BMO Canadian Small Cap Equity Fund (the "Fund")
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BMO Canadian Small Cap Equity Fund (the “Fund”)
For the six-month period ended March 31, 2021 (the “Period”)
Manager: BMO Investments Inc. (the “Manager” or “BMOII”)
Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the “portfolio manager”)
2021 Semi-Annual Management Report of Fund Performance
This semi-annual management report of fund performance contains financial highlights but does not contain the complete
semi-annual or annual financial statements of the Fund. If the semi-annual financial statements of the Fund do not accompany the
mailing of this report, you may obtain a copy of the semi-annual or annual financial statements at your request, and at no cost,
by calling 1-800-665-7700 and 1-800-668-7327, by writing to us at BMO Investments Inc., First Canadian Place, 100 King Street West,
43rd Floor, Toronto, Ontario, M5X 1A1 or by visiting our website at www.bmo.com/mutualfunds and www.bmo.com/gam/ca
or SEDAR at www.sedar.com. You may also contact us using one of these methods to request a copy of the Fund’s proxy voting
policies and procedures, proxy voting disclosure record and/or quarterly portfolio disclosure.
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
Results of Operations At the individual stock level, positions in Real Matters Inc.,
During the Period, the Fund’s total net asset value changed Cargojet Inc. and Andlauer Healthcare Group Inc. detracted
from approximately $343 million to approximately from performance as investors sold these past winners to
$376 million. Series A units of the Fund returned 18.52%. allocate to more cyclically sensitive stocks.
Please see the Past Performance section for information on
The portfolio manager initiated a position in Altius
the performance returns of the Fund’s other series.
Renewable Royalties Corp. based on the company’s recent
During the Period, Canadian small-capitalization stocks initial public offering. Altius Renewable Royalties Corp. is a
were strong as positive vaccine data fueled a recovery based partial spin-out from Altius Minerals, a long-term holding
on optimism that there would be an economic recovery as within the Fund. The company has a unique royalty model
the global pandemic eased. While the first nine months of that the portfolio manager expects will result in significant
2020 were marked by the outperformance of companies that long-term growth and value creation for shareholders.
were either more economically resilient or stood to benefit
The portfolio manager increased an existing position in
from the global pandemic, the following six months were
Badger Daylighting Ltd. as the company should stand to
marked by outperformance from companies that were hit
benefit from the reopening of the economy, particularly in
hardest during the pandemic.
the U.S. market.
An underweight position and diversification among the
The portfolio manager exited a position in Lightspeed POS
holdings in the Materials sector contributed to the Fund’s
Inc. during the Period. While the portfolio manager remains
performance. Stock selection in the Information Technology
optimistic in the company’s long-term investment prospects,
sector also contributed to performance.
the company’s share price increase led to a market
Lightspeed POS Inc. contributed to performance as the capitalization that was no longer consistent with a small-
company stood to benefit from economic reopening in capitalization mandate.
many of its markets. Neo Performance Materials Inc. also
A position in Boralex Inc. was trimmed in order to take
contributed to performance as the company stood to benefit
profits and redistribute to other holdings within the Fund.
from increased economic activity globally and a change in
company management and direction. For information on the Fund’s performance and composition,
please refer to the Past Performance section and Summary of
The Fund’s underweight position in the top-performing
Investment Portfolio section of this report.
Energy sector detracted from performance. In addition, the
Fund held more conservative, higher-quality holdings in
this sector, which lagged the Energy sector securities more
exposed to higher oil prices within the S&P/TSX Small Cap
Index. Stock selection in the Industrials sector also
detracted from relative performance.BMO Canadian Small Cap Equity Fund
Recent Developments Administration Fee and Operating Expenses
Looking ahead, while these are unprecedented times, the The Fund pays a fixed administration fee to the Manager in
portfolio manager is comforted by the fact that the response respect of each series other than Series I. The Manager in
to this crisis has been equally unprecedented, with central return pays the operating expenses of these series of the
banks and governments around the globe committing to Fund, other than certain specified expenses that are paid
interest rate reductions and stimulus that have been directly by the Fund (“Fund Expenses”). Fund Expenses,
extremely important in terms of market stability. That said, include expenses incurred in respect of preparing and
the speed and severity in which the markets are reacting to distributing fund facts, interest or other borrowing expenses,
every new piece of news and rumour makes it impossible to all reasonable costs and expenses incurred in relation to
analyze the markets and individual stocks with any compliance with National Instrument 81-107 Independent
confidence on a short-term basis. Review Committee for Investment Funds, including
compensation and expenses payable to the Fund’s
While there may currently be pockets of euphoria in the
independent review committee (“IRC”) members, taxes to
markets, on a medium- to long-term basis the level of
which the Fund is or might be subject, and costs associated
innovation currently undergoing in the health care system,
with compliance with any new governmental or regulatory
strong response by governments and policymakers and the
requirement introduced after December 1, 2007. Fund
well-capitalized nature of our financial system offer
Expenses are allocated proportionately among the relevant
optimism for North American equity markets overall.
