BMO Precious Metals Fund (the “Fund”) For the period ended September 30, 2013 • Manager: BMO Investments Inc. (the “Manager”) Portfolio manager: BMO Asset Management Inc., , (the “portfolio manager”)

2013 Annual Management Report of Fund Performance

This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the Fund. If the annual financial statements of the Fund do not accompany the mailing of this report, you may obtain a copy of the annual financial statements at your request, and at no cost, by calling 1-800-665-7700, by writing to us at BMO Investments Inc., First Canadian Place, 100 King Street West, 43rd Floor, Toronto, Ontario, M5X 1A1 or by visiting our website at www.bmo.com/mutualfunds or SEDAR at www.sedar.com. You may also contact us using one of these methods to request a copy of the Fund’s proxy voting policies and procedures, proxy voting disclosure record and/or quarterly portfolio disclosure.

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Investment Objective and Strategies equities. With sentiment improving, the price of fell by The Fund’s objective is to increase the value of your approximately 25% and gold equities declined even more investment over the long term by investing primarily in the sharply. In addition, increased scepticism regarding the securities of Canadian companies operating in the precious benefits of further quantitative easing (i.e., monetary policy metals industry, including exploration, , production used by central banks to increase money supply) negatively or distribution. impacted investor sentiment toward gold stocks.

The portfolio manager combines fundamental analysis with Over the period, the Fund performed in line with its Index. the outlook for commodities markets to seek to identify Virtually all gold equities performed poorly, regardless of attractively priced companies involved in the exploration, the company’s market capitalization. That said, smaller- mining, production or distribution of precious metals. capitalization, exploration-focused companies, meaning companies that do not yet generate cash flow, were Risk particularly weak. On an individual securities basis, No changes affecting the overall level of risk associated with holdings in Probe Mines Limited and Virginia Mines Inc. investing in the Fund were made during the period. The contributed positively to Fund performance. Fund holdings risks of this Fund remain as discussed in the Fund’s most in Allied Nevada Gold Corp. and Corporation recent simplified prospectus or its amendments. detracted from performance. At the end of the period, the Results of Operations Fund had a higher-than-average cash balance. Over the 12-month period ended September 30, 2013, (the Multi-Series Structure Change “period”), Series A units of the Fund returned -43.04%. In addition to the types of units currently available for sale Please see Past Performance for information on the to investors, the Manager began offering Series F units. performance returns of the Fund’s other series. Series F units are available to investors who are enrolled in The precious metals market was very volatile over the period, dealer sponsored wrap programs or flat fee accounts. and reacted strongly to each release of macroeconomic data For information on the Fund’s performance and composition, and change in market sentiment. The Fund’s benchmark, the please refer to the Past Performance section and Summary of S&P/TSX Composite Total Return Index Gold Sub-Industry Investment Portfolio section of this report. (the “Index”) declined significantly over the period. Recent Developments During the period, signs of a strengthening U.S. economy, The Canadian economy continues to be significantly tied to combined with a more stable economic environment in global macroeconomic developments, and particularly Europe with respect to that region’s ongoing sovereign debt policy events related to Europe, China and the U.S. The U.S. crisis, resulted in a decrease in investor risk-aversion. In housing market has been showing signs of strength, while recent years, negative market sentiment in Europe and a weak U.S. dollar had bolstered the prices of gold and gold BMO Precious Metals Fund

