Bmo Funds NPORT-P BMO Moderate Allocation Fund (Nov 2020 report)

Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

As of November 30, 2020

(Unaudited)

Description	Shares		Value
Exchange Traded Funds — 5.6%
Large-Cap Funds — 3.6%
Vanguard S&P 500 ETF		4,866	$	1,618,626
Fixed Income Funds — 2.0%
Vanguard Long-Term Treasury ETF		9,323		909,459
Total Exchange Traded Funds (identified cost $2,297,407)				2,528,085
Mutual Funds — 93.1%
Large-Cap Funds — 8.3%
BMO Dividend Income Fund — Institutional Class (1)		23,637		348,652
BMO Large-Cap Growth Fund — Class R6 (1)		30,070		695,216
BMO Large-Cap Value Fund — Class R6 (1)		54,336		796,559
BMO Low Volatility Equity Fund — Institutional Class (1)		39,131		594,794
Dodge & Cox Stock Fund — Retail Class		3,260		630,077
Harbor Capital Appreciation Fund — Retirement Class		3,498		390,536
T. Rowe Price Growth Stock Fund — Institutional Class		3,307		319,697
Total Large-Cap Funds				3,775,531
Mid-Cap Funds — 2.3%
John Hancock Disciplined Value Mid Cap Fund — Class R6		17,070		386,461
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		3,462		392,006
Vanguard Mid-Cap Index Fund — Institutional Class		4,698		256,759
Total Mid-Cap Funds				1,035,226
Small-Cap Funds — 1.2%
BMO Small-Cap Growth Fund — Institutional Class (1)		12,763		256,156
BMO Small-Cap Value Fund — Class R6 (1)		12,979		155,487
Goldman Sachs Small Cap Value Fund — Institutional Class		2,253		116,194
Total Small-Cap Funds				527,837
International Funds — 6.3%
BMO Disciplined International Equity Fund — Institutional Class (1)		26,263		273,137
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		37,547		620,274
BMO Pyrford International Stock Fund — Class R6 (1)		35,202		484,033
Dodge & Cox International Stock Fund — Retail Class		7,670		324,522
MFS International Value Fund — Class R6		9,442		496,456
T. Rowe Price International Discovery Fund — Institutional Class		2,646		233,791
Vanguard Emerging Markets Stock Index Fund — Admiral Class		10,464		414,149
Total International Funds				2,846,362
Fixed Income Funds — 67.6%
BMO Core Plus Bond Fund — Institutional Class (1)		804,300		10,045,713
BMO Corporate Income Fund — Institutional Class (1)		62,541		913,097
Federated Hermes Institutional High-Yield Bond Fund — Class R6		245,944		2,422,547
Metropolitan West Total Return Bond Fund — Plan Class		843,228		9,275,503
TCW Emerging Markets Income Fund — Institutional Class		399,406		3,327,052
Vanguard Total Bond Market Index Fund — Institutional Class		392,885		4,573,178
Total Fixed Income Funds				30,557,090
Alternative Funds — 7.4%
BNY Mellon Global Real Return — Institutional Class		205,251		3,341,482
Total Mutual Funds (identified cost $35,665,222)				42,083,528
Short-Term Investments — 0.9%

Mutual Funds — 0.9%
BMO Institutional Prime Money Market Fund — Premier Class, 0.190% (1)	394,799		394,720
Total Short-Term Investments — 0.9%
(identified cost $394,759)			394,720
Total Investments — 99.6%
(identified cost $38,357,388)			45,006,333
Other Assets and Liabilities — 0.4%			162,309
Total Net Assets — 100.0%		$	45,168,642

Moderate Allocation Fund

SCHEDULE OF INVESTMENTS

As of November 30, 2020

(Unaudited)

