BMO Precious Metals Fund (the “Fund”) For the 12-month period ended September 30, 2020 (the “Period”) Manager: BMO Investments Inc. (the “Manager” or “BMOII”) Portfolio manager: BMO Asset Management Inc., , (the “portfolio manager”)

2020 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 and 1-800-668-7327, 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 and www.bmo.com/gam/ca or SEDAR at www.sedar.com. You may also contact us using one of these methods to request a copy of the Fund’s interim financial report, proxy voting policies and procedures, proxy voting disclosure record and/or quarterly portfolio disclosure.

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

Investment Objective and Strategies Results of Operations The Fund’s objective is to increase the value of your During the Period, the Fund’s total net asset value changed investment over the long term by investing in securities of from approximately $78 million to approximately primarily Canadian companies in the precious metals $102 million. Series A units of the Fund returned 45.67%. industry. The Fund invests mainly in Canadian companies Please see the Past Performance section for information on that are involved in the exploration, , production or the performance returns of the Fund’s other series. distribution of precious metals. During the Period, the price of an ounce of rose 28.8%, The portfolio manager employs a systematic model based landing in positive-return territory eight quarters in a row on fundamental equity analysis to identify and select despite extreme volatility during that time. The price of equities that trade below their intrinsic value, demonstrate gold fell at the beginning of the fourth quarter of 2019, superior earnings growth and demonstrate positive price with higher U.S. real interest rates and a rebound of risk momentum. They review company operations and research sentiment as U.S.-China trade tensions eased. However, and development to assess their potential for growth. In gold prices rallied from December 2019 to February 2020 addition, the portfolio manager continually monitors on the escalation of geopolitical tensions and the COVID-19 companies in which the Fund invests for changes that may global pandemic. As the oil crisis hit in March 2020, gold affect their profitability. fell 11% in four days, failing to maintain its safe-haven status. After massive stimulus programs by governments Risk and central banks globally, gold rebounded and reached a The risks associated with an investment in the Fund remain record high of about US$2,051.5 per ounce on August 6, 2020. as disclosed in the Fund’s most recent simplified prospectus Since then, gold entered a consolidation period and ended or any amendments thereto and fund facts. During the Period the Period at US$1,912.5 per ounce. there were no changes to the Fund that materially affected the overall risk level associated with an investment in the rose 38.2% to end the Period at US$23.5 per ounce. Fund. On May 22, 2020, the Manager reviewed the Fund using While it lagged gold in the first two quarters of 2020 with a the standardized investment risk classification methodology negative 16.7% return, silver rebounded with 66% returns prescribed by National Instrument 81-102 Investment Funds in the following six months, as industrial demand recovered. and determined that the risk rating of the Fund had not Platinum group metals diverged in returns for the Period. changed. The Manager reviews the Fund’s investment risk Platinum gained 2% as the auto industry shifted away from level and reference index, if any, at least annually. diesel engines, while palladium gained 41.5% on a supply deficit and increased demand for hybrid cars. BMO Precious Metals Fund

Security selection in large-cap companies and an Recent Developments overweight allocation to small cap detracted from the While price volatility might pick up, the portfolio manager Fund’s performance, as did an overweight allocation to remains optimistic about gold’s outlook for the next three Australia. Structural underweight positions in Barrick years. Gold is the currency of last resort, and it is a good Gold Corp. and Newmont Corp., owing to the Fund’s hedge against currency debasement concerns. The portfolio concentration limit, detracted from performance. Newcrest manager also favours silver as its dual characteristics of Mining Ltd., Australia’s largest gold miner, detracted from being a precious metal and an industrial metal becomes performance as costs increased and its flagship mine attractive in an economic recovery. Silver is heavily used in encountered issues. consumer electronics, which are in increased demand in the current work-from-home environment. Security selection in mid-cap companies and in the U.S. contributed to the Fund’s performance. The share price of The portfolio manager sees near-term growth in demand for Alacer Gold Corp., a mid-cap gold miner with a single platinum group metals, as both platinum and palladium Turkish asset, Çöpler, rose as it successfully diversified its benefit from the gradual pickup of global auto sales and operations. Gold Fields Ltd., a U.S. senior gold miner, supply shortages. Palladium may outperform platinum contributed to performance as it has an improving balance owing to the continued shift towards hybrid cars. sheet and incremental production growth. Following a broad and sharp rally in the past year, it is time The portfolio manager initiated a new holding in Alamos to be more selective in the precious metals sector. The Gold Inc., an intermediate gold producer with three portfolio manager focuses on quality and value for the Fund, operating mines in North America. A consistent production while increasing risk management. Thus, the portfolio profile, low jurisdictional risk and clear runway for organic manager favours investing in companies with top asset growth over the medium term are key reasons for initiating quality, strong production growth, consistent execution, this position. solid balance sheets and free-cash-flow generation.

