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Financial Statements 2020 Financial Statements Bridgehouse Funds Annual Report Covers Generic Eng_FINAL.indd 3 2018-11-21 1:30 PM This page is intentionally left blank. TABLE OF CONTENTS Independent Auditor’s Report 4 Brandes Canadian Equity Fund 8 Brandes Canadian Money Market Fund 16 Brandes Corporate Focus Bond Fund 22 Brandes Emerging Markets Value Fund 32 Brandes Global Equity Fund 40 Brandes Global Opportunities Fund 50 Brandes Global Small Cap Equity Fund 58 Brandes International Equity Fund 66 Brandes U.S. Equity Fund 74 Bridgehouse Canadian Bond Fund 82 GQG Partners Global Quality Equity Fund 89 GQG Partners International Quality Equity Fund 96 Lazard Defensive Global Dividend Fund (formerly Lazard Global Managed Volatility Fund) 104 Lazard Global Balanced Income Fund 115 Lazard Global Compounders Fund 129 Lazard International Compounders Fund 139 Morningstar Aggressive Portfolio 146 Morningstar Balanced Portfolio 153 Morningstar Conservative Portfolio 160 Morningstar Growth Portfolio 167 Morningstar Moderate Portfolio 174 Morningstar Strategic Canadian Equity Fund 181 Sionna Canadian Equity Fund 187 Sionna Opportunities Fund 195 Sionna Strategic Income Fund 202 Notes to the Financial Statements 211 Contact Us 219 To the Unitholders and Trustee of Brandes Canadian Equity Fund Brandes Canadian Money Market Fund Brandes Corporate Focus Bond Fund Brandes Emerging Markets Value Fund Brandes Global Equity Fund Brandes Global Opportunities Fund Brandes Global Small Cap Equity Fund Brandes International Equity Fund Brandes U.S. Equity Fund Bridgehouse Canadian Bond Fund GQG Partners Global Quality Equity Fund GQG Partners International Quality Equity Fund Lazard Defensive Global Dividend Fund (formerly Lazard Global Managed Volatility Fund) Lazard Global Balanced Income Fund Lazard Global Compounders Fund Lazard International Compounders Fund Morningstar Aggressive Portfolio Morningstar Balanced Portfolio Morningstar Conservative Portfolio Morningstar Growth Portfolio Morningstar Moderate Portfolio Morningstar Strategic Canadian Equity Fund Sionna Canadian Equity Fund Sionna Opportunities Fund PricewaterhouseCoopers LLP 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J 0B2 T: +1 416 863 1133, F: +1 416 365 8215 4 INDEPENDENT AUDITOR’S REPORT Sionna Strategic Income Fund (individually, a Fund) Our opinion In our opinion, the accompanying December 31, 2020 financial statements of each Fund present fairly, in all material respects, the financial position of each Fund, its financial performance and its cash flows as at and for the periods indicated in note 1(c) in accordance with International Financial Reporting Standards (IFRS). What we have audited The financial statements of each Fund comprise: the statements of financial position as at the period-end dates indicated in note 1(c); the statements of comprehensive income for the periods indicated in note 1(c); the statements of changes in net assets attributable to holders of redeemable units for the periods indicated in note 1(c); the statements of cash flows for the periods indicated in note 1(c); and the notes to the financial statements, which include significant accounting policies and other explanatory information. Basis for opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of each Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements. Other information Management is responsible for the other information of each Fund. The other information comprises the Annual Management Report of Fund Performance of each Fund. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements of each Fund, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially INDEPENDENT AUDITOR’S REPORT 5 inconsistent with the financial statements of each Fund or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation and fair presentation of the financial statements of each Fund in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the ability of each Fund to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate any Fund or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the financial reporting process of each Fund. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole for report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements of each Fund. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements of each Fund, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of each Fund. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. 6 INDEPENDENT AUDITOR’S REPORT based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of each Fund to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence Fund to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements of each Fund, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Professional Accountants, Licensed Public Accountants Toronto, Ontario March 18, 2021 INDEPENDENT AUDITOR’S REPORT 7 BRANDES CANADIAN EQUITY FUND STATEMENTS OF FINANCIAL POSITION Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at December 31, 2020 2019 ASSETS CURRENT ASSETS Investments $ 28,484 $ 27,101 Cash 1,857 4,853 Receivable for redeemable unit subscriptions 11 120 Dividends and accrued interest receivable 140 13 30,492 32,087 LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 9 140 9 140 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 30,483 $ 31,947 Cost of investments 29,479 28,908 Net assets attributable to holders of redeemable units, Series A $ 24,118 $ 25,585 Number of redeemable units outstanding, Series A 1,181 1,348 Net assets attributable to holders of redeemable units per unit, Series A 20.43 18.98 Net assets attributable to holders of redeemable units, Series D $ 699 $ 756 Number of redeemable units outstanding, Series D 52 61 Net assets attributable to holders of redeemable units per unit, Series D 13.44 12.47 Net assets attributable to holders of redeemable units, Series F $ 5,487 $ 5,443 Number of redeemable units outstanding,
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