Description	Shares		Value
Exchange Traded Funds — 8.7%
Large-Cap Funds — 7.9%
Vanguard S&P 500 ETF		18,558	$	6,173,133
Fixed Income Funds — 0.8%
Vanguard Long-Term Treasury ETF		6,417		625,979
Total Exchange Traded Funds
(identified cost $6,017,097)				6,799,112
Mutual Funds — 89.7%
Large-Cap Funds — 16.4%
BMO Dividend Income Fund — Institutional Class (1)		79,990		1,179,850
BMO Large-Cap Growth Fund — Class R6 (1)		95,991		2,219,313
BMO Large-Cap Value Fund — Class R6 (1)		174,781		2,562,285
BMO Low Volatility Equity Fund — Institutional Class (1)		127,459		1,937,382
Dodge & Cox Stock Fund — Retail Class		10,476		2,024,591
Harbor Capital Appreciation Fund — Retirement Class		11,124		1,241,880
T. Rowe Price Growth Stock Fund — Institutional Class		11,039		1,067,279
Vanguard Institutional Index Fund — Institutional Class		1,574		509,693
Total Large-Cap Funds				12,742,273
Mid-Cap Funds — 3.5%
John Hancock Disciplined Value Mid Cap Fund — Class R6		41,700		944,070
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		8,444		956,046
Vanguard Mid-Cap Index Fund — Institutional Class		15,026		821,179
Total Mid-Cap Funds				2,721,295
Small-Cap Funds — 2.2%
BMO Small-Cap Growth Fund — Institutional Class (1)		43,786		878,782
BMO Small-Cap Value Fund — Class R6 (1)		39,544		473,735
Goldman Sachs Small Cap Value Fund — Institutional Class		6,897		355,782
Total Small-Cap Funds				1,708,299
International Funds — 11.6%
BMO Disciplined International Equity Fund — Institutional Class (1)		109,206		1,135,744
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		102,750		1,697,429
BMO Pyrford International Stock Fund — Class R6 (1)		120,555		1,657,629
Dodge & Cox International Stock Fund — Retail Class		27,106		1,146,864
MFS International Value Fund — Class R6		31,020		1,631,031
T. Rowe Price International Discovery Fund — Institutional Class		7,545		666,596
Vanguard Emerging Markets Stock Index Fund — Admiral Class		28,813		1,140,429
Total International Funds				9,075,722
Fixed Income Funds — 50.7%
BMO Core Plus Bond Fund — Institutional Class (1)		1,174,362		14,667,782
BMO Corporate Income Fund — Institutional Class (1)		164,281		2,398,507
Federated Hermes Institutional High-Yield Bond Fund — Class R6		315,241		3,105,124
Metropolitan West Total Return Bond Fund — Plan Class		1,154,607		12,700,671
TCW Emerging Markets Income Fund — Institutional Class		503,654		4,195,438
Vanguard Total Bond Market Index Fund — Institutional Class		207,388		2,413,999
Total Fixed Income Funds				39,481,521
Alternative Funds — 5.3%
BNY Mellon Global Real Return — Institutional Class		254,176		4,137,977
Total Mutual Funds
(identified cost $56,309,323)				69,867,087
Short-Term Investments — 1.3%

Mutual Funds — 1.3%
BMO Institutional Prime Money Market Fund — Premier Class, 0.190% (1)	978,395		978,199
Total Short-Term Investments — 1.3%
(identified cost $978,287)			978,199
Total Investments — 99.7%
(identified cost $63,304,707)			77,644,398
Other Assets and Liabilities — 0.3%			236,041
Total Net Assets — 100.0%		$	77,880,439

Balanced Allocation Fund

SCHEDULE OF INVESTMENTS

As of November 30, 2020

(Unaudited)

