In-Retirement Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 98.4%
Large-Cap Funds — 15.7%
BMO Dividend Income Fund — Institutional Class (1)		11,191	$	151,522
BMO Large-Cap Growth Fund — Class R6 (1)		5,666		96,438
BMO Large-Cap Value Fund — Class R6 (1)		16,515		224,275
BMO Low Volatility Equity Fund — Institutional Class (1)		14,736		218,978
Harbor Capital Appreciation Fund — Retirement Class		1,386		96,508
T Rowe Price Growth Stock Fund — Institutional Class		1,490		96,370
Vanguard Equity Income Fund — Admiral Class		2,584		184,498
Vanguard Institutional Index Fund — Institutional Class		869		216,926
Total Large-Cap Funds				1,285,515
Mid-Cap Funds — 3.1%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		2,799		40,360
BMO Mid-Cap Value Fund — Class R6 (1)		9,835		95,989
Vanguard Mid-Cap Index Fund — Institutional Class		2,637		113,047
Total Mid-Cap Funds				249,396
Small-Cap Funds — 1.2%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		1,555		24,038
Goldman Sachs Small Cap Value Fund — Institutional Class		1,422		71,945
Total Small-Cap Funds				95,983
International Funds — 9.4%
BMO Disciplined International Equity Fund — Institutional Class (1)		19,220		189,705
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		3,236		48,921
BMO Pyrford International Stock Fund — Class R6 (1)		13,298		166,625
DFA International Small Company Portfolio — Institutional Class		1,431		24,335
Dodge & Cox International Stock Fund — Retail Class		3,630		141,583
MFS International Value Fund — Class R6		4,714		199,105
Total International Funds				770,274
Fixed Income Funds — 62.1%
BMO High Yield Bond Fund — Institutional Class (1)		16,029		145,702
BMO TCH Core Plus Bond Fund — Institutional Class (1)		144,098		1,677,306
Federated Institutional High-Yield Bond Fund — Class R6		24,355		234,782
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		25,646		243,123
Metropolitan West Total Return Bond Fund — Plan Class		189,769		1,928,051
TCW Emerging Markets Income Fund — Institutional Class		30,005		242,440
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		17,504		431,829
Vanguard Short-Term Investment Grade Fund — Admiral Class		15,280		162,731
Total Fixed Income Funds				5,065,964
Alternative Funds — 6.9%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		61,658		566,017
Total Mutual Funds (identified cost $7,077,814)				8,033,149
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		81,186		81,186
Total Short-Term Investments — 1.0% (identified cost $81,186)				81,186
Total Investments — 99.4% (identified cost $7,159,000)				8,114,335

Other Assets and Liabilities — 0.6%		46,624
Total Net Assets — 100.0%	$	8,160,959

2015 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 97.1%
Large-Cap Funds — 18.3%
BMO Dividend Income Fund — Institutional Class (1)		1,822	$	24,664
BMO Large-Cap Growth Fund — Class R6 (1)		1,532		26,068
BMO Large-Cap Value Fund — Class R6 (1)		3,634		49,355
BMO Low Volatility Equity Fund — Institutional Class (1)		3,183		47,301
Harbor Capital Appreciation Fund — Retirement Class		371		25,856
T Rowe Price Growth Stock Fund — Institutional Class		401		25,961
Vanguard Equity Income Fund — Admiral Class		494		35,247
Vanguard Institutional Index Fund — Institutional Class		208		51,906
Total Large-Cap Funds				286,358
Mid-Cap Funds — 4.0%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		630		9,090
BMO Mid-Cap Value Fund — Class R6 (1)		2,534		24,732
Vanguard Mid-Cap Index Fund — Institutional Class		674		28,870
Total Mid-Cap Funds				62,692
Small-Cap Funds — 1.6%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		505		7,801
Goldman Sachs Small Cap Value Fund — Institutional Class		334		16,889
Total Small-Cap Funds				24,690
International Funds — 11.5%
BMO Disciplined International Equity Fund — Institutional Class (1)		4,367		43,097
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		1,097		16,590
BMO Pyrford International Stock Fund — Class R6 (1)		3,100		38,842
DFA International Small Company Portfolio — Institutional Class		358		6,096
Dodge & Cox International Stock Fund — Retail Class		912		35,565
MFS International Value Fund — Class R6		964		40,730
Total International Funds				180,920
Fixed Income Funds — 54.3%
BMO High Yield Bond Fund — Institutional Class (1)		2,523		22,931
BMO TCH Core Plus Bond Fund — Institutional Class (1)		24,861		289,381
Federated Institutional High-Yield Bond Fund — Class R6		4,125		39,766
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		4,353		41,273
Metropolitan West Total Return Bond Fund — Plan Class		33,461		339,963
TCW Emerging Markets Income Fund — Institutional Class		5,340		43,147
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		2,959		73,005
Total Fixed Income Funds				849,466
Alternative Funds — 7.4%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		12,554		115,248
Total Mutual Funds (identified cost $1,426,013)				1,519,374
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		15,432		15,432
Total Short-Term Investments — 1.0% (identified cost $15,432)				15,432
Total Investments — 98.1% (identified cost $1,441,445)				1,534,806

Other Assets and Liabilities — 1.9%		29,526
Total Net Assets — 100.0%	$	1,564,332

2020 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 98.9%
Large-Cap Funds — 26.8%
BMO Dividend Income Fund — Institutional Class (1)		64,140	$	868,447
BMO Large-Cap Growth Fund — Class R6 (1)		60,005		1,021,280
BMO Large-Cap Value Fund — Class R6 (1)		139,171		1,889,941
BMO Low Volatility Equity Fund — Institutional Class (1)		138,733		2,061,578
Harbor Capital Appreciation Fund — Retirement Class		18,076		1,258,452
T Rowe Price Growth Stock Fund — Institutional Class		19,475		1,259,668
Vanguard Equity Income Fund — Admiral Class		19,037		1,359,240
Vanguard Institutional Index Fund — Institutional Class		13,593		3,395,449
Total Large-Cap Funds				13,114,055
Mid-Cap Funds — 6.8%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		60,979		879,308
BMO Mid-Cap Value Fund — Class R6 (1)		118,992		1,161,364
Vanguard Mid-Cap Index Fund — Institutional Class		30,703		1,315,934
Total Mid-Cap Funds				3,356,606
Small-Cap Funds — 2.6%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		31,362		484,858
Goldman Sachs Small Cap Value Fund — Institutional Class		15,388		778,161
Total Small-Cap Funds				1,263,019
International Funds — 16.3%
BMO Disciplined International Equity Fund — Institutional Class (1)		194,501		1,919,721
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		78,321		1,184,214
BMO Pyrford International Stock Fund — Class R6 (1)		166,068		2,080,827
DFA International Small Company Portfolio — Institutional Class		14,388		244,743
Dodge & Cox International Stock Fund — Retail Class		30,398		1,185,532
MFS International Value Fund — Class R6		32,814		1,386,087
Total International Funds				8,001,124
Fixed Income Funds — 40.1%
BMO High Yield Bond Fund — Institutional Class (1)		48,501		440,876
BMO TCH Core Plus Bond Fund — Institutional Class (1)		601,140		6,997,266
Federated Institutional High-Yield Bond Fund — Class R6		86,312		832,052
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		93,119		882,767
Metropolitan West Total Return Bond Fund — Plan Class		815,780		8,288,322
TCW Emerging Markets Income Fund — Institutional Class		90,678		732,675
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		59,914		1,478,079
Total Fixed Income Funds				19,652,037
Alternative Funds — 6.3%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		335,792		3,082,575
Total Mutual Funds (identified cost $38,593,504)				48,469,416
Short-Term Investments — 0.3%
Mutual Funds — 0.3%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		131,811		131,811
Total Short-Term Investments — 0.3% (identified cost $131,811)				131,811
Total Investments — 99.2% (identified cost $38,725,315)				48,601,227

Other Assets and Liabilities — 0.8%		390,027
Total Net Assets — 100.0%	$	48,991,254

2025 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 98.5%
Large-Cap Funds — 31.2%
BMO Dividend Income Fund — Institutional Class (1)		18,528	$	250,872
BMO Large-Cap Growth Fund — Class R6 (1)		29,717		505,785
BMO Large-Cap Value Fund — Class R6 (1)		68,503		930,262
BMO Low Volatility Equity Fund — Institutional Class (1)		40,954		608,577
Harbor Capital Appreciation Fund — Retirement Class		11,468		798,415
T Rowe Price Growth Stock Fund — Institutional Class		12,324		797,098
Vanguard Equity Income Fund — Admiral Class		4,894		349,437
Vanguard Institutional Index Fund — Institutional Class		7,630		1,905,955
Total Large-Cap Funds				6,146,401
Mid-Cap Funds — 9.0%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		37,955		547,311
BMO Mid-Cap Value Fund — Class R6 (1)		57,499		561,194
Vanguard Mid-Cap Index Fund — Institutional Class		15,506		664,587
Total Mid-Cap Funds				1,773,092
Small-Cap Funds — 3.7%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		22,580		349,083
Goldman Sachs Small Cap Value Fund — Institutional Class		7,647		386,728
Total Small-Cap Funds				735,811
International Funds — 22.5%
BMO Disciplined International Equity Fund — Institutional Class (1)		74,215		732,504
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		44,378		670,993
BMO Pyrford International Stock Fund — Class R6 (1)		91,864		1,151,048
DFA International Small Company Portfolio — Institutional Class		8,081		137,457
Dodge & Cox International Stock Fund — Retail Class		24,358		949,973
MFS International Value Fund — Class R6		18,399		777,184
Total International Funds				4,419,159
Fixed Income Funds — 26.5%
BMO High Yield Bond Fund — Institutional Class (1)		15,088		137,146
BMO TCH Core Plus Bond Fund — Institutional Class (1)		147,315		1,714,745
Federated Institutional High-Yield Bond Fund — Class R6		26,426		254,746
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		28,966		274,601
Metropolitan West Total Return Bond Fund — Plan Class		216,079		2,195,366
TCW Emerging Markets Income Fund — Institutional Class		26,634		215,200
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		16,789		414,184
Total Fixed Income Funds				5,205,988
Alternative Funds — 5.6%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		119,375		1,095,865
Total Mutual Funds (identified cost $17,723,175)				19,376,316
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		196,433		196,433
Total Short-Term Investments — 1.0% (identified cost $196,433)				196,433
Total Investments — 99.5% (identified cost $17,919,608)				19,572,749

