Quarterly Portfolio Disclosure Summary of Investment Portfolio • As at December 31, 2019 BMO JAPAN FUND Q1 Top 25 Holdings Portfolio Allocation % of Net Asset Value Issuer % of Net Asset Value Industrials 21.3 Toyota Motor Corporation 4.7 Information Technology 17.9 Keyence Corporation 4.5 Consumer Discretionary 15.5 HOYA Corporation 4.0 Communication Services 10.7 Daikin Industries, Ltd. 3.8 Health Care 10.2 KDDI Corp. 3.4 Financials 9.6 Sony Corporation 3.2 Consumer Staples 6.4 Kubota Corporation 3.2 Materials 4.2 SoftBank Group Corp. 3.2 Real Estate 2.9 Shimadzu Corp. 2.9 Cash/Receivables/Payables 0.8 Japan Exchange Group, Inc. 2.8 Utilities 0.5 Sumitomo Mitsui Financial Group, Inc. 2.6 Daiwa House Industry Co., Ltd. 2.5 Total portfolio allocation 100.0 Recruit Holdings Co., Ltd. 2.3 Hitachi, Ltd. 2.3 Mitsubishi UFJ Financial Group, Inc. 2.3 Honda Motor Co., Ltd. 2.3 SCSK Corporation 2.2 Tokyo Electron Limited 2.1 Central Japan Railway Company 2.1 Astellas Pharma Inc. 2.0 Nippon Telegraph and Telephone Corporation 2.0 Mitsubishi Corporation 1.9 ZoZo, Inc. 1.8 M3, Inc. 1.8 Secom Co. Ltd. 1.8 Top holdings as a percentage of net asset value 66.7 Total net asset value $438.0 million This summary of investment portfolio may change due to the fund’s ongoing portfolio transactions. Updates are available quarterly. ®/™ Registered trade-marks/trade-mark of Bank of Montreal, used under licence. BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts or prospectus before investing. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, the Régie de l’assurance-dépôts du Québec or by any other government deposit insurer. The value of mutual funds change frequently and past performance may not be repeated. For a summary of the risks of an investment in BMO Mutual Funds, please see the specific risks set out in the prospectus. HOW TO REACH US: BMO Investments Inc., First Canadian Place, 43rd Floor, 100 King Street West, Toronto, Ontario, M5X 1A1 1-800-665-7700 • www.bmo.com/mutualfunds and 1-800-668-7327 • www.bmo.com/gam/ca.