Description	Shares		Value
Exchange Traded Funds — 8.8%
Large-Cap Funds — 8.2%
Vanguard S&P 500 ETF		59,384	$	19,753,494
Fixed Income Funds — 0.6%
Vanguard Long-Term Treasury ETF		13,197		1,287,367
Total Exchange Traded Funds
(identified cost $18,478,322)				21,040,861
Mutual Funds — 90.1%
Large-Cap Funds — 29.0%
BMO Dividend Income Fund — Institutional Class (1)		368,557		5,436,212
BMO Large-Cap Growth Fund — Class R6 (1)		450,760		10,421,579
BMO Large-Cap Value Fund — Class R6 (1)		813,505		11,925,975
BMO Low Volatility Equity Fund — Institutional Class (1)		598,178		9,092,304
Dodge & Cox Stock Fund — Retail Class		48,652		9,402,031
Harbor Capital Appreciation Fund — Retirement Class		53,510		5,973,870
T. Rowe Price Growth Stock Fund — Institutional Class		51,592		4,987,917
Vanguard Institutional Index Fund — Institutional Class		39,373		12,752,215
Total Large-Cap Funds				69,992,103
Mid-Cap Funds — 4.7%
John Hancock Disciplined Value Mid Cap Fund — Class R6		165,515		3,747,265
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		33,441		3,786,182
Vanguard Mid-Cap Index Fund — Institutional Class		69,720		3,810,222
Total Mid-Cap Funds				11,343,669
Small-Cap Funds — 3.3%
BMO Small-Cap Growth Fund — Institutional Class (1)		194,259		3,898,778
BMO Small-Cap Value Fund — Class R6 (1)		191,501		2,294,183
Goldman Sachs Small Cap Value Fund — Institutional Class		33,853		1,746,131
Total Small-Cap Funds				7,939,092
International Funds — 17.0%
BMO Disciplined International Equity Fund — Institutional Class (1)		486,387		5,058,424
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		432,514		7,145,137
BMO Pyrford International Stock Fund — Class R6 (1)		526,607		7,240,851
Dodge & Cox International Stock Fund — Retail Class		120,770		5,109,752
MFS International Value Fund — Class R6		138,896		7,303,170
T. Rowe Price International Discovery Fund — Institutional Class		33,956		2,999,999
Vanguard Developed Markets Index Fund — Admiral Class		94,554		1,372,919
Vanguard Emerging Markets Stock Index Fund — Admiral Class		120,955		4,787,397
Total International Funds				41,017,649
Fixed Income Funds — 32.2%
BMO Core Plus Bond Fund — Institutional Class (1)		2,067,929		25,828,426
BMO Corporate Income Fund — Institutional Class (1)		656,084		9,578,830
Federated Hermes Institutional High-Yield Bond Fund — Class R6		486,842		4,795,391
Metropolitan West Total Return Bond Fund — Plan Class		2,105,434		23,159,771
TCW Emerging Markets Income Fund — Institutional Class		1,121,581		9,342,772
Vanguard Total Bond Market Index Fund — Institutional Class		414,438		4,824,061
Total Fixed Income Funds				77,529,251
Alternative Funds — 3.9%
BNY Mellon Global Real Return — Institutional Class		575,229		9,364,728

Total Mutual Funds
(identified cost $153,000,923)			217,186,492
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 0.190% (1)	2,444,176		2,443,688
Total Short-Term Investments — 1.0%
(identified cost $2,443,920)			2,443,688
Total Investments — 99.9%
(identified cost $173,923,165)			240,671,041
Other Assets and Liabilities — 0.1%			314,444
Total Net Assets — 100.0%		$	240,985,485

Growth Allocation Fund

SCHEDULE OF INVESTMENTS

As of November 30, 2020

(Unaudited)

Description	Shares		Value
Exchange Traded Funds — 7.9%
Large-Cap Funds — 6.7%
Vanguard S&P 500 ETF		21,962	$	7,305,440
Fixed Income Funds — 1.2%
Vanguard Long-Term Treasury ETF		14,203		1,385,503
Total Exchange Traded Funds (identified cost $7,947,824)				8,690,943
Mutual Funds — 90.7%
Large-Cap Funds — 41.8%
BMO Dividend Income Fund — Institutional Class (1)		225,778		3,330,217
BMO Large-Cap Growth Fund — Class R6 (1)		270,314		6,249,653
BMO Large-Cap Value Fund — Class R6 (1)		482,230		7,069,497
BMO Low Volatility Equity Fund — Institutional Class (1)		358,250		5,445,404
Dodge & Cox Stock Fund — Retail Class		29,081		5,619,983
Harbor Capital Appreciation Fund — Retirement Class		30,005		3,349,725
T. Rowe Price Growth Stock Fund — Institutional Class		30,734		2,971,398
Vanguard Institutional Index Fund — Institutional Class		36,134		11,702,981
Total Large-Cap Funds				45,738,858
Mid-Cap Funds — 6.5%
John Hancock Disciplined Value Mid Cap Fund — Class R6		104,020		2,355,014
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		21,020		2,379,864
Vanguard Mid-Cap Index Fund — Institutional Class		44,379		2,425,316
Total Mid-Cap Funds				7,160,194
Small-Cap Funds — 4.5%
BMO Small-Cap Growth Fund — Institutional Class (1)		116,947		2,347,118
BMO Small-Cap Value Fund — Class R6 (1)		117,762		1,410,795
Goldman Sachs Small Cap Value Fund — Institutional Class		22,514		1,161,246
Total Small-Cap Funds				4,919,159
International Funds — 22.9%
BMO Disciplined International Equity Fund — Institutional Class (1)		292,683		3,043,902
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		270,898		4,475,234
BMO Pyrford International Stock Fund — Class R6 (1)		323,587		4,449,321
Dodge & Cox International Stock Fund — Retail Class		72,566		3,070,251
MFS International Value Fund — Class R6		83,253		4,377,434
T. Rowe Price International Discovery Fund — Institutional Class		20,252		1,789,294
Vanguard Developed Markets Index Fund — Admiral Class		59,889		869,587
Vanguard Emerging Markets Stock Index Fund — Admiral Class		75,768		2,998,902
Total International Funds				25,073,925
Fixed Income Funds — 12.6%
BMO Core Plus Bond Fund — Institutional Class (1)		307,110		3,835,808
BMO Corporate Income Fund — Institutional Class (1)		357,742		5,223,025
Federated Hermes Institutional High-Yield Bond Fund — Class R6		105,979		1,043,896
Metropolitan West Total Return Bond Fund — Plan Class		155,838		1,714,223
TCW Emerging Markets Income Fund — Institutional Class		231,892		1,931,656
Total Fixed Income Funds				13,748,608
Alternative Funds — 2.4%
BNY Mellon Global Real Return — Institutional Class		158,884		2,586,638
Total Mutual Funds
(identified cost $64,887,060)				99,227,382
Short-Term Investments — 1.2%