The portfolio manager increased the Fund’s position in RELATED PARTY TRANSACTIONS Corp., the fourth-largest North American gold producer. The company reported consistent earnings per BMO Investments Inc., an indirect, wholly-owned subsidiary share from operational improvements and declared a new of (“BMO”), is the Manager of the Fund. dividend at a competitive yield versus its peers. From time to time, the Manager may, on behalf of the Fund, enter into transactions or arrangements with or involving The portfolio manager sold the Fund’s holding in Northern other members of BMO Financial Group, or certain other Star Resources Ltd., a growth-oriented Australian gold persons or companies that are related or connected to the producer with operations in Australia and Alaska. The Manager (each a “Related Party”). The purpose of this section company forecasts flat production and higher costs for is to provide a brief description of any transaction involving fiscal-year 2021. the Fund and a Related Party.

The portfolio manager decreased the Fund’s holding in Portfolio Manager Hochschild Mining PLC, an established mid-tier silver and The Fund’s portfolio manager is BMO Asset Management Inc. gold miner with assets across South America. The company’s (“BMOAM”), an affiliate of the Manager. BMOAM provides operation was negatively impacted by COVID-19, with all its portfolio management services to the Fund. BMOAM receives mines completely shuttered for some time. from the Manager a management fee based on assets under The Manager confirms that the Fund did not borrow money management, calculated daily and payable monthly. during the Period.

For information on the Fund’s performance and composition, please refer to the Past Performance section and Summary of Investment Portfolio section of this report. BMO Precious Metals Fund

Administration Fee and Operating Expenses In accordance with the IRC’s standing instructions, in The Fund pays a fixed administration fee to the Manager in making a decision to cause the Fund to make a Related respect of each series other than Series I. The Manager in Party Transaction, the Manager and the portfolio manager return pays the operating expenses of these series of the of the Fund are required to comply with the Manager’s Fund, other than certain specified expenses that are paid written policies and procedures governing the Related Party directly by the Fund (“Fund Expenses”). Fund Expenses, Transaction and report periodically to the IRC, describing include expenses incurred in respect of preparing and each instance that the Manager relied on the standing distributing fund facts, interest or other borrowing expenses, instructions and its compliance or non-compliance with the all reasonable costs and expenses incurred in relation to governing policies and procedures. The governing policies compliance with National Instrument 81-107 Independent and procedures are designed to ensure that each Related Review Committee for Investment Funds, including Party Transaction (i) is made free from any influence of compensation and expenses payable to the Fund’s BMO, BMO Nesbitt Burns Inc. or an associate or affiliate independent review committee (“IRC”) members, taxes to of BMO and/or BMO Nesbitt Burns Inc. and without taking which the Fund is or might be subject, and costs associated into account any considerations relevant to BMO, with compliance with any new governmental or regulatory BMO Nesbitt Burns Inc. or an associate or affiliate of BMO requirement introduced after December 1, 2007. Fund and/or BMO Nesbitt Burns Inc., (ii) represents the business Expenses are allocated proportionately among the relevant judgment of the Manager, uninfluenced by considerations series. If the Fund Expenses are specific to a series, the other than the best interests of the Fund, and (iii) achieves a Fund Expenses are allocated to that series. The fixed fair and reasonable result for the Fund. administration fee is calculated as a fixed annual Brokerage Commissions percentage of the average net asset value of each relevant The Fund pays standard brokerage commissions at market series of the Fund. Separate fees and expenses are rates to BMO Nesbitt Burns Inc., an affiliate of the Manager, negotiated and paid directly by each Series I investor. for executing a portion of its trades. The brokerage Further details about the fixed administration fee and/or commissions charged to the Fund (excluding exchange and Fund Expenses can be found in the Fund’s most recent other fees) during the periods indicated, were as follows: simplified prospectus at www.bmo.com/mutualfunds and www.bmo.com/gam/ca or www.sedar.com. Period ended Period ended Sep. 30, 2020 Sep. 30, 2019 $000 $000 Buying and Selling Securities During the Period, the Fund relied on standing instructions Total brokerage commissions 80 134 provided by the IRC for any of the following related party Brokerage commissions paid transactions that may have occurred in the Fund: to BMO Nesbitt Burns Inc. — 7

