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Semi-Annual Financial Statements

BMO Private Portfolios June 30, 2021

BMO Private Canadian Corporate Bond Portfolio

NOTICE OF NO AUDITOR REVIEW OF THE SEMI-ANNUAL FINANCIAL STATEMENTS BMO Private Investment Counsel Inc., the Manager of the Portfolios, appoints independent auditors to audit the Portfolio’s Annual Financial Statements. Under Canadian securities laws (National Instrument 81-106), if an auditor has not reviewed the Semi-Annual Financial Statements, this must be disclosed in an accompanying notice. The Portfolio’s independent auditors have not performed a review of these Semi-Annual Financial Statements in accordance with standards established by the Chartered Professional Accountants of . BMO Private Canadian Corporate Bond Portfolio (unaudited)

STATEMENT OF FINANCIAL POSITION (All amounts in thousands of Canadian dollars, except per unit data) June 30 December 31 As at 2021 2020

Assets Current Assets Cash 1,061 3,786 Investments Non-derivative financial assets 1,863,547 1,906,786 Subscriptions receivable 1,782 817 Interest receivable 13,430 13,983 Total assets 1,879,820 1,925,372 Liabilities Current Liabilities Payable for investments purchased 4,218 3,171 Redemptions payable 2,806 829 Distributions payable 221 — Accrued expenses 96 109 Total liabilities 7,341 4,109 assets attributable to holders of redeemable units 1,872,479 1,921,263 Net assets attributable to holders of redeemable units per unit $ 10.64 $ 10.92

The accompanying notes are an integral part of these financial statements. BMO Private Canadian Corporate Bond Portfolio (unaudited)

STATEMENT OF COMPREHENSIVE INCOME (All amounts in thousands of Canadian dollars, except per unit data) June 30 June 30 For the periods ended 2021 2020

Income Interest income 24,952 26,303 Other changes in fair value of investments and derivatives Net realized gain 7,849 384 Change in unrealized (depreciation) appreciation (54,192) 56,613 Net (loss) gain in fair value of investments and derivatives (21,391) 83,300 Securities lending (note 8) 20 28 Foreign exchange gain 0 0 Total other income 20 28 Total (loss) income (21,371) 83,328 Expenses Sub-advisory fees 1,034 1,010 Audit fees 5 6 Independent review committee fees 1 2 Withholding taxes 0 0 Custodian fees 12 12 Interest expense — 1 Legal and filing fees 30 39 Unitholder servicing fees 262 268 Printing and stationery fees 7 7 Operating expenses absorbed by the Manager (1,034) (1,010) Total expenses 317 335

(Decrease) increase in net assets attributable to holders of redeemable units (21,688) 82,993

(Decrease) increase in net assets attributable to holders of redeemable units per unit (note 8) (0.12) 0.48

The accompanying notes are an integral part of these financial statements. BMO Private Canadian Corporate Bond Portfolio (unaudited)

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (All amounts in thousands of Canadian dollars) June 30 June 30 For the periods ended 2021 2020 Net assets attributable to holders of redeemable units at beginning of period 1,921,263 1,809,172 (Decrease) increase in net assets attributable to holders of redeemable units (21,688) 82,993 Distributions to holders of redeemable units From net investment income (27,762) (28,050) Total distributions to holders of redeemable units (27,762) (28,050) Redeemable unit transactions Proceeds from redeemable units issued 127,680 124,393 Reinvestments of distributions to holders of redeemable units 26,423 26,684 Redemption of redeemable units (153,437) (162,406) Net increase (decrease) from redeemable unit transactions 666 (11,329) Net (decrease) increase in net assets attributable to holders of redeemable units (48,784) 43,614 Net assets attributable to holders of redeemable units at end of period 1,872,479 1,852,786

The accompanying notes are an integral part of these financial statements. BMO Private Canadian Corporate Bond Portfolio (unaudited)

STATEMENT OF CASH FLOWS (All amounts in thousands of Canadian dollars) June 30 June 30 For the periods ended 2021 2020

Cash flows from operating activities (Decrease) increase in net assets attributable to holders of redeemable units (21,688) 82,993 Adjustments for: Net realized gain on sale of investments and derivatives (7,849) (384) Change in unrealized depreciation (appreciation) of investments and derivatives 54,192 (56,613) Decrease in interest receivable 553 289 Decrease in accrued expenses (13) (5) Amortization of premium and discount 3,089 2,060 Purchases of investments (228,961) (232,314) Proceeds from sale and maturity of investments 223,815 239,080 Net cash from operating activities 23,138 35,106 Cash flows from financing activities Distributions paid to holders of redeemable units, net of reinvested distributions (1,118) (1,136) Proceeds from issuances of redeemable units 126,715 124,601 Amounts paid on redemption of redeemable units (151,460) (161,566) Net cash used in financing activities (25,863) (38,101)

Net decrease in cash (2,725) (2,995) Cash at beginning of period 3,786 5,841 Cash at end of period 1,061 2,846

Supplementary Information Interest received, net of withholding taxes* 28,594 28,652 Interest expense paid* — 1 *These items are from operating activities

The accompanying notes are an integral part of these financial statements. BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Bonds & Debentures Provincial Bonds — 0.1% Power Generation Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.315% Oct 4, 2027 2,700 2,700 2,923 2,700 2,923

Corporate Bonds & Debentures — 99.1% 407 International Inc., Series 17-D1, Medium Term Notes, Secured, Subordinated, Callable, 2.470% Sep 8, 2022 1,200 1,203 1,220 407 International Inc., Senior, Secured, Notes, Callable, 1.800% May 22, 2025 2,228 2,281 2,270 407 International Inc., Series 16-A2, Medium Term Notes, Secured, Callable, 2.430% May 4, 2027 10,000 10,017 10,362 407 International Inc., Series 99-A2, Senior, Secured, 6.470% Jul 27, 2029 1,000 1,315 1,299 AIMCo Realty Investors LP, Series 1, Senior, Unsecured, Notes, Callable, 2.266% Jun 26, 2024 1,600 1,584 1,647 AIMCo Realty Investors LP, Series 3, Senior, Unsecured, Notes, Callable, 3.367% Jun 1, 2027 4,800 4,800 5,181 AIMCo Realty Investors LP, Series 2, Senior, Unsecured, Notes, Callable, 3.043% Jun 1, 2028 4,000 4,056 4,254 AIMCo Realty Investors LP, Series 4, Senior, Unsecured, Notes, Callable, 2.712% Jun 1, 2029 5,012 5,114 5,203 Alectra Inc., Series A, Senior, Unsecured, Debentures, Callable, 2.488% May 17, 2027 9,000 8,946 9,362 Alectra Inc., Senior, Unsecured, Notes, Callable, 1.751% Feb 11, 2031 595 595 571 Algonquin Power Co., Senior, Unsecured, Notes, Callable, 4.090% Feb 17, 2027 5,000 5,052 5,528 Algonquin Power Co., Senior, Unsecured, Debentures, Callable, 4.600% Jan 29, 2029 1,063 1,063 1,229 Algonquin Power Co., Senior, Unsecured, Notes, Callable, 2.850% Jul 15, 2031 500 500 507 Alimentation Couche-Tard Inc., Series 6, Senior, Unsecured, Notes, Callable, 3.056% Jul 26, 2024 4,080 4,213 4,276 Alimentation Couche-Tard Inc., Series 5, Senior, Unsecured, Notes, Callable, 3.600% Jun 2, 2025 3,450 3,501 3,697 Alliance Pipelines Limited Partnership, Series A, Sinking Funds, Senior, Secured, Notes, 7.217% Dec 31, 2025 131 143 153 Allied Properties Real Estate Investment Trust, Series C, Senior, Unsecured, Notes, Callable, 3.636% Apr 21, 2025 3,000 3,132 3,194 Allied Properties Real Estate Investment Trust, Series E, Senior, Unsecured, Debentures, Callable, 3.113% Apr 8, 2027 187 187 195 Allied Properties Real Estate Investment Trust, Series D, Senior, Unsecured, Debentures, Callable, 3.394% Aug 15, 2029 5,050 5,105 5,244 Allied Properties Real Estate Investment Trust, Series F, Senior, Unsecured, Debentures, Callable, 3.117% Feb 21, 2030 3,462 3,462 3,498 AltaGas Canada Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.150% Apr 6, 2026 1,250 1,254 1,324 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) AltaGas Canada Inc., Medium Term Notes, Senior, Unsecured, Callable, 4.260% Dec 5, 2028 5,900 6,096 6,697 AltaGas Ltd., Medium Term Notes, Senior, Unsecured, 2.609% Dec 16, 2022 133 133 136 AltaGas Ltd., Series 10, Medium Term Notes, Unsecured, Callable, 3.570% Jun 12, 2023 600 605 624 AltaGas Ltd., Series 11, Medium Term Notes, Senior, Unsecured, Callable, 4.400% Mar 15, 2024 2,000 2,064 2,147 AltaGas Ltd., Medium Term Notes, Senior, Unsecured, 1.227% Mar 18, 2024 1,428 1,428 1,422 AltaGas Ltd., Series 15, Medium Term Notes, Senior, Unsecured, Callable, 3.840% Jan 15, 2025 1,000 1,019 1,072 AltaGas Ltd., Series 17, Medium Term Notes, Senior, Unsecured, Callable, 4.120% Apr 7, 2026 4,000 4,101 4,369 AltaGas Ltd., Medium Term Notes, Senior, Unsecured, Callable, 2.166% Mar 16, 2027 2,450 2,450 2,445 AltaGas Ltd., Series 18, Medium Term Notes, Senior, Unsecured, Callable, 3.980% Oct 4, 2027 100 100 109 AltaGas Ltd., Medium Term Notes, Senior, Unsecured, Callable, 2.075% May 30, 2028 1,550 1,564 1,515 AltaGas Ltd., Medium Term Notes, Senior, Unsecured, Callable, 2.477% Nov 30, 2030 100 100 97 AltaLink, L.P., Series 2012-2, Medium Term Notes, Secured, 2.978% Nov 28, 2022 1,500 1,512 1,548 AltaLink, L.P., Series 2013-4, Medium Term Notes, Secured, 3.668% Nov 6, 2023 1,800 1,843 1,914 AltaLink, L.P., Series 2014-1, Medium Term Notes, Secured, 3.399% Jun 6, 2024 1,100 1,119 1,169 AltaLink, L.P., Series 2016-1, Medium Term Notes, Secured, Callable, 2.747% May 29, 2026 2,300 2,349 2,428 AltaLink, L.P., Series 20-1, Senior, Secured, Notes, Callable, 1.509% Sep 11, 2030 4,682 4,563 4,413 ARC Resources Ltd., Senior, Unsecured, Notes, Callable, 2.354% Mar 10, 2026 1,750 1,750 1,762 ARC Resources Ltd., Senior, Unsecured, Notes, Callable, 3.465% Mar 10, 2031 3,500 3,500 3,570 ATCO Ltd., Series 18-1, Fixed to Floating, Unsecured, Notes, Subordinated, Callable, 5.500% Nov 1, 2078 2,000 2,045 2,208 of Montreal, Deposit Notes, Senior, Unsecured, 2.270% Jul 11, 2022 9,500 9,577 9,678 , Deposit Notes, Senior, Unsecured, 2.890% Jun 20, 2023 7,450 7,592 7,753 Bank of Montreal, Senior, Unsecured, Notes, 2.850% Mar 6, 2024 5,818 5,844 6,079 Bank of Montreal, Senior, Unsecured, Notes, 2.280% Jul 29, 2024 6,154 6,141 6,343 Bank of Montreal, Deposit Notes, Senior, Unsecured, 2.700% Sep 11, 2024 10,250 10,396 10,752 Bank of Montreal, Medium Term Notes, Senior, Unsecured, Callable, 2.370% Feb 3, 2025 4,000 4,036 4,136 Bank of Montreal, Deposit Notes, Senior, Unsecured, 4.609% Sep 10, 2025 6,450 6,967 7,305 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Bank of Montreal, Senior, Unsecured, Notes, Callable, 1.551% May 28, 2026 4,000 4,002 3,979 Bank of Montreal, Senior, Unsecured, Notes, 2.700% Dec 9, 2026 1,850 1,873 1,959 Bank of Montreal, Deposit Notes, Senior, Unsecured, 3.190% Mar 1, 2028 24,575 25,472 26,781 Bank of Montreal, Unsecured, Notes, Subordinated, Callable, 2.880% Sep 17, 2029 6,250 6,322 6,515 Bank of Montreal, Unsecured, Notes, Subordinated, Callable, 2.077% Jun 17, 2030 500 509 507 Bank of Nova Scotia, The, Deposit Notes, Senior, Unsecured, 2.360% Nov 8, 2022 7,000 6,976 7,165 Bank of Nova Scotia, The, Deposit Notes, Senior, Unsecured, 2.980% Apr 17, 2023 7,850 7,875 8,161 Bank of Nova Scotia, The, Senior, Unsecured, Notes, 2.380% May 1, 2023 11,931 12,171 12,248 Bank of Nova Scotia, The, Deposit Notes, Senior, Unsecured, 2.290% Jun 28, 2024 13,500 13,532 13,978 Bank of Nova Scotia, The, Senior, Unsecured, Notes, 2.490% Sep 23, 2024 6,672 6,669 6,922 Bank of Nova Scotia, The, Senior, Unsecured, Notes, 2.160% Feb 3, 2025 5,636 5,691 5,789 Bank of Nova Scotia, The, Deposit Notes, Senior, Unsecured, 2.620% Dec 2, 2026 8,350 8,312 8,812 Bank of Nova Scotia, The, Senior, Unsecured, Notes,1.400% Nov 1, 2027 3,000 3,008 2,909 Bank of Nova Scotia, The, Deposit Notes, Senior, Unsecured, 3.100% Feb 2, 2028 23,500 24,084 25,462 Bank of Nova Scotia, The, Fixed to Floating, Unsecured, Debentures, Subordinated, Callable, 3.890% Jan 18, 2029 9,053 9,338 9,636 Bank of Nova Scotia, The, Unsecured, Debentures, Subordinated, Callable, 2.836% Jul 3, 2029 6,423 6,416 6,683 Bankers Hall LP, Sinking Funds, Secured, Notes, 4.377% Nov 20, 2023 428 428 442 BCI QuadReal Realty, Senior, Unsecured, Notes, Callable, 1.747% Jul 24, 2030 1,803 1,803 1,730 bcIMC Realty Corp., Series A, Senior, Unsecured, Notes, Callable, 2.150% Aug 11, 2022 1,500 1,503 1,524 bcIMC Realty Corp., Medium Term Notes, Senior, Unsecured, Callable, 2.840% Jun 3, 2025 2,500 2,528 2,631 bcIMC Realty Corp., Senior, Unsecured, Notes, Callable, 3.000% Mar 31, 2027 4,500 4,495 4,786 , Series M-26, Medium Term Notes, Senior, Unsecured, 3.350% Mar 22, 2023 1,700 1,714 1,759 Bell Canada, Series M-29, Medium Term Notes, Senior, Unsecured, Callable, 4.700% Sep 11, 2023 2,500 2,602 2,672 Bell Canada, Series M-44, Medium Term Notes, Senior, Unsecured, Callable, 2.700% Feb 27, 2024 4,250 4,276 4,400 Bell Canada, Series M-49, Medium Term Notes, Senior, Unsecured, Callable, 2.750% Jan 29, 2025 3,330 3,348 3,467 Bell Canada, Series M-47, Medium Term Notes, Senior, Unsecured, Callable, 3.350% Mar 12, 2025 6,500 6,666 6,905 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Bell Canada, Series M-41, Medium Term Notes, Senior, Unsecured, Callable, 3.550% Mar 2, 2026 3,600 3,667 3,868 Bell Canada, Series M-43, Medium Term Notes, Senior, Unsecured, Callable, 2.900% Aug 12, 2026 4,900 4,866 5,127 Bell Canada, Medium Term Notes, Senior, Unsecured, Callable, 1.650% Aug 16, 2027 2,409 2,372 2,341 Bell Canada, Series M-46, Medium Term Notes, Senior, Unsecured, Callable, 3.600% Sep 29, 2027 9,700 9,867 10,483 Bell Canada, Medium Term Notes, Senior, Unsecured, Callable, 2.200% May 29, 2028 1,400 1,398 1,399 Bell Canada, Series M-48, Medium Term Notes, Senior, Unsecured, Callable, 3.800% Aug 21, 2028 10,500 10,658 11,506 Bell Canada, Series M-50, Medium Term Notes, Senior, Unsecured, Callable, 2.900% Sep 10, 2029 6,200 6,306 6,385 Bell Canada, Medium Term Notes, Senior, Unsecured, Callable, 2.500% May 14, 2030 7,988 8,096 7,902 Bell Canada, Medium Term Notes, Senior, Unsecured, Callable, 3.000% Mar 17, 2031 7,615 7,651 7,772 BMW Canada Inc., Series V, Senior, Unsecured, Notes, 2.410% Nov 27, 2023 551 551 568 Bow Centre Street LP, Series C, Secured, Notes, 3.797% Jun 13, 2023 3,400 3,388 3,444 Brookfield Asset Management Inc., Medium Term Notes, Senior, Unsecured, Callable, 5.040% Mar 8, 2024 1,000 1,025 1,090 Brookfield Asset Management Inc., Medium Term Notes, Senior, Unsecured, Callable, 4.820% Jan 28, 2026 5,000 5,207 5,629 Brookfield Asset Management Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.800% Mar 16, 2027 6,500 6,527 7,095 Brookfield Infrastructure Finance ULC, Medium Term Notes, Senior, Unsecured, Callable, 3.315% Feb 22, 2024 2,000 2,007 2,099 Brookfield Infrastructure Finance ULC, Senior, Unsecured, Notes, Callable, 4.193% Sep 11, 2028 4,862 4,845 5,392 Brookfield Infrastructure Finance ULC, Medium Term Notes, Senior, Unsecured, Callable, 3.410% Oct 9, 2029 500 500 526 Brookfield Property Finance ULC, Medium Term Notes, Senior, Unsecured, Callable, 4.346% Jul 3, 2023 2,500 2,500 2,600 Brookfield Property Finance ULC, Medium Term Notes, Senior, Unsecured, Callable, 4.300% Mar 1, 2024 2,000 2,026 2,088 Brookfield Property Finance ULC, Medium Term Notes, Senior, Unsecured, Callable, 3.930% Jan 15, 2027 3,333 3,356 3,424 Brookfield Renewable Partners ULC, Medium Term Notes, Senior, Unsecured, Callable, 3.752% Jun 2, 2025 4,700 4,733 5,052 Brookfield Renewable Partners ULC, Medium Term Notes, Unsecured, Callable, 3.630% Jan 15, 2027 3,000 2,994 3,255 Brookfield Renewable Partners ULC, Medium Term Notes, Senior, Unsecured, Callable, 4.250% Jan 15, 2029 5,500 5,591 6,252 Brookfield Renewable Partners ULC, Medium Term Notes, Senior, Unsecured, Callable, 3.380% Jan 15, 2030 2,000 2,222 2,151 Bruce Power L.P., Series 2017-1, Senior, Unsecured, Notes, Callable, 3.000% Jun 21, 2024 1,200 1,203 1,256 Bruce Power L.P., Senior, Unsecured, Notes, 3.969% Jun 23, 2026 3,000 3,073 3,283 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Bruce Power L.P., Series 2017-2, Senior, Unsecured, Notes, Callable, 4.010% Jun 21, 2029 3,000 3,158 3,332 Bruce Power L.P., Series 20-1, Senior, Unsecured, Notes, Callable, 4.000% Jun 21, 2030 2,000 2,302 2,218 Corporation, Series G, Senior, Unsecured, Notes, Callable, 4.190% Jun 24, 2024 3,500 3,538 3,736 Cameco Corporation, Series H, Senior, Unsecured, Notes, Debentures, Callable, 2.950% Oct 21, 2027 2,250 2,249 2,297 Canada Life Assurance Company, The, Series B, Unsecured, Debentures, Subordinated, 6.400% Dec 11, 2028 3,500 4,360 4,483 Canadian Imperial Bank of Commerce, Deposit Notes, Senior, Unsecured, 2.300% Jul 11, 2022 8,250 8,300 8,407 Canadian Imperial Bank of Commerce, Deposit Notes, Senior, Unsecured, 2.470% Dec 5, 2022 4,500 4,487 4,618 Canadian Imperial Bank of Commerce, Senior, Unsecured, Notes, 2.430% Jun 9, 2023 5,388 5,421 5,543 Canadian Imperial Bank of Commerce, Deposit Notes, Senior, Unsecured, 2.970% Jul 11, 2023 7,500 7,653 7,823 Canadian Imperial Bank of Commerce, Senior, Unsecured, Notes, 3.290% Jan 15, 2024 6,540 6,674 6,897 Canadian Imperial Bank of Commerce, Senior, Unsecured, Notes, 2.350% Aug 28, 2024 3,250 3,247 3,356 Canadian Imperial Bank of Commerce, Senior, Unsecured, Notes, 2.000% Apr 17, 2025 1,300 1,337 1,327 Canadian Imperial Bank of Commerce, Deposit Notes, Unsecured, 3.300% May 26, 2025 17,603 17,832 18,979 Canadian Imperial Bank of Commerce, Fixed to Floating, Unsecured, Debentures, Subordinated, Callable, 3.450% Apr 4, 2028 3,500 3,508 3,644 Canadian Imperial Bank of Commerce, Unsecured, Debentures, Subordinated, Callable, 2.950% Jun 19, 2029 7,000 7,088 7,298 Canadian Imperial Bank of Commerce, Unsecured, Notes, Subordinated, Callable, 1.960% Apr 21, 2031 2,500 2,499 2,500 Canadian National Railway Company, Senior, Unsecured, Notes, Callable, 2.800% Sep 22, 2025 600 602 631 Canadian National Railway Company, Senior, Unsecured, Notes, Callable, 3.200% Jul 31, 2028 5,775 5,872 6,184 Canadian National Railway Company, Senior, Unsecured, Notes, Callable, 3.000% Feb 8, 2029 4,671 4,785 4,941 Canadian Natural Resources Limited, Senior, Unsecured, Notes, 1.450% Nov 16, 2023 750 749 754 Canadian Natural Resources Limited, Medium Term Notes, Senior, Unsecured, Callable, 3.550% Jun 3, 2024 2,100 2,110 2,220 Canadian Natural Resources Limited, Medium Term Notes, Senior, Unsecured, Callable, 3.420% Dec 1, 2026 6,750 6,816 7,186 Canadian Natural Resources Limited, Senior, Unsecured, Notes, Callable, 2.500% Jan 17, 2028 1,633 1,633 1,650 Company, Senior, Unsecured, Notes, Callable, 3.150% Mar 13, 2029 3,900 4,026 4,175 Corporation, Limited, Medium Term Notes, Senior, Unsecured, 3.167% Jul 6, 2023 1,857 1,868 1,930 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Canadian Utilities Limited, Senior, Unsecured, Debentures, 3.122% Nov 9, 2022 1,000 1,002 1,032 , Deposit Notes, Senior, Unsecured, 2.924% Dec 15, 2022 1,000 1,000 1,030 Canadian Western Bank, Deposit Notes, Senior, Unsecured, Callable, 2.597% Sep 6, 2024 200 200 207 Canadian Western Bank, Deposit Notes, Senior, Unsecured, Callable, 2.606% Jan 30, 2025 1,500 1,511 1,553 Canadian Western Bank, Deposit Notes, Senior, Unsecured, Callable, 1.926% Apr 16, 2026 300 300 301 Canadian Western Bank, Series F, Unsecured, Notes, Debentures, Subordinated, Callable, 3.668% Jun 11, 2029 2,400 2,400 2,520 Capital Power Corporation, Medium Term Notes, Senior, Unsecured, Callable, 4.284% Sep 18, 2024 3,000 3,026 3,242 Capital Power Corporation, Medium Term Notes, Senior, Unsecured, Callable, 4.986% Jan 23, 2026 2,750 2,820 3,092 Capital Power Corporation, Senior, Unsecured, Notes, Callable, 4.424% Feb 8, 2030 1,013 1,013 1,131 CARDS II Trust, Series A, Secured, Notes, 2.427% Nov 15, 2024 2,833 2,847 2,941 Caterpillar Financial Services Limited, Medium Term Notes, Senior, Unsecured, 2.090% Sep 12, 2022 500 500 509 CCL Industries Inc., Series 1, Senior, Unsecured, Notes, Callable, 3.864% Apr 13, 2028 5,350 5,498 5,808 Inc., Senior, Unsecured, Notes, Callable, 3.550% Mar 12, 2025 3,400 3,427 3,591 Cenovus Energy Inc., Senior, Unsecured, Notes, Callable, 3.600% Mar 10, 2027 10,500 10,587 11,074 Cenovus Energy Inc., Senior, Unsecured, Notes, Callable, 3.500% Feb 7, 2028 4,762 4,762 4,985 Central 1 Credit Union, Deposit Notes, Senior, Unsecured, 2.600% Nov 7, 2022 3,700 3,738 3,788 Central 1 Credit Union, Senior, Unsecured, Notes, 2.584% Dec 6, 2023 1,400 1,400 1,448 Central 1 Credit Union, Senior, Unsecured, Notes, 1.323% Jan 29, 2026 375 375 368 Chartwell Retirement Residences, Series B, Senior, Unsecured, Debentures, Callable, 4.211% Apr 28, 2025 2,506 2,505 2,664 Choice Properties L.P., Series 10, Senior, Unsecured, Notes, Callable, 3.600% Sep 20, 2022 1,500 1,507 1,540 Choice Properties Real Estate Investment Trust, Series G, Senior, Unsecured, Notes, Callable, 3.196% Mar 7, 2023 950 959 982 Choice Properties Real Estate Investment Trust, Series B, Senior, Unsecured, Notes, Callable, 4.903% Jul 5, 2023 1,000 1,029 1,066 Choice Properties Real Estate Investment Trust, Series D, Senior, Unsecured, Notes, Callable, 4.293% Feb 8, 2024 1,000 1,021 1,070 Choice Properties Real Estate Investment Trust, Series K, Senior, Unsecured, Debentures, Callable, 3.556% Sep 9, 2024 1,460 1,459 1,549 Choice Properties Real Estate Investment Trust, Series J, Senior, Unsecured, Debentures, Callable, 3.546% Jan 10, 2025 1,500 1,507 1,595 Choice Properties Real Estate Investment Trust, Series F, Senior, Unsecured, Notes, Callable, 4.055% Nov 24, 2025 3,000 3,301 3,265 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Choice Properties Real Estate Investment Trust, Series P, Senior, Unsecured, Debentures, Callable, 2.848% May 21, 2027 3,000 3,120 3,105 Choice Properties Real Estate Investment Trust, Series L, Senior, Unsecured, Debentures, Callable, 4.178% Mar 8, 2028 7,190 7,261 7,955 Choice Properties Real Estate Investment Trust, Series M, Senior, Unsecured, Debentures, Callable, 3.532% Jun 11, 2029 6,080 6,315 6,482 Choice Properties Real Estate Investment Trust, Series N, Senior, Unsecured, Debentures, Callable, 2.981% Mar 4, 2030 1,809 1,836 1,844 CI Financial Corp., Senior, Unsecured, Debentures, Callable, 3.215% Jul 22, 2024 2,396 2,396 2,497 CI Financial Corp., Senior, Unsecured, Notes, Callable, 3.904% Sep 27, 2027 2,815 2,838 3,006 Credit Union, Fixed to Floating, Unsecured, Notes, Subordinated, Callable, 5.000% May 3, 2028 250 251 265 Coast Capital Savings Credit Union, Series 2, Fixed to Floating, Unsecured, Notes, Subordinated, Callable, 5.250% Oct 29, 2030 867 867 965 Communications Inc., Series 4, Senior, Secured, Notes, Callable, 4.175% May 26, 2023 3,900 3,942 4,089 Concentra Bank, Deposit Notes, Senior, Unsecured, 1.462% May 17, 2024 3,393 3,393 3,391 Consumers' Gas Company Ltd., The, Medium Term Notes, 6.050% Jul 5, 2023 1,500 1,579 1,644 Co-operators Financial Services Limited, Senior, Unsecured, Notes, Debentures, Callable, 3.327% May 13, 2030 3,250 3,275 3,200 Crombie Real Estate Investment Trust, Series D, Senior, Unsecured, Notes, Callable, 4.066% Nov 21, 2022 500 500 519 Crombie Real Estate Investment Trust, Series E, Senior, Unsecured, Notes, Callable, 4.800% Jan 31, 2025 225 225 247 Crombie Real Estate Investment Trust, Series F, Senior, Unsecured, Notes, Callable, 3.677% Aug 26, 2026 4,899 4,976 5,227 Crombie Real Estate Investment Trust, Series G, Senior, Unsecured, Notes, Callable, 3.917% Jun 21, 2027 200 200 216 Crombie Real Estate Investment Trust, Series H, Senior, Unsecured, Notes, Callable, 2.686% Mar 31, 2028 2,750 2,839 2,764 CT Real Estate Investment Trust, Series D, Senior, Unsecured, Notes, Callable, 3.289% Jun 1, 2026 750 747 792 CT Real Estate Investment Trust, Series E, Senior, Unsecured, Notes, Callable, 3.469% Jun 16, 2027 4,400 4,455 4,693 CT Real Estate Investment Trust, Series F, Senior, Unsecured, Notes, Callable, 3.865% Dec 7, 2027 5,550 5,675 6,038 CU Inc., Medium Term Notes, Senior, Unsecured, 5.563% May 26, 2028 3,000 3,528 3,657 Daimler Canada Finance Inc., Euro Medium Term Notes, Senior, Unsecured, 3.300% Aug 16, 2022 1,000 1,010 1,028 Daimler Canada Finance Inc., Medium Term Notes, Senior, Unsecured, 2.570% Nov 22, 2022 3,000 2,978 3,071 Daimler Canada Finance Inc., Senior, Unsecured, Notes, 2.540% Aug 21, 2023 2,000 2,000 2,060 Daimler Canada Finance Inc., Euro Medium Term Notes, Senior, Unsecured, 2.970% Mar 13, 2024 231 231 241 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Daimler Canada Finance Inc., Medium Term Notes, Senior, Unsecured, 1.650% Sep 22, 2025 1,286 1,284 1,287 Inc., Senior, Unsecured, Notes, Callable, 2.203% Nov 10, 2022 1,000 997 1,018 Dollarama Inc., Senior, Unsecured, Notes, Callable, 3.550% Nov 6, 2023 2,186 2,181 2,302 Dollarama Inc., Senior, Unsecured, Notes, Callable, 1.871% Jul 8, 2026 833 833 833 Dollarama Inc., Senior, Unsecured, Notes, Callable, 1.505% Sep 20, 2027 1,200 1,200 1,162 Dollarama Inc., Senior, Unsecured, Notes, Callable, 2.443% Jul 9, 2029 3,385 3,385 3,394 Dream Industrial Real Estate Investment Trust, Series JUN, Senior, Unsecured, Debentures, Callable, 1.662% Dec 22, 2025 3,600 3,596 3,572 Dream Industrial Real Estate Investment Trust, Series C, Senior, Unsecured, Debentures, Callable, 2.057% Jun 17, 2027 1,400 1,400 1,393 Eagle Trust, Series 171A, Secured, Notes, 2.631% Oct 17, 2022 500 502 513 Eagle Credit Card Trust, Series A, Secured, Notes, 2.220% Jul 17, 2024 1,000 998 1,029 Inc., Series 2016-1, Senior, Unsecured, Notes, 2.900% Jun 16, 2023 485 486 502 Empire Life Insurance Company, The, Fixed to Floating, Unsecured, Debentures, Subordinated, Callable, 3.664% Mar 15, 2028 2,000 2,004 2,084 Gas Distribution Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.310% Sep 11, 2025 1,300 1,338 1,397 Enbridge Gas Distribution Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.500% Aug 5, 2026 2,250 2,231 2,342 Enbridge Gas Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.370% Aug 9, 2029 7,778 7,777 7,940 Enbridge Gas Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.900% Apr 1, 2030 9,000 9,779 9,479 Enbridge Inc., Medium Term Notes, Senior, Unsecured, 3.190% Dec 5, 2022 1,900 1,901 1,960 Enbridge Inc., Medium Term Notes, Senior, Unsecured, 3.940% Jan 13, 2023 1,000 1,011 1,045 Enbridge Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.940% Jun 30, 2023 1,800 1,820 1,887 Enbridge Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.950% Nov 19, 2024 2,000 2,040 2,151 Enbridge Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.440% Jun 2, 2025 80 80 82 Enbridge Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.200% Jun 8, 2027 9,700 9,774 10,226 Enbridge Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.990% Oct 3, 2029 10,750 10,826 11,080 Enbridge Inc., Medium Term Notes, Senior, Unsecured, 7.220% Jul 24, 2030 830 1,118 1,076 Enbridge Inc., Fixed to Floating, Notes, Subordinated, Callable, 5.375% Sep 27, 2077 14,350 14,176 15,095 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Enbridge Inc., Series C, Fixed to Floating, Unsecured, Notes, Subordinated, Callable, 6.625% Apr 12, 2078 8,750 8,946 9,902 Enbridge Pipelines Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.790% Aug 17, 2023 1,000 1,032 1,051 Enbridge Pipelines Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.450% Sep 29, 2025 3,000 3,077 3,218 Enbridge Pipelines Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.000% Aug 10, 2026 6,500 6,626 6,860 Enbridge Pipelines Inc., Medium Term Notes, Unsecured, Callable, 3.520% Feb 22, 2029 3,818 3,903 4,132 Enbridge Pipelines Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.820% May 12, 2031 150 150 152 ENMAX Corporation, Series 5, Senior, Unsecured, Debentures, 2.922% Oct 18, 2022 1,381 1,381 1,416 ENMAX Corporation, Senior, Unsecured, Notes, Callable, 3.805% Dec 5, 2024 1,000 1,034 1,066 ENMAX Corporation, Series 6, Senior, Unsecured, Debentures, Callable, 3.331% Jun 2, 2025 545 545 576 ENMAX Corporation, Series 4, Senior, Unsecured, Debentures, Callable, 3.836% Jun 5, 2028 6,312 6,534 6,794 ENMAX Corporation, Senior, Unsecured, Debentures, Callable, 3.876% Oct 18, 2029 765 765 825 EPCOR Utilities Inc., Medium Term Notes, Senior, Unsecured, 1.949% Jul 8, 2022 150 150 152 Equitable Bank, Deposit Notes, Senior, Unsecured, 2.948% Sep 26, 2022 875 875 895 Equitable Bank, Deposit Notes, Senior, Unsecured, 1.774% Sep 21, 2023 857 857 864 Equitable Bank, Deposit Notes, Senior, Unsecured, 1.939% Mar 10, 2025 1,000 1,000 1,001 Equitable Bank, Deposit Notes, Senior, Unsecured, 1.876% Nov 26, 2025 1,600 1,600 1,581 Fairfax Financial Holdings Limited, Senior, Unsecured, Notes, Callable, 4.700% Dec 16, 2026 9,600 9,799 10,645 Fairfax Financial Holdings Limited, Senior, Unsecured, Notes, Callable, 4.250% Dec 6, 2027 7,100 7,031 7,713 Fairfax Financial Holdings Limited, Senior, Unsecured, Notes, Callable, 4.230% Jun 14, 2029 2,750 2,773 2,959 Fairfax Financial Holdings Limited, Senior, Unsecured, Notes, Callable, 3.950% Mar 3, 2031 1,000 1,003 1,032 Federated Co-Operatives Limited, Senior, Unsecured, Notes, Callable, 3.917% Jun 17, 2025 1,350 1,364 1,423 Federation des caisses Desjardins du , Medium Term Notes, Senior, Unsecured, 2.394% Aug 25, 2022 2,000 2,000 2,042 Federation des caisses Desjardins du Quebec, Medium Term Notes, Senior, Unsecured, 3.056% Sep 11, 2023 7,095 7,191 7,428 Federation des caisses Desjardins du Quebec, Senior, Unsecured, Notes, 2.417% Oct 4, 2024 4,000 3,985 4,141 Federation des caisses Desjardins du Quebec, Unsecured, Notes, Subordinated, Callable, 2.856% May 26, 2030 2,000 2,060 2,081 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Federation des caisses Desjardins du Quebec, Unsecured, Notes, Subordinated, Callable, 1.992% May 28, 2031 2,250 2,261 2,245 Finning International Inc., Senior, Unsecured, Notes, Callable, 2.626% Aug 14, 2026 750 750 765 First Capital Realty, Inc., Series P, Senior, Unsecured, Debentures, 3.950% Dec 5, 2022 1,000 1,001 1,038 First Capital Realty, Inc., Series Q, Senior, Unsecured, Debentures, 3.900% Oct 30, 2023 1,150 1,156 1,209 First Capital Realty, Inc., Series R, Senior, Unsecured, Debentures, 4.790% Aug 30, 2024 1,096 1,151 1,192 First Capital Realty, Inc., Series S, Senior, Unsecured, Debentures, 4.323% Jul 31, 2025 5,750 5,997 6,216 First Capital Realty, Inc., Series T, Senior, Unsecured, Debentures, Callable, 3.604% May 6, 2026 4,000 4,061 4,200 First Capital Realty, Inc., Series V, Senior, Unsecured, Debentures, Callable, 3.456% Jan 22, 2027 2,125 2,156 2,214 First Capital Realty, Inc., Series U, Senior, Unsecured, Debentures, Callable, 3.753% Jul 12, 2027 2,500 2,548 2,638 First National Financial Corporation, Series 2, Senior, Unsecured, Notes, 3.582% Nov 25, 2024 267 267 279 Fortified Trust, Series A, Secured, Notes, 2.340% Jan 23, 2023 3,300 3,302 3,382 Fortified Trust, Series A, Secured, Notes, 2.558% Mar 23, 2024 1,238 1,239 1,286 Fortis Inc., Senior, Unsecured, Notes, Callable, 2.180% May 15, 2028 2,869 2,868 2,892 FortisAlberta Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.300% Sep 30, 2024 2,000 2,066 2,125 FortisBC Energy Inc., Series 27, Medium Term Notes, Senior, Unsecured, Callable, 2.580% Apr 8, 2026 2,000 1,970 2,089 General Motors Financial of Canada, Ltd., Series 5, Senior, Unsecured, Notes, 3.250% Nov 7, 2023 4,500 4,648 4,705 General Motors Financial of Canada, Ltd., Senior, Unsecured, Notes, Callable, 1.750% Apr 15, 2026 4,000 3,935 3,952 Genworth MI Canada Inc., Unsecured, Debentures, 4.242% Apr 1, 2024 650 663 694 Genworth MI Canada Inc., Senior, Unsecured, Debentures, Callable, 2.955% Mar 1, 2027 417 417 426 Gibson Energy Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.600% Sep 17, 2029 4,016 4,123 4,262 Glacier Credit Card Trust, Series 2019, Senior, Secured, Notes, 2.280% Jun 6, 2024 1,875 1,875 1,932 Glacier Credit Card Trust, Series 2020, Senior, Secured, Notes, 1.388% Sep 22, 2025 3,500 3,508 3,479 Granite REIT Holdings Limited Partnership, Series 3, Senior, Unsecured, Notes, Callable, 3.873% Nov 30, 2023 1,000 999 1,060 Granite REIT Holdings Limited Partnership, Series 4, Senior, Unsecured, Debentures, Callable, 3.062% Jun 4, 2027 1,750 1,894 1,838 Granite REIT Holdings Limited Partnership, Senior, Unsecured, Debentures, Callable, 2.378% Dec 18, 2030 4,500 4,480 4,359 Greater Toronto Airports Authority, Series 2012-1, Medium Term Notes, Secured, Callable, 3.040% Sep 21, 2022 1,250 1,262 1,279 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Greater Toronto Airports Authority, Series 1997-3, Revenue Bonds, 6.450% Dec 3, 2027 3,250 3,907 4,095 Greater Toronto Airports Authority, Series 20-1, Secured, Notes, Callable, 1.540% May 3, 2028 1,202 1,201 1,175 Greater Toronto Airports Authority, Series 2019-1, Senior, Secured, Notes, Callable, 2.730% Apr 3, 2029 14,900 15,442 15,611 Great-West Lifeco Inc., Senior, Unsecured, Notes, Callable, 3.337% Feb 28, 2028 4,500 4,545 4,878 Great-West Lifeco Inc., Senior, Unsecured, Debentures, Callable, 2.379% May 14, 2030 5,400 5,444 5,448 H&R Real Estate Investment Trust, Series O, Senior, Unsecured, Notes, Callable, 3.416% Jan 23, 2023 1,000 998 1,029 H&R Real Estate Investment Trust, Series N, Senior, Unsecured, Notes, Callable, 3.369% Jan 30, 2024 3,000 3,067 3,111 HCN Canadian Holdings-1 LP, Senior, Unsecured, Callable, 2.950% Jan 15, 2027 1,283 1,282 1,330 Honda Canada Finance, Inc., Senior, Unsecured, Notes, 2.268% Jul 15, 2022 2,500 2,502 2,543 Honda Canada Finance, Inc., Senior, Unsecured, Notes, 2.488% Dec 19, 2022 750 752 768 Honda Canada Finance, Inc., Senior, Unsecured, Notes, 2.537% Mar 1, 2023 2,000 1,996 2,054 Honda Canada Finance, Inc., Senior, Unsecured, Notes, 3.176% Aug 28, 2023 1,000 1,018 1,045 Honda Canada Finance, Inc., Senior, Unsecured, Notes, 2.500% Jun 4, 2024 1,000 1,000 1,036 Honda Canada Finance, Inc., Senior, Unsecured, Notes, 3.444% May 23, 2025 4,845 4,908 5,210 Honda Canada Finance, Inc., Senior, Unsecured, Notes, 1.337% Mar 17, 2026 2,960 2,941 2,919 Honda Canada Finance, Inc., Senior, Unsecured, Notes, 1.646% Feb 25, 2028 7,455 7,418 7,311 HSBC Bank Canada, Deposit Notes, Senior, Unsecured, 2.253% Sep 15, 2022 3,473 3,471 3,538 HSBC Bank Canada, Senior, Unsecured, Notes, 2.542% Jan 31, 2023 6,000 6,089 6,161 HSBC Bank Canada, Deposit Notes, Senior, Unsecured, 3.245% Sep 15, 2023 5,000 5,038 5,239 HSBC Bank Canada, Senior, Unsecured, Notes, 1.782% May 20, 2026 2,000 2,003 2,003 Hydro One Inc., Medium Term Notes, Senior, Unsecured, 0.710% Jan 16, 2023 2,000 2,004 1,999 Hydro One Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.540% Apr 5, 2024 437 437 454 Hydro One Inc., Medium Term Notes, Senior, Unsecured, Callable, 1.760% Feb 28, 2025 3,971 4,052 4,039 Hydro One Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.970% Jun 26, 2025 2,250 2,249 2,388 Hydro One Inc., Series 35, Medium Term Notes, Senior, Unsecured, Callable, 2.770% Feb 24, 2026 1,350 1,362 1,423 Hydro One Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.020% Apr 5, 2029 8,289 8,578 8,873 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Hydro One Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.160% Feb 28, 2030 7,280 7,386 7,271 Hydro One Inc., Medium Term Notes, Senior, Unsecured, Callable, 1.690% Jan 16, 2031 6,500 6,440 6,153 Hydro One Limited, Senior, Unsecured, Notes, Callable, 1.410% Oct 15, 2027 1,004 1,004 976 Hydro Ottawa Holdings, Inc., Senior, Unsecured, Notes, Callable, 2.614% Feb 3, 2025 3,000 2,975 3,128 Hyundai Capital Canada Inc., Series A, Senior, Unsecured, Notes, Callable, 2.008% May 12, 2026 796 796 797 iA Financial Corporation Inc., Unsecured, Debentures, Subordinated, Callable, 2.400% Feb 21, 2030 300 300 308 iA Financial Corporation Inc., Senior, Unsecured, Notes, Debentures, Subordinated, Callable, 3.072% Sep 24, 2031 2,971 3,020 3,129 IGM Financial Inc., Senior, Unsecured, Notes, Callable, 3.440% Jan 26, 2027 3,200 3,199 3,440 IGM Financial Inc., Series 1997, Senior, Unsecured, Debentures, 6.650% Dec 13, 2027 2,500 2,899 3,158 Industrial Alliance Insurance and Financial Services Inc., Fixed to Floating, Notes, Subordinated, Callable, 3.300% Sep 15, 2028 1,250 1,268 1,306 Intact Financial Corporation, Senior, Unsecured, Notes, 1.207% May 21, 2024 782 782 781 Intact Financial Corporation, Medium Term Notes, Senior, Unsecured, Callable, 3.691% Mar 24, 2025 750 821 809 Intact Financial Corporation, Series 6, Medium Term Notes, Senior, Unsecured, Callable, 3.770% Mar 2, 2026 2,000 2,082 2,174 Intact Financial Corporation, Series 7, Medium Term Notes, Senior, Unsecured, Callable, 2.850% Jun 7, 2027 1,180 1,187 1,239 Intact Financial Corporation, Senior, Unsecured, Notes, Callable, 2.179% May 18, 2028 4,833 4,833 4,870 Ltd., Series 8, Medium Term Notes, Senior, Unsecured, Callable, 2.608% Sep 13, 2023 2,000 2,008 2,055 Inter Pipeline Ltd., Series 10, Medium Term Notes, Senior, Unsecured, Callable, 2.734% Apr 18, 2024 1,900 1,871 1,961 Inter Pipeline Ltd., Series 7, Medium Term Notes, Senior, Unsecured, Callable, 3.173% Mar 24, 2025 2,250 2,128 2,359 Inter Pipeline Ltd., Series 9, Medium Term Notes, Senior, Unsecured, Callable, 3.484% Dec 16, 2026 5,750 5,746 6,096 Ivanhoe Cambridge II Inc, Series 1, Senior, Unsecured, Debentures, Callable, 2.909% Jun 27, 2023 2,500 2,514 2,592 Ivanhoe Cambridge II Inc, Senior, Unsecured, Debentures, Callable, 2.296% Dec 12, 2024 600 600 620 John Deere Canada Funding Inc., Medium Term Notes, Senior, Unsecured, 2.630% Sep 21, 2022 1,000 994 1,024 John Deere Canada Funding Inc., Series 18-01 Senior, Unsecured, Notes, 2.700% Jan 17, 2023 1,600 1,593 1,649 John Deere Canada Funding Inc., Medium Term Notes, Senior, Unsecured, 3.020% Jul 13, 2023 1,000 995 1,043 John Deere Financial Inc., Medium Term Notes, Senior, Unsecured, 2.460% Apr 4, 2024 2,550 2,622 2,643 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) John Deere Financial Inc., Medium Term Notes, Senior, Unsecured, 2.400% Sep 17, 2024 417 417 432 John Deere Financial Inc., Senior, Unsecured, Notes, 2.410% Jan 14, 2025 356 356 369 John Deere Financial Inc., Senior, Unsecured, Notes, 1.630% Apr 9, 2026 437 437 437 John Deere Financial Inc., Medium Term Notes, Senior, Unsecured, 2.580% Oct 16, 2026 3,833 3,833 4,000 John Deere Financial Inc., Senior, Unsecured, Notes, 1.340% Sep 8, 2027 400 400 388 Keyera Corp., Medium Term Notes, Senior, Unsecured, Callable, 3.934% Jun 21, 2028 5,889 5,902 6,374 Laurentian , Deposit Notes, Senior, Unsecured, 3.000% Sep 12, 2022 3,000 2,987 3,079 Laurentian Bank of Canada, Deposit Notes, Senior, Unsecured, 3.450% Jun 27, 2023 1,000 1,013 1,046 Limited, Series 2023, Senior, Unsecured, Notes, Callable, 4.860% Sep 12, 2023 2,500 2,594 2,683 Loblaw Companies Limited, Senior, Unsecured, Notes, Callable, 3.918% Jun 10, 2024 2,250 2,357 2,415 Loblaw Companies Limited, Senior, Unsecured, Notes, Callable, 4.488% Dec 11, 2028 4,500 4,599 5,169 Loblaw Companies Limited, Medium Term Notes, Senior, Unsecured, 6.500% Jan 22, 2029 800 920 1,010 Loblaw Companies Limited, Senior, Unsecured, Notes, Callable, 2.284% May 7, 2030 140 140 138 Lower Mattagami Energy LP, Series 2014-1, Secured, Notes, 3.416% Jun 20, 2024 2,525 2,608 2,697 Lower Mattagami Energy LP, Series 2016-1, Senior, Secured, Notes, 2.307% Oct 21, 2026 2,500 2,535 2,592 Lower Mattagami Energy LP, Series 21-1, Senior, Secured, Notes, Callable, 2.433% May 14, 2031 368 368 374 Inc., Senior, Unsecured, Notes, Callable, 3.100% Dec 15, 2022 2,100 2,110 2,165 Telecom Services Inc., Series 10, Medium Term Notes, Senior, Unsecured, Callable, 4.000% May 27, 2024 2,650 2,746 2,834 Manufacturers Life Insurance Company, The, Fixed to Floating, Notes, Subordinated, Callable, 3.181% Nov 22, 2027 3,600 3,671 3,713 Bank of Canada, Deposit Notes, Senior, Unsecured, 2.844% Jan 12, 2023 4,000 4,108 4,125 , Deposit Notes, Senior, Unsecured, 2.378% Nov 19, 2024 171 171 177 Manulife Bank of Canada, Deposit Notes, Senior, Unsecured, 1.504% Jun 25, 2025 750 764 753 Manulife Bank of Canada, Deposit Notes, Senior, Unsecured, 1.337% Feb 26, 2026 267 267 264 Manulife Financial Corporation, Fixed to Floating, Unsecured, Debentures, Subordinated, Callable, 3.317% May 9, 2028 2,680 2,730 2,790 Manulife Financial Corporation, Fixed to Floating, Unsecured, Debentures, Subordinated, Callable, 3.049% Aug 20, 2029 3,600 3,643 3,776 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Manulife Financial Corporation, Unsecured, Notes, Subordinated, Callable, 2.237% May 12, 2030 6,500 6,628 6,654 Manulife Financial Corporation, Unsecured, Notes, Subordinated, Callable, 2.818% May 13, 2035 4,500 4,579 4,590 MCAP Commercial LP, Senior, Secured, Notes, 4.151% Jun 17, 2024 600 600 631 MCAP Commercial LP, Senior, Secured, Notes, 3.743% Aug 25, 2025 500 500 520 MCAP Commercial LP, Senior, Secured, Notes, Callable, 3.384% Nov 26, 2027 800 800 808 Metro Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.680% Dec 5, 2022 1,000 1,000 1,024 Metro Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.390% Dec 6, 2027 4,550 4,548 4,900 Morguard Corporation, Series C, Senior, Unsecured, Notes, Callable, 4.333% Sep 15, 2022 1,000 1,000 1,012 Morguard Corporation, Series E, Senior, Unsecured, Debentures, Callable, 4.715% Jan 25, 2024 1,600 1,600 1,635 Morguard Corporation, Series F, Senior, Unsecured, Debentures, Callable, 4.204% Nov 27, 2024 500 500 502 , Senior, Unsecured, Notes, 2.983% Mar 4, 2024 3,675 3,705 3,852 National Bank of Canada, Senior, Unsecured, Notes, 2.545% Jul 12, 2024 4,050 4,190 4,204 National Bank of Canada, Senior, Unsecured, Notes, 2.580% Feb 3, 2025 3,500 3,601 3,646 National Bank of Canada, Senior, Unsecured, Notes, Callable, 1.573% Aug 18, 2026 2,500 2,519 2,502 National Bank of Canada, Fixed to Floating, Medium Term Notes, Unsecured, Subordinated, Callable, 3.183% Feb 1, 2028 5,000 5,000 5,163 NAV Canada, Unsecured, Notes, Callable, 2.063% May 29, 2030 2,500 2,570 2,490 North West Redwater Partnership / NWR Financing Company Ltd., Series L, Senior, Secured, Notes, 1.200% Dec 1, 2023 714 714 715 North West Redwater Partnership / NWR Financing Company Ltd., Series A, Secured, Notes, Callable, 3.200% Jul 22, 2024 1,750 1,764 1,840 North West Redwater Partnership / NWR Financing Company Ltd., Series A, Secured, Notes, Callable, 3.200% Apr 24, 2026 5,000 5,050 5,294 North West Redwater Partnership / NWR Financing Company Ltd., Series M, Senior, Secured, Notes, Callable, 2.000% Dec 1, 2026 6,637 6,625 6,642 North West Redwater Partnership / NWR Financing Company Ltd., Series J, Senior, Secured, Notes, Callable, 2.800% Jun 1, 2027 5,170 5,127 5,367 North West Redwater Partnership / NWR Financing Company Ltd., Series F, Secured, Notes, Callable, 4.250% Jun 1, 2029 4,300 4,800 4,843 Nova Scotia Power Inc., Medium Term Notes, Senior, Unsecured, 8.850% May 19, 2025 2,600 3,144 3,266 OMERS Realty Corporation, Series 2, Senior, Unsecured, Notes, 3.358% Jun 5, 2023 400 408 419 OMERS Realty Corporation, Series 12, Senior, Unsecured, Debentures, 1.298% Sep 22, 2023 1,210 1,210 1,219 OMERS Realty Corporation, Series 7, Senior, Unsecured, Notes, Callable, 2.858% Feb 23, 2024 900 902 942 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) OMERS Realty Corporation, Series 6, Senior, Unsecured, Notes, 3.328% Nov 12, 2024 2,000 2,094 2,137 OMERS Realty Corporation, Series 10, Senior, Unsecured, Debentures, Callable, 3.331% Jun 5, 2025 814 814 873 OMERS Realty Corporation, Series 9, Senior, Unsecured, Notes, Callable, 3.244% Oct 4, 2027 7,225 7,338 7,801 OMERS Realty Corporation, Series 11, Senior, Unsecured, Debentures, Callable, 3.628% Jun 5, 2030 5,000 5,790 5,568 Ontario Power Generation Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.977% Sep 13, 2029 8,000 8,408 8,466 Ontario Power Generation Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.215% Apr 8, 2030 4,500 4,905 4,822 PACCAR Financial Corp., Series MPLE, Senior, Unsecured, Notes, 0.985% May 14, 2024 1,714 1,714 1,706 Corporation, Series 2, Medium Term Notes, Unsecured, 3.770% Oct 24, 2022 1,450 1,463 1,502 Pembina Pipeline Corporation, Medium Term Notes, Senior, Unsecured, 2.560% Jun 1, 2023 2,155 2,155 2,211 Pembina Pipeline Corporation, Series 8, Medium Term Notes, Senior, Unsecured, Callable, 2.990% Jan 22, 2024 1,500 1,492 1,558 Pembina Pipeline Corporation, Series 5, Medium Term Notes, Unsecured, Callable, 3.540% Feb 3, 2025 2,500 2,527 2,653 Pembina Pipeline Corporation, Series 7, Medium Term Notes, Senior, Unsecured, Callable, 3.710% Aug 11, 2026 4,100 4,285 4,407 Pembina Pipeline Corporation, Series 6, Medium Term Notes, Unsecured, Callable, 4.240% Jun 15, 2027 4,900 5,012 5,407 Pembina Pipeline Corporation, Series 10, Senior, Unsecured, Notes, Callable, 4.020% Mar 27, 2028 2,500 2,492 2,734 Pembina Pipeline Corporation, Medium Term Notes, Senior, Unsecured, Callable, 3.620% Apr 3, 2029 8,021 8,494 8,567 Pembina Pipeline Corporation, Medium Term Notes, Senior, Unsecured, Callable, 3.310% Feb 1, 2030 2,500 2,575 2,595 Penske Truck Leasing Canada Inc., Senior, Unsecured, Notes, Callable, 2.850% Dec 7, 2022 1,000 1,000 1,024 Penske Truck Leasing Canada Inc., Senior, Unsecured, Notes, Callable, 2.700% Sep 30, 2024 407 406 421 Prime Structured Mortgage Trust, Series 20-1, Senior, Secured, 1.968% Feb 15, 2023 1,867 1,867 1,900 Reliance LP, Senior, Secured, Notes, Callable, 3.836% Mar 15, 2025 1,000 1,000 1,072 Reliance LP, Senior, Secured, Notes, Callable, 3.750% Mar 15, 2026 2,545 2,539 2,727 Reliance LP, Senior, Secured, Notes, Callable, 2.680% Dec 1, 2027 800 800 811 Reliance LP, Senior, Secured, Notes, Callable, 2.670% Aug 1, 2028 3,200 3,198 3,226 RioCan Real Estate Investment Trust, Series Y, Senior, Unsecured, Notes, 2.830% Oct 3, 2022 1,000 1,005 1,022 RioCan Real Estate Investment Trust, Series T, Senior, Unsecured, Notes, 3.725% Apr 18, 2023 1,350 1,355 1,409 RioCan Real Estate Investment Trust, Series AA, Senior, Unsecured, Debentures, Callable, 3.209% Sep 29, 2023 1,450 1,439 1,506 RioCan Real Estate Investment Trust, Series W, Senior, Unsecured, Notes, 3.287% Feb 12, 2024 1,000 1,009 1,045 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) RioCan Real Estate Investment Trust, Series AB, Senior, Unsecured, Notes, Debentures, Callable, 2.576% Feb 12, 2025 3,000 3,008 3,079 RioCan Real Estate Investment Trust, Series AD, Senior, Unsecured, Callable, 1.974% Jun 15, 2026 2,500 2,515 2,471 RioCan Real Estate Investment Trust, Series AC, Senior, Unsecured, Debentures, Callable, 2.361% Mar 10, 2027 2,333 2,276 2,328 , Inc., Medium Term Notes, Senior, Unsecured, Callable, 4.000% Mar 13, 2024 2,200 2,261 2,340 Rogers Communications, Inc., Senior, Unsecured, Notes, Callable, 3.650% Mar 31, 2027 7,250 7,921 7,778 Rogers Communications, Inc., Senior, Unsecured, Notes, Callable, 3.250% May 1, 2029 10,000 10,085 10,461 , Deposit Notes, Senior, Unsecured, 2.360% Dec 5, 2022 7,700 7,662 7,890 Royal Bank of Canada, Deposit Notes, Senior, Unsecured, 2.949% May 1, 2023 7,500 7,519 7,799 Royal Bank of Canada, Senior, Unsecured, Notes, 3.296% Sep 26, 2023 6,540 6,569 6,868 Royal Bank of Canada, Deposit Notes, Senior, Unsecured, 2.333% Dec 5, 2023 8,650 8,740 8,944 Royal Bank of Canada, Senior, Unsecured, Notes, 2.352% Jul 2, 2024 10,000 10,170 10,330 Royal Bank of Canada, Senior, Unsecured, Notes, 2.609% Nov 1, 2024 7,635 7,764 7,956 Royal Bank of Canada, Senior, Unsecured, Notes, 1.936% May 1, 2025 4,250 4,365 4,331 Royal Bank of Canada, Deposit Notes, Senior, Unsecured, 4.930% Jul 16, 2025 6,200 6,769 7,090 Royal Bank of Canada, Senior, Unsecured, Notes, 1.589% May 4, 2026 2,000 2,007 1,994 Royal Bank of Canada, Senior, Unsecured, Notes, 2.328% Jan 28, 2027 18,050 18,812 18,555 Royal Bank of Canada, Unsecured, Notes, Subordinated, Callable, 2.740% Jul 25, 2029 5,815 5,803 6,035 Royal Bank of Canada, Unsecured, Notes, Subordinated, Callable, 2.880% Dec 23, 2029 5,667 5,716 5,914 Royal Bank of Canada, Unsecured, Notes, Subordinated, Callable, 2.088% Jun 30, 2030 2,000 2,040 2,030 Royal Bank of Canada, Unsecured, Notes, Subordinated, Callable, 1.670% Jan 28, 2033 6,750 6,666 6,531 Sagen MI Canada Inc., Senior, Unsecured, Debentures, Callable, 3.261% Mar 5, 2031 1,667 1,667 1,674 Saputo Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.827% Nov 21, 2023 750 749 777 Saputo Inc., Medium Term Notes, Senior, Unsecured, Callable, 2.876% Nov 19, 2024 1,875 1,875 1,960 Saputo Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.603% Aug 14, 2025 2,000 2,012 2,149 Saputo Inc., Senior, Unsecured, Notes, Callable, 1.415% Jun 19, 2026 3,513 3,513 3,433 Saputo Inc., Unsecured, Notes, Callable, 2.242% Jun 16, 2027 2,666 2,673 2,682 Saputo Inc., Senior, Unsecured, Notes, Callable, 2.297% Jun 22, 2028 3,480 3,480 3,481 Inc., Senior, Unsecured, Notes, Callable, 3.800% Nov 2, 2023 2,136 2,136 2,256 Shaw Communications Inc., Senior, Unsecured, Notes, 4.350% Jan 31, 2024 1,000 1,017 1,069 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Shaw Communications Inc., Senior, Unsecured, Notes, Callable, 3.800% Mar 1, 2027 4,750 4,861 5,124 Shaw Communications Inc., Senior, Unsecured, Notes, Callable, 4.400% Nov 2, 2028 4,750 4,755 5,326 Shaw Communications Inc., Senior, Unsecured, Notes, Callable, 3.300% Dec 10, 2029 4,350 4,493 4,540 Shaw Communications Inc., Senior, Unsecured, Notes, Callable, 2.900% Dec 9, 2030 2,000 2,008 2,000 Sienna Senior Living Inc., Series A, Senior, Unsecured, Debentures, Callable, 3.109% Nov 4, 2024 750 750 775 SmartCentres Real Estate Investment Trust, Series O, Senior, Unsecured, Notes, Callable, 2.987% Aug 28, 2024 1,306 1,293 1,359 SmartCentres Real Estate Investment Trust, Series N, Senior, Unsecured, Notes, 3.556% Feb 6, 2025 3,000 3,045 3,180 SmartCentres Real Estate Investment Trust, Series P, Senior, Unsecured, Notes, Callable, 3.444% Aug 28, 2026 200 204 211 SmartCentres Real Estate Investment Trust, Series V, Senior, Unsecured, Notes, Callable, 3.192% Jun 11, 2027 1,750 1,816 1,823 SmartCentres Real Estate Investment Trust, Series S, Senior, Unsecured, Debentures, Callable, 3.834% Dec 21, 2027 2,000 1,988 2,149 SmartCentres Real Estate Investment Trust, Series Y, Senior, Unsecured, Debentures, Callable, 2.307% Dec 18, 2028 2,000 2,007 1,940 SmartCentres Real Estate Investment Trust, Series U, Senior, Unsecured, Notes, Callable, 3.526% Dec 20, 2029 5,950 6,195 6,215 Stantec Inc., Senior, Unsecured, Notes, Callable, 2.048% Oct 8, 2027 1,000 1,000 983 Summit Industrial Income REIT, Series C, Senior, Unsecured, Debentures, 2.250% Jan 12, 2027 1,272 1,272 1,276 Sun Life Assurance Company of Canada, Series 2, Unsecured, Subordinated, 6.300% May 15, 2028 1,667 2,042 2,087 Inc., Fixed to Floating, Medium Term Notes, Unsecured, Subordinated, Callable, 2.750% Nov 23, 2027 1,000 1,000 1,025 Sun Life Financial Inc., Series 2016-2, Fixed to Floating, Unsecured, Debentures, Subordinated, Callable, 3.050% Sep 19, 2028 4,000 4,067 4,164 Sun Life Financial Inc., Unsecured, Debentures, Subordinated, Callable, 2.380% Aug 13, 2029 3,333 3,381 3,432 Sun Life Financial Inc., Fixed to Floating, Medium Term Notes, Unsecured, Subordinated, Callable, 2.580% May 10, 2032 6,719 6,875 6,927 Sun Life Financial Inc., Fixed to Floating, Medium Term Notes, Unsecured, Debentures, Subordinated, Callable, 2.060% Oct 1, 2035 6,143 6,142 5,917 , Inc., Series 5, Medium Term Notes, Senior, Unsecured, Callable, 3.000% Sep 14, 2026 500 495 526 Suncor Energy, Inc., Medium Term Notes, Senior, Unsecured, Callable, 3.100% May 24, 2029 18,100 18,456 18,919 Suncor Energy, Inc., Medium Term Notes, Senior, Unsecured, Callable, 5.000% Apr 9, 2030 4,250 4,985 4,989 Sysco Canada, Inc., Senior, Unsecured, Notes, Callable, 3.650% Apr 25, 2025 3,333 3,344 3,561 Corporation, Series CJ, Unsecured, Notes, Callable, 3.350% Mar 15, 2023 750 754 776 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) TELUS Corporation, Series CK, Unsecured, Notes, Callable, 3.350% Apr 1, 2024 3,000 3,114 3,154 TELUS Corporation, Series CQ, Unsecured, Notes, Callable, 3.750% Jan 17, 2025 4,950 5,078 5,314 TELUS Corporation, Series CV, Senior, Unsecured, Notes, Callable, 3.750% Mar 10, 2026 3,500 3,564 3,793 TELUS Corporation, Series CZ, Senior, Unsecured, Notes, Callable, 2.750% Jul 8, 2026 6,550 6,584 6,817 TELUS Corporation, Series CAC, Senior, Unsecured, Notes, Callable, 2.350% Jan 27, 2028 2,000 2,088 2,018 TELUS Corporation, Series CX, Senior, Unsecured, Notes, Callable, 3.625% Mar 1, 2028 7,535 7,637 8,166 TELUS Corporation, Series CY, Senior, Unsecured, Notes, Callable, 3.300% May 2, 2029 9,000 9,119 9,553 TELUS Corporation, Series CAA, Senior, Unsecured, Notes, Callable, 3.150% Feb 19, 2030 5,250 5,656 5,482 TELUS Corporation, Senior, Unsecured, Notes, Callable, 2.050% Oct 7, 2030 3,703 3,692 3,510 Teranet Holdings L.P., Secured, Notes, Callable, 3.646% Nov 18, 2022 2,000 2,010 2,066 Teranet Holdings L.P., Series 2020, Senior, Secured, Notes, Callable, 3.544% Jun 11, 2025 480 480 509 Corporation, Senior, Unsecured, Notes, Callable, 2.239% May 14, 2025 2,400 2,400 2,462 TMX Group Limited, Series B, Senior, Unsecured, Notes, Callable, 4.461% Oct 3, 2023 1,000 1,041 1,070 TMX Group Limited, Series D, Senior, Unsecured, Debentures, Callable, 2.997% Dec 11, 2024 2,750 2,746 2,897 TMX Group Limited, Series E, Senior, Unsecured, Debentures, Callable, 3.779% Jun 5, 2028 2,405 2,510 2,675 TMX Group Limited, Series F, Senior, Unsecured, Debentures, Callable, 2.016% Feb 12, 2031 2,306 2,223 2,235 Toromont Industries Ltd., Senior, Unsecured, Notes, Callable, 3.710% Sep 30, 2025 1,000 1,005 1,069 Toromont Industries Ltd., Senior, Unsecured, Notes, Callable, 3.842% Oct 27, 2027 4,450 4,550 4,841 Toronto Hydro Corporation, Series 8, Senior, Unsecured, Debentures, Callable, 2.910% Apr 10, 2023 1,250 1,259 1,290 Toronto Hydro Corporation, Series 12, Senior, Unsecured, Notes, Callable, 2.520% Aug 25, 2026 1,300 1,286 1,360 Toronto Hydro Corporation, Series 14, Senior, Unsecured, Debentures, Callable, 2.430% Dec 11, 2029 2,250 2,249 2,321 Toronto Hydro Corporation, Series 16, Senior, Unsecured, Debentures, Callable, 1.500% Oct 15, 2030 4,000 3,865 3,767 Toronto-Dominion Bank, The, Deposit Notes, Unsecured, 3.005% May 30, 2023 6,409 6,429 6,678 Toronto-Dominion Bank, The, Deposit Notes, Senior, Unsecured, 1.909% Jul 18, 2023 7,500 7,530 7,664 Toronto-Dominion Bank, The, Senior, Unsecured, Notes, 2.850% Mar 8, 2024 9,553 9,718 9,988 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) Toronto-Dominion Bank, The, Deposit Notes, Senior, Unsecured, 3.226% Jul 24, 2024 8,500 8,796 9,045 Toronto-Dominion Bank, The, Senior, Unsecured, Notes, 2.496% Dec 2, 2024 12,550 12,675 13,039 Toronto-Dominion Bank, The, Senior, Unsecured, Notes, 1.943% Mar 13, 2025 7,050 7,152 7,192 Toronto-Dominion Bank, The, Senior, Unsecured, Notes, 1.128% Dec 9, 2025 2,000 2,000 1,964 Toronto-Dominion Bank, The, Senior, Unsecured, Notes, 1.888% Mar 8, 2028 6,000 5,993 5,989 Toronto-Dominion Bank, The, Medium Term Notes, Fixed to Floating, Unsecured, Subordinated, Callable, 3.589% Sep 14, 2028 7,550 7,630 7,945 Toronto-Dominion Bank, The, Medium Term Notes, Fixed to Floating, Subordinated, Callable, 3.224% Jul 25, 2029 9,400 9,366 9,897 Toronto-Dominion Bank, The, Fixed to Floating, Medium Term Notes, Unsecured, Subordinated, Callable, 3.105% Apr 22, 2030 7,000 7,315 7,373 Toronto-Dominion Bank, The, Medium Term Notes, Fixed to Floating, Unsecured, Subordinated, Callable, 4.859% Mar 4, 2031 12,250 13,284 13,883 Toronto-Dominion Bank, The, Fixed to Floating, Medium Term Notes, Unsecured, Subordinated, Callable, 3.060% Jan 26, 2032 15,609 15,658 16,449 Toyota Credit Canada Inc., Medium Term Notes, Senior, Unsecured, 2.350% Jul 18, 2022 1,200 1,200 1,222 Toyota Credit Canada Inc., Medium Term Notes, Senior, Unsecured, 2.620% Oct 11, 2022 2,500 2,496 2,561 Toyota Credit Canada Inc., Medium Term Notes, Senior, Unsecured, 2.700% Jan 25, 2023 2,000 2,003 2,059 Toyota Credit Canada Inc., Medium Term Notes, Senior, Unsecured, 3.040% Jul 12, 2023 1,080 1,080 1,125 Toyota Credit Canada Inc., Medium Term Notes, Senior, Unsecured, 2.640% Mar 27, 2024 428 428 445 Toyota Credit Canada Inc., Medium Term Notes, Senior, Unsecured, 2.310% Oct 23, 2024 4,000 4,165 4,132 Toyota Credit Canada Inc., Medium Term Notes, Senior, Unsecured, 2.110% Feb 26, 2025 3,158 3,229 3,242 TransCanada Pipelines Limited, Medium Term Notes, Senior, Unsecured, Callable, 2.970% Jun 9, 2031 1,458 1,457 1,472 TransCanada PipeLines Limited, Medium Term Notes, Senior, Unsecured, Callable, 3.690% Jul 19, 2023 1,700 1,743 1,778 TransCanada PipeLines Limited, Medium Term Notes, Senior, Unsecured, Callable, 3.300% Jul 17, 2025 3,800 3,874 4,037 TransCanada PipeLines Limited, Medium Term Notes, Senior, Unsecured, 8.290% Feb 5, 2026 1,000 1,174 1,253 TransCanada PipeLines Limited, Senior, Unsecured, Notes, Debentures, Callable, 3.800% Apr 5, 2027 6,000 6,420 6,515 TransCanada PipeLines Limited, Medium Term Notes, Senior, Unsecured, 7.900% Apr 15, 2027 2,630 3,298 3,351 TransCanada PipeLines Limited, Medium Term Notes, Senior, Unsecured, Callable, 3.390% Mar 15, 2028 11,659 11,733 12,400 TransCanada PipeLines Limited, Medium Term Notes, 6.280% May 26, 2028 1,486 1,767 1,799 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) TransCanada PipeLines Limited, Medium Term Notes, Senior, Unsecured, 6.890% Aug 7, 2028 2,000 2,420 2,508 TransCanada PipeLines Limited, Senior, Unsecured, Notes, Debentures, Callable, 3.000% Sep 18, 2029 13,912 14,074 14,379 TransCanada Trust, Series 2017-A, Fixed to Floating, Junior, Notes, Subordinated, Callable, 4.650% May 18, 2077 16,000 15,938 16,558 Union Gas Limited, Series 10, Medium Term Notes, Unsecured, Callable, 3.790% Jul 10, 2023 500 508 525 Union Gas Limited, Series 13, Medium Term Notes, Senior, Unsecured, Callable, 3.190% Sep 17, 2025 4,700 4,786 5,024 Union Gas Limited, Series 14, Medium Term Notes, Senior, Unsecured, Callable, 2.810% Jun 1, 2026 1,000 1,035 1,054 Union Gas Limited, Medium Term Notes, Senior, Unsecured, Callable, 2.880% Nov 22, 2027 5,400 5,533 5,728 Vancouver Airport Authority, Series B, Senior, Unsecured, Notes, Multi-Couponed, 7.425% Dec 7, 2026 2,000 2,561 2,591 Vancouver Airport Authority, Series I, Senior, Unsecured, Callable, 1.760% Sep 20, 2030 687 687 661 Vancouver Airport Fuel Facilities Corporation, Series I, Secured, Callable, 2.168% Jun 23, 2025 1,000 1,000 983 Ventas Canada Finance Limited, Series D, Senior, Unsecured, Notes, Callable, 2.550% Mar 15, 2023 1,000 990 1,023 Ventas Canada Finance Limited, Series E, Senior, Unsecured, Notes, Callable, 2.800% Apr 12, 2024 250 250 259 Ventas Canada Finance Limited, Series B, Senior, Unsecured, Notes, Callable, 4.125% Sep 30, 2024 3,275 3,311 3,523 VW Credit Canada, Inc., Senior, Unsecured, Notes, 3.700% Nov 14, 2022 2,000 2,005 2,077 VW Credit Canada, Inc., Senior, Unsecured, Notes, 3.250% Mar 29, 2023 3,000 3,081 3,116 VW Credit Canada, Inc., Senior, Unsecured, Notes, 1.200% Sep 25, 2023 1,650 1,650 1,652 VW Credit Canada, Inc., Senior, Unsecured, Notes, 2.850% Sep 26, 2024 727 726 760 VW Credit Canada, Inc., Senior, Unsecured, Notes, 1.500% Sep 23, 2025 150 150 149 Waste Management of Canada Corporation, Senior, Unsecured, Callable, 2.600% Sep 23, 2026 5,714 5,705 5,956 Wells Fargo Canada Corporation, Medium Term Notes, Unsecured, 3.460% Jan 24, 2023 3,000 3,069 3,123 West Mall Property Inc., Series B1, Secured, Notes, 4.309% Feb 13, 2024 2,500 2,556 2,570 Westcoast Energy Inc., Series 15, Medium Term Notes, Senior, Unsecured, Callable, 3.430% Sep 12, 2024 3,000 3,037 3,186 Westcoast Energy Inc., Series T, Senior, Unsecured, Notes, Unsubordinated, Callable, 8.850% Jul 21, 2025 400 508 507 Westcoast Energy Inc., Series 16, Medium Term Notes, Senior, Unsecured, Callable, 3.770% Dec 8, 2025 1,750 1,869 1,899 Airports Authority Inc., Series E, Secured, Notes, 3.039% Apr 14, 2023 2,000 1,991 2,068 BMO Private Canadian Corporate Bond Portfolio (unaudited)

SCHEDULE OF INVESTMENT PORTFOLIO (cont’d) As at June 30, 2021 (All amounts in thousands of Canadian dollars, unless otherwise noted) Par Value Cost Fair Value Security (in thousands) ($) ($) WSP Global Inc., Senior, Unsecured, Notes, Callable, 2.408% Apr 19, 2028 2,167 2,171 2,182 1,798,020 1,855,011 Asset-Backed Securities — 0.3% Eagle Credit Card Trust, Credit Card Receivables-Backed, Series 2018-1, Class A, Senior, Secured, Notes, 3.042% Jul 17, 2023 2,417 2,442 2,519 Glacier Credit Card Trust, Series 2017-1, Credit Card Asset-Backed Notes, Senior, Secured, 2.048% Sep 20, 2022 1,500 1,498 1,525 Glacier Credit Card Trust, Series 2018-1, Credit Card Asset-Backed Notes, Senior, 3.138% Sep 20, 2023 1,500 1,528 1,569 5,468 5,613 Total Investment Portfolio — 99.5% 1,806,188 1,863,547 Other Assets Less Liabilities — 0.5% 8,932 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS — 100.0% 1,872,479 BMO Private Canadian Corporate Bond Portfolio (unaudited)

Semi-Annual Financial Statements (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 1.The Portfolio financial instrument is recognized when the Portfolio BMO Private Canadian Corporate Bond Portfolio becomes a party to the contractual requirements of (“the Portfolio”) is an open-ended mutual fund trust the instrument, and is derecognized when the right to established by a Declaration of Trust under the laws receive cash flows from the instrument has expired or of the Province of Ontario, most recently amended on the Portfolio has transferred substantially all risks and July 8, 2016. BMO Private Investment Counsel Inc. (“the rewards of ownership. As such, investment purchase Manager”) is the Manager of the Portfolio. The address and sale transactions are recorded as of the trade date. of the Portfolio’s registered office is 1 First Canadian Investments and derivatives are subsequently measured Place, 41st Floor, Toronto, Ontario, M5X 1A1. at FVTPL, with changes in fair value recognized in the Statement of Comprehensive Income as “Change in The Statement of Financial Position and related notes unrealized appreciation (depreciation)”. of each of the Portfolios are as at June 30, 2021 and December 31, 2020. The Statement of Comprehensive All financial assets and financial liabilities are Income, Statement of Changes in Net Assets recognized in the Statement of Financial Position. Attributable to Holders of Redeemable Units, Statement The Portfolio’s outstanding redeemable units, which of Cash Flows and related notes are for the periods are puttable instruments, are entitled to a contractual ended June 30, 2021 and June 30, 2020. obligation of annual distribution of any net income These financial statements were authorized for and net realized capital gains by the Portfolio. This issuance by the of the Manager on annual distribution can be in cash at the option of the August 10, 2021. unitholders, and therefore the ongoing redemption feature is not the redeemable units’ only contractual These financial statements should be read in obligation. Consequently, the units of the Portfolio conjunction with the annual financial statements for do not meet the conditions to be classified as equity. the period ended December 31, 2020, which have As a result, the Portfolio’s obligations for net assets been prepared in accordance with the International attributable to holders of redeemable units (“Net Financial Reporting Standards (“IFRS), as issued by the Assets”) are classified as financial liabilities and International Accounting Standards Board (“IASB”). presented at the redemption amounts. 2.Basis of preparation and presentation Cost of investments These unaudited interim financial statements have The cost of investments represents the amount paid been prepared in accordance with IFRS and in for each security and is determined on an average cost accordance with the International Accounting Standard basis, and excludes commissions and other portfolio (“IAS”) 34 – Interim Financial Reporting, as issued by transaction costs, which are reported separately in the the IASB. The financial statements have been prepared Statement of Comprehensive Income. Realized gains on a historic cost basis, except for the revaluation of and losses on disposition are determined based on the financial assets and financial liabilities (including cost of the investments. derivative financial instruments) measured at fair value through profit of loss (“FVTPL”). Fair value measurement Fair value is defined as the price that would be received 3.Summary of significant accounting policies to sell an asset or paid to transfer a liability in an Financial instruments orderly transaction between market participants at the Financial instruments include financial assets and measurement date. financial liabilities such as equity and debt securities, For exchange-traded securities, close prices are investment funds and derivatives. These investments considered to be fair value if they fall within the bid- are part of a group of financial instruments that are ask spread. In circumstances where the close price is managed and their performance is evaluated on a not within the bid-ask spread, the Manager determines fair value basis in accordance with the Portfolio’s the point within the bid-ask spread that is most investment strategy. representative of fair value based on the specific facts The Portfolio classifies and measures financial and circumstances. instruments in accordance with IFRS 9 Financial Procedures are in place to fair value equities traded in Instruments (“IFRS 9”). Upon initial recognition, countries outside of North America daily, to avoid stale financial instruments are recorded at fair value. A BMO Private Canadian Corporate Bond Portfolio (unaudited)

Semi-Annual Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 prices and to take into account, among other things, any Other assets and other liabilities significant events occurring after the close of a foreign Other assets and other liabilities generally include market. receivable for investments sold, subscriptions receivable, interest receivable, dividend receivable, For bonds, debentures, asset-backed securities and distribution receivable from investment trusts, payable other debt securities, fair value is determined as the last for investments purchased, redemption payable, traded market price or close price, or other such prices, distribution payable and accrued expenses. These fall within the bid-ask spread of the security. Short-term financial assets and financial liabilities are short-term investments, if any, are held at amortized cost which in nature and are subsequently measured at amortized approximates fair value due to their short-term nature. cost, which approximates their fair value. Mutual fund units held as investments are valued at their respective Net Asset Value (“NAV”) on each Investments in subsidiaries, joint ventures and associates Valuation Date (the “Valuation Date” is each day on Subsidiaries are entities over which the Portfolio has which the is open for trading), control through its exposure or rights to variable returns as these values are the most readily and regularly from its investment and has the ability to affect those available. returns through its power over the entity. The Manager has determined that the Portfolio is an investment The Portfolio may enter into forward currency contracts entity and as such, it accounts for subsidiaries, if any, for hedging purposes either directly or indirectly or at fair value. Joint ventures are investments where the for non-hedging purposes. The fair value of forward Portfolio exercises joint control through an agreement currency contracts entered into by the Portfolio is with other shareholders, and associates are investments recorded as the difference between the fair value of the in which the Portfolio exerts significant influence over contract on the Valuation Date and the fair value on the operating, investing, and financing decisions (such date the contract originated. as entities in which the Portfolio owns 20% - 50% of Unlisted warrants, if any, are valued based on a pricing voting shares), all of which, if any, have been classified model which considers factors such as the market value at FVTPL. of the underlying security, strike price and terms of the Unconsolidated structured entities warrant. The Manager has determined that the investment funds For securities where market quotes are not available, in which the Portfolio may invest are unconsolidated unreliable or not considered to reflect the current structured entities. This determination is based on the value, the Manager may determine another value fact that decision making about the investment funds which it considers to be fair and reasonable, or use a is not governed by the voting right or other similar valuation technique that, to the extent possible, makes right held by the Portfolio. Similarly, investments in maximum use of inputs and assumptions based on securitizations, asset-backed securities and mortgage- observable market data including volatility, comparable backed securities are determined to be interests in companies, NAV (for exchange-traded funds) and other unconsolidated structured entities. applicable rates or prices. These estimation techniques The Portfolio may invest in investment funds whose include discounted cash flows, internal models that investment objectives range from achieving short-term utilize observable data or comparisons with other to long-term income and capital growth potential. securities that are substantially similar. In limited Investment funds may use leverage in a manner circumstances, the Manager may use internal models consistent with their respective investment objectives where the inputs are not based on observable market and as permitted by Canadian securities regulatory data. authorities. Investment funds finance their operations Cash by issuing redeemable units, which are puttable Cash is comprised of cash and deposits with , at the holders’ option and entitles the holder to a which include bankers’ acceptances and overnight proportionate stake in the respective fund’s Net Assets. demand deposits. The carrying amount of cash The change in fair value of each of the investment funds approximates its fair value because it is short-term in during the periods is included in “Change in unrealized nature. appreciation (depreciation)” in the Statement of Comprehensive Income. BMO Private Canadian Corporate Bond Portfolio (unaudited)

Semi-Annual Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 Mortgage-related securities are created from pools of of such transactions. Realized and unrealized foreign residential or commercial mortgage loans, including exchange gains (losses) on investment transactions are mortgage loans made by savings and loan institutions, included in “Net realized gain (loss)”and in “Change in mortgage bankers, commercial banks and others. Asset- unrealized appreciation (depreciation)”, respectively, backed securities are created from many types of assets, in the Statement of Comprehensive Income. Foreign including auto loans, credit card receivables, home exchange gains (losses) relating to cash, receivables and equity loans, and student loans. payables are included in "Foreign exchange gain (loss)" in the Statement of Comprehensive Income. The Portfolio does not provide and has not committed to providing any additional significant financial or other Securities lending support to the unconsolidated structured entities other A Portfolio may engage in securities lending pursuant than its investment in the unconsolidated structured to the terms of an agreement with BNY Mellon (the entities. “security lending agent”). The aggregate market Additional information on the Portfolio’s interest in value of all securities loaned by the Portfolio cannot unconsolidated structured entities, where applicable, is exceed 50% of the NAV of the Portfolio. The Portfolio provided in Note 8. will receive collateral of at least 102% of the value of securities on loan. Collateral will generally be Offsetting of financial assets and financial liabilities comprised of obligations of or guarantee by the Financial instruments are presented at net or gross Government of Canada or a province thereof, or by amounts on the Statement of Financial Position the United States government or its agencies, but it depending on the existence of intention and legal may include obligations of other governments with right to offset opposite positions of such instruments appropriate credit ratings. Further, the program held with the same counterparties. Amounts offset entered into provides for 100% indemnification by in the Statement of Financial Position are related the securities lending agent and parties related to the to transactions for which the Portfolio has legally Portfolio’s custodian, to the Portfolio for any defaults by enforceable rights to offset and intends to settle the borrowers. positions on a net basis. Amounts not offset in the For those Portfolios participating in the program, Statement of Financial Position relate to positions aggregate values of securities on loan and the collateral where there is no legally enforceable right to offset, or held as at June 30, 2021 and December 31, 2020 the legal right to offset is only in the event of default, and information about the security lending income insolvency or bankruptcy, or where the Portfolio has earned by the Portfolio are disclosed in Note 8, where no intention of settling on a net basis. There were no applicable. master netting agreements during the periods. Income from securities lending, where applicable, is Income recognition included in the Statement of Comprehensive Income Dividend income and distributions received from and is recognized when earned. The breakdown of the investment trusts are recognized on the ex-dividend securities lending income is disclosed in Note 8, where and ex-distribution date, respectively. applicable. Interest income from interest bearing investments is Short-term trading penalty recognized in the Statement of Comprehensive Income To discourage excessive trading, the Portfolio may, using the effective interest rate. Interest receivable at the Manager’s sole discretion, charge a short-term shown in the Statement of Financial Position is accrued trading penalty. This penalty is paid directly to the based on the interest bearing investments’ stated rates Portfolio and is included in “Short-term trading penalty of interest. fees” in the Statement of Comprehensive Income. Foreign currency translation Increase or decrease in net assets attributable to holders The fair value of investments and other assets and of redeemable units per unit liabilities in foreign currencies are translated into the “Increase (decrease) in net assets attributable to Portfolio’s functional currency at the rates of exchange holders of redeemable units per unit” in the Statement prevailing at the period-end date. Purchases and sales of of Comprehensive Income represents the increase investments, and income and expenses are translated at (decrease) in net assets attributable to holders of the rates of exchange prevailing on the respective dates BMO Private Canadian Corporate Bond Portfolio (unaudited)

Semi-Annual Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 redeemable units divided by the weighted average Accounting judgements: number of units outstanding during the period. Refer to Functional and presentation currency Note 8 for details. The Portfolio’s unitholders are mainly Canadian Taxation residents, with the subscriptions and redemptions of the redeemable units denominated in Canadian dollars. The Portfolio qualifies as a unit trust under the The Portfolio invests in Canadian and U.S. dollars and provisions of the Income Tax Act (Canada). other foreign denominated securities, as applicable. Distributions of all net taxable income and sufficient The performance of the Portfolio is measured and amounts of net realized capital gains for each taxation reported to the investors in Canadian dollars. The year will be paid to unitholders so that the Portfolio will Manager considers the Canadian dollar as the currency not be subject to income tax. As a result, the Manager that most faithfully represents the economic effects of has determined that the Portfolio in substance not the underlying transactions, events and conditions. The taxable and therefore does not record income taxes in financial statements are presented in Canadian dollars, the Statement of Comprehensive Income nor does it which is the Portfolio's functional and presentation recognize any deferred tax assets or liabilities in the currency. Statement of Financial Position. The Portfolio may incur withholding taxes imposed Classification and measurement of investment portfolio by certain countries on investment income and capital In classifying and measuring financial instruments gains. Such income and capital gains are recorded on a held by the Portfolio, the Manager is required to make gross basis with the related withholding taxes shown as an assessment of the Portfolio’s business model for a separate expense in the Statement of Comprehensive managing financial instruments. In classifying and Income. measuring financial instruments held by the Portfolio, the Manager is required to make significant judgements Portfolio mergers in determining the most appropriate classification in The Manager used the purchase method of accounting accordance with IFRS 9. The Manager has assessed the for portfolio mergers. Under the purchase method Portfolio’s business model with respect to the manner of accounting, one of the Portfolios in each merger is in which financial assets and financial liabilities are identified as the acquiring portfolio, and is referred to managed as a group and performance is evaluated on as the “Continuing Portfolio”, and the other Portfolio a fair value basis, and has concluded that FVTPL in involved in the merger is referred to as the “Terminated accordance with IFRS 9 provides the most appropriate Portfolio”. In determining the acquirer, the Manager measurement and presentation of the Portfolio’s considered factors such as the comparison of the investment portfolio. The collection of principal and relative NAV of the portfolios as well as consideration interest is incidental to the fair value business model. of the continuation of certain aspects of the Continuing Portfolio such as: investment advisors, investment Accounting estimates: objectives and practices, type of portfolio securities Fair value measurement of securities not quoted in an and management fees and other expenses. Where active market applicable, refer to Note 8 for the details of any portfolio The Manager has established policies and control merger transactions. procedures that are intended to ensure these estimates are well controlled, independently reviewed, and 4.Critical accounting judgements and estimates consistently applied from period to period. The The preparation of financial statements requires the estimates of the value of the Portfolio’s assets and use of judgement in applying the Portfolio’s accounting liabilities are believed to be appropriate as at the policies and to make estimates and assumptions about reporting date. the future. The following discusses the most significant The Portfolio may hold financial instruments that are accounting judgements and estimates that the Portfolio not quoted in active markets. Note 3 discusses the has made in preparing the Portfolio’s financial policies used by the Portfolio for the estimates used in statements. determining fair value. BMO Private Canadian Corporate Bond Portfolio (unaudited)

Semi-Annual Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 5.Units and unit transactions to BMO Trust Company and the Manager as arranged The redeemable units of the Portfolio are classified as between the unitholder, BMO Trust Company and the financial liabilities. The units have no par value and Manager. are entitled to distributions, if any. Upon redemption, a (b) Unitholder servicing, sub-advisory commissions and unit is entitled to a proportionate share of the Portfolio’s other portfolio transaction costs NAV. The Portfolio is required to pay distributions The Portfolio is provided with certain facilities and in an amount not less than the amount necessary services by affiliates of the Manager. Expenses incurred to ensure the Portfolio will not be liable for income in the administration of the Portfolio were paid to BMO taxes on realized capital gains, dividends and interest. Trust Company (“the Trustee”) and to BMO Asset The Portfolio has no restrictions or specific capital Management Inc. (“the Registrar”) and charged to the requirements on the subscriptions and redemptions Portfolio. These expenses are included in “Unitholder of units except as disclosed in Note 8. The relevant servicing fees” in the Statement of Comprehensive movements in redeemable units are shown in the Income. Statement of Changes in Net Assets Attributable to Holders of Redeemable Units. The sub-advisors (including affiliates of the Manager, where applicable) engaged by the Manager provide In accordance with its investment objectives and investment advice and make investment decisions for strategies, and the risk management practices outlined the Portfolio’s investment portfolio. For these services in Note 7, the Portfolio endeavours to invest the the sub-advisors receive sub-advisory fees. These subscriptions received in appropriate investments, fees are paid monthly by the Manager on behalf of the while maintaining sufficient liquidity to meet Portfolio. These expenses are included in “Sub-advisory redemptions, with such liquidity being augmented by fees” in the Statement of Comprehensive Income. Any short-term borrowings or disposal of investments where sub-advisory fees less than or equal to 0.15% of the NAV necessary. of the Portfolio are absorbed by the Manager. Redeemable units of the Portfolio are offered for sale on a continuous basis and may be purchased or (c) Portfolio expenses redeemed on any Valuation Date at the NAV per unit. The Portfolio also pays certain operating expenses The NAV per unit for the purposes of subscription or directly, including compensation and expenses payable redemption is computed by dividing the NAV of the to Independent Review Committee (“IRC”) members Portfolio (that is, the total fair value of the assets less the and any independent counsel or other advisors liabilities) by the total number of units of the Portfolio employed by the IRC, the costs of the orientation and outstanding at such time on each Valuation Date, in continuing education of IRC members and the costs and accordance with Part 14 of National Instruments (“NI”) expenses associated with IRC meetings. 81-106 Investment Fund Continuous Disclosure for (d) Commissions and other portfolio transaction costs the purpose of unitholder transactions. Net Assets are The Portfolio may execute trades with and through determined in accordance with IFRS and may differ to BMO Nesbitt Burns Inc., an affiliate of the Manager, the Portfolio’s NAV. Where the Portfolio’s NAV is not based on established standard brokerage agreements at equal to its Net Assets, a reconciliation is shown in Note market prices. These fees are included in “Commissions 8. and other portfolio transaction costs” in the Statement 6.Related party transactions of Comprehensive Income. Refer to Note 8 for related party fees charged to the Portfolio during the periods (a) Management fees ended June 30, 2021 and June 30, 2020. The Manager is responsible for the day-to-day management of the Portfolio, including managing (e) Other related party transactions or arranging for the management of the Portfolio’s From time to time, the Manager may on behalf of the investment portfolio as well as providing and arranging Portfolio, enter into transactions or arrangements for the provision of administrative services to the with or involving subsidiaries and affiliates of Bank Portfolio such as valuation services, fund accounting of Montreal, or certain other persons or companies and unitholder records. The Manager does not receive that are related or connected to the Manager of the a fee from the Portfolio for its services. Instead, Portfolio. These transactions or arrangements may unitholders pay an investment management fee directly include transactions or arrangements with or involving BMO Private Canadian Corporate Bond Portfolio (unaudited)

Semi-Annual Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 subsidiaries and affiliates of Bank of Montreal, investment portfolios within the constraints of the BMO Asset Management Inc., BMO Trust Company, investment guidelines. BMO Nesbitt Burns Inc., BMO InvestorLine Inc., Where the Portfolio invests in other investment BMO Private Investment Counsel Inc., BMO Asset fund(s), it may be indirectly exposed to the financial Management Corp., Pyrford International Limited, or instrument’s risks of the investment fund(s), depending other investment funds offered by Bank of Montreal, on the investment objectives and types of securities and may involve the purchase or sale of portfolio held by the investment fund(s). The decision to buy securities through or from subsidiaries or affiliates of or sell an investment fund is based on the investment Bank of Montreal, the purchase or sale of securities guidelines and positions, rather than the exposure of issued or guaranteed by subsidiaries or affiliates of the investment fund(s). Bank of Montreal, entering into forward contracts with subsidiaries or affiliates of Bank of Montreal acting as (a) Currency risk counterparty, the purchase or redemption of units or Currency risk is the risk that the fair value of financial shares of other Bank of Montreal affiliated investment instruments denominated in currencies, other than funds or the provision of services to the Manager. the functional currency of the Portfolio, will fluctuate On April 12, 2021, BMO Financial Group announced due to changes in foreign exchange rates. Investments that it had reached a definitive agreement to sell the in foreign markets are exposed to currency risk as the entities that represent its EMEA Asset Management prices denominated in foreign currencies are converted business to Ameriprise Financial, Inc. The transaction to the Portfolio’s functional currency in determining fair is expected to close in the fourth quarter of 2021, subject value. The Portfolio may enter into forward currency to regulatory approval and other customary closing contracts for hedging purposes to reduce foreign conditions. After the transaction has closed, Pyrford currency exposure or to establish exposure to foreign International Limited will no longer be a subsidiary or currencies. IFRS 7 considers the foreign exchange an affiliate of Bank of Montreal or related or connected exposure relating to non-monetary assets and liabilities to the Manager. to be a component of market price risk not foreign currency risk. However, the Manager monitors the Separately, in the U.S. the transaction includes the exposure on all foreign currency denominated assets transfer to Columbia Threadneedle Investments and liabilities. The Portfolio’s exposure to currency (“CTI”), Ameriprise Financial’s global asset risk, if any, is further disclosed in Note 8. management business, of certain asset management clients of BMO Asset Management Corp. subject to (b) Interest rate risk client consent. An evaluation is currently underway Interest rate risk is the risk that the fair value of the between BMO Asset Management Corp. and CTI in Portfolio's interest bearing investments will fluctuate relation to the sub-advisory arrangements with BMO due to changes in market interest rates. The Portfolio's Asset Management Corp. for certain Portfolios. exposure to interest rate risk is concentrated in its investment in debt securities (such as bonds, money 7.Financial instruments risks market investments, short-term investments and The Portfolio’s activities expose it to a variety of risks debentures) and interest rate derivative instruments, if associated with the financial instruments, as follows: any. Other assets and liabilities are short-term in nature market risk (including currency risk, interest rate risk and/or non-interest bearing. The Portfolio's exposure to and other market risk), credit risk and liquidity risk. interest rate risk, if any, is further discussed in Note 8. The concentration table groups securities by asset (c) Other market risk type, geographic location and/or market segment. The Portfolio’s risk management practice outlines the Other market risk is the risk that the fair value of a monitoring of compliance to investment guidelines. financial instrument will fluctuate as a result of changes in market prices (other than those arising from interest The Manager manages the potential effects of rate risk or currency risk), whether those changes are these financial risks on the Portfolio’s performance caused by factors specific to the individual financial by employing and overseeing professional and instrument or its issuer, or factors affecting all similar experienced portfolio managers that regularly monitor financial instruments traded in a market. Other assets the Portfolio’s positions, market events and diversify and liabilities are monetary items that are short-term in nature, as such they are not subject to other market risk. BMO Private Canadian Corporate Bond Portfolio (unaudited)

Semi-Annual Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 The Portfolio's exposure to other market risk, if any, is further discussed in Note 8. (d) Credit risk Credit risk is the risk that a loss could arise from a security issuer or counterparty to a financial instrument not being able to meet its financial obligations. The fair value of debt securities includes consideration of the credit worthiness of the debt issuer. Credit risk exposure for over-the-counter derivative instruments is based on the Portfolio's unrealized gain of the contractual obligations with the counterparty as at the reporting date. The credit exposure of other assets is represented by its carrying amount. The Portfolio's exposure to credit risk, if any, is further discussed in Note 8. The Portfolio may enter into securities lending transactions with approved counterparties. Credit risk associated with these transactions is considered minimal as all counterparties have a sufficient approved credit rating and the market value of collateral held by the Portfolio must be at least 102% of the fair value of securities loaned, as disclosed in Note 8, where applicable. (e) Liquidity risk The Portfolio's exposure to liquidity risk is concentrated in the daily cash redemptions of units, and other liabilities. The Portfolio primarily invests in securities that are traded in active markets and can be readily disposed. In addition, the Portfolio retains sufficient cash positions to maintain liquidity. The Portfolio may, from time to time, enter into over-the-counter derivative contracts or invest in unlisted securities, which are not traded in an organized market and may be illiquid. Securities for which a market quotation could not be obtained and may be illiquid are identified in the Schedule of Investment Portfolio. The proportion of illiquid securities to the NAV of the Portfolio is monitored by the Manager to ensure it does not exceed the regulatory limit and does not significantly affect the liquidity required to meet the Portfolio's financial obligations. BMO Private Canadian Corporate Bond Portfolio (unaudited)

Notes to the Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 8. Portfolio specific information (e) Related party transactions (a) Portfolio information and change in units Unitholder servicing The Portfolio’s inception date was March 1, 2002. The related party fees charged for unitholder servicing The number of units that have been issued and are fees are as follows: outstanding are disclosed in the table below. Jun. 30, Jun. 30, For the periods ended 2021 2020 For the periods ended Jun. 30, Jun. 30, (in thousands of units) 2021 2020 Unitholder servicing ($) 131 132 Units issued and outstanding, beginning of Brokerage commissions and soft dollars period 175,930 174,259 Issued for cash 11,873 11,834 There were no brokerage commissions charged to the Issued on reinvestment of distributions 2,470 2,538 Portfolio during the periods ended June 30, 2021 and Redeemed during the period (14,285) (15,579) June 30, 2020. Units issued and outstanding, end of period 175,988 173,052 (f) Financial instruments risks (b) Reconciliation of NAV to Net Assets The Portfolio’s objective is to produce superior returns As at June 30, 2021 and December 31, 2020, there were through a combination of interest income and capital no differences between the Portfolio’s NAV per unit and growth while also pursuing capital preservation by its Net Assets per unit calculated in accordance with investing primarily in high quality fixed income IFRS. securities such as bonds and debentures issued by governments and corporations that mature in more than (c) Increase (decrease) in net assets attributable to one period. holders of redeemable units per unit The increase (decrease) in net assets attributable to No changes affecting the overall level of risk of holders of redeemable units per unit for the periods investing in the Portfolio were made during the period. ended June 30, 2021 and June 30, 2020 is calculated as Currency risk follows: As at June 30, 2021 and December 31, 2020, the Jun. 30, Jun. 30, Portfolio did not have significant exposure to currency For the periods ended 2021 2020 risk as it invested fully in Canadian securities. (Decrease) increase in net assets attributable Interest rate risk to holders of redeemable units (21,688) 82,993 The Portfolio’s exposure to interest rate risk, by Weighted average units outstanding during remaining term to maturity, is summarized in the the period (in thousands of units) 176,126 173,787 following table: (Decrease) increase in net assets attributable to holders of redeemable Interest Rate Exposure as at units per unit (0.12) 0.48 Number of years Jun. 30, Dec. 31, 2021 2020 (d) Income taxes Less than one year — — As at the tax year-ended December 15, 2020, the One to three years 402,873 416,356 Portfolio had the following capital and non-capital Three to five years 389,013 414,926 losses available for income tax purposes: Five to ten years 983,847 978,822 Total Capital Total Non- Greater than ten years 87,814 96,682 Losses Capital Losses Total 1,863,547 1,906,786 ($) ($) Non-Capital Losses That Expire in 2028 and As at June 30, 2021 and December 31, 2020, if the 2026 2027 thereafter prevailing interest rates had been strengthened or ($) ($) ($) weakened by 1%, assuming a parallel shift in the yield curve, with all other variables held constant, the Net 18,349 — — — — Assets of the Portfolio could possibly have decreased or increased, respectively, by approximately $81,108 (December 31, 2020 - $83,750). The Portfolio’s interest rate sensitivity was determined based on portfolio BMO Private Canadian Corporate Bond Portfolio (unaudited)

Notes to the Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 weighted duration. In practice, actual results may differ For the periods ended Jun. 30, 2021 Jun. 30, 2020 from this sensitivity analysis and the difference could % of Gross % of Gross be material. Securities Securities Lending Lending Other market risk Amount Revenue Amount Revenue The Portfolio was not significantly exposed to other Gross securities lending market risk as at June 30, 2021 and December 31, 2020 revenue 29 100.0 39 100.0 as it was invested fully in fixed income securities. Withholding taxes 0 1.3 0 1.2 29 98.7 39 98.8 Credit risk Payment to securities The Portfolio’s exposure to credit risk, grouped by lending agents 9 29.6 11 29.6 credit ratings, is summarized in the following table: Net securities lending As a % of Net Assets as at revenue* 20 69.1 28 69.2

Jun. 30, Dec. 31, * Amount shown on the Statement of Comprehensive Income is gross of withholding Credit Rating 2021 2020 taxes of $0 (June 30, 2020 — $0). AAA 1.2 1.2 AA 10.3 13.2 Concentration risk A 36.1 34.0 The Portfolio's concentration risk is summarized in the BBB 51.9 50.8 following table: Total 99.5 99.2 Jun. 30, Dec. 31, Securities lending As at 2021 2020 The Portfolio had assets involved in securities lending Bonds & Debentures transactions outstanding as at June 30, 2021 and Provincial Bonds 0.1% 0.3% December 31, 2020 as follows: Corporate Bonds & Debentures 99.1% 98.6% Asset-Backed Securities 0.3% 0.3% Aggregate Value of Aggregate Value of Collateral Other Assets Less Liabilities 0.5% 0.8% Securities on Loan Received for the Loan 100.0% 100.0% ($) ($) June 30, 2021 99,429 104,500 (g) Fair value hierarchy December 31, 2020 45,113 47,384 The Portfolio classifies its financial instruments into three levels based on the inputs used to value The table below is a reconciliation of the gross amount the financial instruments. Level 1 securities are generated from securities lending transactions to the valued based on quoted prices in active markets for security lending revenue for the periods ended June 30, identical securities. Level 2 securities are valued 2021 and June 30, 2020: based on significant observable market inputs, such as quoted prices from similar securities and quoted prices in inactive markets or based on observable inputs to models. Level 3 securities are valued based on significant unobservable inputs that reflect the Manager's determination of assumptions that market participants might reasonably use in valuing the securities. The tables below show the relevant disclosure.

As at Jun. 30, 2021 Financial assets Level 1 Level 2 Level 3 Total Debt Securities 1,863,547 — — 1,863,547 BMO Private Canadian Corporate Bond Portfolio (unaudited)

Notes to the Financial Statements (cont’d) (All amounts in thousands of Canadian dollars, except per unit data) June 30, 2021 As at Dec. 31, 2020 Carrying Carrying Financial assets Level 1 Level 2 Level 3 Total amount amount Debt Securities 1,906,786 — — 1,906,786 Jun. 30, Dec. 31, As at 2021 2020 Transfers between levels Glacier Credit Card Trust, Series 2020, There were no transfers between the levels during the Senior, Secured, Notes, 1.388% Sep periods. 22, 2025 3,479 3,540 (h) Unconsolidated structured entities Prime Structured Mortgage Trust, Series Information on the carrying amount and the size of 20-1, Senior, Secured, 1.968% Feb the investments in structured entities is shown in the 15, 2023 1,900 1,913 following tables: Total 23,805 24,213 Carrying Carrying amount amount The carrying value of mortgage related and other Jun. 30, Dec. 31, asset-backed securities are included in “Investments As at 2021 2020 – Non-derivative financial assets” in the Statement of Financial Position. This amount also represents the BCI QuadReal Realty, Senior, maximum exposure to losses at that date. Unsecured, Notes, Callable, 1.747% The change in fair value of mortgage related and other Jul 24, 2030 1,730 1,817 asset-backed securities are included in the Statement CARDS II Trust, Series A, Secured, of Comprehensive Income in “Change in unrealized Notes, 2.427% Nov 15, 2024 2,941 3,004 appreciation (depreciation)”. Eagle Credit Card Trust, Series 171A, 9. Significant event Secured, Notes, 2.631% Oct 17, 2022 513 518 The current spread of the novel coronavirus (COVID-19) has caused a global pandemic and the Eagle Credit Card Trust, Credit Card unprecedented responses taken by many governments, Receivables-Backed, Series 2018- including closing borders, restricting international and 1, Class A, Senior, Secured, Notes, domestic travel, and the imposition of prolonged social 3.042% Jul 17, 2023 2,519 2,557 distancing or similar restrictions, as well as the forced Eagle Credit Card Trust, Series A, or voluntary closure of, or operational changes to many Secured, Notes, 2.220% Jul 17, 2024 1,029 1,047 retail and other businesses, has resulted in fundamental changes in the business world with significant impacts Fortified Trust, Series A, Secured, on operations and world markets. The impacts on Notes, 2.340% Jan 23, 2023 3,382 3,417 operations includes changes in work environments, Fortified Trust, Series A, Secured, inherent controls risk and cyber-risks; while the main Notes, 2.558% Mar 23, 2024 1,286 1,309 impacts on investments includes increase in market Glacier Credit Card Trust, Series 2017-1, risks, market volatility and liquidity risk, with its Credit Card Asset-Backed Notes, impacts on valuations. Senior, Secured, 2.048% Sep 20, Management has implemented and will continue 2022 1,525 1,536 to review the situation with a view to implementing Glacier Credit Card Trust, Series 2018-1, additional controls and procedures to adequately Credit Card Asset-Backed Notes, address the risks and reduce the impacts of the Senior, 3.138% Sep 20, 2023 1,569 1,594 COVID-19 on the Portfolio, to the extent possible. Glacier Credit Card Trust, Series 2019, Senior, Secured, Notes, 2.280% Jun 6, 2024 1,932 1,961 Manager Trustee Independent Auditor BMO Private Investment BMO Trust Company PricewaterhouseCoopers LLP Counsel Inc. 1 First Canadian Place PwC Tower 1 First Canadian Place 100 King Street West, 41st Floor 18 York Street, Suite 2600 100 King Street West, 41st Floor Toronto, Ontario M5X 1A1 Toronto, Ontario M5J 0B2 Toronto, Ontario M5X 1A1

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