Mutual Funds — 1.2%
BMO Institutional Prime Money Market Fund — Premier Class, 0.190% (1)	1,283,884		1,283,627
Total Short-Term Investments — 1.2%
(identified cost $1,283,752)			1,283,627
Total Investments — 99.8%
(identified cost $74,118,636)			109,201,952
Other Assets and Liabilities — 0.2%			264,719
Total Net Assets — 100.0%		$	109,466,671

Aggressive Allocation Fund

SCHEDULE OF INVESTMENTS

As of November 30, 2020

(Unaudited)

Description	Shares		Value
Exchange Traded Funds — 9.7%
Large-Cap Funds — 9.7%
Vanguard S&P 500 ETF		46,167	$	15,356,991
(identified cost $13,915,428)
Mutual Funds — 89.0%
Large-Cap Funds — 50.2%
BMO Dividend Income Fund — Institutional Class (1)		387,740		5,719,159
BMO Large-Cap Growth Fund — Class R6 (1)		467,223		10,802,198
BMO Large-Cap Value Fund — Class R6 (1)		856,571		12,557,328
BMO Low Volatility Equity Fund — Institutional Class (1)		619,659		9,418,818
Dodge & Cox Stock Fund — Retail Class		50,205		9,702,066
Harbor Capital Appreciation Fund — Retirement Class		52,030		5,808,650
T. Rowe Price Growth Stock Fund — Institutional Class		53,096		5,133,344
Vanguard Institutional Index Fund — Institutional Class		64,477		20,882,839
Total Large-Cap Funds				80,024,402
Mid-Cap Funds — 5.9%
John Hancock Disciplined Value Mid Cap Fund — Class R6		119,902		2,714,587
T. Rowe Price Mid-Cap Growth Fund — Institutional Class		23,885		2,704,327
Vanguard Mid-Cap Index Fund — Institutional Class		72,637		3,969,591
Total Mid-Cap Funds				9,388,505
Small-Cap Funds — 5.3%
BMO Small-Cap Growth Fund — Institutional Class (1)		213,652		4,288,006
BMO Small-Cap Value Fund — Class R6 (1)		203,156		2,433,807
Goldman Sachs Small Cap Value Fund — Institutional Class		33,396		1,722,560
Total Small-Cap Funds				8,444,373
International Funds — 27.6%
BMO Disciplined International Equity Fund — Institutional Class (1)		522,547		5,434,493
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		456,005		7,533,201
BMO Pyrford International Stock Fund — Class R6 (1)		565,236		7,771,992
Dodge & Cox International Stock Fund — Retail Class		129,844		5,493,721
MFS International Value Fund — Class R6		152,957		8,042,457
T. Rowe Price International Discovery Fund — Institutional Class		36,349		3,211,414
Vanguard Developed Markets Index Fund — Admiral Class		107,644		1,562,986
Vanguard Emerging Markets Stock Index Fund — Admiral Class		127,266		5,037,196
Total International Funds				44,087,460
Total Mutual Funds (identified cost $83,382,777)				141,944,740
Short-Term Investments — 0.9%
Mutual Funds — 0.9%
BMO Institutional Prime Money Market Fund — Premier Class, 0.190% (1)		1,491,106		1,490,808
Total Short-Term Investments — 0.9%
(identified cost $1,490,839)				1,490,808
Total Investments — 99.6%
(identified cost $98,789,044)				158,792,539
Other Assets and Liabilities — 0.4%				643,653
Total Net Assets — 100.0%			$	159,436,192

Notes to Schedules of Investments (Unaudited)

The categories of investments are shown as a percentage of total net assets for each Fund as of November 30, 2020.

(1)	Denotes an investment in an affiliated entity. Please refer to Note 3, Investments in Affiliated Issuers, in the Additional Information Associated with the Schedule of Investments.
ETF	Exchange Traded Fund

Notes to Schedules of Investments (Unaudited)

Additional Information Associated with the Schedules of Investments (Unaudited)

1. Organization

BMO Funds, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940 (the “Act”), as amended as an open-end management investment company. As of November 30, 2020, the Corporation consisted of 28 portfolios, including 5 target risk diversified portfolios within this quarterly report (individually referred to as the “Fund,” or collectively as the “Funds”), each with differing share class offerings as well as 23 other portfolios whose quarterly report is available under a separate cover. BMO Asset Management Corp. serves as the Funds’ investment adviser (the “Adviser”), a Delaware corporation headquartered in Chicago, Illinois that is a wholly-owned subsidiary of BMO Financial Corp.

Fund	Inception Date	Investment Objective
Conservative Allocation Fund	May 30, 2014	To provide total return primarily from income, secondarily from appreciation.
Moderate Allocation Fund	May 30, 2014	To provide total investment return from income and appreciation.
Balanced Allocation Fund	May 30, 2014	To provide total investment return from income and appreciation.
Growth Allocation Fund	May 30, 2014	To provide total investment return from income and appreciation.
Aggressive Allocation Fund	May 30, 2014	To provide total investment return primarily from appreciation, secondarily from income.

Each Fund seeks to achieve its investment objectives by investing in a mix (without limitation) of BMO Funds and unaffiliated mutual funds. The Funds are designed to provide investors with investment management, asset allocation, and ongoing reallocation over time. Each Fund is considered a “fund of funds” because it invests in other mutual funds. A fund of funds bears its own direct expenses in addition to bearing a proportionate share of expenses charged to the underlying funds in which it invests.

2. Fair Value Measurements Discussion and Disclosure

Investment Valuations—Investments in other open-end registered investment companies are valued at net asset value.

Securities or other assets for which market valuations are not readily available, or are deemed to be inaccurate, are valued at fair value as determined in good faith using methods approved by the Board of Directors (the “Directors”). The Directors have established a Pricing Committee, which is responsible for determinations of fair value, subject to the supervision of the Directors. In determining fair value, the Pricing Committee takes into account all information available and any factors it deems appropriate. Consequently, the price of securities used by a Fund to calculate its Net Asset Value (“NAV”) may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments; it is possible that the fair value determined for a security is materially different than the value that would be realized upon the sale of that security and the differences may be material to the NAV of the Fund or the financial statements presented.

Securities held in certain funds may be listed on foreign exchanges that do not value their listed securities at the same time each Fund calculates its NAV. Most foreign markets close well before each Fund values its securities, generally 3:00 p.m. (Central Time). The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.

The Pricing Committee may determine that a security needs to be fair valued. In valuing underlying fund investments, the Funds use the NAVs reported by the underlying funds. An underlying fund may need to fair value one or more of its investments, which may, in turn, require a Fund to do the same because of delays in obtaining the underlying fund’s NAV.

Fair Valuation Measurement defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and requires disclosure about fair value measurements. It establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting issuer (observable inputs), and (2) the reporting issuer’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). It also provides guidance on determining when a significant decrease occurs in the trade volume and/or frequency for an asset, when a transaction is not orderly, and how that information must be incorporated into fair value measurement.

In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) — Disclosures Framework — Changes to Disclosure Requirements of Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 effective with the current reporting period as permitted by the standard. The impact of the Funds’ adoption was limited to changes in the Funds’ financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, when applicable.

Various inputs are used in determining the value of the Funds’ investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Common and preferred stocks, options and futures contracts, and U.S. registered mutual funds are generally categorized as Level 1.

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Fixed income securities, repurchase agreements and securities valued by an independent fair value pricing service are generally categorized as Level 2.

Level 3—significant unobservable inputs, including management’s own assumptions in determining the fair value of investments.

Notes to Schedules of Investments (Unaudited)

For the period ended November 30, 2020, the Funds had no investments in private investment funds, and there were no investments excluded from the fair value hierarchy. It is the Funds’ policy to recognize transfers between category levels at the end of the period. For the period ended November 30, 2020, there were no transfers in and out of Level 1, Level 2 , and Level 3. The Funds did not hold any Level 2 or Level 3 securities as of November 30, 2020.

The following is a summary of the inputs used, as of November 30, 2020, in valuing the Funds’ assets:

	Conservative Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	2,528,085	$	—	$	—	$	2,528,085
Mutual Funds		42,083,528		—		—		42,083,528
Short-Term Investments		394,720		—		—		394,720
Total	$	45,006,333	$	—	$	—	$	45,006,333
	Moderate Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	6,799,112	$	—	$	—	$	6,799,112
Mutual Funds		69,867,087		—		—		69,867,087
Short-Term Investments		978,199		—		—		978,199
Total	$	77,644,398	$	—	$	—	$	77,644,398
	Balanced Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	21,040,861	$	—	$	—	$	21,040,861
Mutual Funds		217,186,492		—		—		217,186,492
Short-Term Investments		2,443,688		—		—		2,443,688
Total	$	240,671,041	$	—	$	—	$	240,671,041
	Growth Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	8,690,943	$	—	$	—	$	8,690,943
Mutual Funds		99,227,382		—		—		99,227,382
Short-Term Investments		1,283,627		—		—		1,283,627
Total	$	109,201,952	$	—	$	—	$	109,201,952
	Aggressive Allocation Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	15,356,991	$	—	$	—	$	15,356,991
Mutual Funds		141,944,740		—		—		141,944,740
Short-Term Investments		1,490,808		—		—		1,490,808
Total	$	158,792,539	$	—	$	—	$	158,792,539

3. Investments in Affiliated Issuers

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in the BMO Funds. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior periods may result in the Funds owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of November 30, 2020. Please refer to the Schedule of Investments for which class each Fund’s underlying affiliated issuer represents.

Notes to Schedules of Investments (Unaudited)

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Conservative Allocation Fund
Large-Cap Funds — 5.4%
BMO Low Volatility Equity Fund	$	584,953	$	30,216	$	24,252	$	4,859		$	(982	)	$	594,794	$	2,391	$	—
BMO Dividend Income Fund		364,683		2,273		45,808		25,668			1,836			348,652		2,273		—
BMO Large-Cap Value Fund		755,456		26,881		49,153		58,710			4,665			796,559		3,479		—
BMO Large-Cap Growth Fund		669,309		37,014		30,096		17,229			1,760			695,216		—		—
														2,435,221
Mid-Cap Funds – 0.0%
BMO Mid-Cap Growth Fund		169,508		—		158,145		(67,202	)		55,839			—		—		—
BMO Mid-Cap Value Fund		173,902		—		167,732		(35,734	)		29,564			—		—		—
														—
Small-Cap Funds – 0.9%
BMO Small-Cap Growth Fund		259,516		—		37,718		28,900			5,458			256,156		—		—
BMO Small-Cap Value Fund		150,134		—		12,878		19,759			(1,528	)		155,487		—		—
														411,643
International Funds – 3.0%
BMO LGM Emerging Markets Equity Fund		288,334		339,002		26,374		17,189			2,123			620,274		—		—
BMO Pyrford International Stock Fund		499,482		15,608		47,160		11,403			4,700			484,033		—		—
BMO Disciplined International Equity Fund		326,832		1,556		73,999		15,785			2,963			273,137		—		—
														1,377,444
Fixed Income Funds – 24.3%
BMO Core Plus Bond Fund		9,937,362		1,352,844		1,308,659		65,965			(1,799	)		10,045,713		70,458		—
BMO Corporate Income Fund		906,301		20,277		34,634		21,067			86			913,097		6,587		—
														10,958,810
Short-Term Investment – 0.9%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		440,749		4,207,675		4,253,676		27			(55	)		394,720		45		—
Totals	$	15,526,521	$	6,033,346	$	6,270,284	$	183,625		$	104,630		$	15,577,838	$	85,233	$	—

Notes to Schedules of Investments (Unaudited)

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Moderate Allocation Fund
Large-Cap Funds – 10.1%
BMO Low Volatility Equity Fund	$	1,919,171	$	7,845	$	—	$	10,366		$	—		$	1,937,382	$	7,844	$	—
BMO Dividend Income Fund		1,207,479		64,722		188,148		97,416			(1,619	)		1,179,850		7,527		—
BMO Large-Cap Value Fund		2,554,673		108,470		307,083		183,855			22,370			2,562,285		11,347		—
BMO Large-Cap Growth Fund		2,250,479		—		81,759		20,656			29,937			2,219,313		—		—
														7,898,830
Mid-Cap Funds – 0.0%
BMO Mid-Cap Growth Fund		566,517		—		528,538		(243,186	)		205,207			—		—		—
BMO Mid-Cap Value Fund		573,766		—		553,411		(109,619	)		89,264			—		—		—
														—
Small-Cap Funds – 1.7%
BMO Small-Cap Growth Fund		850,254		—		84,796		88,566			24,758			878,782		—		—
BMO Small-Cap Value Fund		484,218		—		71,436		64,703			(3,750	)		473,735		—		—
														1,352,517
International Funds – 5.8%
BMO LGM Emerging Markets Equity Fund		931,054		771,736		74,442		64,425			4,656			1,697,429		—		—
BMO Pyrford International Stock Fund		1,662,113		—		59,127		45,437			9,206			1,657,629		—		—
BMO Disciplined International Equity Fund		1,093,389		68,274		94,158		70,110			(1,871	)		1,135,744		—		—
														4,490,802
Fixed Income Funds – 21.9%
BMO Core Plus Bond Fund		13,931,592		2,512,435		1,874,176		95,819			2,112			14,667,782		97,836		—
BMO Corporate Income Fund		1,509,716		849,031		—		39,760			—			2,398,507		11,572		—
														17,066,289
Short-Term Investment – 1.3%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		647,639		4,849,955		4,519,214		36			(217	)		978,199		94		—
Totals	$	30,182,060	$	9,232,468	$	8,436,288	$	428,344		$	380,053		$	31,786,637	$	136,220	$	—

Notes to Schedules of Investments (Unaudited)

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Balanced Allocation Fund
Large-Cap Funds – 15.3%
BMO Low Volatility Equity Fund	$	9,123,354	$	255,764	$	325,916	$	26,677		$	12,425		$	9,092,304	$	37,290	$	—
BMO Dividend Income Fund		5,652,090		35,232		664,896		275,227			138,559			5,436,212		35,232		—
BMO Large-Cap Value Fund		11,871,940		54,672		911,677		817,943			93,097			11,925,975		54,672		—
BMO Large-Cap Growth Fund		10,784,362		—		586,124		22,399			200,942			10,421,579		—		—
														36,876,070
Mid-Cap Funds – 0.0%
BMO Mid-Cap Growth Fund		2,686,603		—		2,506,496		(1,163,542	)		983,435			—		—		—
BMO Mid-Cap Value Fund		2,668,873		—		2,574,190		(544,896	)		450,213			—		—		—
														—
Small-Cap Funds – 2.6%
BMO Small-Cap Growth Fund		4,105,674		—		738,958		188,326			343,736			3,898,778		—		—
BMO Small-Cap Value Fund		2,321,025		—		298,528		309,379			(37,693	)		2,294,183		—		—
														6,192,961
International Funds – 8.1%
BMO LGM Emerging Markets Equity Fund		4,340,167		2,765,114		374,346		411,221			2,981			7,145,137		—		—
BMO Pyrford International Stock Fund		7,112,972		497,409		624,561		229,711			25,320			7,240,851		—		—
BMO Disciplined International Equity Fund		5,078,247		658,680		979,637		307,400			(6,266	)		5,058,424		—		—
														19,444,412
Fixed Income Funds – 14.7%
BMO Core Plus Bond Fund		23,010,598		7,032,831		4,389,947		174,690			254			25,828,426		178,050		—
BMO Corporate Income Fund		9,638,140		378,229		651,273		206,816			6,918			9,578,830		69,023		—
														35,407,256
Short-Term Investment – 1.0%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		1,505,852		12,325,006		11,386,863		(30	)		(277	)		2,443,688		259		—
Totals	$	99,899,897	$	24,002,937	$	27,013,412	$	1,261,321		$	2,213,644		$	100,364,387	$	374,526	$	—

Notes to Schedules of Investments (Unaudited)

Fund/Security Description	Value, Beginning of Period		Purchases		Sales Proceeds		Change In Unrealized Appreciation (Depreciation)			Net Realized Gain(Loss)			Value, End of Period		Dividends Credited to Income		Net Realized Gain on Capital Gain Distributions
Growth Allocation Fund
Large-Cap Funds – 20.2%
BMO Low Volatility Equity Fund	$	5,118,665	$	385,000	$	85,760	$	22,921		$	4,578		$	5,445,404	$	20,921	$	—
BMO Dividend Income Fund		3,186,724		19,864		130,024		242,581			11,072			3,330,217		19,864		—
BMO Large-Cap Value Fund		6,705,232		30,879		200,880		538,740			(4,474	)		7,069,497		30,879		—
BMO Large-Cap Growth Fund		6,188,434		268,684		337,330		20,456			109,409			6,249,653		—		—
														22,094,771
Mid-Cap Funds – 0.0%
BMO Mid-Cap Growth Fund		1,557,505		—		1,453,091		(641,893	)		537,479			—		—		—
BMO Mid-Cap Value Fund		1,477,367		—		1,424,955		(239,460	)		187,048			—		—		—
														—
Small-Cap Funds – 3.4%
BMO Small-Cap Growth Fund		2,298,638		—		279,055		243,162			84,373			2,347,118		—		—
BMO Small-Cap Value Fund		1,350,588		—		100,761		185,911			(24,943	)		1,410,795		—		—
														3,757,913
International Funds – 10.9%
BMO LGM Emerging Markets Equity Fund		2,467,115		2,640,271		861,276		215,825			13,299			4,475,234		—		—
BMO Pyrford International Stock Fund		3,997,413		489,750		191,352		150,484			3,026			4,449,321		—		—
BMO Disciplined International Equity Fund		2,793,202		215,936		162,030		199,932			(3,138	)		3,043,902		—		—
														11,968,457
Fixed Income Funds – 8.3%
BMO Core Plus Bond Fund		2,841,180		2,060,201		1,094,358		26,301			2,484			3,835,808		27,517		—
BMO Corporate Income Fund		4,959,139		292,682		150,997		121,951			250			5,223,025		37,032		—
														9,058,833
Short-Term Investment – 1.2%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		755,185		6,827,731		6,299,106		26			(209	)		1,283,627		135		—
Totals	$	45,696,387	$	13,230,998	$	12,770,975	$	1,086,937		$	920,254		$	48,163,601	$	136,348	$	—
Aggressive Allocation Fund
Large-Cap Funds – 24.1%
BMO Low Volatility Equity Fund	$	8,190,658	$	1,154,022	$	—	$	74,138		$	—		$	9,418,818	$	36,624	$	—
BMO Dividend Income Fund		5,446,972		33,954		215,962		430,882			23,313			5,719,159		33,954		—
BMO Large-Cap Value Fund		11,435,298		166,298		—		955,732			—			12,557,328		52,661		—
BMO Large-Cap Growth Fund		10,538,209		936,181		938,836		95,850			170,794			10,802,198		—		—
														38,497,503
Mid-Cap Funds – 0.0%
BMO Mid-Cap Growth Fund		2,760,667		—		2,575,594		(1,174,163	)		989,090			—		—		—
BMO Mid-Cap Value Fund		2,630,193		—		2,536,882		(393,009	)		299,698			—		—		—
														—
Small-Cap Funds – 4.2%
BMO Small-Cap Growth Fund		4,024,606		—		291,144		503,625			50,919			4,288,006		—		—
BMO Small-Cap Value Fund		2,280,714		—		131,344		309,664			(25,227	)		2,433,807		—		—
														6,721,813
International Funds – 13.0%
BMO LGM Emerging Markets Equity Fund		4,461,904		4,384,321		1,736,466		409,671			13,771			7,533,201		—		—
BMO Pyrford International Stock Fund		6,569,863		960,467		—		241,662			—			7,771,992		—		—
BMO Disciplined International Equity Fund		5,036,930		1,061,351		976,595		346,999			(34,192	)		5,434,493		—		—
														20,739,686
Short-Term Investment – 0.9%
Cash Sweep Investments in BMO Institutional Prime Money Market Fund — Premier Class, 0.190%		1,048,046		9,922,301		9,479,305		(117	)		(117	)		1,490,808		163		—
Totals	$	64,424,060	$	18,618,895	$	18,882,128	$	1,800,934		$	1,488,049		$	67,449,810	$	123,402	$	—