(a) investments in securities issued by BMO, an affiliate of Distribution Services the Manager, or any other issuer related to the Manager; The Manager markets and distributes the Fund through (b) investments in a class of non-government debt securities BMO branches and/or (depending on the series) through and/or equity securities of an issuer during the period of registered dealers and brokers, including BMO InvestorLine distribution of those securities to the public and/or the Inc. and BMO Nesbitt Burns Inc., both affiliates of the 60-day period following the distribution period where Manager. The Manager pays to these affiliates a service fee BMO Nesbitt Burns Inc., an affiliate of the Manager, or called a “trailing commission” based on the average daily any other affiliate of the Manager acted as an underwriter value of the units and/or shares that are held in investor in the distribution; accounts. This service fee is paid monthly or quarterly and varies by purchase option and by series. (c) trades in debt securities in the secondary market with BMO Nesbitt Burns Inc., or any other affiliate of the Manager, that is trading with the Fund as principal; and

(d) inter-fund trades

(each, a “Related Party Transaction”). BMO Precious Metals Fund

FINANCIAL HIGHLIGHTS Series F Units Periods ended Sep. 30 The following tables show selected key financial information 2020 2019 2018 2017 2016 about the Fund and are intended to help you understand Net assets, beginning of period $ 17.48 12.02 14.08 17.45 9.12 the Fund’s financial performance for the periods indicated. Increase (decrease) from operations: The Fund’s Net Assets per Unit (1) Total revenue $ 0.20 0.15 0.18 0.13 0.13 Total expenses (2) $ -0.26 -0.22 -0.19 -0.25 -0.19 Series A Units Realized gains (losses) Periods ended Sep. 30 for the period $ 2.05 1.21 0.55 0.45 0.14 2020 2019 2018 2017 2016 Unrealized gains (losses) Net assets, beginning of period $ 21.50 14.99 17.79 22.31 11.82 for the period $ 5.69 3.58 -2.70 -3.18 7.40 Increase (decrease) Total increase (decrease) from operations: from operations (3) $ 7.68 4.72 -2.16 -2.85 7.48 Total revenue $ 0.24 0.18 0.22 0.16 0.13 Distributions: Total expenses (2) $ -0.64 -0.50 -0.46 -0.57 -0.45 From income Realized gains (losses) (excluding dividends) $ — — — — — for the period $ 2.58 0.69 0.71 0.64 0.01 From dividends $ — — — — — Unrealized gains (losses) From capital gains $ — — — — — for the period $ 7.14 6.19 -3.14 -4.71 10.70 Return of capital $ — — — — — Total increase (decrease) Total Annual Distributions (4) $ — — — — — from operations (3) $ 9.32 6.56 -2.67 -4.48 10.39 Net assets, end of period $ 25.80 17.48 12.02 14.08 17.45 Distributions: From income Series D Units (excluding dividends) $ — — — — — Periods ended Sep. 30 (5) 2020 2019 2018) From dividends $ — — — — —