Other Assets and Liabilities — 0.5%		91,692
Total Net Assets — 100.0%	$	19,664,441

2030 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 97.5%
Large-Cap Funds — 34.7%
BMO Dividend Income Fund — Institutional Class (1)		66,286	$	897,504
BMO Large-Cap Growth Fund — Class R6 (1)		102,500		1,744,554
BMO Large-Cap Value Fund — Class R6 (1)		260,786		3,541,470
BMO Low Volatility Equity Fund — Institutional Class (1)		153,593		2,282,392
Harbor Capital Appreciation Fund — Retirement Class		42,487		2,957,941
T Rowe Price Growth Stock Fund — Institutional Class		45,778		2,960,937
Vanguard Equity Income Fund — Admiral Class		18,970		1,354,480
Vanguard Institutional Index Fund — Institutional Class		28,380		7,089,013
Total Large-Cap Funds				22,828,291
Mid-Cap Funds — 10.0%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		144,012		2,076,658
BMO Mid-Cap Value Fund — Class R6 (1)		210,821		2,057,616
Vanguard Mid-Cap Index Fund — Institutional Class		57,410		2,460,582
Total Mid-Cap Funds				6,594,856
Small-Cap Funds — 4.1%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		87,504		1,352,814
Goldman Sachs Small Cap Value Fund — Institutional Class		26,837		1,357,166
Total Small-Cap Funds				2,709,980
International Funds — 24.9%
BMO Disciplined International Equity Fund — Institutional Class (1)		268,283		2,647,953
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		169,094		2,556,697
BMO Pyrford International Stock Fund — Class R6 (1)		342,147		4,287,096
DFA International Small Company Portfolio — Institutional Class		34,407		585,270
Dodge & Cox International Stock Fund — Retail Class		91,074		3,551,896
MFS International Value Fund — Class R6		65,930		2,784,890
Total International Funds				16,413,802
Fixed Income Funds — 18.7%
BMO High Yield Bond Fund — Institutional Class (1)		35,799		325,412
BMO TCH Core Plus Bond Fund — Institutional Class (1)		343,084		3,993,492
Federated Institutional High-Yield Bond Fund — Class R6		53,964		520,215
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		68,733		651,586
Metropolitan West Total Return Bond Fund — Plan Class		542,548		5,512,291
TCW Emerging Markets Income Fund — Institutional Class		56,221		454,267
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		34,493		850,949
Total Fixed Income Funds				12,308,212
Alternative Funds — 5.1%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		368,253		3,380,559
Total Mutual Funds (identified cost $47,718,106)				64,235,700
Short-Term Investments — 1.4%
Mutual Funds — 1.4%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		927,318		927,318
Total Short-Term Investments — 1.4% (identified cost $927,318)				927,318
Total Investments — 98.9% (identified cost $48,645,424)				65,163,018

Other Assets and Liabilities — 1.1%		747,332
Total Net Assets — 100.0%	$	65,910,350

2035 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 98.2%
Large-Cap Funds — 38.2%
BMO Dividend Income Fund — Institutional Class (1)		11,646	$	157,690
BMO Large-Cap Growth Fund — Class R6 (1)		18,053		307,252
BMO Large-Cap Value Fund — Class R6 (1)		45,872		622,947
BMO Low Volatility Equity Fund — Institutional Class (1)		27,341		406,293
Harbor Capital Appreciation Fund — Retirement Class		7,767		540,729
T Rowe Price Growth Stock Fund — Institutional Class		8,348		539,955
Vanguard Equity Income Fund — Admiral Class		3,407		243,218
Vanguard Institutional Index Fund — Institutional Class		5,131		1,281,631
Total Large-Cap Funds				4,099,715
Mid-Cap Funds — 11.0%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		25,831		372,483
BMO Mid-Cap Value Fund — Class R6 (1)		38,891		379,580
Vanguard Mid-Cap Index Fund — Institutional Class		9,935		425,809
Total Mid-Cap Funds				1,177,872
Small-Cap Funds — 4.5%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		15,714		242,931
Goldman Sachs Small Cap Value Fund — Institutional Class		4,792		242,345
Total Small-Cap Funds				485,276
International Funds — 27.5%
BMO Disciplined International Equity Fund — Institutional Class (1)		47,436		468,191
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		31,282		472,988
BMO Pyrford International Stock Fund — Class R6 (1)		61,574		771,521
DFA International Small Company Portfolio — Institutional Class		6,287		106,939
Dodge & Cox International Stock Fund — Retail Class		16,410		639,993
MFS International Value Fund — Class R6		11,667		492,842
Total International Funds				2,952,474
Fixed Income Funds — 12.4%
BMO High Yield Bond Fund — Institutional Class (1)		3,522		32,014
BMO TCH Core Plus Bond Fund — Institutional Class (1)		37,812		440,136
Federated Institutional High-Yield Bond Fund — Class R6		4,429		42,693
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		5,635		53,420
Metropolitan West Total Return Bond Fund — Plan Class		63,613		646,308
TCW Emerging Markets Income Fund — Institutional Class		5,275		42,620
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		3,048		75,196
Total Fixed Income Funds				1,332,387
Alternative Funds — 4.6%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		53,416		490,360
Total Mutual Funds (identified cost $9,348,946)				10,538,084
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		107,046		107,046
Total Short-Term Investments — 1.0% (identified cost $107,046)				107,046
Total Investments — 99.2% (identified cost $9,455,992)				10,645,130

Other Assets and Liabilities — 0.8%		83,704
Total Net Assets — 100.0%	$	10,728,834

2040 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 98.5%
Large-Cap Funds — 40.3%
BMO Dividend Income Fund — Institutional Class (1)		37,098	$	502,303
BMO Large-Cap Growth Fund — Class R6 (1)		65,862		1,120,964
BMO Large-Cap Value Fund — Class R6 (1)		164,521		2,234,191
BMO Low Volatility Equity Fund — Institutional Class (1)		98,222		1,459,581
Harbor Capital Appreciation Fund — Retirement Class		28,060		1,953,540
T Rowe Price Growth Stock Fund — Institutional Class		30,165		1,951,081
Vanguard Equity Income Fund — Admiral Class		12,131		866,189
Vanguard Institutional Index Fund — Institutional Class		18,523		4,626,974
Total Large-Cap Funds				14,714,823
Mid-Cap Funds — 11.5%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		88,146		1,271,071
BMO Mid-Cap Value Fund — Class R6 (1)		132,738		1,295,519
Vanguard Mid-Cap Index Fund — Institutional Class		38,144		1,634,834
Total Mid-Cap Funds				4,201,424
Small-Cap Funds — 4.8%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		55,955		865,070
Goldman Sachs Small Cap Value Fund — Institutional Class		17,068		863,100
Total Small-Cap Funds				1,728,170
International Funds — 28.9%
BMO Disciplined International Equity Fund — Institutional Class (1)		168,490		1,662,998
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		114,064		1,724,644
BMO Pyrford International Stock Fund — Class R6 (1)		218,295		2,735,242
DFA International Small Company Portfolio — Institutional Class		23,599		401,414
Dodge & Cox International Stock Fund — Retail Class		58,618		2,286,109
MFS International Value Fund — Class R6		41,373		1,747,607
Total International Funds				10,558,014
Fixed Income Funds — 8.8%
BMO High Yield Bond Fund — Institutional Class (1)		8,013		72,842
BMO TCH Core Plus Bond Fund — Institutional Class (1)		84,995		989,340
Federated Institutional High-Yield Bond Fund — Class R6		15,115		145,711
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		15,387		145,867
Metropolitan West Total Return Bond Fund — Plan Class		158,519		1,610,548
TCW Emerging Markets Income Fund — Institutional Class		13,504		109,110
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		5,945		146,669
Total Fixed Income Funds				3,220,087
Alternative Funds — 4.2%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		166,471		1,528,205
Total Mutual Funds (identified cost $25,139,703)				35,950,723
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		365,417		365,417
Total Short-Term Investments — 1.0% (identified cost $365,417)				365,417
Total Investments — 99.5% (identified cost $25,505,120)				36,316,140

Other Assets and Liabilities — 0.5%		172,073
Total Net Assets — 100.0%	$	36,488,213

2045 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 98.1%
Large-Cap Funds — 40.5%
BMO Dividend Income Fund — Institutional Class (1)		7,722	$	104,564
BMO Large-Cap Growth Fund — Class R6 (1)		13,712		233,372
BMO Large-Cap Value Fund — Class R6 (1)		34,801		472,593
BMO Low Volatility Equity Fund — Institutional Class (1)		20,452		303,916
Harbor Capital Appreciation Fund — Retirement Class		5,951		414,304
T Rowe Price Growth Stock Fund — Institutional Class		6,397		413,748
Vanguard Equity Income Fund — Admiral Class		2,525		180,329
Vanguard Institutional Index Fund — Institutional Class		3,887		970,861
Total Large-Cap Funds				3,093,687
Mid-Cap Funds — 11.6%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		18,878		272,224
BMO Mid-Cap Value Fund — Class R6 (1)		27,629		269,661
Vanguard Mid-Cap Index Fund — Institutional Class		7,942		340,376
Total Mid-Cap Funds				882,261
Small-Cap Funds — 4.9%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		12,136		187,618
Goldman Sachs Small Cap Value Fund — Institutional Class		3,700		187,129
Total Small-Cap Funds				374,747
International Funds — 29.1%
BMO Disciplined International Equity Fund — Institutional Class (1)		35,083		346,266
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		24,753		374,258
BMO Pyrford International Stock Fund — Class R6 (1)		46,063		577,173
DFA International Small Company Portfolio — Institutional Class		5,361		91,185
Dodge & Cox International Stock Fund — Retail Class		12,399		483,570
MFS International Value Fund — Class R6		8,255		348,712
Total International Funds				2,221,164
Fixed Income Funds — 8.5%
BMO High Yield Bond Fund — Institutional Class (1)		1,668		15,165
BMO TCH Core Plus Bond Fund — Institutional Class (1)		18,349		213,576
Federated Institutional High-Yield Bond Fund — Class R6		2,360		22,752
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		2,402		22,774
Metropolitan West Total Return Bond Fund — Plan Class		32,242		327,582
TCW Emerging Markets Income Fund — Institutional Class		1,874		15,142
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		1,238		30,531
Total Fixed Income Funds				647,522
Alternative Funds — 3.5%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		28,877		265,092
Total Mutual Funds (identified cost $6,648,963)				7,484,473
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		76,047		76,047
Total Short-Term Investments — 1.0% (identified cost $76,047)				76,047
Total Investments — 99.1% (identified cost $6,725,010)				7,560,520