U.S. employment trends have been improving as well, than the straight-line amortization method. The Manager is although the labour participation rate has remained assessing the impact of this change to the Fund’s financial somewhat low. statements. The Manager has not identified any changes that will impact NAVPU as a result of the transition to IFRS. The portfolio manager expects macroeconomic challenges and market volatility to remain elevated in the near term. As Where the Fund holds controlling interest in an investment, the U.S. housing market slowly strengthens and as concerns it is the Manager’s expectation that the Fund will qualify as about European economic instability subside, the price of an investment entity in accordance with IFRS 10 Consolidated gold may decline further. In this environment, the portfolio Financial Statements. As such, the Fund will not be required manager prefers the Fund to hold larger capitalization, to consolidate its investments, but rather to hold the producing gold equities over exploration-focused stocks. investments at fair value through profit or loss regardless of whether those investments are controlled. If the Fund fair Future Accounting Standards values the investments it controls, it may be required to make Canadian investment entities will be required to prepare additional financial statement disclosures on its controlled their financial statements in accordance with International investments in accordance with IFRS 12 Disclosure of Financial Reporting Standards (“IFRS”), as issued by the Interests in Other Entities (“IFRS 12”). IFRS 12 also requires International Accounting Standards Board, for fiscal years additional disclosures if the Fund is determined to qualify beginning on or after January 1, 2014. As a result, the Fund as an investment entity without having all of the typical will report its financial results for the interim period ending characteristics of an investment entity. March 31, 2015, prepared on an IFRS basis. It will also provide comparative data on an IFRS basis, including an The criteria contained within IAS 32 Financial Instruments: opening balance sheet as at October 1, 2013 (transition Presentation (“IAS 32”) will result in the classification of the date). A summary of the significant standards impacting the unitholders’ equity as a liability within the Fund’s Fund under IFRS are outlined below. Statement of Net Assets, unless all conditions required for equity classification are met. The Manager is currently The differences between the Fund’s accounting policies assessing the Fund’s unitholder structure to determine under Canadian generally accepted accounting principles classification under IAS 32. (GAAP) and IFRS requirements will result in measurement and recognition differences on transition to IFRS. The net Under IFRS, cash flows statement is one of the primary impact of these differences will be recorded in the increase/ financial statements required to be presented. The Fund decrease in net assets attributable to redeemable unitholders. will therefore be presenting cash flows statement in its set of financial statements in accordance with the presentation The framework for fair valuation is set out under IFRS 13 requirements in IAS 7 Statement of Cash Flows. Fair Value Measurement, which includes the requirements for the measurement and disclosure of fair value. If an asset RELATED PARTY TRANSACTIONS or liability measured at fair value has a bid price and an ask price, the standard requires valuation to be based on a price BMO Investments Inc. (“BMOII”), an indirect, wholly-owned within the bid-ask spread that is most representative of fair subsidiary of , is the Manager of the Fund. value. The standard allows the use of mid-market pricing or From time to time, the Manager may, on behalf of the Fund, other pricing conventions that are used by market participants enter into transactions or arrangements with or involving as a practical means for fair value measurements within a other members of BMO Financial Group, or certain other bid-ask spread. Thus this standard will impact the net persons or companies that are related or connected to the assets per unit for financial statement reporting purposes Manager (each a “Related Party”). The purpose of this section compared to current standards, and may also result in the is to provide a brief description of any transaction involving elimination of the differences between the net asset per unit the Fund and a Related Party. and net asset value per unit (“NAVPU”) at the financial Portfolio Manager statement reporting date. While IFRS does not require The Fund’s portfolio manager is BMO Asset Management interest income to be disclosed for debt instruments Inc. (“BMOAM”), an affiliate of the Manager. BMOAM measured at fair value through profit or loss, when interest provides portfolio management services to the Fund. BMOAM income is disclosed, IFRS requires that the effective interest receives from the Fund a management fee based on assets rate method of calculating accrued interest be used rather under management, calculated daily and payable monthly. BMO Precious Metals Fund