From capital gains $ — — — — — Net assets, beginning of period $ 12.46 8.62 10.00)* Return of capital $ — — — — — Increase (decrease) Total Annual Distributions (4) $ — — — — — from operations: Net assets, end of period $ 31.32 21.50 14.99 17.79 22.31 Total revenue $ 0.15 0.12 0.14 Total expenses (2) $ -0.25 -0.21 -0.15 Advisor Series Units Realized gains (losses) Periods ended Sep. 30 for the period $ 1.48 0.68 0.10 2020 2019 2018 2017 2016 Unrealized gains (losses) Net assets, beginning of period $ 25.92 18.08 21.46 26.93 14.27 for the period $ 4.38 2.34 -3.00 Increase (decrease) Total increase (decrease) from operations: from operations (3) $ 5.76 2.93 -2.91 Total revenue $ 0.31 0.22 0.26 0.19 0.16 Distributions: Total expenses (2) $ -0.79 -0.61 -0.56 -0.70 -0.56 From income Realized gains (losses) (excluding dividends) $ — — — for the period $ 3.26 0.98 0.90 0.78 0.11 From dividends $ — — — Unrealized gains (losses) From capital gains $ — — — for the period $ 8.92 6.57 -3.76 -5.83 12.46 Return of capital $ — — — Total increase (decrease) Total Annual Distributions (4) $ — — — from operations (3) $ 11.70 7.16 -3.16 -5.56 12.17 Net assets, end of period$ 18.31 12.46 8.62 Distributions: From income (excluding dividends) $ — — — — — From dividends $ — — — — — From capital gains $ — — — — — Return of capital $ — — — — — Total Annual Distributions (4) $ — — — — — Net assets, end of period $ 37.75 25.92 18.08 21.46 26.93 BMO Precious Metals Fund

Series I Units Series F Units Periods ended Sep. 30 Periods ended Sep. 30 2020 2019 2018 2017 2016 2020 2019 2018 2017 2016 Net assets, beginning of period $ 8.45 5.75 6.66 8.15 4.22 Total net asset value (000’s) (1) $ 6,259 5,115 1,320 1,425 1,162 Increase (decrease) Number of units from operations: outstanding (000’s) (1) 243 293 110 101 67 Total revenue $ 0.11 0.08 0.08 0.06 0.04 Management expense ratio (2) % 1.10 1.10 1.10 1.10 1.10 Total expenses (2) $ -0.02 -0.02 -0.01 -0.04 -0.02 Management expense ratio Realized gains (losses) before waivers or absorptions % 1.13 1.17 1.17 1.16 1.16 for the period $ 1.17 0.76 0.26 0.23 0.05 Trading expense ratio (3) % 0.10 0.22 0.23 0.54 0.23 Unrealized gains (losses) Portfolio turnover rate (4) % 50.95 91.73 85.62 107.03 23.01 for the period $ 3.66 1.11 -1.24 -1.74 3.88 Net asset value per unit $ 25.80 17.48 12.02 14.08 17.45 Total increase (decrease) from operations (3) $ 4.92 1.93 -0.91 -1.49 3.95 Series D Units Distributions: Periods ended Sep. 30 (5) 2020 2019 2018) From income (excluding dividends) $ — — — — — Total net asset value (000’s) (1) $ 16,811 2,329 705 From dividends $ — — — — — Number of units From capital gains $ — — — — — outstanding (000’s) (1) 918 187 82 Return of capital $ — — — — — Management expense ratio (2) % 1.58 1.61 1.63 Total Annual Distributions (4) $ — — — — — Management expense ratio Net assets, end of period$ 12.60 8.45 5.75 6.66 8.15 before waivers or absorptions % 1.58 1.61 1.68 Trading expense ratio (3) % 0.10 0.22 0.23