Other Assets and Liabilities — 0.9%		66,469
Total Net Assets — 100.0%	$	7,626,989

2050 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 98.4%
Large-Cap Funds — 40.7%
BMO Dividend Income Fund — Institutional Class (1)		29,082	$	393,769
BMO Large-Cap Growth Fund — Class R6 (1)		51,631		878,752
BMO Large-Cap Value Fund — Class R6 (1)		131,054		1,779,721
BMO Low Volatility Equity Fund — Institutional Class (1)		77,002		1,144,251
Harbor Capital Appreciation Fund — Retirement Class		22,408		1,560,019
T Rowe Price Growth Stock Fund — Institutional Class		24,086		1,557,916
Vanguard Equity Income Fund — Admiral Class		9,510		679,030
Vanguard Institutional Index Fund — Institutional Class		14,635		3,655,618
Total Large-Cap Funds				11,649,076
Mid-Cap Funds — 11.6%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		71,080		1,024,972
BMO Mid-Cap Value Fund — Class R6 (1)		104,057		1,015,602
Vanguard Mid-Cap Index Fund — Institutional Class		29,903		1,281,636
Total Mid-Cap Funds				3,322,210
Small-Cap Funds — 4.9%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		45,698		706,496
Goldman Sachs Small Cap Value Fund — Institutional Class		13,937		704,799
Total Small-Cap Funds				1,411,295
International Funds — 29.2%
BMO Disciplined International Equity Fund — Institutional Class (1)		132,099		1,303,819
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		93,210		1,409,331
BMO Pyrford International Stock Fund — Class R6 (1)		173,422		2,172,980
DFA International Small Company Portfolio — Institutional Class		20,183		343,308
Dodge & Cox International Stock Fund — Retail Class		46,684		1,820,662
MFS International Value Fund — Class R6		31,079		1,312,776
Total International Funds				8,362,876
Fixed Income Funds — 8.5%
BMO High Yield Bond Fund — Institutional Class (1)		6,282		57,101
BMO TCH Core Plus Bond Fund — Institutional Class (1)		69,090		804,211
Federated Institutional High-Yield Bond Fund — Class R6		8,887		85,668
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		9,046		85,756
Metropolitan West Total Return Bond Fund — Plan Class		121,411		1,233,530
TCW Emerging Markets Income Fund — Institutional Class		7,056		57,016
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		4,660		114,965
Total Fixed Income Funds				2,438,247
Alternative Funds — 3.5%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		108,742		998,253
Total Mutual Funds (identified cost $20,268,009)				28,181,957
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		286,435		286,435
Total Short-Term Investments — 1.0% (identified cost $286,435)				286,435
Total Investments — 99.4% (identified cost $20,554,444)				28,468,392

Other Assets and Liabilities — 0.6%		165,089
Total Net Assets — 100.0%	$	28,633,481

2055 Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 97.7%
Large-Cap Funds — 40.4%
BMO Dividend Income Fund — Institutional Class (1)		10,225	$	138,453
BMO Large-Cap Growth Fund — Class R6 (1)		18,154		308,981
BMO Large-Cap Value Fund — Class R6 (1)		46,080		625,763
BMO Low Volatility Equity Fund — Institutional Class (1)		27,077		402,357
Harbor Capital Appreciation Fund — Retirement Class		7,877		548,417
T Rowe Price Growth Stock Fund — Institutional Class		8,469		547,753
Vanguard Equity Income Fund — Admiral Class		3,344		238,764
Vanguard Institutional Index Fund — Institutional Class		5,146		1,285,364
Total Large-Cap Funds				4,095,852
Mid-Cap Funds — 11.5%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		24,990		360,356
BMO Mid-Cap Value Fund — Class R6 (1)		36,586		357,080
Vanguard Mid-Cap Index Fund — Institutional Class		10,514		450,629
Total Mid-Cap Funds				1,168,065
Small-Cap Funds — 4.9%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		16,066		248,383
Goldman Sachs Small Cap Value Fund — Institutional Class		4,900		247,805
Total Small-Cap Funds				496,188
International Funds — 29.0%
BMO Disciplined International Equity Fund — Institutional Class (1)		46,447		458,431
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		32,777		495,597
BMO Pyrford International Stock Fund — Class R6 (1)		60,983		764,115
DFA International Small Company Portfolio — Institutional Class		7,097		120,718
Dodge & Cox International Stock Fund — Retail Class		16,416		640,211
MFS International Value Fund — Class R6		10,929		461,631
Total International Funds				2,940,703
Fixed Income Funds — 8.4%
BMO High Yield Bond Fund — Institutional Class (1)		2,209		20,079
BMO TCH Core Plus Bond Fund — Institutional Class (1)		24,296		282,801
Federated Institutional High-Yield Bond Fund — Class R6		3,125		30,124
Fidelity Advisor Floating Rate High Income Fund — Institutional Class		3,181		30,155
Metropolitan West Total Return Bond Fund — Plan Class		42,694		433,775
TCW Emerging Markets Income Fund — Institutional Class		2,481		20,050
Vanguard Short-Term Inflation-Protected Securities Index Fund — Institutional Class		1,639		40,428
Total Fixed Income Funds				857,412
Alternative Funds — 3.5%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		38,238		351,027
Total Mutual Funds (identified cost $9,068,472)				9,909,247
Short-Term Investments — 1.0%
Mutual Funds — 1.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		100,694		100,694
Total Short-Term Investments — 1.0% (identified cost $100,694)				100,694
Total Investments — 98.7% (identified cost $9,169,166)				10,009,941

Other Assets and Liabilities — 1.3%		135,732
Total Net Assets — 100.0%	$	10,145,673

Conservative Allocation Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 95.7%
Large-Cap Funds — 12.5%
BMO Dividend Income Fund — Institutional Class (1)		21,656	$	293,220
BMO Large-Cap Growth Fund — Class R6 (1)		44,564		758,475
BMO Large-Cap Value Fund — Class R6 (1)		64,778		879,691
BMO Low Volatility Equity Fund — Institutional Class (1)		32,646		485,123
Dodge & Cox Stock Fund — Retail Class		1,965		349,619
Harbor Capital Appreciation Fund — Retirement Class		4,310		300,052
T Rowe Price Growth Stock Fund — Institutional Class		4,123		266,666
Vanguard Institutional Index Fund — Institutional Class		6,178		1,543,217
Total Large-Cap Funds				4,876,063
Mid-Cap Funds — 1.2%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		9,757		140,699
BMO Mid-Cap Value Fund — Class R6 (1)		14,302		139,585
Vanguard Mid-Cap Index Fund — Institutional Class		4,710		201,858
Total Mid-Cap Funds				482,142
Small-Cap Funds — 1.1%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		13,682		211,521
BMO Small-Cap Value Fund — Class R6 (1)		10,440		120,381
Goldman Sachs Small Cap Value Fund — Institutional Class		1,792		90,622
Total Small-Cap Funds				422,524
International Funds — 6.2%
BMO Disciplined International Equity Fund — Institutional Class (1)		40,887		403,559
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		15,991		241,787
BMO Pyrford International Stock Fund — Class R6 (1)		29,633		371,304
Dodge & Cox International Stock Fund — Retail Class		13,164		513,380
MFS International Value Fund — Class R6		11,500		485,749
T Rowe Price International Discovery Fund — Institutional Class		4,411		269,877
Vanguard Emerging Markets Stock Index Fund — Admiral Class		3,288		110,848
Total International Funds				2,396,504
Fixed Income Funds — 64.3%
BMO TCH Core Plus Bond Fund — Institutional Class (1)		653,022		7,601,177
Metropolitan West Total Return Bond Fund — Plan Class		945,351		9,604,763
TCW Emerging Markets Income Fund — Institutional Class		356,558		2,880,993
Vanguard Total Bond Market Index Fund — Institutional Class		460,287		4,984,905
Total Fixed Income Funds				25,071,838
Alternative Funds — 10.4%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		442,745		4,064,395
Total Mutual Funds (identified cost $33,231,129)				37,313,466
Short-Term Investments — 3.9%
Mutual Funds — 3.9%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		1,517,763		1,517,763
Total Short-Term Investments — 3.9% (identified cost $1,517,716)				1,517,763
Total Investments — 99.6% (identified cost $34,748,845)				38,831,229
Other Assets and Liabilities — 0.4%				173,763
Total Net Assets — 100.0%			$	39,004,992