Administration Fees Burns Inc., (ii) represents the business judgment of the The Fund pays a fixed administration fee to the Manager. portfolio manager, uninfluenced by considerations other The Manager in return pays the operating expenses of the than the best interests of the Fund, and (iii) achieves a fair Fund, other than certain specified expenses that are paid and reasonable result for the Fund. directly by the Fund (“Fund Expenses”). Fund Expenses Brokerage Commissions include interest or other borrowing expenses, costs and The Fund pays standard brokerage commissions at market expenses related to the operation of the Fund’s Independent rates to BMO Nesbitt Burns Inc., an affiliate of the Manager, Review Committee (“IRC”), including fees and expenses of for executing a portion of its trades. The brokerage commissions IRC members, taxes to which the Fund is or might be subject, charged to the Fund (excluding exchange and other fees) and costs associated with compliance with any new during the period were as follows: governmental or regulatory requirement introduced after December 1, 2007 (e.g., cost associated with the production Period ended Period ended Sep. 30, 2013 Sep. 30, 2012 of Fund Facts, filed in compliance with the relevant $000 $000 amendments to NI 81-101). Fund Expenses are allocated Total brokerage commissions $ 199 370 proportionately among the series. If the Fund Expenses are specific to a series, the Fund Expenses are allocated to that Brokerage commissions paid to BMO Nesbitt Burns Inc. $ 2 13 series. The fixed administration fee is calculated as a fixed annual percentage of the average net asset value of each Distribution Services relevant series of the Fund. Further details about the fixed The Manager markets and distributes the Fund directly administration fee and/or Fund Expenses can be found in through Bank of Montreal branches and through registered the Fund’s most recent simplified prospectus at dealers and brokers, including BMO InvestorLine Inc. and www.bmo.com/mutualfunds or www.sedar.com. BMO Nesbitt Burns Inc., both affiliates of the Manager. The Buying and Selling Securities Manager pays to these affiliates annual service or trailing Related-Party Underwritings commissions based on the average daily value of the units During the period, the Manager relied on an approval and that are held in investor accounts. standing instruction provided by the Fund’s IRC to enable Management Fees the Fund to make an investment in a class of equity and/or The Manager is responsible for the day-to-day management non-government debt securities of an issuer during the of the business and operations of the Fund. The Manager period of distribution of those securities to the public monitors and evaluates the Fund’s performance, pays for the and/or the 60-day period following the distribution period investment advice provided by the Fund’s portfolio manager where BMO Nesbitt Burns Inc., an affiliate of the Manager, and provides certain administrative services required by the acted as an underwriter in the distribution (each Fund. As compensation for its services the Manager is entitled investment, a “Related Party Transaction”). In accordance to receive a management fee payable monthly, calculated with the IRC’s approval and standing instruction, in making based on the daily net asset value of each series of the Fund a decision to cause the Fund to make a Related Party at the maximum annual rate set out in the table below. Transaction, the Manager and portfolio manager of the Fund are required to comply with the Manager’s written As a Percentage of Management Fees policies and procedures governing the Related-Party General Transaction and report periodically to the IRC, describing Maximum Annual Administration, each instance that the Manager and/or portfolio manager Management Dealer Investment relied on the approval and standing instruction and their Fee Rate* Compensation Advice and Profit % % % compliance or non-compliance with the governing policies Series A Units 2.00 9 91 and procedures. The governing policies and procedures are Series I Units — — — designed to ensure the Related Party Transaction (i) is made Series F Units 1.00 0 100 Advisor Series Units 2.00 55 45 free from any influence of BMO Nesbitt Burns Inc. or an associate or affiliate of BMO Nesbitt Burns Inc. and without * For Series I Units, separate Series I fees are negotiated and paid by each Series I investor. Because the taking into account any considerations relevant to BMO Manager pays no distribution, service or trailing fees on Series I Units, Series I Units will have lower Series I fees than the management fees for Series A Units. Nesbitt Burns Inc. or an associate or affiliate of BMO Nesbitt BMO Precious Metals Fund

FINANCIAL HIGHLIGHTS Series F Periods ended Sep. 30 (7) The following tables show selected key financial information 2013)

about the Fund and are intended to help you understand the Net assets, beginning of period $ 10.00)* Fund’s financial performance for the periods indicated. Increase (decrease) from operations: The Fund’s Net Assets per Unit (1) Total revenue $ 0.03 Total expenses (2) $ -0.05 Series A Realized gains (losses) Periods ended Sep. 30 for the period $ -0.62 2013 2012 2011 2010 2009 Unrealized gains (losses) Net assets, beginning of period $ 25.44 27.11 28.09 18.32 13.39 for the period $ 0.89 Increase (decrease) Total increase (decrease) from operations: from operations (3) $ 0.25 Total revenue $ 0.18 0.12 0.22 0.05 0.05 Distributions: Total expenses (2) $ -0.49 -0.68 -0.86 -0.59 -0.37 From income Realized gains (losses) (excluding dividends) $ — for the period $ -0.95 -1.09 4.65 6.15 -3.07 From dividends $ — Unrealized gains (losses) From capital gains $ — for the period $ -9.65 -0.10 -5.18 4.09 8.30 Return of capital $ — Total increase (decrease) Total Annual Distributions (4) $ — from operations (3) $ -10.91 -1.75 -1.17 9.70 4.91 Net assets, end of period $ 10.91 Distributions: From income Advisor Series (excluding dividends) $ — — — — — Periods ended Sep. 30 (5) From dividends $ — — — — — 2013 2012 2011 2010 2009

