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BMO Private Canadian Income Equity Portfolio for the Period Ended June 30, 2021

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BMO Private Canadian Income Equity Portfolio for the Period Ended June 30, 2021 Semi-Annual Management Report of Fund Performance BMO Private Canadian Income Equity Portfolio For the period ended June 30, 2021 This semi-annual management report of fund performance contains financial highlights, but does not contain the semi-annual or annual financial statements of the Portfolio. If the semi-annual or annual financial statements of the Portfolio do not accompany the mailing of this report, you may obtain a copy of the semi-annual or annual financial statements at your request, and at no cost, by calling 1-855-852-1026, by e-mailing us at [email protected], by writing to us at BMO Private Investment Counsel Inc., 1 First Canadian Place, 100 King St. W., 41st Floor, Toronto, Ontario, M5X 1A1 or by visiting our website at www.bmo.com/privatebanking or SEDAR at www.sedar.com. You may also contact us using one of these methods to request a copy of the Portfolio’s interim financial report, proxy voting policies and procedures, proxy voting disclosure record and/or quarterly portfolio disclosure. Management Discussion Financials, Energy, Consumer Staples, Consumer of Fund Performance Discretionary, Utilities and Industrials sectors also detracted from performance. Individual detractors from BMO Private Investment Counsel Inc. (“BPIC” or the performance included Manulife Financial Corp., which “Manager”), the manager and portfolio manager, is weakened in response to falling interest rates and responsible for the management of the overall business, relatively weak earnings results. Algonquin Power & investments and operations of the BMO Private Portfolios Utilities Corp. detracted from performance in response and has engaged BMO Asset Management Inc. to negative sentiment around the renewable energy (“BMO AM Inc.” or the “sub-advisor”) as the sub-advisor industry that resulted in a sharp increase in oil pricing. of BMO Private Canadian Income Equity Portfolio Canadian National Railway Co.’s shares came under (the “Portfolio”). pressure as a rival bid for Kansas City Southern Industries Inc. led to concern about the company’s Results of Operations valuation and leverage. Over the six-month period ended June 30, 2021, the Portfolio returned 14.52%, after expenses. The During the period, the Portfolio’s underweight positions Portfolio’s benchmark is the S&P/TSX Composite in the Materials and Information Technology sectors Dividend Index, which generated a 17.18% total return contributed to performance, as did its overweight over the same six-month period. positions in the Financials and Real Estate sectors. The Portfolio’s stock selection in the Materials, Communication Canadian equities, as represented by the S&P/TSX Services and Real Estate sectors also contributed to Composite Index, posted a relatively strong gain over performance. Individual contributors to performance the first half of 2021, with this performance driven by included CCL Industries Inc., which benefited from optimism about the COVID-19 vaccine rollout, as well improvements in the operating and financial positions as continued financial support from the Canadian of its business units alongside the global economic government and the Bank of Canada. Energy and recovery. WSP Global Inc. benefited from growing Financials were among the top-performing sectors in the investor confidence in the company’s outlook and its Canadian equity market. Energy stocks benefited from significant exposure to the transit, building and rising oil prices as investors expected strong travel-related environmental sub-sectors that have been widely household spending and, therefore, higher demand for oil. expected to benefit from an improving global economy. Brookfield Infrastructure Partners L.P. contributed to the The Portfolio’s underweight position in the Energy Portfolio’s performance, as the company generated sector detracted from performance, as did its overweight strong operating results, made progress on some growth positions in the Utilities, Industrials and Consumer initiatives and benefited from lower interest rates. Staples sectors. The Portfolio’s stock selection in the BMO Private Canadian Income Equity Portfolio A position added to the Portfolio during the period was The sub-advisor’s strategy remains focused on Tricon Residential Inc., an asset management company investing in high-quality, sustainable businesses that that invests in North American residential real estate. have strong competitive advantages, produce attractive The sub-advisor believes the company has a high-quality returns on capital, and demonstrate smart capital business, a management team with a successful track allocation to provide the best offense and defense record