* Initial net assets. Portfolio turnover rate (4) % 50.95 91.73 85.62 (1) This information is derived from the Fund’s audited financial statements. Net asset value per unit $ 18.31 12.46 8.62 (2) Includes commissions and other portfolio transaction costs and withholding taxes. (3) Net assets and distributions are based on the actual number of units outstanding at the relevant time. The Series I Units increase/decrease from operations is based on the weighted average number of units outstanding over the Periods ended Sep. 30 financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit. 2020 2019 2018 2017 2016 (4) Distributions were either paid in cash or reinvested in additional units of the Fund, or both. The allocation (1) of the distributions from each of income, dividends, capital gains and return of capital is based on the Total net asset value (000’s) $ 4,056 1,726 0 0 0 Manager’s estimate as at September 30 of the period shown, as applicable, which is the Fund’s financial Number of units year-end. However, the actual allocation of distributions is determined as at December 15, the Fund’s tax outstanding (000’s) (1) 322 204 0 0 0 year-end. Accordingly, the actual allocation among income, dividends, capital gains and return of capital may Management expense ratio + % — — — — — differ from these estimates. Management expense ratio (5) The information shown in this column is for the period beginning November 20, 2017 (the series’ inception + date) and ending September 30, 2018. before waivers or absorptions % — — — — — Trading expense ratio (3) % 0.10 0.22 0.23 0.54 0.23 (4) Ratios and Supplemental Data Portfolio turnover rate % 50.95 91.73 85.62 107.03 23.01 Net asset value per unit $ 12.60 8.45 5.75 6.66 8.15 Series A Units Periods ended Sep. 30 + Operating expenses are paid by BMOII and management fees are paid directly to BMOII as negotiated with 2020 2019 2018 2017 2016 the investor. (1) This information is provided as at September 30 of the period shown. (1) Total net asset value (000’s) $ 66,563 62,824 49,248 62,199 81,170 (2) Management expense ratio is based on total expenses (excluding commissions and other portfolio Number of units transaction costs) for the stated period and is expressed as an annualized percentage of daily average net outstanding (000’s) (1) 2,125 2,922 3,286 3,497 3,638 asset value during the period. Management expense ratio (2) % 2.40 2.41 2.40 2.40 2.40 (3) The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an Management expense ratio annualized percentage of daily average net asset value during the period. (4) before waivers or absorptions % 2.41 2.41 2.40 2.40 2.40 The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio manager manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the Trading expense ratio (3) % 0.10 0.22 0.23 0.54 0.23 securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, Portfolio turnover rate (4) % 50.95 91.73 85.62 107.03 23.01 the greater the trading costs payable by the fund in the year, and the greater the chance of an investor Net asset value per unit $ 31.32 21.50 14.99 17.79 22.31 receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund. Advisor Series Units (5) The information shown in this column is for the period beginning November 20, 2017 (the series’ inception Periods ended Sep. 30 date) and ending September 30, 2018. 2020 2019 2018 2017 2016 Total net asset value (000’s) (1) $ 8,115 6,033 3,730 5,656 7,350 Number of units outstanding (000’s) (1) 215 233 206 264 273 Management expense ratio (2) % 2.42 2.43 2.44 2.44 2.43 Management expense ratio before waivers or absorptions % 2.43 2.44 2.44 2.44 2.43 Trading expense ratio (3) % 0.10 0.22 0.23 0.54 0.23 Portfolio turnover rate (4) % 50.95 91.73 85.62 107.03 23.01 Net asset value per unit $ 37.75 25.92 18.08 21.46 26.93 BMO Precious Metals Fund