From capital gains $ — — — — — Net assets, beginning of period $ 30.71 32.71 33.87 22.09 10.00*) Return of capital $ — — — — — Increase (decrease) Total Annual Distributions (4) $ — — — — — from operations: Net assets, end of period $ 14.50 25.44 27.11 28.09 18.32 Total revenue $ 0.22 0.14 0.23 0.06 0.05 Total expenses (2) $ -0.61 -0.82 -1.02 -0.73 -0.48 Series I Realized gains (losses) Periods ended Sep. 30 for the period $ -0.97 -1.28 5.53 8.06 -1.59 (6) 2013 2012 2011) Unrealized gains (losses) Net assets, beginning of period $ 8.45 8.79 10.00* for the period $ -12.54 -0.36 -9.25 5.05 11.99 Increase (decrease) Total increase (decrease) from operations: from operations (3) $ -13.90 -2.32 -4.51 12.44 9.97 Total revenue $ 0.06 0.04 0.02 Distributions: Total expenses (2) $ -0.01 -0.03 -0.02 From income Realized gains (losses) (excluding dividends) $ — — — — — for the period $ -0.46 -0.36 0.97 From dividends $ — — — — — Unrealized gains (losses) From capital gains $ — — — — — for the period $ -2.79 0.30 -2.28 Return of capital $ — — — — — Total increase (decrease) Total Annual Distributions (4) $ — — — — — from operations (3) $ -3.20 -0.05 -1.31 Net assets, end of period $ 17.51 30.71 32.71 33.87 22.09 Distributions: * Initial net assets. From income (1) This information is derived from the Fund’s audited financial statements. The net assets per unit presented (excluding dividends) $ — — — in the financial statements differs from the net asset value calculated for fund pricing purposes. An From dividends $ — — — explanation of these differences can be found in the notes to the Fund’s financial statements. From capital gains $ — — — (2) Includes commissions and other portfolio transaction costs. Return of capital $ — — — (3) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The Total Annual Distributions (4) $ — — — increase/decrease from operations is based on the weighted average number of units outstanding over the Net assets, end of period $ 4.93 8.45 8.79 financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. (4) Distributions were either paid in cash or reinvested in additional units of the Fund, or both. (5) The information shown in this column is for the period beginning November 3, 2008 (the series’ launch date) and ending September 30, 2009. (6) The information shown in this column is for the period beginning January 10, 2011 (the series’ launch date) and ending September 30, 2011. (7) The information shown in this column is for the period beginning June 24, 2013 (the series’ launch date) and ending September 30, 2013. BMO Precious Metals Fund

Ratios and Supplemental Data (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the period. Series A (4) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio manager manages its portfolio Periods ended Sep. 30 investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the 2013 2012 2011 2010 2009 securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor (1) Total net asset value (000’s) $ 59,618 103,942 118,875 116,591 78,129 receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover Number of units rate and the performance of a fund. outstanding (000’s) (1) 4,089 4,061 4,325 4,138 4,255 (5) The information shown in this column is for the period beginning November 3, 2008 (the series’ launch date) Management expense ratio (2) % 2.41 2.40 2.39 2.32 2.29 and ending September 30, 2009. Management expense ratio (6) The information shown in this column is for the period beginning January 10, 2011 (the series’ launch date) and ending September 30, 2011. before waivers or absorptions % 2.41 2.40 2.40 2.32 2.29 (7) (3) The information shown in this column is for the period beginning June 24, 2013 (the series’ launch date) Trading expense ratio % 0.24 0.31 0.31 0.38 0.47 and ending September 30, 2013. Portfolio turnover rate (4) % 37.85 47.62 46.68 78.31 77.43 Net asset value per unit $ 14.58 25.59 27.49 28.18 18.36

