 2009

Units of a mutual fund trust

Qualified investment

SeriesA: 2.00%

SeriesF: 0.65%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 2.00%

0.28%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Threadneedle

Management Limited

London, England

(Portfolio Manager since

May 2022; Sub-advisor from

January 2015 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

248

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you

of the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Fund details

BMO Global Climate Transition

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing primarily

in equity securities of companies from around the

world that may focus on the global transition to a

low carbon economy.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in global companies that are enablers •

and/or adopters of a global transition to a low

carbon economy

considers companies in certain industries, •

including:

- Low Carbon Solutions: companies that provide

low carbon solutions through improved energy

efficiency, advanced manufacturing, industrial

processes, engineering and construction,

advanced materials, or other technological

innovation.

- Clean Energy: companies involved in

electrification and the development,

deployment, transmission, and distribution of

wind, solar photovoltaic, solar thermal,

geothermal, biomass, hydro power, nuclear,

energy storage, hydrogen, and other renewable

or low carbon energy sources.

- Transportation & Mobility: companies that

enable more carbon efficient transportation of

people and goods, including rail, shipping,

autonomous and electric vehicles, smart

infrastructure, optimization, and logistics.

- Resilience Solutions: companies that are devising

and providing resilience solutions to facilitate

the global transition to a low carbon economy

- Resource Efficiency: companies that support

the efficient extraction, recovery, use, and

maintained circular reuse of resources across

the economy.

employs fundamental analysis to identify and •

select equity securities that may offer superior

appreciation potential

fundamental analysis will include reviewing •

company operations, financial conditions, overall

strategy and other relevant factors

targets companies across a range of sectors •

whose future prospects are positively aligned

with increased investment and focus on the

global transition to a low carbon economy. While

no sector is excluded, the fund will skew towards

companies typically in the utilities, industrial,

transportation, materials, consumer discretionary,

energy and technology sectors

249

Type of fund

Global Equity

Date started

SeriesA: June 16, 2023

SeriesF: June 16, 2023

SeriesI: June 16, 2023

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

SeriesA: 1.55%

SeriesF: 0.55%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.55%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

monitors the companies in which the fund invests •

for changes which may affect their profitability and

alignment with the fund’s investment objective

may invest up to 30% of the fund’s assets •

in securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures.

- gain exposure to securities without buying

the securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction

with the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

exclusionary screening •

engagement & stewardship •

thematic investing. •

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

250

251

As part of its investment objectives, the fund invests

primarily in equities of companies that trade on

recognized stock exchanges in countries around

the world.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in dividend yielding common •

and preferred shares

seeks long-term returns consisting of stable •

dividend growth and steady income that is based

upon a growth payout and sustainability philosophy

applies a market-oriented, bottom-up, sector-•

neutral approach to selecting the best companies

within each sector, regardless of geography

uses a proprietary, internally-developed, multi-•

factor process that performs cross-regional

comparisons to detect where positive fundamental

change is occurring in global markets

diversifies the fund’s assets among regions, •

countries and sectors to help reduce risk

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by the manager or one of its affiliates or

associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity

Series A: January 7, 1997

Series T6: November 16, 2015

Series F: August 12, 2013

Series F6: November 16, 2015

Series I: June 24, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.90%

Series T6: 1.90%

Series F: 0.60%

Series F6: 0.60%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.90%

0.35%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Guardian Capital LP

Toronto, Ontario

(Portfolio Manager

sinceJuly 2013)

Fund details

BMO Global Dividend

Fund

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

The fund’s objective is to achieve a high level of total

return from the value of your investment, including

dividend income and capital gains, by investing

primarily in dividend yielding common and preferred

shares of companies from around the world.

252

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

Because the fund’s investments are concentrated in

a few sectors, the value of the fund may vary more

than funds that invest in many different industries.

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. 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. The amount of

the monthly distribution may be adjusted without

notice throughout the year as market conditions

change. Any net income earned by the fund in

excess of the monthly distribution may also be

distributed to securityholders from time to time.

Any net capital gains are distributed in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO Global Dividend

Opportunities Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing

primarily in equity securities of companies from

around the world that pay dividends or that are

expected to pay dividends.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in global companies that pay •

dividends or are expected to pay dividends

employs fundamental analysis to identify and •

select equity securities that trade below their

intrinsic value and demonstrate superior

earnings growth and dividend growth

reviews company operations, the quality of •

management and research and development

practices to assess the company’s potential

for growth

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

253

Type of fund

Global Equity

Date started

Series A: November 27, 2000

Series T5: November 11, 2009

Series F: November 11, 2009

Series I: May 10, 2010

Active ETF Series: May 30, 2023

(Ticker symbol: BGDV)

Advisor Series: November 3, 2008

(1)

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

SeriesA: 1.55%

Series T5: 1.55%

SeriesF: 0.55%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Active ETF Series: 0.75%

Advisor Series: 1.55%

(3)

(2)

Administration

fee

0.20%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(for ETF Series, no fixed

administration fee is paid)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(3)

(2)

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

These dates reflect the start dates of the applicable series of BMO Global

Dividend Class. Each series of BMO Global Dividend Class was merged into the

corresponding series of the fund on August 25, 2023.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(3)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T5 investors only)

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series,

the fund distributes monthly any net income and/or

ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For Series T5 securities, the fund will make monthly

distributions of an amount comprised of ROC based

on 5% of the NAV per security of the series as

determined on December 31 of the prior year.

For ETF Series securities, distributions, if any, are

paid monthly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such that

the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its

ETF Series securities, including without restriction

in connection with a special dividend or in

connection with ROC.

254

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

255

256

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Equity

Series A: June 13, 2022

Series T6: June 13, 2022

Series F: June 13, 2022

Series F6: June 13, 2022

Series I: June 13, 2022

ETF Series: June 21, 2023

(Ticker symbol: ZWQT)

Advisor Series: June 13, 2022

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series T6: 1.55%

Series F: 0.55%

Series F6: 0.55%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

ETF Series: 0.65%

(2)

Advisor Series: 1.55%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2022)

Fund details

BMO Global Enhanced Income

Fund

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

will invest primarily in exchange traded funds •

will invest a majority of the fund’s assets in global •

equity exchange traded funds that are higher

yielding than the broader equity market

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide income and long-

term capital growth by investing primarily in a

diversified portfolio of global equity exchange traded

funds that are higher yielding than the broader

equity market. The fund may also invest in other

mutual funds or invest directly in individual fixed

income and equity securities.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series,

the fund distributes monthly any net income and/or

ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are paid

monthly such that any net income and net realized

capital gains have been distributed to securityholders.

Annual distributions may be paid in cash or

reinvested automatically in additional ETF Series

securities of the fund at a price equal to the NAV per

security of the fund and the ETF Series securities will

be immediately consolidated such that the number

of outstanding ETF Series securities following the

distribution will equal the number of ETF Series

securities outstanding prior to the distribution. If

you are enrolled in a Distribution Reinvestment Plan,

your distributions are automatically reinvested in

additional securities of the ETF Series pursuant to

the Distribution Reinvestment Plan. In addition,

the fund may from time to time pay additional

distributions on its ETF Series securities, including

without restriction in connection with a special

dividend or in connection with ROC.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

257

258

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a long-term growth

of capital through investment in a portfolio of

equity securities of publicly-traded companies from

around the world with significant growth potential.

As part of its investment objectives, the fund invests

primarily in equities of companies that trade on

recognized exchanges in countries around the world.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in global equity securities •

employs fundamental analysis to identify and •

select equities that trade below their intrinsic

value and demonstrate superior earnings growth

reviews company operations, the quality of •

management and research and development

practices to assess the company’s potential for

growth

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may use derivatives to implement the investment •

strategy. Derivatives, such as options, futures,

forward contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity

Series A: April 17, 2015

Series T6: November 16, 2015

Series F: April 17, 2015

Series F6: November 16, 2015

Series I: April 17, 2015

Active ETF Series: June 27, 2023

(Ticker symbol: BGEQ)

Advisor Series: April 17, 2015

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series T6: 1.55%

Series F: 0.55%

Series F6: 0.55%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Active ETF Series: 0.75%

(2)

Advisor Series: 1.55%

0.20%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(1)

(for ETF Series, no fixed

administration fee is paid)

(2)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since November 2022)

Fund details

BMO Global Equity

Fund

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

259

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF

Series securities of the fund at a price equal to the

NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series

securities following the distribution will equal

the number of ETF Series securities outstanding

prior to the distribution. If you are enrolled in a

Distribution Reinvestment Plan, your distributions

are automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may

from time to time pay additional distributions on

its ETF Series securities, including without

restriction in connection with a special dividend

or in connection with ROC.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

260

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing primarily

in companies that operate in, or are expected to

benefit from, health care related businesses from

around the world.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests in global health care and health care •

related companies

employs fundamental analysis to identify and •

select health care equities that trade below their

intrinsic value and demonstrate superior

earnings growth

reviews company operations, the quality of •

management and research and development

practices to assess the company’s potential for

growth

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

261

Fund details

BMO Global Health Care

Fund

Type of fund

Sector Equity

Date started

SeriesA: June 16, 2023

SeriesF: June 16, 2023

SeriesI: June 16, 2023

Active ETF Series: June 27, 2023

(Ticker symbol: BGHC)

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

SeriesA: 1.70%

SeriesF: 0.70%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Active ETF Series: 0.90%

Advisor Series: 1.70%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

(1)

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in

cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

262

Investment Strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

invests primarily in global equity and fixed income •

securities, either directly or indirectly, using a

combination of top down macro analysis and

fundamental analysis

considers yield, growth and inflation in portfolio •

construction

invests between 25%-75% of the fund’s assets in •

equities, between 25%-75% of the fund’s assets

in fixed income

when choosing equities: •

- employs fundamental analysis to identify and

select equities that trade below their intrinsic

value and considers dividend yield

- reviews company operations, the quality of

management and research and development

practices to assess the company’s potential

for growth

when choosing fixed income securities: •

- examines economic indicators like growth,

inflation and monetary policy to provide a

framework for selecting appropriate securities

- selects a variety of investment terms based on

the interest rate outlook

- analyzes credit ratings of various issuers to

determine the best potential investments for

yield and growth in the portfolio

- invests in government and corporate securities

to diversify the fund’s holdings

- invests in investment grade and high yield bonds

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

263

What does the fund invest in?

Investment objectives

This fund’s objective is to generate income and

provide long-term capital growth by investing

primarily, directly or indirectly, in equity and

fixed income securities from around the world.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Fund details

BMO Global Income & Growth

Fund

Type of fund

Global Neutral Balanced

Date started

Series A: November 4, 2022

Series T6: November 4, 2022

Series F: November 4, 2022

Series F6: November 4, 2022

Series I: November 4, 2022

Advisor Series: November 4, 2022

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

SeriesA: 1.60%

SeriesT6: 1.60%

SeriesF: 0.60%

SeriesF6: 0.60%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities

will then be repurchased by the fund at a later date

and returned to the lender. The fund will only

engage in short sales as permitted by Canadian

securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the

year as market conditions change. Any net income

earned by the fund in excess of the monthly

distribution may also be distributed to securityholders

from time to time. Any net capital gains are

distributed in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series A, Series F, Series I and Advisor Series,

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.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

264

265

Fund details

BMO Global Infrastructure

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve a high level of

total return, including dividend income and capital

gains, by investing primarily in companies that

operate in, or are expected to benefit from,

infrastructure related businesses from around the

world. The fund may also invest in fixed income

securities of suchcompanies.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies that the portfolio manager

uses to try to achieve the fund’s objective:

invests primarily in equity securities of listed •

infrastructure companies

may also invest in debt issued by infrastructure •

related businesses

seeks to make investments in securities that •

are expected to generate stable and long-term

cash flows

diversifies the fund’s assets by industry and •

country to help reduce risk

infrastructure assets are broadly defined as the •

basic facilities, services, and installations needed

for the functioning of a community or society and

may include but are not limited to the following

areas: transportation (toll roads, airports,

seaports and rail), energy (gasand electricity

transmission, distribution and generation),

water (pipelines and treatment plants),

telecommunications (broadcast, satellite and

cable), social (hospitals, schools and prisons),

engineering services, mining, shipping,

alternative energy, construction and concrete

may invest up to 10% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds managed by the

manager or one of its affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Infrastructure Equity

SeriesA: June1, 2006

Series F: April 8, 2014

SeriesI: November17, 2008

Active ETF Series: June 27, 2023

(Ticker symbol: BGIF)

Advisor Series: November3, 2008

Units of a mutual fund trust

Qualified investment

SeriesA: 1.85%

Series F: 0.85%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly

by each SeriesI investor.

(1)

Active ETF Series: 1.05%

(2)

Advisor Series: 1.85%

0.20%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(1)

(for ETF Series, no fixed

administration fee is paid)

(2)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since October 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

266

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk

•

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the year

as market conditions change. Any net income

earned by the fund in excess of the monthly

distribution may also be distributed to securityholders

from time to time. Any net capital gains are

distributed in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series A, Series F, Advisor Series and Series I

securities, the fund distributes monthly any net

income and/or ROC. For each series the amount of

the monthly distribution is set at the beginning of

each calendar year based on the market outlook.

For ETF Series securities, distributions, if any, are

paid monthly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

267

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity and equity-

related securities of companies involved in the

development of innovative products, processes or

services and companies that may benefit from these

innovations from around the world.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in global equity securities of •

companies involved in the development of

innovative products, processes or services and

companies that may benefit from these

innovations

employs fundamental analysis to identify and •

select equities that trade below their intrinsic

value and demonstrate superior earnings growth

reviews company operations, the quality of •

management and research and development

practices to assess the company’s potential for

growth

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

268

Fund details

BMO Global Innovators

Fund

Type of fund

Global Equity

Date started

Series A: November 4, 2022

Series T6: November 4, 2022

Series F: November 4, 2022

Series F6: November 4, 2022

Series I: November 4, 2022

Active ETF Series: June 27, 2023

(Ticker symbol: BGIN)

Advisor Series: November 4, 2022

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

SeriesA: 1.75%

SeriesT6: 1.75%

SeriesF: 0.75%

SeriesF6: 0.75%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Active ETF Series: 0.95%

Advisor Series: 1.75%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

(1)

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage

in short sales as permitted by Canadian securities

regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

industry concentration risk •

large transaction risk •

liquidity risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net capital gains in

December. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

For Series A, Series F, Series I and Advisor Series

securities, the fund distributes quarterly any net

income and/or ROC.

For ETF Series securities, distributions, if any, are

paid quarterly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

269

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

270

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing primarily

in exchange traded funds that invest in global

equity and fixed income securities. The fund may

also invest in other mutual funds or invest directly

in global fixed income securities and cash or cash

equivalents. The portfolio manager may change

the fund’s asset mix according to its outlook for

each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests a majority of its assets in exchange •

traded funds

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest between 10-90% of the fund’s assets in •

securities of underlying funds that invest in equities

may invest between 10-90% of the fund’s assets •

in securities of underlying funds that invest in

fixed income securities

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors on

the basis that they will help the fund to achieve

its objective. The underlying funds, as well as the

percentage holding in each underlying fund, may

be changed without notice from time to time

will seek lower volatility exchange traded funds •

for the fund’s portfolio

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

271

Fund details

BMO Global Low Volatility ETF

Fund

Type of fund

Tactical Balanced

Date started

Series A: May 3, 2010

Series T6: November 26, 2010

Series F: April 26, 2010

Series F6: October 22, 2021

Series I: March 27, 2023

Advisor Series: April 26, 2010

(1)

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

SeriesA: 1.35%

SeriesT6: 1.35%

SeriesF: 0.35%

SeriesF6: 0.35%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.35%

(2)

Administration

fee

Portfolio

manager

0.15%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since March 2023)

(1)

These dates reflect the start dates of the applicable series of BMO Global Low

Volatility ETF Class. Each series of BMO Global Low Volatility ETF Class was merged

into the corresponding series of the fund on August 25, 2023.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The underlying funds may enter into securities

lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes quarterly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us

in writing that you prefer to receive cash

distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount

comprised of any net income and/or ROC based on

6% of the NAV per security of the series as

determined on December 31 of the prior year.

However, the first distribution will be made by

Series T6 and Series F6 securities in May 2023, and

this distribution will be calculated based on the

series’ initial net asset value per security.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

272

273

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of an exchange traded fund

that invests primarily in global equity securities

with high quality scores calculated based on

established criteria. The fund may invest all or a

portion of its assets in an exchange traded fund that

invests in such securities, invest directly in the

underlying securities held by the exchange traded

fund and/or use derivatives to provide the fund

with a return determined by reference to the

exchange traded fund or its reference index.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in •

securities of BMO MSCI All Country World High

Quality Index ETF

BMO MSCI All Country World High Quality Index •

ETF seeks to replicate, to the extent possible,

the performance of an index of equities across

developed market and emerging market countries,

net of expenses, which is currently the MSCI

ACWI Quality Index. The MSCI ACWI Quality

Index includes large- and mid-capitalization

stocks across developed market and emerging

market countries. The MSCI ACWI Quality Index

aims to capture the performance of quality stocks

selected from the parent index, MSCI ACWI Index,

by identifying stocks with high quality scores

based on three main fundamental variables: high

return on equity; stable year-over-year earnings

growth, which may be measured by the standard

deviation of earnings growth over the last five

fiscal years; and low financial leverage, which

may be measured by the debt-to-equity ratio.

The quality score for each security is calculated

by normalizing the three fundamental variables

using winsorized Z scores. Computing a Z score

is a widely used method of standardizing a

variable in order to combine it with other

variables that may have a different unit of

measurement or a different scale. Based on the

quality scores, a fixed number of constituent

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Equity

Series A: June 13, 2022

Series T6: June 13, 2022

Series F: June 13, 2022

Series F6: June 13, 2022

Series I: June 13, 2022

Advisor Series: June 13, 2022

Units of a mutual fund trust

Qualified investment

Series A: 1.45%

(1)

Series T6: 1.45%

(1)

Series F: 0.45%

(1)

Series F6: 0.45%

(1)

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(2)

Advisor Series: 1.45%

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

sinceMay 2022)

Fund details

BMO Global Quality ETF

Fund

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

securities are selected for the MSCI ACWI Quality

Index. The MSCI ACWI Quality Index weights

the securities by the product of their market

capitalization weight in the parent index and the

quality score. The MSCI ACWI Quality Index

reweights the selected quality growth stocks from

the parent index to emphasize stocks with high

quality scores. Further information about the

MSCI ACWI Quality Index is available from MSCI

on its website at www.msci.com.

to the extent that the fund does not invest 100% •

of its assets in securities of the BMO MSCI All

Country World High Quality Index ETF, the fund

may invest in securities that make up the MSCI

ACWI Quality Index in substantially the same

proportion as the BMO MSCI All Country World

High Quality Index ETF

allocates assets between the underlying exchange •

traded fund and/or direct investments in global

quality securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The allocation

between the underlying exchange-traded fund

and direct investments, may be changed without

notice from time to time

as an alternative to or in conjunction with •

investing directly in the underlying exchange

traded fund and/or directly investing in

securities, the fund may use derivatives like

options, futures, forward contracts and swaps to

gain market exposure to the return of the

underlying exchange traded fund or a portion

thereof. The fund will only use derivatives as

permitted by Canadian securities regulators

may invest up to 100% of the fund’s assets in •

foreign securities

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

currency risk •

cybersecurity risk •

derivatives risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series,

the fund distributes quarterly any net income

and/or ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

274

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

275

BMO Global REIT

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of

your investment over the long term by investing

primarily in REITs and equity securities of real

estate operating companies and/or companies that

provide services to the real estate industry from

around the world.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in global REITs and equity •

securities issued by real estate companies, but

may invest in convertible debentures

may invest in fixed income securities issued by •

real estate related companies

employs fundamental analysis to identify and •

select REITs that trade below their intrinsic value

and demonstrate superior earnings growth

reviews company operations, the quality of •

management and research and development

practices to assess the company’s potential

for growth

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

276

Fund details

Type of fund

Real Estate Equity

Date started

Series A: June 16, 2023

Series F: June 16, 2023

Series I: June 16, 2023

Active ETF Series: June 27, 2023

(Ticker symbol: BGRT)

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

SeriesA: 1.70%

SeriesF: 0.70%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Active ETF Series: 0.90%

Advisor Series: 1.70%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series,

the fund distributes monthly any net income and/or

ROC and any net capital gains in December.

Distributions are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid monthly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

277

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction

with the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Fund details

BMO Greater China

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve long-term capital

growth by investing primarily, either directly or

indirectly, in equity securities of companies in

Greater China, which includes Mainland China,

Hong Kong and Taiwan, as well as in equity

securities of companies that benefit from exposure

to Greater China.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment Strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in equity securities listed on •

stock exchanges in Mainland China, Hong Kong,

or Taiwan and also in securities listed on stock

exchanges outside of China that benefit from

exposure to Greater China

may also invest in convertible securities and •

other equity-related securities and in fixed

income securities

seeks to invest in companies that grow faster than •

market expectations, recover more rapidly, have

undiscovered value that is about to be realized, or

benefit from economic or regulatory changes in a

way not yet anticipated by other investors

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

278

Type of fund

Greater China Equity

Date started

Series A: October 12, 2004

Series F: June 24, 2013

Series I: March 27, 2023

Advisor Series:

November 3, 2008

(1)

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

SeriesA: 1.80%

SeriesF: 0.80%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.80%

(2)

Administration

fee

Portfolio

manager

0.20%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

Polen Capital HK Limited

Hong Kong

(Portfolio Manager

since March 2023)

(1)

These dates reflect the start dates of the applicable series of BMO Greater China

Class. Each series of BMO Greater China Class was merged into the corresponding

series of the fund on August 25, 2023.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

issuer concentration risk* •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

*During the 12-month period immediately

preceding April 30, 2024, up to 10.20%, 11.06%,

13.36%, 12.59%, 11.47%, and 10.73% of the net

asset value of the fund was invested in shares of

AIA Group Ltd, iShares MSCI China ETF, Taiwan

Semiconductor Manufacturing Company, Ltd,

Taiwan Semiconductor SP ADR, Tencent Holdings

Ltd and Xtrackers Harvest CSI 300 China A-Shares

ETF respectively.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

279

280

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity securities of

companies from around the world.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in equity securities from around •

the world

employs a bottom-up fundamental analysis to •

select equity securities from around the world

that the portfolio manager believes to be the best

investment regardless of market capitalization or

sector allocation, with emphasis on securities

that are attractively priced with the potential for

above-average earnings growth

in addition, seeks companies with improving •

fundamentals, attractive valuations and other

factors that may lead to price appreciation

the fund employs fundamental equity analysis •

methodologies to identify and select equities that

trade below their intrinsic value, demonstrate

superior earnings growth and positive price

momentum

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 75% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

Fund details

BMO Growth Opportunities

Fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

North American Equity

SeriesA: April 17, 2015

Series F: April 17, 2015

SeriesI: April 17, 2015

Advisor Series: April 17, 2015

Units of a mutual fund trust

Qualified investment

SeriesA: 1.80%

Series F: 0.55%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.80%

0.20%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

sinceApril2015)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

281

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

282

Fund details

BMO International Equity ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in international

equities. The fund may invest all or a portion of its

assets in one or more exchange traded funds, invest

directly in the underlying securities held by the

exchange traded funds and/or use derivatives to

provide the fund with a return determined by

reference to the exchange tradedfunds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests up to 100% of the fund’s assets in securities •

of BMO MSCI EAFE Hedged to CAD IndexETF

BMO MSCI EAFE Hedged to CAD Index ETF seeks •

to replicate, to the extent possible, the performance

of BMO MSCI EAFE 100% Hedged to CAD Index,

net of expenses. The MSCI EAFE 100% Hedged to

CAD Index is an equity index that captures large

and mid-capitalization representation across

developed market countries around the world,

excluding the U.S. and Canada. The index covers

approximately 85% of the free float-adjusted

market capitalization in each country. Foreign

currency exposure is also hedged back to the

Canadian dollar. Further information about the

MSCI EAFE 100% Hedged to CAD Index and its

constituent issuers is available from MSCI on its

website at www.msci.com.

to the extent that the fund does not invest 100% •

of its assets in securities of BMO MSCI EAFE

Hedged to CAD Index ETF, the fund may invest in

securities that make up the MSCI EAFE 100%

Hedged to CAD Index in substantially the same

proportion as BMO MSCI EAFE Hedged to

CAD Index ETF

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

International Equity

SeriesA: March22, 1999

Series F: May 5, 2017

Series G: March 11, 2019

SeriesI: March5, 2008

Units of a mutual fund trust

Qualified investment

SeriesA: 0.85%

Series F: 0.30%

Series G: 0.70%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

0.10%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since September2010)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Series A.

283

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

may invest up to 100% of the fund’s assets in •

foreign securities

may use derivatives such as futures and forward •

contracts to manage exposure to foreign currencies

in order to seek to reduce the risk of exchange

rate fluctuations between Canadian and foreign

currencies. The fund’s foreign currency exposure

is typically fully hedged

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, covered calls, futures, forward

contracts and swaps to gain market exposure to

the return of the exchange traded fund or a

portion thereof. The fund will only use derivatives

as permitted by Canadian securities regulators

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO International Equity

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve long-term capital

growth by investing primarily in equity securities of

companies located outside Canada and the United

States or other companies that benefit from

international exposure.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

International Equity

Series A: August 17, 2017

Series F: August 17, 2017

Series I: August 17, 2017

Advisor Series: August 17, 2017

Units of a mutual fund trust

Qualified investment

Series A: 1.75%

Series F: 0.75%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

(1)

Advisor Series: 1.75%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since January 2024)

284

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

examines the financial statistics of each potential •

investment, looking for:

- an attractive price

- consistent earnings

- evidence that the company’s management

believes in the future of the company

uses the above information to rank potential •

investments. The highest ranked securities are

included in the portfolio

diversifies the fund’s assets by country, industry •

and company to help reduce risk

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in equity securities

of companies located outside Canada and the

United States or other companies that benefit

from international exposure, and will be selected

on the basis that they help the fund to achieve the

same strategies that it uses when investing

directly in those securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund or its underlying funds will only use

derivatives as permitted by Canadian securities

regulators.

The fund or its underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund or its underlying funds may engage in

short selling in order to manage volatility or enhance

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are overvalued

and selling them in the open market. The securities

will then be repurchased by the fund or its underlying

funds at a later date and returned to the lender. The

fund or its underlying funds will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

285

286

Fund details

BMO International Value

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve long-term capital

growth consistent with the preservation of capital

by investing primarily in equity securities of mid to

large capitalization companies located outside of

Canada and the United States that have long-term

growth potential or that pay or are expected to pay

above-average dividends.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in equities of established companies •

trading at a discount to their long-term value,

which trade on recognized exchanges in countries

around the world excluding North America

employs a value-driven, absolute return approach. •

At the stock level, the portfolio manager identifies

companies that it believes are fairly valued or

undervalued in relation to their potential long-

term earnings growth

seeks to overweight holdings in countries that are •

expected to provide good value relative to their

long-term prospects

may invest in bonds issued by governments or •

supranational organizations such as the

World Bank

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

International Equity

Series A: April 7, 2014

Series F: December 23, 2013

Series I: December 23, 2013

Series N: April 20, 2015

Advisor Series: December 23, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.90%

Series F: 0.75%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each SeriesI investor.

(1)

Series N: N/A. A Series N fee is

paid by each Series N investor.

(2)

Advisor Series: 1.90%

0.30%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Pyrford International Limited

London, England

(Portfolio Manager

since December 2013)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

Series N investors pay a separate fee directly to their dealer, a portion of which is

paid to us as manager. Such portion will not exceed the management fee rate

charged for Series F. Please see About series of securities on page 43 for more

information.

287

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net capital gains in

December. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

For each series of securities, the fund distributes a

fixed amount per security per month consisting of

net income and/or ROC. For each series of securities,

the amount of the monthly distribution is set at the

beginning of each calendar year based on the

market outlook. Any net income earned by the fund

in excess of the monthly distribution may also be

distributed to securityholders from time to time.

If the cash distributions to you are greater than

the net increase in the value of your investment in

each series of securities, these distributions will

erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO Japan

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

appreciation by investing primarily in equity

securities of companies located in Japan or other

companies that benefit from exposure to Japan.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

the fund invests in a core portfolio of equity •

securities that are selected by examining the

financial statistics of each potential investment,

looking for factors such as company size,

momentum, sector and the sensitivity of each

potential investment to market movements (beta)

to a lesser extent, the fund may also invest in •

equity securities of companies that the portfolio

manager considers to be high quality as a result of

its examination of the financial statistics of each

potential investment, looking for factors such as

strong management and governance, and at an

attractive price

uses the above information to rank potential •

investments. The highest ranked securities are

included in the portfolio

diversifies the fund’s assets by industry and •

company to help reduce risk

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in equity securities

of companies located in Japan or other companies

that benefit from exposure to Japan, and will be

selected on the basis that they help the fund to

achieve the same strategies that it uses when

investing directly in those securities

288

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Geographic Equity

Series A: August 17, 2017

Series F: August 17, 2017

Series I: August 17, 2017

Advisor Series: August 17, 2017

Units of a mutual fund trust

Qualified investment

Series A: 1.60%

Series F: 0.60%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

(1)

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Threadneedle

Management Limited

London, England

(Portfolio Manager since

May 2022; Sub-advisor from

August 2017 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

289

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund or its underlying funds will only use

derivatives as permitted by Canadian securities

regulators.

The fund or its underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund or its underlying funds may engage in

short selling in order to manage volatility or enhance

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

or its underlying funds at a later date and returned

to the lender. The fund or its underlying funds will

only engage in short sales as permitted by Canadian

securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

Fund details

BMO Low Volatility Canadian

Equity ETF Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in Canadian

equities. The fund may invest all or a portion of its

assets in one or more exchange traded funds, invest

directly in the underlying securities held by the

exchange traded funds and/or use derivatives to

provide the fund with a return determined by

reference to the exchange traded funds.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that

purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

currently invests up to 100% of the fund’s assets •

in securities of BMO Low Volatility Canadian

Equity ETF

BMO Low Volatility Canadian Equity ETF seeks •

to provide exposure to the performance of a

portfolio of Canadian equities that have lower

sensitivity to market movements with the

potential for long-term capital appreciation. The

investment strategy of the exchange traded fund

is to primarily invest in and hold equities of

Canadian companies. Securities will be selected

from the largest and most liquid securities in

Canada. Securities that have lower sensitivity to

market movements (beta) will be selected for the

portfolio and it will be weighted so that a higher

allocation is given to securities with lower beta

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Low Volatility

Canadian Equity ETF, the fund may invest

directly in low volatility Canadian equities

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and

swaps to gain market exposure to the return of

the exchange traded fund or a portion thereof.

The fund will only use derivatives as permitted

by Canadian securities regulators

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

290

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Equity

Series A: May 16, 2019

Series T4: October 15, 2019

Series F: May 16, 2019

Series F4: October 15, 2019

Series I: May 16, 2019

Advisor Series: May 16, 2019

Units of a mutual fund trust

Qualified investment

Series A: 1.25%

Series T4: 1.25%

Series F: 0.25%

Series F4: 0.25%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

(1)

Advisor Series: 1.25%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since May 2019)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T4 and Series F4 investors only)

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T4 and Series F4 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 4% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T4 and Series F4 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

291

292

Fund details

BMO Low Volatility

U.S. Equity ETF Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in U.S. equities.

The fund may invest all or a portion of its assets in

one or more exchange traded funds, invest directly

in the underlying securities held by the exchange

traded funds and/or use derivatives to provide the

fund with a return determined by reference to the

exchange traded funds.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that

purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

currently invests up to 100% of the fund’s assets in •

securities of BMO Low Volatility U.S. Equity ETF

BMO Low Volatility U.S. Equity ETF seeks to •

provide exposure to the performance of a

portfolio of U.S. equities that have lower sensitivity

to market movements with the potential for long-

term capital appreciation. The investment

strategy of the exchange traded fund is to

primarily invest in and hold equities of U.S.

companies. Securities will be selected from the

largest and most liquid securities in the United

States. Securities that have lower sensitivity to

market movements (beta) will be selected for the

portfolio and it will be weighted so that a higher

allocation is given to securities with lower beta

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Low Volatility

U.S. Equity ETF, the fund may invest directly in

low volatility U.S. equities

may invest up to 100% of the fund’s assets in •

U.S. securities

may invest up to 10% of the fund’s assets outside •

the United States

allocates assets among the exchange traded fund •

and/or other securities based on a determination

of the most effective manner to achieve the

fund’s objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

US Equity

Series A: August 17, 2020

Series T4: August 17, 2020

Series F: August 17, 2020

Series F4: August 17, 2020

Series I: August 17, 2020

Advisor Series: August 17, 2020

Units of a mutual fund trust

Qualified investment

Series A: 1.25%

Series T4: 1.25%

Series F: 0.25%

Series F4: 0.25%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

(1)

Advisor Series: 1.25%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since May 2020)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

293

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or other securities, the fund may use

derivatives like options, futures, forward contracts

and swaps to gain market exposure to the return

of the exchange traded fund or a portion thereof.

The fund will only use derivatives as permitted

by Canadian securities regulators

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T4 and Series F4 investors only)

cybersecurity risk •

currency risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T4 and Series F4 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 4% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T4 and Series F4 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO Multi-Factor Equity

Fund

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

examine the financial statistics of each potential •

investment by looking at:

- value, growth and quality characteristics to

identify GARP (Growth at a Reasonable Price)

investments

- stocks with good growth, moderate valuation

and good quality financial statements which

represent the “best of all worlds”

the team uses fundamental, statistical and •

macroeconomic risk models to manage and

monitor risk to build a portfolio that:

- maximizes the exposure to GARP

- addresses systematic risks through limits on

sector, countries and common factors

- addresses stock specific risks through portfolio

construction that adjusts the active weight sizes

in accordance with their stock specific risk

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

294

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

through capital appreciation by investing primarily

in equity securities of U.S. companies which are

selected based on factors that consider financial

ratios and price returns.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that

purpose.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

US Equity

Series A: May 14, 2018

Series F: May 14, 2018

Series I: May 14, 2018

Advisor Series: May 14, 2018

Units of a mutual fund trust

Qualified investment

Series A: 1.60%

Series F: 0.60%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

(1)

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Threadneedle

Management Limited

London, England

(Portfolio Manager since May 2022;

Sub-advisor from

May 2018 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

295

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Fund details

BMO Nasdaq 100 Equity ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of an exchange traded fund

that invests primarily in U.S. equities listed on the

NASDAQ-100 Index, or its successor index. The

fund may invest all or a portion of its assets in an

exchange traded fund that invests in such securities,

invest directly in the underlying securities held by

the exchange traded fund and/or use derivatives to

provide the fund with a return determined by

reference to the exchange traded fund or its

reference index.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests up to 100% of the fund’s assets in •

securities of BMO Nasdaq 100 Equity Index ETF

BMO Nasdaq 100 Equity Index ETF seeks to •

replicate, to the extent possible, the performance

of a Nasdaq listed companies index, net of

expenses, which is currently the NASDAQ-100

Index. The NASDAQ-100 Index is a modified

market capitalization weighted index that tracks

100 of the largest non-financial securities listed

on the Nasdaq Stock Market based on market

capitalization. Further information about the

NASDAQ-100 Index and its constituent issuers

is available from NASDAQ on its website at

https://indexes.nasdaqomx.com/

to the extent that the fund does not invest 100% •

of its assets in securities of the BMO Nasdaq

100 Equity Index ETF, the fund may invest in

securities that make up the NASDAQ-100 Index

in substantially the same proportion as the

BMO Nasdaq 100 Equity Index ETF

allocates assets between the underlying exchange •

traded fund and/or direct investments in Nasdaq-

listed securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The allocation

between the underlying exchange-traded fund

and direct investments, may be changed without

notice from time to time

as an alternative to or in conjunction with •

investing directly in the underlying exchange

traded fund and/or directly investing in

securities, the fund may use derivatives like

options, futures, forward contracts and swaps to

gain market exposure to the return of the

underlying exchange traded fund or a portion

thereof. The fund will only use derivatives as

permitted by Canadian securities regulators

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

296

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

US Equity

Series A: June 1, 2021

Series F: June 1, 2021

Series I: June 1, 2021

Units of a mutual fund trust

Qualified investment

Series A: 0.80%

Series F: 0.30%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Series A.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

297

298

Fund details

BMO North American Dividend

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve a high level of

total return, including dividend income and capital

gains, by investing primarily in dividend-yielding

common and preferred shares of North American

companies.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager

(Canadian portfolio) and the sub-advisor (U.S.

portfolio) use to try to achieve the fund’s objective:

invest in North American equities •

examine the financial statistics of each company •

they are considering to determine if the equity

securities are attractively priced and the

company demonstrates consistent earnings

monitor the companies in which the fund invests •

for changes that may affect their profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 90% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside of North America

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Sub-advisor

North American Equity

Series A: October 3, 1994

Series T6: November 16, 2015

Series F: June 24, 2013

Series F6: November 16, 2015

Series I: May 10, 2010

Advisor Series: November 3, 2008

Units of a mutual fund trust

Qualified investment

Series A: 2.00%

Series T6: 2.00%

Series F: 0.50%

Series F6: 0.50%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

Advisor Series: 2.00%

(1)

0.30%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset Management Inc.

Toronto, Ontario

(Canadian portfolio)

(Portfolio Manager

since October1994)

Columbia Management

Investment Advisers, LLC

Boston, Massachusetts

(U.S. portfolio)

(Sub-advisor since

December 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

299

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you

of the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange traded

funds that seek to provide exposure to a portfolio of

U.S. large capitalization companies by primarily

investing in U.S. equity securities and derivatives

instruments to provide long-term capital appreciation,

generate income and mitigate downside risk. The

fund may invest all or a portion of its assets in an

exchange traded fund that invests in such securities,

invest directly in the underlying securities held by

the exchange traded fund and/or use derivatives to

provide the fund with a return determined by

reference to the exchange traded fund.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests up to 100% of the fund’s assets in •

securities of BMO Premium Yield ETF

BMO Premium Yield ETF seeks to provide •

exposure to the performance of a portfolio of

U.S. large capitalization companies, primarily by

investing in U.S. equity securities and derivative

instruments to provide long-term capital

appreciation, generate income and mitigate

downside risk. Securities will be selected using a

rules based methodology that considers quality,

yield, and liquidity. BMO Premium Yield ETF

may also employ derivative strategies. Depending

on market volatility and other factors, BMO

Premium Yield ETF may write call options

that will be selected considering volatility,

fundamental and technical analysis, price

sensitivity to the broad market, and sector

diversification. When writing calls on portfolio

securities and ETFs, BMO Premium Yield ETF

will sell to the buyer of the option, for a premium,

the right to buy the security from the ETF at an

exercise price. The call options written by the

ETF may be either exchange traded options or

over-the-counter options. Written call options

partially hedge against a decline in the price of

the securities on which they are written to the

extent of the premiums received by the ETF

at the time the options are written by the ETF.

Depending on market volatility and other factors,

BMO Premium Yield ETF may purchase call

options to gain potential exposure to U.S. equity

securities and U.S. markets. Depending on

market volatility and other factors, BMO Premium

Yield ETF may write put options to reduce the net

cost of acquiring portfolio securities. Such options

will only be written in respect of securities in

which the BMO Premium Yield ETF is permitted

to invest, and will be selected considering

volatility, fundamental and technical analysis,

price sensitivity to the broad market, and sector

diversification. When writing puts on portfolio

securities and ETFs, BMO Premium Yield ETF

will sell to the buyer of the option, for a premium,

a right to sell the security at an exercise price.

The put options written by the ETF may be either

300

Fund details

BMO Premium Yield ETF

Fund

Type of fund

US Equity

Date started

Series A: March 27, 2023

Series F: March 27, 2023

Series I: March 27, 2023

Advisor Series: March 27, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.65%

Series F: 0.65%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

(

Advisor Series: 1.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since March 2023

(1)

The manager is responsible for payment of the costs related to the

Administration Expenses, other than the Fund Expenses. See Fees and Expenses

on page 65 for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

exchange traded options or over-the-counter

options. Depending on market volatility and

other factors, BMO Premium Yield ETF may

purchase put options to potentially limit the loss

from significant declines of U.S. equity securities

and U.S. markets

to the extent that the fund does not invest 100% •

of its assets in securities of the BMO Premium

Yield ETF, the fund may invest in securities

that make up the ETF in substantially the same

proportion as the ETF

allocates assets between the underlying exchange •

traded fund and/or direct investments based on a

determination of the most effective manner to

achieve the fund’s objectives, taking into account

liquidity requirements, while attempting to

minimize transaction costs and fees. The

allocation between the underlying exchange

traded fund and direct investments may be

changed without notice from time to time

as an alternative to or in conjunction with •

investing directly in the underlying exchange

traded fund and/or directly investing in securities,

the fund may use derivatives like options,

futures, forward contracts and swaps to gain

market exposure to the return of the underlying

exchange traded fund or a portion thereof

may invest up to 10% of the fund’s assets in •

foreign securities

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

301

Distribution policy

The fund distributes a monthly distribution

comprised of any net income, net capital gains

and/or ROC. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

302

Fund details

BMO SIA Focused Canadian

Equity Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in a portfolio of

Canadian equities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests in a highly concentrated portfolio of •

Canadian equity securities

employs a proprietary model that utilizes •

technical indicators to identify attractive

securities that may offer superior rates of return

while minimizing risk

may temporarily depart from the fund’s •

investment objectives by holding all or a portion

of its assets in short-term fixed income exchange

traded funds, cash or short-term money market

instruments and/or high quality fixed income

securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest up to 30% of the fund’s assets in •

securities of underlying funds (excluding short-

term fixed income exchange traded funds

referred to above), including funds that are

managed by us or one of our affiliates or

associates and non-affiliated funds

may invest up to 10% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

303

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Sub-advisor

Canadian Equity

Series A: December 6, 2018

Series F: December 6, 2018

Series I: December 6, 2018

ETF Series: December 6, 2018

(Ticker symbol: ZFC)

Advisor Series: December 6, 2018

Units of a mutual fund trust

Qualified investment

Series A: 1.65%

Series F: 0.65%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

ETF Series: 0.75%

(

Advisor Series: 1.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since

November 2018)

SIA Wealth Management Inc.

Calgary, Alberta

(Sub-advisor since November 2018)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

industry concentration risk •

indexing risk •

interest rate risk •

issuer concentration risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for the ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series

securities, the fund distributes any net income and

any net capital gains in December. Distributions for

these series are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF

Series securities of the fund at a price equal to the

NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series

securities following the distribution will equal the

number of ETF Series securities outstanding prior

to the distribution. If you are enrolled in a

Distribution Reinvestment Plan, your distributions

are automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

304

Fund details

BMO SIA Focused North

American Equity Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in a portfolio of

North American equities.