Moderate Allocation Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 95.6%
Large-Cap Funds — 24.2%
BMO Dividend Income Fund — Institutional Class (1)		75,259	$	1,019,003
BMO Large-Cap Growth Fund — Class R6 (1)		156,550		2,664,482
BMO Large-Cap Value Fund — Class R6 (1)		226,734		3,079,055
BMO Low Volatility Equity Fund — Institutional Class (1)		115,686		1,719,095
Dodge & Cox Stock Fund — Retail Class		6,878		1,223,565
Harbor Capital Appreciation Fund — Retirement Class		15,079		1,049,828
T Rowe Price Growth Stock Fund — Institutional Class		14,557		941,524
Vanguard Institutional Index Fund — Institutional Class		21,804		5,446,502
Total Large-Cap Funds				17,143,054
Mid-Cap Funds — 2.4%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		33,783		487,145
BMO Mid-Cap Value Fund — Class R6 (1)		49,682		484,895
Vanguard Mid-Cap Index Fund — Institutional Class		16,478		706,265
Total Mid-Cap Funds				1,678,305
Small-Cap Funds — 2.1%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		48,620		751,667
BMO Small-Cap Value Fund — Class R6 (1)		35,926		414,223
Goldman Sachs Small Cap Value Fund — Institutional Class		6,210		314,043
Total Small-Cap Funds				1,479,933
International Funds — 11.9%
BMO Disciplined International Equity Fund — Institutional Class (1)		143,343		1,414,798
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		55,818		843,969
BMO Pyrford International Stock Fund — Class R6 (1)		104,376		1,307,827
Dodge & Cox International Stock Fund — Retail Class		46,317		1,806,367
MFS International Value Fund — Class R6		40,819		1,724,195
T Rowe Price International Discovery Fund — Institutional Class		15,712		961,419
Vanguard Emerging Markets Stock Index Fund — Admiral Class		11,554		389,485
Total International Funds				8,448,060
Fixed Income Funds — 46.6%
BMO TCH Core Plus Bond Fund — Institutional Class (1)		859,823		10,008,342
Metropolitan West Total Return Bond Fund — Plan Class		1,247,936		12,679,028
TCW Emerging Markets Income Fund — Institutional Class		469,098		3,790,316
Vanguard Total Bond Market Index Fund — Institutional Class		607,985		6,584,475
Total Fixed Income Funds				33,062,161
Alternative Funds — 8.4%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		646,452		5,934,426
Total Mutual Funds (identified cost $57,215,832)				67,745,939
Short-Term Investments — 4.0%
Mutual Funds — 4.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		2,855,837		2,855,837
Total Short-Term Investments — 4.0% (identified cost $2,855,803)				2,855,837
Total Investments — 99.6% (identified cost $60,071,635)				70,601,776
Other Assets and Liabilities — 0.4%				297,022
Total Net Assets — 100.0%			$	70,898,798

Balanced Allocation Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 96.0%
Large-Cap Funds — 35.9%
BMO Dividend Income Fund — Institutional Class (1)		487,261	$	6,597,517
BMO Large-Cap Growth Fund — Class R6 (1)		1,016,742		17,304,957
BMO Large-Cap Value Fund — Class R6 (1)		1,471,270		19,979,852
BMO Low Volatility Equity Fund — Institutional Class (1)		750,490		11,152,288
Dodge & Cox Stock Fund — Retail Class		44,609		7,935,880
Harbor Capital Appreciation Fund — Retirement Class		97,889		6,815,003
T Rowe Price Growth Stock Fund — Institutional Class		94,500		6,112,245
Vanguard Institutional Index Fund — Institutional Class		141,216		35,274,226
Total Large-Cap Funds				111,171,968
Mid-Cap Funds — 3.5%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		220,574		3,180,678
BMO Mid-Cap Value Fund — Class R6 (1)		324,359		3,165,747
Vanguard Mid-Cap Index Fund — Institutional Class		106,984		4,585,319
Total Mid-Cap Funds				10,931,744
Small-Cap Funds — 3.1%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		315,131		4,871,921
BMO Small-Cap Value Fund — Class R6 (1)		234,008		2,698,109
Goldman Sachs Small Cap Value Fund — Institutional Class		40,531		2,049,680
Total Small-Cap Funds				9,619,710
International Funds — 17.7%
BMO Disciplined International Equity Fund — Institutional Class (1)		930,512		9,184,155
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		362,368		5,479,004
BMO Pyrford International Stock Fund — Class R6 (1)		677,602		8,490,345
Dodge & Cox International Stock Fund — Retail Class		299,958		11,698,367
MFS International Value Fund — Class R6		264,778		11,184,228
T Rowe Price International Discovery Fund — Institutional Class		101,999		6,241,335
Vanguard Emerging Markets Stock Index Fund — Admiral Class		75,541		2,546,485
Total International Funds				54,823,919
Fixed Income Funds — 28.7%
BMO TCH Core Plus Bond Fund — Institutional Class (1)		2,306,151		26,843,593
Metropolitan West Total Return Bond Fund — Plan Class		3,345,332		33,988,573
TCW Emerging Markets Income Fund — Institutional Class		1,258,023		10,164,830
Vanguard Total Bond Market Index Fund — Institutional Class		1,629,734		17,650,016
Total Fixed Income Funds				88,647,012
Alternative Funds — 7.1%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		2,378,172		21,831,618
Total Mutual Funds (identified cost $233,957,372)				297,025,971
Short-Term Investments — 4.1%
Mutual Funds — 4.1%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		12,740,601		12,740,601
Total Short-Term Investments — 4.1% (identified cost $12,740,351)				12,740,601
Total Investments — 100.1% (identified cost $246,697,723)				309,766,572
Other Assets and Liabilities — (0.1)%				(239,999	)
Total Net Assets — 100.0%			$	309,526,573

Growth Allocation Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 95.7%
Large-Cap Funds — 47.9%
BMO Dividend Income Fund — Institutional Class (1)		235,772	$	3,192,351
BMO Large-Cap Growth Fund — Class R6 (1)		492,084		8,375,273
BMO Large-Cap Value Fund — Class R6 (1)		711,927		9,667,971
BMO Low Volatility Equity Fund — Institutional Class (1)		363,218		5,397,418
Dodge & Cox Stock Fund — Retail Class		21,582		3,839,439
Harbor Capital Appreciation Fund — Retirement Class		47,423		3,301,565
T Rowe Price Growth Stock Fund — Institutional Class		45,819		2,963,559
Vanguard Institutional Index Fund — Institutional Class		68,404		17,086,657
Total Large-Cap Funds				53,824,233
Mid-Cap Funds — 4.7%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		106,451		1,535,027
BMO Mid-Cap Value Fund — Class R6 (1)		156,546		1,527,885
Vanguard Mid-Cap Index Fund — Institutional Class		52,000		2,228,733
Total Mid-Cap Funds				5,291,645
Small-Cap Funds — 4.1%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		152,223		2,353,367
BMO Small-Cap Value Fund — Class R6 (1)		113,751		1,311,547
Goldman Sachs Small Cap Value Fund — Institutional Class		19,555		988,890
Total Small-Cap Funds				4,653,804
International Funds — 23.6%
BMO Disciplined International Equity Fund — Institutional Class (1)		450,037		4,441,858
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		176,627		2,670,604
BMO Pyrford International Stock Fund — Class R6 (1)		327,842		4,107,859
Dodge & Cox International Stock Fund — Retail Class		145,336		5,668,101
MFS International Value Fund — Class R6		128,156		5,413,320
T Rowe Price International Discovery Fund — Institutional Class		49,271		3,014,906
Vanguard Emerging Markets Stock Index Fund — Admiral Class		36,502		1,230,477
Total International Funds				26,547,125
Fixed Income Funds — 9.7%
BMO TCH Core Plus Bond Fund — Institutional Class (1)		281,872		3,280,987
Metropolitan West Total Return Bond Fund — Plan Class		409,166		4,157,129
TCW Emerging Markets Income Fund — Institutional Class		153,798		1,242,686
Vanguard Total Bond Market Index Fund — Institutional Class		199,102		2,156,276
Total Fixed Income Funds				10,837,078
Alternative Funds — 5.7%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		693,515		6,366,472
Total Mutual Funds (identified cost $80,407,809)				107,520,357
Short-Term Investments — 4.0%
Mutual Funds — 4.0%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		4,498,457		4,498,457
Total Short-Term Investments — 4.0% (identified cost $4,498,460)				4,498,457
Total Investments — 99.7% (identified cost $84,906,269)				112,018,814
Other Assets and Liabilities — 0.3%				341,602
Total Net Assets — 100.0%			$	112,360,416

Aggressive Allocation Fund

SCHEDULE OF INVESTMENTS

As of May 31, 2019

(Unaudited)

Description	Shares		Value
Mutual Funds — 98.8%
Large-Cap Funds — 58.6%
BMO Dividend Income Fund — Institutional Class (1)		425,622	$	5,762,918
BMO Large-Cap Growth Fund — Class R6 (1)		882,094		15,013,247
BMO Large-Cap Value Fund — Class R6 (1)		1,279,870		17,380,637
BMO Low Volatility Equity Fund — Institutional Class (1)		646,116		9,601,281
Dodge & Cox Stock Fund — Retail Class		38,785		6,899,762
Harbor Capital Appreciation Fund — Retirement Class		85,537		5,955,084
T Rowe Price Growth Stock Fund — Institutional Class		82,169		5,314,723
Vanguard Institutional Index Fund — Institutional Class		122,722		30,654,692
Total Large-Cap Funds				96,582,344
Mid-Cap Funds — 5.8%
BMO Mid-Cap Growth Fund — Class R6 (1) (2)		193,618		2,791,962
BMO Mid-Cap Value Fund — Class R6 (1)		283,776		2,769,652
Vanguard Mid-Cap Index Fund — Institutional Class		92,875		3,980,635
Total Mid-Cap Funds				9,542,249
Small-Cap Funds — 5.1%
BMO Small-Cap Growth Fund — Institutional Class (1) (2)		272,254		4,209,043
BMO Small-Cap Value Fund — Class R6 (1)		204,307		2,355,657
Goldman Sachs Small Cap Value Fund — Institutional Class		35,469		1,793,700
Total Small-Cap Funds				8,358,400
International Funds — 28.8%
BMO Disciplined International Equity Fund — Institutional Class (1)		806,324		7,958,415
BMO LGM Emerging Markets Equity Fund — Institutional Class (1)		314,137		4,749,758
BMO Pyrford International Stock Fund — Class R6 (1)		585,752		7,339,471
Dodge & Cox International Stock Fund — Retail Class		260,494		10,159,268
MFS International Value Fund — Class R6		227,207		9,597,223
T Rowe Price International Discovery Fund — Institutional Class		87,902		5,378,749
Vanguard Emerging Markets Stock Index Fund — Admiral Class		65,437		2,205,874
Total International Funds				47,388,758
Alternative Funds — 0.5%
BMO Alternative Strategies Fund — Institutional Class (1) (2)		91,064		835,972
Total Mutual Funds (identified cost $114,528,775)				162,707,723
Short-Term Investments — 0.9%
Mutual Funds — 0.9%
BMO Institutional Prime Money Market Fund — Premier Class, 2.350% (1)		1,511,368		1,511,368
Total Short-Term Investments — 0.9% (identified cost $1,511,254)				1,511,368
Total Investments — 99.7% (identified cost $116,040,029)				164,219,091
Other Assets and Liabilities — 0.3%				466,098
Total Net Assets — 100.0%			$	164,685,189

Notes to Schedules of Investments (Unaudited)

The categories of investments are shown as a percentage of total net assets for each Fund as of May 31, 2019.