Management Fees Year-by-Year Returns The Manager is responsible for the day-to-day management The following bar charts show the performance of each of the business and operations of the Fund. The Manager series of the Fund for each of the financial years shown. monitors and evaluates the Fund’s performance, pays for the The charts show in percentage terms how an investment investment advice provided by the Fund’s portfolio manager made on the first day of each financial year would have and provides certain administrative services required by the increased or decreased by the last day of each financial year. Fund. As compensation for its services, the Manager is entitled Series A Units to receive a management fee payable monthly, calculated 100% 88.77 based on the daily net asset value of each series of the Fund at the annual rate set out in the table below. 50% 43.47 45.67 As a Percentage of Management Fees 0% -2.45 -6.89 -5.17 General -14.51 -20.29 -15.74 Annual Administration, -50% -43.04 Management Dealer Investment Fee Rate* Compensation Advice and Profit % % % -100% 2012 20132011 2014 2015 2016 2017 2018 2019 2020 Series A Units 2.00 49 51 Advisor Series Units 2.00 42 58 Series F Units 0.85 0 100 Advisor Series Units Series D Units 1.25 17 83 Series I Units — — — 100% 88.74

45.65 * For Series I Units, separate Series I fees are negotiated and paid directly by each Series I investor. The 50% 43.42 combined management and administration fees for Series I Units will not exceed the management fee charged for Advisor Series or Series A Units. 0% -2.38 -6.86 -5.17 PAST PERFORMANCE -14.53 -20.32 -15.77 -50% -43.02 The Fund’s performance information assumes that all distributions made by the Fund in the periods shown were -100% used to purchase additional securities of the Fund and is 2012 20132011 2014 2015 2016 2017 2018 2019 2020 based on the net asset value of the Fund. Series F Units

The performance information does not take into account 100% 91.23 sales, redemption, distribution or other optional charges 47.57 that, if applicable, would have reduced returns or 50% 45.35 performance. Please remember that how the Fund has 13.88 performed in the past does not indicate how it will perform 0% -3.93 -13.39 in the future. -19.24 -14.63 -50% The returns of each series may differ from one another for a number of reasons, including if the series was not issued -100% and outstanding for the entire reporting period and because 2013(2) 2014 2015 2016 2017 2018 2019 2020 of the different levels of management fees and expenses allocated and payable by each series. BMO Precious Metals Fund

Series D Units Advisor Series Units

100% 1 3 5 10 Since year years years years Inception BMO Precious Metals Fund % 45.65 20.72 21.49 1.06 44.61 46.88 50% S&P/TSX Gold % 55.22 23.44 23.85 -0.74 S&P/TSX % -0.03 4.26 7.16 5.80 0% Series F Units -14.43 1 3 5 10 Since -50% year years years years Inception(2) BMO Precious Metals Fund % 47.57 22.34 23.11 14.51 -100% S&P/TSX Gold % 55.22 23.44 23.85 10.83 2018(3) 2019 2020 S&P/TSX % -0.03 4.26 7.16 7.37

Series I Units Series D Units

100% 93.28 1 3 5 10 Since year years years years Inception(3) BMO Precious Metals Fund % 46.88 23.23 47.00 49.20 50% S&P/TSX Gold % 55.22 25.66 S&P/TSX % -0.03 3.50 0% -4.63 -2.86 -10.87 -12.44 Series I Units -18.40 -13.66 1 3 5 10 Since -50% -41.65 year years years years Inception(1) BMO Precious Metals Fund % 49.20 23.72 24.46 2.40 -100% S&P/TSX Gold % 55.22 23.44 23.85 -0.68 (1) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 S&P/TSX % -0.03 4.26 7.16 5.12

(1) For the period beginning with the performance launch date of January 10, 2011 to September 30, 2011. (1) Return from the performance launch date of January 10, 2011 to September 30, 2020. (2) For the period beginning with the performance launch date of June 24, 2013 to September 30, 2013. (2) Return from the performance launch date of June 24, 2013 to September 30, 2020. (3) For the period beginning with the performance launch date of November 21, 2017 to September 30, 2018. (3) Return from the performance launch date of November 21, 2017 to September 30, 2020.