series. If the Fund Expenses are specific to a series, the
The portfolio manager’s investment process is based on Fund Expenses are allocated to that series. The fixed
owning a diversified portfolio of small-capitalization administration fee is calculated as a fixed annual
businesses with high barriers to entry, strong cash flow, percentage of the average net asset value of each relevant
long secular trends and strong management teams that the series of the Fund. Separate fees and expenses are
portfolio manager believes will allocate capital negotiated and paid directly by each Series I investor.
appropriately to drive long-term shareholder value. Further details about the fixed administration fee and/or
Fund Expenses can be found in the Fund’s most recent
RELATED PARTY TRANSACTIONS simplified prospectus at www.bmo.com/mutualfunds and
www.bmo.com/gam/ca or www.sedar.com.
BMO Investments Inc., an indirect, wholly-owned
subsidiary of Bank of Montreal (“BMO”), is the Manager of Buying and Selling Securities
the Fund. From time to time, the Manager may, on behalf of During the Period, the Fund relied on standing instructions
the Fund, enter into transactions or arrangements with or provided by the IRC for any of the following related party
involving other members of BMO Financial Group, or certain transactions that may have occurred in the Fund:
other persons or companies that are related or connected to
(a) investments in securities issued by BMO, an affiliate of
the Manager (each a “Related Party”). The purpose of this
the Manager, or any other issuer related to the Manager;
section is to provide a brief description of any transaction
involving the Fund and a Related Party. (b) investments in a class of non-government debt
securities and/or equity securities of an issuer during
Portfolio Manager
the period of distribution of those securities to the
The Fund’s portfolio manager is BMO Asset Management Inc.
public and/or the 60-day period following the
(“BMOAM”), an affiliate of the Manager. BMOAM provides
distribution period where BMO Nesbitt Burns Inc., an
portfolio management services to the Fund. BMOAM receives
affiliate of the Manager, or any other affiliate of the
from the Manager a management fee based on assets under
Manager acted as an underwriter in the distribution;
management, calculated daily and payable monthly.
(c) trades in debt securities in the secondary market with
BMO Nesbitt Burns Inc., an affiliate of the Manager, that
is trading with the Fund as principal; and
(d) inter-fund trades
(each, a “Related Party Transaction”).BMO Canadian Small Cap Equity Fund
In accordance with the IRC’s standing instructions, in FINANCIAL HIGHLIGHTS
making a decision to cause the Fund to enter into a Related The following tables show selected key financial information
Party Transaction, the Manager and the portfolio manager about the Fund and are intended to help you understand
of the Fund are required to comply with the Manager’s the Fund’s financial performance for the periods indicated.
written policies and procedures governing the Related Party
Transaction and report periodically to the IRC, describing The Fund’s Net Assets per Unit (1)
each instance that the Manager relied on the standing Series A Units
instructions and its compliance or non-compliance with the Period ended
Mar. 31 Periods ended Sep. 30
governing policies and procedures. The governing policies 2021 2020 2019 2018 2017 2016
and procedures are designed to ensure that each Related Net assets, beginning of period $ 51.30 44.81 46.68 44.66 46.30 44.87
Party Transaction (i) is made free from any influence of Increase (decrease)
from operations:
BMO, BMO Nesbitt Burns Inc. or an associate or affiliate of
Total revenue $ 0.22 0.57 0.71 0.66 0.57 0.56
BMO and/or BMO Nesbitt Burns Inc., and without taking Total expenses (2) $ -0.76 -1.22 -1.12 -1.24 -1.28 -1.19
into account any considerations relevant to BMO, BMO Realized gains (losses)
for the period $ 6.25 0.43 2.06 1.59 2.67 3.07
Nesbitt Burns Inc. or an associate or affiliate of BMO and/or
Unrealized gains (losses)
BMO Nesbitt Burns Inc.; (ii) represents the business for the period $ 3.80 7.11 -3.16 1.03 -1.79 1.61
judgment of the Manager, uninfluenced by considerations Total increase (decrease)
other than the best interests of the Fund; and (iii) achieves a from operations (3) $ 9.51 6.89 -1.51 2.04 0.17 4.05
Distributions:
fair and reasonable result for the Fund. From income
(excluding dividends) $ — — — — — —
Brokerage Commissions From dividends $ — — — — — —
The Fund pays standard brokerage commissions at market From capital gains $ — 0.76 0.44 — 1.77 2.82
rates to BMO Nesbitt Burns Inc., an affiliate of the Manager, Return of capital $ — — — — — —
Total Annual Distributions (4) $ — 0.76 0.44 — 1.77 2.82
for executing a portion of its trades. The brokerage
Net assets, end of period $ 60.80 51.30 44.81 46.68 44.66 46.30
commissions charged to the Fund (excluding exchange and
other fees) during the periods indicated, were as follows: Advisor Series Units
Period ended
Period ended Period ended Mar. 31 Periods ended Sep. 30
Mar. 31, 2021 Mar. 31, 2020 2021 2020 2019 2018 2017 2016
$000 $000 Net assets, beginning of period $ 29.86 26.06 27.15 25.98 26.98 26.40
Increase (decrease)
Total brokerage commissions 289 291
from operations:
Brokerage commissions paid Total revenue $ 0.13 0.33 0.41 0.38 0.33 0.32
to BMO Nesbitt Burns Inc. 4 9 Total expenses (2) $ -0.45 -0.71 -0.65 -0.72 -0.75 -0.70
Realized gains (losses)
for the period $ 3.78 0.24 1.18 0.91 1.56 1.78
Distribution Services Unrealized gains (losses)
The Manager markets and distributes the Fund through BMO for the period $ 1.85 4.19 -1.98 0.61 -1.08 0.99
Total increase (decrease)
branches and/or (depending on the series) through registered
from operations (3) $ 5.31 4.05 -1.04 1.18 0.06 2.39
dealers and brokers, including BMO InvestorLine Inc. and Distributions:
BMO Nesbitt Burns Inc., both affiliates of the Manager. The From income
(excluding dividends) $ — — — — — —
Manager pays to these affiliates a service fee called a
From dividends $ — — — — — —
“trailing commission” based on the average daily value of From capital gains $ — 0.42 0.26 — 1.07 1.89
the units and/or shares that are held in investor accounts. Return of capital $ — — — — — —
This service fee is paid monthly or quarterly and varies by Total Annual Distributions (4) $ — 0.42 0.26 — 1.07 1.89
Net assets, end of period $ 35.39 29.86 26.06 27.15 25.98 26.98
purchase option and by series.BMO Canadian Small Cap Equity Fund
Series F Units Series I Units
Period ended Period ended
Mar. 31 Periods ended Sep. 30 Mar. 31 Periods ended Sep. 30
2021 2020 2019 2018 2017 2016 2021 2020 2019 2018 2017 2016
Net assets, beginning of period $ 37.73 32.37 33.16 31.24 31.69 30.35 Net assets, beginning of period $ 20.61 17.54 17.76 16.58 17.46 16.96
Increase (decrease) Increase (decrease)
from operations: from operations:
Total revenue $ 0.16 0.42 0.52 0.47 0.41 0.39 Total revenue $ 0.08 0.23 0.27 0.28 0.21 0.21
Total expenses (2) $ -0.24 -0.38 -0.33 -0.38 -0.41 -0.40 Total expenses (2) $ -0.02 -0.03 -0.02 -0.03 -0.06 -0.04
Realized gains (losses) Realized gains (losses)
for the period $ 4.68 0.41 1.58 1.17 1.73 2.24 for the period $ 2.46 0.25 0.79 0.91 1.23 1.10
Unrealized gains (losses) Unrealized gains (losses)
for the period $ 2.62 5.37 -1.81 0.63 -1.13 1.39 for the period $ 1.80 3.46 -1.25 0.28 -0.76 0.47
Total increase (decrease) Total increase (decrease)
from operations (3) $ 7.22 5.82 -0.04 1.89 0.60 3.62 from operations (3) $ 4.32 3.91 -0.21 1.44 0.62 1.74
Distributions: Distributions:
From income From income
(excluding dividends) $ — — — — — — (excluding dividends) $ — — — — — —
From dividends $ — — — — — — From dividends $ — — — — — —
From capital gains $ — 0.46 0.28 — 1.02 1.96 From capital gains $ — 0.28 0.12 — 1.37 1.50
Return of capital $ — — — — — — Return of capital $ — — — — — —
Total Annual Distributions (4) $ — 0.46 0.28 — 1.02 1.96 Total Annual Distributions (4) $ — 0.28 0.12 — 1.37 1.50
Net assets, end of period $ 45.06 37.73 32.37 33.16 31.24 31.69 Net assets, end of period $ 24.73 20.61 17.54 17.76 16.58 17.46
(1)
This information is derived from the Fund’s unaudited semi-annual and audited annual financial statements.
Series D Units (2)
Period ended Includes commissions and other portfolio transaction costs and withholding taxes.
(3)
Mar. 31 Periods ended Sep. 30 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The
2021 2020 2019 2018 2017 2016 increase/decrease from operations is based on the weighted average number of units outstanding over the
financial period. This table is not intended to be a reconciliation of beginning to ending net assets per unit.
Net assets, beginning of period $ 12.08 10.31 10.61 10.04 10.25 9.84 (4)
Distributions were either paid in cash or reinvested in additional units of the Fund, or both. The allocation
Increase (decrease) of the distributions from each of income, dividends, capital gains and return of capital is based on the
from operations: Manager’s estimate as at March 31 or September 30 of the period shown, as applicable, which is the Fund’s
Total revenue $ 0.05 0.14 0.16 0.15 0.13 0.12 financial year-end. However, the actual allocation of distributions is determined as at December 15, the
Fund’s tax year-end. Accordingly, the actual allocation among income, dividends, capital gains and return of
Total expenses (2) $ -0.10 -0.17 -0.15 -0.17 -0.17 -0.16
capital may differ from these estimates.
Realized gains (losses)
for the period $ 1.48 0.10 0.46 0.37 0.57 0.72
Ratios and Supplemental Data
Unrealized gains (losses)
for the period $ 0.88 1.80 -0.83 0.25 -0.39 0.46 Series A Units
Total increase (decrease) Period ended
from operations (3) $ 2.31 1.87 -0.36 0.60 0.14 1.14 Mar. 31 Periods ended Sep. 30
2021 2020 2019 2018 2017 2016
Distributions:
From income Total net asset value (000’s) (1)
$ 221,905 191,961 213,687 247,656 277,451 305,129
(excluding dividends) $ — — — — — — Number of units
From dividends $ — — — — — — outstanding (000’s) (1) 3,650 3,742 4,768 5,306 6,213 6,590
From capital gains $ — 0.04 0.10 — 0.35 0.63 Management expense ratio (2) % 2.50 2.50 2.50 2.51 2.51 2.50
Return of capital $ — — — — — — Management expense ratio
Total Annual Distributions (4) $ — 0.04 0.10 — 0.35 0.63 before waivers or absorptions % 2.50 2.50 2.50 2.51 2.51 2.50
Net assets, end of period $ 14.39 12.08 10.31 10.61 10.04 10.25 Trading expense ratio (3) % 0.16 0.16 0.11 0.20 0.34 0.29
Portfolio turnover rate (4) % 23.12 30.32 19.44 35.55 54.69 84.42
Net asset value per unit $ 60.80 51.30 44.81 46.68 44.66 46.30
Advisor Series Units
Period ended
Mar. 31 Periods ended Sep. 30
2021 2020 2019 2018 2017 2016
Total net asset value (000’s) (1) $ 9,048 5,954 5,608 6,652 7,981 8,970
Number of units
outstanding (000’s) (1) 256 199 215 245 307 332
Management expense ratio (2) % 2.52 2.51 2.51 2.51 2.51 2.51
Management expense ratio
before waivers or absorptions % 2.52 2.51 2.51 2.51 2.51 2.51
Trading expense ratio (3) % 0.16 0.16 0.11 0.20 0.34 0.29
Portfolio turnover rate (4) % 23.12 30.32 19.44 35.55 54.69 84.42
Net asset value per unit $ 35.39 29.86 26.06 27.15 25.98 26.98BMO Canadian Small Cap Equity Fund
Series F Units Management Fees
Period ended
Mar. 31 Periods ended Sep. 30 The Manager is responsible for the day-to-day management
2021 2020 2019 2018 2017 2016 of the business and operations of the Fund. The Manager
Total net asset value (000’s) (1) $ 15,726 12,024 10,641 8,815 7,450 5,348 monitors and evaluates the Fund’s performance, pays for the
Number of units
investment advice provided by the Fund’s portfolio manager
outstanding (000’s) (1) 349 319 329 266 238 169
Management expense ratio (2) % 0.97 0.97 0.97 0.96 0.98 1.10 and provides certain administrative services required by the
Management expense ratio Fund. As compensation for its services, the Manager is entitled
before waivers or absorptions % 0.97 0.97 0.97 0.96 1.01 1.12 to receive a management fee payable monthly, calculated
Trading expense ratio (3) % 0.16 0.16 0.11 0.20 0.34 0.29
Portfolio turnover rate (4) % 23.12 30.32 19.44 35.55 54.69 84.42
based on the daily net asset value of each series of the Fund
Net asset value per unit $ 45.06 37.73 32.37 33.16 31.24 31.69 at the annual rate set out in the table below.
Series D Units As a Percentage
Period ended of Management Fees
Mar. 31 Periods ended Sep. 30
2021 2020 2019 2018 2017 2016 General
Annual Administration,
Total net asset value (000’s) (1)
$ 32,876 27,588 2,877 4,031 4,143 2,847 Management Dealer Investment
Number of units Fee Rate* Compensation Advice and Profit
outstanding (000’s) (1) 2,285 2,284 279 380 412 278 % % %
Management expense ratio (2) % 1.40 1.40 1.40 1.40 1.40 1.40 Series A Units 2.00 50 50
Management expense ratio Advisor Series Units 2.00 46 54
before waivers or absorptions % 1.40 1.41 1.42 1.42 1.41 1.41 Series F Units 0.60 0 100
Trading expense ratio (3) % 0.16 0.16 0.11 0.20 0.34 0.29 Series D Units 1.00 25 75
Portfolio turnover rate (4) % 23.12 30.32 19.44 35.55 54.69 84.42 Series I Units — — —
Net asset value per unit $ 14.39 12.08 10.31 10.61 10.04 10.25
* For Series I Units, separate Series I fees are negotiated and paid directly by each Series I investor. The
combined management and administration fees for Series I Units will not exceed the management fee
Series I Units charged for Advisor Series or Series A Units.
Period ended
Mar. 31 Periods ended Sep. 30
2021 2020 2019 2018 2017 2016
Total net asset value (000’s) (1) $ 96,819 105,724 92,323 109,718 18,845 39,673
Number of units
outstanding (000’s) (1) 3,914 5,130 5,263 6,176 1,137 2,272
Management expense ratio + % — — — — — —
Management expense ratio
before waivers or absorptions + % — — — — — —
Trading expense ratio (3) % 0.16 0.16 0.11 0.20 0.34 0.29
Portfolio turnover rate (4) % 23.12 30.32 19.44 35.55 54.69 84.42
Net asset value per unit $ 24.73 20.61 17.54 17.76 16.58 17.46
+ Operating expenses are paid by BMOII and management fees are paid directly to BMOII as negotiated with
the investor.
(1)
This information is provided as at March 31 or September 30 of the period shown, as applicable.
(2)
Management expense ratio is based on total expenses (excluding commissions and other portfolio
transaction costs) for the stated period and is expressed as an annualized percentage of daily average net
asset value during the period.
(3)
The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an
annualized percentage of daily average net asset value during the period.
(4)
The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio manager manages its portfolio
investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the
securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year,
the greater the trading costs payable by the fund in the year, and the greater the chance of an investor
receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover
rate and the performance of a fund.BMO Canadian Small Cap Equity Fund
PAST PERFORMANCE Advisor Series Units
The Fund’s performance information assumes that all 50%
distributions made by the Fund in the periods shown were 31.17
24.89
used to purchase additional securities of the Fund and is 25% 16.92 16.36 18.51
10.15
based on the net asset value of the Fund. The reinvestment 0.38
4.51
of distributions increases returns. The performance 0%
-2.87
-8.35 -8.73
information does not take into account sales, redemption,
-25%
distribution, other optional charges or income taxes payable
that, if applicable, would have reduced returns or performance.
-50%
Please remember that how the Fund has performed in the 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(2)
past does not indicate how it will perform in the future.
Series F Units
The returns of each series may differ from one another for a
50%
number of reasons, including if the series was not issued 33.07
and outstanding for the entire reporting period and because 26.17
25% 18.16 18.13 19.43
of the different levels of management fees and expenses 11.70
6.14
1.92
allocated and payable by each series. 0%
-1.36
-7.36 -7.42
On February 1, 2017, the management fee on Series F units
-25%
was lowered from 0.75% to 0.60%. This change could have
affected the performance of the Fund had it been in effect
-50%
throughout the performance measurement periods 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(2)
presented.
Series D Units
Year-by-Year Returns
50%
The following bar charts show the performance of each
series of the Fund for each of the financial years shown and 25% 19.17
17.63
for the six-month period ended March 31, 2021. The charts 9.39 11.37
5.68
1.50
show in percentage terms how an investment made on the 0%
-1.79
first day of each financial year would have increased or -7.70
decreased by the last day of each financial year. -25%
Series A Units
-50%
50% 2014(1) 2015 2016 2017 2018 2019 2020 2021(2)
31.21
24.92
25% 16.89 16.33 18.52 Series I Units
10.14
4.52 50%
0.39
0% 34.53
-2.86 28.09
-8.36 -8.72 25% 19.84 19.28 20.02
12.94
-25% 7.17
2.95
0%
-0.40
-50% -6.05 -6.40
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(2)
-25%
-50%
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(2)
(1)
For the period beginning with the performance launch date of April 8, 2014 to September 30, 2014.
(2)
For the six-month period ended March 31, 2021.BMO Canadian Small Cap Equity Fund
SUMMARY OF INVESTMENT PORTFOLIO
As at March 31, 2021
% of Net Top 25 Holdings % of Net
Portfolio Allocation Asset Value Issuer Asset Value
Industrials 24.2 StorageVault Canada Inc. 4.9
Real Estate 18.6 Tricon Capital Group Inc. 4.5
Materials 14.6 Park Lawn Corporation 4.2
Information Technology 11.3 Boyd Group Services Inc. 4.2
Consumer Discretionary 7.7 Trisura Group Ltd. 4.1
Health Care 6.0 Cargojet Inc. 3.7
Energy 4.6 Badger Daylighting Ltd. 3.0
Financials 4.1 Morneau Shepell Inc. 3.0
Money Market Investments 3.9 Andlauer Healthcare Group, Inc. 3.0
Utilities 3.5 Calian Group Ltd. 3.0
Consumer Staples 1.2 Altius Minerals Corporation 2.6
Cash/Receivables/Payables 0.3 TECSYS, Inc. 2.5
Total Portfolio Allocation 100.0 Parex Resources Inc. 2.5
Boralex Inc., Class A 2.4
FirstService Corporation 2.4
Altus Group Limited 2.3
ATS Automation Tooling Systems Inc. 2.3
Aritzia Inc. 2.2
Government of Canada, Treasury Bills, 0.113% Jun 10, 2021 2.2
Docebo Inc. 2.1
Descartes Systems Group Inc., The 2.1
Brookfield Business Partners L.P. 1.9
HLS Therapeutics Inc. 1.9
Winpak Ltd. 1.9
Roxgold Inc. 1.7
Top Holdings as a Percentage of Total Net Asset Value 70.6
Total Net Asset Value $376,374,362
The summary of investment portfolio may change due to the Fund’s ongoing
portfolio transactions. Updates are available quarterly.BMO Investments Inc. First Canadian Place, 43rd Floor 100 King Street West Toronto, Ontario M5X 1A1 www.bmo.com/mutualfunds and www.bmo.com/gam/ca If you have any questions, please give us a call as follows: • If you purchased BMO Mutual Funds through a BMO Bank of Montreal branch or BMO Online Banking, please call 1-800-665-7700. • If you purchased BMO Mutual Funds through a full-service or discount broker, please call 1-800-668-7327 or email clientservices.mutualfunds@bmo.com. Caution regarding forward-looking statements This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance or expectations that are not historical facts but instead represent our beliefs regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed or implied in the forward-looking statements. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including but not limited to market and general economic conditions, interest rates, regulatory and statutory developments, the effects of competition in the geographic and business areas in which the Fund may invest in and the risks detailed from time to time in BMO Mutual Funds’ simplified prospectus. We caution that the foregoing list of factors is not exhaustive and that when relying on forward-looking statements to make decisions with respect to investing in the Fund, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Due to the potential impact of these factors, BMO Investments Inc. does not undertake, and specifically disclaims, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. BMO Mutual Funds are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal. ®/™ Registered trade-marks/trade-mark of Bank of Montreal, used under licence.
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