The fundamental investment objectives may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests in a highly concentrated portfolio of •

North American equity securities

employs a proprietary model that utilizes •

technical indicators to identify attractive

securities that may offer superior rates of return

while minimizing risk

may temporarily depart from the fund’s •

investment objectives by holding all or a portion

of its assets in short-term fixed income exchange

traded funds, cash or short-term money market

instruments and/or high quality fixed income

securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest up to 30% of the fund’s assets in •

securities of underlying funds (excluding short-

term fixed income exchange traded funds

referred to above), including funds that are

managed by us or one of our affiliates or associates

and non-affiliated funds

may invest up to 100% of the fund’s assets in •

Canadian or U.S. equity securities

may invest up to 10% of the fund’s assets in •

securities outside of North America

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

305

Date started

Type of fund

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Sub-advisor

North American Equity

Series A: December 6, 2018

Series F: December 6, 2018

Series I: December 6, 2018

Series S: January 10, 2020

ETF Series: December 6, 2018

(Ticker symbol: ZFN)

Advisor Series: December 6, 2018

Units of a mutual fund trust

Qualified investment

Series A: 1.70%

Series F: 0.70%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

(

Series S: 0.35%

ETF Series: 0.80%

Advisor Series: 1.70%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since

November 2018)

SIA Wealth Management Inc.

Calgary, Alberta

(Sub-advisor since November 2018)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. See Securities lending, repurchase and

reverse repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

industry concentration risk •

indexing risk •

interest rate risk •

issuer concentration risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for the ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I, Series S and Advisor

Series securities, the fund distributes any net

income and any net capital gains in December.

Distributions for these series are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

For ETF Series securities, distributions, if any, are paid

annually such that any net income and net realized

capital gains have been distributed to securityholders.

Distributions may be paid in cash or reinvested

automatically in additional ETF Series securities

of the fund at a price equal to the NAV per security

of the fund and the ETF Series securities will be

immediately consolidated such that the number

of outstanding ETF Series securities following the

distribution will equal the number of ETF Series

securities outstanding prior to the distribution. If

you are enrolled in a Distribution Reinvestment Plan,

your distributions are automatically reinvested in

additional securities of the ETF Series pursuant to

the Distribution Reinvestment Plan. In addition,

the fund may from time to time pay additional

distributions on its ETF Series securities, including

without restriction in connection with a special

dividend or in connection with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

306

What does the fund invest in?

Investment objectives

The fund’s objective is to provide investors with the

opportunity for capital appreciation and regular

distributions while mitigating the downside risk

associated with a direct investment in the North

American and/or global equity markets by investing

primarily, either directly or indirectly, in North

American and/or global equity securities including

through the use of derivatives and/or structured

notes from North American and/or international

issuers that provide exposure to North American

and/or global equity securities. The fund will seek

to replicate the outcome of an actively managed

portfolio of diversified structured notes offered by

North American and/or international issuers.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily, either directly or indirectly, in •

North American and/or global equity securities

including through the use of derivatives and

structured notes from North American and/or

international issuers that provide exposure to

North American and/or global equity securities

may also hold cash or cash equivalents, fixed •

income securities, money market instruments

and/or money market funds from time to time

including to meet any cash cover requirements or

to fund redemption requests

may dynamically shift the fund’s investment •

exposure across North American and/or global

markets

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may use derivatives to implement the investment •

strategy

may use derivatives, such as options, futures, •

forward contracts, swaps and other derivative

instruments for both hedging and non-hedging

purposes, including but not limited to:

- buying call options (including digital call

options) on a security (including securities of

exchange traded funds) or basket of securities

for return potential

- writing call options on a security (including

securities of exchange traded funds) or basket

of securities which cap their upside and

generate cash flow

- buying put options on a security (including

securities of exchange traded funds) or basket

of securities to decrease downside risk

writing put options on a security (including

securities of exchange traded funds) or basket

of securities to generate cash flow

- buying forward contracts on a security

(including securities of exchange traded funds)

or basket of securities

307

Fund details

BMO Strategic Equity Yield

Fund

Type of fund

North American Equity

Date started

Series A: June 16, 2023

Series F: June 16, 2023

Series I: June 16, 2023

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.55%

Series F: 0.55%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

(

Advisor Series: 1.55%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

- entering into swaps (including structured total

return swaps) on a security (including securities

of exchange traded funds), basket of securities

or reference asset such as an index.

The decision to engage in derivatives transactions

for non-hedging purposes will be made based on

the opportunity for capital appreciation, and by

considering the overall market risk exposure of the

fund’s portfolio. The capital appreciation achieved by

the fund through the use of these derivative strategies

may be less than the increase in the value of the

underlying securities themselves over the same

period. Derivatives may also be used to gain exposure

to securities without buying securities directly.

Derivatives may be used for hedging purposes

to protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps.

Derivatives may be used to reduce the impact of

volatility on the fund. For example, the portfolio

manager may attempt to reduce the impact of any

adverse changes in exchange rates by buying

currency forwards, futures and/or options.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter

into securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order

to manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the

fund will engage in short sales by borrowing

securities which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Additional Income Tax Considerations

Canadian federal income tax considerations in

addition to those described under Income tax

considerations on page 85 may apply to the fund

and to its securityholders because of certain

investment strategies that may be used by the fund

that are described below. The principal additional

Canadian federal income tax considerations

generally applicable in respect of such strategies

are described below.

This summary of additional Canadian federal

income tax considerations should be read in

conjunction with the summary under the heading

Income tax considerations

on page 85. It is based on

the assumptions and limitations in that summary

and assumes that the fund will qualify, or be deemed

to qualify, as a mutual fund trust under the Tax Act

at all relevant times.

General

In determining its income for purposes of the Tax

Act, gains or losses realized on dispositions of

securities in which the fund has invested will

generally constitute capital gains or losses of the

fund in the year of realization unless the fund is

considered to be trading or dealing in securities or

otherwise carrying on a business of buying and

selling securities, or the fund has acquired such

securities in a transaction or transactions

considered to be an adventure or concern in the

nature of trade, in which case such gains or losses

would generally be on income account.

The fund will make the irrevocable election under

subsection 39(4) of the Tax Act to have each

“Canadian security” (as defined in the Tax Act)

held by it treated as capital property, such that any

gains or losses realized by the fund on the

disposition of such securities will be taxed as

capital gains or capital losses, as the case may be.

Structured Notes

In certain circumstances, provisions of the Tax Act

can deem interest to accrue on a “prescribed debt

obligation” (as defined for purposes of the Tax

Act). Whether a particular structured note acquired

by the fund is a prescribed debt obligation will

depend on its terms and conditions. The rules in

the Tax Act and the regulations thereunder

applicable to a prescribed debt obligation generally

require a taxpayer to accrue the amount of any

interest, bonus or premium receivable in respect of

the obligation over the term of the obligation, based

308

on the maximum amount of interest, bonus or

premium that could be payable on the obligation.

However, in certain cases, the CRA’s administrative

practice is that there is no deemed accrual of an

amount before it becomes calculable, except in the

case of sale, assignment or other transfer of the

structured note before maturity, in which case the

excess, if any, of the taxpayer’s proceeds of

disposition over the principal amount of the

structured note will be included in income. The

fund intends to rely on the CRA’s administrative

position to the extent applicable in relation to a

structured note acquired by the fund.

Zero-Coupon Bonds

As part of its investment strategies, the fund may

acquire zero-coupon bonds at a discount which will

be prescribed debt obligations. The rules in the

Tax Act and the regulations thereunder applicable

to such a zero-coupon bond will require the fund to

include in income annually a prescribed amount in

respect of such discount.

Swaps

As part of its investment strategies, the fund may

enter into swaps (including structured total return

swaps) on underlying securities (including securities

of exchange traded funds), baskets of securities or

reference assets where the swap return replicates

the return that may be received under structured

notes. The fund will treat payments made and

received under such swaps and other swaps such

as interest rate swaps on income account.

Certain Derivative Strategies

The fund may also enter into forward contracts

pursuant to which it agrees to purchase from the

relevant counterparty securities (including

securities of exchange traded funds) or a basket of

securities (“Reference Securities”) at a specified

future date at a price equal to the market price of

the Reference Securities at the date the contract is

entered into. The Reference Securities will be

“Canadian securities” (as defined in the Tax Act).

The number of Reference Securities to be purchased

under a forward contract entered into by the fund

will not be adjusted for dividends or distributions

by issuers of such Reference Securities (except, in

certain instances in the case of issuers of Reference

Securities that are trusts, by distributions of taxable

capital gains) between the date the forward contract

is entered into and the date the Reference Securities

are acquired by the fund.

In determining its income for tax purposes, the

fund will:

not include any amount in income in respect of a •

forward contract until Reference Securities are

acquired on maturity or partial termination of

the agreement,

recognize the gain or, subject to the suspended •

loss rules, the loss, accrued at acquisition of

such Reference Securities when such Reference

Securities are sold or otherwise disposed of, and

treat such gain or loss as a capital gain or •

capital loss.

The fund may also write or buy options on Reference

Securities. In general, the exercise price of such

options will be the market price of the Reference

Securities at the date the option is entered into

although the fund will write put options that are

materially out of the money. The fund anticipates

that “in the money” options will be physically

settled at maturity. While the fund will elect

pursuant to subsection 39(4) of the Tax Act that

each “Canadian security”, including Reference

Securities, owned by the fund will be deemed to be

a capital property owned by the fund, an option on

Reference Securities is not a Canadian security.

The fund intends to rely on the administrative

practice of the CRA that, in general, the gain or loss

realized by a taxpayer in respect of options is on the

same account as the taxpayer’s transactions in the

underlying securities.

If the fund receives a premium for writing a put or

call option on Reference Securities, the fund will

treat the amount of the premium as a capital gain

realized by the fund in the year it is received unless

the option is subsequently exercised in which case

the premium will reduce the cost of the Reference

Securities acquired by the fund or be added to the

proceeds of disposition of Reference Securities sold

by the fund.

If the fund pays a premium for purchasing a call or

put option on Reference Securities and the fund

exercises the option, the amount of the premium is

added to the strike price of the option to determine

the cost of the Reference Securities acquired or

deducted from the proceeds of disposition of

Reference Securities sold by the fund.

If an option expires unexercised, the fund will treat

the amount of the premium as a capital loss in the

year it expires.

309

The Tax Act contains rules (the “DFA Rules”) that

target certain financial arrangements, referred to as

“derivative forward agreements” (“DFAs”), that

seek to reduce tax by converting, through the use of

derivative contracts, the return on an investment

that would otherwise have the character of ordinary

income to a capital gain. The DFA Rules are broadly

drafted and could apply to other agreements or

transactions including certain options.

If a forward contract entered into by the fund were

considered to give rise to a DFA, on delivery of the

Reference Securities to the fund by the counterparty,

the fund would generally be required to include

(deduct) in computing income the amount by which

the fair market value of the Reference Securities at

such time exceeded (was exceeded by) the purchase

price of such Reference Securities. The definition of

DFA was recently broadened by narrowing one of the

exceptions to the definition which may be available

where the difference between the fair market value

of the Reference Securities and the purchase price

is based on changes in the fair market value of the

Reference Securities over the term of the agreement.

Pursuant to the relevant amendment, a forward

contract entered into by the fund would not be

within such exception if it can reasonably be

considered that one of the main purposes of the

series of transactions or events, or any transaction

or event in the series, of which the forward contract

is part, is for all or any portion of the capital gain on

a disposition (other than a disposition by the seller

under the agreement) of a Canadian security — as part

of the same series — to be attributable to dividends

or, where the issuer of Reference Securities is a

trust, by distributions of income other than taxable

capital gains, paid on the Reference Securities

during the term of the agreement. Since the number

of Reference Securities to be purchased under a

forward contract entered into by the fund will not

be adjusted for dividends or distributions on such

Reference Securities (except, in certain instances,

if the issuer of Reference Securities is a trust, by

distributions out of taxable capital gains) between

the date the forward contract is entered into and the

date the Reference Securities are acquired by the

fund, any capital gain realized by the fund on the

disposition of the Reference Securities should not

be attributable to dividends paid on the Reference

Securities during the term of the forward contract

or, where, the issuer of Reference Securities is a

trust, to distributions of income other than taxable

capital gains, during the term of the forward

contract. Accordingly, the forward contracts should

be within the exception to the definition of DFA.

While the DFA Rules are broadly drafted and could

apply to other agreements or transactions including

certain options, it is not expected that they will apply

to options on Reference Securities written or

purchased by the fund if the exercise price of such

options is the market price of the Reference Securities

at the date the option is entered into or, in the case

of put options written by the fund, the option is out

of the money.

Digital Call Options

A digital call option acquired by the fund will

provide a fixed payment if the market price of the

underlying asset exceeds the strike price at

maturity. If the market price of the underlying asset

does not exceed the strike price at maturity, the

fund will receive nothing. Since digital call options

will provide for cash settlement only, the fund

intends to treat such options on income account

and will recognize the gain or loss with respect to

such options when it is realized.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

call writing risk •

capital depletion risk •

cybersecurity risk •

credit risk •

currency risk •

deposit risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

310

liquidity risk •

put writing risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk •

zero-coupon securities risk. •

Additional Tax Related Risk Factors

An investment in the fund is subject to certain

additional tax related risk factors having regard to the

investment strategies described under Additional

Income Tax Considerations – Certain Derivative

Strategies on page 309.

No advance income tax ruling has been requested

or obtained from the CRA regarding the timing or

characterization of the fund’s income, gains or losses.

The after-tax return of securityholders could be

reduced and the fund could be subject to non-

refundable income tax or be liable for unremitted

withholding taxes on prior distributions made to

non-resident investors, which would reduce the

value of securityholders’ investments, including if:

the fund were not entitled to rely on the CRA’s •

administrative position in relation to a structured

note acquired by the fund,

the fund were not a mutual fund trust for the •

purposes of the Tax Act and were found to be

a “trader or dealer in securities”,

in the case of forward agreements described •

under Additional Income Tax Considerations –

Certain Derivative Strategies on page 309, the

acquisition of Reference Securities by the fund

under a forward contract were a taxable event,

the character or timing of any gain on the

disposition of the Reference Securities acquired

by the fund under the forward contract were

other than a capital gain on the disposition

thereof, or the forward contract were a DFA,

whether through the application of the general

anti-avoidance rule, a change of law or

otherwise, or

the fund’s transactions described under Additional •

Income Tax Considerations – Certain Derivative

Strategies on page 309, with respect to options

were on income account whether because of a

change of law or CRA’s administrative practice

or otherwise.

The fund may be subject to the “suspended loss”

rules contained in the Tax Act. We intend to

manage the fund to avoid the application of the

suspended loss rules where it is commercially

reasonable to do so.

In some cases, the counterparty to forward

contracts and option arrangements with the fund

described under Additional Income Tax

Considerations – Certain Derivative Strategies on

page 309, may be Bank of Montreal, an affiliate of

the manager. If the fund and Bank of Montreal were

considered not to deal at arm’s length when Bank of

Montreal delivers Reference Securities to the fund

under a forward agreement or option arrangement,

and such Reference Securities would otherwise have

a cost greater than the fair market value thereof, the

cost of such Reference Securities to the fund will be

deemed to be such fair market value. The cost of

such Reference Securities will be averaged with

the adjusted cost base of any identical Reference

Securities held by the fund immediately before

such time which will have the effect of reducing

any capital loss (or increasing any capital gain) on

the subsequent disposition of such Reference

Securities and the fund could potentially be subject

to non-refundable income tax. Conversely, if the

fund and Bank of Montreal were considered not to

deal at arm’s length when the fund delivers

Reference Securities to Bank of Montreal under an

option arrangement, and the fair market value of

such Reference Securities is greater than the fund’s

proceeds of disposition otherwise determined, the

fund will be deemed to have received proceeds

equal to such fair market value which would

increase the capital gain or decrease the capital

loss realized on such disposition.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

311

Distribution policy

The fund distributes a monthly distribution as

determined by the manager which may be

comprised of net income, net capital gains and/or

ROC. Distributions are automatically reinvested in

additional securities of the fund, unless you tell us

in writing that you prefer to receive cash

distributions.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

312

313

Fund details

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

the fund’s assets are allocated between equities •

and fixed income securities

within the fixed income allocation, the fund •

focusses primarily on security, sector, credit and

yield curve analysis in making an investment

decision, and may include both investment grade

and/or below-investment grade fixed income

securities. The fixed income portion of the fund

will be invested primarily in securities issued by

sovereign, government, corporate, and structured

finance issuers

within the equity allocation of the fund, the fund •

seeks out what it considers to be the best global

opportunities, which may include both large

and/or small capitalization companies. The

portfolio manager employs fundamental analysis to

determine the intrinsic value of a company while

looking for equity securities that are trading at a

discount to that price

the portfolio manager considers economic, •

investment, and market outlook in creating a

well-diversified balanced portfolio

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Neutral Balanced

Series A: November 13, 2014

Series F: November 13, 2014

Series I: November 13, 2014

Advisor Series: November 13, 2014

Units of a mutual fund trust

Qualified investment

Series A: 1.70%

Series F: 0.60%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

Advisor Series: 1.70%

(1)

0.20%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Columbia Threadneedle

Management Limited

London, England

(Portfolio Manager since

May 2022; Sub-advisor from

November 2014 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Sustainable Global

Balanced Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth consistent with the preservation of capital

by investing primarily in a balanced portfolio of

global equity and fixed income securities using a

responsible investment approach.

314

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

exclusionary screening •

best-in-class screening. •

The Fund’s evaluation of issuers may include

consideration of:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of

minority shareholder interests.

Generally, the fund will not purchase the securities

of an issuer that:

is primarily engaged in the product on of weapons •

(whether conventional, unconventional or nuclear);

is primarily engaged in the mining and/or •

distribution of thermal coal;

is primarily engaged in the production and/or •

distribution of unconventional oil;

is primarily engaged in the production and/or •

distribution of tobacco;

is rated B or CCC by MSCI ESG; or •

is involved in a severe ESG controversy. •

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

315

Fund details

BMO Sustainable Opportunities

Canadian Equity Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve long-term capital

appreciation by investing primarily in Canadian

equity securities using a responsible investment

approach.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in Canadian equities by •

fundamentally reviewing the financial statistics

of each company to determine if the equity

securities are attractively priced

reviews company operations and research and •

development to assess each company’s potential

for growth

invests in high quality businesses with strong •

management and attractive valuation

may invest up to 30% of the fund’s assets in •

foreign securities

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Canadian Equity

SeriesA: August 17, 2020

SeriesF: August 17, 2020

SeriesI: August 17, 2020

BMO Private Sustainable

Opportunities Canadian

Equity Fund Series O:

December 17, 2020

Advisor Series: August 17, 2020

Units of a mutual fund trust

Qualified investment

SeriesA: 1.50%

SeriesF: 0.50%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

BMO Private Sustainable

Opportunities Canadian Equity

Fund Series O: 0.05%

Advisor Series: 1.50%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

sinceMay 2020)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

Series O investors pay a separate fee directly to their dealer, a portion of which

may be paid to us by that dealer. This fee is set by the dealer. See About series of

securities on page 43 for more information.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and selling

them in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

exclusionary screening •

best-in-class screening •

engagement & stewardship. •

The Fund’s evaluation of issuers may include

consideration of:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of minority

shareholder interests.

Generally, the fund will not purchase the securities

of an issuer that:

is primarily engaged in the product on of weapons •

(whether conventional, unconventional or nuclear);

is primarily engaged in the mining and/or •

distribution of thermal coal;

is primarily engaged in the production and/or •

distribution of unconventional oil;

is primarily engaged in the production and/or •

distribution of tobacco;

is rated B or CCC by MSCI ESG; or •

is involved in a severe ESG controversy. •

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

316

317

Fund details

BMO Sustainable Opportunities

Global Equity Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

of capital by investing in a globally diversified

portfolio of equity securities and excludes issuers

that are primarily involved in the development and

infrastructure of fossil fuels.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in a globally diversified •

portfolio of equity securities

exclude the securities of issuers that: •

- explore for, process, refine and/or distribute

coal, oil and/or gas

- produce and/or transmit electricity derived

from fossil fuels

- transmit natural gas

invests in high quality businesses with strong •

management and attractive valuation

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Equity

Series A: April 28, 2016

Series F: April 28, 2016

Series I: April 28, 2016

BMO Private Sustainable

Opportunities Global Equity Fund

Series O: November 22, 2019

Series S: November 18, 2019

Advisor Series: April 28, 2016

Units of a mutual fund trust

Qualified investment

SeriesA: 1.60%

SeriesF: 0.60%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

BMO Private Sustainable

Opportunities Global Equity Fund

Series O: 0.15%

Series S: 0.30%

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Threadneedle

Management Limited

London, England

(Portfolio Manager since

May 2022; Sub-advisor

from May 2018 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

318

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

exclusionary screening •

best-in-class screening •

engagement & stewardship. •

The Fund’s evaluation of issuers may include

consideration of:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of

minority shareholder interests.

Generally, the fund will not purchase the securities

of an issuer that:

is primarily engaged in the product on of weapons •

(whether conventional, unconventional or nuclear);

is primarily engaged in the mining and/or •

distribution of thermal coal;

is primarily engaged in the production and/or •

distribution of unconventional oil;

is primarily engaged in the production and/or •

distribution of tobacco;

is rated B or CCC by MSCI ESG; or •

is involved in a severe ESG controversy. •

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

BMO Tactical Balanced ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth and preservation of capital by investing

primarily in a diversified portfolio of global equity

and fixed income exchange traded funds. The fund’s

asset mix may be changed over time to reflect the

portfolio manager’s outlook for each asset class.