(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.

(2) Non-income producing.

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, as amended (the “Act”), as an open-end management investment company. As of May 31, 2019, the Corporation consisted of 42 portfolios, including 10 target retirement and 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 27 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.

BMO Fund names as displayed throughout this report	Fund Inception Date	Investment Objective
Target Retirement
In-Retirement Fund	August 30, 2013	The investment objective of each Target Retirement
2015 Fund	December 27, 2013	Fund is to achieve growth, income, and conservation
2020 Fund	August 30, 2013	of capital to varying degrees depending on its
2025 Fund	December 27, 2013	proximity to its target date. As the Fund passes its
2030 Fund	August 30, 2013	target date, the Fund will reduce its emphasis on
2035 Fund	December 27, 2013	growth and increase its emphasis on income and
2040 Fund	August 30, 2013	preservation of capital.
2045 Fund	December 27, 2013
2050 Fund	August 30, 2013
2055 Fund	December 27, 2013
Target Risk
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 the 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 and 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 there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly and how that information must be incorporated into fair value measurement.

In August 2018, the Financial Accounting Standards Board (“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

Notes to Schedules of Investments (Unaudited)

reporting period as permitted by the standard. The impact of the Fund’s adoption was limited to changes in the Fund’s 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, cash collateral received as part of the securities lending program, 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.

For the period ended May 31, 2019, 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 May 31, 2019, 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 May 31, 2019.

The following is a summary of the inputs used, as of May 31, 2019, in valuing the Funds’ assets:

	In-Retirement Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	8,033,149	$	—	$	—	$	8,033,149
Short-Term Investments		81,186		—		—		81,186
Total	$	8,114,335	$	—	$	—	$	8,114,335
	2015 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	1,519,374	$	—	$	—	$	1,519,374
Short-Term Investments		15,432		—		—		15,432
Total	$	1,534,806	$	—	$	—	$	1,534,806
	2020 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	48,469,416	$	—	$	—	$	48,469,416
Short-Term Investments		131,811		—		—		131,811
Total	$	48,601,227	$	—	$	—	$	48,601,227
	2025 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	19,376,316	$	—	$	—	$	19,376,316
Short-Term Investments		196,433		—		—		196,433
Total	$	19,572,749	$	—	$	—	$	19,572,749
	2030 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	64,235,700	$	—	$	—	$	64,235,700
Short-Term Investments		927,318		—		—		927,318
Total	$	65,163,018	$	—	$	—	$	65,163,018
	2035 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	10,538,084	$	—	$	—	$	10,538,084
Short-Term Investments		107,046		—		—		107,046
Total	$	10,645,130	$	—	$	—	$	10,645,130

Notes to Schedules of Investments (Unaudited)

	2040 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	35,950,723	$	—	$	—	$	35,950,723
Short-Term Investments		365,417		—		—		365,417
Total	$	36,316,140	$	—	$	—	$	36,316,140
	2045 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	7,484,473	$	—	$	—	$	7,484,473
Short-Term Investments		76,047		—		—		76,047
Total	$	7,560,520	$	—	$	—	$	7,560,520
	2050 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	28,181,957	$	—	$	—	$	28,181,957
Short-Term Investments		286,435		—		—		286,435
Total	$	28,468,392	$	—	$	—	$	28,468,392
	2055 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	9,909,247	$	—	$	—	$	9,909,247
Short-Term Investments		100,694		—		—		100,694
Total	$	10,009,941	$	—	$	—	$	10,009,941
	Conservative Allocation Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	37,313,466	$	—	$	—	$	37,313,466
Short-Term Investments		1,517,763		—		—		1,517,763
Total	$	38,831,229	$	—	$	—	$	38,831,229
	Moderate Allocation Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	67,745,939	$	—	$	—	$	67,745,939
Short-Term Investments		2,855,837		—		—		2,855,837
Total	$	70,601,776	$	—	$	—	$	70,601,776
	Balanced Allocation Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	297,025,971	$	—	$	—	$	297,025,971
Short-Term Investments		12,740,601		—		—		12,740,601
Total	$	309,766,572	$	—	$	—	$	309,766,572
	Growth Allocation Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	107,520,357	$	—	$	—	$	107,520,357
Short-Term Investments		4,498,457		—		—		4,498,457
Total	$	112,018,814	$	—	$	—	$	112,018,814
	Aggressive Allocation Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	162,707,723	$	—	$	—	$	162,707,723
Short-Term Investments		1,511,368		—		—		1,511,368
Total	$	164,219,091	$	—	$	—	$	164,219,091

Notes to Schedules of Investments (Unaudited)

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 May 31, 2019. All securities listed on the table present the Institutional Class, except for BMO Institutional Prime Money Market, which has a Premier Class.

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
In-Retirement Fund
Large-Cap Funds – 8.5%
BMO Low Volatility Equity Fund	$	375,716	$	113,663	$	248,491	$	(59,213	)	$	37,303		$	218,978	$	34,449	$	—
BMO Dividend Income Fund		263,207		92,577		175,619		(54,047	)		25,404			151,522		13,653		—
BMO Large-Cap Value Fund		387,491		159,454		255,193		(83,173	)		15,696			224,275		38,043		—
BMO Large-Cap Growth Fund		168,032		80,045		119,931		(39,020	)		7,312			96,438		21,534		—
														691,213
Mid-Cap Funds – 1.7%
BMO Mid-Cap Growth Fund		69,706		36,734		50,314		(21,642	)		5,876			40,360		11,191		—
BMO Mid-Cap Value Fund		166,007		76,016		110,042		(46,611	)		10,619			95,989		19,881		—
														136,349
Small-Cap Fund – 0.3%
BMO Small-Cap Growth Fund		42,366		23,263		28,410		(16,101	)		2,920			24,038		5,575		—
International Funds – 4.9%
BMO LGM Emerging Markets Equity Fund		219,070		30,458		180,299		(55,608	)		35,300			48,921		3,613		—
BMO Pyrford International Stock Fund		371,352		113,221		296,696		(56,849	)		35,597			166,625		7,794		—
BMO Disciplined International Equity Fund		273,785		144,248		199,457		(30,674	)		1,803			189,705		5,868		—
														405,251
Fixed Income Funds – 22.4%
BMO High Yield Bond Fund		249,728		36,448		136,276		1,553			(5,751	)		145,702		9,051		—
BMO TCH Core Plus Bond Fund		2,583,316		672,799		1,619,782		56,702			(15,729	)		1,677,306		62,856		—
														1,823,008
Alternative Funds – 6.9%
BMO Alternative Strategies Fund		967,286		129,261		474,295		(8,736	)		(47,499	)		566,017		—		—
Short-Term Investment – 1.0%
BMO Institutional Prime Money Market Fund		139,450		2,950,356		3,008,582		(12	)		(26	)		81,186		1,899		—
Totals	$	6,276,512	$	4,658,543	$	6,903,387	$	(413,431	)	$	108,825		$	3,727,062	$	235,407	$	—
2015 Fund
Large-Cap Funds – 9.4%
BMO Low Volatility Equity Fund	$	87,322	$	18,804	$	54,652	$	(9,969	)	$	5,796		$	47,301	$	7,593	$	—
BMO Dividend Income Fund		46,383		11,060		28,462		(6,302	)		1,985			24,664		2,288		—
BMO Large-Cap Value Fund		92,266		28,320		56,977		(14,282	)		28			49,355		8,532		—
BMO Large-Cap Growth Fund		49,607		19,671		35,174		(11,502	)		3,466			26,068		5,876		—
														147,388
Mid-Cap Funds – 2.2%
BMO Mid-Cap Growth Fund		17,401		7,734		12,676		(4,170	)		801			9,090		2,559		—
BMO Mid-Cap Value Fund		46,271		16,385		29,074		(7,520	)		(1,329	)		24,733		5,168		—
														33,823
Small-Cap Fund – 0.5%
BMO Small-Cap Growth Fund		15,204		7,545		10,797		(4,420	)		268			7,800		1,839		—
International Funds – 6.2%
BMO LGM Emerging Markets Equity Fund		58,438		8,840		46,227		(9,615	)		5,154			16,590		1,211		—
BMO Pyrford International Stock Fund		85,379		26,070		68,309		(6,529	)		2,231			38,842		1,822		—
BMO Disciplined International Equity Fund		65,412		32,594		48,992		(7,075	)		1,158			43,097		1,340		—
														98,529
Fixed Income Funds – 20.0%
BMO High Yield Bond Fund		42,165		4,641		23,351		249			(773	)		22,931		1,527		—
BMO TCH Core Plus Bond Fund		468,537		107,197		294,101		10,443			(2,695	)		289,381		11,528		—
														312,312

Notes to Schedules of Investments (Unaudited)