of capital allocation and value creation, and the throughout the business cycle. Companies with these potential for above-average cash flow growth as a result attributes tend to have flexible business models and of its expansion strategy. corporate strategies that should allow them to create value for stakeholders. The Portfolio’s positions in Canadian Pacific Railway Company and Element Fleet Management Corp. were increased during the period. Canadian Pacific Railway Related Party Transactions Company was increased in response to the company’s BMO Trust Company, an indirect, wholly-owned strong business model, its leverage to an improving subsidiary of Bank of Montreal (“BMO”), is the trustee North American economy and the potential for strong (the “trustee”) and BPIC is the manager of the Portfolio. value creation. Element Fleet Management Corp. From time to time, BPIC may, on behalf of the Portfolio, provides fleet management services to an array of enter into transactions or arrangements with or established companies. Element Fleet Management involving other members of BMO Financial Group, or Corp. has enjoyed a dominant market position in an certain other persons or companies that are related or industry with high barriers to entry, a stable and connected to the Portfolio (each, a “related party” and recurring revenue base, and the sub-advisor believes the collectively, the “related parties”). The purpose of this company should be able to grow its free cash flow and section is to provide a brief description of any transaction capital returns. involving the Portfolio and a related party. In each instance where a conflict of interest is identified, it The Portfolio’s position in Alimentation Couche-Tard will be referred to the Portfolio’s independent review Inc. was reduced following an extended period of price committee (the “IRC”). The primary focus of the IRC appreciation. Brookfield Property Partners L.P. was sold is to determine whether the proposed action of the following a takeover announcement, as well as in Manager in respect of the conflict of interest matter response to the sub-advisor’s belief that retail real estate achieves a fair and reasonable result for the Portfolio. will remain challenged for some time. The IRC has reviewed the related party relationships described below and has provided a positive For information on the Portfolio’s longer-term recommendation that each relationship achieves a performance and composition, please refer to the Past fair and reasonable result for the Portfolio. Performance section and Summary of Investment Portfolio section of this report. Sub-advisor BPIC has hired BMO AM Inc., a related party, to Recent Developments provide investment advice and make investment While the pandemic continues to pose risks to financial decisions for the Portfolio’s investment portfolio. markets, BMO AM Inc. remains optimistic about North BMO AM Inc. receives a sub-advisory fee based on American equity markets over the long term in assets under management, which is paid monthly. response to the effective distribution of vaccines, the BMO AM Inc. is paid by BPIC. rebound in hiring and earnings trends, the strength of pent-up consumer demand and continued government stimulus measures. While the sub-advisor remains optimistic about equities, the stock market is expected to remain highly sensitive to any perceived risks related to the recovery, inflation, and/or government and central bank policy direction. BMO Private Canadian Income Equity Portfolio Buying and Selling Securities Brokerage Commissions During the period, the Manager relied on Standing The Portfolio pays standard brokerage commissions at Instructions provided by the Portfolio’s IRC for any of market rates to BMO Nesbitt Burns Inc., an affiliate of the following related party transactions that may have the Manager, for executing a portion of its trades. The occurred in the Portfolio: brokerage commissions charged to the Portfolio during the periods were as follows: (a) investments in securities of BMO, an affiliate of the Period ended Period ended Manager; June 30, 2021 June 30, 2020 ($000s) ($000s) (b) investments in a class of equity securities and/or Total Brokerage Commissions 223 193 non-government debt securities of an issuer during the distribution period of those securities and/or Brokerage Commissions paid to the 60-day period following the completion of the BMO Nesbitt Burns Inc. 26 29 distribution period, where BMO Nesbitt Burns Inc., an affiliate of the Manager, or any other affiliate of the Manager acted as an underwriter in the Wealth Management Fee distribution of those securities; Units of the Portfolio are only available through the wealth management service offered by BMO Financial (c) trades in over-the-counter debt securities in the Group. The trustee, a related party, and the Manager secondary market
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