The fundamental investment objectives may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in equity and fixed income •

exchange traded funds

invests up to 100% of the fund’s assets in •

securities of underlying funds, including funds

that are managed by us or one of our affiliates or

associates and non-affiliated funds

considers asset class and sector investments •

based on fundamentals as well as economic and

markets outlook

uses technical indicators when implementing •

portfolio rebalances

the underlying funds within the portfolio will be •

invested in global fixed income and equity

securities, and will be selected on the basis that

they help the fund to achieve the same strategies

it uses when investing directly in those securities

the fund may temporarily depart from its •

investment objectives by holding a portion of its

assets in cash or short-term money market

instruments and/or high quality fixed income

securities while seeking investment opportunities

or for defensive purposes to reflect economic and

market conditions

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or underlying funds may use derivatives •

to implement the investment strategy. Derivatives,

such as options, futures, forward contracts,

swaps and other derivative instruments may be

used for both hedging and non-hedging purposes,

or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

319

Fund details

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Tactical Balanced

Series A: April 17, 2015

Series F: April 17, 2015

Series G: March 11, 2019

Series I: April 17, 2015

Advisor Series: April 17, 2015

Units of a mutual fund trust

Qualified investment

Series A: 1.50%

Series F: 0.50%

Series G: 0.95%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.50%

0.15%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Quintessence Wealth

Toronto, Ontario

(Portfolio Manager since

May 2022; Sub-advisor from

April 2015 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

320

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

In allocating the portfolio, the portfolio manager

may engage in tactical deviations from its target

asset mix in order to capitalize on investment

opportunities. In doing so, the portfolio manager

considers the average market valuations across

geographies, sectors, and asset classes, relative

economic conditions that may impact an

investment, and any perceived downside risks.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk

•

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

321

Fund details

BMO Tactical Dividend ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth and current income by investing primarily

in a diversified portfolio of exchange traded funds

that invest in income-producing securities. The

fund’s asset mix may be changed over time to reflect

the portfolio manager’s outlook for each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

thatpurpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests up to 100% of the fund’s assets in •

securities of underlying funds, including funds

that are managed by us or one of our affiliates or

associates and non-affiliated funds

invests primarily in exchange traded funds •

considers asset class and sector investments •

based on fundamentals and the economic and

markets outlook

uses technical indicators when implementing •

portfolio rebalances

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors on

the basis that they will help the fund to achieve

its objective. The underlying funds, as well as the

percentage holding in each underlying fund, may

be changed without notice from time to time

the fund may temporarily depart from its •

investment objectives by holding a portion of its

assets in cash or short-term money market

instruments and/or high quality fixed income

securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest up to 100% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Tactical Balanced

Series A: August 12, 2013

Series T6: November 16, 2015

Series F: August 12, 2013

Series F6: November 16, 2015

Series G: February 16, 2018

Series I: April 8, 2014

ETF Series: January 8, 2019

(Ticker symbol: ZZZD)

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series T6: 1.55%

Series F: 0.55%

Series F6: 0.55%

Series G: 1.00%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

ETF Series: 0.70%

(2)

Advisor Series: 1.55%

0.15%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

(for ETF Series, no fixed

administration fee is paid)

(2)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Quintessence Wealth

Toronto, Ontario

(Portfolio Manager since

May 2022; Sub-advisor from

August 2013 to May 2022)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

322

the fund or underlying funds may use derivatives •

to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

In allocating the portfolio, the portfolio manager

may engage in tactical deviations from its target

asset mix in order to capitalize on investment

opportunities. In doing so, the portfolio manager

considers the average market valuations across

geographies, sectors, and asset classes, relative

economic conditions that may impact an

investment, and any perceived downside risks.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk

•

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for the ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

323

Distribution policy

For Series A, Series F, Series G, Series I, and

Advisor Series securities, the fund distributes

monthly any net income and any net capital gains

in December. Distributions for these series are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For ETF Series securities, distributions, if any, are

paid quarterly in cash such that any net income and

net realized capital gains have been distributed to

securityholders. Annual distributions may be paid

in cash or reinvested automatically in additional

ETF Series securities of the fund at a price equal to

the NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

324

Fund details

BMO Tactical Global Asset

Allocation ETF Fund

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in a combination of equity and •

fixed income exchange traded funds and may

invest in other securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including funds

that are managed by us or one of our affiliates or

associates and non-affiliated funds

allocates assets among the underlying exchange •

traded funds based on each underlying fund’s

investment objectives and strategies, among

other factors on the basis that they will help the

fund to achieve its objective. The underlying

funds, as well as the percentage holding in each

underlying fund, may be changed without notice

from time to time

employs a proprietary model that utilizes technical •

indicators to identify attractive securities that offer

superior rates of return while minimizing risk

may temporarily depart from its investment •

objectives by holding a portion of its assets in

cash or short-term money market instruments

and/or high quality fixed income securities while

seeking investment opportunities or for defensive

purposes to reflect economic and market conditions

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Sub-advisor

Tactical Balanced

SeriesA: April 28, 2016

Series T4: August 27, 2018

SeriesF: April 28, 2016

Series F4: December 21, 2018

SeriesI: April 28, 2016

Advisor Series: April 28, 2016

Units of a mutual fund trust

Qualified investment

SeriesA: 1.55%

Series T4: 1.55%

SeriesF: 0.65%

Series F4: 0.65%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.55%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager since

April2016)

SIA Wealth Management Inc.

Calgary, Alberta

(Sub-advisor since April 2016)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth and preservation of capital by investing

primarily, directly or indirectly, in a globally

diversified portfolio of equity and fixed income

exchange traded funds. The portfolio manager may

change the mix of assets according to its outlook for

each asset class.

325

In allocating the portfolio, the sub-advisor may

engage in tactical deviations from its target asset

mix in order to capitalize on investment

opportunities. In doing so, the sub-advisor

considers the average market valuations across

geographies, sectors, and asset classes, relative

economic conditions that may impact an

investment, and any perceived downside risks.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T4 and Series F4 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T4 and Series F4 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 4% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T4 and Series F4 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in a diversified

portfolio of global equity exchange traded funds.

The fund’s asset mix may be changed over time to

reflect the portfolio manager’s outlook for each

asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in global equity exchange •

traded funds

invests up to 100% of the fund’s assets in •

securities of underlying funds, including funds

that are managed by us or one of our affiliates or

associates and non-affiliated funds

allocates assets among the underlying exchange •

traded funds based on each underlying fund’s

investment objectives and strategies, among

other factors on the basis that they will help the

fund to achieve its objective. The underlying

funds, as well as the percentage holding in each

underlying fund, may be changed without notice

from time to time

employs a proprietary model that utilizes •

technical indicators to identify attractive funds

that offer superior rates of return while

minimizing risk

may temporarily depart from its investment •

objectives by holding a portion of its assets in

cash or short-term money market instruments

and/or high quality fixed income securities while

seeking investment opportunities or for defensive

purposes to reflect economic and market conditions

may invest up to 100% of the fund’s assets in •

foreign securities

Fund details

BMO Tactical Global Equity ETF

Fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Sub-advisor

Tactical Balanced

Series A: April 17, 2015

Series T6: November 16, 2015

Series F: April 17, 2015

Series F6: November 16, 2015

Series I: April 17, 2015

Series S: April 28, 2016

Advisor Series: April 17, 2015

Units of a mutual fund trust

Qualified investment

Series A: 1.60%

Series T6: 1.60%

Series F: 0.70%

Series F6: 0.70%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Series S: 0.60%

Advisor Series: 1.60%

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

sinceApril2015)

SIA Wealth Management Inc.

Calgary, Alberta

(Sub-advisor since April 2015)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

326

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

In allocating the portfolio, the sub-advisor may

engage in tactical deviations from its target asset

mix in order to capitalize on investment

opportunities. In doing so, the sub-advisor

considers the average market valuations across

geographies, sectors, and asset classes, relative

economic conditions that may impact an

investment, and any perceived downside risks.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

327

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund

will make monthly distributions of an amount

comprised of any net income and/or ROC based on

6% of the NAV per security of the series as

determined on December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

328

329

Fund details

BMO Tactical Global Growth ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in a diversified

portfolio of global equity exchange traded funds

that emphasize a growth orientation. The fund’s

asset mix may be changed over time to reflect the

portfolio manager’s outlook for each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in equity exchange traded •

funds, and may also invest in other equity and

fixed income securities

invests up to 100% of the fund’s assets in •

securities of underlying funds, including funds

that are managed by us or one of our affiliates or

associates and non-affiliated funds

allocates assets among the underlying exchange •

traded funds based on each underlying fund’s

investment objectives and strategies, among

other factors on the basis that they will help the

fund to achieve its objective. The underlying

funds, as well as the percentage holding in each

underlying fund, may be changed without notice

from time to time

considers asset class and sector investments •

based on fundamentals and the economic and

markets outlook

will also employ the use of technical indicators •

when implementing portfolio rebalances

the fund may temporarily depart from its •

investment objectives by holding a portion of its

assets in cash or short-term money market

instruments and/or high quality fixed income

securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Tactical Balanced

SeriesA: April 28, 2016

SeriesF: April 28, 2016

SeriesI: April 28, 2016

Advisor Series: April 28, 2016

Units of a mutual fund trust

Qualified investment

SeriesA: 1.55%

SeriesF: 0.55%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.55%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Quintessence Wealth

Toronto, Ontario

(Portfolio Manager since

May 2022; Sub-advisor

from April 2016 to May 2022)

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

330

The fund will only use derivatives as permitted by

Canadian securities regulators.

In allocating the portfolio, the portfolio manager

may engage in tactical deviations from its target

asset mix in order to capitalize on investment

opportunities. In doing so, the portfolio manager

considers the average market valuations across

geographies, sectors, and asset classes, relative

economic conditions that may impact an

investment, and any perceived downside risks.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short sales

as permitted by Canadian securities regulators.

The portfolio manager may frequently buy and sell

investments for the fund. This can increase trading

costs, which may lower the fund’s returns. It also

increases the chance that you may receive a

distribution in the year. If you hold the fund in a

non-registered account, distributions are generally

taxable. For more information please see Income

tax considerations for investors on page 87.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO U.S. All Cap Equity

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity securities of

U.S. companies of any size of market capitalization.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the sub-advisor uses to try

to achieve the fund’s objective:

invests primarily in equity securities of U.S. •

companies

follows a rigorous bottom-up fundamental •

analysis to identify value, consistent growth and

timely fundamentals

invests in companies across all market •

capitalizations

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside of North America

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

331

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Sub-advisor

US Equity

Series A: June 1, 2021

Series F: June 1, 2021

Series I: June 1, 2021

ETF Series: June 7, 2021

(Ticker symbol: ZACE)

Advisor Series: June 1, 2021

Units of a mutual fund trust

Qualified investment

Series A: 1.65%

Series F: 0.65%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

ETF Series: 0.75%

(2)

Advisor Series: 1.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2021)

BMO Capital Markets Corp.

New York, New York

(Sub-advisor since May 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for the ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF

Series securities of the fund at a price equal to the

NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

332

333

Fund details

BMO U.S. Dividend

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve long-term capital

growth by investing primarily in equity securities of

U.S. companies that pay dividends, or that are

expected to pay dividends, and, to a lesser extent, in

other types of securities, such as trusts and preferred

shares, that are expected to distribute income.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

equity securities of U.S. companies are selected •

by examining the financial statistics of each

potential investment, looking for an attractive

price, consistent earnings, evidence that the

company’s management believes in the future of

the company, the ability to pay dividends and the

sustainability of the dividends or expected

dividends

the fund’s assets are diversified by industry and •

company to help reduce risk

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in non-•

U.S. equity securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

US Equity

Series A: November 13, 2014

Series F: November 13, 2014

Series I: November 13, 2014

Advisor Series: November 13, 2014

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series F: 0.55%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

Advisor Series: 1.55%

(1)

0.20%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Columbia Management

Investment Advisers, LLC

Boston, Massachusetts

(Portfolio Manager

since December 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

334

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

335

Fund details

BMO U.S. Equity ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in U.S.equities.

The fund may invest all or a portion of its assets in

one or more exchange traded funds, invest directly

in the underlying securities held by the exchange

traded funds and/or use derivatives to provide the

fund with a return determined by reference to the

exchange tradedfunds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests up to 100% of the fund’s assets in securities •

of BMO S&P500 Hedged to CAD Index ETF

BMO S&P 500 Hedged to CAD Index ETF seeks to •

replicate, to the extent possible, the performance

of the S&P 500 Hedged to Canadian Dollars

Index, net of expenses. The S&P 500 Hedged to

Canadian Dollars Index is a market capitalization-

weighted index of securities of 500 of the largest

U.S. public issuers provided by S&P, hedged to

Canadian dollars. The S&P 500 Index, which

forms the basis for the S&P 500 Hedged to

Canadian Dollars Index, is commonly used as a

measure of broad U.S. stock market performance.

Further information about the S&P 500 Hedged to

Canadian Dollars Index and its constituent

issuers is available from S&P on its website at

http://ca.spindices.com.

to the extent that the fund does not invest 100% •

of its assets in securities of BMO S&P 500 Hedged

to CAD Index ETF, the fund may invest in

securities that make up the S&P 500 Hedged to

Canadian Dollars Index in substantially the same

proportion as BMO S&P 500 Hedged to CAD

Index ETF

allocates assets among the exchange traded fund •

and/or securities based on a determination of the

most effective manner to achieve the fund’s

objectives, taking into account liquidity

requirements, while attempting to minimize

transaction costs and fees. The underlying

exchange traded fund, as well as the percentage

holding in the underlying exchange traded fund

and the allocation between the underlying fund

and securities, may be changed without notice

from time to time

may invest up to 100% of the fund’s assets in U.S. •

securities

may use derivatives such as futures and forward •

contracts to manage exposure to foreign currencies

in order to seek to reduce the risk of exchange

rate fluctuations between Canadian and foreign

currencies. The fund’s foreign currency exposure

is typically fully hedged

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

US Equity

SeriesA: January7, 1997

Series F: May 5, 2017

Series G: March 11, 2019

SeriesI: November 4, 2013

Units of a mutual fund trust

Qualified investment

SeriesA: 0.80%

Series F: 0.25%

Series G: 0.65%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

0.10%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since September2010)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Series A.

336

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, the fund may use derivatives

like options, futures, forward contracts and

swaps to gain market exposure to the return of

the exchange traded fund or a portion thereof.

The fund will only use derivatives as permitted

by Canadian securities regulators

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

337

Fund details

BMO U.S. Equity

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing in

equities of well-established U.S.companies that

may be undervalued by the marketplace.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

examines the financial statistics of each potential •

investment, looking for:

- an attractive price

- consistent earnings

- evidence that the company’s management

believes in the future of the company

uses the above information to rank potential •

investments. The highest-ranked securities are

included in theportfolio

diversifies the fund’s assets by industry and •

company to help reduce risk

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside the United States

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of currency fluctuations on

the fund. For example, the portfolio manager

may attempt to reduce the impact of any

adverse changes in exchange rates by buying

currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

US Equity

Series A: January 7, 1997

Series A (Hedged): May 2, 2016

Series F: November 3, 2008

Series F (Hedged): May 2, 2016

Series I: March 5, 2008

Series N: April 20, 2015

Advisor Series: April 1, 2013

Advisor Series (Hedged):

May 2, 2016

Classic Series: June 16, 2023

Units of a mutual fund trust

Qualified investment

Series A: 2.00%

Series A (Hedged): 2.00%

Series F: 0.50%

Series F (Hedged): 0.50%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Series N: N/A. A Series N fee is paid

directly by each Series N investor.

(2)

Advisor Series: 2.00%

Advisor Series (Hedged): 2.00%

Classic Series: 1.75%

0.25%

Series I: N/A (forSeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesIinvestor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Management

Investment Advisers, LLC

Boston, Massachusetts

(Portfolio Manager

sinceDecember 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

Series N investors pay a separate fee directly to their dealer, a portion of which is

paid to us as manager. Such portion will not exceed the management fee rate

charged for Series F. See About series of securities on page 43 for more information.

338

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

Derivatives are used for Series A (Hedged), Series F

(Hedged) and Advisor Series (Hedged) securities to

hedge against foreign currency exposure and as a

result Series A (Hedged), Series F (Hedged) and

Advisor Series (Hedged) securities will be subject

to greater derivatives risk than securities in other

series of the fund. Series A (Hedged), Series F

(Hedged) and Advisor Series (Hedged) securities

will be subject to less currency risk than securities

of other series of the fund because their foreign

currency exposure is hedged. However, the hedging

strategy may not achieve a perfect hedge of the

foreign currency exposure for Series A (Hedged),

Series F (Hedged) and Advisor Series (Hedged)

securities.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund uses derivatives, such as forward contracts,

to hedge its foreign currency exposure on the fund’s

foreign dollar denominated portfolio investments

allocated to Series A (Hedged), Series F (Hedged)

and Advisor Series (Hedged) securities. While this

strategy may not achieve a perfect hedge of the

foreign currency exposure for Series A (Hedged),

Series F (Hedged) and Advisor Series (Hedged)

securities, Series A (Hedged), Series F (Hedged) and

Advisor Series (Hedged) securities will generally

have a rate of return that is based on the performance

of the fund’s portfolio investments excluding the

performance attributable to foreign currency

fluctuations relative to the Canadian dollar. Prior

approval of securityholders of Series A (Hedged),

Series F (Hedged) and Advisor Series (Hedged) will

be obtained before the currency hedging strategy of

Series A (Hedged), Series F (Hedged) and Advisor

Series (Hedged) is changed.

As a result of this hedging strategy, hedging costs

are allocated to Series A (Hedged), Series F

(Hedged) and Advisor Series (Hedged) and

therefore may lower the returns of these series.

The fund may or may not hedge some or all of its

foreign currency exposure on the foreign dollar

denominated investments allocated to the other

series of the fund. The return on these series of

securities of the fund will generally be based on

both the performance of the fund’s portfolio

investments and any performance attributable to

foreign currency fluctuations relative to the

Canadian dollar. The extent to which returns will

be based on foreign currency fluctuations will

depend on how much of the foreign currency

exposure is hedged.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity securities of

U.S. companies that offer above average prospects

for growth.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that

purpose.

Investment strategies

These are the strategies the sub-advisor uses to try

to achieve the fund’s objective:

invests primarily in equity securities of U.S. •

companies with above average prospects for

continued growth that display superior

fundamental, technical and quantitative

characteristics

follows a disciplined multi-factor security •

analysis to identify growth-oriented companies

based on fundamental ratios and trading statistics

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside of North America

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

339

Fund details

BMO U.S. Equity Growth MFR

Fund

Type of fund

US Equity

Date started

Series A: June 16, 2023

Series F: June 16, 2023

Series I: June 16, 2023

ETF Series: June 21, 2023

(Ticker Symbol: ZUGE)

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Sub-advisor

Series A: 1.45%

Series F: 0.45%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

ETF Series: 0.45%

Advisor Series: 1.45%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

(2)

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

BMO Capital Markets Corp.

New York, New York

(Sub-advisor since May 2023)

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities

will then be repurchased by the fund at a later date

and returned to the lender. The fund will only

engage in short sales as permitted by Canadian

securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF

Series securities of the fund at a price equal to the

NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

340

341

Fund details

BMO U.S. Equity Plus

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity securities of

U.S. and Canadian large capitalization companies.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that

purpose.

Investment strategies

These are the strategies the sub-advisor uses to try

to achieve the fund’s objective:

invests primarily in U.S. and Canadian equity •

securities of large market capitalization companies

invests tactically in Canadian equity securities, •

expanding the selection universe to enhance both

the growth potential and consistency of returns

follows a rigorous bottom-up fundamental •

analysis to identify value, consistent growth and

timely fundamentals

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside of North America

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Sub-advisor

US Equity

Series A: November 13, 2014

Series F: November 13, 2014

Series I: November 13, 2014

Advisor Series: November 13, 2014

Units of a mutual fund trust

Qualified investment

Series A: 1.80%

Series F: 0.55%

Series I: N/A. A Series I fee is

negotiated and paid directly by

each Series I investor

Advisor Series: 1.80%

0.20%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November 2014)

BMO Capital Markets Corp.

New York, New York

(Sub-advisor since December 2014)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

342

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO U.S. Equity Value MFR

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth by investing primarily in equity securities of

U.S. companies priced below their intrinsic value.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the sub-advisor uses to try

to achieve the fund’s objective:

invests primarily in equity securities of U.S. •

companies that are undervalued based on criteria

such as assets, earnings and cash flow

follows a disciplined multi-factor security •

analysis to identify value companies based on

fundamental ratios and trading statistics

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside of North America

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

343

Type of fund

US Equity

Date started

Series A: June 16, 2023

Series F: June 16, 2023

Series I: June 16, 2023

ETF Series: June 21, 2023

(Ticker Symbol: ZUVE)

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Sub-advisor

Series A: 1.45%

Series F: 0.45%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

ETF Series: 0.45%

Advisor Series: 1.45%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

(2)

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

BMO Capital Markets Corp.

New York, New York

(Sub-advisor since May 2023)

(1)

The manager is responsible for payment of the costs related to the Administration

Expenses, other than the Fund Expenses. See Fees and Expenses on page 65

for details.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF

Series securities of the fund at a price equal to the

NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series securities

following the distribution will equal the number

of ETF Series securities outstanding prior to the

distribution. If you are enrolled in a Distribution

Reinvestment Plan, your distributions are

automatically reinvested in additional securities

of the ETF Series pursuant to the Distribution

Reinvestment Plan. In addition, the fund may from

time to time pay additional distributions on its ETF

Series securities, including without restriction in

connection with a special dividend or in connection

with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

344

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities

will then be repurchased by the fund at a later date

and returned to the lender. The fund will only

engage in short sales as permitted by Canadian

securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

345

Fund details

BMO Women in Leadership

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of

your investment over the long term by investing

primarily in issuers that promote a gender diverse

leadership environment.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside of North America

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

North American Equity

SeriesA: April 28, 2016

SeriesF: April 28, 2016

SeriesI: April 28, 2016

ETF Series: May 23, 2018

(Ticker symbol: WOMN)

Advisor Series: April 28, 2016

Units of a mutual fund trust

Qualified investment

Series A: 1.25%

SeriesF: 0.25%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

ETF Series: 0.35%

(2)

Advisor Series: 1.25%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since April 2016)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

For ETF Series securities, the manager is responsible for payment of the costs

related to the Administration Expenses which are allocated to the ETF Series,

other than the Fund Expenses. See Fees and Expenses on page 65 for details.

346

Additional risks associated with an investment in

ETF Series securities include:

absence of an active market for the ETF Series •

securities and lack of operating history risk

halted trading of ETF Series securities risk •

trading price of ETF Series securities risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

For Series A, Series F, Series I and Advisor Series

securities, the fund distributes any net income and

any net capital gains in December. Distributions for

these series are automatically reinvested in

additional securities of the fund, unless you tell us in

writing that you prefer to receive cash distributions.

For ETF Series securities, distributions, if any, are

paid annually such that any net income and net

realized capital gains have been distributed to

securityholders. Distributions may be paid in cash

or reinvested automatically in additional ETF

Series securities of the fund at a price equal to the

NAV per security of the fund and the ETF Series

securities will be immediately consolidated such

that the number of outstanding ETF Series

securities following the distribution will equal the

number of ETF Series securities outstanding prior

to the distribution. If you are enrolled in a

Distribution Reinvestment Plan, your distributions

are automatically reinvested in additional

securities of the ETF Series pursuant to the

Distribution Reinvestment Plan. In addition, the

fund may from time to time pay additional

distributions on its ETF Series securities, including

without restriction in connection with a special

dividend or in connection with ROC.

Please see Income tax considerations for investors

on page 87 for more information.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are overvalued

and selling them in the open market. The securities

will then be repurchased by the fund at a later date

and returned to the lender. The fund will only

engage in short sales as permitted by Canadian

securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

exclusionary screening •

engagement & stewardship •

thematic investing. •

The fund will only invest in the equity securities of

an issuer that satisfies one or more of the following

criteria:

at least one named executive officer is female; •

at least 25% of the members of the board of •

directors are female; or

the issuer satisfied other criteria that advance •

gender equity, including addressing barriers to

advancement and gender pay gaps.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

347

Fund details

BMO Canadian Small Cap Equity

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide above-average

growth in the value of your investment over the

long term by investing in small and mid-sized

Canadian companies.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Small/Mid Cap Equity

SeriesA: August3, 1993

SeriesF: November3, 2008

SeriesI: March5, 2008

Advisor Series: November3, 2008

Units of a mutual fund trust

Qualified investment

SeriesA: 2.00%

SeriesF: 0.60%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 2.00%

0.27%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since August1993)

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in equities of Canadian small and mid-•

sized companies

examines the financial statistics of each company •

it’s considering to determine if the equity

securities are attractively priced

may emphasize specific industry sectors with •

high potential return or companies that may

benefit from trends like an aging population

reviews company operations and research and •

development to assess the company’s potential

for growth

monitors the companies in which the fund •

invests for changes that may affect their

profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 30% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Equity Growth Funds

348

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

commodity risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO Clean Energy ETF

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a return that is

similar to the return of one or more exchange

traded funds that invest primarily in companies

involved in clean energy related businesses. The

fund may invest all or a portion of its assets in the

exchange traded funds, invest directly in the

underlying securities held by the exchange traded

funds and/or use derivatives to provide the fund

with a return determined by reference to the

exchange traded funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests up to 100% of the fund’s assets in •

securities of BMO Clean Energy Index ETF

currently, BMO Clean Energy Index ETF seeks to •

replicate, to the extent possible, the performance

of the S&P Global Clean Energy Index. The

S&P Global Clean Energy Index is a modified

market capitalization weighted index that

provides exposure to companies from both

developed and emerging markets that are

involved in clean energy related businesses.

The index aims to capture the performance of

companies whose primary business is clean

energy, using an exposure score. Further

information about the S&P Global Clean Energy

Index and its constituent issuers is available from

S&P on its website at http://ca.spindices.com/

to the extent that the fund does not invest 100% •

of its assets in securities of BMO Clean Energy

Index ETF, the fund may invest in securities that

comprise the S&P Global Clean Energy Index in

substantially the same proportion as the index

allocates assets among the underlying exchange •

traded fund and/or securities based on a

determination of the most effective manner to

achieve the fund’s objectives, taking into account

liquidity requirements, while attempting to

minimize transaction costs and fees. The

underlying exchange traded fund, as well as the

allocation between the underlying fund and

securities that comprise the index, may be

changed without notice from time to time

as an alternative to or in conjunction with •

investing directly in the underlying exchange

traded fund and/or securities that comprise the

index, the fund may use derivatives like options,

futures, forward contracts and swaps to gain

market exposure to the return of the exchange

traded fund or a portion thereof. The fund will

only use derivatives as permitted by Canadian

securities regulators

may invest up to 100% of the fund’s assets in •

foreign securities

may invest directly in cash or cash equivalents to •

meet any cash cover requirements or fund

redemption requests.

349

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Small/Mid Cap Equity

Series A: June 1, 2021

Series F: June 1, 2021

Series I: June 1, 2021

Units of a mutual fund trust

Qualified investment

Series A: 0.80%

Series F: 0.30%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

exclusionary screening •

thematic investing. •

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

350

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

351

Fund details

BMO Emerging Markets

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing in

companies located in countries undergoing rapid

industrialization.

As part of this fund’s investment objective, it

invests primarily in equities of companies in

emerging countries like Brazil, Chile, Greece, India,

Malaysia, Mexico, Pakistan, South Africa, South

Korea, Taiwan and Turkey. It may also invest in

fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

performs fundamental analysis to focus on •

companies with strong growth prospects, solid

management and a sustainable dividend yield

that is anticipated to be a significant contributor

to long-term total returns

primarily invests in securities of issuers located •

in emerging markets, as well as in equity

securities of companies that benefit from

exposure to such markets

may also invest in convertible securities, other •

equity related securities and in fixed income

securities

may invest up to 10% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Emerging Markets Equity

SeriesA: October3, 1994

Series F: November3, 2008

Series I: November3, 2008

Advisor Series: November11, 2009

Units of a mutual fund trust

Qualified investment

SeriesA: 2.00%

SeriesF: 0.70%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 2.00%

0.30%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Polen Capital UK LLP

London, England

(Portfolio Manager

since March 2023)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

352

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

Because the fund’s investments are concentrated in

developing countries, the value of the fund may be

more sensitive to stock market, economic and

political trends, and currency exchange rates than

funds that invest in developed countries.

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

interest rate risk •

large transaction risk •

liquidity risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of

your investment over the long term by investing

primarily in equity and fixed income securities of

companies involved in energy, alternative energy

or related industries around the world.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

invests primarily in equity securities of companies •

involved in energy, alternative energy or related

industries around the world, including companies

involved in the exploration, development,

production and distribution of commodities

such as fossil fuels, coal, uranium, wind power

and water

employs fundamental analysis to identify and •

select equities that trade below their intrinsic

value and demonstrate superior earnings growth

reviews company operations and research and •

development practices to assess the company’s

potential for growth

monitors the companies in which the fund invests •

for changes that may affect their profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

353

Fund details

BMO Global Energy

Fund

Type of fund

Energy Equity

Date started

Series A: November 17, 2008

Series F: June 24, 2013

Series I: March 27, 2023

Advisor Series:

November 3, 2008

(1)

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.80%

Series F: 0.80%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.80%

(2)

Administration

fee

Portfolio

manager

0.20%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(2)

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since March 2023)

(1)

These dates reflect the start dates of the applicable series of BMO Global Energy

Class. Each series of BMO Global Energy Class was merged into the corresponding

series of the fund on August 25, 2023.

(2)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to,

among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

commodity risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

industry concentration risk •

issuer concentration risk*

•

large transaction risk •

liquidity risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

*During the 12-month period immediately

preceding April 30, 2024, up to 10.67% of the net

asset value of the fund was invested in shares of

Shell PLC.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

354

355

Fund details

BMO Global Small Cap

Fund

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Small and Mid-

Capitalization Equity

SeriesA: April16, 2012

SeriesF: July5, 2006

SeriesI: July5, 2006

Advisor Series: January 1, 1996

Units of a mutual fund trust

Qualified investment

SeriesA: 2.25%

SeriesF: 0.85%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 2.25%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Threadneedle

Management Limited

London, England

(Portfolio Manager since

May 2022; Sub-advisor from

January 2018 to May 2022)

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests in global smaller capitalization companies •

employs a disciplined bottom up investing •

approach focused on assessing quality value and

risk to identify high quality businesses with

competitive advantages, strong management and

superior earnings growth

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

engagement & stewardship. •

(1)

The management fee for Series I will not exceed the management fee charged

for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

through capital appreciation by investing primarily

in equities and equity-related securities of companies

with small to medium market capitalization located

throughout theworld.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

356

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

357

Fund details

BMO Precious Metals

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing in

securities of primarily Canadian companies in the

precious metals industry.

As part of its investment objective, this fund invests

mainly in Canadian companies that are involved in

the exploration, mining, production or distribution

of precious metals.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a systematic model based on •

fundamental equity analysis to identify and select

equities that trade below their intrinsic value,

demonstrate superior earnings growth, and

demonstrate positive price momentum

reviews company operations and research and •

development to assess the company’s potential

forgrowth

monitors the companies in which the fund invests •

for changes that may affect their profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 40% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund received an exemption from securities

regulators to deviate from standard restrictions and

practices related to buying and selling commodities.

Specifically, the fund has approval to invest up to

20% of its assets in precious metals, including

silver andplatinum. For more detailed information

on this exemption, see Investment Restrictions

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Precious Metals Equity

Series A: January 7, 1997

Series F: June 24, 2013

Series I: January 10, 2011

Advisor Series: November 3, 2008

Units of a mutual fund trust

Qualified investment

Series A: 2.00%

Series F: 0.85%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 2.00%

0.18%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since January1997)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

358

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The unit price of the fund will be affected by

changes in precious metalsprices.

The investment strategies may involve the following

risks, which we explain starting on page 101:

commodity risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

industry concentration risk •

issuer concentration risk* •

large transaction risk •

liquidity risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

*During the 12-month period immediately

preceding April 30, 2024, up to 11.18%, 11.05%,

10.31%, and 10.84% of the net asset value of the

fund was invested in shares of Agnico Eagle Mines

Ltd, Barrick Gold Corp, Franco Nevada Corp and

Wheaton Precious Metals Corp respectively.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

359

Fund details

BMO Resource

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to increase the value of your

investment over the long term by investing in

Canadian natural resource companies.

As part of its investment objective, this fund invests

primarily in companies that are listed on Canadian

stock exchanges and that operate in the precious

metals, base metals, oil and gas, or forest products

industries. It may also buy precious metals directly.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs fundamental analysis to identify and •

select equities that trade below their intrinsic

value and demonstrate superior earnings growth

reviews company operations and research and •

development to assess the company’s potential

for growth

monitors the companies in which the fund invests •

for changes that may affect their profitability

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 40% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund received an exemption from securities

regulators to deviate from standard restrictions and

practices related to buying and selling commodities.

Specifically, the fund has approval to invest up to

10% of its net assets directly in commodities such

as precious metals and other metals and minerals

or certificates representing the same. For more

detailed information on this exemption, see

Investment Restrictions.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Natural Resources Equity

SeriesA: August3, 1993

SeriesF: November3, 2008

Series I: March5, 2008

Advisor Series: November3, 2008

Units of a mutual fund trust

Qualified investment

SeriesA: 2.00%

SeriesF: 0.85%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 2.00%

0.15%

Series I: N/A (for SeriesI,

separate fees and expenses are

negotiated and paid directly by

each SeriesI investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since August1993)

(1)

The combined management fee and expenses fees for Series I will not exceed

the management fee charged for Advisor Series or Series A.

360

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The unit price of the fund will be affected by

changes in the prices of natural resources

commodities and precious metals.

The investment strategies may involve the following

risks, which we explain starting on page 101:

commodity risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

industry concentration risk •

large transaction risk •

liquidity risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO U.S. Small Cap

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

through capital appreciation by investing primarily

in equity and equity-related securities of smaller

and mid-sized U.S. companies.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

US Small/Mid Cap Equity

Series A: May 14, 2018

Series F: May 14, 2018

Series I: May 14, 2018

Advisor Series: May 14, 2018

Units of a mutual fund trust

Qualified investment

Series A: 1.70%

Series F: 0.70%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

(1)

Advisor Series: 1.70%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Management

Investment Advisers, LLC

Boston, Massachusetts

(Portfolio Manager since

December 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

361

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

examines the financial statistics of each potential •

investment by looking at:

- quality and sustainability of company

financials

- each stock’s relative valuation

- investor sentiment from a variety of market

participants

will then rank each stock in the universe to create •

a short list of those which are fundamentally

strong, attractively valued which have growing

investor interest

each holding will be then comprehensively •

analyzed through multiple risk perspectives

including fundamental, statistical and

macroeconomic

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

362

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

liquidity risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

363

Fund details

BMO Fixed Income ETF

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment by investing primarily in exchange

traded funds that invest in Canadian, U.S. and

international fixed income securities. The fund

may also invest in other mutual funds or invest

directly in individual fixed income securities and

cash or cash equivalents. The fund’s asset mix may

be changed over time to reflect the portfolio

manager’s long-term outlook for each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 95-100% in fixed income and

0-5% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

invests a majority of the fund’s assets in exchange •

traded funds

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in securities and cash or cash •

equivalents

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Fixed Income

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: August 12, 2013

Series F2: May 14, 2018

Series G: February 16, 2018

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 0.75%

Series T6: 0.75%

Series F: 0.25%

Series F2: 0.25%

Series G: 0.50%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 0.75%

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since August 2013)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO ETF Portfolios

364

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F2 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F2 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% and 2%,

respectively, of the NAV per security of the series as

determined on December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F2 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

365

Fund details

BMO Income ETF

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment by investing primarily in exchange

traded funds that invest in fixed income securities

with a lesser exposure to exchange traded funds

that invest in Canadian, U.S. and international

equity securities. The fund may also invest in other

mutual funds or invest directly in individual fixed

income or equity securities and cash or cash

equivalents. The fund’s asset mix may be changed

over time to reflect the portfolio manager’s long-

term outlook for each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 80% in fixed income securities

and 20% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

will invest a majority of the fund’s assets in •

exchange traded funds

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global fixed income balanced

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: August 12, 2013

Series F2: May 14, 2018

Series F4: May 5, 2017

Series F6: November 16, 2015

Series G: February 16, 2018

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.35%

Series T6: 1.35%

Series F: 0.35%

Series F2: 0.35%

Series F4: 0.35%

Series F6: 0.35%

Series G: 0.70%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.35%

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and Expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since August 2013)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

366

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk (for Series T6, Series F2, •

Series F4 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6, Series F2, Series F4 and Series F6

securities, the fund will make monthly distributions

of an amount comprised of any net income and/or

ROC based on 6%, 2%, 4% and 6%, respectively, of

the NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6, Series F2, Series F4 and Series F6

securities, these distributions will erode the value

of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

367

Fund details

BMO Conservative ETF

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of your

investment and, to a lesser extent, provide some

potential for growth by investing primarily in

exchange traded funds that invest in Canadian, U.S.

and international fixed income and equity securities.

The fund may also invest in other mutual funds or

invest directly in individual fixed income and equity

securities and cash or cash equivalents. The fund’s

asset mix may be changed over time to reflect the

portfolio manager’s long-term outlook for each

asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 60% in fixed income securities

and 40% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

will invest a majority of the fund’s assets in •

exchange traded funds

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in securities and cash or cash •

equivalents

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Fixed Income Balanced

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: August 12, 2013

Series F2: May 14, 2018

Series F6: November 16, 2015

Series G: February 16, 2018

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.35%

Series T6: 1.35%

Series F: 0.35%

Series F2: 0.35%

Series F6: 0.35%

Series G: 0.70%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.35%

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since August 2013)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

368

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk (for Series T6, Series F2 •

and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6, Series F2 and Series F6 securities,

the fund will make monthly distributions of an

amount comprised of any net income and/or ROC

based on 6%, 2% and 6%, respectively, of the NAV

per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6, Series F2 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

369

Fund details

BMO Balanced ETF

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a balanced

portfolio by investing primarily in exchange traded

funds that invest in Canadian, U.S. and international

fixed income and equity securities. The fund may

also invest in other mutual funds or invest directly

in individual fixed income and equity securities

and cash or cash equivalents. The fund’s asset mix

may be changed over time to reflect the portfolio

manager’s long-term outlook for each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 40% in fixed income securities

and 60% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

will invest a majority of the fund’s assets in •

exchange traded funds

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Neutral Balanced

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: August 12, 2013

Series F2: February 17, 2017

Series F4: May 5, 2017

Series F6: November 16, 2015

Series G: February 16, 2018

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.40%

Series T6: 1.40%

Series F: 0.40%

Series F2: 0.40%

Series F4: 0.40%

Series F6: 0.40%

Series G: 0.75%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.40%

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since August 2013)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

370

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk (for Series T6, Series F2, •

Series F4 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6, Series F2, Series F4 and Series F6

securities, the fund will make monthly distributions

of an amount comprised of any net income and/or

ROC based on 6%, 2%, 4% and 6%, respectively, of

the NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6, Series F2, Series F4 and Series F6

securities, these distributions will erode the value

of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

371

Fund details

BMO Growth ETF

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

by investing primarily in exchange traded funds that

invest in Canadian, U.S. and international equity

securities and, to a lesser extent, fixed income

securities. The fund may also invest in other mutual

funds or invest directly in individual fixed income

and equity securities and cash or cash equivalents.

The fund’s asset mix may be changed over time to

reflect the portfolio manager’s long-term outlook

for each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 20% in fixed income securities

and 80% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

will invest a majority of the fund’s assets in •

exchange traded funds

allocates assets among the underlying funds, •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity Balanced

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: August 12, 2013

Series F2: May 14, 2018

Series F6: November 16, 2015

Series G: February 16, 2018

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.40%

Series T6: 1.40%

Series F: 0.40%

Series F2: 0.40%

Series F6: 0.40%

Series G: 0.75%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.40%

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since August 2013)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

372

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk (for Series T6, Series F2 •

and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6, Series F2 and Series F6 securities,

the fund will make monthly distributions of an

amount comprised of any net income and/or ROC

based on 6%, 2% and 6%, respectively, of the NAV

per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6, Series F2 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

373

Fund details

BMO Equity Growth ETF

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

by investing primarily in exchange traded funds

that invest in Canadian, U.S. and international

equity securities. The fund may also invest in other

mutual funds or invest directly in individual equity

securities and cash or cash equivalents. The fund’s

asset mix may be changed over time to reflect the

portfolio manager’s long-term outlook for each

asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weighting will be •

approximately 95-100% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

will invest a majority of the fund’s assets in •

exchange traded funds

allocates assets among the underlying funds, •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: August 12, 2013

Series F6: November 16, 2015

Series G: February 16, 2018

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.45%

Series T6: 1.45%

Series F: 0.45%

Series F6: 0.45%

Series G: 0.80%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.45%

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since August 2013)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

374

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund

will make monthly distributions of an amount

comprised of any net income and/or ROC based on

6% of the NAV per security of the series as

determined on December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

375

Fund details

BMO USD Income ETF

Portfolio

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 80% in fixed income securities

and 20% in equity securities

may invest up to 100% of the fund’s assets in U.S. •

dollar securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the fund or underlying funds may temporarily •

depart from their investment objectives by

holding a portion of their assets in cash or short-

term money market instruments and/or high

quality fixed income securities while seeking

investment opportunities or for defensive

purposes to reflect economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Fixed Income Balanced

Series A: August 17, 2020

Series T6: August 17, 2020

Series F: August 17, 2020

Series F6: August 17, 2020

Series I: August 17, 2020

Advisor Series: August 17, 2020

Units of a mutual fund trust

Qualified investment

Series A: 1.35%

Series T6: 1.35%

Series F: 0.35%

Series F6: 0.35%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.35%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since May 2020)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment and provide some potential for

growth by investing primarily, directly or

indirectly, in U.S. dollar denominated equities and

fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

BMO U.S. Dollar Funds

376

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and F6 investments only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

377

Fund details

BMO USD Conservative ETF

Portfolio

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 60% in fixed income securities

and 40% in equity securities

may invest up to 100% of the fund’s assets in U.S. •

dollar securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the fund and underlying funds may temporarily •

depart from their investment objectives by

holding a portion of their assets in cash or short-

term money market instruments and/or high

quality fixed income securities while seeking

investment opportunities or for defensive

purposes to reflect economic and market

conditions

may invest directly in securities and cash or cash •

equivalents

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Fixed Income Balanced

Series A: August 17, 2020

Series T6: August 17, 2020

Series F: August 17, 2020

Series F6: August 17, 2020

Series I: August 17, 2020

Advisor Series: August 17, 2020

Units of a mutual fund trust

Qualified investment

Series A: 1.35%

Series T6: 1.35%

Series F: 0.35%

Series F6: 0.35%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.35%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since May 2020)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment and provide moderate potential for

growth by investing primarily, directly or

indirectly, in U.S. dollar denominated equities and

fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

378

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and F6 investments only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

379

Fund details

BMO USD Balanced ETF

Portfolio

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 40% in fixed income securities

and 60% in equity securities

may invest up to 100% of the fund’s assets in U.S. •

dollar securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the fund or underlying funds may temporarily •

depart from their investment objectives by holding

a portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 100% of the fund’s assets in •

foreign securities

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Portfolio

manager

Global Neutral Balanced

Series A: August 17, 2020

Series T6: August 17, 2020

Series F: August 17, 2020

Series F6: August 17, 2020

Series I: August 17, 2020

Advisor Series: August 17, 2020

Units of a mutual fund trust

Qualified investment

Series A: 1.35%

Series T6: 1.35%

Series F: 0.35%

Series F6: 0.35%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.35%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since May 2020)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

What does the fund invest in?

Investment objectives

This fund’s objective is to generate a balance of

income and potential for growth by investing

primarily, directly or indirectly, in U.S. dollar

denominated equities and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

380

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in short

sales by borrowing securities which the portfolio

manager believes are overvalued and selling them

in the open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and F6 investments only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

381

Fund details

BMO U.S. Dollar Balanced

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term capital

growth and current income. It invests primarily in a

combination of fixed income and equity securities

of U.S. companies. The fund’s asset mix may be

changed over time to reflect the portfolio manager’s

outlook for each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

uses an asset allocation approach by investing in •

a diversified portfolio primarily consisting of

fixed income and equity securities of mid- to

large-cap companies denominated in U.S. dollars

when choosing equity securities: •

- examines the financial statistics of each

potential investment, looking for:

~ an attractive price

~ consistent earnings

~ evident that the company’s management

believes in the future of the company

- diversifies the fund’s assets by industry and

company to help reduce risk

when choosing fixed income securities: •

- analyzes financial data and other information

sources and assesses the quality of

management and conducts company interviews

where possible

- analyzes the financial and managerial

prospects for a particular company and its

relevant sector

- assesses the condition of credit markets, the

yield curve, as well as the outlook for monetary

conditions

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Sub-advisor

Global Neutral Balanced

Series A: August 12, 2013

Series F: August 12, 2013

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series F: 0.50%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.55%

0.20%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since August 2013)

Columbia Management

Investment Advisers, LLC

Boston, Massachusetts

(U.S. equity portfolio and U.S.

fixed income portfolio)

(Sub-advisor since November

2021 for U.S. fixed income

portfolio and since December

2021 for U.S. equity portfolio)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

382

may invest up to 10% of the fund’s assets in •

securities outside the United States

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

383

Fund details

BMO U.S. Dollar Dividend

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to achieve long-term capital

growth by investing primarily in equity securities

of U.S. companies that pay dividends, or that are

expected to pay dividends, and, to a lesser extent, in

other types of securities, such as trusts and preferred

shares, that are expected to distribute income.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

primarily invests in dividend-focused equities •

denominated in U.S. dollars

examines the financial statistics of each potential •

investment, looking for:

- an attractive price

- consistent earnings

- evidence that the company’s management

believes in the future of the company

- the ability to pay dividends

- sustainability of the dividends or expected

dividends

diversifies the fund’s assets by industry and •

company to help reduce risk

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside the United States

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

US Equity

Series A: August 12, 2013

Series F: August 12, 2013

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series F: 0.55%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.55%

0.20%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Columbia Management

Investment Advisers, LLC

Boston, Massachusetts

(Portfolio Manager since

December 2021)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

384

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

factor-based investment strategy risk •

fund of funds risk •

indexing risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

385

Fund details

BMO U.S. Dollar Equity Index

Fund

What does the fund invest in?

Investment objectives

The fund’s objective is to provide a return that is

similar to the return of the Standard & Poor’s 500

Total Return Index (“S&P 500 Index”). The fund

may invest all or a portion of its assets in one or

more exchange traded funds, invest directly in the

underlying securities represented in the S&P 500

Index or use derivatives such as options, futures,

and forward contracts that are based on the

S&P 500 Index.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

the S&P 500 Index is a market-capitalization-•

weighted index that is designed to represent the

returns of large-capitalization U.S. stocks.

Further information about the S&P 500 Index and

its constituent issuers is available from S&P on its

website at http://ca.spindices.com/

allocates assets among the exchange traded fund •

and/or underlying securities based on a

determination of the most effective manner to

achieve the fund’s objectives, while attempting to

minimize transaction costs and fees. The allocation

between the underlying fund and securities, may

be changed without notice from time to time

may invest up to 100% of the fund’s assets in U.S. •

dollar securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in U.S. •

securities

as an alternative to or in conjunction with •

investing directly in the exchange traded fund

and/or securities, may use derivatives like

options, futures, forward contracts and swaps to

gain market exposure to the return of the S&P 500

Index or a portion thereof

may invest directly in cash or cash equivalents to •

meet any cash cover requirements of derivative

investments.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Securities regulators allow index mutual funds to

exceed the normal investment concentration limits

if required to track the relevant index. In accordance

with the regulatory requirements, the fund may

track the index in this manner.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

US Equity

Series A: October 1, 1998

Series F: October 22, 2021

Units of a mutual fund trust

Qualified investment

Series A: 0.80%

Series F: 0.30%

0.10%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since July 2013)

386

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and net capital

gains in December. Distributions are automatically

reinvested in additional securities of the fund,

unless you tell us in writing that you prefer to

receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

387

Fund details

BMO U.S. Dollar Money Market

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a high level of

U.S. dollar interest income and liquidity, while

preserving the value of your investment.

As part of its investment objective, this fund invests

primarily in a variety of U.S. government and

corporate money market instruments.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

buys U.S. dollar investments, including •

commercial paper, that are rated A or higher

(or equivalent) by one or more recognized North

American rating agencies, or that the portfolio

manager determines to be of comparable quality

invests in short-term debt securities, maintaining •

an average term of 90 days or less to reset date

and 180 days to maturity date

strives to maintain a NAV per unit of U.S.$1.00 by •

allocating income daily and distributing it

monthly, but there is a risk the NAV per unit

could vary from this amount

may invest up to 100% of the fund’s assets in •

U.S. securities.

What are the risks of investing in the fund?

The investment strategies may involve the

following risks:

the yield of the fund varies with short-term •

interest rates

although the fund strives to maintain a NAV per •

unit of U.S.$1.00, there is no assurance we do so

as the value of the fund’s portfolio securities may

fluctuate under certain conditions, including

where interest rates are low or negative. During

periods of low market yields, the NAV per unit

may fall below U.S.$1.00.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

US Money Market

Series A: October 1, 1998

Series F: October 22, 2021

Series I: March 5, 2008

BMO Private U.S. Dollar Money

Market Fund Series O:

April 28, 2016

Advisor Series: November 11, 2009

Units of a mutual fund trust

Qualified investment

Series A: 1.00%

Series F: 0.80%

Series I: N/A. A Series I fee is

negotiated and paid directly by

each Series I investor.

(1)

BMO Private U.S. Dollar Money

Market Fund Series O: N/A. A

wealth management fee is paid

directly by each Series O

investor to their dealer.

(2)

Advisor Series: 1.00%

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since

September 2016)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

(2)

Series O investors pay a separate fee directly to their dealer, a portion of which

may be paid to us as manager. See About series of securities on page 43 for

more information.

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

interest rate risk •

large transaction risk •

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

Any net income is accrued daily and distributed

monthly and any net capital gains are distributed in

December. Distributions are automatically

reinvested in additional securities of the fund.

Please see Income tax considerations for investors

on page 87 for more information.

388

389

Fund details

BMO U.S. Dollar Monthly

Income Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to provide a fixed monthly

distribution by investing primarily in U.S. equities

and U.S. fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio managers use

to try to achieve the fund’s objective:

invests in U.S. dollar-denominated securities •

across asset classes

invests in common equities and real estate •

investment trusts by examining the financial

statistics of each potential investment, looking for:

- an attractive price

- consistent earnings

- evidence that companies management believes

in the future of the company

invests in government, agency and corporate bonds •

issued by U.S. governments and corporations and

Canadian corporations

invests in high yield bonds and debentures rated •

BB or lower and issued by U.S. governments and

corporations, Canadian corporate bonds and

convertible debentures

may also opportunistically invest in asset classes •

outside of the U.S.

may invest up to 30% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 10% of the fund’s assets in •

securities outside the United States

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Sub-advisor

Global Neutral Balanced

Series A: October 12, 2004

Series T5: November 11, 2009

Series T6: April 1, 2013

Series F: November 11, 2009

Series F6: October 22, 2021

Advisor Series: November 11, 2009

Units of a mutual fund trust

Qualified investment

Series A: 1.85%

Series T5: 1.85%

Series T6: 1.85%

Series F: 0.50%

Series F6: 0.50%

Advisor Series: 1.85%

0.20%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since November 2009)

Columbia Management

Investment Advisers, LLC

Boston, Massachusetts

(Sub-advisor since November

2021 for U.S. fixed income

portfolio and U.S. high yield

bond portfolio and December

2021 for U.S. Equity portfolio)

390

Distribution policy

The fund distributes a fixed amount per security

per month. The amount of the monthly distribution

may be adjusted without notice throughout the

year as market conditions change. Any net income

earned by the fund in excess of the monthly

distribution may also be distributed to securityholders

from time to time. Any net capital gains are

distributed in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series A, Series F 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.

For Series T5 and T6 securities, the fund will make

monthly distributions of an amount compromised

of any net income, and/or ROC based on 5% and

6%, respectively, of the NAV per security of the series

as determined on December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment,

these distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see

Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment and to provide interest income by

investing primarily in mutual funds invested in more

secure asset classes like cash or cash equivalents

and fixed income investments with a lesser

exposure to mutual funds invested in equity

securities. The fund may also invest directly in

fixed income securities and cash or cash equivalents.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 80% in fixed income securities

and 20% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including both

funds that are managed by us or one of our

affiliates or associates as well as non-affiliated

funds

allocates assets among the underlying mutual •

funds based on each underlying mutual fund’s

investment objectives and strategies, among other

factors. The underlying mutual funds may be

changed without notice from time to time as well as

the percentage holding in each underlying fund

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Fixed Income Balanced

Series A: June 18, 2007

Series F: October 22, 2021

Advisor Series: June 16, 2023

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series F: 0.55%

Advisor Series: 1.55%

0.15%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2007)

BMO Managed Income

Portfolio

391

BMO Managed Portfolios

392

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 60% in fixed income securities

and 40% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including both funds

that are managed by us or one of our affiliates or

associates as well as non-affiliated funds

allocates assets among the underlying mutual •

funds based on each underlying mutual fund’s

investment objectives and strategies, among

other factors. The underlying mutual funds may

be changed without notice from time to time as

well as the percentage holding in each

underlying fund

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

393

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment and provide moderate potential

for growth by investing primarily in mutual funds

invested in global equities and fixed income

securities. The fund may also invest directly in fixed

income securities and cash or cash equivalents.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Type of fund

Global Fixed Income Balanced

Date started

Series A: June 16, 2023

Series F: June 16, 2023

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.55%

Series F: 0.55%

Advisor Series: 1.55%

Administration

fee

Portfolio

manager

0.15%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

BMO Managed Conservative

Portfolio

The fund’s underlying mutual funds may enter

into securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

engagement & stewardship. •

Although the Fund employs responsible investment

strategies, the consideration of ESG factors plays a

limited role in its investment process.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

394

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to provide you with a

balance of income and growth by investing

primarily in a mix of mutual funds invested in fixed

income and equity securities. The fund may also

invest directly in fixed income securities and cash

or cash equivalents.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 40% in fixed income securities

and 60% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including both

funds that are managed by us or one of our

affiliates or associates as well as non-affiliated

funds

allocates assets among the underlying mutual •

funds based on each underlying mutual fund’s

investment objectives and strategies, among

other factors. The underlying mutual funds may

be changed without notice from time to time as

well as the percentage holding in each

underlying fund

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Neutral Balanced

Series A: June 18, 2007

Series F: October 22, 2021

Series NBA: December 15, 2013

Advisor Series: June 16, 2023

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series F: 0.55%

Series NBA: 1.55%

Advisor Series: 1.55%

0.15%

(for Series NBA investors pay

operating expenses directly)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2007)

395

BMO Managed Balanced

Portfolio

396

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to provide you with long-

term growth and protection against inflation by

investing primarily in mutual funds invested in

equity securities and, to a lesser extent, in mutual

funds invested in fixed income securities. The fund

may also invest directly in fixed income securities

and cash or cash equivalents.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 20% in fixed income securities

and 80% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including both

funds that are managed by us or one of our

affiliates or associates as well as non-affiliated

funds

allocates assets among the underlying mutual •

funds based on each underlying mutual fund’s

investment objectives and strategies, among

other factors. The underlying mutual funds may

be changed without notice from time to time as

well as the percentage holding in each

underlying fund

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity Balanced

Series A: June 18, 2007

Series F: October 22, 2021

Series NBA: December 15, 2013

Advisor Series: June 16, 2023

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series F: 0.55%

Series NBA: 1.55%

Advisor Series: 1.55%

0.15%

(for Series NBA investors pay

operating expenses directly)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2007)

397

BMO Managed Growth

Portfolio

398

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to provide you with

exceptional long-term growth by investing

primarily in higher risk mutual funds invested in

equity securities. The fund may also invest directly in

fixed income securities and cash or cash equivalents.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weighting will be •

approximately 95-100% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, including both

funds that are managed by us or one of our

affiliates or associates as well as non-affiliated

funds

allocates assets among the underlying mutual •

funds based on each underlying mutual fund’s

investment objectives and strategies, among

other factors. The underlying mutual funds may

be changed without notice from time to time as

well as the percentage holding in each

underlying fund

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity

Series A: June 18, 2007

Series F: October 22, 2021

Series NBA: December 15, 2013

Advisor Series: June 16, 2023

Units of a mutual fund trust

Qualified investment

Series A: 1.55%

Series F: 0.55%

Series NBA: 1.55%

Advisor Series: 1.55%

0.15%

(for Series NBA investors pay

operating expenses directly)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2007)

399

BMO Managed Equity Growth

Portfolio

400

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO SelectTrust

Fixed Income

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment and generate income by investing

primarily in mutual funds that invest in lower risk

asset classes in Canada, the U.S. and internationally,

like cash or cash equivalents or fixed income

securities, with a lesser exposure to mutual funds

invested in equity securities. The fund’s asset mix

may be changed over time to reflect the portfolio

manager’s long-term outlook for each asset class.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try and achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 95-100% in fixed income and

0-5% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds, •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

the underlying funds may temporarily depart •

from their investment objectives by holding a

portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

may invest directly in fixed income securities and •

cash or cash equivalents

may invest up to 95% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Fixed Income

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: November 16, 2015

Series F6: October 22, 2021

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.70%

Series T6: 1.70%

Series F: 0.70%

Series F6: 0.70%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.70%

0.25%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since August 2013)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

401

BMO SelectTrust

Portfolios

402

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10% of

its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve capital and to

generate a high level of income by investing

primarily in securities of Canadian and foreign

funds within the BMO Mutual Funds family of

mutual funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 80% in fixed income securities

and 20% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds, •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

may invest up to 95% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Fixed Income Balanced

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: November 16, 2015

Series F6: April 28, 2016

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.75%

Series T6: 1.75%

Series F: 0.75%

Series F6: 0.75%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.75%

0.25%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since July 2008)

BMO SelectTrust

Income

Portfolio

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

403

404

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10%

of its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount

comprised of any net income and/or ROC based on

6% of the NAV per security of the applicable series

as determined on December 31 of the prior year.

If the cash distributions to you are greater than the

net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to generate a high level of

income and some capital appreciation by investing

primarily in securities of Canadian and foreign

funds within the BMO Mutual Funds family of

mutual funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 60% in fixed income securities

and 40% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds, •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

may invest up to 95% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Fixed Income Balanced

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: November 16, 2015

Series F6: April 28, 2016

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.80%

Series T6: 1.80%

Series F: 0.80%

Series F6: 0.80%

Series I: N/A. A Series I fee is

negotiated and paid directly by

each Series I investor.

(1)

Advisor Series: 1.80%

0.25%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since July 2008)

BMO SelectTrust

Conservative

Portfolio

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

405

406

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10% of

its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to generate a balance of

income and capital appreciation by investing

primarily in securities of Canadian and foreign

funds within the BMO Mutual Funds family of

mutual funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 40% in fixed income securities

and 60% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds, •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

may invest up to 95% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Neutral Balanced

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: November 16, 2015

Series F6: April 28, 2016

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 1.90%

Series T6: 1.90%

Series F: 0.90%

Series F6: 0.90%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 1.90%

0.25%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since July 2008)

BMO SelectTrust

Balanced

Portfolio

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

407

408

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10% of

its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you prefer

to receive cash distributions.

For Series T6 and Series F6 securities, the fund

will make monthly distributions of an amount

comprised of any net income and/or ROC based on

6% of the NAV per security of the applicable series

as determined on December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to generate long-term

growth of capital and income by investing primarily

in securities of Canadian and foreign funds within

the BMO Mutual Funds family of mutual funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weightings will be •

approximately 20% in fixed income securities

and 80% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds, •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

may invest up to 95% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity Balanced

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: November 16, 2015

Series F6: April 28, 2016

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 2.00%

Series T6: 2.00%

Series F: 1.00%

Series F6: 1.00%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 2.00%

0.25%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since July 2008)

BMO SelectTrust

Growth

Portfolio

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

409

410

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10%

of its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

What does the fund invest in?

Investment objectives

This fund’s objective is to generate long-term

growth of capital and some dividend income by

investing primarily in securities of Canadian and

foreign funds within the BMO Mutual Funds family

of mutual funds.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a strategic asset allocation strategy •

the fund’s asset class weighting will be •

approximately 95-100% in equity securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying mutual •

funds, based on each underlying fund’s

investment objectives and strategies, among

other factors. The underlying funds, as well as

the percentage holding in each underlying fund,

may be changed without notice from time to time

may invest up to 95% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Equity

Series A: August 12, 2013

Series T6: November 4, 2013

Series F: November 16, 2015

Series F6: April 28, 2016

Series I: August 12, 2013

Advisor Series: August 12, 2013

Units of a mutual fund trust

Qualified investment

Series A: 2.10%

Series T6: 2.10%

Series F: 1.10%

Series F6: 1.10%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Advisor Series: 2.10%

0.25%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

(1)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since July 2008)

BMO SelectTrust

Equity

Growth Portfolio

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

411

412

The fund’s underlying mutual funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10%

of its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount

comprised of any net income and/or ROC based on

6% of the NAV per security of the series as

determined on December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

413

Fund details

BMO Target Education Income

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide securityholders

with a relatively stable level of income while

preserving capital and maintaining liquidity. The

fund will invest primarily, directly or indirectly

through investing in a diversified mix of mutual

funds and/or exchange traded funds, in fixed

income securities and cash equivalents.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

The fund is designed to meet the needs of investors

who are seeking to fund post-secondary education

that is about to commence or is currently in progress.

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests primarily in a diversified mix of fixed •

income securities and cash equivalents directly

and/or by investing up to 100% of the fund’s

assets in securities of underlying funds that are

primarily exposed to fixed income securities and

cash equivalents, with such underlying funds

expected to be predominantly or exclusively

underlying funds that are managed by us or one

of our associates or affiliates

may invest up to 20% of the fund’s assets in •

securities of underlying funds that invest

primarily in equity securities, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our associates or affiliates

investments in underlying funds will be allocated •

based on each underlying fund’s investment

objectives and strategies, among other factors

may invest up to 25% of the fund’s assets in high •

yield securities

the fund’s asset mix, underlying funds and the •

percentage holding in each underlying fund may

be changed without notice to reflect the portfolio

manager’s long-term outlook

the asset mix is readjusted quarterly between •

fixed income, cash equivalents and equities

depending upon market conditions and the

portfolio manager’s long-term outlook. Please

refer to our website for the current asset mix of

the fund

may invest up to 30% of the fund’s assets in •

foreign securities

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Canadian Short Term Fixed Income

Series A: November 13, 2014

Series F: October 22, 2021

Units of a mutual fund trust

Qualified investment

Series A: 0.60%

Series F: 0.40%

0.15%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November 2014)

BMO Target Education Portfolios

414

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or its underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund or its underlying funds may engage in

short selling in order to manage volatility or

enhance performance in declining or volatile

markets. In compliance with its investment

objectives, the fund or its underlying funds will

engage in short sales by borrowing securities which

the portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund or its underlying

funds will only engage in short sales as permitted

by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

floating rate note risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income monthly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

415

Fund details

BMO Target Education 2025

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide the opportunity

for capital appreciation by investing primarily in a

diversified mix of mutual funds and/or exchange

traded funds until its target date of June 30, 2025

approaches. As the fund’s target end date approaches,

the fund will gradually shift its asset mix from an

exposure that is balanced between Canadian and

global equities and fixed income securities to an

exposure that is primarily to Canadian and global

fixed income securities and cash equivalents. The

fund’s fixed income and cash equivalent exposure

will be achieved either directly or indirectly

through investing in a diversified mix of mutual

funds and/or exchange traded funds.

The fundamental investment objective may only be

changed with the approval of a majority of the votes

cast at a meeting of unitholders called for that

purpose.

Investment strategies

The fund is designed to meet the needs of investors

who are saving money for the purpose of funding a

post-secondary education that commences around

the year 2025.

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs an asset allocation strategy, whereby the •

portfolio gradually shifts its asset mix from an

exposure that is balanced between equities and

fixed income securities to an exposure that is

primarily to fixed income securities and cash

equivalents

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds managed by us

or one of one of our associates or affiliates

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors

the fund’s asset mix and underlying funds as well •

as the percentage holding in each underlying

fund may be changed without notice to reflect

market conditions and the portfolio manager’s

long-term outlook for each asset class

the asset mix is readjusted quarterly depending •

upon market conditions and the portfolio

manager’s long-term outlook. Please refer to our

website for the current asset mix of the fund

shortly before the fund’s target end date of June 30, •

2025, the fund will primarily be invested, directly

or indirectly, in fixed income securities and cash

equivalents. Subject to the approval of the IRC,

once the target end date of the fund is reached, it

is expected that, within a period of no more than

six months, the fund will be merged on a tax

deferred basis into the BMO Target Education

Income Portfolio or a similar fund managed by us

or one of our affiliates or associates. We will send

you written notice of this merger at least 60 days

prior to the merger date

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

Date started

Target end date

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

2025 Target Date Portfolio

Series A: November 13, 2014

Series F: October 22, 2021

June 30, 2025

Units of a mutual fund trust

Qualified investment

Series A: 1.25%

Series F: 0.65%

0.15%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November 2014)

416

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or its underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund or its underlying funds may engage in

short selling in order to manage volatility or

enhance performance in declining or volatile

markets. In compliance with its investment

objectives, the fund or its underlying funds will

engage in short sales by borrowing securities which

the portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund or its underlying

funds will only engage in short sales as permitted

by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

417

Fund details

BMO Target Education 2030

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide the opportunity

for capital appreciation by investing primarily in a

diversified mix of mutual funds and/or exchange

traded funds until its target date of June 30, 2030

approaches. As the fund’s target end date

approaches, the fund will gradually shift its asset

mix from an exposure that is balanced between

Canadian and global equities and fixed income

securities to an exposure that is primarily to

Canadian and global fixed income securities and

cash equivalents. The fund’s fixed income and cash

equivalent exposure will be achieved either directly

or indirectly through investing in a diversified mix

of mutual funds and/or exchange traded funds.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

The fund is designed to meet the needs of investors

who are saving money for the purpose of funding a

post-secondary education that commences around

the year 2030.

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs an asset allocation strategy, whereby the •

portfolio gradually shifts its asset mix from an

exposure that is balanced between equities and

fixed income securities to an exposure that is

primarily to fixed income securities and cash

equivalents

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds managed by us

or one of our associates or affiliates

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors

the fund’s asset mix and underlying funds as well •

as the percentage holding in each underlying

fund may be changed without notice to reflect

market conditions and the portfolio manager’s

long-term outlook for each asset class

the asset mix is readjusted quarterly depending •

upon market conditions and the portfolio

manager’s long-term outlook. Please refer to our

website for the current asset mix of the fund

shortly before the fund’s target end date of •

June 30, 2030, the fund will primarily be invested,

directly or indirectly, in fixed income securities

and cash equivalents. Subject to the approval of

the IRC, once the target end date of the fund is

reached, it is expected that, within a period of no

more than six months, the fund will be merged on

a tax deferred basis into the BMO Target

Education Income Portfolio or a similar fund

managed by us or one of our affiliates or

associates. We will send you written notice of this

merger at least 60 days prior to the merger date

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

2030 Target Date Portfolio

Date started

Series A: November 13, 2014

Series F: October 22, 2021

Target end date

June 30, 2030

Securities

Units of a mutual fund trust

offered

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.25%

Series F: 0.65%

Administration

fee

Portfolio

0.15%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

manager

Toronto, Ontario

(Portfolio Manager

since November 2014)

418

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or its underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund or its underlying funds may engage in

short selling in order to manage volatility or

enhance performance in declining or volatile

markets. In compliance with its investment

objectives, the fund or its underlying funds will

engage in short sales by borrowing securities which

the portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund or its underlying

funds will only engage in short sales as permitted

by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and •

reverse repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

419

Fund details

BMO Target Education 2035

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide the opportunity

for capital appreciation by investing primarily in a

diversified mix of mutual funds and/or exchange

traded funds until its target date of June 30, 2035

approaches. As the fund’s target end date approaches,

the fund will gradually shift its asset mix from an

exposure that is balanced between Canadian and

global equities and fixed income securities to an

exposure that is primarily to Canadian and global

fixed income securities and cash equivalents. The

fund’s fixed income and cash equivalent exposure

will be achieved either directly or indirectly through

investing in a diversified mix of mutual funds

and/or exchange traded funds.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

The fund is designed to meet the needs of investors

who are saving money for the purpose of funding a

post-secondary education that commences around

the year 2035.

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs an asset allocation strategy, whereby the •

portfolio gradually shifts its asset mix from an

exposure that is balanced between equities and

fixed income securities to an exposure that is

primarily to fixed income securities and cash

equivalents

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds managed by us

or one of our associates or affiliates

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors

the fund’s asset mix and underlying funds as well •

as the percentage holding in each underlying

fund may be changed without notice to reflect

market conditions and the portfolio manager’s

long-term outlook for each asset class

the asset mix is readjusted quarterly depending •

upon market conditions and the portfolio

manager’s long-term outlook. Please refer to our

website for the current asset mix of the fund

shortly before the fund’s target end date of June 30, •

2035, the fund will primarily be invested, directly

or indirectly, in fixed income securities and cash

equivalents. Subject to the approval of the IRC,

once the target end date of the fund is reached, it

is expected that, within a period of no more than

six months, the fund will be merged on a tax

deferred basis into the BMO

Target Education

Income Portfolio or a similar fund managed by us

or one of our affiliates or associates. We will send

you written notice of this merger at least 60 days

prior to the merger date

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

2035 Target Date Portfolio

Date started

Series A: November 13, 2014

Series F: October 22, 2021

Target end date

June 30, 2035

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.25%

Series F: 0.65%

Administration

fee

0.15%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since November 2014)

420

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative instruments

may be used for both hedging and non-hedging

purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or its underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund or its underlying funds may engage in

short selling in order to manage volatility or

enhance performance in declining or volatile

markets. In compliance with its investment

objectives, the fund or its underlying funds will

engage in short sales by borrowing securities which

the portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund or its underlying

funds will only engage in short sales as permitted

by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

421

Fund details

BMO Target Education 2040

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide the opportunity

for capital appreciation by investing primarily in a

diversified mix of mutual funds and/or exchange

traded funds until its target date of June 30, 2040

approaches. As the fund’s target end date approaches,

the fund will gradually shift its asset mix from an

exposure that is balanced between Canadian and

global equities and fixed income securities to an

exposure that is primarily to Canadian and global

fixed income securities and cash equivalents. The

fund’s fixed income and cash equivalent exposure

will be achieved either directly or indirectly

through investing in a diversified mix of mutual

funds and/or exchange traded funds.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

The fund is designed to meet the needs of investors

who are saving money for the purpose of funding a

post-secondary education that commences around

the year 2040.

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs an asset allocation strategy, whereby the •

portfolio gradually shifts its asset mix from an

exposure that is balanced between equities and

fixed income securities to an exposure that is

primarily to fixed income securities and cash

equivalents

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds managed by us

or one of our affiliates or associates

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors

the fund’s asset mix and underlying funds as well •

as the percentage holding in each underlying

fund may be changed without notice to reflect

market conditions and the portfolio manager’s

long-term outlook for each asset class

the asset mix is readjusted quarterly depending •

upon market conditions and the portfolio

manager’s long-term outlook. Please refer to our

website for the current asset mix of the fund

shortly before the fund’s target end date of June 30, •

2040, the fund will primarily be invested, directly

or indirectly, in fixed income securities and cash

equivalents. Subject to the approval of the IRC,

once the target end date of the fund is reached, it

is expected that, within a period of no more than

six months, the fund will be merged on a tax-

deferred basis into the BMO Target Education

Income Portfolio or a similar fund managed by us

or one of our affiliates or associates. We will send

you written notice of this merger at least 60 days

prior to the merger date

may invest up to 95% of the fund’s assets in •

foreign securities

Type of fund

2035+ Target Date Portfolio

Date started

Series A: August 17, 2020

Series F: October 22, 2021

Target end date

June 30, 2040

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.25%

Series F: 0.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Portfolio

manager

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2020)

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or its underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund or its underlying funds may engage in

short selling in order to manage volatility or

enhance performance in declining or volatile

markets. In compliance with its investment

objectives, the fund or its underlying funds will

engage in short sales by borrowing securities which

the portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund or its underlying

funds will only engage in short sales as permitted

by Canadian securities regulators.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

422

Fund details

BMO Retirement Income

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to seek to preserve the value

of your investment and provide some potential for

growth while seeking to reduce portfolio volatility

by investing primarily, directly or indirectly, in

global equities and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

employs a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

employs investment strategies that seek to reduce •

portfolio risk levels. These strategies seek to

reduce exposure to market declines, while

recognizing that the fund may not fully benefit

from strong market growth

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equities

and fixed income securities and will be selected

on the basis that they help the fund to achieve its

objective using the same strategies that it uses

when investing directly in those securities

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

Type of fund

Global Fixed Income Balanced

Date started

Series A: August 25, 2015

Series T4: April 28, 2016

Series T6: August 25, 2015

Series F: August 25, 2015

Series F4: April 28, 2016

Series F6: April 28, 2016

Series G: March 11, 2019

Series I: April 28, 2016

Advisor Series: August 25, 2015

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.40%

Series T4: 1.40%

Series T6: 1.40%

Series F: 0.40%

Series F4: 0.40%

Series F6: 0.40%

Series G: 0.75%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

Advisor Series: 1.40%

(1)

Administration

fee

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Portfolio

manager

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since

August 2015)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

423

BMO Retirement Portfolios

424

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund or the underlying funds may engage in

short selling in order to manage volatility or enhance

the fund’s performance in declining or volatile

markets. In compliance with its investment

objectives, the fund will engage in short sales by

borrowing securities which the portfolio manager

believes are overvalued and selling them in the

open market. The securities will then be repurchased

by the fund at a later date and returned to the

lender. The fund will only engage in short sales as

permitted by Canadian securities regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk (for Series T4, Series T6, •

Series F4 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T4, Series T6, Series F4 and Series F6

securities, the fund will make monthly distributions

of an amount comprised of any net income and/or

ROC based on 4% or 6%, as applicable, of the NAV

per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T4, Series T6, Series F4 and Series F6

securities, these distributions will erode the value

of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

425

Fund details

BMO Retirement Conservative

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to seek to preserve the value

of your investment and provide moderate potential

for growth while seeking to reduce portfolio

volatility by investing primarily, directly or

indirectly, in global equities and fixed income

securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

employs a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

employs investment strategies that seek to reduce •

portfolio risk levels. These strategies seek to

reduce exposure to market declines, while

recognizing that the fund may not fully benefit

from strong market growth

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equities

and fixed income securities and will be selected

on the basis that they help the fund to achieve its

objective using the same strategies that it uses

when investing directly in those securities

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

Type of fund

Global Fixed Income Balanced

Date started

Series A: August 25, 2015

Series T4: April 28, 2016

Series T6: August 25, 2015

Series F: August 25, 2015

Series F4: April 28, 2016

Series F6: April 28, 2016

Series G: March 11, 2019

Series I: April 28, 2016

Advisor Series: August 25, 2015

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.45%

Series T4: 1.45%

Series T6: 1.45%

Series F: 0.45%

Series F4: 0.45%

Series F6: 0.45%

Series G: 0.80%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

Advisor Series: 1.45%

(1)

Administration

fee

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Portfolio

manager

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since

August 2015)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

426

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse repurchase

transactions to earn additional income. These

transactions will be used in conjunction with the

other investment strategies in a manner considered

appropriate to achieving the fund’s investment

objectives. Please see Securities lending, repurchase

and reverse repurchase transactions risk on page 109.

The fund or the underlying funds may engage in

short selling in order to manage volatility or

enhance the fund’s performance in declining or

volatile markets. In compliance with its investment

objectives, the fund will engage in short sales by

borrowing securities which the portfolio manager

believes are overvalued and selling them in the

open market. The securities will then be repurchased

by the fund at a later date and returned to the

lender. The fund will only engage in short sales as

permitted by Canadian securities regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk (for Series T4, Series T6, •

Series F4 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T4, Series T6, Series F4 and Series F6

securities, the fund will make monthly distributions

of an amount comprised of any net income and/or

ROC based on 4% or 6%, as applicable, of the NAV

per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T4, Series T6, Series F4 and Series F6

securities, these distributions will erode the value

of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

Fund details

BMO Retirement Balanced

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to seek to preserve the value

of your investment and provide potential for growth

while seeking to reduce portfolio volatility by

investing primarily, directly or indirectly, in global

equities and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

employs a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

employs investment strategies that seek to reduce •

portfolio risk levels. These strategies seek to

reduce exposure to market declines, while

recognizing that the fund may not fully benefit

from strong market growth

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equities

and fixed income securities and will be selected

on the basis that they help the fund to achieve its

objective using the same strategies that it uses

when investing directly in those securities

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors.

The underlying funds, as well as the percentage

holding in each underlying fund, may be changed

without notice from time to time

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or the underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Global Neutral Balanced

Series A: August 25, 2015

Series T4: April 28, 2016

Series T6: August 25, 2015

Series F: August 25, 2015

Series F4: April 28, 2016

Series F6: April 28, 2016

Series G: March 11, 2019

Series I: April 28, 2016

Advisor Series: August 25, 2015

Units of a mutual fund trust

Qualified investment

Series A: 1.50%

Series T4: 1.50%

Series T6: 1.50%

Series F: 0.50%

Series F4: 0.50%

Series F6: 0.50%

Series G: 0.85%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

Advisor Series: 1.50%

(1)

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since

August 2015)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

427

428

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The fund or the underlying funds may engage in

short selling in order to manage volatility or

enhance the fund’s performance in declining or

volatile markets. In compliance with its investment

objectives, the fund will engage in short sales by

borrowing securities which the portfolio manager

believes are overvalued and selling them in the

open market. The securities will then be repurchased

by the fund at a later date and returned to the

lender. The fund will only engage in short sales as

permitted by Canadian securities regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk (for Series T4, Series T6, •

Series F4 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T4, Series T6, Series F4 and Series F6

securities, the fund will make monthly distributions

of an amount comprised of any net income and/or

ROC based on 4% or 6%, as applicable, of the NAV

per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T4, Series T6, Series F4 and Series F6

securities, these distributions will erode the value

of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

429

Fund details

BMO Risk Reduction Fixed

Income Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to seek to preserve the value

of your investment, to provide the potential for

income and to reduce portfolio volatility as compared

to the broader global fixed income market by

investing primarily, directly or indirectly, in global

fixed income securities and/or derivatives.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

employs a strategic fixed income risk strategy •

and may dynamically shift the fund’s exposure

across global markets

seeks to reduce significant downside risks of the •

fixed income securities in which the fund invests

through the use of derivatives including, without

limitation, buying or selling a combination of

futures contracts and put and/or call options

employs investment strategies that seek to reduce •

portfolio risk levels. These strategies seek to

reduce exposure to market declines, while

recognizing that the fund may not fully benefit

from strong market growth

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors on

the basis that they will help the fund to achieve

its objective. The underlying funds, as well as the

percentage holding in each underlying fund, may

be changed without notice from time to time

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or the underlying funds may use •

derivatives to implement the investment strategy

the fund intends to use derivatives to hedge risks •

to which the fund is directly or indirectly exposed

including to manage volatility, currency risk or

interest risk, to obtain protection from decreases

in the market value of securities, to reduce

portfolio volatility and to otherwise preserve the

value of your investment. Derivatives, such as

options, futures, forward contracts, swaps and

other derivative instruments may be used to,

among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

Type of fund

Date started

Series I: August 25, 2015

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Not a qualified investment for

registered plans

Management

fee

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

Administration

fee

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Portfolio

manager

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since

August 2015)

Miscellaneous – Other

(1)

The combined management fee and expenses for Series I will

not exceed 2.50%.

BMO Risk Reduction Funds

430

- the fund is not permitted to use derivatives to

speculate, to seek to increase returns

independent of the risks hedged or to generate

independent income

- however, the fund is permitted to use

derivatives to gain exposure to securities

without buying the securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

liquidity risk •

securities lending, repurchase and reverse •

repurchase transactions risk

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

431

Fund details

BMO Risk Reduction Equity

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to seek to preserve the value

of your investment, to provide the potential for

growth and to reduce portfolio volatility as

compared to the broader global equity market by

investing primarily, directly or indirectly, in global

equity securities and/or derivatives.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objectives:

employs a strategic equity risk strategy and may •

dynamically shift the fund’s equity exposure

across global markets

seeks to reduce significant downside risks of the •

equity securities in which the fund invests

through the use of derivatives including, without

limitation, buying or selling a combination of put

and/or call options

employs investment strategies that seek to reduce •

portfolio risk levels. These strategies seek to

reduce exposure to market declines, while

recognizing that they may not fully benefit from

strong market growth

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

allocates assets among the underlying exchange •

traded funds based on each underlying fund’s

investment objectives and strategies, among

other factors on the basis that they will help the

fund to achieve its objective. The underlying

funds, as well as the percentage holding in each

underlying fund, may be changed without notice

from time to time

may invest up to 100% of the fund’s assets in •

foreign securities

the fund or the underlying funds may use •

derivatives to implement the investment strategy

the fund intends to use derivatives to hedge risks •

to which the fund is directly or indirectly exposed

including to manage volatility, currency risk or

interest risk, to obtain protection from decreases

in the market value of securities, to reduce

portfolio volatility and to otherwise preserve the

value of your investment. Derivatives, such as

options, futures, forward contracts, swaps and

other derivative instruments may be used to,

among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

Type of fund

Date started

Securities

offered

Eligible for

registered

plans

Management

fee

Administration

fee

Portfolio

manager

Miscellaneous – Other

Series F: May 5, 2017

Series I: August 25, 2015

Units of a mutual fund trust

Not a qualified investment for

registered plans

Series F: 0.50%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor.

(1)

0.15%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager since

August 2015)

(1)

The combined management fee and expenses for Series I will

not exceed 2.50%.

432

- the fund is not permitted to use derivatives to

speculate, to seek to increase returns

independent of the risks hedged or to generate

independent income

- however, the fund is permitted to use

derivatives to gain exposure to securities

without buying the securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities will

then be repurchased by the fund at a later date and

returned to the lender. The fund will only engage in

short sales as permitted by Canadian securities

regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

large transaction risk •

liquidity risk •

securities lending, repurchase and reverse •

repurchase transactions risk

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

433

Fund details

BMO Ascent™ Income

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment and provide some potential for

growth by investing primarily, directly or indirectly,

in global equities and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a proprietary model based on •

fundamental analysis to identify and select

investments that may demonstrate superior

earnings growth and positive price momentum

employs a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

the fund’s asset class weightings will be •

approximately 80% in fixed income securities

and 20% in equity securities

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equities

and fixed income securities, and will be selected

on the basis that they help the fund to achieve its

objective using the same strategies that it uses

when investing directly in those securities. The

underlying funds, as well as the percentage

holdings in each underlying fund, may be

changed without notice from time to time

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

Type of fund

Date started

Series A: September 18, 2017

Series T6: August 13, 2018

Series F: September 18, 2017

Series F6: October 22, 2021

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.40%

Series T6: 1.40%

Series F: 0.65%

Series F6: 0.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

Portfolio

manager

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since April 2017)

Global Fixed Income Balanced

BMO Ascent™ Portfolios

The fund or the underlying funds may engage in

short selling in order to manage volatility or

enhance the fund’s performance in declining or

volatile markets. In compliance with its investment

objectives, the fund will engage in short sales by

borrowing securities which the portfolio manager

believes are overvalued and selling them in the

open market. The securities will then be

repurchased by the fund at a later date and returned

to the lender. The fund will only engage in short

sales as permitted by Canadian securities

regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10%

of its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

434

435

Fund details

BMO Ascent™ Conservative

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of your

investment and provide moderate potential for

growth by investing primarily, directly or indirectly,

in global equities and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a proprietary model based on •

fundamental analysis to identify and select

investments that may demonstrate superior

earnings growth and positive price momentum

employs a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

the fund’s asset class weightings will be •

approximately 60% in fixed income securities

and 40% in equity securities

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equities

and fixed income securities, and will be selected

on the basis that they help the fund to achieve its

objective using the same strategies that it uses

when investing directly in those securities. The

underlying funds, as well as the percentage

holdings in each underlying fund, may be

changed without notice from time to time

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

Typ

Portfolio

manager

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since April 2017)

Global Fixed Income Balanced

e of fund

Date started

Series A: September 18, 2017

Series T6: August 13, 2018

Series F: September 18, 2017

Series F6: October 22, 2021

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Series A: 1.40%

Series T6: 1.40%

Series F: 0.65%

Series F6: 0.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

The fund or the underlying funds may engage in

short selling in order to manage volatility or

enhance the fund’s performance in declining or

volatile markets. In compliance with its investment

objectives, the fund will engage in short sales by

borrowing securities which the portfolio manager

believes are overvalued and selling them in the

open market. The securities will then be repurchased

by the fund at a later date and returned to the

lender. The fund will only engage in short sales as

permitted by Canadian securities regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10%

of its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income quarterly and

any net capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

436

437

Fund details

BMO Ascent™ Balanced

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to generate a balance of

income and potential for growth by investing

primarily, directly or indirectly, in global equities

and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a proprietary model based on •

fundamental analysis to identify and select

investments that may demonstrate superior

earnings growth and positive price momentum

employs a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

the fund’s asset class weightings will be •

approximately 40% in fixed income securities

and 60% in equity securities

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equities

and fixed income securities, and will be selected

on the basis that they help the fund to achieve its

objective using the same strategies that it uses

when investing directly in those securities. The

underlying funds, as well as the percentage

holdings in each underlying fund, may be

changed without notice from time to time

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

Type of fund

Global Neutral Balanced

Date started

Series A: September 18, 2017

Series T6: August 13, 2018

Series F: September 18, 2017

Series F6: October 22, 2021

Securities

Units of a mutual fund trust

offered

Eligible for

Qualified investment

registered

plans

Management

fee

Portfolio

manager

Series A: 1.40%

Series T6: 1.40%

Series F: 0.65%

Series F6: 0.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since April 2017)

The fund or the underlying funds may engage in

short selling in order to manage volatility or enhance

the fund’s performance in declining or volatile

markets. In compliance with its investment

objectives, the fund will engage in short sales by

borrowing securities which the portfolio manager

believes are overvalued and selling them in the

open market. The securities will then be repurchased

by the fund at a later date and returned to the

lender. The fund will only engage in short sales as

permitted by Canadian securities regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10% of

its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

438

439

Fund details

BMO Ascent™ Growth

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

by investing primarily, directly or indirectly, in

global equities and fixed income securities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a proprietary model based on •

fundamental analysis to identify and select

investments that may demonstrate superior

earnings growth and positive price momentum

employs a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

the fund’s asset class weightings will be •

approximately 20% in fixed income securities

and 80% in equity securities

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equities

and fixed income securities, and will be selected

on the basis that they help the fund to achieve its

objective using the same strategies that it uses

when investing directly in those securities. The

underlying funds, as well as the percentage

holdings in each underlying fund, may be

changed without notice from time to time

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity

swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

Type of fund

Global Equity Balanced

Date started

Series A: September 18, 2017

Series T6: August 13, 2018

Series F: September 18, 2017

Series F6: October 22, 2021

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.40%

Series T6: 1.40%

Series F: 0.65%

Series F6: 0.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since April 2017)

The fund or the underlying funds may engage in

short selling in order to manage volatility or

enhance the fund’s performance in declining or

volatile markets. In compliance with its investment

objectives, the fund will engage in short sales by

borrowing securities which the portfolio manager

believes are overvalued and selling them in the

open market. The securities will then be repurchased

by the fund at a later date and returned to the

lender. The fund will only engage in short sales as

permitted by Canadian securities regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10%

of its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 securities, the fund will make

monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

440

441

Fund details

BMO Ascent™ Equity Growth

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long-term growth

by investing primarily, directly or indirectly, in

global equities.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

employs a proprietary model based on •

fundamental analysis to identify and select

investments that may demonstrate superior

earnings growth and positive price momentum

employs a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

invest substantially all of its assets in global •

equity securities

may invest directly in global equities and directly •

or indirectly in fixed income securities

may invest up to 100% of the fund’s assets in •

foreign securities

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the underlying funds selected by the portfolio •

manager will invest primarily in global equities

and may also invest in fixed income securities,

and will be selected on the basis that they help

the fund to achieve its objective using the same

strategies that it uses when investing directly in

those securities. The underlying funds, as well as

the percentage holdings in each underlying fund,

may be changed without notice from time to time

the fund or its underlying funds may use •

derivatives to implement the investment strategy.