Annual Compound Returns As noted above, the table shows a comparison of the This table compares the historical annual compound returns historical annual compound returns of the Fund with the of the Fund with its benchmark, the S&P/TSX Composite S&P/TSX, a broad-based index. The Fund, however, uses Total Return Index Gold GICS Sub-Industry (“S&P/TSX the S&P/TSX Gold to compare its overall relative Gold”) and the S&P/TSX Composite Total Return Index performance. The reason for this is that the Fund invests (“S&P/TSX”), a broad-based index. primarily in precious metals securities and the S&P/TSX Gold Index benchmark is a better reflection of the Fund’s The constituent securities of the S&P/TSX Gold is a subset overall asset mix. Accordingly, the S&P/TSX Gold Index of the S&P/TSX that have been classified according to the benchmark is a more accurate and useful comparison. Global Industry Classification Standard. A commentary on the market and/or information regarding The S&P/TSX is a market capitalization-weighted index of the relative performance of the Fund as compared to its securities of the largest and most liquid companies on the benchmark can be found under the Results of Operations . section of this report. Series A Units 1 3 5 10 Since year years years years Inception BMO Precious Metals Fund % 45.67 20.76 21.52 1.06 S&P/TSX Gold % 55.22 23.44 23.85 -0.74 S&P/TSX % -0.03 4.26 7.16 5.80 BMO Precious Metals Fund

SUMMARY OF INVESTMENT PORTFOLIO As at September 30, 2020 % of Net Top 25 Holdings % of Net Portfolio Allocation Asset Value Issuer Asset Value 63.1 Corporation 9.5 9.3 B2Gold Corp. 8.8 Nicaragua 8.8 Newmont Corporation 8.4 Australia 7.5 Corp. 7.9 South Africa 4.7 Ltd. 7.4 Cote D’Ivoire 2.1 Franco-Nevada Corporation 7.2 Egypt 2.0 Kinross Gold Corporation 6.9 1.3 Agnico Eagle Mines Limited 3.7 Cash/Receivables/Payables 0.9 SSR Mining Inc. 3.4 Peru 0.3 Wesdome Gold Mines Ltd. 3.4 Total Portfolio Allocation 100.0 Newcrest Mining Limited 3.0 Gold Fields Limited, ADR 2.9 Sector Allocation MAG Silver Corp. 2.3 Endeavour Mining Corporation 2.1 Gold 84.6 Centamin plc 2.0 Silver 12.3 Centerra Gold Inc. 1.9 Precious Metals & Minerals 1.5 Silver Lake Resources Limited 1.5 Cash/Receivables/Payables 0.9 Pan American Silver Corporation 1.5 Other 0.7 Torex Gold Resources Inc. 1.5 Total Sector Allocation 100.0 Roxgold Inc. 1.4 Sibanye-Stillwater, ADR 1.4 Yamana Gold Inc. 1.3 Regis Resources Limited 1.1 Cash/Receivables/Payables 0.9 Ramelius Resources Limited 0.9 Top Holdings as a Percentage of Total Net Asset Value 92.3 Total Net Asset Value $101,804,318

The summary of investment portfolio may change due to the Fund’s ongoing portfolio transactions. Updates are available quarterly. BMO Investments Inc. First Canadian Place, 43rd Floor 100 King Street West Toronto, Ontario M5X 1A1 www.bmo.com/mutualfunds and www.bmo.com/gam/ca

If you have any questions, please give us a call as follows: • If you purchased BMO Mutual Funds through a BMO Bank of Montreal branch or BMO Online Banking, please call 1-800-665-7700. • If you purchased BMO Mutual Funds through a full-service or discount broker, please call 1-800-668-7327 or email [email protected].

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 assumptions 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 statements to make decisions with respect to investing in the Fund, investors and others should carefully consider these factors, as well as other uncertainties 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.

®/™ Registered trade-marks/trade-mark of Bank of Montreal, used under licence. BMO Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal.