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Audited Financial Statements As at December 31, 2020 SSQ Funds Table of Contents

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Audited Financial Statements As at December 31, 2020 SSQ Funds Table of Contents Investment Audited financial statements as at December 31, 2020 SSQ Funds Table of contents Page SSQ Fiera Capital Money Market Fund .................................................................................................................................................................. 3 SSQ Fiera Capital Short Term Bond Fund ............................................................................................................................................................. 8 SSQ Fiera Capital Bond Fund............................................................................................................................................................................... 15 SSQ PIMCO Bond Fund ....................................................................................................................................................................................... 20 SSQ AlphaFixe Bond and Bank Loan Fund .......................................................................................................................................................... 25 SSQ PIMCO Global Bond Fund ............................................................................................................................................................................ 30 SSQ CI Signature Corporate Bond Fund .............................................................................................................................................................. 35 SSQ BlackRock Bond Index Fund ........................................................................................................................................................................ 40 SSQ Conservative Smart Beta Plus Portfolio Fund .............................................................................................................................................. 45 SSQ Balanced Smart Beta Plus Portfolio Fund .................................................................................................................................................... 50 SSQ Growth Smart Beta Plus Portfolio Fund ....................................................................................................................................................... 55 SSQ Aggressive Smart Beta Plus Portfolio Fund ................................................................................................................................................. 60 SSQ Conservative Strategy Fund ......................................................................................................................................................................... 66 SSQ Balanced Strategy Fund ............................................................................................................................................................................... 71 SSQ Growth Strategy Fund .................................................................................................................................................................................. 76 SSQ Aggressive Strategy Fund ............................................................................................................................................................................ 81 SSQ Celestia Conservative Fund ......................................................................................................................................................................... 86 SSQ Celestia Balanced Fund ............................................................................................................................................................................... 91 SSQ Celestia Growth Fund ................................................................................................................................................................................... 96 SSQ Celestia Aggressive Fund ........................................................................................................................................................................... 101 SSQ Guardian Conservative Income Fund ......................................................................................................................................................... 107 SSQ Guardian Income Fund ............................................................................................................................................................................... 112 SSQ CI Cambridge Canadian Asset Allocation Fund ......................................................................................................................................... 117 SSQ CI Signature Global Income and Growth Fund .......................................................................................................................................... 122 SSQ Guardian Canadian Dividend Equity Fund ................................................................................................................................................. 127 SSQ Jarislowsky Fraser Ltd. Canadian Value Equity Fund ................................................................................................................................ 132 SSQ Triasima Canadian Equity Fund ................................................................................................................................................................. 137 SSQ BlackRock Canadian Index Fund ............................................................................................................................................................... 143 SSQ Fiera Capital Canadian Small Cap Equity Fund ......................................................................................................................................... 148 SSQ Hillsdale U.S. Equity Fund .......................................................................................................................................................................... 153 SSQ Beutel Goodman U.S. Equity Fund ............................................................................................................................................................ 160 SSQ Fiera Capital U.S. Equity Fund ................................................................................................................................................................... 165 SSQ Fiera Capital Hedged U.S. Equity Fund ..................................................................................................................................................... 170 SSQ BlackRock U.S. Index Fund ........................................................................................................................................................................ 175 SSQ C WorldWide International Equity Fund ..................................................................................................................................................... 180 SSQ BlackRock International Index Fund ........................................................................................................................................................... 186 SSQ TD Global Dividend Equity Fund ................................................................................................................................................................ 191 SSQ Fiera Capital Global Equity Fund ............................................................................................................................................................... 196 SSQ Fisher Global Small Cap Equity Fund ........................................................................................................................................................ 201 SSQ Fisher Emerging Markets Equity Fund ....................................................................................................................................................... 206 SSQ Lazard Global Infrastructure Fund .............................................................................................................................................................. 211 SSQ Morgan Stanley Global Real Estate Fund .................................................................................................................................................. 216 Notes to the Financial Statements ...................................................................................................................................................................... 221 Independent Auditor's Report ............................................................................................................................................................................. 260 Appendix – Financial Information ........................................................................................................................................................................ 263 SSQ FIERA CAPITAL MONEY MARKET FUND FINANCIAL STATEMENTS (audited) (in thousands of dollars, except per unit amounts) STATEMENTS OF FINANCIAL POSITION December 31, December 31, As at 2020 2019 $ $ Assets Current assets Investments 20,491 12,845 Cash - 36 Receivable from investments sold - - Other accounts receivable 21 1 Total assets 20,512 12,882 Liabilities Current liabilities Bank overdraft 72 - Payable for investments purchased - - Other accounts payable 1 1 Total liabilities 73 1 Net assets attributable
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