Derivatives, such as options, futures, forward

contracts, swaps and other derivative

instruments may be used for both hedging and

non-hedging purposes, or to, among other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

Type of fund

Global Equity

Date started

Series A: September 18, 2017

Series T6: August 13, 2018

Series F: September 18, 2017

Series F6: October 22, 2021

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.40%

Series T6: 1.40%

Series F: 0.65%

Series F6: 0.65%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since April 2017)

The fund or the underlying funds may engage in

short selling in order to manage volatility or

enhance the fund’s performance in declining or

volatile markets. In compliance with its investment

objectives, the fund will engage in short sales by

borrowing securities which the portfolio manager

believes are overvalued and selling them in the

open market. The securities will then be repurchased

by the fund at a later date and returned to the lender.

The fund will only engage in short sales as

permitted by Canadian securities regulators.

In some market conditions, the fund may invest a

portion of its assets in short-term or other debt

securities.

The fund has received exemptive relief from

Canadian securities regulators, subject to certain

conditions, to permit the fund to invest up to 10%

of its NAV, taken at market value at the time of the

investment, in units of BMO AM Global Absolute

Return Bond Fund, which is an alternative fund

managed by BMOAM that is not a reporting issuer.

For more information, see Investment Restrictions.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

For Series F6 securities, the fund will make

monthly distributions of an amount comprised of

any net income and/or ROC based on 6% of the

NAV per security of Series F6 as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

442

443

Fund details

Type of fund

Global Fixed Income Balanced

Date started

Series A: September 14, 2020

Series T6: September 14, 2020

Series F: September 14, 2020

Series F6: September 14, 2020

Series G: August 9, 2021

Series I: September 14, 2020

Advisor Series:

September 14, 2020

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.60%

Series T6: 1.60%

Series F: 0.60%

Series F6: 0.60%

Series G: 0.95%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2020)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Sustainable Income

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment and provide some potential for

growth by investing primarily, directly or indirectly,

in global equities and fixed income securities

selected using a responsible investment approach.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

BMO Sustainable Portfolios

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

applies a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund’s asset class weightings will be •

approximately 80% in fixed income securities

and 20% in equity securities

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

the underlying funds, as well as the percentage •

holdings in each underlying fund, may be

changed without notice from time to time

the fund or underlying funds may temporarily •

depart from their investment objectives by holding

a portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

444

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

best-in-class screening. •

The fund’s evaluation of underlying funds may

include:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of

minority shareholder interests.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

445

Fund details

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

applies a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund’s asset class weightings will be •

approximately 60% in fixed income securities

and 40% in equity securities

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

the underlying funds, as well as the percentage •

holdings in each underlying fund, may be

changed without notice from time to time

the fund or underlying funds may temporarily •

depart from their investment objectives by

holding a portion of their assets in cash or short-

term money market instruments and/or high

quality fixed income securities while seeking

investment opportunities or for defensive

purposes to reflect economic and market conditions

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Global Fixed Income Balanced

Date started

Series A: September 14, 2020

Series T6: September 14, 2020

Series F: September 14, 2020

Series F6: September 14, 2020

Series G: August 9, 2021

Series I: September 14, 2020

Advisor Series:

September 14, 2020

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.60%

Series T6: 1.60%

Series F: 0.60%

Series F6: 0.60%

Series G: 0.95%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2020)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Sustainable Conservative

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to preserve the value of

your investment and provide moderate potential for

growth by investing primarily, directly or indirectly,

in global equities and fixed income securities

selected using a responsible investment approach.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order

to manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the

fund will engage in short sales by borrowing

securities which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

best-in-class screening. •

The Fund’s evaluation of underlying funds may

include:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of

minority shareholder interests.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

446

447

Fund details

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

applies a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund’s asset class weightings will be •

approximately 60% in equity securities and 40%

in fixed income securities

allocates assets among the underlying funds •

based on each underlying fund’s investment

objectives and strategies, among other factors

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

the underlying funds, as well as the percentage •

holdings in each underlying fund, may be

changed without notice from time to time

the fund or underlying funds may temporarily •

depart from their investment objectives by holding

a portion of their assets in cash or short-term

money market instruments and/or high quality

fixed income securities while seeking investment

opportunities or for defensive purposes to reflect

economic and market conditions

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Global Neutral Balanced

Date started

Series A: September 14, 2020

Series T6: September 14, 2020

Series F: September 14, 2020

Series F6: September 14, 2020

Series G: August 9, 2021

Series I: September 14, 2020

Advisor Series:

September 14, 2020

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.60%

Series T6: 1.60%

Series F: 0.60%

Series F6: 0.60%

Series G: 0.95%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2020)

(1)

The combined management fee and expense for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Sustainable Balanced

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to generate a balance of

income and potential for growth by investing

primarily, directly or indirectly, in global equities

and fixed income securities selected using a

responsible investment approach.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

448

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order

to manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the

fund will engage in short sales by borrowing

securities which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

best-in-class screening. •

The Fund’s evaluation of underlying funds may

include:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of

minority shareholder interests.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your original

investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of this

distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you of

the entire amount of your original investment. A

ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

449

Fund details

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

applies a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund’s asset class weightings will be •

approximately 80% in equity securities and 20%

in fixed income securities

allocates assets among the underlying ETFs and •

other mutual funds based on each underlying

fund’s investment objectives and strategies,

among other factors

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

the underlying funds, as well as the percentage •

holdings in each underlying fund, may be

changed without notice from time to time

the fund or underlying funds may temporarily •

depart from their investment objectives by

holding a portion of their assets in cash or short-

term money market instruments and/or high

quality fixed income securities while seeking

investment opportunities or for defensive purposes

to reflect economic and market conditions

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Global Equity Balanced

Date started

Series A: September 14, 2020

Series T6: September 14, 2020

Series F: September 14, 2020

Series F6: September 14, 2020

Series G: August 9, 2021

Series I: September 14, 2020

Advisor Series:

September 14, 2020

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.60%

Series T6: 1.60%

Series F: 0.60%

Series F6: 0.60%

Series G: 0.95%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2020)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Sustainable Growth

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long term growth

by investing primarily, directly or indirectly, in

global equities and fixed income securities selected

using a responsible investment approach.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

450

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities

of the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year.

If the cash distributions to you are greater than

the net increase in the value of your investment

in Series T6 and Series F6 securities, these

distributions will erode the value of your

original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be

confused with “yield” or “income”. You should

not draw any conclusions about the fund’s

investment performance from the amount of

this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you

of the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a

ROC on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order

to manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the

fund will engage in short sales by borrowing

securities which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

best-in-class screening. •

The Fund’s evaluation of underlying funds may

include:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of

minority shareholder interests.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and Series F6 investors only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

451

Fund details

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

applies a strategic asset allocation strategy and •

may dynamically shift the fund’s exposure across

asset classes and markets

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

the fund’s asset class weightings will be •

approximately 95-100% in equity securities

allocates assets among the underlying ETFs and •

other mutual funds based on each underlying

fund’s investment objectives and strategies,

among other factors

may invest directly in global equities and fixed •

income securities

may invest up to 100% of the fund’s assets in •

foreign securities

the underlying funds, as well as the percentage •

holdings in each underlying fund, may be

changed without notice from time to time

the fund or underlying funds may temporarily •

depart from their investment objectives by

holding a portion of their assets in cash or short-

term money market instruments and/or high

quality fixed income securities while seeking

investment opportunities or for defensive purposes

to reflect economic and market conditions

the fund may use derivatives to implement the •

investment strategy. Derivatives, such as options,

futures, forward contracts, swaps and other

derivative instruments may be used for both

hedging and non-hedging purposes, or to, among

other things:

- protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations

by using interest rate swaps and/or equity swaps

- reduce the impact of volatility on the fund. For

example, the portfolio manager may attempt to

reduce the impact of any adverse changes in

exchange rates by buying currency futures

- gain exposure to securities without buying the

securities directly.

The fund will only use derivatives as permitted by

Canadian securities regulators.

Type of fund

Global Equity

Date started

Series A: June 16, 2023

Series T6: June 16, 2023

Series F: June 16, 2023

Series F6: June 16, 2023

Series G: June 16, 2023

Series I: June 16, 2023

Advisor Series: June 16, 2023

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Qualified investment

Management

fee

Portfolio

manager

Series A: 1.60%

Series T6: 1.60%

Series F: 0.60%

Series F6: 0.60%

Series G: 0.95%

SeriesI: N/A. A SeriesI fee is

negotiated and paid directly by

each SeriesI investor.

Advisor Series: 1.60%

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

BMO Asset ManagementInc.

Toronto, Ontario

(Portfolio Manager

since May 2023)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Sustainable Equity Growth

Portfolio

What does the fund invest in?

Investment objectives

This fund’s objective is to provide long term growth

by investing primarily, directly or indirectly, in

global equities securities selected using a responsible

investment approach.

The fundamental investment objective may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for

that purpose.

452

The fund may enter into securities lending,

repurchase and reverse repurchase transactions to

earn additional income. These transactions will be

used in conjunction with the other investment

strategies in a manner considered appropriate to

achieving the fund’s investment objectives. Please

see Securities lending, repurchase and reverse

repurchase transactions risk on page 109.

The fund may engage in short selling in order to

manage volatility or enhance the fund’s

performance in declining or volatile markets. In

compliance with its investment objectives, the fund

will engage in short sales by borrowing securities

which the portfolio manager believes are

overvalued and selling them in the open market.

The securities will then be repurchased by the fund

at a later date and returned to the lender. The fund

will only engage in short sales as permitted by

Canadian securities regulators.

Responsible investment strategies

Of the investment strategies described under

Responsible investment strategies on page 138, the

fund employs the following:

integration & evaluation •

best-in-class screening •

engagement & stewardship. •

The fund’s evaluation of underlying funds may

include:

environmental factors, such as carbon footprint, •

climate change, water risk, resource efficiency

and environmental impact;

social factors, such as employee, customer, •

supplier and community relations, impacts on

public health and human rights; and/or

governance factors, such as executive pay, board •

structure and oversight and protection of

minority shareholder interests.

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

capital depletion risk •

(for Series T6 and F6 investments only)

credit risk •

currency risk •

cybersecurity risk •

derivatives risk •

equity risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

responsible investment risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk

•

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

For Series T6 and Series F6 securities, the fund will

make monthly distributions of an amount comprised

of any net income and/or ROC based on 6% of the

NAV per security of the series as determined on

December 31 of the prior year. However, the first

distribution will be made by Series T6 securities in

July 2023, and this distribution will be calculated

based on the series’ initial net asset value per security.

If the cash distributions to you are greater than

the net increase in the value of your investment in

Series T6 and Series F6 securities, these distributions

will erode the value of your original investment.

A ROC does not necessarily reflect the fund’s

investment performance and should not be confused

with “yield” or “income”. You should not draw

any conclusions about the fund’s investment

performance from the amount of this distribution.

A ROC will reduce the amount of your original

investment and may result in the return to you

of the entire amount of your original investment.

A ROC made to you is not immediately taxable in

your hands but will reduce the ACB of the related

securities. You should consult your tax advisor

regarding the tax implications of receiving a ROC

on your securities.

Please see Income tax considerations for investors

on page 87 for more information.

fund. The fund may also borrow cash and sell

securities short. The Fund’s maximum aggregate

exposure to short selling, cash borrowing and

derivatives used for leverage may not exceed 300%

of the fund’s NAV, calculated on a daily basis.

The fundamental investment objectives may only

be changed with the approval of a majority of the

votes cast at a meeting of unitholders called for that

purpose.

Investment strategies

These are the strategies the portfolio manager uses

to try to achieve the fund’s objective:

invests either directly or indirectly in debt •

instruments such as bonds and debentures

issued by governments and corporations

including inflation-linked bonds

invests either directly or indirectly, in equity •

securities of issuers anywhere in the world

may invest in high yield securities rated at or •

below BB+ by Standard and Poor’s Rating Service

or the equivalent rating from other recognized

rating agencies

may also hold cash or cash equivalents, money •

market instruments and/or money market funds

from time to time including to meet any cash cover

requirements or to fund redemption requests

may dynamically shift the fund’s exposure across •

asset classes and global markets

may invest directly or indirectly in commodities •

may invest up to 100% of the fund’s assets in •

securities of underlying funds, with such

underlying funds expected to be predominantly

or exclusively underlying funds that are managed

by us or one of our affiliates or associates

may invest up to 100% of the fund’s assets in •

foreign securities

may use derivatives to implement the •

investment strategy

may use derivatives, such as options, futures, •

forward contracts, swaps and other derivative

instruments for both hedging and non-hedging

purposes, including but not limited to:

- enter into swaps (including total return swaps)

on a security (including securities of exchange

traded funds), basket of securities or reference

asset such as an index

- reduce the impact of volatility on the fund.

For example, the portfolio manager may

attempt to reduce the impact of any adverse

changes in exchange rates by buying or selling

currency forwards

453

Fund details

BMO Inflation Opportunities

Fund

What does the fund invest in?

Investment objectives

This fund’s objective is to seek current income and

long-term capital appreciation by investing

primarily in debt instruments and/or equity

securities of issuers anywhere in the world. The

fund may make these investments directly, or

indirectly by using derivative instruments or

investing all or a portion of its assets in one or more

investment funds The fund seeks to maintain a

portfolio that is resilient to inflation. The fund uses

derivatives, which may introduce leverage into the

Type of fund

Multi-Strategy

Date started

Series A: May 24, 2024

Series F: May 24, 2024

Series I: May 24, 2024

Advisor Series: May 24, 2024

Securities

offered

Units of a mutual fund trust

Eligible for

registered

plans

Expected to be a

qualified investment

Management

fee

Series A: 1.75%

Series F: 0.75%

Series I: N/A. A Series I fee is

negotiated and paid directly

by each Series I investor

Advisor Series: 1.75%

(1)

Administration

fee

0.10%

Series I: N/A (for Series I,

separate fees and expenses are

negotiated and paid directly by

each Series I investor)

Fees and expenses also include

taxes and other fund costs. See

Fees and Expenses on page 65

for details.

(1)

Portfolio

manager

BMO Asset Management Inc.

Toronto, Ontario

(Portfolio Manager

since May 2024)

(1)

The combined management fee and expenses for Series I will not exceed the

management fee charged for Advisor Series or Series A.

BMO Alternative Mutual Fund

- gain exposure to securities without buying the

securities directly.

- buying call options (including digital call

options) on a security (including securities of

exchange traded funds) or basket of securities

for return potential

- writing call options on a security (including

securities of exchange traded funds) or basket

of securities which cap their upside and

generate cash flow

- buying put options on a security (including

securities of exchange traded funds) or basket

of securities to decrease downside risk

- writing put options on a security (including

securities of exchange traded funds) or basket

of securities to generate cash flow

- buying forward contracts on a security (including

securities of exchange traded funds) or basket

of securities.

The decision to engage in derivatives transactions

for non-hedging purposes will be made based on

the opportunity for capital appreciation, and by

considering the overall market risk exposure of the

fund’s portfolio. The capital appreciation achieved

by the fund through the use of these derivative

strategies may be less than the increase in the

value of the underlying securities themselves

over the same period. Derivatives may also be

used to gain exposure to securities without buying

securities directly.

Derivatives may be used for hedging purposes

to protect the fund against potential losses. For

example, the portfolio manager may attempt to

reduce the impact of security price fluctuations by

using interest rate swaps and/or equity swaps.

Derivatives may be used to reduce the impact of

volatility on the fund. For example, the portfolio

manager may attempt to reduce the impact of any

adverse changes in exchange rates by buying

currency forwards, futures and/or options.

The fund will only use derivatives as permitted by

Canadian securities regulators.

The fund or the underlying funds may enter into

securities lending, repurchase and reverse

repurchase transactions to earn additional income.

These transactions will be used in conjunction with

the other investment strategies in a manner

considered appropriate to achieving the fund’s

investment objectives. Please see Securities

lending, repurchase and reverse repurchase

transactions risk on page 109.

The Fund may borrow cash up to a maximum of

50% of its net asset value and may sell securities

short, provided that the aggregate market value of

securities sold short will be limited to 50% of its net

asset value. The combined use of short selling and

cash borrowing by the Fund is subject to an overall

limit of 50% of its net asset value.

The Fund may engage in short selling in order to

manage volatility or enhance the fund’s performance

in declining or volatile markets. In compliance with

its investment objectives, the fund will engage in

short sales by borrowing securities which the

portfolio manager believes are overvalued and

selling them in the open market. The securities

will then be repurchased by the fund at a later date

and returned to the lender. The fund will only

engage in short sales as permitted by Canadian

securities regulators.

The fund may use leverage. Leverage may be

created through the use of cash borrowings, short

sales and/or derivatives. The fund’s aggregate

exposure to the sources of leverage, to be calculated

as the sum of the following divided by the fund’s

NAV, must not exceed 300% of the fund’s NAV:

(i) the aggregate market value of the fund’s cash

borrowing; (ii) the aggregate market value of short

sales on equities, fixed income securities or other

portfolio assets; and (iii) the aggregate notional

value of the fund’s specified derivatives positions

excluding any specified derivatives used for

hedging purposes. Leverage will be calculated in

accordance with the methodology prescribed by

securities laws, or any exemptions therefrom.

454

What are the risks of investing in the fund?

The investment strategies may involve the following

risks, which we explain starting on page 101:

borrowing risk •

call writing risk •

commodity risk •

cybersecurity risk •

credit risk •

currency risk •

deposit risk •

derivatives risk •

equity risk •

interest rate risk •

foreign investment risk •

fund of funds risk •

indexing risk •

interest rate risk •

large transaction risk •

liquidity risk •

leverage risk •

put writing risk •

securities lending, repurchase and reverse •

repurchase transactions risk

series risk •

short selling risk •

tax changes risk. •

If, as of May 6, 2024, any investor held securities of

the Fund representing more than 10% of its net

asset value, that holding is identified in the table

that begins on page 139.

Any such holding may increase the large

transaction risk associated with investing in this

Fund (see Large transaction risk on page 107).

Distribution policy

The fund distributes any net income and any net

capital gains in December. Distributions are

automatically reinvested in additional securities of

the fund, unless you tell us in writing that you

prefer to receive cash distributions.

Please see Income tax considerations for investors

on page 87 for more information.

455

456

457

458

A part of BMO Financial Group

5123843 (05/24)

You’ll find more information about each fund in the funds’ fund facts or ETF facts, management reports of fund performance and

financial statements. These documents are incorporated by reference into this simplified prospectus, which means that they legally

form part of this simplified prospectus just as if they were printed in it.

BMO Mutual Funds are offered by BMO Investments Inc. If you would like a copy of these documents and you purchased your

securities at a BMO Bank of Montreal branch or through the BMO Investment Centre, call us toll free at 1-800-665-7700 or email us at

[email protected]. If you would like a copy of these documents and you purchased your securities through a dealer, call us toll

free at 1-800-668-7327, write to BMO Investments Inc. at 250 Yonge Street, 7th Floor, Toronto, Ontario, M5B 2M8 or email us at

[email protected] or [email protected].

There’s no charge for these documents. You’ll also find copies of them, and other information about the funds, such as information

circulars and material contracts, on the fund’s designated website at https://www.bmo.com/gam/ca/advisor/legal-and-regulatory,

or at www.sedarplus.ca.

®/™Registered trademarks/trademark of Bank of Montreal, used under licence.

BMO Mutual Funds

How to reach us:

BMO Investments Inc.,

100 King Street West, 43rd Floor

Toronto, Ontario M5X 1A1

BMO Investments Inc.,

250 Yonge Street, 7th Floor,

Toronto, Ontario M5B 2M8

1-800-665-7700

1-800-668-7327

[email protected]

bmo.com/mutualfunds bmo.com/fonds