Series I PAST PERFORMANCE Periods ended Sep. 30 (6) The Fund’s performance information assumes that all 2013 2012 2011) Total net asset value (000’s) (1) $ 34 30 25 distributions made by the Fund in the periods shown were Number of units used to purchase additional units or shares of the Fund and outstanding (000’s) (1) 7 4 3 is based on the net asset value of the Fund. Management expense ratio + % — — — Management expense ratio The performance information does not take into account before waivers or absorptions + % 0.00 — — Trading expense ratio (3) % 0.24 0.31 0.31 sales, redemption, distribution or other optional charges Portfolio turnover rate (4) % 37.85 47.62 46.68 that, if applicable, would have reduced returns or Net asset value per unit $ 4.96 8.50 8.91 performance. Please remember that how the Fund has performed in the past does not indicate how it will perform Series F Periods ended Sep. 30 in the future. (7) 2013) Total net asset value (000’s) (1) $ 71 The returns of each series may differ from one another for a Number of units number of reasons, including if the series was not issued (1) outstanding (000’s) 6 and outstanding for the entire reporting period and because Management expense ratio (2) % 1.29 Management expense ratio of the different levels of management fees and expenses before waivers or absorptions % 2.62 allocated and payable by each series. Trading expense ratio (3) % 0.24 Portfolio turnover rate (4) % 37.85 Year-by-Year Returns Net asset value per unit $ 10.97 The following bar charts show the performance for each Advisor Series series of the Fund for each of the financial years shown. The Periods ended Sep. 30 charts show in percentage terms how an investment made 2013 2012 2011 2010 2009(5) on the first day of each financial year would have increased Total net asset value (000’s) (1) $ 5,502 11,735 14,466 8,231 1,713 or decreased by the last day of each financial year. Number of units outstanding (000’s) (1) 313 380 436 242 77 Series A Management expense ratio (2) % 2.43 2.37 2.36 2.30 2.27 Management expense ratio 100% before waivers or absorptions % 2.43 2.37 2.36 2.30 2.27 Trading expense ratio (3) % 0.24 0.31 0.31 0.38 0.47 50.14 53.44 Portfolio turnover rate (4) % 37.85 47.62 46.68 78.31 77.43 50% 35.66 16.75 Net asset value per unit $ 17.60 30.90 33.17 33.98 22.14 2.35 0% + Operating expenses are paid by BMOII and management fees are paid directly to BMOII as negotiated with -4.84 -2.45 the investor. -6.89 (1) This information is provided as at September 30 of the period shown, as applicable. -33.77 -50% -43.04 (2) Management expense ratio is based on total expenses (excluding commissions and other portfolio transactions costs) for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. -100% 20042005 2006 2007 2008 20092010 2011 2012 2013 BMO Precious Metals Fund

Series I The S&P/TSX reflects the price movements of selected

100% securities listed on the and weighted by market capitalization.

50% Series A 1 3 5 10 Since 0% year years years years Inception -4.63 -10.87 BMO Precious Metals Fund % -43.04 -19.72 1.50 1.99 S&P/TSX Gold % -46.05 -21.79 -7.03 1.13 -50% -41.65 S&P/TSX % 7.12 4.09 4.81 8.37

-100% Series I 2011(2) 2012 2013 1 3 5 10 Since (2) Series F year years years years Inception BMO Precious Metals Fund % -41.65 -22.70 100% S&P/TSX Gold % -46.05 -23.47 S&P/TSX % 7.12 1.57

50% Series F 13.88 1 3 5 10 Since 0% year years years years Inception(3) BMO Precious Metals Fund % 13.88 -50% S&P/TSX Gold % 8.92 S&P/TSX % 7.64

-100% Advisor Series 2013(3) 1 3 5 10 Since (1) Advisor Series year years years years Inception BMO Precious Metals Fund % -43.02 -19.69 9.18 100% 93.59 S&P/TSX Gold % -46.05 -21.79 0.42 S&P/TSX % 7.12 4.09 8.86 53.47 50% (1) Return from November 3, 2008 to September 30, 2013. (2) Return from January 10, 2011 to September 30, 2013. (3) Return from June 24, 2013 to September 30, 2013. 0% -2.38 -6.86 As noted above, the table shows a comparison of the -50% -43.02 historical annual compound returns of the Fund with the