Alternative Funds – 7.4%
BMO Alternative Strategies Fund		210,087		29,292		112,899		(1,311	)		(9,921	)		115,248		—		—
Short-Term Investment – 1.0%
BMO Institutional Prime Money Market Fund		25,136		536,898		546,601		(3	)		2			15,432		393		—
Totals	$	1,309,608	$	855,051	$	1,368,292	$	(72,006	)	$	6,171		$	730,532	$	51,676	$	—
2020 Fund
Large-Cap Funds – 11.9%
BMO Low Volatility Equity Fund	$	3,245,763	$	666,330	$	1,678,124	$	(423,046	)	$	250,655		$	2,061,578	$	300,327	$	—
BMO Dividend Income Fund		1,388,399		346,973		717,461		(260,373	)		110,909			868,447		72,924		—
BMO Large-Cap Value Fund		3,393,863		1,051,708		2,007,852		(710,689	)		162,911			1,889,941		297,693		—
BMO Large-Cap Growth Fund		2,012,234		587,681		1,234,426		(478,667	)		134,458			1,021,280		212,613		—
														5,841,246
Mid-Cap Funds – 4.2%
BMO Mid-Cap Growth Fund		1,395,899		611,600		814,023		(339,968	)		25,800			879,308		225,391		—
BMO Mid-Cap Value Fund		1,854,132		663,301		957,684		(372,468	)		(25,917	)		1,161,364		219,836		—
														2,040,672
Small-Cap Fund – 1.0%
BMO Small-Cap Growth Fund		776,962		398,475		446,652		(256,819	)		12,892			484,858		103,565		—
International Funds – 10.5%
BMO LGM Emerging Markets Equity Fund		2,616,013		360,325		1,606,035		(305,883	)		119,794			1,184,214		78,734		—
BMO Pyrford International Stock Fund		3,439,450		1,078,824		2,246,797		(412,952	)		222,302			2,080,827		88,135		—
BMO Disciplined International Equity Fund		2,441,500		1,199,012		1,457,243		(236,052	)		(27,496	)		1,919,721		53,472		—
														5,184,762
Fixed Income Funds – 15.2%
BMO High Yield Bond Fund		694,199		81,735		324,006		15,644			(26,696	)		440,876		26,264		—
BMO TCH Core Plus Bond Fund		8,253,259		3,958,439		5,424,604		250,410			(40,238	)		6,997,266		242,972		—
														7,438,142
Alternative Funds – 6.3%
BMO Alternative Strategies Fund		4,859,396		532,603		2,022,872		(83,510	)		(203,042	)		3,082,575		—		—
Short-Term Investment – 0.3%
BMO Institutional Prime Money Market Fund		633,912		11,589,798		12,091,769		—			(130	)		131,811		11,644		—
Totals	$	37,004,981	$	23,126,804	$	33,029,548	$	(3,614,373	)	$	716,202		$	24,204,066	$	1,933,570	$	—
2025 Fund
Large-Cap Funds – 11.7%
BMO Low Volatility Equity Fund	$	819,600	$	372,265	$	551,313	$	(53,673	)	$	21,697		$	608,576	$	79,776	$	—
BMO Dividend Income Fund		343,957		150,322		207,364		(36,872	)		829			250,872		19,143		—
BMO Large-Cap Value Fund		1,267,274		642,558		760,365		(136,723	)		(82,482	)		930,262		131,649		—
BMO Large-Cap Growth Fund		702,684		382,833		457,039		(133,681	)		10,988			505,785		92,066		—
														2,295,495
Mid-Cap Funds – 5.7%
BMO Mid-Cap Growth Fund		755,872		457,869		505,535		(130,441	)		(30,454	)		547,311		123,693		—
BMO Mid-Cap Value Fund		765,016		432,086		468,353		(94,649	)		(72,906	)		561,194		95,526		—
														1,108,505
Small-Cap Fund – 1.8%
BMO Small-Cap Growth Fund		487,780		337,916		323,367		(124,656	)		(28,590	)		349,083		66,008		—
International Funds – 12.9%
BMO LGM Emerging Markets Equity Fund		1,155,289		465,445		877,340		(50,739	)		(21,662	)		670,993		40,489		—
BMO Pyrford International Stock Fund		1,268,088		859,325		916,999		(40,821	)		(18,545	)		1,151,048		44,330		—
BMO Disciplined International Equity Fund		706,630		675,842		565,861		(49,323	)		(34,784	)		732,504		18,599		—
														2,554,545
Fixed Income Funds – 9.4%
BMO High Yield Bond Fund		184,368		78,411		123,611		3,226			(5,248	)		137,146		7,978		—
BMO TCH Core Plus Bond Fund		2,024,468		1,231,083		1,596,095		62,086			(6,797	)		1,714,745		60,269		—
														1,851,891
Alternative Funds – 5.6%
BMO Alternative Strategies Fund		1,466,028		647,222		922,257		(5,329	)		(89,799	)		1,095,865		—		—
Short-Term Investment – 1.0%

Notes to Schedules of Investments (Unaudited)

BMO Institutional Prime Money Market Fund		284,649		9,473,530		9,561,714		(27	)		(5	)		196,433		5,129		—
Totals	$	12,231,703	$	16,206,707	$	17,837,213	$	(791,622	)	$	(357,758	)	$	9,451,817	$	784,655	$	—
2030 Fund
Large-Cap Funds – 12.9%
BMO Low Volatility Equity Fund	$	3,501,786	$	880,084	$	1,902,007	$	(407,678	)	$	210,207		$	2,282,392	$	331,509	$	—
BMO Dividend Income Fund		1,394,440		303,249		642,338		(235,914	)		78,067			897,504		75,021		—
BMO Large-Cap Value Fund		5,472,625		1,431,175		2,376,214		(941,290	)		(44,826	)		3,541,470		554,516		—
BMO Large-Cap Growth Fund		2,718,171		927,797		1,380,517		(589,850	)		68,953			1,744,554		354,529		—
														8,465,920
Mid-Cap Funds – 6.2%
BMO Mid-Cap Growth Fund		3,207,506		1,330,658		1,717,549		(686,622	)		(57,335	)		2,076,658		524,165		—
BMO Mid-Cap Value Fund		3,182,919		995,168		1,403,969		(556,904	)		(159,598	)		2,057,616		390,721		—
														4,134,274
Small-Cap Fund – 2.1%
BMO Small-Cap Growth Fund		2,132,168		1,010,882		1,099,291		(670,621	)		(20,324	)		1,352,814		285,537		—
International Funds – 14.4%
BMO LGM Emerging Markets Equity Fund		4,823,831		1,011,705		2,952,580		(373,754	)		47,494			2,556,696		172,007		—
BMO Pyrford International Stock Fund		5,340,034		2,304,767		3,041,204		(283,944	)		(32,557	)		4,287,096		184,204		—
BMO Disciplined International Equity Fund		2,854,432		2,008,162		1,849,310		(253,627	)		(111,704	)		2,647,953		74,976		—
														9,491,745
Fixed Income Funds – 6.6%
BMO High Yield Bond Fund		498,765		111,860		276,690		7,546			(16,069	)		325,412		19,309		—
BMO TCH Core Plus Bond Fund		5,092,907		2,506,451		3,718,598		144,158			(31,426	)		3,993,492		140,590		—
														4,318,904
Alternative Funds – 5.1%
BMO Alternative Strategies Fund		5,166,435		1,215,244		2,682,939		(49,736	)		(268,445	)		3,380,559		—		—
Short-Term Investment – 1.4%
BMO Institutional Prime Money Market Fund		996,505		17,244,002		17,313,026		—			(163	)		927,318		15,481		—
Totals	$	46,382,524	$	33,281,204	$	42,356,232	$	(4,898,236	)	$	(337,726	)	$	32,071,534	$	3,122,565	$	—
2035 Fund
Large-Cap Funds – 13.9%
BMO Low Volatility Equity Fund	$	589,250	$	245,501	$	406,719	$	(41,942	)	$	20,203		$	406,293	$	55,721	$	—
BMO Dividend Income Fund		232,312		77,372		128,404		(26,038	)		2,448			157,690		12,635		—
BMO Large-Cap Value Fund		913,620		405,657		542,582		(121,488	)		(32,260	)		622,947		92,272		—
BMO Large-Cap Growth Fund		455,800		235,758		305,856		(90,163	)		11,713			307,252		58,993		—
														1,494,182
Mid-Cap Funds – 7.0%
BMO Mid-Cap Growth Fund		547,994		349,416		409,129		(116,712	)		914			372,483		88,822		—
BMO Mid-Cap Value Fund		556,464		293,184		350,833		(88,061	)		(31,174	)		379,580		67,625		—
														752,063
Small-Cap Fund – 2.3%
BMO Small-Cap Growth Fund		362,132		251,951		257,136		(103,620	)		(10,395	)		242,932		48,464		—
International Funds – 15.9%
BMO LGM Emerging Markets Equity Fund		828,988		313,202		620,124		(44,025	)		(5,053	)		472,988		30,017		—
BMO Pyrford International Stock Fund		912,658		565,081		664,880		(33,836	)		(7,502	)		771,521		31,041		—
BMO Disciplined International Equity Fund		478,252		428,908		382,125		(34,356	)		(22,488	)		468,191		12,457		—
														1,712,700
Fixed Income Funds – 4.4%
BMO High Yield Bond Fund		46,372		18,196		32,086		702			(1,170	)		32,014		1,969		—
BMO TCH Core Plus Bond Fund		478,344		431,347		485,397		16,762			(921	)		440,135		15,917		—
														472,149
Alternative Funds – 4.6%
BMO Alternative Strategies Fund		709,577		298,205		472,642		(3,662	)		(41,118	)		490,360		—		—
Short-Term Investment – 1.0%
BMO Institutional Prime Money Market Fund		159,390		3,309,444		3,361,789		(28	)		29			107,046		3,018		—
Totals	$	7,271,153	$	7,223,222	$	8,419,702	$	(686,467	)	$	(116,774	)	$	5,271,432	$	518,951	$	—

Notes to Schedules of Investments (Unaudited)

2040 Fund
Large-Cap Funds – 14.6%
BMO Low Volatility Equity Fund	$	2,413,476	$	734,811	$	1,555,346	$	(313,920	)	$	180,560		$	1,459,581	$	223,030	$	—
BMO Dividend Income Fund		840,928		170,324		415,574		(134,285	)		40,910			502,303		44,206		—
BMO Large-Cap Value Fund		3,720,345		1,141,741		1,967,689		(630,620	)		(29,586	)		2,234,191		367,820		—
BMO Large-Cap Growth Fund		1,882,018		790,027		1,199,644		(419,669	)		68,232			1,120,964		239,237		—
														5,317,039
Mid-Cap Funds – 7.0%
BMO Mid-Cap Growth Fund		2,115,628		1,070,544		1,430,445		(457,440	)		(27,215	)		1,271,072		336,992		—
BMO Mid-Cap Value Fund		2,159,406		815,414		1,199,175		(363,371	)		(116,755	)		1,295,519		258,424		—
														2,566,591
Small-Cap Fund – 2.4%
BMO Small-Cap Growth Fund		1,469,529		764,618		901,089		(455,935	)		(12,053	)		865,070		191,806		—
International Funds – 16.8%
BMO LGM Emerging Markets Equity Fund		3,383,901		799,444		2,231,790		(241,958	)		15,047			1,724,644		121,792		—
BMO Pyrford International Stock Fund		3,637,748		1,665,889		2,350,319		(184,075	)		(34,001	)		2,735,242		123,501		—
BMO Disciplined International Equity Fund		1,899,386		1,409,999		1,400,687		(152,957	)		(92,743	)		1,662,998		49,489		—
														6,122,884
Fixed Income Funds – 2.9%
BMO High Yield Bond Fund		120,313		35,554		80,963		3,446			(5,508	)		72,842		4,517		—
BMO TCH Core Plus Bond Fund		1,023,784		1,049,234		1,117,969		37,008			(2,717	)		989,340		34,670		—
														1,062,182
Alternative Funds – 4.2%
BMO Alternative Strategies Fund		2,516,502		841,339		1,678,592		3,608			(154,652	)		1,528,205		—		—
Short-Term Investment – 1.0%
BMO Institutional Prime Money Market Fund		593,100		9,230,867		9,458,635		—			85			365,417		9,648		—
Totals	$	27,776,064	$	20,519,805	$	26,987,917	$	(3,310,168	)	$	(170,396	)	$	17,827,388	$	2,005,132	$	—
2045 Fund
Large-Cap Funds – 14.6%
BMO Low Volatility Equity Fund	$	452,452	$	218,242	$	350,460	$	(22,676	)	$	6,358		$	303,916	$	41,923	$	—
BMO Dividend Income Fund		157,649		64,921		102,133		(15,334	)		(539	)		104,564		8,427		—
BMO Large-Cap Value Fund		708,703		349,950		466,705		(85,262	)		(34,093	)		472,593		70,325		—
BMO Large-Cap Growth Fund		352,828		192,476		250,510		(57,649	)		(3,773	)		233,372		44,557		—
														1,114,445
Mid-Cap Funds – 7.1%
BMO Mid-Cap Growth Fund		407,953		275,278		323,069		(71,657	)		(16,281	)		272,224		64,546		—
BMO Mid-Cap Value Fund		404,827		230,634		278,547		(52,151	)		(35,101	)		269,662		48,113		—
														541,886
Small-Cap Fund – 2.5%
BMO Small-Cap Growth Fund		286,966		215,282		223,703		(70,736	)		(20,191	)		187,618		37,202		—
International Funds – 17.0%
BMO LGM Emerging Markets Equity Fund		656,658		291,529		534,183		(14,349	)		(25,397	)		374,258		23,654		—
BMO Pyrford International Stock Fund		693,158		484,688		568,476		(16,213	)		(15,984	)		577,173		23,299		—
BMO Disciplined International Equity Fund		356,091		356,709		323,143		(18,919	)		(24,472	)		346,266		9,212		—
														1,297,697
Fixed Income Funds – 3.0%
BMO High Yield Bond Fund		22,555		10,808		17,963		305			(540	)		15,165		951		—
BMO TCH Core Plus Bond Fund		203,217		256,228		254,255		8,884			(498	)		213,576		7,677		—
														228,741
Alternative Funds – 3.5%
BMO Alternative Strategies Fund		393,140		199,994		303,322		571			(25,291	)		265,092		—		—
Short-Term Investment – 1.0%
BMO Institutional Prime Money Market Fund		107,226		3,095,016		3,126,178		(7	)		(10	)		76,047		2,206		—
Totals	$	5,203,423	$	6,241,755	$	7,122,647	$	(415,193	)	$	(195,812	)	$	3,711,526	$	382,092	$	—

Notes to Schedules of Investments (Unaudited)

2050 Fund
Large-Cap Funds – 14.7%
BMO Low Volatility Equity Fund	$	1,862,809	$	734,692	$	1,335,644	$	(169,144	)	$	51,538		$	1,144,251	$	179,950	$	—
BMO Dividend Income Fund		650,742		191,039		371,145		(95,526	)		18,659			393,769		35,584		—
BMO Large-Cap Value Fund		2,928,340		1,192,936		1,790,655		(440,906	)		(109,994	)		1,779,721		302,073		—
BMO Large-Cap Growth Fund		1,445,732		705,059		977,478		(310,855	)		16,294			878,752		195,733		—
														4,196,493
Mid-Cap Funds – 7.1%
BMO Mid-Cap Growth Fund		1,682,233		1,018,949		1,260,233		(353,519	)		(62,458	)		1,024,972		283,546		—
BMO Mid-Cap Value Fund		1,675,987		781,183		1,046,868		(247,906	)		(146,794	)		1,015,602		209,961		—
														2,040,574
Small-Cap Fund – 2.5%
BMO Small-Cap Growth Fund		1,170,437		786,678		851,712		(348,193	)		(50,714	)		706,496		163,526		—
International Funds – 17.0%
BMO LGM Emerging Markets Equity Fund		2,735,684		793,630		1,930,670		(179,235	)		(10,078	)		1,409,331		103,811		—
BMO Pyrford International Stock Fund		2,855,898		1,502,936		2,000,314		(123,634	)		(61,906	)		2,172,980		101,463		—
BMO Disciplined International Equity Fund		1,471,361		1,205,146		1,172,755		(114,091	)		(85,842	)		1,303,819		40,263		—
														4,886,130
Fixed Income Funds – 3.0%
BMO High Yield Bond Fund		92,963		29,828		63,874		2,262			(4,078	)		57,101		3,543		—
BMO TCH Core Plus Bond Fund		836,669		905,698		966,049		32,030			(4,137	)		804,211		28,252		—
														861,312
Alternative Funds – 3.5%
BMO Alternative Strategies Fund		1,626,856		560,694		1,088,218		4,017			(105,096	)		998,253		—		—
Short-Term Investment – 1.0%
BMO Institutional Prime Money Market Fund		548,434		7,894,754		8,156,764		—			11			286,435		7,790		—
Totals	$	21,584,145	$	18,303,222	$	23,012,379	$	(2,344,700	)	$	(554,595	)	$	13,975,693	$	1,655,495	$	—
2055 Fund
Large-Cap Funds – 14.6%
BMO Low Volatility Equity Fund	$	449,686	$	243,695	$	275,313	$	(18,279	)	$	2,568		$	402,357	$	44,170	$	—
BMO Dividend Income Fund		156,686		75,940		76,710		(16,697	)		(766	)		138,453		8,901		—
BMO Large-Cap Value Fund		704,332		425,355		377,307		(90,940	)		(35,677	)		625,763		74,196		—
BMO Large-Cap Growth Fund		351,105		225,684		204,811		(57,200	)		(5,797	)		308,981		46,936		—
														1,475,554
Mid-Cap Funds – 7.0%
BMO Mid-Cap Growth Fund		405,851		302,933		257,526		(71,949	)		(18,953	)		360,356		67,992		—
BMO Mid-Cap Value Fund		402,728		275,482		229,189		(54,673	)		(37,268	)		357,080		50,682		—
														717,436
Small-Cap Fund – 2.4%
BMO Small-Cap Growth Fund		284,652		236,596		178,650		(74,942	)		(19,273	)		248,383		39,190		—
International Funds – 16.9%
BMO LGM Emerging Markets Equity Fund		648,940		334,601		450,114		(12,361	)		(25,469	)		495,597		24,921		—
BMO Pyrford International Stock Fund		688,964		513,605		404,962		(20,415	)		(13,077	)		764,115		24,542		—
BMO Disciplined International Equity Fund		353,625		396,875		245,163		(28,588	)		(18,318	)		458,431		9,704		—
														1,718,143
Fixed Income Funds – 3.0%
BMO High Yield Bond Fund		22,427		12,627		14,723		162			(414	)		20,079		1,014		—
BMO TCH Core Plus Bond Fund		201,673		285,313		213,950		10,830			(1,065	)		282,801		8,241		—
														302,880
Alternative Funds – 3.5%
BMO Alternative Strategies Fund		390,483		238,529		251,478		(3,684	)		(22,823	)		351,027		—		—
Short-Term Investment – 1.0%
BMO Institutional Prime Money Market Fund		113,983		3,456,738		3,470,025		(11	)		9			100,694		2,416		—
Totals	$	5,175,135	$	7,023,973	$	6,649,921	$	(438,747	)	$	(196,323	)	$	4,914,117	$	402,905	$	—

Notes to Schedules of Investments (Unaudited)

Conservative Allocation Fund
Large-Cap Funds – 6.2%
BMO Low Volatility Equity Fund	$	502,366	$	156,180	$	150,089	$	(31,914	)	$	8,580		$	485,123	$	47,097	$	—
BMO Dividend Income Fund		272,453		126,786		72,591		(35,955	)		2,527			293,220		14,560		—
BMO Large-Cap Value Fund		939,524		452,163		342,642		(176,736	)		7,382			879,691		93,284		—
BMO Large-Cap Growth Fund		759,172		613,070		443,873		(142,638	)		(27,256	)		758,475		118,950		—
														2,416,509
Mid-Cap Funds – 0.8%
BMO Mid-Cap Growth Fund		187,974		98,670		104,452		(47,628	)		6,135			140,699		30,298		—
BMO Mid-Cap Value Fund		186,532		81,874		88,425		(45,994	)		5,598			139,585		22,594		—
														280,284
Small-Cap Funds – 0.8%
BMO Small-Cap Growth Fund		273,366		187,436		166,240		(69,489	)		(13,552	)		211,521		35,928		—
BMO Small-Cap Value Fund		179,494		97,632		118,518		(27,145	)		(11,082	)		120,381		13,333		—
														331,902
International Funds – 2.6%
BMO LGM Emerging Markets Equity Fund		370,501		231,372		327,691		(49,363	)		16,968			241,787		10,013		—
BMO Pyrford International Stock Fund		463,225		117,903		191,173		(37,616	)		18,965			371,304		12,835		—
BMO Disciplined International Equity Fund		434,906		192,666		184,484		(41,705	)		2,176			403,559		8,609		—
														1,016,650
Fixed Income Funds – 19.5%
BMO TCH Core Plus Bond Fund		9,213,483		1,345,348		3,122,746		(47,261	)		212,353			7,601,177		228,149		—
Alternative Funds – 10.4%
BMO Alternative Strategies Fund		3,899,071		755,358		331,926		(240,599	)		(17,508	)		4,064,396		—		—
Short-Term Investment – 3.9%
BMO Institutional Prime Money Market Fund		355,561		8,592,025		7,429,664		26			(185	)		1,517,763		14,689		—
Totals	$	18,037,628	$	13,048,483	$	13,074,514	$	(994,017	)	$	211,101		$	17,228,681	$	650,339	$	—
Moderate Allocation Fund
Large-Cap Funds – 11.9%
BMO Low Volatility Equity Fund	$	2,032,002	$	747,871	$	913,195	$	(170,843	)	$	23,260		$	1,719,095	$	203,299	$	—
BMO Dividend Income Fund		1,106,088		434,399		363,555		(167,100	)		9,170			1,019,002		62,548		—
BMO Large-Cap Value Fund		3,809,217		2,108,692		2,048,920		(671,227	)		(118,707	)		3,079,055		405,853		—
BMO Large-Cap Growth Fund		3,099,756		2,937,867		2,536,996		(612,208	)		(223,937	)		2,664,482		538,255		—
														8,481,634
Mid-Cap Funds – 1.4%
BMO Mid-Cap Growth Fund		781,319		474,837		557,644		(220,797	)		9,430			487,145		138,567		—
BMO Mid-Cap Value Fund		760,158		370,568		453,148		(194,900	)		2,217			484,895		100,268		—
														972,040
Small-Cap Funds – 1.7%
BMO Small-Cap Growth Fund		1,126,518		827,552		812,893		(299,404	)		(90,106	)		751,667		161,720		—
BMO Small-Cap Value Fund		737,511		370,758		512,007		(104,132	)		(77,907	)		414,223		58,806		—
														1,165,890
International Funds – 5.0%
BMO LGM Emerging Markets Equity Fund		1,529,751		856,072		1,397,302		(203,792	)		59,240			843,969		43,596		—
BMO Pyrford International Stock Fund		1,891,995		466,929		940,460		(191,925	)		81,288			1,307,827		55,718		—
BMO Disciplined International Equity Fund		1,773,218		748,904		912,459		(164,844	)		(30,022	)		1,414,797		37,330		—
														3,566,593
Fixed Income Funds – 14.1%
BMO TCH Core Plus Bond Fund		14,497,972		3,145,771		7,792,478		662			156,416			10,008,343		335,497		—
Alternative Funds – 8.4%
BMO Alternative Strategies Fund		6,790,183		1,465,513		1,869,118		(326,579	)		(125,573	)		5,934,426		—		—
Short-Term Investment – 4.0%
BMO Institutional Prime Money Market Fund		775,889		16,970,296		14,890,134		(76	)		(138	)		2,855,837		27,463		—
Totals	$	40,711,577	$	31,926,029	$	36,000,309	$	(3,327,165	)	$	(325,369	)	$	32,984,763	$	2,168,920	$	—

Notes to Schedules of Investments (Unaudited)

Balanced Allocation Fund
Large-Cap Funds – 17.8%
BMO Low Volatility Equity Fund	$	12,453,938	$	3,128,212	$	3,861,049	$	(947,936	)	$	379,123		$	11,152,288	$	1,114,293	$	—
BMO Dividend Income Fund		6,738,334		2,121,489		1,443,773		(954,079	)		135,546			6,597,517		343,889		—
BMO Large-Cap Value Fund		23,327,787		9,177,971		8,436,677		(4,135,622	)		46,393			19,979,852		2,205,179		—
BMO Large-Cap Growth Fund		18,934,980		14,718,574		12,254,734		(3,599,733	)		(494,130	)		17,304,957		2,805,960		—
														55,034,614
Mid-Cap Funds – 2.0%
BMO Mid-Cap Growth Fund		4,740,219		2,263,662		2,783,060		(1,299,143	)		259,000			3,180,678		716,265		—
BMO Mid-Cap Value Fund		4,653,183		1,626,372		2,108,077		(1,161,097	)		155,366			3,165,747		534,512		—
														6,346,425
Small-Cap Funds – 2.5%
BMO Small-Cap Growth Fund		6,798,574		4,209,699		4,092,347		(1,754,947	)		(289,058	)		4,871,921		849,909		—
BMO Small-Cap Value Fund		4,471,911		1,901,354		2,725,221		(640,382	)		(309,552	)		2,698,110		316,621		—
														7,570,031
International Funds – 7.5%
BMO LGM Emerging Markets Equity Fund		9,217,067		4,549,909		7,494,703		(857,639	)		64,370			5,479,004		236,291		—
BMO Pyrford International Stock Fund		11,571,062		1,633,048		4,235,584		(984,426	)		506,245			8,490,345		304,399		—
BMO Disciplined International Equity Fund		10,878,121		3,081,904		3,791,164		(992,286	)		7,580			9,184,155		203,386		—
														23,153,504
Fixed Income Funds – 8.7%
BMO TCH Core Plus Bond Fund		37,665,037		8,888,855		20,248,580		67,515			470,766			26,843,593		864,594		—
Alternative Funds – 7.0%
BMO Alternative Strategies Fund		23,958,550		4,866,132		5,514,252		(1,117,956	)		(360,856	)		21,831,618		—		—
Short-Term Investment – 4.1%
BMO Institutional Prime Money Market Fund		3,049,731		53,829,929		44,136,974		(292	)		(1,793	)		12,740,601		119,240		—
Totals	$	178,458,494	$	115,997,110	$	123,126,195	$	(18,378,023	)	$	569,000		$	153,520,386	$	10,614,538	$	—
Growth Allocation Fund
Large-Cap Funds – 23.6%
BMO Low Volatility Equity Fund	$	5,855,374	$	1,102,828	$	1,278,399	$	(333,142	)	$	50,757		$	5,397,418	$	547,786	$	—
BMO Dividend Income Fund		3,172,832		839,005		433,066		(416,380	)		29,960			3,192,351		169,287		—
BMO Large-Cap Value Fund		10,921,715		3,218,511		2,496,697		(1,967,178	)		(8,380	)		9,667,971		1,088,613		—
BMO Large-Cap Growth Fund		8,812,911		4,816,687		3,235,530		(1,672,665	)		(346,130	)		8,375,273		1,403,310		—
														26,633,013
Mid-Cap Funds – 2.8%
BMO Mid-Cap Growth Fund		2,202,922		724,615		897,970		(573,937	)		79,397			1,535,027		359,314		—
BMO Mid-Cap Value Fund		2,186,018		553,215		736,264		(517,414	)		42,330			1,527,885		265,430		—
														3,062,912
Small-Cap Funds – 3.3%
BMO Small-Cap Growth Fund		3,184,146		1,609,782		1,476,293		(808,917	)		(155,351	)		2,353,367		424,225		—
BMO Small-Cap Value Fund		2,108,363		787,676		1,138,655		(301,775	)		(144,062	)		1,311,547		157,110		—
														3,664,914
International Funds – 10.0%
BMO LGM Emerging Markets Equity Fund		4,339,273		2,247,942		3,536,046		(376,843	)		(3,722	)		2,670,604		116,037		—
BMO Pyrford International Stock Fund		5,384,484		660,533		1,710,354		(400,626	)		173,822			4,107,859		149,183		—
BMO Disciplined International Equity Fund		5,055,538		1,346,255		1,494,761		(455,947	)		(9,227	)		4,441,858		99,823		—
														11,220,321
Fixed Income Funds – 2.9%
BMO TCH Core Plus Bond Fund		4,857,916		1,229,520		2,878,526		89,304			(17,227	)		3,280,987		113,044		—
Alternative Funds – 5.7%
BMO Alternative Strategies Fund		6,869,639		1,238,007		1,306,637		(324,157	)		(110,380	)		6,366,472		—		—
Short-Term Investment – 4.0%
BMO Institutional Prime Money Market Fund		1,153,827		18,800,286		15,455,207		(2	)		(447	)		4,498,457		44,293		—
Totals	$	66,104,958	$	39,174,862	$	38,074,405	$	(8,059,679	)	$	(418,660	)	$	58,727,076	$	4,937,455	$	—
Aggressive Allocation Fund
Large-Cap Funds – 29.0%
BMO Low Volatility Equity Fund	$	10,152,602	$	2,675,188	$	2,735,882	$	(577,757	)	$	87,130		$	9,601,281	$	945,523	$	—
BMO Dividend Income Fund		5,485,222		1,644,308		671,953		(726,984	)		32,325			5,762,918		292,260		—
BMO Large-Cap Value Fund		18,863,548		6,813,922		4,802,360		(3,370,437	)		(124,036	)		17,380,637		1,874,780		—

Notes to Schedules of Investments (Unaudited)

BMO Large-Cap Growth Fund		15,287,855		9,898,190		6,684,991		(2,800,520	)		(687,287	)		15,013,247		2,390,018		—
														47,758,083
Mid-Cap Funds – 3.4%
BMO Mid-Cap Growth Fund		3,822,358		1,621,355		1,771,845		(971,091	)		91,185			2,791,962		608,298		—
BMO Mid-Cap Value Fund		3,793,047		1,205,114		1,377,147		(899,884	)		48,522			2,769,652		453,444		—
														5,561,614
Small-Cap Funds – 4.0%
BMO Small-Cap Growth Fund		5,525,370		3,106,935		2,695,210		(1,420,205	)		(307,847	)		4,209,043		724,290		—
BMO Small-Cap Value Fund		3,657,921		1,399,112		1,902,166		(546,327	)		(252,883	)		2,355,657		269,885		—
														6,564,700
International Funds – 12.2%
BMO LGM Emerging Markets Equity Fund		7,494,805		4,191,637		6,264,617		(551,504	)		(120,563	)		4,749,758		201,816		—
BMO Pyrford International Stock Fund		9,357,100		1,729,131		3,325,484		(769,174	)		347,898			7,339,471		258,802		—
BMO Disciplined International Equity Fund		8,880,022		2,705,910		2,767,566		(803,170	)		(56,781	)		7,958,415		172,869		—
														20,047,644
Alternative Funds – 0.5%
BMO Alternative Strategies Fund		896,397		247,966		251,748		(39,744	)		(16,900	)		835,971		—		—
Short-Term Investment – 0.9%
BMO Institutional Prime Money Market Fund		1,600,930		18,213,104		18,302,637		(17	)		(12	)		1,511,368		28,043		—
Totals	$	94,817,177	$	55,451,872	$	53,553,606	$	(13,476,814	)	$	(959,249	)	$	82,279,380	$	8,220,028	$	—