Quarterly Portfolio Disclosure Summary of Investment Portfolio • As at December 31, 2019 BMO CANADIAN EQUITY CLASS Q1 Top 25 Holdings Portfolio Allocation % of Net Asset Value Issuer % of Net Asset Value

Financials 27.3 -Dominion Bank, The, 6.1 Energy 15.3 Royal Bank of 5.3 Industrials 9.5 BMO S&P 500 Index ETF* 5.0 Materials 8.0 Canadian Natural Resources Limited 4.9 Information Technology 6.8 Inc. 4.6 Communication Services 5.3 Limited 4.3 Consumer Staples 5.3 Bank of Nova Scotia, The, 4.3 U.S. Equity Fund 5.0 CGI Inc., Class A 3.7 Real Estate 4.5 Inc. 3.4 Utilities 3.5 Air Canada 3.1 Consumer Discretionary 3.3 Inc. 3.1 Health Care 2.3 Financial Corporation 3.0 Canadian Equity Fund 2.0 Gold Ltd. 2.8 Cash/Receivables/Payables 1.9 Canadian Apartment Properties REIT 2.6 BCE Inc. 2.5 Total portfolio allocation 100.0 TC Energy Corporation 2.4 Franco-Nevada Corporation 2.4 Companies Inc. 2.3 2.3 Alimentation Couche-Tard, Inc., Class B 2.2 Quebecor Inc., Class B 2.1 BMO Low Volatility Canadian Equity ETF* 2.0 Cash/Receivables/Payables 1.9 Inc. 1.7 BRP Inc. 1.6

Top holdings as a percentage of net asset value 79.6

Total net asset value $35.1 million

* The prospectus and other information about the underlying exchange traded fund(s) held in the portfolio are available on the internet at www.sedar.com and, also at www.bmo.com/etflegal.

This summary of investment portfolio may change due to the fund’s ongoing portfolio transactions. Updates are available quarterly. ®/™ Registered trade-marks/trade-mark of Bank of Montreal, used under licence. BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts or prospectus before investing. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, the Régie de l’assurance-dépôts du Québec or by any other government deposit insurer. The value of mutual funds change frequently and past performance may not be repeated. For a summary of the risks of an investment in BMO Mutual Funds, please see the specific risks set out in the prospectus.

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