-100% S&P/TSX, a broad-based index. The Fund, however, uses 2009(1) 2010 2011 2012 2013 the S&P/TSX Gold to compare its overall relative (1) For the period beginning November 3, 2008 to September 30, 2009. performance. The reason for this is that the Fund invests (2) For the period beginning January 10, 2011 to September 30, 2011. (3) For the period beginning June 24, 2013 to September 30, 2013. primarily in precious metals securities and the S&P/TSX Gold Index benchmark is a better reflection of the Fund’s Annual Compound Returns overall asset mix. Accordingly, the S&P/TSX Gold Index This table compares the historical annual compound returns benchmark is a more accurate and useful comparison. of the Fund with its benchmark, the S&P/TSX Composite A commentary on the market and/or information regarding Total Return Index Gold GICS Sub-Industry (“S&P/TSX the relative performance of the Fund as compared to its Gold”) and the S&P/TSX Composite Total Return Index benchmark can be found under the Results of Operations (“S&P/TSX”), a broad-based index. section of this report. The constituents of the S&P/TSX Gold are a subset of the S&P/TSX that have been classified according to the Global Industry Classification Standard. BMO Precious Metals Fund

SUMMARY OF INVESTMENT PORTFOLIO As at September 30, 2013 % of Net % of Net Portfolio Allocation Asset Value Top 25 Holdings Asset Value Gold 69.0 Issuer Precious Metals & Minerals 12.2 Province of Ontario, Treasury Bills, 1.045% Nov 20, 2013 4.6 Diversified Metals & Mining 6.7 B2Gold Corp. 4.4 Money Market Investments 6.1 Bank of Nova Scotia Gold Certificates 4.4 Coal & Consumable Fuels 3.0 Inc. 4.0 Cash/Receivables/Payables 2.8 Wheaton Corp. 3.9 Energy 0.2 Virginia Mines Inc. 3.8 Total Portfolio Allocation 100.0 Osisko Mining Corporation 3.6 Franco-Nevada Corporation 3.6 Regional Allocation Semafo Inc. 2.8 Cash/Receivables/Payables 2.8 72.1 Centerra Gold Inc. 2.7 Mexico 7.0 Tahoe Resources Inc. 2.6 Colombia 6.4 Yamana Gold Inc. 2.6 Cash/Receivables/Payables 2.8 Alpha Minerals, Inc. 2.6 South Africa 2.4 New Gold Inc. 2.5 Peru 2.0 Probe Mines Limited 2.4 Serbia 1.7 Randgold Resources Limited, ADR 2.3 Other 1.5 Eldorado Gold Corporation 2.3 1.5 Argonaut Gold Inc. 2.1 Ghana 1.3 Agnico Eagle Mines Limited 2.1 Australia 1.3 Sulliden Gold Corporation Ltd. 2.0 Total Regional Allocation 100.0 First Majestic Silver Corp. 1.9 Barrick Gold Corporation 1.8 Continental Gold Limited 1.7 Kinross Gold Corporation 1.7 Top Holdings as a Percentage of Total Net Asset Value 71.2 Total Net Asset Value $65,225,167

The summary of investment portfolio may change due to the Fund’s ongoing portfolio transactions. Updates are available quarterly. www.bmo.com/mutualfunds BMO Investments Inc. First Canadian Place, 43rd Floor, 100 King Street West Toronto, ON M5X 1A1 For more information please call 1-800-665-7700

This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events. By their nature, forward-looking statements require us to make assump- tions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed or implied in the forward-looking statements. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including but not limited to market and general economic conditions, interest rates, regulatory and statutory developments, the effects of competition in the geographic and business areas in which the Fund may invest in and the risks detailed from time to time in BMO Mutual Funds’ simplified prospectus. We caution that the foregoing list of factors is not exhaustive and that when relying on forward-looking state- ments to make decisions with respect to investing in the Fund, investors and others should carefully consider these factors, as well as other uncer- tainties and potential events, and the inherent uncertainty of forward-looking statements. Due to the potential impact of these factors, BMO Investments Inc. does not undertake, and specifically disclaims, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

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BMO Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal.