Interim Financial Statements

2021 Interim Financial Statements

Bridgehouse Funds (Unaudited)

Annual Report Covers Generic Eng_FINAL.indd 3 2018-11-21 1:30 PM This page is intentionally left blank. TABLE OF CONTENTS

Brandes Canadian Equity Fund 4 Brandes Canadian Money Market Fund 11 Brandes Corporate Focus Bond Fund 17 Brandes Emerging Markets Value Fund 27 Brandes Global Equity Fund 35 Brandes Global Opportunities Fund 45 Brandes Global Small Cap Equity Fund 53 Brandes International Equity Fund 61 Brandes U.S. Equity Fund 69 Bridgehouse Canadian Bond Fund 77 GQG Partners Global Quality Equity Fund 84 GQG Partners International Quality Equity Fund 91 Lazard Defensive Global Dividend Fund 98 Lazard Global Balanced Income Fund 109 Lazard Global Compounders Fund 122 Lazard International Compounders Fund 131 Morningstar Aggressive Portfolio 138 Morningstar Balanced Portfolio 145 Morningstar Conservative Portfolio 152 Morningstar Growth Portfolio 159 Morningstar Moderate Portfolio 166 Morningstar Strategic Canadian Equity Fund 173 Sionna Canadian Equity Fund 179 Sionna Opportunities Fund 187 Sionna Strategic Income Fund 195 Notes to the Financial Statements 204 Contact Us 211 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 34,613 $ 28,484 Cash 5,712 1,857 Receivable for redeemable unit subscriptions 382 11 Receivable from securities sold 32 - Dividends and accrued interest receivable 23 140 40,762 30,492

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 608 - Payable for redeemable unit redemptions 58 9 666 9

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 40,096 $ 30,483 Cost of investments 28,933 29,479

Net assets attributable to holders of redeemable units, Series A $ 29,286 $ 24,118 Number of redeemable units outstanding, Series A 1,148 1,181 Net assets attributable to holders of redeemable units per unit, Series A 25.52 20.43

Net assets attributable to holders of redeemable units, Series D $ 826 $ 699 Number of redeemable units outstanding, Series D 49 52 Net assets attributable to holders of redeemable units per unit, Series D 16.85 13.44

Net assets attributable to holders of redeemable units, Series F $ 9,758 $ 5,487 Number of redeemable units outstanding, Series F 414 293 Net assets attributable to holders of redeemable units per unit, Series F 23.56 18.76

Net assets attributable to holders of redeemable units, Series I $ 226 $ 179 Number of redeemable units outstanding, Series I 6 6 Net assets attributable to holders of redeemable units per unit, Series I 40.69 32.21

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

4 BRANDES CANADIAN EQUITY FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 195 $ 301 Interest for distribution purposes - 83 Management Fee Rebates income 7 5 Net realized gain (loss) on sale of investments 1,153 58 Net change in unrealized appreciation (depreciation) of investments 6,675 (4,243) Net gain (loss) on investments 8,030 (3,796)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (2) 11 Net gain (loss) on derivatives (2) 11

Net realized gain (loss) on foreign currencies 2 (6) Net change in unrealized appreciation (depreciation) of foreign currencies - (3) Total net income (loss) 8,030 (3,794)

EXPENSES (note 6) Management fees 315 244 Legal - 1 Audit 3 2 Independent review committee 1 1 Custody and fund accounting 10 9 Filing fees 21 21 Unitholder reporting 2 2 Administration and transfer agent fees 40 34 Foreign withholding taxes 1 5 Transaction costs (note 3) 21 8 414 327 Expenses absorbed (29) (33) Total expenses net of absorption 385 294

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 5,934 $ (3,380) Series D 178 (77) Series F 1,486 (611) Series I 47 (20) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 7,645 (4,088)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 5.12 $ (2.60) Series D 3.42 (1.57) Series F 4.67 (2.22) Series I 8.49 (3.69)

The accompanying notes are an integral part of these ﬁnancial statements.

5 BRANDES CANADIAN EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

Amounts in thousands (except for number of units) For the six months ended June 30, SERIES A SERIES D SERIES F 2021 2020 2021 2020 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 24,118 $ 25,585 $ 699 $ 756 $ 5,487 $ 5,443

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 5,934 (3,380) 178 (77) 1,486 (611)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (4) (2) - - (3) (3) (4) (2) - - (3) (3)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 1,847 1,269 85 7 2,991 671 Reinvested distributions to holders of redeemable units 4 2 - - 3 3 Net proceeds/(payments) from/for redeemable units transferred in/(out) (93) (388) - - 93 389 Payments for redeemable units redeemed (2,520) (2,277) (136) (157) (299) (1,770) (762) (1,394) (51) (150) 2,788 (707)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 5,168 (4,776) 127 (227) 4,271 (1,321)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 29,286 $ 20,809 $ 826 $ 529 $ 9,758 $ 4,122

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 1,180,652 1,348,011 51,987 60,619 292,504 311,333 Redeemable units issued for cash 76,957 72,789 5,442 747 131,431 45,385 Redeemable units issued for reinvested distributions 155 92 - - 161 182 Net redeemable units transferred in/(out) (3,813) (22,229) - - 4,138 24,072 Redeemable units redeemed (106,204) (132,313) (8,430) (12,541) (14,114) (110,126) BALANCE, END OF PERIOD 1,147,747 1,266,350 48,999 48,825 414,120 270,846

Amounts in thousands (except for number of units) For the six months ended June 30, SERIES I FUND TOTAL 2021 2020 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 179 $ 163 $ 30,483 $ 31,947

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 47 (20) 7,645 (4,088)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (7) (5) - - (7) (5)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued - - 4,923 1,947 Reinvested distributions to holders of redeemable units - - 7 5 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - - 1 Payments for redeemable units redeemed - - (2,955) (4,204) - - 1,975 (2,251)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 47 (20) 9,613 (6,344)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 226 $ 143 $ 40,096 $ 25,603

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 5,558 5,476 Redeemable units issued for cash - - Redeemable units issued for reinvested distributions - - Net redeemable units transferred in/(out) - - Redeemable units redeemed - - BALANCE, END OF PERIOD 5,558 5,476

The accompanying notes are an integral part of these ﬁnancial statements.

6 BRANDES CANADIAN EQUITY FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 7,645 $ (4,088)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (1,153) (58) Unrealized (appreciation) depreciation on foreign cash - 5 Net change in unrealized (appreciation) depreciation of investments (6,675) 4,243 Purchase of investments (4,491) (4,443) Proceeds from sale of investments 6,766 2,892 2,092 (1,449)

CHANGE IN NON-CASH WORKING CAPITAL 117 3

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 4,552 2,055 Amounts paid on redemption of redeemable units (2,906) (4,316) 1,646 (2,261) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH - (5)

NET INCREASE (DECREASE) IN CASH 3,855 (3,712)

CASH—BEGINNING OF PERIOD 1,857 4,853

CASH—END OF PERIOD 5,712 1,141

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 311 299 Interest - 83

The accompanying notes are an integral part of these ﬁnancial statements.

7 BRANDES CANADIAN EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares/units)

NUMBER OF AVERAGE FAIR % OF NET NUMBER OF AVERAGE FAIR % OF NET SHARES/UNITS SECURITY COST VALUE ASSETS SHARES/UNITS SECURITY COST VALUE ASSETS EQUITIES Pharmaceuticals Aerospace & Defense 10,960 Bausch Health Companies Inc. $ 401 $ 399 1.0 113,310 Magellan Aerospace Corporation $ 1,214 $ 1,184 3.0 Wireless Telecommunications Services Beverages 9,085 Rogers Communications Inc. Cl. B 556 599 1.5 59,809 Corby Spirit and Wine Limited Cl. A 1,093 1,078 2.7 77,110 Corby Spirit and Wine Limited Cl. B 1,188 1,371 3.4 Total Equities 21,677 23,945 59.7 2,281 2,449 6.1

Biotechnology Mutual Funds 37,952 Knight Therapeutics Inc. 281 199 0.5 601,755 Brandes Global Equity Fund Series I 7,256 10,668 26.6 Capital Markets 295,153 Uranium Participation Corporation 1,564 1,614 4.0 Total Investments 28,933 34,613 86.3 Chemicals Other Assets Less Liabilities 5,483 13.7 2,540 Nutrien Ltd. 114 191 0.5 Net Assets Attributable to Holders of Redeemable Units 40,096 100.0 Communications Equipment 173,882 EXFO, Inc. 758 1,283 3.2 84,772 Sierra Wireless Inc. 1,594 1,996 5.0 2,352 3,279 8.2

Containers & Packaging 3,541 Winpak, Ltd. 155 137 0.3

Distributors 24,431 Uni-Select Inc. 448 401 1.0

Diversiﬁed Telecommunications Services 21,646 BCE Inc. Series AN 2.23% Preferred 410 383 1.0

Electric Utilities 18,305 Emera Incorporated Series B 1.98% Perpetual Preferred 354 309 0.8

Electronic Equipment, Instruments & Components 58,675 Celestica Inc., Sub. Voting 495 571 1.4

Food Products 27,046 High Liner Foods Incorporated 227 367 0.9 4,571 Lassonde Industries Inc. Cl. A 844 791 2.0 1,071 1,158 2.9

Household Durables 92,866 Dorel Industries Inc. Cl. B Sub. Voting 2,654 1,451 3.6

Insurance 2,500 E-L Financial Corporation Limited 1,142 2,374 5.9 993 Fairfax Financial Holdings Limited 478 540 1.3 11,186 Manulife Financial Corporation 225 273 0.7 22,981 Power Financial Corporation Series Q 1.74% Preferred 206 367 0.9 22,420 Sun Life Financial Inc. Series 9QR 1.55% Preferred 302 344 0.9 2,353 3,898 9.7

Machinery 58,789 Velan Inc. 834 608 1.5

Marine 33,026 Algoma Central Corporation 396 542 1.4

Oil, Gas & Consumable Fuels 62,574 Cameco Corporation 718 1,488 3.7 42,869 Cenovus Energy Inc. Series 2 1.87% Preferred 419 616 1.5 15,643 Chesapeake Energy Corporation 561 1,007 2.5 10,943 Chesapeake Energy Corporation Cl. A, Warrants 417 365 0.9 10,303 Chesapeake Energy Corporation Cl. B, Warrants 418 305 0.8 220,444 Gran Tierra Energy, Inc. 638 202 0.5 28,015 Pason Systems Inc. 226 250 0.6 25,786 TC Energy Corporation Series 4 1.42% Preferred 347 340 0.8 3,744 4,573 11.3

8 BRANDES CANADIAN EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Market Price Risk Essentially all of the assets and liabilities of the Fund are financial instruments. As at June 30, 2021, if the Fund’s benchmark (70% S&P/TSX Composite Index These financial instruments comprise the following: and 30% MSCI World Index) increased or decreased by 10%, with all other variables held constant, the net assets of the Fund would have increased or Portfolio by Industry Exposure decreased, respectively, by approximately $3.7 million (December 31, JUNE 30 DEC. 31 2020—$3.0 million), or 9.2% (December 31, 2020—9.9%) of total net assets. 2021 (%) 2020 (%) This impact is estimated based on the historical correlation between the return of Series I units of the Fund as compared to the return of the Fund’s benchmark(s). Equities Aerospace & Defense 3.0 - In practice, the historical correlation may not be representative of the future Beverages 6.1 7.4 correlation and, accordingly, the impact on net assets could be Biotechnology 0.5 0.7 materially different. Capital Markets 4.0 - Chemicals 0.5 2.1 Communications Equipment 8.2 8.3 Foreign Currency Risk Containers & Packaging 0.3 0.5 The Fund’s investments are denominated primarily in Canadian dollars, which are Distributors 1.0 1.1 not subject to the risk of currency movements. However, the Fund is exposed to Diversified Telecommunications Services 1.0 0.9 currency fluctuations through its investment in Brandes Global Equity Fund. Electric Utilities 0.8 0.7 Electronic Equipment, Instruments & Components 1.4 1.6 Food Products 2.9 1.8 Interest Rate Risk Household Durables 3.6 4.0 Insurance 9.7 11.3 The substantial majority of the Fund’s financial assets are equity shares which do Machinery 1.5 2.3 not pay interest. As a result, the Fund is not subject to significant amounts of risk Marine 1.4 2.1 due to fluctuations in the prevailing levels of market interest rates. Media - 1.4 Oil, Gas & Consumable Fuels 11.3 9.0 Paper & Forest Products - 3.0 Credit Risk Pharmaceuticals 1.0 - The Fund enters into foreign exchange contracts to buy and sell currencies for the Textiles, Apparel & Luxury Goods - 1.0 purpose of settling foreign securities transactions. These are short term spot Wireless Telecommunications Services 1.5 2.4 settlements carried out with approved counterparties. The exposure to credit risk Mutual Funds 26.6 30.1 on these contracts is considered minimal as the transactions are settled and paid Fixed-income securities Corporate - 1.7 for upon delivery. Total financial instruments at fair value 86.3 93.4 Total other assets less liabilities at cost or amortized cost 13.7 6.6 SECURITIES LENDING Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 The aggregate market value of all securities loaned by a fund cannot exceed 50% of the net assets of the applicable Fund. The Funds receive collateral of at least 102% of the value of the securities on loan. Collateral may comprise of obligations FAIR VALUE MEASUREMENTS of or guaranteed by the Government of Canada, or a province thereof, or by the Below is a summary of the inputs used as at June 30, 2021 and December 31, United States government or its agencies. 2020 in valuing the Fund’s investments carried at fair values. As at June 30, 2021 and December 31, 2020 the fair value of securities on loan JUNE 30, 2021 and collateral received was $Nil. QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS OFFSETTING OF FINANCIAL INSTRUMENTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL The Fund does not enter into any enforceable master netting arrangement. ($000) ($000) ($000) ($000) Equities 23,945 - - 23,945 Mutual Funds 10,668 - - 10,668 Total Investments 34,613 - - 34,613

DECEMBER 31, 2020 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Equities 18,780 - - 18,780 Mutual Funds 9,188 - - 9,188 Fixed-income securities - 516 - 516 Total Investments 27,968 516 - 28,484

During the six months ended June 30, 2021 and the year ended December 31, 2020, there were no signiﬁcant transfers bewteen Level 1 and 2 priced securities.

FINANCIAL INSTRUMENTS RISKS The investment objective of the Brandes Canadian Equity Fund is to achieve long- term capital appreciation by investing primarily in equity securities of Canadian issuers. The Fund may also invest in foreign equity securities primarily through its investment in the Brandes Global Equity Fund.

See “Financial Instrument Risks” of the Brandes Global Equity Fund for disclosure of ﬁnancial instrument risks for this Fund.

The notes at the back of this document are an integral part of these ﬁnancial statements. 9 BRANDES CANADIAN EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

STRUCTURED ENTITIES DISCLOSURE

COUNTRY OF ESTABLISHMENT OWNERSHIP % OWNERSHIP % NET ASSETS OF AND PRINCIPAL AS AT AS AT UNDERLYING % OF PLACE OF JUNE 30 DEC. 31 UNDERLYING FUND NAME FUND $ (000) NET ASSETS BUSINESS 2021 2020 Brandes Global Equity Fund Series I 350,786 26.6 Canada 3.0 3.2

10 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES CANADIAN MONEY MARKET FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 9,271 $ 9,776 Cash 73 88 Receivable for redeemable unit subscriptions - 53 9,344 9,917

LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 42 58 42 58

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 9,302 $ 9,859 Cost of investments 9,271 9,776

Net assets attributable to holders of redeemable units, Series A $ 5,460 $ 6,097 Number of redeemable units outstanding, Series A 546 610 Net assets attributable to holders of redeemable units per unit, Series A 10.00 10.00

Net assets attributable to holders of redeemable units, Series F $ 3,842 $ 3,762 Number of redeemable units outstanding, Series F 384 376 Net assets attributable to holders of redeemable units per unit, Series F 10.00 10.00

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

11 BRANDES CANADIAN MONEY MARKET FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Interest for distribution purposes $ 7 $ 50 Total net income (loss) 7 50

EXPENSES (note 6) Management fees 63 59 Legal - - Audit 1 1 Independent review committee - - Custody and fund accounting 4 4 Filing fees 24 23 Unitholder reporting 1 1 Administration and transfer agent fees 11 10 104 98 Expenses absorbed (97) (55) Total expenses net of absorption 7 43

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ - $ 3 Series F - 4 TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS - 7

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ - $ 0.01 Series F - 0.02

The accompanying notes are an integral part of these ﬁnancial statements.

12 BRANDES CANADIAN MONEY MARKET FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

Amounts in thousands (except for number of units) For the six months ended June 30, SERIES A SERIES F FUND TOTAL 2021 2020 2021 2020 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 6,097 $ 5,821 $ 3,762 $ 2,861 $ 9,859 $ 8,682

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS - 3 - 4 - 7

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - (3) - (4) - (7) - (3) - (4) - (7)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,458 3,213 1,013 5,496 3,471 8,709 Reinvested distributions to holders of redeemable units - 3 - 4 - 7 Net proceeds/(payments) from/for redeemable units transferred in/(out) (3) - 3 - - - Payments for redeemable units redeemed (3,092) (2,964) (936) (2,880) (4,028) (5,844) (637) 252 80 2,620 (557) 2,872

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (637) 252 80 2,620 (557) 2,872

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 5,460 $ 6,073 $ 3,842 $ 5,481 $ 9,302 $ 11,554

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 609,647 582,041 376,238 286,126 Redeemable units issued for cash 245,864 321,330 101,234 549,553 Redeemable units issued for reinvested distributions 1 324 25 397 Net redeemable units transferred in/(out) (311) - 311 - Redeemable units redeemed (309,248) (296,377) (93,573) (288,020) BALANCE, END OF PERIOD 545,953 607,318 384,235 548,056

The accompanying notes are an integral part of these ﬁnancial statements.

13 BRANDES CANADIAN MONEY MARKET FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ - $ 7

ADJUSTMENTS FOR: Purchase of investments (13,567) (17,085) Proceeds from sale of investments 14,079 14,665 Interest Income (7) (49) 505 (2,462)

CHANGE IN NON-CASH WORKING CAPITAL - (13)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 3,524 8,714 Amounts paid on redemption of redeemable units (4,044) (5,838) (520) 2,876

NET INCREASE (DECREASE) IN CASH (15) 401

CASH—BEGINNING OF PERIOD 88 35

CASH—END OF PERIOD 73 436

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Interest 7 51

The accompanying notes are an integral part of these ﬁnancial statements.

14 BRANDES CANADIAN MONEY MARKET FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for the face value)

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS MONEY MARKET INSTRUMENTS Corporate 500,000 Bank of Montreal 0.17% Jul 28/2021 $ 500 $ 500 5.4 200,000 Bank of Nova Scotia 0.19% Nov 17/2021 200 200 2.1 150,000 Bank of Nova Scotia 0.20% Jul 19/2021 150 150 1.6 100,000 Bank of Nova Scotia 0.20% Sep 20/2021 100 100 1.1 100,000 Bank of Nova Scotia 0.23% Oct 06/2021 100 100 1.1 700,000 Canadian Imperial Bank of Commerce 0.22% Sep 13/2021 699 699 7.5 550,000 Royal Bank of Canada 0.18% Jul 23/2021 550 550 5.9 2,299 2,299 24.7

Government 725,000 Government of Canada Treasury Bills 0.09% Sep 16/2021 725 725 7.8 400,000 Government of Canada Treasury Bills 0.11% Sep 30/2021 400 400 4.3 500,000 Government of Canada Treasury Bills 0.13% Jul 22/2021 500 500 5.4 300,000 Government of Canada Treasury Bills 0.13% Aug 12/2021 300 300 3.2 400,000 Government of Canada Treasury Bills 0.13% Aug 19/2021 400 400 4.3 400,000 Government of Canada Treasury Bills 0.13% Oct 07/2021 400 400 4.3 400,000 Government of Canada Treasury Bills 0.14% Sep 02/2021 400 400 4.3 250,000 Government of Canada Treasury Bills 0.14% Oct 14/2021 250 250 2.7 250,000 Government of Canada Treasury Bills 0.14% Nov 04/2021 250 250 2.7 400,000 Government of Canada Treasury Bills 0.15% Dec 09/2021 400 400 4.3 500,000 Government of Canada Treasury Bills 0.17% Dec 23/2021 499 499 5.4 550,000 Province of Ontario Treasury Bills 0.14% Sep 22/2021 550 550 5.9 200,000 Province of Ontario Treasury Bills 0.18% Oct 20/2021 200 200 2.2 200,000 Province of Ontario Treasury Bills 0.18% Dec 01/2021 200 200 2.1 500,000 Province of Ontario Treasury Bills 0.19% Dec 08/2021 499 499 5.4 300,000 Province of Quebec Treasury Bills 0.18% Oct 29/2021 300 300 3.2 300,000 Province of Quebec Treasury Bills 0.18% Nov 12/2021 300 300 3.2 400,000 Province of Quebec Treasury Bills 0.18% Nov 26/2021 399 399 4.3 6,972 6,972 75.0

Total Investments 9,271 9,271 99.7 Other Assets Less Liabilities 31 0.3 Net Assets Attributable to Holders of Redeemable Units 9,302 100.0

15 BRANDES CANADIAN MONEY MARKET FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Credit Risk Essentially all of the assets and liabilities of the Fund are ﬁnancial instruments. At June 30, 2021 and December 31, 2020, the Fund was invested in debt These ﬁnancial instruments comprise the following: securities with the following credit ratings:

Portfolio by Industry Exposure JUNE 30, 2021 DECEMBER 31, 2020 JUNE 30 DEC. 31 DEBT SECURITIES % OF TOTAL % OF TOTAL BY CREDIT DEBT % OF DEBT % OF 2021 (%) 2020 (%) RATING* INSTRUMENTS NET ASSETS INSTRUMENTS NET ASSETS Short-term investments AAA/Aaa 73.6 73.4 72.4 71.8 Corporate 24.7 14.5 AA/Aa 26.4 26.3 27.6 27.4 Government 75.0 84.7 Total 100.0 99.7 100.0 99.2 Total ﬁnancial instruments at fair value 99.7 99.2 Total other assets less liabilities at cost or amortized cost 0.3 0.8 *Excludes cash & cash equivalents Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Credit ratings are obtained from Standard & Poor’s, Moody’s and Dominion Bond Rating Service. When more than one rating is obtained for a security, the average rating has been used. FAIR VALUE MEASUREMENTS Below is a summary of the inputs used as at June 30, 2021 and December 31, 2020 in valuing the Fund’s investments carried at fair values. SECURITIES LENDING The aggregate market value of all securities loaned by a fund cannot exceed 50% JUNE 30, 2021 of the net assets of the applicable Fund. The Funds receive collateral of at least QUOTED PRICES SIGNIFICANT 102% of the value of the securities on loan. Collateral may comprise of obligations IN ACTIVE OTHER SIGNIFICANT of or guaranteed by the Government of Canada, or a province thereof, or by the MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS United States government or its agencies. ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) As at June 30, 2021 and December 31, 2020 the fair value of securities on loan Short-term and collateral received was $Nil. investments - 9,271 - 9,271 Total Investments - 9,271 - 9,271

DECEMBER 31, 2020 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Short-term investments - 9,776 - 9,776 Total Investments - 9,776 - 9,776

During the six months ended June 30, 2021 and the year ended December 31, 2020, there were no signiﬁcant transfers bewteen Level 1 and 2 priced securities.

FINANCIAL INSTRUMENTS RISKS The investment objective of the Brandes Canadian Money Market Fund is to achieve a high level of current income while seeking to protect capital and to maintain liquidity. The Fund invests primarily in Canadian dollar denominated money market instruments.

Foreign Currency Risk The Fund’s investments are denominated entirely in Canadian dollars, the Fund’s functional currency. Therefore, the ﬁnancial instruments in the fund are not subject to signiﬁcant risk of currency movements.

Interest Rate Risk Due to the short-term nature of the debt instruments held by the Fund, and due to the fact that the majority of these instruments are held to maturity, the Fund is not exposed to a signiﬁcant risk that the value of instruments will ﬂuctuate due to changes in prevailing levels of market interest rates. At June 30, 2021 and December 31, 2020, the Fund’s exposure to interest rate risks by remaining term to maturity was as follows:

JUNE 30, 2021 DECEMBER 31, 2020 DEBT % OF % OF INSTRUMENTS ($000) NET ASSETS ($000) NET ASSETS Less than 1 year 9,271 99.7 9,776 99.2 Total 9,271 99.7 9,776 99.2

16 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES CORPORATE FOCUS BOND FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 49,036 $ 47,926 Cash 200 890 Receivable for redeemable unit subscriptions 27 34 Receivable from securities sold - 822 Dividends and accrued interest receivable 359 374 Receivable for open foreign currency spot or forward contracts 289 890 49,911 50,936

LIABILITIES CURRENT LIABILITIES Payable for securities purchased - 2,133 Payable for redeemable unit redemptions 25 415 Payable for open foreign currency spot or forward contracts 9 30 34 2,578

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 49,877 $ 48,358 Cost of investments 45,429 42,253

Net assets attributable to holders of redeemable units, Series A $ 6,069 $ 8,301 Number of redeemable units outstanding, Series A 643 860 Net assets attributable to holders of redeemable units per unit, Series A 9.44 9.65 Net assets attributable to holders of redeemable units per unit, Series A (USD) 7.61 7.58

Net assets attributable to holders of redeemable units, Series F $ 18,067 $ 18,496 Number of redeemable units outstanding, Series F 1,920 1,922 Net assets attributable to holders of redeemable units per unit, Series F 9.41 9.62 Net assets attributable to holders of redeemable units per unit, Series F (USD) 7.59 7.56

Net assets attributable to holders of redeemable units, Series I $ 259 $ 261 Number of redeemable units outstanding, Series I 30 30 Net assets attributable to holders of redeemable units per unit, Series I 8.65 8.84

Net assets attributable to holders of redeemable units, Series AH $ 2,909 $ 3,262 Number of redeemable units outstanding, Series AH 361 407 Net assets attributable to holders of redeemable units per unit, Series AH 8.06 8.02

Net assets attributable to holders of redeemable units, Series FH $ 5,471 $ 6,965 Number of redeemable units outstanding, Series FH 687 879 Net assets attributable to holders of redeemable units per unit, Series FH 7.97 7.93

Net assets attributable to holders of redeemable units, Series IH $ 17,102 $ 11,073 Number of redeemable units outstanding, Series IH 2,090 1,361 Net assets attributable to holders of redeemable units per unit, Series IH 8.18 8.14

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

17 BRANDES CORPORATE FOCUS BOND FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Interest for distribution purposes $ 624 $ 945 Management Fee Rebates income 28 37 Net realized gain (loss) on sale of investments 973 430 Net change in unrealized appreciation (depreciation) of investments (2,066) 2,026 Net gain (loss) on investments (441) 3,438

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 1,259 (1,677) Net change in unrealized appreciation (depreciation) of foreign exchange contracts (580) 108 Net gain (loss) on derivatives 679 (1,569)

Net realized gain (loss) on foreign currencies (1) 30 Net change in unrealized appreciation (depreciation) of foreign currencies 10 2 Total net income (loss) 247 1,901

EXPENSES (note 6) Management fees 140 186 Legal - 1 Audit 2 3 Independent review committee 1 1 Custody and fund accounting 10 14 Filing fees 17 23 Unitholder reporting 1 2 Administration and transfer agent fees 31 40 Foreign withholding taxes 14 20 216 290 Expenses absorbed (18) (24) Total expenses net of absorption 198 266

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ (149) $ 617 Series F (174) 1,014 Series I (2) 15 Series AH 32 8 Series FH 79 9 Series IH 263 (28) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 49 1,635

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ (0.20) $ 0.55 Series F (0.10) 0.54 Series I (0.09) 0.51 Series AH 0.08 0.02 Series FH 0.11 0.01 Series IH 0.13 (0.02)

The accompanying notes are an integral part of these ﬁnancial statements.

18 BRANDES CORPORATE FOCUS BOND FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

Amounts in thousands (except for number of units) For the six months ended June 30, SERIES A SERIES F SERIES I 2021 2020 2021 2020 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 8,301 $ 12,744 $ 18,496 $ 18,717 $ 261 $ 251

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS (149) 617 (174) 1,014 (2) 15

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (38) (117) (139) (248) (3) (4) (38) (117) (139) (248) (3) (4)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 188 307 3,965 2,957 - - Reinvested distributions to holders of redeemable units 28 76 70 137 3 4 Net proceeds/(payments) from/for redeemable units transferred in/(out) 214 (512) 714 491 - - Payments for redeemable units redeemed (2,475) (3,654) (4,865) (4,884) - (1) (2,045) (3,783) (116) (1,299) 3 3

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (2,232) (3,283) (429) (533) (2) 14

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 6,069 $ 9,461 $ 18,067 $ 18,184 $ 259 $ 265

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 860,281 1,340,889 1,922,223 1,975,038 29,535 28,798 Redeemable units issued for cash 19,732 30,381 427,522 300,890 - - Redeemable units issued for reinvested distributions 2,958 7,833 7,399 13,984 365 498 Net redeemable units transferred in/(out) 22,430 (50,911) 73,762 48,967 - - Redeemable units redeemed (262,215) (371,750) (510,602) (495,577) - (57) BALANCE, END OF PERIOD 643,186 956,442 1,920,304 1,843,302 29,900 29,239

Amounts in thousands (except for number of units) For the six months ended June 30, SERIES AH SERIES FH SERIES IH 2021 2020 2021 2020 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 3,262 $ 4,227 $ 6,965 $ 9,355 $ 11,073 $ 14,097

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 32 8 79 9 263 (28)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (16) (39) (47) (115) (191) (221) (16) (39) (47) (115) (191) (221)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 108 233 368 255 5,892 - Reinvested distributions to holders of redeemable units 15 35 17 63 153 221 Net proceeds/(payments) from/for redeemable units transferred in/(out) (27) (52) (901) 73 - - Payments for redeemable units redeemed (465) (668) (1,010) (1,368) (88) (2,900) (369) (452) (1,526) (977) 5,957 (2,679)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (353) (483) (1,494) (1,083) 6,029 (2,928)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 2,909 $ 3,744 $ 5,471 $ 8,272 $ 17,102 $ 11,169

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 406,619 543,448 878,643 1,216,854 1,360,865 1,786,121 Redeemable units issued for cash 13,542 30,190 46,365 33,573 721,587 - Redeemable units issued for reinvested distributions 1,810 4,561 2,132 8,270 18,799 28,365 Net redeemable units transferred in/(out) (3,346) (6,599) (113,403) 9,440 - - Redeemable units redeemed (57,822) (87,053) (127,157) (185,124) (10,828) (389,605) BALANCE, END OF PERIOD 360,803 484,547 686,580 1,083,013 2,090,423 1,424,881

19 BRANDES CORPORATE FOCUS BOND FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED) (CONTINUED)

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 48,358 $ 59,391

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 49 1,635

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (434) (744) (434) (744)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 10,521 3,752 Reinvested distributions to holders of redeemable units 286 536 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (8,903) (13,475) 1,904 (9,187)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 1,519 (8,296)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 49,877 $ 51,095

The accompanying notes are an integral part of these ﬁnancial statements.

20 BRANDES CORPORATE FOCUS BOND FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 49 $ 1,635

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (973) (430) Net change in unrealized (appreciation) depreciation of investments 2,066 (2,026) Net change in unrealized (appreciation) depreciation of foreign exchange contracts 580 (108) Purchase of investments (24,864) (16,932) Proceeds from sale of investments 21,350 26,787 (1,792) 8,926

CHANGE IN NON-CASH WORKING CAPITAL 15 102

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 10,528 4,606 Distributions to holders of redeemable units (148) (208) Amounts paid on redemption of redeemable units (9,293) (13,606) 1,087 (9,208)

NET INCREASE (DECREASE) IN CASH (690) (180)

CASH—BEGINNING OF PERIOD 890 181

CASH—END OF PERIOD 200 1

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Interest 625 1,027

The accompanying notes are an integral part of these ﬁnancial statements.

21 BRANDES CORPORATE FOCUS BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares and face value)

NUMBER OF AVERAGE FAIR % OF NET SHARES SECURITY COST VALUE ASSETS EQUITIES Household Durables 2,894 Urbi, Desarrollos Urbanos, SAB de CV $ 37 $ 1 -

Total Equities 37 1 -

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS FIXED INCOME Government USD 4,840,000 United States Treasury Bond 2.25% Feb 15/2027 6,005 6,420 12.9 USD 3,100,000 United States Treasury Bond 2.38% May 15/2029 4,564 4,152 8.3 10,569 10,572 21.2

Corporate USD 780,000 Apple Inc. 2.40% May 03/2023 746 1,004 2.0 USD 1,465,000 AT&T Inc. 3.00% Jun 30/2022 1,904 1,858 3.7 USD 1,260,000 Avon Products, Inc. 6.50% Mar 15/2023 1,724 1,684 3.4 USD 985,000 BP Capital Markets PLC 3.51% Mar 17/2025 1,280 1,338 2.7 USD 215,000 Charter Communications Operating, LLC / Charter Communications Operating Capital Corporation 4.91% Jul 23/2025 312 302 0.6 USD 127,404 Continental Airlines, Inc. Series 2007-1 Cl. A Pass Through Trust 5.98% Oct 19/2023 105 162 0.3 USD 160,000 Continental Resources, Inc. 4.38% Jan 15/2028 215 220 0.4 USD 270,000 Continental Resources, Inc. 4.50% Apr 15/2023 355 351 0.7 USD 950,000 Exxon Mobil Corporation 2.40% Mar 06/2022 1,282 1,192 2.4 USD 220,000 Fifth Third Bancorp 8.25% Mar 01/2038 200 457 0.9 USD 155,000 FirstEnergy Corp. 7.38% Nov 15/2031 274 263 0.5 USD 285,000 Ford Motor Credit Company LLC 3.35% Nov 01/2022 362 363 0.7 USD 225,000 Ford Motor Credit Company LLC 3.38% Nov 13/2025 283 290 0.6 USD 325,000 Ford Motor Credit Company LLC 5.88% Aug 02/2021 452 406 0.8 USD 485,000 Iron Mountain Incorporated 4.88% Sep 15/2027 603 625 1.3 USD 1,269,000 JPMorgan Chase & Co. 3.66% Dec 29/2049 1,316 1,580 3.2 USD 839,000 Kinder Morgan, Inc. 4.30% Jun 01/2025 1,024 1,159 2.3 USD 1,000,000 Microsoft Corporation 2.40% Feb 06/2022 1,272 1,255 2.5 USD 480,000 MicroStrategy Incorporated 0.00% Feb 15/2027 406 447 0.9 USD 255,000 Netﬂix, Inc. 4.38% Nov 15/2026 360 360 0.7 USD 155,000 Occidental Petroleum Corporation 1.61% Aug 15/2022 193 191 0.4 USD 450,000 Occidental Petroleum Corporation 3.50% Jun 15/2025 601 571 1.2 USD 460,000 Pilgrim's Pride Corporation 4.25% Apr 15/2031 574 592 1.2 USD 155,000 Pilgrim's Pride Corporation 5.88% Sep 30/2027 207 205 0.4 USD 315,000 Prime Security Services Borrower, LLC / Prime Finance, Inc. 5.75% Apr 15/2026 456 433 0.9 USD 815,000 Prime Security Services Borrower, LLC / Prime Finance, Inc. 6.25% Jan 15/2028 1,068 1,076 2.2 USD 805,000 PulteGroup, Inc. 5.50% Mar 01/2026 1,066 1,168 2.3 USD 705,000 Range Resources Corporation 4.88% May 15/2025 870 906 1.8 USD 275,000 Sealed Air Corporation 4.00% Dec 01/2027 377 363 0.7 USD 825,000 SLM Private Credit Student Loan Trust Series 2004-B Cl. A4 0.55% Sep 15/2033 628 1,001 2.0 USD 1,204,381 SLM Private Credit Student Loan Trust Series 2005-A Cl. A4 0.43% Dec 15/2038 918 1,464 2.9 USD 604,181 SLM Private Credit Student Loan Trust Series 2006-A Cl. A5 0.41% Jun 15/2039 527 729 1.5 USD 456,337 SLM Private Credit Student Loan Trust Series 2007-A Cl. A4A 0.36% Dec 16/2041 328 552 1.1 USD 310,000 Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 5.15% Sep 20/2029 444 443 0.9 USD 360,000 Telecom Italia Capital SA 6.38% Nov 15/2033 548 534 1.1 USD 675,000 Tenet Healthcare Corporation 4.88% Jan 01/2026 919 869 1.8 USD 205,000 T-Mobile USA, Inc. 4.75% Feb 01/2028 280 273 0.6 USD 465,000 Toll Brothers Finance Corp. 4.88% Nov 15/2025 620 649 1.3 USD 500,000 Travel + Leisure Co. 6.63% Jul 31/2026 695 704 1.4 USD 2,860,000 USB Capital IX 3.50% Oct 29/2049 2,310 3,498 7.0 USD 840,000 VMware, Inc. 3.90% Aug 21/2027 1,016 1,159 2.3 USD 531,000 Wells Fargo & Company 2.10% Jul 26/2021 685 659 1.3 USD 1,139 Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 Cl. 1A3 3.10% Oct 25/2036 1 1 - 29,806 33,356 66.9

Total Fixed Income 40,375 43,928 88.1

SHORT-TERM INVESTMENTS USD 4,119,133 State Street Co. Can U.S. Dollar Call Deposit 5,017 5,107 10.2

Total Investments 45,429 49,036 98.3 Foreign Exchange Contracts (a) 280 0.6 Other Assets Less Liabilities 561 1.1 Net Assets Attributable to Holders of Redeemable Units 49,877 100.0

22 BRANDES CORPORATE FOCUS BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 16, 2021 CAD 25,312 USD 20,186 1.20372 to 1.26259 $ 278 Jul 16, 2021 USD 353 CAD 436 0.79181 to 0.82840 2 $ 280 Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; Source—Standard & Poor's Credit Rating Agency

23 BRANDES CORPORATE FOCUS BOND FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO As at June 30, 2021, the Fund did not hold any investments measured at fair Essentially all of the assets and liabilities of the Fund are financial instruments. value using unobservable inputs (Level 3). During the year ended December 31, These financial instruments comprise the following: 2020, the reconciliation of investments measured at fair value using unobservable inputs (Level 3) is presented as follows: Portfolio by Industry Exposure DECEMBER 31, 2020 JUNE 30 DEC. 31 FIXED-INCOME 2021 (%) 2020 (%) SECURITIES EQUITIES TOTAL Equities ($000) ($000) ($000) Household Durables - - January 1, 2020 2 - 2 Fixed-income securities Purchases - - - Corporate 66.9 70.1 Sales - - - Government 21.2 26.4 Transfer into Level 3 - - - Short-term investments 10.2 2.6 Transfer out of Level 3 (2) - (2) Total investments 98.3 99.1 Realized gains (losses) - - - Foreign exchange contracts, net 0.6 1.8 Change in unrealized appreciation (depreciation) - - - Total financial instruments at fair value 98.9 100.9 Total other assets less liabilities at cost or amortized cost 1.1 (0.9) December 31, 2020 - - - Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Total change in unrealized appreciation (depreciation) during the period for assets held at December 31, 2020 - - -

FAIR VALUE MEASUREMENTS Below is a summary of the inputs used as at June 30, 2021 and December 31, FINANCIAL INSTRUMENTS RISKS 2020 and in valuing the Fund’s investments carried at fair values. The investment objective of the Brandes Corporate Focus Bond Fund is to generate income and capital appreciation by investing primarily in U.S. dollar JUNE 30, 2021 denominated corporate fixed income securities, including investment grade and QUOTED PRICES SIGNIFICANT non-investment grade fixed income securities. The Fund may also invest in non- IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE U.S. dollar denominated fixed income securities. IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL The Fund uses derivatives such as forward contracts on the portions of the Fund ($000) ($000) ($000) ($000) that are attributable to the Hedged Series of units to hedge against currency Equities 1 - - 1 risk exposure. Fixed-income securities - 43,928 - 43,928 Short-term Market Price Risk investments - 5,107 - 5,107 As at June 30, 2021, if the Fund’s benchmarks (Bloomberg Barclays U.S. Total Investments 1 49,035 - 49,036 Intermediate Credit Index and Bloomberg Barclays U.S. Intermediate Credit Index Foreign Exchange (Hedged)) increased or decreased by 10%, with all other variables held constant, Contracts, Net - 280 - 280 the net assets of the Fund would have increased or decreased, respectively, by approximately $3.5 million (December 31, 2020—$3.9 million), or 7.1% (December 31, 2020—8.1%) of total net assets. This impact is estimated based DECEMBER 31, 2020 on the historical correlation between the return of Series I units of the Fund as QUOTED PRICES SIGNIFICANT compared to the return of the Fund’s benchmark. In practice, the historical IN ACTIVE OTHER SIGNIFICANT correlation may not be representative of the future correlation and, accordingly, MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS the impact on net assets could be materially different. ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Equities 2 - - 2 Foreign Currency Risk Fixed-income The tables below indicate the currencies to which the unhedged series of the securities - 46,682 - 46,682 Fund had significant exposure on its financial instruments as at June 30, 2021 Short-term and December 31, 2020 in Canadian dollar terms. investments - 1,242 - 1,242 Total Investments 2 47,924 - 47,926 JUNE 30, 2021 INVESTMENTS CASH OTHER NET TOTAL Foreign Exchange CURRENCY ($000) ($000) ASSETS ($000) ($000) Contracts, Net - 860 - 860 U.S. Dollar 24,119 - 177 24,296 During the six months ended June 30, 2021 and the year ended December 31, Total 24,119 - 177 24,296 2020, there were no significant transfers between Level 1 and 2 priced securities. % of Net Assets 48.4 - 0.4 48.8

DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Mexican Peso 1 - - 1 U.S. Dollar 26,815 31 (524) 26,322 Total 26,816 31 (524) 26,323 % of Net Assets 55.5 0.1 (1.1) 54.5

24 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES CORPORATE FOCUS BOND FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

The following tables summarize the foreign currency risk associated with the Credit Risk Hedged Series which is offset by Forward Foreign Currency Contracts. The Fund’s greatest concentration of credit risk is in its holdings of ﬁxed-income debt instruments. The fair value of debt securities includes consideration of the JUNE 30, 2021 credit worthiness of the debt issuer. The Fund may hold both investment and Forward non-investment grade debt securities. The maximum credit risk of these Foreign Currency investments is their carrying value. At June 30, 2021 and December 31, 2020, Contracts the Fund was invested in debt securities with the following credit ratings: outstanding OTHER NET in Hedged JUNE 30, 2021 DECEMBER 31, 2020 INVESTMENTS CASH ASSETS Series TOTAL CURRENCY ($000) ($000) ($000) ($000) ($000) DEBT SECURITIES % OF TOTAL % OF TOTAL BY CREDIT DEBT % OF DEBT % OF U.S. Dollar 24,917 - 183 (24,596) 504 RATING* INSTRUMENTS NET ASSETS INSTRUMENTS NET ASSETS Total 24,917 - 183 (24,596) 504 AAA/Aaa 7.9 6.9 8.0 7.8 AA/Aa 32.6 28.7 38.6 37.2 % of Net Assets 50.0 - 0.4 (49.3) 1.1 A/A 3.1 2.7 3.0 2.9 BBB/Baa 27.6 24.3 26.3 25.4 BB/Ba 19.5 17.2 14.0 13.5 DECEMBER 31, 2020 B/B 8.3 7.4 9.4 9.0 Forward D - - 0.7 0.7 Foreign Unrated 1.0 0.9 - - Currency Contracts Total 100.0 88.1 100.0 96.5 outstanding *Excludes cash & cash equivalents OTHER NET in Hedged INVESTMENTS CASH ASSETS Series TOTAL CURRENCY ($000) ($000) ($000) ($000) ($000) Credit ratings are obtained from Standard & Poor’s, Moody’s, and Fitch. When more than one rating is obtained for a security, the highest rating has been used. Mexican Peso 1 - - - 1 U.S. Dollar 21,109 25 (413) (20,380) 341 The fund enters into foreign exchange contracts to buy and sell currencies for the Total 21,110 25 (413) (20,380) 342 purpose of setting foreign securities transactions. These are short term spot % of Net Assets 43.7 0.1 (0.9) (42.2) 0.7 settlements carried out with approved counterparties. The exposure to credit risk on these contracts is considered minimal as the transactions are settled and paid As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% for upon delivery. (December 31, 2020—2%) in relation to all foreign currencies, with all other For the Hedged series, the Fund uses forward contracts to hedge the foreign variables held constant, the Fund’s net assets would have decreased or currency exposure on that portion of the Fund associated with the Hedged Series increased, respectively, by approximately $1.2 million (December 31, of units. All of these contracts are with an approved counterparty. 2020—$0.5 million), or 2.4% (December 31, 2020—1.0%) of total net assets. The Fund consists of both Unhedged and Hedged Series. Exposure to currency impact would only affect the Unhedged Series. Approximately 48.9% (December 31, 2020—56.0%) of the Fund is invested in the Unhedged Series of units which SECURITIES LENDING has not been hedged with forward exchange contracts. The remaining 51.1% The aggregate market value of all securities loaned by a fund cannot exceed 50% (December 31, 2020—44.0%) of the Fund is invested in the Hedged Series of of the net assets of the applicable Fund. The Funds receive collateral of at least units which has been hedged with forward exchange contracts and therefore not 102% of the value of the securities on loan. Collateral may comprise of obligations subject to signiﬁcant currency risk. In practice, the actual results may differ from of or guaranteed by the Government of Canada, or a province thereof, or by the this sensitivity analysis and the difference could be material. United States government or its agencies.

As at June 30, 2021 and December 31, 2020 the fair value of securities on loan Interest Rate Risk and collateral received was $Nil. At June 30, 2021 and December 31, 2020, the Fund’s exposure to interest rate risk by remaining term to maturity was as follows: OFFSETTING OF FINANCIAL INSTRUMENTS JUNE 30, 2021 DECEMBER 31, 2020 The fund enters into various master netting agreements or other similar DEBT % OF % OF agreements that do not meet the criteria for offsetting in the Statements of INSTRUMENTS ($000) NET ASSETS ($000) NET ASSETS Financial Position but still allow for the related amounts to be set off in certain Less than 1 year 10,478 21.0 4,692 9.7 circumstances, such as bankruptcy or termination of the contracts. The following 1 to 3 years 3,755 7.5 8,828 18.3 table presents ﬁnancial instruments that are offset, or subject to enforceable 3 to 5 years 7,685 15.4 5,529 11.4 Greater than 5 years 27,117 54.4 28,875 59.7 master netting agreements or other similar agreements but that are not offset, as at June 30, 2021 and December 31, 2020. The ‘Net’ column shows what the Total 49,035 98.3 47,924 99.1 impact on the Fund’s Statements of Financial Position would be if all set-off rights were exercised. At June 30, 2021, if the prevailing interest rates had risen or declined by 0.25% (December 31, 2020—0.25%), assuming a parallel shift in the yield curve, with JUNE 30, 2021 all other variables held constant, net assets would have decreased or increased, AMOUNTS respectively, by approximately $0.4 million (December 31, 2020—$0.4 million), PRESENTED IN or 0.9% (December 31, 2020—0.8%) of total net assets. The Fund’s sensitivity to THE STATEMENT interest rate changes was estimated using the weighted average duration of the OF FINANCIAL bonds. In practice, the actual results may differ from this sensitivity analysis and POSITION AMOUNTS ELIGIBLE FOR OFFSET NET the difference could be material. FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 289 (9) - 280 Payable for open foreign currency spot or exchange contracts (9) 9 - -

The notes at the back of this document are an integral part of these ﬁnancial statements. 25 BRANDES CORPORATE FOCUS BOND FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

DECEMBER 31, 2020 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 890 (30) - 860 Payable for open foreign currency spot or exchange contracts (30) 30 - -

26 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES EMERGING MARKETS VALUE FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 228,971 $ 219,040 Cash 3,917 1,172 Receivable for redeemable unit subscriptions 202 233 Receivable from securities sold - 146 Dividends and accrued interest receivable 535 214 Receivable for open foreign currency spot or forward contracts - 1 233,625 220,806

LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 282 279 282 279

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 233,343 $ 220,527 Cost of investments 244,199 249,593

Net assets attributable to holders of redeemable units, Series A $ 57,953 $ 56,653 Number of redeemable units outstanding, Series A 2,672 2,787 Net assets attributable to holders of redeemable units per unit, Series A 21.69 20.33 Net assets attributable to holders of redeemable units per unit, Series A (USD) 17.49 15.96

Net assets attributable to holders of redeemable units, Series D $ 1,538 $ 1,499 Number of redeemable units outstanding, Series D 135 141 Net assets attributable to holders of redeemable units per unit, Series D 11.39 10.63

Net assets attributable to holders of redeemable units, Series F $ 160,200 $ 151,057 Number of redeemable units outstanding, Series F 6,718 6,793 Net assets attributable to holders of redeemable units per unit, Series F 23.85 22.24 Net assets attributable to holders of redeemable units per unit, Series F (USD) 19.23 17.46

Net assets attributable to holders of redeemable units, Series I $ 13,652 $ 11,318 Number of redeemable units outstanding, Series I 612 548 Net assets attributable to holders of redeemable units per unit, Series I 22.31 20.64

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

27 BRANDES EMERGING MARKETS VALUE FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 6,813 $ 5,391 Interest for distribution purposes 1 7 Management Fee Rebates income 231 214 Net realized gain (loss) on sale of investments (3,604) (1,259) Net change in unrealized appreciation (depreciation) of investments 15,325 (65,917) Net gain (loss) on investments 18,766 (61,564)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (66) (22) Net change in unrealized appreciation (depreciation) of foreign exchange contracts (1) (2) Net gain (loss) on derivatives (67) (24)

Other income - 451 Net realized gain (loss) on foreign currencies 24 (133) Net change in unrealized appreciation (depreciation) of foreign currencies 4 15 Total net income (loss) 18,727 (61,255)

EXPENSES (note 6) Management fees 1,719 1,794 Legal 2 4 Audit 16 14 Interest expense - 2 Independent review committee 6 6 Custody and fund accounting 66 71 Filing fees 28 25 Unitholder reporting 13 16 Other expenses - 5 Administration and transfer agent fees 253 250 Foreign withholding taxes 621 773 Capital gain tax - 2 Transaction costs (note 3) 163 216 2,887 3,178 Expenses absorbed (91) (83) Total expenses net of absorption 2,796 3,095

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 3,754 $ (16,017) Series D 104 (404) Series F 11,090 (42,093) Series I 983 (5,836) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 15,931 (64,350)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 1.38 $ (5.00) Series D 0.74 (2.58) Series F 1.65 (5.43) Series I 1.64 (4.75)

The accompanying notes are an integral part of these ﬁnancial statements.

28 BRANDES EMERGING MARKETS VALUE FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 3,754 (16,017) 104 (404) 11,090 (42,093)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (49) (44) - - (182) (170) (49) (44) - - (182) (170)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 3,484 3,284 149 135 20,290 28,364 Reinvested distributions to holders of redeemable units 49 44 - - 182 170 Net proceeds/(payments) from/for redeemable units transferred in/(out) (623) (807) 13 5 610 802 Payments for redeemable units redeemed (5,315) (8,520) (227) (263) (22,847) (39,012) (2,405) (5,999) (65) (123) (1,765) (9,676)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 1,300 (22,060) 39 (527) 9,143 (51,939)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 57,953 $ 53,271 $ 1,538 $ 1,382 $ 160,200 $ 141,055

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 2,786,533 3,368,712 141,003 163,455 6,792,876 7,886,497 Redeemable units issued for cash 166,343 165,305 13,684 13,392 885,044 1,373,914 Redeemable units issued for reinvested distributions 2,340 2,305 4 - 7,866 8,116 Net redeemable units transferred in/(out) (29,650) (40,958) 1,153 609 26,488 37,056 Redeemable units redeemed (253,268) (448,914) (20,755) (26,723) (994,532) (1,975,555) BALANCE, END OF PERIOD 2,672,298 3,046,450 135,089 150,733 6,717,742 7,330,028

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 983 (5,836) 15,931 (64,350)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (231) (214) - - (231) (214)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,389 213 26,312 31,996 Reinvested distributions to holders of redeemable units - - 231 214 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - - - Payments for redeemable units redeemed (1,038) (685) (29,427) (48,480) 1,351 (472) (2,884) (16,270)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 2,334 (6,308) 12,816 (80,834)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 13,652 $ 21,964 $ 233,343 $ 217,672

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 548,382 1,242,615 Redeemable units issued for cash 112,067 11,272 Redeemable units issued for reinvested distributions - - Net redeemable units transferred in/(out) - - Redeemable units redeemed (48,483) (35,967) BALANCE, END OF PERIOD 611,966 1,217,920

The accompanying notes are an integral part of these ﬁnancial statements.

29 BRANDES EMERGING MARKETS VALUE FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 15,931 $ (64,350)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments 3,604 1,259 Unrealized (appreciation) depreciation on foreign cash - (2) Net change in unrealized (appreciation) depreciation of investments (15,325) 65,917 Net change in unrealized (appreciation) depreciation of foreign exchange contracts 1 2 Purchase of investments (43,791) (45,210) Proceeds from sale of investments 45,727 55,317 6,147 12,933

CHANGE IN NON-CASH WORKING CAPITAL (321) (613)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 26,343 33,227 Amounts paid on redemption of redeemable units (29,424) (49,653) (3,081) (16,426) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH - 2

NET INCREASE (DECREASE) IN CASH 2,745 (4,104)

CASH—BEGINNING OF PERIOD 1,172 4,442

CASH—END OF PERIOD 3,917 338

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 5,871 4,005 Interest 1 7

The accompanying notes are an integral part of these ﬁnancial statements.

30 BRANDES EMERGING MARKETS VALUE FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Aerospace & Defense Hotels, Restaurants & Leisure 439,247 Embraer SA ADR $ 10,598 $ 8,247 3.5 283,000 Galaxy Entertainment Group Limited $ 2,759 $ 2,806 1.2 2,868,700 Genting Berhad 7,312 4,225 1.8 Air Freight & Logistics 1,631,600 Wynn Macau, Limited 4,542 3,182 1.4 98,684 ZTO Express (Cayman), Inc. ADR 3,123 3,714 1.6 14,613 10,213 4.4

Airlines Household Durables 27,880 Copa Holdings SA Cl. A 2,832 2,605 1.1 463,581 Gree Electric Appliances Inc. of Zhuhai Cl. A 5,338 4,633 2.0 Beverages 86,111 Urbi, Desarrollos Urbanos, SAB de CV 4,272 23 - 30,823 Fomento Economico Mexicano, SAB de 9,610 4,656 2.0 CV (FEMSA) ADR 2,302 3,230 1.4 Industrial Conglomerates Commercial Banks 33,000 Largan Precision Co., Ltd 4,724 4,551 2.0 93,038 Banco Latinoamericano de Comercio Exterior SA Cl. E 3,038 1,774 0.8 Insurance 330,100 Bangkok Bank PCL 1,806 1,445 0.6 241,200 AIA Group Limited 3,109 3,711 1.6 141,500 Bangkok Bank PCL NVDR 878 620 0.3 372,500 Ping An Insurance (Group) Company of 1,574,223 Bank of Philippine Islands 2,847 3,547 1.5 China, Ltd. Cl. H 5,136 4,515 1.9 158,639 HDFC Bank Limited 3,122 3,971 1.7 8,245 8,226 3.5 8,367,000 PT Bank Rakyat Indonesia (Persero) Tbk 2,281 2,821 1.2 1,156,021 Sberbank of Russia PJSC 5,111 5,979 2.6 Internet & Direct Marketing Retail 88,890 Shinhan Financial Group Co., Ltd. 4,103 3,980 1.7 363,800 Alibaba Group Holding Limited 12,320 12,791 5.5 250,700 The Siam Commercial Bank Public Company Limited 1,426 951 0.4 IT Services 24,612 25,088 10.8 1,801,000 Travelsky Technology Limited Cl. H 4,955 4,812 2.1 Commercial Services & Supplies Media 1,639,662 Prosegur Cash, SA 4,609 2,071 0.9 246,300 China South Publishing & Media Group Co., Ltd. Cl. A 447 417 0.2 Construction Materials 1,453,980 Zee Entertainment Enterprises Limited 5,235 5,214 2.2 565,287 Cemex SAB de CV ADR 4,295 5,889 2.5 5,682 5,631 2.4 Diversified Consumer Services Metals & Mining 1,387,000 China Education Group Holdings 15,015 POSCO 4,638 5,755 2.5 Limited 3,705 3,836 1.6 857,000 Cogna Educacao SA 3,006 924 0.4 Mortgage Real Estate Investment Trusts (REITs) 6,711 4,760 2.0 571,333 Macquarie Mexico Real Estate Management SA de CV 1,021 877 0.4 Diversified Financial Services 2,884,835 First Pacific Company Limited 2,424 1,221 0.5 Multiline Retail 1,297,000 Lifestyle International Holdings Limited 2,661 1,233 0.5 Diversified Telecommunications Services 107,606 Hellenic Telecommunications Oil, Gas & Consumable Fuels Organization SA (OTE) 1,810 2,239 1.0 22,358 Lukoil PJSC ADR 1,791 2,551 1.1 603,716 Indus Towers Limited 1,785 2,414 1.0 694,600 Petroleo Brasileiro SA - 59,266 O2 Czech Republic AS 1,041 901 0.4 Petrobras Preferred 4,033 5,090 2.2 12,331,700 PT XL Axiata Tbk 3,922 2,821 1.2 4,171,138 Surgutneftegas PJSC Preferred 3,046 3,276 1.4 208,778 Sistema PJSFC GDR 1,010 2,227 1.0 1,469,940 Vivo Energy PLC 3,735 2,426 1.0 120,700 Telefonica Brasil SA 1,444 1,262 0.5 341,020 YPF Sociedad Anonima ADR 8,969 1,979 0.9 117,018 Telefonica Brasil SA ADR 2,848 1,234 0.5 21,574 15,322 6.6 13,860 13,098 5.6 Semiconductors & Semiconductor Equipment Electric Utilities 23,719 SK Hynix Inc. 3,192 3,320 1.4 24,250,870 Enel Chile SA 2,633 1,730 0.7 331,000 Taiwan Semiconductor Manufacturing 847,973 Power Grid Corporation of India Ltd. 3,061 3,292 1.4 Company, Ltd. 4,730 8,841 3.8 5,694 5,022 2.1 7,922 12,161 5.2 Equity Real Estate Investment Trusts (REITs) Specialty Retail 4,156,289 Fibra Uno Administracion SA de CV 7,402 5,560 2.4 755,000 Luk Fook Holdings (International) 1,952,399 PLA Administradora Industrial S de Limited 2,766 3,232 1.4 RL de CV 4,052 3,678 1.6 11,454 9,238 4.0 Technology Hardware, Storage & Peripherals 83,217 Samsung Electronics Co., Ltd. 2,396 7,388 3.2 Food & Staples Retailing 140,000 Wiwynn Corporation 4,642 6,210 2.6 208,500 Sendas Distribuidora SA 3,403 4,492 1.9 7,038 13,598 5.8 Food Products Tobacco 4,319,400 PT Indofood Sukses Makmur Tbk 2,339 2,283 1.0 63,800 KT&G Corporation 7,630 5,929 2.5 847,074 Wens Foodstuff Group Co., Ltd. Cl. A 2,291 2,335 1.0 797,900 PT Gudang Garam Tbk 3,788 3,019 1.3 4,630 4,618 2.0 11,418 8,948 3.8 Health Care Providers & Services 3,089,500 Genertec Universal Medical Group Company Limited 3,436 3,743 1.6 1,505,900 Shanghai Pharmaceuticals Holding Co., Ltd Cl. H 4,280 4,078 1.7 7,716 7,821 3.3

31 BRANDES EMERGING MARKETS VALUE FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS Wireless Telecommunications Services 3,817,961 America Movil, SAB de CV Series L $ 3,527 $ 3,563 1.6 315,729 Empresa Nacional de Telecomunicaciones SA (ENTEL) 3,302 2,154 0.9 11,708,627 Jasmine Broadband Internet Infrastructure Fund 4,203 4,440 1.9 570,776 Mobile TeleSystems PJSC 3,060 3,318 1.4 827,900 Tim SA 2,657 2,376 1.0 16,749 15,851 6.8

Total Investments 244,199 228,971 98.1 Other Assets Less Liabilities 4,372 1.9 Net Assets Attributable to Holders of Redeemable Units 233,343 100.0

32 BRANDES EMERGING MARKETS VALUE FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO FAIR VALUE MEASUREMENTS Essentially all of the assets and liabilities of the Fund are ﬁnancial instruments. Below is a summary of the inputs used as at June 30, 2021 and December 31, These ﬁnancial instruments comprise the following: 2020 in valuing the Fund’s investments carried at fair values.

Portfolio by Industry Exposure JUNE 30, 2021 JUNE 30 DEC. 31 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT 2021 (%) 2020 (%) MARKETS FOR OBSERVABLE UNOBSERVABLE Equities IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Aerospace & Defense 3.5 1.9 ($000) ($000) ($000) ($000) Air Freight & Logistics 1.6 1.6 Airlines 1.1 1.9 Equities 77,498 151,473 - 228,971 Beverages 1.4 1.3 Total Investments 77,498 151,473 - 228,971 Commercial Banks 10.8 13.4 Commercial Services & Supplies 0.9 1.7 Construction Materials 2.5 2.3 Diversified Consumer Services 2.0 0.4 DECEMBER 31, 2020 Diversified Financial Services 0.5 0.5 QUOTED PRICES SIGNIFICANT Diversified Telecommunications Services 5.6 5.5 IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE Electric Utilities 2.1 2.5 IDENTICAL INPUTS INPUTS Equity Real Estate Investment Trusts (REITs) 4.0 4.4 ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Food & Staples Retailing 1.9 1.5 ($000) ($000) ($000) ($000) Food Products 2.0 1.0 Equities 59,688 159,352 - 219,040 Health Care Providers & Services 3.3 2.9 Fixed-income Hotels, Restaurants & Leisure 4.4 5.4 securities - - - - Household Durables 2.0 0.5 Participatory note - - - - Industrial Conglomerates 2.0 1.4 Insurance 3.5 3.8 Total Investments 59,688 159,352 - 219,040 Internet & Direct Marketing Retail 5.5 2.6 Foreign Exchange IT Services 2.1 2.1 Contracts, Net - 1 - 1 Media 2.4 3.1 Metals & Mining 2.5 4.0 Mortgage Real Estate Investment Trusts (REITs) 0.4 0.5 Bridgehouse Asset Managers subscribes to the services of a third-party valuation Multiline Retail 0.5 0.7 service provider to provide fair value adjustments, where applicable, to the prices Oil, Gas & Consumable Fuels 6.6 7.4 of foreign securities due to changes in the value of securities in North American Semiconductors & Semiconductor Equipment 5.2 2.7 markets following the closure of the foreign markets. The parameters used to Software - 3.3 apply the fair value adjustments are based on observable market data, and as Specialty Retail 1.4 1.1 such, the foreign securities are considered Level 2 priced securities. Technology Hardware, Storage & Peripherals 5.8 6.1 Tobacco 3.8 4.1 During the six months ended June 30, 2021, $18.0 million were transferred from Transportation Infrastructure - 0.8 Wireless Telecommunications Services 6.8 6.9 Level 2 to Level 1. During the year ended December 31, 2020, $11.8 million were transferred from Level 1 to Level 2, and $2.5 million were transferred from Level 2 Total investments 98.1 99.3 to Level 1. Foreign exchange contracts, net - - Total financial instruments at fair value 98.1 99.3 Total other assets less liabilities at cost or amortized cost 1.9 0.7 FINANCIAL INSTRUMENTS RISKS Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 The investment objective of the Brandes Emerging Markets Value Fund is to achieve long-term capital appreciation by investing primarily in the equity securities of companies located in or active mainly in emerging markets. Portfolio by Country Exposure JUNE 30 DEC. 31 2021 (%) 2020 (%) Market Price Risk Equities As at June 30, 2021, if the Fund’s benchmark (MSCI Emerging Markets Index) Argentina 0.9 0.9 increased or decreased by 10%, with all other variables held constant, the net Brazil 10.0 6.9 assets of the Fund would have increased or decreased, respectively, by Cayman Islands 1.6 1.6 approximately $22.4 million (December 31, 2020—$21.6 million), or 9.6% Chile 1.6 2.1 (December 31, 2020—9.8%) of total net assets. This impact is estimated based China 8.9 13.3 on the historical correlation between the return of Series I units of the Fund as Czech Republic 0.4 0.6 compared to the return of the Fund’s benchmark. In practice, the historical Greece 1.0 0.5 correlation may not be representative of the future correlation and, accordingly, Hong Kong 15.3 11.3 India 6.3 6.7 the impact on net assets could be materially different. Indonesia 4.7 4.2 Luxembourg - 0.5 Malaysia 1.8 2.1 Mexico 9.9 9.9 Panama 1.9 2.8 Philippines 1.5 1.5 Russia 7.5 8.1 South Africa - 1.6 South Korea 11.3 11.4 Spain 0.9 0.9 Taiwan 8.4 6.6 Thailand 3.2 4.3 Turkey - 0.5 United Kingdom 1.0 1.0 Total investments 98.1 99.3 Foreign exchange contracts, net - - Total financial instruments at fair value 98.1 99.3 Total other assets less liabilities at cost or amortized cost 1.9 0.7 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0

The notes at the back of this document are an integral part of these ﬁnancial statements. 33 BRANDES EMERGING MARKETS VALUE FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Foreign Currency Risk SECURITIES LENDING The tables below indicate the currencies to which the Fund had signiﬁcant The aggregate market value of all securities loaned by a fund cannot exceed 50% exposure on its ﬁnancial instruments as at June 30, 2021 and December 31, of the net assets of the applicable Fund. The Funds receive collateral of at least 2020 in Canadian dollar terms, including the underlying principal of forward 102% of the value of the securties on loan. Collateral may comprise of obligations exchange contracts, if any. of or guaranteed by the Government of Canada, or a province thereof, or by the United States government or its agencies. JUNE 30, 2021 INVESTMENTS CASH OTHER NET TOTAL As at June 30, 2021 and December 31, 2020 the fair value of securities on loan CURRENCY ($000) ($000) ASSETS ($000) ($000) and collateral received was $Nil. Brazilian Real 14,145 1 96 14,242 Chilean Peso 3,884 - - 3,884 Czech Koruna 901 - 63 964 Euro 4,311 - 103 4,414 OFFSETTING OF FINANCIAL INSTRUMENTS Hong Kong Dollar 49,161 - 125 49,286 The Fund does not enter into any enforceable master netting arrangement. Indian Rupee 14,892 - 14 14,906 Indonesian Rupiah 10,943 - - 10,943 Malaysian Ringgit 4,225 - - 4,225 Mexican Peso 13,700 - - 13,700 New Taiwan Dollar 19,602 - 29 19,631 Philippine Peso 3,547 - - 3,547 Pound Sterling 2,426 - - 2,426 South Korean Won 26,372 - - 26,372 Thailand Baht 7,455 - - 7,455 U.S. Dollar 46,022 - 105 46,127 Yuan Renminbi 7,385 - - 7,385 Total 228,971 1 535 229,507 % of Net Assets 98.1 - 0.2 98.3

DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Brazilian Real 9,898 - 31 9,929 Chilean Peso 4,682 - - 4,682 Czech Koruna 1,253 - - 1,253 Euro 3,176 - - 3,176 Hong Kong Dollar 43,802 - - 43,802 Indian Rupee 14,819 - 70 14,889 Indonesian Rupiah 9,189 - - 9,189 Malaysian Ringgit 4,569 - - 4,569 Mexican Peso 14,036 - - 14,036 New Taiwan Dollar 14,550 - 23 14,573 New Turkish Lira 1,015 - - 1,015 Philippine Peso 3,393 - - 3,393 Polish Zloty - - 2 2 Pound Sterling 2,175 - - 2,175 South African Rand 3,471 - - 3,471 South Korean Won 25,318 - - 25,318 Thailand Baht 9,488 - - 9,488 U.S. Dollar 53,244 (54) 142 53,332 Yuan Renminbi 962 - - 962 Total 219,040 (54) 268 219,254 % of Net Assets 99.3 - 0.1 99.4

As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% (December 31, 2020—2%) in relation to all foreign currencies, with all other variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $11.5 million (December 31, 2020—$4.4 million), or 4.9% (December 31, 2020—2.0%) of total net assets. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

Interest Rate Risk The substantial majority of the Fund’s financial assets are equity shares which do not pay interest. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

Credit Risk The Fund enters into foreign exchange contracts to buy and sell currencies for the purpose of settling foreign securities transactions. These are short term spot settlements carried out with approved counterparties. The exposure to credit risk on these contracts is considered minimal as the transactions are settled and paid for upon delivery.

34 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES GLOBAL 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 340,215 $ 280,368 Cash 8,797 1,814 Receivable for redeemable unit subscriptions 458 437 Receivable from securities sold - 1,455 Dividends and accrued interest receivable 1,658 795 Receivable for open foreign currency spot or forward contracts 195 234 351,323 285,103

LIABILITIES CURRENT LIABILITIES Payable for securities purchased - 349 Payable for redeemable unit redemptions 525 624 Payable for open foreign currency spot or forward contracts 12 47 537 1,020

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 350,786 $ 284,083 Cost of investments 300,469 272,506

Net assets attributable to holders of redeemable units, Series A $ 198,583 $ 182,475 Number of redeemable units outstanding, Series A 12,503 13,186 Net assets attributable to holders of redeemable units per unit, Series A 15.88 13.84 Net assets attributable to holders of redeemable units per unit, Series A (USD) 12.81 10.87

Net assets attributable to holders of redeemable units, Series D $ 3,047 $ 2,699 Number of redeemable units outstanding, Series D 209 213 Net assets attributable to holders of redeemable units per unit, Series D 14.60 12.67

Net assets attributable to holders of redeemable units, Series F $ 92,191 $ 76,003 Number of redeemable units outstanding, Series F 5,602 5,331 Net assets attributable to holders of redeemable units per unit, Series F 16.46 14.26 Net assets attributable to holders of redeemable units per unit, Series F (USD) 13.27 11.20

Net assets attributable to holders of redeemable units, Series I $ 41,036 $ 10,407 Number of redeemable units outstanding, Series I 2,315 682 Net assets attributable to holders of redeemable units per unit, Series I 17.73 15.27

Net assets attributable to holders of redeemable units, Series AH $ 5,096 $ 5,047 Number of redeemable units outstanding, Series AH 418 490 Net assets attributable to holders of redeemable units per unit, Series AH 12.18 10.30

Net assets attributable to holders of redeemable units, Series FH $ 10,833 $ 7,452 Number of redeemable units outstanding, Series FH 855 699 Net assets attributable to holders of redeemable units per unit, Series FH 12.67 10.66

Net assets attributable to holders of redeemable units, Series IH $ - $ - Number of redeemable units outstanding, Series IH - - Net assets attributable to holders of redeemable units per unit, Series IH 12.86 10.75

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

35 BRANDES GLOBAL EQUITY FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 7,419 $ 4,922 Interest for distribution purposes 3 8 Management Fee Rebates income 91 75 Net realized gain (loss) on sale of investments 6,816 (6,531) Net change in unrealized appreciation (depreciation) of investments 31,884 (48,011) Net gain (loss) on investments 46,213 (49,537)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 398 (18) Net change in unrealized appreciation (depreciation) of foreign exchange contracts (4) 125 Net gain (loss) on derivatives 394 107

Other income 14 494 Net realized gain (loss) on foreign currencies (3) (51) Net change in unrealized appreciation (depreciation) of foreign currencies 9 26 Total net income (loss) 46,627 (48,961)

EXPENSES (note 6) Management fees 2,485 2,287 Legal 2 5 Audit 22 17 Interest expense - 1 Independent review committee 8 8 Custody and fund accounting 65 68 Filing fees 25 25 Unitholder reporting 12 16 Administration and transfer agent fees 289 269 Foreign withholding taxes 747 533 Transaction costs (note 3) 135 51 3,790 3,280 Expenses absorbed (28) (62) Total expenses net of absorption 3,762 3,218

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 26,435 $ (36,112) Series D 409 (515) Series F 11,751 (13,737) Series I 1,771 (1,632) Series AH 913 160 Series FH 1,586 (343) Series IH - - TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 42,865 (52,179)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 2.07 $ (2.41) Series D 1.94 (2.15) Series F 2.18 (2.40) Series I 1.92 (2.41) Series AH 1.93 0.46 Series FH 1.95 (1.13) Series IH 2.11 (2.06)

The accompanying notes are an integral part of these ﬁnancial statements.

36 BRANDES GLOBAL EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 26,435 (36,112) 409 (515) 11,751 (13,737)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (71) (56) - - (18) (17) (71) (56) - - (18) (17)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 5,783 3,257 34 4 10,980 3,011 Reinvested distributions to holders of redeemable units 71 56 - - 18 17 Net proceeds/(payments) from/for redeemable units transferred in/(out) (1,045) (2,926) - - 1,738 936 Payments for redeemable units redeemed (15,065) (18,643) (95) (196) (8,281) (8,754) (10,256) (18,256) (61) (192) 4,455 (4,790)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 16,108 (54,424) 348 (707) 16,188 (18,544)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 198,583 $ 169,953 $ 3,047 $ 2,501 $ 92,191 $ 67,524

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 13,185,761 15,783,564 213,083 246,809 5,330,677 5,883,477 Redeemable units issued for cash 378,377 260,140 2,483 372 687,481 232,023 Redeemable units issued for reinvested distributions 4,581 4,575 - - 1,161 1,294 Net redeemable units transferred in/(out) (70,851) (265,625) - - 110,921 69,138 Redeemable units redeemed (995,073) (1,492,474) (6,840) (18,186) (527,764) (699,597) BALANCE, END OF PERIOD 12,502,795 14,290,180 208,726 228,995 5,602,476 5,486,335

Amounts in thousands (except for number of units) For the six months ended June 30, SERIES I SERIES AH SERIES FH 2021 2020 2021 2020 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 10,407 $ 10,943 $ 5,047 $ 1,818 $ 7,452 $ 2,181

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 1,771 (1,632) 913 160 1,586 (343)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (1) (1) (1) - - - (1) (1) (1) -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 28,870 - 89 586 2,380 2,894 Reinvested distributions to holders of redeemable units - - 1 1 1 - Net proceeds/(payments) from/for redeemable units transferred in/(out) - - (712) 1,990 19 - Payments for redeemable units redeemed (12) (538) (241) (218) (604) (224) 28,858 (538) (863) 2,359 1,796 2,670

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 30,629 (2,170) 49 2,518 3,381 2,327

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 41,036 $ 8,773 $ 5,096 $ 4,336 $ 10,833 $ 4,508

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 681,518 699,764 490,125 169,160 699,281 197,417 Redeemable units issued for cash 1,633,956 - 7,672 80,734 205,783 332,845 Redeemable units issued for reinvested distributions - - 126 153 122 33 Net redeemable units transferred in/(out) - - (58,513) 273,484 1,878 - Redeemable units redeemed (691) (36,784) (20,920) (22,643) (51,685) (26,723) BALANCE, END OF PERIOD 2,314,783 662,980 418,490 500,888 855,379 503,572

37 BRANDES GLOBAL EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED) (CONTINUED)

Amounts in thousands (except for number of units) For the six months ended June 30, SERIES IH FUND TOTAL 2021 2020 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ $- - $ 284,083 $ 328,595

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS - - 42,865 (52,179)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (91) (74) - - (91) (74)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued - - 48,136 9,752 Reinvested distributions to holders of redeemable units - - 91 74 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - - - Payments for redeemable units redeemed - - (24,298) (28,573) - - 23,929 (18,747)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD - - 66,703 (71,000)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ $- - $ 350,786 $ 257,595

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 35 34 Redeemable units issued for cash - - Redeemable units issued for reinvested distributions - - Net redeemable units transferred in/(out) - - Redeemable units redeemed - - BALANCE, END OF PERIOD 35 34

The accompanying notes are an integral part of these ﬁnancial statements.

38 BRANDES GLOBAL EQUITY FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 42,865 $ (52,179)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (6,816) 6,531 Unrealized (appreciation) depreciation on foreign cash (18) (5) Net change in unrealized (appreciation) depreciation of investments (31,884) 48,011 Net change in unrealized (appreciation) depreciation of foreign exchange contracts 4 (125) Purchase of investments (65,365) (31,302) Proceeds from sale of investments 45,324 43,612 (15,890) 14,543

CHANGE IN NON-CASH WORKING CAPITAL (863) (224)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 48,115 9,924 Amounts paid on redemption of redeemable units (24,397) (28,722) 23,718 (18,798) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH 18 5

NET INCREASE (DECREASE) IN CASH 6,983 (4,474)

CASH—BEGINNING OF PERIOD 1,814 6,795

CASH—END OF PERIOD 8,797 2,321

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 5,809 4,165 Interest 3 8

The accompanying notes are an integral part of these ﬁnancial statements.

39 BRANDES GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS COMMON STOCK Health Care Providers & Services Aerospace & Defense 70,032 Cardinal Health, Inc. $ 5,285 $ 4,958 1.4 1,197,570 Embraer SA $ 11,069 $ 5,626 1.6 18,266 Cigna Corporation 3,773 5,370 1.5 17,546 General Dynamics Corporation 3,299 4,097 1.2 52,168 CVS Health Corporation 4,167 5,398 1.5 58,789 Textron Inc. 2,207 5,014 1.4 20,394 HCA Healthcare, Inc. 2,240 5,229 1.5 16,575 14,737 4.2 12,076 Laboratory Corporation of America Holdings 2,338 4,131 1.2 Air Freight & Logistics 29,441 McKesson Corporation 5,421 6,983 2.0 11,751 FedEx Corporation 2,333 4,348 1.2 23,224 32,069 9.1

Auto Components Health Care Technology 13,866 Hyundai Mobis Co., Ltd. 3,415 4,459 1.3 105,533 Change Healthcare, Inc. 1,400 3,015 0.9

Automobiles Hotels, Restaurants & Leisure 104,100 Honda Motor Co., Ltd. 3,864 4,152 1.2 3,503,900 Genting Berhad 7,354 5,160 1.5 19,775 Hyundai Motor Company 3,584 5,218 1.5 7,448 9,370 2.7 Household Durables 330,500 Gree Electric Appliances Inc. of Beverages Zhuhai Cl. A 3,454 3,303 0.9 34,662 Fomento Economico Mexicano, SAB de 15,443 Mohawk Industries, Inc. 1,790 3,681 1.0 CV (FEMSA) ADR 2,918 3,633 1.0 5,244 6,984 1.9

Biotechnology Insurance 174,095 Grifols, SA ADR Cl. B 3,847 3,746 1.1 89,465 American International Group, Inc. 5,914 5,281 1.5 129,479 Old Republic International Corporation 2,672 4,000 1.1 Capital Markets 8,586 9,281 2.6 43,345 State Street Corporation 3,069 4,423 1.3 79,356 The Bank of New York Internet & Direct Marketing Retail Mellon Corporation 2,111 5,042 1.4 206,200 Alibaba Group Holding Limited 7,912 7,250 2.1 478,307 UBS Group AG 9,330 9,077 2.6 14,510 18,542 5.3 IT Services 35,165 Amdocs Limited 2,610 3,374 1.0 Commercial Banks 943,674 Barclays PLC 3,646 2,772 0.8 Media 173,722 Erste Group Bank AG 5,791 7,913 2.3 70,096 Comcast Corporation Cl. A 3,627 4,956 1.4 15,373 The PNC Financial Services Group, Inc. 2,309 3,637 1.0 93,714 Publicis Groupe SA 6,441 7,431 2.1 47,935 Truist Financial Corporation 2,566 3,299 0.9 380,579 WPP PLC 7,894 6,367 1.8 146,269 Wells Fargo & Company 9,579 8,215 2.3 17,962 18,754 5.3 23,891 25,836 7.3 Multi-Utilities Construction Materials 390,714 Engie SA 7,942 6,638 1.9 75,927 CRH Public Limited Company 2,678 4,771 1.4 59,034 HeidelbergCement AG 5,395 6,280 1.8 Oil, Gas & Consumable Fuels 8,073 11,051 3.2 1,301,070 BP PLC 6,656 7,061 2.0 277,399 Eni SPA 6,321 4,191 1.2 Consumer Finance 254,791 Repsol, SA 4,392 3,966 1.1 58,216 OneMain Holdings, Inc. 3,569 4,325 1.2 73,176 Royal Dutch Shell PLC ADR Cl. B 3,485 3,524 1.0 113,861 TotalEnergies SE 5,911 6,391 1.8 Diversified Financial Services 26,765 25,133 7.1 193,652 Bank of America Corporation 3,837 9,901 2.8 111,076 Citigroup Inc. 3,455 9,746 2.8 Pharmaceuticals 19,425 JPMorgan Chase & Co. 2,571 3,747 1.1 389,702 GlaxoSmithKline PLC 10,107 9,482 2.7 9,863 23,394 6.7 84,526 Merck & Co., Inc. 6,915 8,152 2.3 7,379 Organon & Co. 305 277 0.1 Electric Utilities 143,715 Pfizer Inc. 5,192 6,979 2.0 32,125,376 Enel Chile SA 3,070 2,292 0.7 74,631 Sanofi 7,624 9,715 2.8 30,143 34,605 9.9 Electrical Equipment 28,876 Emerson Electric Co. 1,888 3,446 1.0 Semiconductors & Semiconductor Equipment 16,122 Schneider Electric SE 1,365 3,149 0.9 25,052 SK Hynix Inc. 3,214 3,507 1.0 3,253 6,595 1.9 Specialty Retail Energy Equipment & Services 994,296 Kingfisher PLC 5,079 6,211 1.8 117,851 Halliburton Company 3,115 3,379 1.0 Technology Hardware, Storage & Peripherals Equity Real Estate Investment Trusts (REITs) 26,196 Samsung Electronics Co., Ltd. 1,566 2,326 0.7 4,414,400 Fibra Uno Administracion SA de CV 7,488 5,905 1.7 67,441 Samsung Electronics Co., Ltd. Preferred 1,279 5,474 1.5 2,845 7,800 2.2 Food & Staples Retailing 169,303 Carrefour SA 4,642 4,128 1.2 986,064 J Sainsbury PLC 4,929 4,593 1.3 1,319,614 Tesco PLC 7,447 5,045 1.4 636,853 WM Morrison Supermarkets PLC 2,651 2,690 0.8 19,669 16,456 4.7

Food Products 19,750 Ingredion Incorporated 1,909 2,217 0.6

40 BRANDES GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS Tobacco 249,620 Imperial Brands PLC $ 11,085 $ 6,661 1.9 37,530 KT&G Corporation 4,158 3,488 1.0 15,243 10,149 2.9

Total Investments 300,469 340,215 97.0 Foreign Exchange Contracts (a) 183 0.1 Other Assets Less Liabilities 10,388 2.9 Net Assets Attributable to Holders of Redeemable Units 350,786 100.0

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 2, 2021 CAD 87 GBP 51 1.71160 $ - Jul 2, 2021 CAD 30 USD 24 1.23742 - Jul 16, 2021 CAD 676 CHF 501 1.33333 to 1.37229 5 Jul 16, 2021 CAD 3,174 EUR 2,130 1.47311 to 1.51163 44 Jul 16, 2021 CAD 2,825 GBP 1,623 1.73947 to 1.75282 47 Jul 16, 2021 CAD 386 HKD 2,407 0.15514 to 0.16152 2 Jul 16, 2021 CAD 201 JPY 17,590 0.01099 to 0.01144 4 Jul 16, 2021 CAD 7,358 USD 5,871 1.21889 to 1.25459 77 Jul 16, 2021 CHF 191 CAD 261 0.73226 to 0.74603 (4) Jul 16, 2021 EUR 169 CAD 249 0.67766 to 0.67880 (1) Jul 16, 2021 GBP 60 CAD 102 0.58505 to 0.58553 - Jul 16, 2021 HKD 363 CAD 57 6.37212 to 6.47170 1 Jul 16, 2021 JPY 912 CAD 10 89.07048 to 90.49471 - Jul 16, 2021 USD 545 CAD 668 0.80637 to 0.82989 8 $ 183 Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; —State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency

41 BRANDES GLOBAL EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

The Fund uses derivatives such as forward contracts on the portions of the Fund Portfolio by Country Exposure that are attributable to the Hedged Series of units to hedge against currency JUNE 30 DEC. 31 risk exposure. 2021 (%) 2020 (%) Equities Market Price Risk Austria 2.3 1.5 As at June 30, 2021, if the Fund’s benchmark (MSCI World Index and MSCI Brazil 1.6 0.9 Chile 0.7 - World Index (Hedged)) increased or decreased by 10%, with all other variables China 0.9 0.6 held constant, the net assets of the Fund would have increased or decreased, Denmark - 1.7 respectively, by approximately $37.1 million (December 31, 2020—$31.3 Finland - 1.2 million), or 10.6% (December 31, 2020—11.0%) of total net assets. This impact France 10.7 11.5 is estimated based on the historical correlation between the return of Series I units Germany 1.8 - of the Fund as compared to the return of the Fund’s benchmark. In practice, the Hong Kong 2.1 1.2 historical correlation may not be representative of the future correlation and, Ireland 1.4 1.4 accordingly, the impact on net assets could be materially different. Italy 1.2 1.3 Japan 1.2 1.4 Malaysia 1.5 1.6 Mexico 2.7 1.9 Netherlands 1.0 - South Korea 7.0 7.2 Spain 2.2 1.2 Switzerland 2.6 4.3 United Kingdom 14.5 15.8 United States 41.6 44.0 Total investments 97.0 98.7 Foreign exchange contracts, net 0.1 0.1 Total ﬁnancial instruments at fair value 97.1 98.8 Total other assets less liabilities at cost or amortized cost 2.9 1.2 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0

42 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES GLOBAL EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Foreign Currency Risk DECEMBER 31, 2020 The tables below indicate the currencies to which the unhedged series of the Forward Fund had significant exposure on its financial instruments as at June 30, 2021 Foreign Currency and December 31, 2020 in Canadian dollar terms. Contracts outstanding JUNE 30, 2021 OTHER NET in Hedged INVESTMENTS CASH OTHER NET TOTAL INVESTMENTS CASH ASSETS Series TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) CURRENCY ($000) ($000) ($000) ($000) ($000) Brazilian Real 5,374 - - 5,374 Brazilian Real 110 - - - 110 Chilean Peso 2,189 - - 2,189 Euro 2,315 - 9 (2,252) 72 Euro 57,117 1 647 57,765 Hong Kong Dollar 71 - - (70) 1 Hong Kong Dollar 6,924 - - 6,924 Japanese Yen 171 - 1 (239) (67) Japanese Yen 3,966 - - 3,966 Malaysian Ringgit 200 - - - 200 Malaysian Ringgit 4,928 - - 4,928 Mexican Peso 206 - - - 206 Mexican Peso 5,640 - - 5,640 Pound Sterling 2,142 9 (1) (2,108) 42 Pound Sterling 53,152 83 484 53,719 South Korean Won 896 - - - 896 South Korean Won 23,373 - - 23,373 Swiss Franc 527 - 6 (513) 20 Swiss Franc 8,669 - 104 8,773 U.S. Dollar 5,698 44 (9) (5,530) 203 U.S. Dollar 150,449 900 135 151,484 Total 12,336 53 6 (10,712) 1,683 Yuan Renminbi 3,154 (4) - 3,150 % of Net Assets 4.3 - - (3.8) 0.5 Total 324,935 980 1,370 327,285 % of Net Assets 92.6 0.3 0.4 93.3 As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% (December 31, 2020—2%) in relation to all foreign currencies, with all other variables held constant, the Fund’s net assets would have decreased or DECEMBER 31, 2020 increased, respectively, by approximately $16.5 million (December 31, INVESTMENTS CASH OTHER NET TOTAL 2020—$5.4 million), or 4.7% (December 31, 2020—1.9%) of total net assets. CURRENCY ($000) ($000) ASSETS ($000) ($000) The Fund consists of both Unhedged and Hedged Series. Exposure to currency Brazilian Real 2,398 - - 2,398 impact would only affect the Unhedged Series. Approximately 95.5% (December Euro 50,298 1 193 50,492 31, 2020—95.6%) of the Fund invested is in the Unhedged Series of units which Hong Kong Dollar 1,548 - - 1,548 has not been hedged with forward exchange contracts. The remaining 4.5% Japanese Yen 3,725 - 19 3,744 (December 31, 2020—4.4%) of the Fund is invested in the Hedged Series of Malaysian Ringgit 4,342 - - 4,342 Mexican Peso 4,468 - - 4,468 units which has been hedged with forward exchange contracts and therefore is Pound Sterling 46,546 192 (28) 46,710 not subject to significant currency risk. In practice, the actual results may differ South Korean Won 19,458 - - 19,458 from this sensitivity analysis and the difference could be material. Swiss Franc 11,444 - 137 11,581 U.S. Dollar 123,805 955 (189) 124,571 Total 268,032 1,148 132 269,312 Interest Rate Risk The substantial majority of the Fund’s financial assets are equity shares which do % of Net Assets 94.3 0.4 - 94.7 not pay interest. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rate. The following tables summarize the foreign currency risk associated with the hedged series which is offset by Forward Foreign Currency Contracts. Credit Risk JUNE 30, 2021 The Fund enters into foreign exchange contracts to buy and sell currencies for the Forward purpose of settling foreign securities transactions. These are short term spot Foreign settlements carried out with approved counterparties. The exposure to credit risk Currency Contracts on these contracts is considered minimal as the transactions are settled and paid outstanding for upon delivery. OTHER NET in Hedged INVESTMENTS CASH ASSETS Series TOTAL For the Hedged series, the Fund uses forward contracts to hedge the foreign CURRENCY ($000) ($000) ($000) ($000) ($000) currency exposure on that portion of the Fund associated with the Hedged Series Brazilian Real 253 - - - 253 of units. All of these contracts are with an approved counterparty. Chilean Peso 103 - - - 103 Euro 2,686 - 30 (2,882) (166) Hong Kong Dollar 326 - - (326) - Japanese Yen 186 - - (186) - SECURITIES LENDING Malaysian Ringgit 232 - - - 232 The aggregate market value of all securities loaned by a fund cannot exceed 50% Mexican Peso 265 - - - 265 of the net assets of the applicable Fund. The Funds receive collateral of at least Pound Sterling 2,499 4 23 (2,676) (150) 102% of the value of the securities on loan. Collateral may comprise of obligations South Korean Won 1,099 - - - 1,099 of or guaranteed by the Government of Canada, or a province thereof, or by the Swiss Franc 408 - 5 (416) (3) U.S. Dollar 7,075 42 6 (6,605) 518 United States government or its agencies. Yuan Renminbi 148 - - - 148 As at June 30, 2021 and December 31, 2020, the fair value of securities on loan Total 15,280 46 64 (13,091) 2,299 and collateral received was $Nil. % of Net Assets 4.4 - - (3.7) 0.7

The notes at the back of this document are an integral part of these ﬁnancial statements. 43 BRANDES GLOBAL EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

OFFSETTING OF FINANCIAL INSTRUMENTS The fund enters into various master netting agreements or other similar agreements that do not meet the criteria for offsetting in the Statements of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts. The following table presents ﬁnancial instruments that are offset, or subject to enforceable master netting agreements or other similar agreements but that are not offset, as at June 30, 2021 and December 31, 2020. The ‘Net’ column shows what the impact on the Fund’s Statements of Financial Position would be if all set-off rights were exercised.

JUNE 30, 2021 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 195 (12) - 183 Payable for open foreign currency spot or exchange contracts (12) 12 - -

DECEMBER 31, 2020 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 234 (47) - 187 Payable for open foreign currency spot or exchange contracts (47) 47 - -

44 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES GLOBAL OPPORTUNITIES FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 251,903 $ 217,308 Cash 9,654 5,701 Receivable for redeemable unit subscriptions 362 604 Receivable from securities sold 613 - Dividends and accrued interest receivable 1,395 522 263,927 224,135

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 3,485 61 Payable for redeemable unit redemptions 705 1,084 4,190 1,145

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 259,737 $ 222,990 Cost of investments 261,758 255,507

Net assets attributable to holders of redeemable units, Series A $ 112,431 $ 105,856 Number of redeemable units outstanding, Series A 6,763 7,193 Net assets attributable to holders of redeemable units per unit, Series A 16.62 14.72 Net assets attributable to holders of redeemable units per unit, Series A (USD) 13.40 11.56

Net assets attributable to holders of redeemable units, Series F $ 146,916 $ 116,793 Number of redeemable units outstanding, Series F 9,123 8,237 Net assets attributable to holders of redeemable units per unit, Series F 16.10 14.18 Net assets attributable to holders of redeemable units per unit, Series F (USD) 12.99 11.13

Net assets attributable to holders of redeemable units, Series I $ 390 $ 341 Number of redeemable units outstanding, Series I 25 25 Net assets attributable to holders of redeemable units per unit, Series I 15.66 13.69

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

45 BRANDES GLOBAL OPPORTUNITIES FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 7,047 $ 4,823 Interest for distribution purposes 3 3 Management Fee Rebates income 156 172 Net realized gain (loss) on sale of investments (2,766) 2,616 Net change in unrealized appreciation (depreciation) of investments 28,344 (59,187) Net gain (loss) on investments 32,784 (51,573)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (18) 26 Net change in unrealized appreciation (depreciation) of foreign exchange contracts - 8 Net gain (loss) on derivatives (18) 34

Other income - 123 Net realized gain (loss) on foreign currencies 1 264 Net change in unrealized appreciation (depreciation) of foreign currencies 19 (29) Total net income (loss) 32,786 (51,181)

EXPENSES (note 6) Management fees 1,902 2,019 Legal 2 5 Audit 17 16 Interest expense - 2 Independent review committee 6 7 Custody and fund accounting 79 82 Filing fees 21 22 Unitholder reporting 10 13 Administration and transfer agent fees 236 249 Foreign withholding taxes 526 477 Transaction costs (note 3) 92 88 2,891 2,980 Expenses absorbed (46) (56) Total expenses net of absorption 2,845 2,924

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 13,362 $ (25,143) Series F 16,530 (28,903) Series I 49 (59) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 29,941 (54,105)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 1.93 $ (2.84) Series F 1.92 (2.81) Series I 1.96 (2.45)

The accompanying notes are an integral part of these ﬁnancial statements.

46 BRANDES GLOBAL OPPORTUNITIES FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 13,362 (25,143) 16,530 (28,903) 49 (59)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (92) (98) (64) (74) - - (92) (98) (64) (74) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 6,201 6,207 24,700 10,044 - - Reinvested distributions to holders of redeemable units 92 96 64 74 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) (1,510) (2,096) 1,510 2,096 - - Payments for redeemable units redeemed (11,478) (13,408) (12,617) (26,986) - - (6,695) (9,201) 13,657 (14,772) - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 6,575 (34,442) 30,123 (43,749) 49 (59)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 112,431 $ 108,302 $ 146,916 $ 117,624 $ 390 $ 285

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 7,192,597 9,236,188 8,236,733 10,799,208 24,911 24,074 Redeemable units issued for cash 393,503 467,474 1,612,872 755,237 - - Redeemable units issued for reinvested distributions 5,764 7,275 4,159 5,756 - - Net redeemable units transferred in/(out) (94,640) (151,264) 97,892 156,088 - - Redeemable units redeemed (734,095) (996,975) (828,658) (2,150,520) - - BALANCE, END OF PERIOD 6,763,129 8,562,698 9,122,998 9,565,769 24,911 24,074

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 222,990 $ 304,461

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 29,941 (54,105)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (156) (172) (156) (172)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 30,901 16,251 Reinvested distributions to holders of redeemable units 156 170 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (24,095) (40,394) 6,962 (23,973)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 36,747 (78,250)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 259,737 $ 226,211

The accompanying notes are an integral part of these ﬁnancial statements.

47 BRANDES GLOBAL OPPORTUNITIES FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 29,941 $ (54,105)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments 2,766 (2,616) Unrealized (appreciation) depreciation on foreign cash (11) (8) Net change in unrealized (appreciation) depreciation of investments (28,344) 59,187 Net change in unrealized (appreciation) depreciation of foreign exchange contracts - (8) Purchase of investments (23,465) (30,931) Proceeds from sale of investments 17,259 46,905 (1,854) 18,424

CHANGE IN NON-CASH WORKING CAPITAL (873) (123)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 31,143 16,778 Distributions to holders of redeemable units - (2) Amounts paid on redemption of redeemable units (24,474) (40,504) 6,669 (23,728) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH 11 8

NET INCREASE (DECREASE) IN CASH 3,953 (5,419)

CASH—BEGINNING OF PERIOD 5,701 8,980

CASH—END OF PERIOD 9,654 3,561

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 5,648 4,223 Interest 3 3

The accompanying notes are an integral part of these ﬁnancial statements.

48 BRANDES GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS EQUITIES Food & Staples Retailing Aerospace & Defense 205,968 Carrefour SA $ 5,229 $ 5,022 1.9 377,399 Embraer SA ADR $ 10,389 $ 7,086 2.7 907,893 J Sainsbury PLC 3,975 4,229 1.6 79,400 Mitsubishi Shokuhin Co., Ltd. 2,630 2,493 1.0 Auto Components 59,200 Sendas Distribuidora SA 968 1,276 0.5 4,254 Hyundai Mobis Co., Ltd. 1,133 1,368 0.5 649,470 Tesco PLC 2,902 2,483 0.9 131,000 Tachi-S Co., Ltd. 2,279 2,181 0.8 786,663 WM Morrison Supermarkets PLC 2,924 3,322 1.3 3,412 3,549 1.3 18,628 18,825 7.2

Automobiles Food Products 119,100 Honda Motor Co., Ltd. 4,490 4,750 1.8 17,647 Savencia SA 1,649 1,836 0.7 12,018 Hyundai Motor Company Preferred 1,221 1,528 0.6 228,000 Nissan Motor Co., Ltd. 2,534 1,409 0.5 Health Care Equipment & Supplies 8,245 7,687 2.9 22,223 Dragerwerk AG & Co. KGaA Preferred 1,652 2,606 1.0

Beverages Health Care Providers & Services 28,395 Fomento Economico Mexicano, SAB de 41,310 Cardinal Health, Inc. 2,839 2,925 1.1 CV (FEMSA) ADR 2,052 2,976 1.1 13,976 McKesson Corporation 2,603 3,314 1.3 5,442 6,239 2.4 Biotechnology 360,909 PDL BioPharma Inc. 1,063 1,106 0.4 Health Care Technology 120,688 Change Healthcare, Inc. 1,443 3,448 1.3 Capital Markets 32,813 State Street Corporation 2,624 3,348 1.3 Hotels, Restaurants & Leisure 256,926 UBS Group AG 4,704 4,876 1.9 2,508,000 Genting Berhad 4,552 3,694 1.4 7,328 8,224 3.2 Household Durables Commercial Banks 14,006,548 Consorcio ARA, SAB de CV Series U 5,868 4,008 1.6 199,991 Banco Latinoamericano de Comercio 199,249 Urbi, Desarrollos Urbanos, SAB de CV 2,194 53 - Exterior SA Cl. E 4,210 3,812 1.5 8,062 4,061 1.6 372,007 Bankinter SA 1,924 2,319 0.9 568,420 Barclays PLC 1,948 1,669 0.6 Insurance 233,183 Credit Suisse Group AG 4,611 3,024 1.2 56,203 American International Group, Inc. 3,695 3,318 1.3 273,929 Nova Ljubljanska banka d.d. GDR 4,354 5,192 2.0 503,883 Linea Directa Aseguradora SA Cia de 821,192 Sberbank of Russia PJSC 2,645 4,248 1.6 Seguros y Reaseguros 1,227 1,308 0.5 87,960 Wells Fargo & Company 5,086 4,940 1.9 4,922 4,626 1.8 24,778 25,204 9.7 Internet & Direct Marketing Retail Commercial Services & Supplies 172,200 Alibaba Group Holding Limited 6,059 6,055 2.3 1,403,861 De La Rue PLC 6,008 4,475 1.7 6,129,494 Mitie Group PLC 8,608 7,136 2.8 Machinery 14,616 11,611 4.5 98,000 China Yuchai International Limited 1,748 1,949 0.8

Communications Equipment Media 65,030 NETGEAR, Inc. 2,533 3,090 1.2 472,596 Atresmedia Corporacion de Medios de 127,685 Sierra Wireless Inc. 2,489 3,007 1.1 Comunicacion, SA 4,320 2,564 1.0 5,022 6,097 2.3 203,400 Fuji Media Holdings, Inc. 3,615 2,816 1.1 73,416 Publicis Groupe SA 4,988 5,821 2.2 Construction Materials 308,369 WPP PLC 6,283 5,159 2.0 262,287 Cemex SAB de CV ADR 2,163 2,732 1.1 19,206 16,360 6.3

Diversified Financial Services Mortgage Real Estate Investment Trusts (REITs) 62,221 Citigroup Inc. 3,362 5,459 2.1 1,457,150 Macquarie Mexico Real Estate 4,886,000 First Pacific Company Limited 4,421 2,068 0.8 Management SA de CV 2,291 2,236 0.9 7,783 7,527 2.9 Multiline Retail Diversified Telecommunications Services 701,120 Marks and Spencer Group PLC 3,773 1,760 0.7 1,442,329 Magyar Telekom Telecommunications PLC 2,710 2,574 1.0 Multi-Utilities 3,051,575 Sistema PJSFC 692 1,645 0.6 249,616 Engie SA 5,043 4,241 1.6 5,342,918 Telecom Italia SPA Savings Shares 4,802 3,511 1.4 367,000 Telefonica Brasil SA 4,805 3,838 1.5 Oil, Gas & Consumable Fuels 13,009 11,568 4.5 704,436 BP PLC 4,191 3,823 1.5 192,792 Eni SPA 3,976 2,913 1.1 Electric Utilities 467,300 Petroleo Brasileiro SA - 37,083,455 Enel Chile SA 2,645 2,645 1.0 Petrobras Preferred 2,433 3,424 1.3 5,348,476 Surgutneftegas PJSC Preferred 3,819 4,201 1.6 Electronic Equipment, Instruments & Components 14,419 14,361 5.5 2,748,000 PAX Global Technology Limited 2,127 3,926 1.5 Personal Products Equity Real Estate Investment Trusts (REITs) 86,734 Edgewell Personal Care Company 4,572 4,722 1.8 3,900,995 Fibra Uno Administracion SA de CV 7,437 5,218 2.0 32,096 Societe BIC SA 2,331 2,766 1.1 393,498 Lar Espana Real Estate SOCIMI, SA 3,105 2,836 1.1 6,903 7,488 2.9 10,542 8,054 3.1

49 BRANDES GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS Pharmaceuticals 207,686 GlaxoSmithKline PLC $ 5,216 $ 5,053 1.9 28,921 Merck & Co., Inc. 2,581 2,789 1.1 37,632 Sanoﬁ 4,147 4,899 1.9 75,200 Taisho Pharmaceutical Holdings Co., Ltd. 6,021 4,993 1.9 28,082 Taro Pharmaceutical Industries, Ltd. 2,064 2,506 1.0 20,029 20,240 7.8

Real Estate Management & Development 383,886 LSL Property Services PLC 1,788 2,839 1.1

Specialty Retail 585,338 Kingﬁsher PLC 2,948 3,656 1.4

Technology Hardware, Storage & Peripherals 45,509 Samsung Electronics Co., Ltd. 1,711 4,040 1.6

Textiles, Apparel & Luxury Goods 35,703 The Swatch Group AG Registered 1,948 2,921 1.1 236,300 TSI Holdings Company, Ltd. 1,711 873 0.4 3,659 3,794 1.5

Tobacco 138,687 Imperial Brands PLC 6,029 3,701 1.4 40,113 KT&G Corporation 4,515 3,728 1.5 10,544 7,429 2.9

Total Equities 261,645 251,775 96.9

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS FIXED INCOME Corporate CHF 85,000 Credit Suisse Group (Guernsey) VII, Limited 3.00% Nov 12/2021 113 128 0.1

Total Fixed Income 113 128 0.1

Total Investments 261,758 251,903 97.0 Foreign Exchange Contracts (a) - - Other Assets Less Liabilities 7,834 3.0 Net Assets Attributable to Holders of Redeemable Units 259,737 100.0

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 2, 2021 CAD 50 GBP 29 1.71160 $ - Jul 2, 2021 CAD 26 JPY 2,342 0.01114 - Jul 2, 2021 CAD 173 USD 139 1.23742 to 1.24038 - Jul 2, 2021 HKD 5,215 CAD 833 6.26337 - $ - Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; —State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency

50 BRANDES GLOBAL OPPORTUNITIES FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Portfolio by Country Exposure Essentially all of the assets and liabilities of the Fund are financial instruments. JUNE 30 DEC. 31 These financial instruments comprise the following: 2021 (%) 2020 (%) Equities Portfolio by Industry Exposure Brazil 6.0 5.0 JUNE 30 DEC. 31 Canada 1.1 1.6 2021 (%) 2020 (%) Chile 1.0 - China 0.8 2.6 Equities France 9.4 8.7 Aerospace & Defense 2.7 1.5 Germany 1.0 1.0 Auto Components 1.3 1.7 Hong Kong 4.6 1.9 Automobiles 2.9 3.9 Hungary 1.0 1.1 Beverages 1.1 1.8 Israel 1.0 1.2 Biotechnology 0.4 0.5 Italy 2.5 2.7 Capital Markets 3.2 3.2 Japan 7.5 8.2 Commercial Banks 9.7 10.1 Malaysia 1.4 1.6 Commercial Services & Supplies 4.5 4.0 Mexico 6.7 7.6 Communications Equipment 2.3 3.1 Panama 1.5 1.4 Construction Materials 1.1 1.1 Russia 3.8 4.1 Diversified Financial Services 2.9 3.1 Slovenia 2.0 1.7 Diversified Telecommunications Services 4.5 4.9 South Korea 4.2 6.0 Electric Utilities 1.0 - Spain 3.5 3.3 Electronic Equipment, Instruments & Components 1.5 1.0 Switzerland 4.3 4.6 Energy Equipment & Services - 0.5 United Kingdom 18.9 18.7 Equity Real Estate Investment Trusts (REITs) 3.1 3.6 United States 14.8 14.5 Food & Staples Retailing 7.2 7.4 Food Products 0.7 0.7 Total investments 97.0 97.5 Health Care Equipment & Supplies 1.0 1.0 Foreign exchange contracts, net - - Health Care Providers & Services 2.4 2.7 Total financial instruments at fair value 97.0 97.5 Health Care Technology 1.3 1.3 Total other assets less liabilities at cost or amortized cost 3.0 2.5 Hotels, Restaurants & Leisure 1.4 1.6 Household Durables 1.6 1.6 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Insurance 1.8 1.2 Internet & Direct Marketing Retail 2.3 - Machinery 0.8 0.9 Media 6.3 6.6 FAIR VALUE MEASUREMENTS Mortgage Real Estate Investment Trusts (REITs) 0.9 1.2 Below is a summary of the inputs used as at June 30, 2021 and December 31, Multiline Retail 0.7 0.7 2020 in valuing the Fund’s investments carried at fair values. Multi-Utilities 1.6 1.8 Oil, Gas & Consumable Fuels 5.5 5.7 JUNE 30, 2021 Personal Products 2.9 1.7 QUOTED PRICES SIGNIFICANT Pharmaceuticals 7.8 6.6 IN ACTIVE OTHER SIGNIFICANT Real Estate Management & Development 1.1 1.5 MARKETS FOR OBSERVABLE UNOBSERVABLE Specialty Retail 1.4 1.0 IDENTICAL INPUTS INPUTS Technology Hardware, Storage & Peripherals 1.6 1.9 ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Textiles, Apparel & Luxury Goods 1.5 1.3 ($000) ($000) ($000) ($000) Tobacco 2.9 3.4 Equities 126,570 125,205 - 251,775 Wireless Telecommunications Services - 1.7 Fixed-income Fixed-income securities securities 128 - 128 Corporate 0.1 - Total Investments 126,570 125,333 - 251,903 Total investments 97.0 97.5 Foreign Exchange Foreign exchange contracts, net - - Contracts, Net - - - - Total financial instruments at fair value 97.0 97.5 Total other assets less liabilities at cost or amortized cost 3.0 2.5 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 DECEMBER 31, 2020 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Equities 80,870 136,438 - 217,308 Total Investments 80,870 136,438 - 217,308 Foreign Exchange Contracts, Net - - - -

Bridgehouse Asset Managers subscribes to the services of a third-party valuation service provider to provide fair value adjustments, where applicable, to the prices of foreign securities due to changes in the value of securities in North American markets following the closure of the foreign markets. The parameters used to apply the fair value adjustments are based on observable market data, and as such, the foreign securities are considered Level 2 priced securities.

During the six months ended June 30, 2021, $1.1 million were transferred from Level 1 to Level 2 and $26.0 million were transferred from Level 2 to Level 1. During the year ended December 31, 2020, $13.6 million were transferred from Level 1 to Level 2.

The notes at the back of this document are an integral part of these ﬁnancial statements. 51 BRANDES GLOBAL OPPORTUNITIES FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

FINANCIAL INSTRUMENTS RISKS Credit Risk The investment objective of the Brandes Global Opportunities Fund is to achieve The Fund enters into foreign exchange contracts to buy and sell currencies for the long-term capital appreciation by investing primarily in the equity securities of purpose of settling foreign securities transactions. These are short term spot both Canadian and non-Canadian issuers across the full market capitalization settlements carried out with approved counterparties. The exposure to credit risk spectrum at the time of purchase. on these contracts is considered minimal as the transactions are settled and paid for upon delivery. Market Price Risk As at June 30, 2021, if the Fund’s benchmark (MSCI All Country World Index) SECURITIES LENDING increased or decreased by 10%, with all other variables held constant, the net The aggregate market value of all securities loaned by a fund cannot exceed 50% assets of the Fund would have increased or decreased, respectively, by of the net assets of the applicable Fund. The Funds receive collateral of at least approximately $28.0 million (December 31, 2020—$23.5 million), or 10.8% 102% of the value of the securities on loan. Collateral may comprise of obligations (December 31, 2020—10.6%) of total net assets. In practice, the actual results of or guaranteed by the Government of Canada, or a province thereof, or by the may differ from this sensitivity analysis and the difference could be material. United States government or its agencies.

Foreign Currency Risk As at June 30, 2021 and December 31, 2020, the fair value of securities on loan and collateral received was $Nil. The tables below indicate the currencies to which the Fund had signiﬁcant exposure on its ﬁnancial instruments as at June 30, 2021 and December 31, 2020 in Canadian dollar terms, including the underlying principal of forward exchange contracts, if any. OFFSETTING OF FINANCIAL INSTRUMENTS The Fund does not enter into any enforceable master netting arrangement. JUNE 30, 2021 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Brazilian Real 8,537 - 271 8,808 Chilean Peso 2,645 - (2,652) (7) Euro 47,833 - 329 48,162 Hong Kong Dollar 12,048 - 58 12,106 Hungarian Forint 2,574 - - 2,574 Japanese Yen 19,514 26 (26) 19,514 Malaysian Ringgit 3,694 - - 3,694 Mexican Peso 11,515 - - 11,515 Pound Sterling 49,306 50 334 49,690 South Korean Won 10,665 - - 10,665 Swiss Franc 10,949 - 67 11,016 U.S. Dollar 72,623 477 726 73,826 Total 251,903 553 (893) 251,563 % of Net Assets 97.0 0.2 (0.3) 96.9

DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Brazilian Real 7,777 - 152 7,929 Euro 38,815 - 117 38,932 Hong Kong Dollar 8,010 - - 8,010 Hungarian Forint 2,350 - - 2,350 Indian Rupee - - - - Japanese Yen 18,519 - 24 18,543 Malaysian Ringgit 3,548 - - 3,548 Mexican Peso 11,794 - - 11,794 Pound Sterling 41,783 116 4 41,903 South Korean Won 13,287 - - 13,287 Swiss Franc 10,360 - 49 10,409 U.S. Dollar 61,065 470 61 61,596 Total 217,308 586 407 218,301 % of Net Assets 97.5 0.3 0.2 98.0

As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% (December 31, 2020—2%) in relation to all foreign currencies, with all other variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $12.6 million (December 31, 2020—$4.4 million) or 4.8% (December 31, 2020—2.0%) of total net assets. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

52 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES GLOBAL SMALL CAP 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 307,475 $ 251,037 Cash 9,398 4,290 Receivable for redeemable unit subscriptions 621 187 Receivable from securities sold - 1,439 Dividends and accrued interest receivable 936 303 318,430 257,256

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 1,642 874 Payable for redeemable unit redemptions 589 906 Payable for open foreign currency spot or forward contracts - 8 2,231 1,788

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 316,199 $ 255,468 Cost of investments 286,269 276,739

Net assets attributable to holders of redeemable units, Series A $ 58,274 $ 44,457 Number of redeemable units outstanding, Series A 2,053 1,908 Net assets attributable to holders of redeemable units per unit, Series A 28.38 23.31 Net assets attributable to holders of redeemable units per unit, Series A (USD) 22.88 18.30

Net assets attributable to holders of redeemable units, Series D $ 885 $ 739 Number of redeemable units outstanding, Series D 54 56 Net assets attributable to holders of redeemable units per unit, Series D 16.27 13.31

Net assets attributable to holders of redeemable units, Series F $ 48,471 $ 34,066 Number of redeemable units outstanding, Series F 1,511 1,300 Net assets attributable to holders of redeemable units per unit, Series F 32.08 26.20 Net assets attributable to holders of redeemable units per unit, Series F (USD) 25.87 20.57

Net assets attributable to holders of redeemable units, Series I $ 208,569 $ 176,206 Number of redeemable units outstanding, Series I 5,591 5,828 Net assets attributable to holders of redeemable units per unit, Series I 37.30 30.23

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

53 BRANDES GLOBAL SMALL CAP EQUITY FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 4,700 $ 3,296 Interest for distribution purposes - 583 Management Fee Rebates income 115 79 Net realized gain (loss) on sale of investments 8,459 (9,796) Net change in unrealized appreciation (depreciation) of investments 46,908 (23,895) Net gain (loss) on investments 60,182 (29,733)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (123) 74 Net change in unrealized appreciation (depreciation) of foreign exchange contracts 8 (1) Net gain (loss) on derivatives (115) 73

Other income 9 - Net realized gain (loss) on foreign currencies 83 145 Net change in unrealized appreciation (depreciation) of foreign currencies (5) 60 Total net income (loss) 60,154 (29,455)

EXPENSES (note 6) Management fees 870 656 Legal 1 1 Audit 7 4 Independent review committee 2 2 Custody and fund accounting 26 23 Filing fees 7 7 Unitholder reporting 5 6 Administration and transfer agent fees 98 80 Foreign withholding taxes 372 320 Transaction costs (note 3) 116 228 1,504 1,327 Expenses absorbed (20) (32) Total expenses net of absorption 1,484 1,295

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 9,781 $ (6,599) Series D 162 (110) Series F 8,166 (4,278) Series I 40,561 (19,763) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 58,670 (30,750)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 5.08 $ (3.14) Series D 2.98 (1.67) Series F 5.88 (3.56) Series I 7.08 (3.63)

The accompanying notes are an integral part of these ﬁnancial statements.

54 BRANDES GLOBAL SMALL CAP EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 9,781 (6,599) 162 (110) 8,166 (4,278)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (45) (27) - - (70) (52) (45) (27) - - (70) (52)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 8,236 735 37 16 6,977 1,421 Reinvested distributions to holders of redeemable units 45 27 - - 70 52 Net proceeds/(payments) from/for redeemable units transferred in/(out) (1,217) (293) 22 - 1,195 293 Payments for redeemable units redeemed (2,983) (5,066) (75) (66) (1,933) (5,450) 4,081 (4,597) (16) (50) 6,309 (3,684)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 13,817 (11,223) 146 (160) 14,405 (8,014)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 58,274 $ 37,473 $ 885 $ 689 $ 48,471 $ 23,779

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 1,907,516 2,236,666 55,554 68,762 1,300,061 1,305,966 Redeemable units issued for cash 305,636 36,951 2,653 1,597 233,489 66,297 Redeemable units issued for reinvested distributions 1,709 1,410 - - 2,335 2,425 Net redeemable units transferred in/(out) (46,133) (15,205) 1,539 - 40,134 13,568 Redeemable units redeemed (115,454) (262,206) (5,363) (5,787) (64,959) (260,276) BALANCE, END OF PERIOD 2,053,274 1,997,616 54,383 64,572 1,511,060 1,127,980

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 40,561 (19,763) 58,670 (30,750)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (115) (79) - - (115) (79)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 345 3,992 15,595 6,164 Reinvested distributions to holders of redeemable units - - 115 79 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - - - Payments for redeemable units redeemed (8,543) (6,334) (13,534) (16,916) (8,198) (2,342) 2,176 (10,673)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 32,363 (22,105) 60,731 (41,502)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 208,569 $ 131,915 $ 316,199 $ 193,856

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 5,828,020 5,517,400 Redeemable units issued for cash 10,311 171,358 Redeemable units issued for reinvested distributions - - Net redeemable units transferred in/(out) - - Redeemable units redeemed (247,114) (274,926) BALANCE, END OF PERIOD 5,591,217 5,413,832

The accompanying notes are an integral part of these ﬁnancial statements.

55 BRANDES GLOBAL SMALL CAP EQUITY FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 58,670 $ (30,750)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (8,459) 9,796 Unrealized (appreciation) depreciation on foreign cash 6 (2) Net change in unrealized (appreciation) depreciation of investments (46,908) 23,895 Net change in unrealized (appreciation) depreciation of foreign exchange contracts (8) 1 Purchase of investments (48,768) (66,717) Proceeds from sale of investments 49,904 62,481 4,437 (1,296)

CHANGE IN NON-CASH WORKING CAPITAL (633) (12)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 15,161 6,284 Amounts paid on redemption of redeemable units (13,851) (17,142) 1,310 (10,858) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH (6) 2

NET INCREASE (DECREASE) IN CASH 5,108 (12,164)

CASH—BEGINNING OF PERIOD 4,290 16,838

CASH—END OF PERIOD 9,398 4,674

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 3,695 2,964 Interest - 583

The accompanying notes are an integral part of these ﬁnancial statements.

56 BRANDES GLOBAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Aerospace & Defense Food & Staples Retailing 3,674,200 Embraer SA $ 15,735 $ 17,262 5.5 2,068,728 J Sainsbury PLC $ 8,485 $ 9,637 3.0 8,569 Embraer SA ADR 196 161 0.1 108,700 Mitsubishi Shokuhin Co., Ltd. 3,720 3,412 1.1 15,931 17,423 5.6 2,310,708 WM Morrison Supermarkets PLC 7,773 9,759 3.1 19,978 22,808 7.2 Auto Components 100,100 Tachi-S Co., Ltd. 1,809 1,667 0.5 Food Products 16,651 Binggrae Co., Ltd. 993 1,166 0.4 Beverages 6,719 Namyang Dairy Products Co., Ltd. 3,273 5,601 1.8 1,848,973 C&C Group PLC 6,408 7,692 2.4 1,296,503 Premier Foods PLC 862 2,433 0.8 19,877 Savencia SA 1,696 2,067 0.6 Biotechnology 6,824 11,267 3.6 1,171,858 PDL BioPharma Inc. 3,851 3,590 1.1 Gas Utilities Commercial Banks 18,237 Samchully Co., Ltd. 2,146 1,908 0.6 143,938 Addiko Bank AG 2,701 2,963 0.9 1,961,472 AIB Group PLC 3,368 6,272 2.0 Health Care Equipment & Supplies 253,199 Banco Latinoamericano de Comercio 22,547 Dragerwerk AG & Co. KGaA 1,888 2,599 0.8 Exterior SA Cl. E 4,560 4,826 1.5 40,800 Dragerwerk AG & Co. KGaA Preferred 3,830 4,783 1.5 329,006 Bankinter SA 1,720 2,051 0.7 5,718 7,382 2.3 702,633 Caixabank, SA 2,707 2,680 0.8 664,700 Concordia Financial Group, Ltd. 3,036 3,029 1.0 Health Care Providers & Services 287,912 Credito Emiliano SpA 1,721 2,138 0.7 63,200 Triple-S Management Corporation Cl. B 1,441 1,745 0.6 239,900 Kyushu Financial Group, Inc. 1,509 1,052 0.3 37,515 National Bankshares, Inc. 1,624 1,629 0.5 Hotels, Restaurants & Leisure 280,492 Nova Ljubljanska banka d.d. GDR 4,105 5,316 1.7 334,191 Elior Group 2,447 3,097 1.0 1,153,900 The Hachijuni Bank, Ltd. 6,194 4,626 1.5 2,479,400 Genting Berhad 2,975 3,652 1.1 909,800 The Hyakugo Bank, Ltd. 4,038 3,112 1.0 5,422 6,749 2.1 37,283 39,694 12.6 Household Durables Commercial Services & Supplies 16,697,873 Consorcio ARA, SAB de CV Series U 4,928 4,779 1.5 1,175,010 De La Rue PLC 5,635 3,746 1.2 17,485,618 Desarrolladora Homex, SAB de CV 2,664 20 - 6,937,373 Mitie Group PLC 7,101 8,076 2.5 201,391 Dorel Industries Inc. Cl. B Sub. Voting 5,526 3,146 1.0 12,736 11,822 3.7 94,423 Taylor Morrison Home Corporation 2,250 3,094 1.0 235,247 Urbi, Desarrollos Urbanos, SAB de CV 2,790 62 - Communications Equipment 18,158 11,101 3.5 89,799 NETGEAR, Inc. 3,409 4,267 1.4 243,710 Sierra Wireless Inc. 4,520 5,740 1.8 Insurance 7,929 10,007 3.2 25,390 American National Group, Inc. 2,574 4,678 1.5 329,006 Linea Directa Aseguradora SA Cia de Construction & Engineering Seguros y Reaseguros 811 854 0.3 802,314 Balfour Beatty PLC 3,441 4,220 1.4 8,245 National Western Life Group, Inc. Cl. A 2,184 2,294 0.7 318,405 Orion Group Holdings, Inc. 2,195 2,271 0.7 5,569 7,826 2.5 5,636 6,491 2.1 Machinery Construction Materials 148,245 China Yuchai International Limited 2,631 2,949 0.9 65,210 Buzzi Unicem SPA 1,418 2,147 0.7 69,051 Danieli & C. Officine Meccaniche SPA 252,747 Cemex SAB de CV ADR 1,054 2,633 0.8 Savings Shares 746 1,475 0.5 43,423 Vicat SA 1,877 2,602 0.8 89,754 Graham Corporation 1,540 1,532 0.5 4,349 7,382 2.3 578,600 Komori Corporation 7,626 5,264 1.6 12,543 11,220 3.5 Diversified Financial Services 11,638,000 First Pacific Company Limited 5,696 4,925 1.6 Media 581,736 Atresmedia Corporacion de Medios de Diversified Telecommunications Services Comunicacion, SA 4,067 3,155 1.0 3,467,859 Magyar Telekom Telecommunications 271,400 Fuji Media Holdings, Inc. 4,451 3,758 1.2 PLC 6,561 6,189 2.0 543,147 Zee Entertainment Enterprises Limited 1,361 1,948 0.6 9,879 8,861 2.8 Electric Utilities 714,750 First Philippine Holdings Corporation 1,177 1,436 0.5 Mortgage Real Estate Investment Trusts (REITs) 2,140,544 Macquarie Mexico Real Estate Electrical Equipment Management SA de CV 2,902 3,284 1.0 70,400 Futaba Corporation 1,071 611 0.2 Multiline Retail Electronic Equipment, Instruments & Components 1,172,527 Marks and Spencer Group PLC 3,022 2,943 0.9 108,795 Park Aerospace Corp. 1,577 2,010 0.6 4,152,800 PAX Global Technology Limited 2,439 5,933 1.9 Oil, Gas & Consumable Fuels 4,016 7,943 2.5 211,701 Cameco Corporation 2,404 5,036 1.6 107,833 Chesapeake Energy Corporation 3,900 6,943 2.2 Energy Equipment & Services 82,235 Chesapeake Energy Corporation Cl. 39,659 Dril-Quip, Inc. 1,289 1,664 0.5 A, Warrants 3,131 2,741 0.9 76,424 Chesapeake Energy Corporation Cl. Equity Real Estate Investment Trusts (REITs) B, Warrants 3,103 2,259 0.7 5,701,675 Fibra Uno Administracion SA de CV 8,447 7,626 2.4 148,300 Japan Petroleum Exploration Co., Ltd. 3,364 3,315 1.0 603,200 Lar Espana Real Estate SOCIMI, SA 4,758 4,347 1.4 15,902 20,294 6.4 13,205 11,973 3.8 Personal Products 164,650 Edgewell Personal Care Company 9,549 8,964 2.8 118,916 Sarantis SA 476 1,555 0.5 76,832 Societe BIC SA 6,361 6,621 2.1 16,386 17,140 5.4

57 BRANDES GLOBAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS Pharmaceuticals 216,905 Avadel Pharmaceuticals PLC ADR $ 1,762 $ 1,810 0.6 129,093 Eagle Pharmaceuticals, Inc. 7,165 6,852 2.1 59,400 Kaken Pharmaceutical Co., Ltd. 3,047 3,161 1.0 195,200 Kissei Pharmaceutical Co., Ltd. 5,577 4,704 1.5 32,500 Taisho Pharmaceutical Holdings Co., Ltd. 2,236 2,158 0.7 19,787 18,685 5.9

Real Estate Management & Development 658,226 LSL Property Services PLC 2,577 4,868 1.5

Specialty Retail 1,078,500 Dickson Concepts (International) Limited 595 797 0.2 48,330,000 Emperor Watch & Jewellery Limited 1,504 1,840 0.6 2,099 2,637 0.8

Textiles, Apparel & Luxury Goods 4,843,000 Weiqiao Textile Company, Ltd. Cl. H 2,758 1,965 0.6

Trading Companies & Distributors 732,330 Yellow Cake PLC 2,713 3,409 1.1

Wireless Telecommunications Services 2,371,000 APT Satellite Holdings Limited 1,498 874 0.3

Total Investments 286,269 307,475 97.2 Foreign Exchange Contracts (a) - - Other Assets Less Liabilities 8,724 2.8 Net Assets Attributable to Holders of Redeemable Units 316,199 100.0

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 2, 2021 CAD 9 JPY 838 0.01114 $ - Jul 2, 2021 CAD 15 PHP 590 0.02545 - Jul 2, 2021 JPY 28,813 CAD 322 89.50588 to 89.50588 - $ - Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; —State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency

58 BRANDES GLOBAL SMALL CAP EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

DECEMBER 31, 2020 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Equities 129,662 117,498 - 247,160 Fixed-income securities - 3,877 - 3,877 Total Investments 129,662 121,375 - 251,037 Foreign Exchange Contracts, Net - (8) - (8)

During the six months ended June 30, 2021, $23.8 million were transferred from Level 1 to Level 2, and $59.9 million were transferred from Level 2 to Level 1. During the year ended December 31, 2020, $39.8 million were transferred from Level 1 to Level 2, and $2.3 million were transferred from Level 2 to Level 1.

The notes at the back of this document are an integral part of these ﬁnancial statements. 59 BRANDES GLOBAL SMALL CAP EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

FINANCIAL INSTRUMENTS RISKS Credit Risk The investment objective of the Brandes Global Small Cap Equity Fund is to The substantial majority of the Fund’s ﬁnancial assets are equity shares which do achieve long-term capital appreciation by investing primarily in equity securities of not pay interest. As a result, exposure to credit risk is considered minimal at June Canadian and non-Canadian issuers with small equity market capitalizations at 30, 2021 and December 31, 2020. the time of purchase.

Market Price Risk SECURITIES LENDING The aggregate market value of all securities loaned by a fund cannot exceed 50% As at June 30, 2021, if the Fund’s benchmark (S&P Developed Small Cap Index) of the net assets of the applicable Fund. The Funds receive collateral of at least increased or decreased by 10%, with all other variables held constant, the net 102% of the value of the securities on loan. Collateral may comprise of obligations assets of the Fund would have increased or decreased, respectively, by of or guaranteed by the Government of Canada, or a province thereof, or by the approximately $25.2 million (December 31, 2020—$20.6 million), or 8.0% United States government or its agencies. (December 31, 2020—8.1%) of total net assets. This impact is estimated based on the historical correlation between the return of Series I units of the Fund as As at June 30, 2021 and December 31, 2020 the fair value of securities on loan compared to the return of the Fund’s benchmark. In practice, the historical and collateral received was $Nil. correlation may not be representative of the future correlation and, accordingly, the impact on net assets could be materially different. OFFSETTING OF FINANCIAL INSTRUMENTS Foreign Currency Risk The Fund does not enter into any enforceable master netting arrangement. The tables below indicate the currencies to which the Fund had signiﬁcant exposure on its ﬁnancial instruments as at June 30, 2021 and December 31, 2020 in Canadian dollar terms, including the underlying principal of forward exchange contracts, if any.

JUNE 30, 2021 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Brazilian Real 17,262 - (1) 17,261 Euro 56,723 2 165 56,890 Hong Kong Dollar 16,333 - 139 16,472 Hungarian Forint 6,189 - - 6,189 Indian Rupee 1,948 - - 1,948 Japanese Yen 39,869 1,330 (1,330) 39,869 Malaysian Ringgit 3,652 - - 3,652 Mexican Peso 15,772 - - 15,772 Philippine Peso 1,436 15 (15) 1,436 Pound Sterling 56,783 - 283 57,066 South Korean Won 8,675 - - 8,675 U.S. Dollar 79,687 224 350 80,261 Total 304,329 1,571 (409) 305,491 % of Net Assets 96.2 0.5 (0.1) 96.6

DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Brazilian Real 7,336 - (1) 7,335 Euro 48,763 2 89 48,854 Hong Kong Dollar 13,854 - 14 13,868 Hungarian Forint 4,134 - - 4,134 Indian Rupee 2,125 - - 2,125 Japanese Yen 30,908 - - 30,908 Malaysian Ringgit 3,005 - - 3,005 Mexican Peso 13,011 - - 13,011 Philippine Peso 1,459 - - 1,459 Pound Sterling 49,720 - 166 49,886 South Korean Won 6,697 - - 6,697 U.S. Dollar 67,018 858 35 67,911 Total 248,030 860 303 249,193 % of Net Assets 97.1 0.3 0.1 97.5

As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% (December 31, 2020—2%) in relation to all foreign currencies, with all other variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $15.3 million (December 31, 2020—$5.0 million), or 4.8% (December 31, 2020—2.0%) of total net assets. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

60 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES INTERNATIONAL 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 129,101 $ 111,118 Cash 2,913 9 Receivable for redeemable unit subscriptions 243 189 Receivable from securities sold 315 287 Dividends and accrued interest receivable 833 342 133,405 111,945

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 175 - Payable for redeemable unit redemptions 217 140 Payable for open foreign currency spot or forward contracts - 1 392 141

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 133,013 $ 111,804 Cost of investments 137,172 129,039

Net assets attributable to holders of redeemable units, Series A $ 38,431 $ 36,323 Number of redeemable units outstanding, Series A 2,607 2,745 Net assets attributable to holders of redeemable units per unit, Series A 14.74 13.23 Net assets attributable to holders of redeemable units per unit, Series A (USD) 11.89 10.39

Net assets attributable to holders of redeemable units, Series D $ 1,205 $ 1,208 Number of redeemable units outstanding, Series D 96 108 Net assets attributable to holders of redeemable units per unit, Series D 12.49 11.16

Net assets attributable to holders of redeemable units, Series F $ 74,764 $ 57,453 Number of redeemable units outstanding, Series F 4,821 4,151 Net assets attributable to holders of redeemable units per unit, Series F 15.51 13.84 Net assets attributable to holders of redeemable units per unit, Series F (USD) 12.51 10.87

Net assets attributable to holders of redeemable units, Series I $ 18,613 $ 16,820 Number of redeemable units outstanding, Series I 1,141 1,162 Net assets attributable to holders of redeemable units per unit, Series I 16.32 14.47

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

61 BRANDES INTERNATIONAL EQUITY FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 3,409 $ 2,452 Interest for distribution purposes 2 7 Management Fee Rebates income 26 19 Net realized gain (loss) on sale of investments 1,686 (7,038) Net change in unrealized appreciation (depreciation) of investments 9,850 (20,550) Net gain (loss) on investments 14,973 (25,110)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (34) 302 Net gain (loss) on derivatives (34) 302

Securities lending - 1 Other income 155 239 Net realized gain (loss) on foreign currencies 5 (152) Net change in unrealized appreciation (depreciation) of foreign currencies (10) (2) Total net income (loss) 15,089 (24,722)

EXPENSES (note 6) Management fees 705 605 Legal 1 2 Audit 8 5 Independent review committee 3 2 Custody and fund accounting 34 29 Filing fees 26 16 Unitholder reporting 9 9 Administration and transfer agent fees 146 115 Foreign withholding taxes 362 296 Transaction costs (note 3) 80 102 1,374 1,181 Expenses absorbed (81) (60) Total expenses net of absorption 1,293 1,121

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 4,055 $ (8,364) Series D 142 (248) Series F 7,217 (6,897) Series I 2,382 (10,334) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 13,796 (25,843)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 1.52 $ (2.61) Series D 1.35 (2.09) Series F 1.64 (1.91) Series I 1.89 (4.28)

The accompanying notes are an integral part of these ﬁnancial statements.

62 BRANDES INTERNATIONAL EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 4,055 (8,364) 142 (248) 7,217 (6,897)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (5) (4) - - (21) (15) (5) (4) - - (21) (15)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 3,091 880 40 45 14,076 21,259 Reinvested distributions to holders of redeemable units 5 4 - - 21 15 Net proceeds/(payments) from/for redeemable units transferred in/(out) (654) (88) - - 654 88 Payments for redeemable units redeemed (4,384) (4,977) (185) (85) (4,636) (5,680) (1,942) (4,181) (145) (40) 10,115 15,682

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 2,108 (12,549) (3) (288) 17,311 8,770

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 38,431 $ 34,923 $ 1,205 $ 1,143 $ 74,764 $ 49,353

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 2,745,463 3,388,541 108,248 121,088 4,150,686 2,781,994 Redeemable units issued for cash 216,108 69,898 3,317 4,760 938,956 1,800,427 Redeemable units issued for reinvested distributions 357 335 - 1 1,389 1,243 Net redeemable units transferred in/(out) (45,260) (8,073) - - 43,084 7,724 Redeemable units redeemed (309,931) (411,761) (15,090) (8,416) (313,124) (489,477) BALANCE, END OF PERIOD 2,606,737 3,038,940 96,475 117,433 4,820,991 4,101,911

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 2,382 (10,334) 13,796 (25,843)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (26) (19) - - (26) (19)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,750 2,941 19,957 25,125 Reinvested distributions to holders of redeemable units - - 26 19 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - - - Payments for redeemable units redeemed (3,339) (20,576) (12,544) (31,318) (589) (17,635) 7,439 (6,174)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 1,793 (27,969) 21,209 (32,036)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 18,613 $ 22,707 $ 133,013 $ 108,126

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 1,162,092 3,241,141 Redeemable units issued for cash 186,999 226,641 Redeemable units issued for reinvested distributions - - Net redeemable units transferred in/(out) - - Redeemable units redeemed (208,393) (1,717,763) BALANCE, END OF PERIOD 1,140,698 1,750,019

The accompanying notes are an integral part of these ﬁnancial statements.

63 BRANDES INTERNATIONAL EQUITY FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 13,796 $ (25,843)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (1,686) 7,038 Unrealized (appreciation) depreciation on foreign cash (1) 1 Net change in unrealized (appreciation) depreciation of investments (9,850) 20,550 Purchase of investments (22,293) (31,369) Proceeds from sale of investments 15,992 29,954 (4,042) 331

CHANGE IN NON-CASH WORKING CAPITAL (491) (138)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 19,903 25,577 Amounts paid on redemption of redeemable units (12,467) (31,657) 7,436 (6,080) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH 1 (1)

NET INCREASE (DECREASE) IN CASH 2,904 (5,888)

CASH—BEGINNING OF PERIOD 9 6,921

CASH—END OF PERIOD 2,913 1,033

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 2,556 2,018 Interest 2 7

The accompanying notes are an integral part of these ﬁnancial statements.

64 BRANDES INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS EQUITIES Insurance Aerospace & Defense 221,090 Aegon NV $ 1,497 $ 1,139 0.9 166,053 Embraer SA ADR $ 4,048 $ 3,118 2.3 60,231 MS&AD Insurance Group Holdings, Inc. 2,145 2,160 1.6 16,971 Swiss Re AG 1,475 1,899 1.4 Auto Components 5,117 5,198 3.9 4,918 Hyundai Mobis Co., Ltd. 1,247 1,582 1.2 Internet & Direct Marketing Retail Automobiles 61,800 Alibaba Group Holding Limited 2,021 2,173 1.6 56,100 Honda Motor Co., Ltd. 2,107 2,238 1.7 156,500 Nissan Motor Co., Ltd. 1,473 967 0.7 Media 20,411 Renault SA 1,255 1,025 0.8 42,521 Publicis Groupe SA 2,656 3,372 2.5 4,835 4,230 3.2 203,735 WPP PLC 3,764 3,408 2.6 6,420 6,780 5.1 Beverages 282,200 Ambev SA 824 1,200 0.9 Metals & Mining 14,188 Anheuser-Busch InBev SA/NV 923 1,267 1.0 3,751 POSCO 1,049 1,438 1.1 18,054 Fomento Economico Mexicano, SAB de CV (FEMSA) ADR 1,393 1,892 1.4 Multiline Retail 3,140 4,359 3.3 654,605 Marks and Spencer Group PLC 3,299 1,643 1.2

Biotechnology Multi-Utilities 136,564 Grifols, SA Cl. B Preferred 3,140 2,953 2.2 152,093 Engie SA 3,319 2,584 2.0

Building Products Oil, Gas & Consumable Fuels 15,648 Compagnie de Saint-Gobain SA 680 1,280 1.0 482,976 BP PLC 2,684 2,621 2.0 176,543 Eni SPA 3,309 2,667 2.0 Capital Markets 377,400 Petroleo Brasileiro SA - 156,002 UBS Group AG 2,912 2,961 2.2 Petrobras Preferred 1,519 2,765 2.1 97,861 Repsol, SA 1,755 1,523 1.1 Chemicals 2,725,906 Surgutneftegas PJSC Preferred 1,738 2,141 1.6 14,189 BASF SE 1,299 1,388 1.0 35,320 TotalEnergies SE 2,064 1,983 1.5 13,069 13,700 10.3 Commercial Banks 541,933 Barclays PLC 2,226 1,592 1.2 Personal Products 26,927 BNP Paribas SA 1,328 2,094 1.6 16,337 Societe BIC SA 1,573 1,408 1.1 200,073 Credit Suisse Group AG 4,089 2,595 2.0 23,064 Hana Financial Group Inc. 691 1,172 0.9 Pharmaceuticals 681,948 Intesa Sanpaolo SPA 2,243 2,337 1.8 168,348 GlaxoSmithKline PLC 4,290 4,096 3.1 346,500 Mitsubishi UFJ Financial Group, Inc. 3,326 2,315 1.7 27,066 Novartis AG 3,076 3,059 2.3 44,898 Sumitomo Mitsui Trust Holdings, Inc. 2,824 1,776 1.3 25,060 Sanofi 2,764 3,262 2.5 16,727 13,881 10.5 23,050 Taisho Pharmaceutical Holdings Co., Ltd. 2,056 1,530 1.1 Commercial Services & Supplies 119,737 Takeda Pharmaceutical Company 38,609 Dai Nippon Printing Co., Ltd. 1,242 1,013 0.8 Limited 5,561 4,984 3.7 17,747 16,931 12.7 Construction Materials 180,854 Cemex SAB de CV ADR 1,223 1,884 1.4 Specialty Retail 25,786 CRH Public Limited Company 883 1,620 1.2 261,633 Kingfisher PLC 1,213 1,634 1.2 24,113 HeidelbergCement AG 1,927 2,565 1.9 4,033 6,069 4.5 Textiles, Apparel & Luxury Goods 902 The Swatch Group AG Bearer Shares 380 384 0.3 Diversified Financial Services 25,823 The Swatch Group AG Registered 1,867 2,112 1.6 1,844,000 First Pacific Company Limited 2,062 780 0.6 2,247 2,496 1.9

Diversiﬁed Telecommunications Services Tobacco 164,990 Orange SA 3,101 2,333 1.7 63,371 Imperial Brands PLC 2,504 1,691 1.3 180,821 Telecom Italia SPA 102 112 0.1 17,150 KT&G Corporation 1,892 1,594 1.2 3,271,887 Telecom Italia SPA Savings Shares 4,835 2,150 1.6 4,396 3,285 2.5 225,300 Telefonica Brasil SA 2,326 2,356 1.8 10,364 6,951 5.2 Total Equities 137,083 129,000 97.0

Equity Real Estate Investment Trusts (REITs) 2,185,486 Fibra Uno Administracion SA de CV 3,586 2,923 2.2

Food & Staples Retailing 125,446 Carrefour SA 3,098 3,059 2.3 516,450 J Sainsbury PLC 2,399 2,405 1.8 495,589 Tesco PLC 2,570 1,895 1.4 406,078 WM Morrison Supermarkets PLC 1,606 1,715 1.3 9,673 9,074 6.8

Food Products 31,551 DANONE SA 2,626 2,750 2.1

Health Care Providers & Services 33,394 Fresenius SE & Co. KGaA 1,844 2,159 1.6

Household Products 19,794 Henkel AG & Co. KGaA 2,155 2,259 1.7

65 BRANDES INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS FIXED INCOME Corporate CHF 67,000 Credit Suisse Group (Guernsey) VII, Limited 3.00% Nov 12/2021 89 101 0.1

Total Fixed Income 89 101 0.1

Total Investments 137,172 129,101 97.1 Foreign Exchange Contracts (a) - - Other Assets Less Liabilities 3,912 2.9 Net Assets Attributable to Holders of Redeemable Units 133,013 100.0

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 2, 2021 CAD 338 GBP 198 1.71123 to 1.71160 $ - Jul 2, 2021 CAD 147 JPY 13,197 0.01114 - Jul 2, 2021 EUR 28 CAD 41 0.68044 - $ - Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; —State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency

66 BRANDES INTERNATIONAL EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Portfolio by Industry Exposure JUNE 30, 2021 JUNE 30 DEC. 31 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT 2021 (%) 2020 (%) MARKETS FOR OBSERVABLE UNOBSERVABLE Equities IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Aerospace & Defense 2.3 1.3 ($000) ($000) ($000) ($000) Auto Components 1.2 1.7 Automobiles 3.2 3.3 Equities 18,634 110,366 - 129,000 Beverages 3.3 4.4 Fixed-income Biotechnology 2.2 1.3 securities - 101 - 101 Building Products 1.0 1.6 Total Investments 18,634 110,467 - 129,101 Capital Markets 2.2 2.3 Chemicals 1.0 1.8 Foreign Exchange Commercial Banks 10.5 11.7 Contracts, Net - - - - Commercial Services & Supplies 0.8 1.7 Communications Equipment - 0.5 Construction Materials 4.5 5.6 DECEMBER 31, 2020 Diversified Financial Services 0.6 0.7 QUOTED PRICES SIGNIFICANT Diversified Telecommunications Services 5.2 3.6 IN ACTIVE OTHER SIGNIFICANT Equity Real Estate Investment Trusts (REITs) 2.2 2.8 MARKETS FOR OBSERVABLE UNOBSERVABLE Food & Staples Retailing 6.8 7.0 IDENTICAL INPUTS INPUTS Food Products 2.1 1.8 ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Health Care Providers & Services 1.6 - Household Products 1.7 1.3 Equities 8,821 102,297 - 111,118 Insurance 3.9 4.4 Total Investments 8,821 102,297 - 111,118 Internet & Direct Marketing Retail 1.6 - Media 5.1 5.2 Foreign Exchange Metals & Mining 1.1 1.1 Contracts, Net - (1) - (1) Multiline Retail 1.2 1.4 Multi-Utilities 2.0 2.0 Bridgehouse Asset Managers subscribes to the services of a third-party valuation Oil, Gas & Consumable Fuels 10.3 11.5 service provider to provide fair value adjustments, where applicable, to the prices Personal Products 1.1 0.9 of foreign securities due to changes in the value of securities in North American Pharmaceuticals 12.7 10.5 Specialty Retail 1.2 1.2 markets following the closure of the foreign markets. The parameters used to Technology Hardware, Storage & Peripherals - 1.2 apply the fair value adjustments are based on observable market data, and as Textiles, Apparel & Luxury Goods 1.9 1.8 such, the foreign securities are considered Level 2 priced securities. Tobacco 2.5 2.5 Wireless Telecommunications Services - 1.3 During the six months ended June 30, 2021, $6.5 million were transferred from Fixed-income securities Level 2 to Level 1. During the year ended December 31, 2020, $4.3 million were Corporate 0.1 - transferred from Level 1 to Level 2. Total investments 97.1 99.4 Foreign exchange contracts, net - - Total financial instruments at fair value 97.1 99.4 FINANCIAL INSTRUMENTS RISKS Total other assets less liabilities at cost or amortized cost 2.9 0.6 The investment objective of the Brandes International Equity Fund is to achieve Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 long-term capital appreciation by investing primarily in the equity securities of non-Canadian issuers and non-U.S. issuers whose equity market capitalizations exceed $1 billion at the time of purchase. Portfolio by Country Exposure JUNE 30 DEC. 31 Market Price Risk 2021 (%) 2020 (%) As at June 30, 2021, if the Fund’s benchmark (MSCI EAFE Index) increased or Equities decreased by 10%, with all other variables held constant, the net assets of the Belgium 1.0 1.2 Fund would have increased or decreased, respectively, by approximately $15.1 Brazil 7.1 4.7 million (December 31, 2020—$12.3 million), or 11.3% (December 31, China - 1.3 2020—11.0%) of total net assets attributable to holders of redeemable units. This Denmark - 2.3 Finland - 0.5 impact is estimated based on the historical correlation between the return of France 19.1 19.3 Series I units of the Fund as compared to the return of the Fund’s benchmark. In Germany 6.2 3.1 practice, the historical correlation may not be representative of the future Hong Kong 2.2 0.7 correlation and, accordingly, the impact on net assets could be Ireland 1.2 1.2 materially different. Italy 5.5 6.2 Japan 12.6 12.7 Mexico 5.0 6.5 Netherlands 0.9 1.0 Russia 1.6 1.5 South Korea 4.4 4.9 Spain 3.3 3.1 Switzerland 9.8 9.2 Taiwan - 1.2 United Kingdom 17.1 18.8 Fixed-income securities Switzerland 0.1 - Total investments 97.1 99.4 Foreign exchange contracts, net - - Total financial instruments at fair value 97.1 99.4 Total other assets less liabilities at cost or amortized cost 2.9 0.6 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0

The notes at the back of this document are an integral part of these ﬁnancial statements. 67 BRANDES INTERNATIONAL EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Foreign Currency Risk Reconciliation Between Gross and Net Income from Securities Lending The tables below indicate the currencies to which the Fund had signiﬁcant exposure on its ﬁnancial instruments as at June 30, 2021 and December 31, JUNE 30, 2020 2020 in Canadian dollar terms, including the underlying principal of forward % OF GROSS exchange contracts, if any. ($000) INCOME Gross Income from Securities Lending 2 100.0 JUNE 30, 2021 Withholding Tax - - INVESTMENTS CASH OTHER NET TOTAL Fees Paid to Securities Lending Agent* 1 50.0 CURRENCY ($000) ($000) ASSETS ($000) ($000) Total Deductions 1 50.0 Brazilian Real 6,321 - 61 6,382 Net Income from Securities Lending, net Euro 47,669 134 217 48,020 of withholding tax 1 50.0 Hong Kong Dollar 2,953 - 22 2,975 Japanese Yen 16,982 147 (147) 16,982 *All securities lending agent fees were paid to State Street Bank & Trust Company, Canada. Mexican Peso 2,923 - - 2,923 Pound Sterling 24,321 23 233 24,577 South Korean Won 5,786 - - 5,786 OFFSETTING OF FINANCIAL INSTRUMENTS Swiss Franc 13,111 - 143 13,254 U.S. Dollar 9,035 150 - 9,185 The Fund does not enter into any enforceable master netting arrangement. Total 129,101 454 529 130,084 % of Net Assets 97.1 0.3 0.4 97.8

DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Brazilian Real 3,833 41 1 3,875 Euro 41,118 - 143 41,261 Hong Kong Dollar 2,200 - - 2,200 Japanese Yen 14,142 - 9 14,151 Mexican Peso 3,149 - - 3,149 New Taiwan Dollar 1,376 - - 1,376 Pound Sterling 22,227 46 25 22,298 South Korean Won 5,530 - - 5,530 Swiss Franc 10,240 - 118 10,358 U.S. Dollar 7,303 - - 7,303 Total 111,118 87 296 111,501 % of Net Assets 99.4 0.1 0.3 99.8

As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% (December 31, 2020—2%) in relation to all foreign currencies, with all other variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $6.5 million (December 31, 2020—$2.2 million), or 4.9% (December 31, 2020—2.0%) of total net assets. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

SECURITIES LENDING The aggregate market value of all securities loaned by a fund cannot exceed 50% of the net assets of the applicable Fund. The Funds receive collateral of at least 102% of the value of the securities on loan. Collateral may comprise of obligations of or guaranteed by the Government of Canada, or a province thereof, or by the United States government or its agencies.

As at June 30, 2021 and December 31, 2020, the fair value of securities on loan and collateral received was $Nil.

68 The notes at the back of this document are an integral part of these ﬁnancial statements. BRANDES U.S. 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 83,606 $ 71,446 Cash 659 677 Receivable for redeemable unit subscriptions 124 93 Dividends and accrued interest receivable 88 100 Receivable for open foreign currency spot or forward contracts 102 296 84,579 72,612

LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 191 82 Payable for open foreign currency spot or forward contracts 6 20 197 102

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 84,382 $ 72,510 Cost of investments 58,848 54,946

Net assets attributable to holders of redeemable units, Series A $ 47,874 $ 43,124 Number of redeemable units outstanding, Series A 2,373 2,472 Net assets attributable to holders of redeemable units per unit, Series A 20.17 17.44 Net assets attributable to holders of redeemable units per unit, Series A (USD) 16.26 13.70

Net assets attributable to holders of redeemable units, Series F $ 26,847 $ 20,938 Number of redeemable units outstanding, Series F 1,151 1,043 Net assets attributable to holders of redeemable units per unit, Series F 23.34 20.07 Net assets attributable to holders of redeemable units per unit, Series F (USD) 18.82 15.76

Net assets attributable to holders of redeemable units, Series I $ 582 $ 497 Number of redeemable units outstanding, Series I 22 22 Net assets attributable to holders of redeemable units per unit, Series I 25.88 22.12

Net assets attributable to holders of redeemable units, Series AH $ 547 $ 485 Number of redeemable units outstanding, Series AH 34 35 Net assets attributable to holders of redeemable units per unit, Series AH 16.17 13.67

Net assets attributable to holders of redeemable units, Series FH $ 8,531 $ 7,466 Number of redeemable units outstanding, Series FH 495 515 Net assets attributable to holders of redeemable units per unit, Series FH 17.24 14.49

Net assets attributable to holders of redeemable units, Series IH $ 1 $ - Number of redeemable units outstanding, Series IH - - Net assets attributable to holders of redeemable units per unit, Series IH 18.77 15.67

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

69 BRANDES U.S. EQUITY FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 958 $ 870 Interest for distribution purposes - 3 Management Fee Rebates income 56 40 Net realized gain (loss) on sale of investments 3,121 1,413 Net change in unrealized appreciation (depreciation) of investments 8,258 (11,501) Net gain (loss) on investments 12,393 (9,175)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 395 (417) Net change in unrealized appreciation (depreciation) of foreign exchange contracts (180) (16) Net gain (loss) on derivatives 215 (433)

Other income 1 6 Net realized gain (loss) on foreign currencies (17) 8 Net change in unrealized appreciation (depreciation) of foreign currencies 5 10 Total net income (loss) 12,597 (9,584)

EXPENSES (note 6) Management fees 646 581 Legal 1 1 Audit 6 5 Independent review committee 2 2 Custody and fund accounting 21 21 Filing fees 24 24 Unitholder reporting 3 3 Administration and transfer agent fees 75 64 Foreign withholding taxes 128 126 Transaction costs (note 3) 6 10 912 837 Expenses absorbed (21) (30) Total expenses net of absorption 891 807

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 6,685 $ (6,063) Series F 3,446 (2,843) Series I 85 (53) Series AH 87 (56) Series FH 1,402 (1,376) Series IH 1 - TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 11,706 (10,391)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 2.73 $ (2.14) Series F 3.19 (2.42) Series I 3.76 (2.40) Series AH 2.53 (1.89) Series FH 2.78 (2.46) Series IH 3.10 (2.56)

The accompanying notes are an integral part of these ﬁnancial statements.

70 BRANDES U.S. EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 6,685 (6,063) 3,446 (2,843) 85 (53)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (46) (34) (6) (5) - - (46) (34) (6) (5) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 4,275 1,018 3,715 787 - - Reinvested distributions to holders of redeemable units 46 34 6 5 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) (387) (327) 395 276 - - Payments for redeemable units redeemed (5,823) (4,014) (1,647) (4,034) - - (1,889) (3,289) 2,469 (2,966) - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 4,750 (9,386) 5,909 (5,814) 85 (53)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 47,874 $ 40,651 $ 26,847 $ 18,782 $ 582 $ 419

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 2,472,234 2,955,551 1,043,306 1,270,331 22,482 22,164 Redeemable units issued for cash 218,439 66,902 162,298 50,315 - - Redeemable units issued for reinvested distributions 2,340 2,221 292 275 - - Net redeemable units transferred in/(out) (19,882) (21,129) 17,584 15,198 - - Redeemable units redeemed (299,661) (265,006) (72,973) (236,238) - - BALANCE, END OF PERIOD 2,373,470 2,738,539 1,150,507 1,099,881 22,482 22,164

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 87 (56) 1,402 (1,376) 1 -

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (4) (1) - - - - (4) (1) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued - 62 24 7 - - Reinvested distributions to holders of redeemable units - - 4 1 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) - 51 (8) - - - Payments for redeemable units redeemed (25) (116) (353) (702) - - (25) (3) (333) (694) - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 62 (59) 1,065 (2,071) 1 -

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 547 $ 390 $ 8,531 $ 6,120 $ 1 $ -

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 35,456 33,557 515,285 580,367 30 30 Redeemable units issued for cash - 5,541 1,360 651 - - Redeemable units issued for reinvested distributions 19 20 225 93 - - Net redeemable units transferred in/(out) - 5,144 (471) - - - Redeemable units redeemed (1,628) (8,788) (21,674) (56,325) - - BALANCE, END OF PERIOD 33,847 35,474 494,725 524,786 30 30

71 BRANDES U.S. EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED) (CONTINUED)

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 72,510 $ 83,745

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 11,706 (10,391)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (56) (40) (56) (40)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 8,014 1,874 Reinvested distributions to holders of redeemable units 56 40 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (7,848) (8,866) 222 (6,952)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 11,872 (17,383)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 84,382 $ 66,362

The accompanying notes are an integral part of these ﬁnancial statements.

72 BRANDES U.S. EQUITY FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 11,706 $ (10,391)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (3,121) (1,413) Unrealized (appreciation) depreciation on foreign cash - 1 Net change in unrealized (appreciation) depreciation of investments (8,258) 11,501 Net change in unrealized (appreciation) depreciation of foreign exchange contracts 180 16 Purchase of investments (10,363) (6,835) Proceeds from sale of investments 9,582 14,884 (274) 7,763

CHANGE IN NON-CASH WORKING CAPITAL 12 9

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 7,983 1,911 Amounts paid on redemption of redeemable units (7,739) (8,908) 244 (6,997) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH - (1)

NET INCREASE (DECREASE) IN CASH (18) 774

CASH—BEGINNING OF PERIOD 677 2,206

CASH—END OF PERIOD 659 2,980

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 842 753 Interest - 3

The accompanying notes are an integral part of these ﬁnancial statements.

73 BRANDES U.S. EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Aerospace & Defense Household Durables 7,341 General Dynamics Corporation $ 1,370 $ 1,714 2.0 6,212 Mohawk Industries, Inc. $ 636 $ 1,481 1.8 21,793 Textron Inc. 959 1,859 2.2 39,535 Taylor Morrison Home Corporation 1,080 1,295 1.5 2,329 3,573 4.2 1,716 2,776 3.3

Air Freight & Logistics Industrial Conglomerates 5,866 FedEx Corporation 1,427 2,170 2.6 3,500 3M Company 793 862 1.0

Beverages Insurance 3,259 PepsiCo, Inc. 246 599 0.7 28,297 American International Group, Inc. 1,717 1,670 2.0 13,153 Loews Corporation 651 891 1.1 Biotechnology 57,933 Old Republic International Corporation 1,147 1,790 2.1 4,490 Gilead Sciences, Inc. 400 383 0.5 3,515 4,351 5.2

Capital Markets Interactive Media & Services 14,840 State Street Corporation 1,026 1,514 1.8 392 Alphabet Inc. Cl. C 418 1,218 1.4 27,849 The Bank of New York Mellon Corporation 865 1,770 2.1 IT Services 1,891 3,284 3.9 20,889 Amdocs Limited 1,197 2,004 2.4 11,952 Cognizant Technology Solutions Chemicals Corp. Cl. A 898 1,027 1.2 22,879 Corteva, Inc. 767 1,258 1.5 9,347 Fiserv, Inc. 1,413 1,239 1.5 9,659 Westlake Chemical Corporation 760 1,079 1.3 3,508 4,270 5.1 1,527 2,337 2.8 Media Commercial Banks 37,332 Comcast Corporation Cl. A 1,771 2,640 3.1 5,356 The PNC Financial Services Group, Inc. 646 1,267 1.5 20,185 Fox Corporation Cl. B 941 881 1.1 27,010 Truist Financial Corporation 978 1,859 2.2 20,637 Omnicom Group Inc. 1,857 2,047 2.4 41,781 Wells Fargo & Company 2,421 2,347 2.8 4,569 5,568 6.6 4,045 5,473 6.5 Oil, Gas & Consumable Fuels Communications Equipment 18,289 Chevron Corporation 2,086 2,376 2.8 16,305 Cisco Systems, Inc. 647 1,072 1.3 43,545 World Fuel Services Corporation 1,681 1,713 2.0 3,767 4,089 4.8 Consumer Finance 18,319 OneMain Holdings, Inc. 1,213 1,361 1.6 Pharmaceuticals 7,212 Johnson & Johnson 1,003 1,473 1.7 Diversiﬁed Financial Services 23,861 Merck & Co., Inc. 1,583 2,301 2.7 54,729 Bank of America Corporation 1,000 2,798 3.3 2,201 Organon & Co. 91 83 0.1 2,418 Berkshire Hathaway Inc. Cl. B 850 834 1.0 44,389 Pﬁzer Inc. 1,686 2,156 2.6 29,317 Citigroup Inc. 1,137 2,572 3.0 4,363 6,013 7.1 9,803 JPMorgan Chase & Co. 609 1,891 2.2 3,596 8,095 9.5 Semiconductors & Semiconductor Equipment 3,911 Applied Materials, Inc. 207 691 0.8 Electric Utilities 11,191 Micron Technology, Inc. 755 1,179 1.4 9,544 ALLETE, Inc. 676 828 1.0 962 1,870 2.2

Electrical Equipment Software 12,502 Emerson Electric Co. 836 1,492 1.8 1,963 Microsoft Corporation 57 660 0.8 11,230 Johnson Controls International PLC 515 956 1.1 10,692 Oracle Corporation 369 1,032 1.2 1,351 2,448 2.9 426 1,692 2.0

Electronic Equipment, Instruments & Components Specialty Retail 23,310 Avnet, Inc. 1,141 1,159 1.4 523 AutoZone, Inc. 785 968 1.1 33,594 Flex Ltd. 341 744 0.9 1,482 1,903 2.3 Total Investments 58,848 83,606 99.1 Energy Equipment & Services 44,455 Halliburton Company 1,416 1,275 1.5 Foreign Exchange Contracts (a) 96 0.1 Other Assets Less Liabilities 680 0.8 Equity Real Estate Investment Trusts (REITs) Net Assets Attributable to Holders of 5,610 Mid-America Apartment Communities, Redeemable Units 84,382 100.0 Inc. 906 1,172 1.4

Food Products (a) Foreign Exchange Contracts 14,229 Ingredion Incorporated 1,473 1,597 1.9 SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED Health Care Providers & Services DATE CURRENCY CURRENCY PRICE GAIN (LOSS) 20,945 Cardinal Health, Inc. 1,728 1,483 1.8 Jul 2, 2021 CAD 13 USD 10 1.23742 $ - 6,387 Cigna Corporation 1,638 1,878 2.2 1.20492 to 22,450 CVS Health Corporation 2,101 2,323 2.8 Jul 16, 2021 CAD 9,152 USD 7,303 1.25459 95 7,669 HCA Healthcare, Inc. 971 1,966 2.3 0.80645 to 4,219 Laboratory Corporation of America Jul 16, 2021 USD 265 CAD 328 0.80857 1 Holdings 743 1,443 1.7 $ 96 8,959 McKesson Corporation 1,681 2,125 2.5 8,862 11,218 13.3 Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; —State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency Health Care Technology 39,917 Change Healthcare, Inc. 539 1,141 1.4

74 BRANDES U.S. EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO FINANCIAL INSTRUMENTS RISKS Essentially all of the assets and liabilities of the Fund are financial instruments. The investment objective of the Brandes U.S. Equity Fund is to achieve long-term These financial instruments comprise the following: capital appreciation by investing primarily in the equity securities of U.S. issuers with equity market capitalizations that exceed $1 billion at the time of purchase. Portfolio by Industry Exposure JUNE 30 DEC. 31 The Fund uses derivatives such as forward contracts on the portions of the Fund 2021 (%) 2020 (%) that are attributable to the Hedged Series of units to hedge against currency risk exposure. Equities Aerospace & Defense 4.2 3.8 Air Freight & Logistics 2.6 2.1 Market Price Risk Beverages 0.7 0.8 As at June 30, 2021, if the Fund’s benchmark (S&P 500 Index and S&P 500 Biotechnology 0.5 0.5 Capital Markets 3.9 6.1 Index (Hedged)) increased or decreased by 10%, with all other variables held Chemicals 2.8 3.8 constant, the net assets of the Fund would have increased or decreased, Commercial Banks 6.5 6.7 respectively, by approximately $8.7 million (December 31, 2020—$7.6 million), Communications Equipment 1.3 1.3 or 10.3% (December 31, 2020—10.5%) of total net assets. This impact is Consumer Finance 1.6 - estimated based on the historical correlation between the return of Series I units Diversified Financial Services 9.5 8.0 of the Fund as compared to the return of the Fund’s benchmark. In practice, the Electric Utilities 1.0 1.0 historical correlation may not be representative of the future correlation and, Electrical Equipment 2.9 3.2 Electronic Equipment, Instruments & Components 2.3 2.5 accordingly, the impact on net assets could be materially different. Energy Equipment & Services 1.5 1.3 Equity Real Estate Investment Trusts (REITs) 1.4 1.0 Food Products 1.9 2.0 Foreign Currency Risk Health Care Providers & Services 13.3 14.0 The tables below indicate the currencies to which the unhedged series of the Health Care Technology 1.4 1.7 Fund had significant exposure on its financial instruments as at June 30, 2021 Household Durables 3.3 4.4 and December 31, 2020 in Canadian dollar terms. Industrial Conglomerates 1.0 - Insurance 5.2 5.0 JUNE 30, 2021 Interactive Media & Services 1.4 1.4 INVESTMENTS CASH OTHER NET TOTAL IT Services 5.1 4.1 CURRENCY ($000) ($000) ASSETS ($000) ($000) Media 6.6 6.6 U.S. Dollar 74,696 58 67 74,821 Oil, Gas & Consumable Fuels 4.8 4.0 Pharmaceuticals 7.1 6.4 Total 74,696 58 67 74,821 Road & Rail - 1.5 % of Net Assets 88.5 0.1 0.1 88.7 Semiconductors & Semiconductor Equipment 2.2 2.6 Software 2.0 2.7 Specialty Retail 1.1 - DECEMBER 31, 2020 Total investments 99.1 98.5 Foreign exchange contracts, net 0.1 0.4 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Total financial instruments at fair value 99.2 98.9 U.S. Dollar 63,612 217 82 63,911 Total other assets less liabilities at cost or amortized cost 0.8 1.1 Total 63,612 217 82 63,911 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 % of Net Assets 87.7 0.3 0.1 88.1

The following tables summarize the foreign currency risk associated with the FAIR VALUE MEASUREMENTS hedged series which is offset by Forward Foreign Currency Contracts. Below is a summary of the inputs used as at June 30, 2021 and December 31, 2020 in valuing the Fund’s investments carried at fair values. JUNE 30, 2021 Forward JUNE 30, 2021 Foreign QUOTED PRICES SIGNIFICANT Currency IN ACTIVE OTHER SIGNIFICANT Contracts MARKETS FOR OBSERVABLE UNOBSERVABLE outstanding IDENTICAL INPUTS INPUTS OTHER NET in Hedged ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL INVESTMENTS CASH ASSETS Series TOTAL ($000) ($000) ($000) ($000) CURRENCY ($000) ($000) ($000) ($000) ($000) Equities 83,606 - - 83,606 U.S. Dollar 8,910 7 8 (8,728) 197 Total Investments 83,606 - - 83,606 Total 8,910 7 8 (8,728) 197 Foreign Exchange % of Net Assets 10.6 - - (10.3) 0.3 Contracts, Net - 96 - 96

DECEMBER 31, 2020 DECEMBER 31, 2020 Forward QUOTED PRICES SIGNIFICANT Foreign IN ACTIVE OTHER SIGNIFICANT Currency MARKETS FOR OBSERVABLE UNOBSERVABLE Contracts IDENTICAL INPUTS INPUTS outstanding ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL OTHER NET in Hedged ($000) ($000) ($000) ($000) INVESTMENTS CASH ASSETS Series TOTAL CURRENCY ($000) ($000) ($000) ($000) ($000) Equities 71,446 - - 71,446 U.S. Dollar 7,834 27 10 (7,373) 498 Total Investments 71,446 - - 71,446 Total 7,834 27 10 (7,373) 498 Foreign Exchange Contracts, Net - 276 - 276 % of Net Assets 10.8 - - (10.2) 0.6

During the six months ended June 30, 2021 and the year ended December 31, 2020, there were no signiﬁcant transfers bewteen Level 1 and 2 priced securities.

The notes at the back of this document are an integral part of these ﬁnancial statements. 75 BRANDES U.S. EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% DECEMBER 31, 2020 (December 31, 2020—2%) in relation to all foreign currencies, with all other AMOUNTS variables held constant, the Fund’s net assets would have decreased or PRESENTED IN increased, respectively, by approximately $3.8 million (December 31, THE STATEMENT 2020—$1.3 million), or 4.5% (December 31, 2020—1.8%) of total net assets. OF FINANCIAL The Fund consists of both Unhedged and Hedged Series. Exposure to currency POSITION AMOUNTS ELIGIBLE FOR OFFSET NET impact would only affect the Unhedged Series. Approximately 89.2% (December FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH 31, 2020—89.0%) of the Fund is invested in the Unhedged Series of units which AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL has not been hedged with forward exchange contracts. The remaining 10.8% Receivable for open foreign currency (December 31, 2020—11.0%) of the Fund is invested in the Hedged Series of spot or exchange units which has been hedged with forward exchange contracts and therefore is contracts 296 (20) - 276 not subject to significant currency risk. In practice, the actual results may differ Payable for open from this sensitivity analysis and the difference could be material. foreign currency spot or exchange contracts (20) 20 - - Interest Rate Risk The substantial majority of the Fund’s financial assets are equity shares which do not pay interest. As a result, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates.

For the hedged series the Fund uses forward contracts to hedge the foreign currency exposure on that portion of the Fund associated with the Hedged Series of units. All of these contracts are with an approved counterparty.

As at June 30, 2021 and December 31, 2020 the fair value of securities on loan and collateral received was $Nil.

JUNE 30, 2021 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 102 (6) - 96 Payable for open foreign currency spot or exchange contracts (6) 6 - -

76 The notes at the back of this document are an integral part of these ﬁnancial statements. BRIDGEHOUSE CANADIAN BOND FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 29,560 $ 31,578 Cash 790 614 Receivable from securities sold 469 - Dividends and accrued interest receivable 119 130 30,938 32,322

LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 1,144 600 1,144 600

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 29,794 $ 31,722 Cost of investments 29,336 30,023

Net assets attributable to holders of redeemable units, Series A $ 4,904 $ 5,760 Number of redeemable units outstanding, Series A 463 522 Net assets attributable to holders of redeemable units per unit, Series A 10.59 11.03

Net assets attributable to holders of redeemable units, Series F $ 3,409 $ 4,263 Number of redeemable units outstanding, Series F 320 384 Net assets attributable to holders of redeemable units per unit, Series F 10.65 11.09

Net assets attributable to holders of redeemable units, Series I $ 21,481 $ 21,699 Number of redeemable units outstanding, Series I 2,031 1,970 Net assets attributable to holders of redeemable units per unit, Series I 10.57 11.01

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

77 BRIDGEHOUSE CANADIAN BOND FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Interest for distribution purposes $ 413 $ 442 Management Fee Rebates income 1 - Net realized gain (loss) on sale of investments 62 968 Net change in unrealized appreciation (depreciation) of investments (1,331) 1,117 Total net income (loss) (855) 2,527

EXPENSES (note 6) Management fees 32 29 Audit 1 1 Custody and fund accounting 3 3 Filing fees 6 6 Unitholder reporting 1 1 Administration and transfer agent fees 10 9 53 49 Expenses absorbed (10) (9) Total expenses net of absorption 43 40

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ (188) $ 340 Series F (142) 352 Series I (568) 1,795 TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS (898) 2,487

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ (0.35) $ 0.77 Series F (0.39) 0.78 Series I (0.28) 0.79 -

The accompanying notes are an integral part of these ﬁnancial statements.

78 BRIDGEHOUSE CANADIAN BOND FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS (188) 340 (142) 352 (568) 1,795

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (45) (37) (42) (52) (288) (325) (45) (37) (42) (52) (288) (325)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 881 738 295 415 1,050 1,700 Reinvested distributions to holders of redeemable units 37 26 20 14 288 325 Net proceeds/(payments) from/for redeemable units transferred in/(out) - (9) - 9 - - Payments for redeemable units redeemed (1,541) (411) (985) (1,848) (700) (7,880) (623) 344 (670) (1,410) 638 (5,855)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (856) 647 (854) (1,110) (218) (4,385)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 4,904 $ 5,079 $ 3,409 $ 4,454 $ 21,481 $ 22,394

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 522,313 429,771 384,387 536,115 1,970,359 2,599,187 Redeemable units issued for cash 83,135 68,832 26,946 37,761 100,246 158,500 Redeemable units issued for reinvested distributions 3,456 2,423 1,833 1,352 27,140 30,646 Net redeemable units transferred in/(out) - (895) - 890 - - Redeemable units redeemed (145,769) (38,930) (93,026) (174,001) (66,310) (752,102) BALANCE, END OF PERIOD 463,135 461,201 320,140 402,117 2,031,435 2,036,231

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 31,722 $ 36,775

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS (898) 2,487

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (375) (414) (375) (414)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,226 2,853 Reinvested distributions to holders of redeemable units 345 365 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (3,226) (10,139) (655) (6,921)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (1,928) (4,848)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 29,794 $ 31,927

The accompanying notes are an integral part of these ﬁnancial statements.

79 BRIDGEHOUSE CANADIAN BOND FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ (898) $ 2,487

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (62) (968) Net change in unrealized (appreciation) depreciation of investments 1,331 (1,117) Purchase of investments (13,499) (23,825) Proceeds from sale of investments 13,779 30,945 651 7,522

CHANGE IN NON-CASH WORKING CAPITAL 11 28

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 2,226 2,561 Distributions to holders of redeemable units (30) (49) Amounts paid on redemption of redeemable units (2,682) (9,439) (486) (6,927)

NET INCREASE (DECREASE) IN CASH 176 623

CASH—BEGINNING OF PERIOD 614 8

CASH—END OF PERIOD 790 631

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Interest 424 470

The accompanying notes are an integral part of these ﬁnancial statements.

80 BRIDGEHOUSE CANADIAN BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for face value)

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS FIXED INCOME Federal Government 1,140,000 Canada Housing Trust No. 1 0.38% Sep 15/2023 $ 1,145 $ 1,145 3.8 401,000 Canada Housing Trust No. 1 0.40% Mar 15/2025 401 404 1.4 228,000 Canada Housing Trust No. 1 0.95% Jun 15/2025 232 227 0.8 1,018,000 Canada Housing Trust No. 1 1.75% Jun 15/2030 1,012 1,022 3.4 438,000 Canada Housing Trust No. 1 1.95% Dec 15/2025 466 453 1.5 238,000 Canada Housing Trust No. 1 2.35% Sep 15/2023 250 247 0.8 364,000 Canada Housing Trust No. 1 2.40% Dec 15/2022 373 375 1.3 591,000 Canada Housing Trust No. 1 2.55% Dec 15/2023 629 619 2.1 1,135,000 Canada Housing Trust No. 1 2.90% Jun 15/2024 1,224 1,205 4.0 424,000 Government of Canada 0.25% Mar 01/2026 410 410 1.4 65,000 Government of Canada 0.50% Sep 01/2025 65 64 0.2 295,000 Government of Canada 0.50% Dec 01/2030 269 272 0.9 266,000 Government of Canada 1.00% Jun 01/2027 264 265 0.9 208,000 Government of Canada 2.00% Dec 01/2051 232 216 0.7 224,000 Government of Canada 5.00% Jun 01/2037 339 330 1.1 7,311 7,254 24.3

Provincial Government 268,000 Province of Alberta 2.55% Jun 01/2027 292 284 1.0 241,000 Province of Alberta 3.05% Dec 01/2048 232 257 0.9 364,000 Province of Alberta 3.10% Jun 01/2050 395 391 1.3 214,000 Province of Alberta 3.50% Jun 01/2031 240 242 0.8 82,000 Province of British Columbia 2.95% Dec 18/2028 84 89 0.3 497,000 Province of British Columbia 2.95% Jun 18/2050 523 537 1.8 70,000 Province of Manitoba 2.85% Sep 05/2046 65 73 0.2 114,000 Province of Manitoba 3.20% Mar 05/2050 125 126 0.4 134,000 Province of Nova Scotia 4.40% Jun 01/2042 153 175 0.6 359,000 Province of Ontario 1.75% Sep 08/2025 368 368 1.2 333,000 Province of Ontario 1.90% Dec 02/2051 317 282 1.0 602,000 Province of Ontario 2.40% Jun 02/2026 647 633 2.1 421,000 Province of Ontario 2.60% Jun 02/2025 453 445 1.5 334,000 Province of Ontario 2.65% Dec 02/2050 375 335 1.1 726,000 Province of Ontario 2.80% Jun 02/2048 762 753 2.5 329,000 Province of Ontario 2.85% Jun 02/2023 348 344 1.2 145,000 Province of Ontario 2.90% Jun 02/2028 156 157 0.5 653,000 Province of Ontario 3.45% Jun 02/2045 702 755 2.5 140,000 Province of Quebec 2.75% Sep 01/2025 149 149 0.5 342,000 Province of Quebec 3.10% Dec 01/2051 374 379 1.3 674,000 Province of Quebec 3.50% Dec 01/2048 744 797 2.7 732,000 Province of Quebec 6.25% Jun 01/2032 1,029 1,028 3.5 57,000 Province of Saskatchewan 2.75% Dec 02/2046 55 59 0.2 188,000 Province of Saskatchewan 3.10% Jun 02/2050 210 206 0.7 8,798 8,864 29.8

Corporate 60,000 Allied Properties Real Estate Investment Trust 1.73% Feb 12/2026 60 59 0.2 100,000 AltaGas, Ltd. 1.23% Mar 18/2024 100 100 0.3 152,000 AltaGas, Ltd. 2.16% Jun 10/2025 158 155 0.5 119,000 AltaLink, LP 3.99% Jun 30/2042 134 136 0.5 602,000 Bank of Montreal 2.28% Jul 29/2024 616 621 2.1 169,000 Bank of Montreal 2.85% Mar 06/2024 171 177 0.6 130,000 Brookﬁeld Infrastructure Finance ULC 2.86% Sep 01/2032 130 128 0.4 446,000 Canadian Imperial Bank of Commerce 0.63% Mar 04/2025 446 446 1.5 430,000 Canadian Imperial Bank of Commerce 0.67% Jun 10/2024 430 431 1.4 48,000 Canadian Imperial Bank of Commerce 2.43% Jun 09/2023 49 49 0.2 118,000 Canadian Imperial Bank of Commerce 3.29% Jan 15/2024 118 124 0.4 90,000 Canadian Natural Resources, Ltd. 1.45% Nov 16/2023 90 91 0.3 72,000 Enbridge Gas Inc. 3.65% Apr 01/2050 86 78 0.3 151,000 Enbridge Inc. 3.19% Dec 05/2022 158 156 0.5 198,000 Enbridge Inc. 3.20% Jun 08/2027 207 209 0.7 499,000 Enbridge Inc. 5.38% Sep 27/2077 494 527 1.8 270,000 Enbridge Pipelines Inc. 4.13% Aug 09/2046 269 280 0.9 70,000 Enbridge Pipelines Inc. 4.20% May 12/2051 70 74 0.2 385,000 Federated Co-operatives Limited 3.92% Jun 17/2025 383 407 1.4 160,000 Federation des Caisses Desjardins du Quebec 1.99% May 28/2031 160 160 0.5 98,000 Federation des Caisses Desjardins du Quebec 2.42% Oct 04/2024 98 101 0.3 168,000 First Capital Real Estate Investment Trust 4.79% Aug 30/2024 185 183 0.6 350,000 Greater Toronto Airports Authority 1.54% May 03/2028 346 343 1.2 94,000 Greater Toronto Airports Authority 2.75% Oct 17/2039 95 91 0.3 61,000 Great-West Lifeco Inc. 2.98% Jul 08/2050 61 57 0.2 150,000 Heathrow Funding Limited 2.69% Oct 13/2029 150 153 0.5 40,000 Heathrow Funding Limited 3.66% Jan 13/2033 40 42 0.1 214,000 Heathrow Funding Limited 3.78% Sep 04/2032 219 229 0.8 161,000 HSBC Bank Canada 2.25% Sep 15/2022 161 164 0.5 425,000 HSBC Bank Canada 2.54% Jan 31/2023 436 436 1.5 244,000 HSBC Bank Canada 3.25% Sep 15/2023 260 256 0.9 130,000 Hyundai Capital Canada Inc. 2.01% May 12/2026 130 130 0.4 309,000 Manulife Bank of Canada 1.34% Feb 26/2026 306 306 1.0 254,000 Manulife Financial Corporation 2.24% May 12/2030 254 260 0.9 170,000 Metropolitan Life Global Funding I 1.95% Mar 20/2028 169 170 0.6 87,000 Metropolitan Life Global Funding I 3.39% Apr 09/2030 87 94 0.3

81 BRIDGEHOUSE CANADIAN BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for face value)

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS FIXED INCOME (continued) Corporate 225,000 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.83% Jun 01/2037 $ 252 $ 273 0.9 157,000 Muskrat Falls / Labrador Transmission Assets Funding Trust 3.86% Dec 01/2048 188 199 0.7 147,000 National Bank of Canada 1.57% Aug 18/2026 147 147 0.5 90,000 North West Redwater Partnership / NWR Financing Company Ltd. 3.75% Jun 01/2051 90 91 0.3 368,000 North West Redwater Partnership / NWR Financing Company Ltd. 4.25% Jun 01/2029 408 415 1.4 130,000 North West Redwater Partnership / NWR Financing Company Ltd. 4.35% Jan 10/2039 129 144 0.5 100,000 Ontario Power Generation Inc. 2.95% Feb 21/2051 100 94 0.3 260,000 Pembina Pipeline Corporation 3.71% Aug 11/2026 281 280 0.9 44,000 Pembina Pipeline Corporation 4.67% May 28/2050 44 47 0.2 148,000 Royal Bank of Canada 2.09% Jun 30/2030 148 150 0.5 456,000 Royal Bank of Canada 3.30% Sep 26/2023 488 479 1.6 427,021 Royal Ofﬁce Finance LP 5.21% Nov 12/2037 514 529 1.8 69,000 SmartCentres Real Estate Investment Trust 3.19% Jun 11/2027 69 72 0.2 132,000 TELUS Corporation 2.75% Jul 08/2026 141 137 0.5 135,000 The 55 Ontario School Board Trust 5.90% Jun 02/2033 173 182 0.6 508,000 The Bank of Nova Scotia 2.38% May 01/2023 523 522 1.8 359,000 The Toronto-Dominion Bank 2.85% Mar 08/2024 382 375 1.3 97,000 Thomson Reuters Corporation 2.24% May 14/2025 101 100 0.3 140,000 TransCanada Pipelines Limited 0.73% Jun 09/2024 140 140 0.5 539,000 TransCanada Pipelines Limited 3.80% Apr 05/2027 565 586 2.0 181,000 TransCanada Pipelines Limited 4.18% Jul 03/2048 181 186 0.6 89,000 TransCanada Pipelines Limited 4.35% Jun 06/2046 92 94 0.3 174,000 TransCanada Trust 4.65% May 18/2077 174 181 0.6 90,000 VW Credit Canada, Inc. 1.50% Sep 23/2025 90 90 0.3 294,000 Wells Fargo & Company 2.49% Feb 18/2027 290 301 1.0 195,000 Wells Fargo & Company 2.98% May 19/2026 191 205 0.7 13,227 13,442 45.1

Total Fixed Income 29,336 29,560 99.2

Total Investments 29,336 29,560 99.2 Other Assets Less Liabilities 234 0.8 Net Assets Attributable to Holders of Redeemable Units 29,794 100.0

82 BRIDGEHOUSE CANADIAN BOND FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Interest Rate Risk Essentially all of the assets and liabilities of the Fund are ﬁnancial instruments. At June 30, 2021 and December 31, 2020, the Fund’s exposure to interest rate These ﬁnancial instruments comprise the following: risk by remaining term to maturity was as follows:

Portfolio by Industry Exposure JUNE 30, 2021 DECEMBER 31, 2020 JUNE 30 DEC. 31 DEBT % OF % OF INSTRUMENTS ($000) NET ASSETS ($000) NET ASSETS 2021 (%) 2020 (%) Less than 1 year - - 779 2.5 Fixed-income securities 1 to 3 years 7,434 25.0 9,200 29.0 Corporate 45.1 44.6 3 to 5 years 5,957 20.0 5,883 18.5 Federal Government 24.3 22.1 Greater than 5 years 16,169 54.2 15,716 49.5 Provincial Government 29.8 32.8 Total 29,560 99.2 31,578 99.5 Total ﬁnancial instruments at fair value 99.2 99.5 Total other assets less liabilities at cost or amortized cost 0.8 0.5 At June 30, 2021, if the prevailing interest rates had risen or declined by 0.25% Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 (December 31, 2020—0.25%), assuming a parallel shift in the yield curve, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately $0.6 million (December 31, 2020—$0.6 million), FAIR VALUE MEASUREMENTS or 1.9% (December 31, 2020—1.9%) of total net assets. The Fund’s sensitivity to Below is a summary of the inputs used as at June 30, 2021 and December 31, interest rate changes was estimated using the weighted average duration of the 2020 in valuing the Fund’s investments carried at fair values. bonds. In practice, the actual results may differ from this sensitivity analysis and the difference could be material. JUNE 30, 2021 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT Credit Risk MARKETS FOR OBSERVABLE UNOBSERVABLE At June 30, 2021 and December 31, 2020, the Fund was invested in debt IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL securities with the following credit ratings: ($000) ($000) ($000) ($000) JUNE 30, 2021 DECEMBER 31, 2020 Fixed-income securities - 29,560 - 29,560 DEBT SECURITIES % OF TOTAL % OF TOTAL BY CREDIT DEBT % OF DEBT % OF Total Investments - 29,560 - 29,560 RATING* INSTRUMENTS NET ASSETS INSTRUMENTS NET ASSETS AAA/Aaa 30.0 29.8 27.9 27.7 AA/Aa 32.2 32.0 33.0 32.9 DECEMBER 31, 2020 A/A 19.2 19.0 19.6 19.5 QUOTED PRICES SIGNIFICANT BBB/Baa 18.6 18.4 19.5 19.4 IN ACTIVE OTHER SIGNIFICANT Total 100.0 99.2 100.0 99.5 MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS *Excludes cash & cash equivalents ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Credit ratings are obtained from Standard & Poor’s, Moody’s and Dominion Bond Fixed-income Rating Service. When more than one rating is obtained for a security, the average securities - 31,578 - 31,578 rating has been used. Total Investments - 31,578 - 31,578

During the six months ended June 30, 2021 and the year ended December 31, SECURITIES LENDING 2020, there were no signiﬁcant transfers between Level 1 and 2 priced securities. The aggregate market value of all securities loaned by a fund cannot exceed 50% of the net assets of the applicable Fund. The Funds receive collateral of at least 102% of the value of the securities on loan. Collateral may comprise of obligations FINANCIAL INSTRUMENTS RISKS of or guaranteed by the Government of Canada, or a province thereof, or by the The fundamental investment objective of the Bridgehouse Canadian Bond Fund is United States government or its agencies. to achieve long-term capital appreciation and income by investing primarily in high-quality Canadian ﬁxed income securities. As at June 30, 2021 and December 31, 2020 the fair value of securities on loan and collateral received was $Nil.

Market Price Risk As at June 30, 2021, if the Fund’s benchmark (FTSE Canada Universe Bond OFFSETTING OF FINANCIAL INSTRUMENTS Index) increased or decreased by 10% (December 31, 2020—10%), with all The Fund does not enter into any enforceable master netting arrangement. other variables held constant, the net assets of the Fund would have increased or decreased, respectively, by approximately $2.9 million (December 31, 2020—$3.1 million), or 9.6% (December 31, 2020—9.7%) of total net assets. In practice, the historical correlation may not be representative of the future correlation and, accordingly, the impact on net assets could be materially different.

Foreign Currency Risk The Fund’s investments are denominated primarily in Canadian dollars, which is the Fund’s functional currency. Therefore, the ﬁnancial instruments in the Fund are not subject to signiﬁcant risk of currency movements.

The notes at the back of this document are an integral part of these ﬁnancial statements. 83 GQG PARTNERS GLOBAL QUALITY 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 165,355 $ 104,392 Cash 3,544 7,346 Receivable for redeemable unit subscriptions 288 146 Receivable from securities sold 10,841 678 Dividends and accrued interest receivable 200 11 Receivable for open foreign currency spot or forward contracts - 9 180,228 112,582

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 66 5,279 Payable for redeemable unit redemptions 159 41 Payable for open foreign currency spot or forward contracts 3 10 Distribution payable 6 - 234 5,330

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 179,994 $ 107,252 Cost of investments 147,628 105,407

Net assets attributable to holders of redeemable units, Series A $ 8,856 $ 5,264 Number of redeemable units outstanding, Series A 861 555 Net assets attributable to holders of redeemable units per unit, Series A 10.29 9.48 Net assets attributable to holders of redeemable units per unit, Series A (USD) 8.29 7.44

Net assets attributable to holders of redeemable units, Series F $ 22,246 $ 10,815 Number of redeemable units outstanding, Series F 2,146 1,138 Net assets attributable to holders of redeemable units per unit, Series F 10.37 9.50 Net assets attributable to holders of redeemable units per unit, Series F (USD) 8.36 7.46

Net assets attributable to holders of redeemable units, Series I $ 148,892 $ 91,173 Number of redeemable units outstanding, Series I 14,333 9,569 Net assets attributable to holders of redeemable units per unit, Series I 10.39 9.53 Net assets attributable to holders of redeemable units per unit, Series I (USD) 8.38 7.48

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

84 GQG PARTNERS GLOBAL QUALITY EQUITY FUND

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 1,566 Management Fee Rebates income 4 Net realized gain (loss) on sale of investments (5,237) Net change in unrealized appreciation (depreciation) of investments 18,742 Net gain (loss) on investments 15,075

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (50) Net change in unrealized appreciation (depreciation) of foreign exchange contracts (2) Net gain (loss) on derivatives (52)

Net realized gain (loss) on foreign currencies (92) Net change in unrealized appreciation (depreciation) of foreign currencies (10) Total net income (loss) 14,921

EXPENSES (note 6) Management fees 139 Audit 2 Independent review committee 1 Custody and fund accounting 6 Filing fees 3 Unitholder reporting 1 Administration and transfer agent fees 23 Foreign withholding taxes 184 Transaction costs (note 3) 131 490 Expenses absorbed (10) Total expenses net of absorption 480

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 656 Series F 1,652 Series I 12,133 TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 14,441

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 0.91 Series F 0.97 Series I 0.98

The accompanying notes are an integral part of these ﬁnancial statements.

85 GQG PARTNERS GLOBAL QUALITY EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

Amounts in thousands (except for number of units) For the six months ended June 30, SERIES A SERIES F SERIES I FUND TOTAL 2021 2021 2021 2021 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 5,264 $ 10,815 $ 91,173 $ 107,252

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 656 1,652 12,133 14,441

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - (4) (959) (963) - (4) (959) (963)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 4,359 13,110 47,599 65,068 Reinvested distributions to holders of redeemable units - 4 953 957 Net proceeds/(payments) from/for redeemable units transferred in/(out) (434) 434 - - Payments for redeemable units redeemed (989) (3,765) (2,007) (6,761) 2,936 9,783 46,545 59,264

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 3,592 11,431 57,719 72,742

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 8,856 $ 22,246 $ 148,892 $ 179,994

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 555,302 1,137,973 9,569,258 Redeemable units issued for cash 452,738 1,348,249 4,878,336 Redeemable units issued for reinvested distributions - 459 91,693 Net redeemable units transferred in/(out) (45,256) 45,081 - Redeemable units redeemed (101,719) (385,791) (205,857) BALANCE, END OF PERIOD 861,065 2,145,971 14,333,430

The accompanying notes are an integral part of these ﬁnancial statements.

86 GQG PARTNERS GLOBAL QUALITY EQUITY FUND

STATEMENT OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 14,441

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments 5,237 Net change in unrealized (appreciation) depreciation of investments (18,742) Net change in unrealized (appreciation) depreciation of foreign exchange contracts 2 Purchase of investments (152,744) Proceeds from sale of investments 89,910 (61,896)

CHANGE IN NON-CASH WORKING CAPITAL (189)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 64,926 Amounts paid on redemption of redeemable units (6,643) 58,283

NET INCREASE (DECREASE) IN CASH (3,802)

CASH—BEGINNING OF PERIOD 7,346

CASH—END OF PERIOD 3,544

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 1,193

The accompanying notes are an integral part of these ﬁnancial statements.

87 GQG PARTNERS GLOBAL QUALITY EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Automobiles Semiconductors & Semiconductor Equipment 21,766 Daimler AG $ 2,400 $ 2,410 1.3 3,930 ASML Holding NV $ 3,102 $ 3,362 1.9 10,362 Volkswagen AG Preferred 2,584 3,219 1.8 2,341 Lam Research Corporation 1,606 1,889 1.0 4,984 5,629 3.1 28,922 Taiwan Semiconductor Manufacturing Company, Ltd. ADR 4,231 4,310 2.4 Capital Markets 8,939 9,561 5.3 35,012 Morgan Stanley 3,093 3,981 2.2 23,272 The Blackstone Group, Inc. 2,370 2,804 1.6 Software 5,463 6,785 3.8 5,992 Adobe Inc. 3,850 4,352 2.4 23,364 Microsoft Corporation 6,780 7,849 4.4 Commercial Banks 10,630 12,201 6.8 371,337 Banco Bilbao Vizcaya Argentaria SA 2,459 2,854 1.6 377,183 Banco Bradesco SA ADR 2,329 2,400 1.3 Technology Hardware, Storage & Peripherals 519,033 Banco Santander, SA 2,327 2,460 1.4 8,631 NVIDIA Corporation 6,499 8,564 4.8 29,617 BNP Paribas SA 2,177 2,303 1.3 162,795 China Merchants Bank Co., Ltd. Cl. H 1,664 1,719 0.9 Tobacco 6,099 HDFC Bank Limited ADR 568 553 0.3 38,026 British American Tobacco PLC 1,865 1,827 1.0 122,981 Itau Unibanco Holding SA 28,051 Philip Morris International Inc. 3,214 3,448 1.9 Preferred ADR 979 917 0.5 5,079 5,275 2.9 110,995 Sberbank of Russia PJSC ADR 2,166 2,297 1.3 14,669 15,503 8.6

Diversiﬁed Financial Services Total Investments 147,628 165,355 91.9 110,007 Bank of America Corporation 4,375 5,625 3.1 Foreign Exchange Contracts (a) (3) - Other Assets Less Liabilities 14,642 8.1 Food Products Net Assets Attributable to Holders of 11,376 Nestlé SA 1,726 1,757 1.0 Redeemable Units 179,994 100.0

Health Care Providers & Services 5,523 Humana Inc. 3,054 3,032 1.7 15,766 UnitedHealth Group Incorporated 7,045 7,830 4.3 (a) Foreign Exchange Contracts 10,099 10,862 6.0 SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Household Durables Jul 2, 2021 CAD 190 DKK 961 0.19729 $ - 5,321 Lennar Corporation Cl. A 635 656 0.4 1.46720 to Jul 2, 2021 CAD 939 EUR 640 1.46720 (1) Interactive Media & Services 1.71160 to 3,752 Alphabet Inc. Cl. C 9,582 11,662 6.5 Jul 2, 2021 CAD 491 GBP 287 1.71160 - 18,377 Facebook, Inc. Cl. A 6,690 7,924 4.4 1.23599 to 16,272 19,586 10.9 Jul 2, 2021 CAD 631 USD 510 1.23742 (2) Jul 2, 2021 USD 53 CAD 66 0.80813 - Internet & Direct Marketing Retail $ (3) 4,041 Alibaba Group Holding Limited ADR 1,139 1,136 0.6 1,126 Amazon.com, Inc. 4,794 4,804 2.7 Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; —State Street Trust Company Canada; Rating AA-; 5,933 5,940 3.3 Source—Standard & Poor's Credit Rating Agency

IT Services 13,020 Visa Inc. Cl. A 3,505 3,776 2.1

Media 6,078 Charter Communications, Inc. Cl. A 5,017 5,438 3.0

Metals & Mining 50,366 ArcelorMittal SA 1,704 1,921 1.1 28,305 ArcelorMittal SA NY Registered Shares 1,010 1,090 0.6 592,231 Glencore PLC 3,080 3,146 1.7 18,376 Newmont Corporation 1,611 1,444 0.8 188,193 Vale SA ADR 4,512 5,324 3.0 11,917 12,925 7.2

Multiline Retail 25,532 Target Corporation 6,409 7,654 4.3

Oil, Gas & Consumable Fuels 51,786 Exxon Mobil Corporation 4,061 4,051 2.2 14,360 Lukoil PJSC ADR 1,640 1,638 0.9 83,645 Occidental Petroleum Corporation 3,148 3,244 1.8 175,780 Petroleo Brasileiro SA - Petrobras ADR 2,446 2,666 1.5 94,142 Rosneft Oil Company PJSC GDR 891 904 0.5 12,186 12,503 6.9

Pharmaceuticals 43,899 AstraZeneca PLC 5,852 6,527 3.6 35,278 AstraZeneca PLC ADR 2,382 2,621 1.5 7,891 Eli Lilly and Company 1,728 2,246 1.2 35,878 Novo Nordisk A/S Cl. B 3,329 3,721 2.1 13,291 15,115 8.4

88 GQG PARTNERS GLOBAL QUALITY EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Portfolio by Industry Exposure JUNE 30, 2021 JUNE 30 DEC. 31 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT 2021 (%) 2020 (%) MARKETS FOR OBSERVABLE UNOBSERVABLE Equities IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Aerospace & Defense - 2.0 ($000) ($000) ($000) ($000) Automobiles 3.1 1.0 Capital Markets 3.8 2.2 Equities 128,128 37,227 - 165,355 Chemicals - 1.6 Total Investments 128,128 37,227 - 165,355 Commercial Banks 8.6 3.6 Diversified Financial Services 3.1 3.2 Foreign Exchange Electric Utilities - 2.0 Contracts, Net - (3) - (3) Electrical Equipment - 0.8 Equity Real Estate Investment Trusts (REITs) - 1.7 Food Products 1.0 4.0 DECEMBER 31, 2020 Health Care Equipment & Supplies - 3.7 QUOTED PRICES SIGNIFICANT Health Care Providers & Services 6.0 6.2 IN ACTIVE OTHER SIGNIFICANT Household Durables 0.4 - MARKETS FOR OBSERVABLE UNOBSERVABLE Household Products - 3.7 IDENTICAL INPUTS INPUTS Insurance - 2.5 ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Interactive Media & Services 10.9 9.5 ($000) ($000) ($000) ($000) Internet & Direct Marketing Retail 3.3 6.4 Equities 80,515 23,877 - 104,392 IT Services 2.1 7.2 Total Investments 80,515 23,877 - 104,392 Media 3.0 - Metals & Mining 7.2 0.9 Foreign Exchange Multiline Retail 4.3 - Contracts, Net - (1) - (1) Multi-Utilities - 0.9 Oil, Gas & Consumable Fuels 6.9 - Bridgehouse Asset Managers subscribes to the services of a third-party valuation Pharmaceuticals 8.4 12.4 service provider to provide fair value adjustments, where applicable, to the prices Semiconductors & Semiconductor Equipment 5.3 2.5 Software 6.8 14.2 of foreign securities due to changes in the value of securities in North American Technology Hardware, Storage & Peripherals 4.8 5.1 markets following the closure of the foreign markets. The parameters used to Tobacco 2.9 - apply the fair value adjustments are based on observable market data, and as Total investments 91.9 97.3 such, the foreign securities are considered Level 2 priced securities. Foreign exchange contracts, net - - During the six months ended June 30, 2021 and the period ended December 31, Total financial instruments at fair value 91.9 97.3 2020, there were no significant transfers between Level 1 and 2. Total other assets less liabilities at cost or amortized cost 8.1 2.7 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 FINANCIAL INSTRUMENTS RISKS The investment objective of the GQG Partners Global Quality Equity Fund is to Portfolio by Country Exposure seek long term capital appreciation by investing primarily in the equity securities JUNE 30 DEC. 31 of issuers based around the globe. 2021 (%) 2020 (%) Equities Brazil 6.3 0.9 Market Price Risk China 0.9 2.8 As at June 30, 2021, if the Fund’s benchmark (MSCI All Country World Index) Denmark 2.1 3.3 increased or decreased by 10%, with all other variables held constant, the net France 1.3 3.4 assets of the Fund would have increased or decreased, respectively, by Germany 3.1 1.0 approximately $16.5 million (December 31, 2020—$10.4 million) or 9.2% Hong Kong 0.6 - (December 31, 2020—9.7%) of total net assets. This impact is estimated based India 0.3 - Italy - 2.0 on the historical correlation between the return of Series I units of the Fund as Luxembourg 1.7 - compared to the return of the Fund’s benchmark. In practice, the historical Netherlands 1.9 - correlation may not be representative of the future correlation and, accordingly, Russia 2.7 0.6 the impact on net assets could be materially different. South Korea - 1.2 Spain 3.0 2.0 Switzerland 2.7 4.5 Foreign Currency Risk Taiwan 2.4 - The tables below indicate the currencies to which the Fund had significant United Kingdom 6.1 4.3 exposure on its financial instruments as at June 30, 2021 and December 31, United States 56.8 71.3 2020 in Canadian dollar terms, including the underlying principal of forward Total investments 91.9 97.3 exchange contracts, if any. Foreign exchange contracts, net - - Total financial instruments at fair value 91.9 97.3 JUNE 30, 2021 Total other assets less liabilities at cost or amortized cost 8.1 2.7 INVESTMENTS CASH OTHER NET TOTAL Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 CURRENCY ($000) ($000) ASSETS ($000) ($000) Danish Krone 3,721 - 7 3,728 Euro 18,529 - 13 18,542 Hong Kong Dollar 1,720 - - 1,720 Pound Sterling 11,500 - - 11,500 Swiss Franc 1,757 - 15 1,772 U.S. Dollar 128,128 19 8,752 136,899 Total 165,355 19 8,787 174,161 % of Net Assets 91.9 - 4.9 96.8

The notes at the back of this document are an integral part of these ﬁnancial statements. 89 GQG PARTNERS GLOBAL QUALITY EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

DECEMBER 31, 2020 DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL AMOUNTS CURRENCY ($000) ($000) ASSETS ($000) ($000) PRESENTED IN Danish Krone 3,528 - - 3,528 THE STATEMENT Euro 9,046 - - 9,046 OF FINANCIAL Hong Kong Dollar 2,998 - - 2,998 POSITION AMOUNTS ELIGIBLE FOR OFFSET NET Pound Sterling 3,538 - - 3,538 FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH Swiss Franc 4,768 - - 4,768 AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL U.S. Dollar 80,514 19 (442) 80,091 Receivable for open Total 104,392 19 (442) 103,969 foreign currency spot or exchange % of Net Assets 97.3 - (0.4) 96.9 contracts 9 (9) - - Payable for open foreign currency As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% spot or exchange (December 31, 2020—2%) in relation to all foreign currencies, with all other contracts (10) 9 - (1) variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $8.7 million (December 31, 2020—$2.1 million) or 4.8% (December 31, 2020—1.9%) of total net assets. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

JUNE 30, 2021 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts - - - - Payable for open foreign currency spot or exchange contracts (3) - - (3)

90 The notes at the back of this document are an integral part of these ﬁnancial statements. GQG PARTNERS INTERNATIONAL QUALITY 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 48,031 $ 24,049 Cash 1,075 1,617 Receivable for redeemable unit subscriptions 498 32 Receivable from securities sold 225 70 Dividends and accrued interest receivable 85 12 Receivable for open foreign currency spot or forward contracts - 1 49,914 25,781

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 27 1,169 Payable for redeemable unit redemptions 312 - Payable for open foreign currency spot or forward contracts - 5 339 1,174

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 49,575 $ 24,607 Cost of investments 43,396 23,502

Net assets attributable to holders of redeemable units, Series A $ 1,039 $ 425 Number of redeemable units outstanding, Series A 97 43 Net assets attributable to holders of redeemable units per unit, Series A 10.74 9.99 Net assets attributable to holders of redeemable units per unit, Series A (USD) 8.66 7.84

Net assets attributable to holders of redeemable units, Series F $ 25,882 $ 9,664 Number of redeemable units outstanding, Series F 2,389 965 Net assets attributable to holders of redeemable units per unit, Series F 10.83 10.01 Net assets attributable to holders of redeemable units per unit, Series F (USD) 8.73 7.86

Net assets attributable to holders of redeemable units, Series I $ 22,654 $ 14,518 Number of redeemable units outstanding, Series I 2,075 1,446 Net assets attributable to holders of redeemable units per unit, Series I 10.92 10.04 Net assets attributable to holders of redeemable units per unit, Series I (USD) 8.81 7.88

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

91 GQG PARTNERS INTERNATIONAL QUALITY EQUITY FUND

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 502 Management Fee Rebates income 3 Net realized gain (loss) on sale of investments (913) Net change in unrealized appreciation (depreciation) of investments 4,088 Net gain (loss) on investments 3,680

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (33) Net change in unrealized appreciation (depreciation) of foreign exchange contracts 4 Net gain (loss) on derivatives (29)

Net realized gain (loss) on foreign currencies (1) Net change in unrealized appreciation (depreciation) of foreign currencies (3) Total net income (loss) 3,647

EXPENSES (note 6) Management fees 86 Audit 2 Independent review committee 1 Custody and fund accounting 10 Filing fees 13 Unitholder reporting 1 Administration and transfer agent fees 20 Foreign withholding taxes 54 Transaction costs (note 3) 59 246 Expenses absorbed (26) Total expenses net of absorption 220

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 64 Series F 1,608 Series I 1,755 TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 3,427

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 0.78 Series F 0.93 Series I 0.99

The accompanying notes are an integral part of these ﬁnancial statements.

92 GQG PARTNERS INTERNATIONAL QUALITY EQUITY FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 64 1,608 1,755 3,427

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - (3) - (3) - (3) - (3)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 553 15,621 6,691 22,865 Reinvested distributions to holders of redeemable units - 3 - 3 Payments for redeemable units redeemed (3) (1,011) (310) (1,324) 550 14,613 6,381 21,544

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 614 16,218 8,136 24,968

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 1,039 $ 25,882 $ 22,654 $ 49,575

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 42,533 964,989 1,445,819 Redeemable units issued for cash 54,418 1,521,060 657,533 Redeemable units issued for reinvested distributions 1 295 - Net redeemable units transferred in/(out) - (3) - Redeemable units redeemed (249) (96,961) (28,809) BALANCE, END OF PERIOD 96,703 2,389,380 2,074,543

The accompanying notes are an integral part of these ﬁnancial statements.

93 GQG PARTNERS INTERNATIONAL QUALITY EQUITY FUND

STATEMENT OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 3,427

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments 913 Net change in unrealized (appreciation) depreciation of investments (4,088) Net change in unrealized (appreciation) depreciation of foreign exchange contracts (4) Purchase of investments (36,104) Proceeds from sale of investments 14,000 (21,856)

CHANGE IN NON-CASH WORKING CAPITAL (73)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 22,399 Amounts paid on redemption of redeemable units (1,012) 21,387

NET INCREASE (DECREASE) IN CASH (542)

CASH—BEGINNING OF PERIOD 1,617

CASH—END OF PERIOD 1,075

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 375

The accompanying notes are an integral part of these ﬁnancial statements.

94 GQG PARTNERS INTERNATIONAL QUALITY EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Air Freight & Logistics Oil, Gas & Consumable Fuels 2,756 DSV Panalpina A/S $ 619 $ 797 1.6 33,679 INPEX Corporation $ 316 $ 313 0.6 5,759 Lukoil PJSC ADR 599 657 1.3 Automobiles 59,970 Petroleo Brasileiro SA - Petrobras ADR 837 909 1.8 9,451 Daimler AG 1,035 1,046 2.1 55,802 Rosneft Oil Company PJSC GDR 515 536 1.1 3,784 Volkswagen AG Preferred 1,016 1,176 2.4 9,794 TotalEnergies SE 580 550 1.1 2,051 2,222 4.5 2,847 2,965 5.9

Biotechnology Personal Products 1,685 Genmab A/S 815 855 1.7 1,498 L'Oréal SA 717 829 1.7

Capital Markets Pharmaceuticals 8,193 London Stock Exchange Group PLC 1,154 1,120 2.3 18,915 AstraZeneca PLC 2,463 2,812 5.7 1,649 AstraZeneca PLC ADR 111 123 0.2 Chemicals 16,287 Novo Nordisk A/S Cl. B 1,468 1,689 3.4 4,518 Air Liquide SA 945 982 2.0 4,042 4,624 9.3

Commercial Banks Semiconductors & Semiconductor Equipment 127,050 Banco Bilbao Vizcaya Argentaria SA 821 977 2.0 3,391 ASML Holding NV 2,162 2,901 5.9 102,126 Banco Bradesco SA ADR 605 650 1.3 10,471 Taiwan Semiconductor Manufacturing 126,432 Banco Santander, SA 529 599 1.2 Company, Ltd. ADR 1,475 1,560 3.1 12,811 BNP Paribas SA 964 996 2.0 3,637 4,461 9.0 50,219 China Merchants Bank Co., Ltd. Cl. H 506 530 1.1 36,354 Credit Agricole SA 619 632 1.3 Specialty Retail 1,801 HDFC Bank Limited ADR 174 163 0.3 14,414 Industria de Diseno Textil, SA 680 630 1.3 29,676 ICICI Bank Limited ADR 576 629 1.3 61,664 Itau Unibanco Holding SA Technology Hardware, Storage & Peripherals Preferred ADR 485 460 0.9 1,257 NVIDIA Corporation 913 1,247 2.5 6,730 Royal Bank of Canada 782 845 1.7 555 Samsung Electronics Co., Ltd. GDR 1,208 1,228 2.5 40,609 Sberbank of Russia PJSC ADR 767 841 1.7 2,121 2,475 5.0 6,828 7,322 14.8 Textiles, Apparel & Luxury Goods Diversiﬁed Consumer Services 5,224 Compagnie Financiere Richemont SA 5,100 Evolution AB 675 1,000 2.0 Series A Registered Shares 773 785 1.6

Diversiﬁed Telecommunications Services Tobacco 17,841 Cellnex Telecom, SA 1,270 1,410 2.8 28,144 British American Tobacco PLC 1,344 1,352 2.7 8,510 Philip Morris International Inc. 939 1,046 2.1 Electric Utilities 62,072 Swedish Match AB 645 656 1.3 29,762 Enel SPA 376 343 0.7 2,928 3,054 6.1 Electrical Equipment 3,766 Schneider Electric SE 689 736 1.5 Total Investments 43,396 48,031 96.9 Food Products Foreign Exchange Contracts (a) - - 3,981 Nestlé SA 576 615 1.2 Other Assets Less Liabilities 1,544 3.1 Net Assets Attributable to Holders of Insurance Redeemable Units 49,575 100.0 1,843 Aon PLC Cl. A 507 546 1.1

Interactive Media & Services 285 Alphabet Inc. Cl. A 723 863 1.7 (a) Foreign Exchange Contracts 264 Alphabet Inc. Cl. C 673 820 1.7 SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED 4,539 Tencent Holdings Limited 443 424 0.9 DATE CURRENCY CURRENCY PRICE GAIN (LOSS) 1,839 2,107 4.3 1.23742 to Jul 2, 2021 CAD 66 USD 53 1.23742 $ - Internet & Direct Marketing Retail 89.45305 to 1,217 Alibaba Group Holding Limited ADR 343 342 0.7 Jul 2, 2021 JPY 833 CAD 9 89.45307 - Jul 2, 2021 USD 15 CAD 18 0.80813 - IT Services 2,649 Accenture PLC Cl. A 875 968 2.0 $ - 169 Adyen NV 511 514 1.0 Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; Source—Standard & 1,903 Afterpay Limited 228 209 0.4 Poor's Credit Rating Agency 2,444 Capgemini SE 499 582 1.2 1,996 Visa Inc. Cl. A 535 579 1.2 2,648 2,852 5.8

Life Sciences Tools & Services 550 Lonza Group AG 443 483 1.0

Metals & Mining 7,542 Anglo American PLC 379 371 0.7 15,130 ArcelorMittal SA 525 577 1.2 17,771 ArcelorMittal SA NY Registered Shares 646 685 1.4 208,625 Glencore PLC 1,016 1,108 2.2 61,343 Vale SA ADR 1,307 1,735 3.5 3,873 4,476 9.0

95 GQG PARTNERS INTERNATIONAL QUALITY EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

DECEMBER 31, 2020 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Equities 7,709 16,340 - 24,049 Total Investments 7,709 16,340 - 24,049 Foreign Exchange Contracts, Net - (4) - (4)

During the six months ended June 30, 2021 and the period ended December 31, 2020, there were no signiﬁcant transfers between Level 1 and 2.

96 The notes at the back of this document are an integral part of these ﬁnancial statements. GQG PARTNERS INTERNATIONAL QUALITY EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

FINANCIAL INSTRUMENTS RISKS OFFSETTING OF FINANCIAL INSTRUMENTS The investment objective of the GQG Partners International Quality Equity Fund is The fund enters into various master netting agreements or other similar to seek long term capital appreciation by investing primarily in the equity agreements that do not meet the criteria for offsetting in the Statements of securities of non-U.S. issuers, which may include issuers from emerging markets. Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts. The following table presents financial instruments that are offset, or subject to enforceable Market Price Risk master netting agreements or other similar agreements but that are not offset, as As at June 30, 2021, if the Fund’s benchmark (MSCI All Country World ex-USA at June 30, 2021 and December 31, 2020. The ‘Net’ column shows what the Index) increased or decreased by 10%, with all other variables held constant, the impact on the Fund’s Statements of Financial Position would be if all set-off rights net assets of the Fund would have increased or decreased, respectively, by were exercised. approximately $4.8 million (December 31, 2020—$2.4 million) or 9.7% (December 31, 2020—9.8%) of total net assets. This impact is estimated based JUNE 30, 2021 on the historical correlation between the return of Series I units of the Fund as AMOUNTS compared to the return of the Fund’s benchmark. In practice, the historical PRESENTED IN correlation may not be representative of the future correlation and, accordingly, THE STATEMENT the impact on net assets could be materially different. OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH Foreign Currency Risk AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL The tables below indicate the currencies to which the Fund had significant Receivable for open exposure on its financial instruments as at June 30, 2021 and December 31, foreign currency spot or exchange 2020 in Canadian dollar terms, including the underlying principal of forward contracts - - - - exchange contracts, if any. Payable for open foreign currency JUNE 30, 2021 spot or exchange INVESTMENTS CASH OTHER NET TOTAL contracts - - - - CURRENCY ($000) ($000) ASSETS ($000) ($000) Australian Dollar 209 - - 209 Danish Krone 3,342 - 2 3,344 DECEMBER 31, 2020 Euro 15,478 - 143 15,621 AMOUNTS Hong Kong Dollar 954 - - 954 PRESENTED IN Japanese Yen 313 - 5 318 THE STATEMENT Pound Sterling 6,765 - - 6,765 OF FINANCIAL Swedish Krona 1,656 - - 1,656 POSITION AMOUNTS ELIGIBLE FOR OFFSET NET Swiss Franc 1,882 - 6 1,888 FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH U.S. Dollar 16,587 (4) 89 16,672 AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Total 47,186 (4) 245 47,427 Receivable for open foreign currency % of Net Assets 95.2 - 0.5 95.7 spot or exchange contracts 1 (1) - - Payable for open DECEMBER 31, 2020 foreign currency spot or exchange INVESTMENTS CASH OTHER NET TOTAL contracts (5) 1 - (4) CURRENCY ($000) ($000) ASSETS ($000) ($000) Danish Krone 2,142 - - 2,142 Euro 7,738 - - 7,738 Hong Kong Dollar 1,344 - - 1,344 Japanese Yen 286 - - 286 Pound Sterling 2,664 - 8 2,672 Swedish Krona 831 - - 831 Swiss Franc 1,661 - - 1,661 U.S. Dollar 7,137 - (58) 7,079 Total 23,803 - (50) 23,753 % of Net Assets 96.7 - (0.2) 96.5

As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% (December 31, 2020—2%) in relation to all foreign currencies, with all other variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $2.4 million (December 31, 2020—$0.5 million) or 4.8% (December 31, 2020—1.9%) of total net assets. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

The notes at the back of this document are an integral part of these ﬁnancial statements. 97 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 35,812 $ 44,079 Cash 7 180 Receivable for redeemable unit subscriptions 6 54 Receivable from securities sold 1,075 - Dividends and accrued interest receivable 158 242 Receivable for open foreign currency spot or forward contracts 18 56 37,076 44,611

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 456 - Payable for redeemable unit redemptions 25 1 Payable for open foreign currency spot or forward contracts 2 16 483 17

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 36,593 $ 44,594 Cost of investments 34,604 44,433

Net assets attributable to holders of redeemable units, Series A $ 27,987 $ 33,083 Number of redeemable units outstanding, Series A 2,507 3,078 Net assets attributable to holders of redeemable units per unit, Series A 11.16 10.75 Net assets attributable to holders of redeemable units per unit, Series A (USD) 9.00 8.44

Net assets attributable to holders of redeemable units, Series F $ 7,433 $ 10,091 Number of redeemable units outstanding, Series F 637 904 Net assets attributable to holders of redeemable units per unit, Series F 11.67 11.16 Net assets attributable to holders of redeemable units per unit, Series F (USD) 9.41 8.77

Net assets attributable to holders of redeemable units, Series I $ - $ - Number of redeemable units outstanding, Series I - - Net assets attributable to holders of redeemable units per unit, Series I 11.39 10.83

Net assets attributable to holders of redeemable units, Series AH $ 886 $ 1,032 Number of redeemable units outstanding, Series AH 84 106 Net assets attributable to holders of redeemable units per unit, Series AH 10.57 9.77

Net assets attributable to holders of redeemable units, Series FH $ 286 $ 387 Number of redeemable units outstanding, Series FH 26 38 Net assets attributable to holders of redeemable units per unit, Series FH 11.06 10.16

Net assets attributable to holders of redeemable units, Series IH $ 1 $ 1 Number of redeemable units outstanding, Series IH - - Net assets attributable to holders of redeemable units per unit, Series IH 10.72 9.79

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

98 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 723 $ 511 Management Fee Rebates income 18 13 Net realized gain (loss) on sale of investments 849 (842) Net change in unrealized appreciation (depreciation) of investments 1,562 (2,415) Net gain (loss) on investments 3,152 (2,733)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 75 7 Net change in unrealized appreciation (depreciation) of foreign exchange contracts (24) 19 Net gain (loss) on derivatives 51 26

Net realized gain (loss) on foreign currencies (11) (58) Net change in unrealized appreciation (depreciation) of foreign currencies (7) 14 Total net income (loss) 3,185 (2,751)

EXPENSES (note 6) Management fees 329 225 Legal - 1 Audit 3 5 Interest expense 3 - Independent review committee 1 2 Custody and fund accounting 22 20 Filing fees 25 26 Unitholder reporting 2 5 Administration and transfer agent fees 46 85 Foreign withholding taxes 105 65 Transaction costs (note 3) 28 50 564 484 Expenses absorbed (44) (104) Total expenses net of absorption 520 380

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 1,958 $ (1,713) Series F 574 (1,098) Series I - (159) Series AH 99 (52) Series FH 34 (110) Series IH - 1 TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 2,665 (3,131)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 0.71 $ (1.06) Series F 0.79 (1.24) Series I 0.85 (1.62) Series AH 1.06 (0.90) Series FH 1.16 (1.29) Series IH 1.19 (1.32)

The accompanying notes are an integral part of these ﬁnancial statements.

99 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 1,958 (1,713) 574 (1,098) - (159)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (842) (352) (222) (184) - (18) (842) (352) (222) (184) - (18)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 230 32,796 104 8,780 - - Reinvested distributions to holders of redeemable units 644 281 154 153 - 16 Net proceeds/(payments) from/for redeemable units transferred in/(out) (96) (102) 96 102 - - Payments for redeemable units redeemed (6,990) (3,017) (3,364) (3,653) - (1,333) (6,212) 29,958 (3,010) 5,382 - (1,317)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (5,096) 27,893 (2,658) 4,100 - (1,494)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 27,987 $ 41,519 $ 7,433 $ 14,147 $ $- -

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 3,077,702 1,085,501 903,949 780,626 31 121,003 Redeemable units issued for cash 21,155 2,976,038 9,158 772,719 - 30 Redeemable units issued for reinvested distributions 59,036 26,298 13,585 13,928 1 1,495 Net redeemable units transferred in/(out) (8,821) (9,212) 8,465 8,960 - - Redeemable units redeemed (642,043) (274,823) (298,273) (319,888) - (122,498) BALANCE, END OF PERIOD 2,507,029 3,803,802 636,884 1,256,345 32 30

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 99 (52) 34 (110) - 1

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (25) (11) (8) (18) - - (25) (11) (8) (18) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2 1,033 8 1,894 - - Reinvested distributions to holders of redeemable units 20 10 5 16 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) ------Payments for redeemable units redeemed (242) (63) (140) (1,408) - - (220) 980 (127) 502 - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (146) 917 (101) 374 - 1

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 886 $ 1,285 $ 286 $ 1,168 $ 1 $ 1

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 105,620 31,439 38,110 65,273 72 38 Redeemable units issued for cash 177 106,009 798 186,792 - 30 Redeemable units issued for reinvested distributions 1,972 1,048 446 1,628 1 1 Net redeemable units transferred in/(out) ------Redeemable units redeemed (23,969) (6,343) (13,545) (138,827) - - BALANCE, END OF PERIOD 83,800 132,153 25,809 114,866 73 69

100 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED) (CONTINUED)

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 44,594 $ 26,329

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 2,665 (3,131)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (1,097) (583) (1,097) (583)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 344 44,503 Reinvested distributions to holders of redeemable units 823 476 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (10,736) (9,474) (9,569) 35,505

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (8,001) 31,791

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 36,593 $ 58,120

The accompanying notes are an integral part of these ﬁnancial statements.

101 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 2,665 $ (3,131)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (849) 842 Net change in unrealized (appreciation) depreciation of investments (1,562) 2,415 Net change in unrealized (appreciation) depreciation of foreign exchange contracts 24 (19) Purchase of investments (19,590) (62,797) Proceeds from sale of investments 29,649 32,880 10,337 (29,810)

CHANGE IN NON-CASH WORKING CAPITAL 84 (341)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 392 38,938 Distributions to holders of redeemable units (274) (107) Amounts paid on redemption of redeemable units (10,712) (9,350) (10,594) 29,481

NET INCREASE (DECREASE) IN CASH (173) (670)

CASH—BEGINNING OF PERIOD 180 715

CASH—END OF PERIOD 7 45

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 702 105 Non-cash purchases arising from fund mergers - 5,566 SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO FINANCING ACTIVITIES Non-cash proceeds from issuance of redeemable units arising from fund mergers - 5,566

The accompanying notes are an integral part of these ﬁnancial statements.

102 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Aerospace & Defense Electric Utilities 384 Huntington Ingalls Industries, Inc. $ 87 $ 100 0.3 1,143 Ameren Corporation $ 108 $ 113 0.3 773 Lockheed Martin Corporation 412 363 1.0 1,714 American Electric Power Company, Inc. 178 180 0.5 506 Northrop Grumman Corporation 235 228 0.6 6,000 Chubu Electric Power Co., Inc. 108 91 0.2 1,098 Sturm, Ruger & Company, Inc. 91 123 0.3 14,000 CLP Holdings Limited 179 172 0.5 825 814 2.2 1,167 Consolidated Edison, Inc. 120 104 0.3 10,100 Electric Power Development Co., Ltd. 240 179 0.5 Beverages 1,654 Evergy, Inc. 120 124 0.3 24,264 Orkla ASA 309 306 0.8 883 Eversource Energy 108 88 0.2 1,126 PepsiCo, Inc. 203 207 0.6 10,727 Hydro One Limited 309 321 0.9 7,885 Iberdrola SA 133 119 0.3 512 513 1.4 2,342 Portland General Electric Company 142 134 0.4 2,830 PPL Corp. 100 98 0.3 Biotechnology 13,100 The Kansai Electric Power 797 Amgen Inc. 234 241 0.7 Company, Incorporated 180 155 0.4 253 IDEXX Laboratories, Inc. 135 198 0.5 24,700 Tohoku Electric Power Co., Inc. 328 240 0.7 72 Mettler-Toledo International Inc. 92 124 0.3 720 United Therapeutics Corporation 157 160 0.4 2,353 2,118 5.8 346 Vertex Pharmaceuticals Inc. 91 86 0.2 Electrical Equipment 709 809 2.1 144 Generac Holdings Inc. 56 74 0.2 Capital Markets Electronic Equipment, Instruments & Components 3,186 Flow Traders 144 170 0.5 793 Badger Meter, Inc. 95 96 0.3 150 S&P Global Inc. 65 76 0.2 406 CDW Corporation 87 88 0.2 1,647 The Bank of New York 778 Dolby Laboratories Inc. Cl. A 99 95 0.3 Mellon Corporation 81 105 0.3 803 Keysight Technologies, Inc. 148 154 0.4 290 351 1.0 429 433 1.2 Commercial Banks Entertainment 14,573 HSBC Holdings PLC 106 104 0.3 1,253 Activision Blizzard, Inc. 145 148 0.4 32,100 Japan Post Bank Co., Ltd. 333 335 0.9 15,500 Mizuho Financial Group, Inc. 276 275 0.8 22,000 Resona Holdings, Inc. 111 105 0.3 Equity Real Estate Investment Trusts (REITs) 20,700 The Hachijuni Bank, Ltd. 103 83 0.2 29 Advance Residence Investment 1,057 The Toronto-Dominion Bank 86 92 0.2 Corporation 112 120 0.3 332 American Tower Corporation 100 111 0.3 1,015 994 2.7 34,683 Charter Hall Long WALE REIT 160 153 0.4 541 Cofinimmo SA 103 102 0.3 Commercial Services & Supplies 600 Coresite Realty Corporation 87 100 0.3 2,832 Republic Services, Inc. 334 386 1.1 986 Crown Castle International Corp. 221 239 0.7 133 Daiwa Securities Living Investments Communications Equipment Corporation 156 179 0.5 2,309 Cisco Systems, Inc. 143 152 0.4 12,630 Dexus 123 125 0.3 844 Motorola Solutions, Inc. 189 227 0.6 1,079 Extra Space Storage Inc. 155 219 0.6 6,407 Telefonaktiebolaget LM Ericsson Series 59 Japan Logistics Fund, Inc. 223 220 0.6 B 102 100 0.3 15 Japan Real Estate Investment 434 479 1.3 Corporation 107 114 0.3 1,312 Life Storage, Inc. 165 175 0.5 Construction & Engineering 1,009 Public Storage, Inc. 282 376 1.0 7,735 Kandenko Co., Ltd. 99 75 0.2 1,354 Realty Income Corporation 106 112 0.3 10,000 Shimizu Corporation 95 95 0.3 978 W.P. Carey Inc. 90 91 0.2 194 170 0.5 53,451 Waypoint REIT 125 130 0.4 2,315 2,566 7.0 Construction Materials 202 Martin Marietta Materials, Inc. 88 88 0.2 Food & Staples Retailing 6,884 Axfood AB Series B 207 236 0.6 Containers & Packaging 6,473 Empire Company Limited Cl. A 237 253 0.7 12,900 Rengo Co., Ltd. 135 133 0.4 57,082 J Sainsbury PLC 196 266 0.7 5,030 Koninklijke Ahold Delhaize NV 172 186 0.5 Diversified Consumer Services 3,268 Loblaw Companies Limited 210 249 0.7 3,000 Benesse Holdings, Inc. 79 92 0.3 5,928 Metro Inc. 344 352 0.9 3,042 H&R Block, Inc. 88 89 0.2 4,324 The Kroger Co. 195 206 0.6 3,914 Service Corporation International 251 260 0.7 2,436 Walmart Inc. 413 426 1.2 418 441 1.2 1,581 Weis Markets, Inc. 110 101 0.3 2,084 2,275 6.2 Diversified Financial Services 929 Cboe Global Markets, Inc. 122 137 0.4 Food Products 27,600 Singapore Exchange Limited 238 285 0.8 4,300 Ajinomoto Co., Inc. 100 138 0.4 2,408 Virtu Financial, Inc. Cl. A 94 83 0.2 3,591 Flowers Foods, Inc. 108 108 0.3 454 505 1.4 3,616 General Mills, Inc. 302 273 0.7 956 George Weston Limited 95 113 0.3 3,847 Hormel Foods Corporation 247 228 0.6 Diversified Telecommunications Services 4,583 Kellogg Company 391 366 1.0 4,520 AT&T Inc. 194 161 0.4 1,486 The Hershey Company 277 321 0.9 2,224 BCE Inc. 129 136 0.4 617 The J.M. Smucker Company 101 99 0.3 2,800 Nippon Telegraph and Telephone 2,451 Unilever PLC 176 177 0.5 Corporation 90 91 0.2 23,214 Orange SA 361 328 0.9 1,797 1,823 5.0 239 Swisscom AG 165 169 0.5 15,657 Telenor ASA 337 327 0.9 Gas Utilities 951 TELUS Corporation 22 26 0.1 7,100 Osaka Gas Co., Ltd. 192 164 0.4 7,332 Verizon Communications Inc. 553 510 1.4 1,009 Southwest Gas Holdings, Inc. 85 83 0.2 1,851 1,748 4.8 7,400 Tokyo Gas Co., Ltd. 204 173 0.5 481 420 1.1

103 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Health Care Equipment & Supplies Media 794 Coloplast A/S Series B $ 175 $ 162 0.4 854 Cogeco Communications Inc. $ 85 $ 103 0.3 3,098 Fisher & Paykel Healthcare 1,105 Comcast Corporation Cl. A 61 78 0.2 Corporation Limited 83 83 0.2 1,245 Omnicom Group Inc. 104 123 0.3 648 Quidel Corporation 87 103 0.3 9,731 Quebecor Inc. Cl. B 318 322 0.9 679 Resmed Inc. 177 208 0.6 3,165 The Interpublic Group of 418 Waters Corporation 144 179 0.5 Companies, Inc. 97 128 0.3 666 735 2.0 665 754 2.0

Health Care Providers & Services Metals & Mining 2,690 CVS Health Corporation 234 278 0.8 3,965 BHP Group PLC 106 145 0.4 1,119 Quest Diagnostics Incorporated 178 183 0.5 4,497 Newcrest Mining Limited 113 106 0.3 304 UnitedHealth Group Incorporated 125 151 0.4 2,258 Newmont Corporation 189 177 0.5 537 612 1.7 1,718 Rio Tinto Limited 203 202 0.5 4,859 Rio Tinto PLC 498 497 1.4 Hotels, Restaurants & Leisure 1,109 1,127 3.1 441 Domino's Pizza, Inc. 233 255 0.7 1,314 La Francaise des Jeux SAEM 75 96 0.2 Multiline Retail 980 McDonald's Corporation 276 281 0.8 564 Costco Wholesale Corporation 240 277 0.8 2,800 McDonald's Holdings Company (Japan), 1,402 Dollar General Corporation 356 376 1.0 Ltd. 219 153 0.4 636 Target Corporation 102 191 0.5 4,300 Sankyo Company, Limited 145 136 0.4 698 844 2.3 948 921 2.5 Multi-Utilities Household Durables 2,140 Dominion Energy, Inc. 199 195 0.5 2,800 Daiwa House Industry Co., Ltd. 103 105 0.3 3,180 MDU Resources Group, Inc. 100 124 0.3 12,700 DCM Holdings Co., Ltd. 200 150 0.4 6,732 National Grid PLC 106 106 0.3 303 255 0.7 1,341 WEC Energy Group, Inc. 158 148 0.4 1,225 Xcel Energy Inc. 104 100 0.3 Household Products 667 673 1.8 1,866 Clorox Company 517 416 1.1 4,397 Colgate-Palmolive Company 440 444 1.2 Oil, Gas & Consumable Fuels 3,008 The Procter & Gamble Company 472 503 1.4 4,238 Cabot Oil & Gas Corporation 86 92 0.2 451 WD-40 Company 163 144 0.4 4,138 Royal Dutch Shell PLC Cl. A 100 102 0.3 1,592 1,507 4.1 186 194 0.5

Independent Power and Renewable Electricity Producers Pharmaceuticals 464 DTE Energy Company 72 75 0.2 521 AmerisourceBergen Corporation 67 74 0.2 2,426 Bristol-Myers Squibb Company 201 201 0.6 Industrial Conglomerates 327 CSL Limited 92 87 0.2 556 3M Company 122 137 0.4 1,149 Eli Lilly and Company 246 327 0.9 7,376 GlaxoSmithKline PLC 167 179 0.5 Insurance 2,473 Johnson & Johnson 500 505 1.4 2,094 Ageas SA/NV 159 144 0.4 4,123 Merck & Co., Inc. 439 398 1.1 113 Alleghany Corporation 96 93 0.3 5,004 Novo Nordisk A/S Cl. B 447 519 1.4 374 Aon PLC Cl. A 98 111 0.3 423 Organon & Co. 17 16 - 500 Chubb Limited 100 99 0.3 905 Roche Holding AG 439 423 1.2 1,112 Mercury General Corporation 84 90 0.2 3,544 Viatris Inc. 77 63 0.2 1,569 Safety Insurance Group, Inc. 164 152 0.4 983 Zoetis Inc. Cl. A 206 227 0.6 1,266 The Hartford Financial Services 2,898 3,019 8.3 Group, Inc. 80 97 0.3 1,588 The Progressive Corporation 168 193 0.5 Professional Services 1,500 Tokio Marine Holdings, Inc. 89 86 0.2 1,957 Thomson Reuters Corporation 233 241 0.7 1,038 1,065 2.9 1,837 Wolters Kluwer NV 197 229 0.6 430 470 1.3 Internet Software & Services 605 Akamai Technologies, Inc. 88 87 0.2 Real Estate Management & Development 1,400 Daito Trust Construction Co., Ltd. 196 189 0.5 IT Services 30,000 Hysan Development Company Limited 118 148 0.4 441 Accenture PLC Cl. A 120 161 0.4 3,267 Medical Properties Trust, Inc. 84 82 0.2 1,444 Automatic Data Processing, Inc. 308 356 1.0 398 419 1.1 2,227 Booz Allen Hamilton Holding Corp. Cl. A 236 235 0.6 577 ExlService Holdings, Inc. 62 76 0.2 Road & Rail 1,041 Jack Henry & Associates, Inc. 259 211 0.6 3,626 Schneider National, Inc. Cl. B 106 98 0.3 1,836 Paychex, Inc. 211 245 0.7 1,196 1,284 3.5 Semiconductors & Semiconductor Equipment 1,732 Intel Corporation 132 121 0.3 Life Sciences Tools & Services 382 Monolithic Power Systems 163 177 0.5 141 Bio-Rad Laboratories, Inc. Cl. A 99 113 0.3 868 Texas Instruments Incorporated 191 207 0.6 194 Sartorius Stedim Biotech SA 110 114 0.3 486 505 1.4 155 Tecan Group AG Registered 90 95 0.3 299 322 0.9 Software 231 Adobe Inc. 139 168 0.5 Machinery 581 Microsoft Corporation 162 195 0.5 1,258 Graco Inc. 109 118 0.3 2,451 Oracle Corporation 194 237 0.6 591 Synopsys Inc. 181 202 0.6 Marine 676 802 2.2 1,128 Matson, Inc. 92 90 0.2

104 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS Specialty Retail 60 AutoZone, Inc. $ 97 $ 111 0.3 7,600 K's Holdings Corporation 126 108 0.3 520 The Home Depot, Inc. 196 206 0.6 419 425 1.2

Textiles, Apparel & Luxury Goods 211 Deckers Outdoor Corporation 83 100 0.3

Thrifts & Mortgage Finance 4,430 Northwest Bancshares, Inc. 78 75 0.2

Tobacco 3,610 Altria Group, Inc. 196 213 0.6 8,316 Imperial Brands PLC 226 222 0.6 2,800 Japan Tobacco Inc. 67 66 0.2 1,525 Philip Morris International Inc. 165 187 0.5 654 688 1.9

Trading Companies & Distributors 7,300 Itochu Corporation 251 261 0.7 5,800 Mitsubishi Corporation 169 197 0.6 420 458 1.3

Water Utilities 504 American Water Works Co., Inc. 103 96 0.3 1,056 California Water Service Group 69 73 0.2 172 169 0.5

Wireless Telecommunications Services 7,300 KDDI Corporation 281 282 0.8 3,244 Rogers Communications Inc. Cl. B 197 214 0.6 478 496 1.4

Total Investments 34,604 35,812 97.9 Foreign Exchange Contracts (a) 16 - Other Assets Less Liabilities 765 2.1 Net Assets Attributable to Holders of Redeemable Units 36,593 100.0

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 2, 2021 CAD 52 EUR 36 1.47032 $ - Jul 2, 2021 CAD 130 GBP 76 1.71010 to 1.71298 - Jul 2, 2021 CAD 17 JPY 1,539 0.01115 - Jul 2, 2021 CAD 329 USD 265 1.23927 to 1.24035 - Jul 16, 2021 AUD 4 CAD 4 1.03293 to 1.07398 - Jul 16, 2021 CAD 30 AUD 32 0.93679 to 0.96184 1 Jul 16, 2021 CAD 33 CHF 24 1.34328 to 1.37037 - Jul 16, 2021 CAD 22 DKK 111 0.19743 to 0.20312 - Jul 16, 2021 CAD 56 EUR 38 1.47162 to 1.51009 1 Jul 16, 2021 CAD 75 GBP 43 1.69850 to 1.75282 1 Jul 16, 2021 CAD 11 HKD 69 0.15552 to 0.16290 - Jul 16, 2021 CAD 212 JPY 18,571 0.01114 to 0.01144 5 Jul 16, 2021 CAD 32 NOK 215 0.14659 to 0.14746 1 Jul 16, 2021 CAD 6 NZD 7 0.83333 to 0.90000 - Jul 16, 2021 CAD 12 SEK 83 0.14490 to 0.14844 - Jul 16, 2021 CAD 10 SGD 11 0.91758 to 0.94140 - Jul 16, 2021 CAD 729 USD 581 1.23381 to 1.25459 8 Jul 16, 2021 CHF 7 CAD 10 0.72926 to 0.74491 - Jul 16, 2021 DKK 4 CAD 1 5.06353 - Jul 16, 2021 EUR 3 CAD 5 0.67761 to 0.67970 - Jul 16, 2021 GBP 7 CAD 12 0.58087 to 0.58644 - Jul 16, 2021 HKD 4 CAD 1 6.26684 to 6.28605 - Jul 16, 2021 JPY 4,886 CAD 56 86.56339 to 90.17054 (1) Jul 16, 2021 NOK 74 CAD 11 6.82524 to 6.92924 - Jul 16, 2021 NZD 4 CAD 4 1.13301 to 1.15094 - Jul 16, 2021 SEK 9 CAD 1 6.70038 to 6.89629 - Jul 16, 2021 SGD 1 CAD - 1.09138 to 1.10714 - Jul 16, 2021 USD 32 CAD 40 0.81043 to 0.81313 - $ 16 Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; —State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency

105 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Portfolio by Country Exposure Essentially all of the assets and liabilities of the Fund are financial instruments. JUNE 30 DEC. 31 These financial instruments comprise the following: 2021 (%) 2020 (%) Equities Portfolio by Industry Exposure Australia 2.0 2.3 JUNE 30 DEC. 31 Belgium 0.7 0.7 2021 (%) 2020 (%) Canada 6.7 4.0 Denmark 1.8 2.0 Equities Finland - 0.3 Aerospace & Defense 2.2 2.1 France 1.4 0.3 Auto Components - 0.5 Hong Kong 0.9 1.5 Beverages 1.4 2.0 Ireland 0.4 0.4 Biotechnology 2.1 1.5 Israel - 0.3 Building Products - 0.3 Japan 13.2 15.3 Capital Markets 1.0 2.1 Netherlands 1.9 2.4 Chemicals - 0.7 New Zealand 0.2 0.5 Commercial Banks 2.7 2.0 Norway 1.7 1.7 Commercial Services & Supplies 1.1 2.2 Singapore 0.8 1.4 Communications Equipment 1.3 1.6 Spain 0.3 0.9 Construction & Engineering 0.5 0.4 Sweden 0.9 0.8 Construction Materials 0.2 - Switzerland 2.3 4.1 Containers & Packaging 0.4 1.1 United Kingdom 5.1 3.2 Diversified Consumer Services 1.2 0.6 United States 57.6 56.7 Diversified Financial Services 1.4 1.9 Diversified Telecommunications Services 4.8 5.8 Total investments 97.9 98.8 Electric Utilities 5.8 5.9 Foreign exchange contracts, net - 0.1 Electrical Equipment 0.2 - Total financial instruments at fair value 97.9 98.9 Electronic Equipment, Instruments & Components 1.2 0.5 Total other assets less liabilities at cost or amortized cost 2.1 1.1 Entertainment 0.4 - Equity Real Estate Investment Trusts (REITs) 7.0 3.9 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Food & Staples Retailing 6.2 6.2 Food Products 5.0 4.6 Gas Utilities 1.1 1.3 Health Care Equipment & Supplies 2.0 1.5 FAIR VALUE MEASUREMENTS Health Care Providers & Services 1.7 2.1 Below is a summary of the inputs used as at June 30, 2021 and December 31, Hotels, Restaurants & Leisure 2.5 1.9 2020 in valuing the Fund’s investments carried at fair values. Household Durables 0.7 0.5 Household Products 4.1 5.6 JUNE 30, 2021 Independent Power and Renewable Electricity Producers 0.2 0.3 QUOTED PRICES SIGNIFICANT Industrial Conglomerates 0.4 0.4 IN ACTIVE OTHER SIGNIFICANT Insurance 2.9 2.9 MARKETS FOR OBSERVABLE UNOBSERVABLE Internet Software & Services 0.2 - IDENTICAL INPUTS INPUTS IT Services 3.5 2.5 ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Life Sciences Tools & Services 0.9 - ($000) ($000) ($000) ($000) Machinery 0.3 1.7 Equities 24,827 10,985 - 35,812 Marine 0.2 - Total Investments 24,827 10,985 - 35,812 Media 2.0 3.1 Metals & Mining 3.1 1.7 Foreign Exchange Mortgage Real Estate Investment Trusts (REITs) - 0.3 Contracts, Net - 16 - 16 Multiline Retail 2.3 2.1 Multi-Utilities 1.8 3.1 Oil, Gas & Consumable Fuels 0.5 0.2 DECEMBER 31, 2020 Pharmaceuticals 8.3 11.2 QUOTED PRICES SIGNIFICANT Professional Services 1.3 - IN ACTIVE OTHER SIGNIFICANT Real Estate Management & Development 1.1 1.5 MARKETS FOR OBSERVABLE UNOBSERVABLE Road & Rail 0.3 - IDENTICAL INPUTS INPUTS Semiconductors & Semiconductor Equipment 1.4 - ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Software 2.2 2.0 ($000) ($000) ($000) ($000) Specialty Retail 1.2 1.2 Equities 27,826 16,253 - 44,079 Technology Hardware, Storage & Peripherals - 0.3 Textiles, Apparel & Luxury Goods 0.3 - Total Investments 27,826 16,253 - 44,079 Thrifts & Mortgage Finance 0.2 - Foreign Exchange Tobacco 1.9 1.1 Contracts, Net - 40 - 40 Trading Companies & Distributors 1.3 1.2 Transportation Infrastructure - 0.3 Water Utilities 0.5 0.3 Bridgehouse Asset Managers subscribes to the services of a third-party valuation Wireless Telecommunications Services 1.4 2.6 service provider to provide fair value adjustments, where applicable, to the prices of foreign securities due to changes in the value of securities in North American Total investments 97.9 98.8 Foreign exchange contracts, net - 0.1 markets following the closure of the foreign markets. The parameters used to apply the fair value adjustments are based on observable market data, and as Total financial instruments at fair value 97.9 98.9 such, the foreign securities are considered Level 2 priced securities. Total other assets less liabilities at cost or amortized cost 2.1 1.1 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 During the six months ended June 30, 2021, $0.3 million were transferred from Level 1 to Level 2 and $0.6 million were transferred from Level 2 to Level 1. During the year ended December 31, 2020, $0.2 million were transferred from Level 1 to Level 2 and $0.4 million were transferred from Level 2 to Level 1.

106 The notes at the back of this document are an integral part of these ﬁnancial statements. LAZARD DEFENSIVE GLOBAL DIVIDEND FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

FINANCIAL INSTRUMENTS RISKS The following table summarizes the foreign currency risk associated with the The investment objective of the Lazard Defensive Global Dividend Fund were to hedged series which is offset by Forward Foreign Currency Contracts. achieve long-term capital appreciation by investing primarily in the equity securities of issuers based around the globe. Effective February 28, 2020, the JUNE 30, 2021 investment strategies of the Fund were modified to factor in a company’s ability to Forward Foreign pay sustainable and attractive levels of dividends. Currency Contracts outstanding Market Price Risk OTHER NET in Hedged INVESTMENTS CASH ASSETS Series TOTAL As at June 30, 2021, If the Fund's benchmark (MSCI World Index and MSCI CURRENCY ($000) ($000) ($000) ($000) ($000) World Index (Hedged)) for these securities had increased or decreased by 10%, Australian Dollar 25 - - (26) (1) with all other variables held constant, the net assets of the Fund would have Danish Krone 22 - - (21) 1 increased or decreased, respectively, by approximately $3.6 million (December Euro 47 - 1 (50) (2) 31, 2020—$4.4 million) or 9.8% (December 31, 2020—9.9%)of total net assets. Hong Kong Dollar 10 - - (10) - This impact is estimated based on the historical correlation between the return of Japanese Yen 151 1 - (153) (1) Series I units of the Fund as compared to the return of the Fund’s benchmark. In New Zealand Dollar 3 - - (3) - practice, the historical correlation may not be representative of the future Norwegian Krone 20 - - (20) - correlation and, accordingly, the impact on net assets could be Pound Sterling 57 - - (61) (4) materially different. Singapore Dollar 9 - - (9) - Swedish Krona 11 - - (11) - Swiss Franc 22 - 1 (23) - Foreign Currency Risk U.S. Dollar 679 - 1 (681) (1) The tables below indicate the currencies to which the unhedged series of the Total 1,056 1 3 (1,068) (8) Fund had significant exposure on its financial instruments as at June 30, 2021 % of Net Assets 2.9 - - (2.9) - and December 31, 2020 in Canadian dollar terms.

JUNE 30, 2021 DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL Forward CURRENCY ($000) ($000) ASSETS ($000) ($000) Foreign Australian Dollar 777 - 5 782 Currency Danish Krone 659 - 5 664 Contracts outstanding Euro 1,440 - 37 1,477 OTHER NET in Hedged Hong Kong Dollar 310 - - 310 INVESTMENTS CASH ASSETS Series TOTAL Japanese Yen 4,641 17 (14) 4,644 CURRENCY ($000) ($000) ($000) ($000) ($000) New Zealand Dollar 80 - 1 81 Australian Dollar 30 - - (30) - Norwegian Krone 613 - 7 620 Danish Krone 29 - - (29) - Pound Sterling 1,742 3 9 1,754 Euro 60 - 3 (59) 4 Singapore Dollar 276 - - 276 Hong Kong Dollar 22 - - (22) - Swedish Krona 325 - - 325 Japanese Yen 221 - - (212) 9 Swiss Franc 665 - 42 707 New Zealand Dollar 7 - - (7) - U.S. Dollar 20,804 10 37 20,851 Norwegian Krone 25 - - (25) - Total 32,332 30 129 32,491 Pound Sterling 52 - - (54) (2) % of Net Assets 88.4 0.1 0.4 88.9 Singapore Dollar 17 - - (17) - Swedish Krona 10 - - (10) - Swiss Franc 57 - 2 (55) 4 U.S. Dollar 816 - 1 (809) 8 DECEMBER 31, 2020 Total 1,346 - 6 (1,329) 23 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) % of Net Assets 3.0 - - (3.0) - Australian Dollar 910 1 2 913 Danish Krone 879 - 5 884 As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% Euro 1,819 2 95 1,916 (December 31, 2020—2%) in relation to all foreign currencies, the Fund’s net Hong Kong Dollar 661 - - 661 assets would have decreased or increased, respectively, by approximately $1.6 Japanese Yen 6,714 - 3 6,717 New Zealand Dollar 225 - - 225 million (December 31, 2020—$0.8 million), or 4.4% (December 31, Norwegian Krone 746 - 8 754 2020—1.8%) of total net assets. The Fund consists of both Unhedged and Pound Sterling 1,589 6 8 1,603 Hedged Series. Exposure to currency impact would only affect the Unhedged Singapore Dollar 528 - - 528 Series. Approximately 96.8% (December 31, 2020—96.8%) of the Fund is Swedish Krona 315 - - 315 invested in the Unhedged Series of units which has not been hedged with forward Swiss Franc 1,742 - 49 1,791 exchange contracts. The remaining 3.2% (December 31, 2020—3.2%) of the U.S. Dollar 24,832 11 45 24,888 Fund is invested in the Hedged Series of units which has been hedged with Total 40,960 20 215 41,195 forward exchange contracts and therefore is not subject to signiﬁcant currency % of Net Assets 91.9 - 0.5 92.4 risk. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

The notes at the back of this document are an integral part of these ﬁnancial statements. 107 LAZARD DEFENSIVE GLOBAL DIVIDEND FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

For the hedged series, the Fund uses forward contracts to hedge the foreign currency exposure on that portion of the Fund associated with the Hedged Series of units. All of these contracts are with an approved counterparty.

As at June 30, 2021 and December 31, 2020 the fair value of securities on loan and collateral received was $Nil.

JUNE 30, 2021 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 18 (2) - 16 Payable for open foreign currency spot or exchange contracts (2) 2 - -

DECEMBER 31, 2020 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 56 (16) - 40 Payable for open foreign currency spot or exchange contracts (16) 16 - -

108 The notes at the back of this document are an integral part of these ﬁnancial statements. LAZARD GLOBAL BALANCED INCOME FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 23,284 $ 27,328 Cash 402 387 Receivable for redeemable unit subscriptions - 5 Receivable from securities sold 75 69 Dividends and accrued interest receivable 101 147 Receivable for open foreign currency spot or forward contracts 115 311 23,977 28,247

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 116 - Payable for redeemable unit redemptions 25 1 Payable for open foreign currency spot or forward contracts 77 277 218 278

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 23,759 $ 27,969 Cost of investments 22,084 26,399

Net assets attributable to holders of redeemable units, Series A $ 15,909 $ 17,591 Number of redeemable units outstanding, Series A 1,574 1,762 Net assets attributable to holders of redeemable units per unit, Series A 10.10 9.99 Net assets attributable to holders of redeemable units per unit, Series A (USD) 8.15 7.84

Net assets attributable to holders of redeemable units, Series F $ 7,850 $ 10,378 Number of redeemable units outstanding, Series F 738 994 Net assets attributable to holders of redeemable units per unit, Series F 10.64 10.44 Net assets attributable to holders of redeemable units per unit, Series F (USD) 8.58 8.20

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

109 LAZARD GLOBAL BALANCED INCOME FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 203 $ 162 Interest for distribution purposes 122 143 Management Fee Rebates income 13 13 Net realized gain (loss) on sale of investments 381 356 Net change in unrealized appreciation (depreciation) of investments 271 (722) Net gain (loss) on investments 990 (48)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 28 (27) Net change in unrealized appreciation (depreciation) of foreign exchange contracts 4 (38) Net gain (loss) on derivatives 32 (65)

Other income 40 - Net realized gain (loss) on foreign currencies 12 (119) Net change in unrealized appreciation (depreciation) of foreign currencies 4 (14) Total net income (loss) 1,078 (246)

EXPENSES (note 6) Management fees 181 174 Legal - 1 Audit 2 2 Independent review committee 1 1 Custody and fund accounting 18 14 Filing fees 20 17 Unitholder reporting 1 2 Administration and transfer agent fees 27 36 Foreign withholding taxes 28 23 Transaction costs (note 3) 7 10 285 280 Expenses absorbed (36) (44) Total expenses net of absorption 249 236

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 513 $ (274) Series F 316 (107) Series I - (101) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 829 (482)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 0.31 $ (0.19) Series F 0.38 (0.17) Series I 0.44 (0.25)

The accompanying notes are an integral part of these ﬁnancial statements.

110 LAZARD GLOBAL BALANCED INCOME FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 513 (274) 316 (107) - (101)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (330) (287) (167) (132) - (83) (330) (287) (167) (132) - (83)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 839 5,734 342 5,582 - 1,259 Reinvested distributions to holders of redeemable units 306 256 122 83 - 73 Net proceeds/(payments) from/for redeemable units transferred in/(out) (47) (308) 47 309 - - Payments for redeemable units redeemed (2,963) (1,958) (3,188) (2,477) - (6,506) (1,865) 3,724 (2,677) 3,497 - (5,174)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (1,682) 3,163 (2,528) 3,258 - (5,358)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 15,909 $ 17,431 $ 7,850 $ 9,585 $ $- -

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 1,761,623 1,398,565 994,161 600,866 31 502,786 Redeemable units issued for cash 85,423 580,837 32,779 547,650 - 121,491 Redeemable units issued for reinvested distributions 30,917 26,011 11,797 8,119 1 7,037 Net redeemable units transferred in/(out) (4,767) (31,179) 4,554 30,093 - - Redeemable units redeemed (298,809) (195,563) (305,220) (245,051) - (631,283) BALANCE, END OF PERIOD 1,574,387 1,778,671 738,071 941,677 32 31

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 27,969 $ 25,953

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 829 (482)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (497) (502) (497) (502)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 1,181 12,575 Reinvested distributions to holders of redeemable units 428 412 Net proceeds/(payments) from/for redeemable units transferred in/(out) - 1 Payments for redeemable units redeemed (6,151) (10,941) (4,542) 2,047

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (4,210) 1,063

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 23,759 $ 27,016

The accompanying notes are an integral part of these ﬁnancial statements.

111 LAZARD GLOBAL BALANCED INCOME FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 829 $ (482)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (381) (356) Unrealized (appreciation) depreciation on foreign cash (1) 3 Net change in unrealized (appreciation) depreciation of investments (271) 722 Net change in unrealized (appreciation) depreciation of foreign exchange contracts (4) 38 Purchase of investments (11,113) (21,122) Proceeds from sale of investments 15,919 21,477 Amortization income - (1) 4,978 279

CHANGE IN NON-CASH WORKING CAPITAL 46 (941)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 1,186 12,416 Distributions to holders of redeemable units (69) (90) Amounts paid on redemption of redeemable units (6,127) (10,806) (5,010) 1,520 NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH 1 (3)

NET INCREASE (DECREASE) IN CASH 15 855

CASH—BEGINNING OF PERIOD 387 500

CASH—END OF PERIOD 402 1,355

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 188 138 Interest 155 99

The accompanying notes are an integral part of these ﬁnancial statements.

112 LAZARD GLOBAL BALANCED INCOME FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS EQUITIES Construction & Engineering Aerospace & Defense 500 Kandenko Co., Ltd. $ 6 $ 5 - 27 Huntington Ingalls Industries, Inc. $ 6 $ 7 - 700 Shimizu Corporation 7 7 0.1 300 Lockheed Martin Corporation 153 141 0.6 13 12 0.1 132 Northrop Grumman Corporation 59 59 0.3 73 Sturm, Ruger & Company, Inc. 6 8 - Construction Materials 224 215 0.9 14 Martin Marietta Materials, Inc. 6 6 -

Air Freight & Logistics Consumer Finance 1,695 Deutsche Post AG 113 143 0.6 324 American Express Company 45 66 0.3 221 FedEx Corporation 72 82 0.3 66 United Parcel Service, Inc. Cl. B 14 17 0.1 Containers & Packaging 199 242 1.0 900 Rengo Co., Ltd. 9 9 -

Auto Components Diversiﬁed Consumer Services 150 Continental AG 24 28 0.1 200 Benesse Holdings, Inc. 5 6 - 578 Magna International Inc. 45 66 0.3 211 H&R Block, Inc. 6 6 - 18,000 Xinyi Glass Holdings Limited 67 91 0.4 278 Service Corporation International 18 19 0.1 136 185 0.8 29 31 0.1

Automobiles Diversiﬁed Financial Services 1,253 Daimler AG 141 139 0.6 2,065 Bank of America Corporation 71 106 0.4 2,000 Honda Motor Co., Ltd. 74 80 0.3 66 Cboe Global Markets, Inc. 9 10 - 124 Tesla, Inc. 92 104 0.4 870 MetLife, Inc. 43 64 0.3 400 Toyota Motor Corporation 40 43 0.2 26 Moody's Corporation 9 12 0.1 347 366 1.5 1,900 Singapore Exchange Limited 16 20 0.1 186 TMX Group Limited 25 24 0.1 Beverages 161 Virtu Financial, Inc. Cl. A 6 5 - 1,654 Orkla ASA 21 21 0.1 179 241 1.0 263 PepsiCo, Inc. 47 48 0.2 841 The Coca-Cola Company 53 57 0.2 Diversiﬁed Telecommunications Services 121 126 0.5 321 AT&T Inc. 13 11 0.1 154 BCE Inc. 9 9 - Biotechnology 200 Nippon Telegraph and Telephone 56 Amgen Inc. 17 17 0.1 Corporation 6 7 - 259 IDEXX Laboratories, Inc. 147 203 0.9 1,622 Orange SA 25 23 0.1 5 Mettler-Toledo International Inc. 8 8 - 17 Swisscom AG 12 12 0.1 96 Moderna, Inc. 18 28 0.1 1,095 Telenor ASA 24 23 0.1 51 United Therapeutics Corporation 11 11 - 64 TELUS Corporation 1 2 - 23 Vertex Pharmaceuticals Inc. 6 6 - 2,190 Verizon Communications Inc. 161 152 0.6 207 273 1.1 251 239 1.0

Building Products Electric Utilities 1,100 AGC Inc. 61 57 0.2 80 Ameren Corporation 8 8 - 121 American Electric Power Company, Inc. 13 13 0.1 Capital Markets 400 Chubu Electric Power Co., Inc. 7 6 - 2,603 3i Group PLC 43 52 0.2 1,000 CLP Holdings Limited 13 12 0.1 221 Flow Traders 10 12 0.1 78 Consolidated Edison, Inc. 8 7 - 10 S&P Global Inc. 5 5 - 700 Electric Power Development Co., Ltd. 16 12 0.1 117 The Bank of New York 3,616 Enel SPA 46 42 0.2 Mellon Corporation 6 8 - 110 Evergy, Inc. 8 8 - 60 Eversource Energy 7 6 - 64 77 0.3 736 Hydro One Limited 22 22 0.1 560 Iberdrola SA 10 9 - Chemicals 163 Portland General Electric Company 10 9 - 385 Akzo Nobel NV 52 59 0.3 201 PPL Corp. 7 7 - 510 Ashland Global Holdings, Inc. 57 55 0.2 900 The Kansai Electric Power 1,000 Nitto Denko Corp. 99 93 0.4 Company, Incorporated 12 11 0.1 208 207 0.9 3,400 Tohoku Electric Power Co., Inc. 42 33 0.2 229 205 0.9 Commercial Banks 13,160 BFF Bank SPA 99 163 0.7 Electrical Equipment 1,275 Fifth Third Bancorp 41 60 0.3 1,331 ABB, Ltd. 38 56 0.2 969 HSBC Holdings PLC 7 7 - 103 Generac Holdings Inc. 30 53 0.2 2,200 Japan Post Bank Co., Ltd. 23 23 0.1 1,000 Mitsubishi Electric Corporation 19 18 0.1 1,100 Mizuho Financial Group, Inc. 20 20 0.1 100 Nintendo Co., Ltd. 71 72 0.3 1,500 Resona Holdings, Inc. 7 7 - 158 199 0.8 1,400 The Hachijuni Bank, Ltd. 7 6 - 391 The PNC Financial Services Group, Inc. 89 92 0.4 76 The Toronto-Dominion Bank 6 7 - Electronic Equipment, Instruments & Components 53 Badger Meter, Inc. 6 7 0.1 299 385 1.6 27 CDW Corporation 6 6 - 52 Dolby Laboratories Inc. Cl. A 7 6 - Commercial Services & Supplies 220 Keysight Technologies, Inc. 38 42 0.2 194 Republic Services, Inc. 23 26 0.1 57 61 0.3 Communications Equipment 3,371 Cisco Systems, Inc. 193 222 0.9 57 Motorola Solutions, Inc. 13 15 0.1 514 QUALCOMM Incorporated 68 91 0.4 443 Telefonaktiebolaget LM Ericsson Series B 7 7 - 281 335 1.4

113 LAZARD GLOBAL BALANCED INCOME FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS EQUITIES (continued) Health Care Providers & Services Entertainment 160 Anthem, Inc. $ 62 $ 76 0.3 975 Activision Blizzard, Inc. $ 120 $ 115 0.5 186 CVS Health Corporation 16 19 0.1 12,000 IGG Inc. 24 20 0.1 126 Laboratory Corporation of America 68 Netﬂix, Inc. 47 44 0.2 Holdings 35 43 0.2 354 Nintendo Co., Ltd. ADR 27 32 0.1 79 Quest Diagnostics Incorporated 13 13 0.1 570 Playtika Holding Corp. 19 17 0.1 385 UnitedHealth Group Incorporated 190 191 0.8 237 228 1.0 316 342 1.5

Equity Real Estate Investment Trusts (REITs) Hotels, Restaurants & Leisure 2 Advance Residence Investment 31 Domino's Pizza, Inc. 16 18 0.1 Corporation 8 8 - 378 La Francaise des Jeux SAEM 23 28 0.1 23 American Tower Corporation 7 8 - 558 McDonald's Corporation 151 160 0.7 2,455 Charter Hall Long WALE REIT 11 11 0.1 200 McDonald's Holdings Company (Japan), 38 Coﬁnimmo SA 7 7 - Ltd. 16 11 0.1 42 Coresite Realty Corporation 6 7 - 300 Sankyo Company, Limited 10 9 - 417 Crown Castle International Corp. 96 101 0.4 225 Starbucks Corporation 27 31 0.1 9 Daiwa Securities Living Investments 243 257 1.1 Corporation 11 12 0.1 2,785 Dexus 28 27 0.1 Household Durables 76 Extra Space Storage Inc. 11 15 0.1 181 D.R. Horton, Inc. 17 20 0.1 1,563 Gaming and Leisure Properties, Inc. 76 90 0.4 200 Daiwa House Industry Co., Ltd. 7 7 - 4 Japan Logistics Fund, Inc. 16 15 0.1 2,300 DCM Holdings Co., Ltd. 34 27 0.1 1 Japan Real Estate Investment 509 Leggett & Platt, Incorporated 25 33 0.1 Corporation 7 8 - 4,500 Sekisui House, Ltd. 112 115 0.5 91 Life Storage, Inc. 11 12 0.1 287 Williams-Sonoma, Inc. 60 57 0.3 360 Prologis, Inc. 44 53 0.2 255 259 1.1 70 Public Storage, Inc. 20 26 0.1 95 Realty Income Corporation 7 8 - Household Products 65 W.P. Carey Inc. 6 6 - 129 Clorox Company 33 29 0.1 3,574 Waypoint REIT 8 9 0.1 305 Colgate-Palmolive Company 31 31 0.1 380 423 1.8 441 The Procter & Gamble Company 73 74 0.3 32 WD-40 Company 11 10 0.1 Food & Staples Retailing 148 144 0.6 476 Axfood AB Series B 14 16 0.1 449 Empire Company Limited Cl. A 16 18 0.1 Independent Power and Renewable Electricity Producers 3,947 J Sainsbury PLC 14 18 0.1 31 DTE Energy Company 5 5 - 895 Koninklijke Ahold Delhaize NV 32 33 0.1 1,330 Loblaw Companies Limited 97 102 0.4 Industrial Conglomerates 421 Metro Inc. 24 25 0.1 185 3M Company 41 46 0.2 200 Seven & I Holdings Co., Ltd. 9 12 0.1 93 W.W. Grainger, Inc. 45 50 0.2 247 Sysco Corporation 25 24 0.1 86 96 0.4 299 The Kroger Co. 14 14 0.1 293 Walmart Inc. 52 51 0.2 Insurance 108 Weis Markets, Inc. 8 7 - 140 Ageas SA/NV 11 10 0.1 305 320 1.4 8 Alleghany Corporation 7 6 - 26 Aon PLC Cl. A 7 8 - Food Products 34 Chubb Limited 7 7 - 300 Ajinomoto Co., Inc. 7 10 0.1 1,689 Gjensidige Forsikring ASA 44 46 0.2 255 Flowers Foods, Inc. 8 8 - 79 Mercury General Corporation 6 6 - 250 General Mills, Inc. 21 19 0.1 111 Safety Insurance Group, Inc. 11 11 0.1 222 George Weston Limited 25 26 0.1 437 The Allstate Corporation 61 71 0.3 266 Hormel Foods Corporation 17 16 0.1 89 The Hartford Financial Services 640 Kellogg Company 53 51 0.2 Group, Inc. 6 7 - 677 Mondelez International Inc. Cl. A 47 52 0.2 107 The Progressive Corporation 11 13 0.1 209 The Hershey Company 39 45 0.2 100 Tokio Marine Holdings, Inc. 6 6 - 41 The J.M. Smucker Company 7 6 - 1,688 Tryg A/S 49 51 0.2 428 Unilever PLC 32 31 0.1 226 242 1.0 256 264 1.1 Interactive Media & Services Gas Utilities 163 Alphabet Inc. Cl. C 368 507 2.1 500 Osaka Gas Co., Ltd. 13 11 - 163 Facebook, Inc. Cl. A 53 70 0.3 70 Southwest Gas Holdings, Inc. 6 6 - 421 577 2.4 500 Tokyo Gas Co., Ltd. 14 12 0.1 33 29 0.1 Internet & Direct Marketing Retail 82 Amazon.com, Inc. 326 350 1.5 Health Care Equipment & Supplies 54 Coloplast A/S Series B 11 11 - Internet Software & Services 220 Fisher & Paykel Healthcare 42 Akamai Technologies, Inc. 6 6 - Corporation Limited 6 6 - 143 eBay Inc. 10 13 0.1 270 Hill-Rom Holdings, Inc. 36 38 0.2 16 19 0.1 522 Medtronic Public Limited Company 70 80 0.3 46 Quidel Corporation 6 7 - 48 Resmed Inc. 13 15 0.1 29 Waters Corporation 10 13 0.1 152 170 0.7

114 LAZARD GLOBAL BALANCED INCOME FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS EQUITIES (continued) Oil, Gas & Consumable Fuels IT Services 4,160 ARC Resources, Ltd. $ 32 $ 44 0.2 135 Accenture PLC Cl. A $ 37 $ 49 0.2 301 Cabot Oil & Gas Corporation 6 7 - 99 Automatic Data Processing, Inc. 21 24 0.1 22,097 Diversiﬁed Energy Company PLC 42 40 0.2 637 Booz Allen Hamilton Holding Corp. Cl. A 68 67 0.3 12,200 ENEOS Holdings, Inc. 55 63 0.3 889 Cognizant Technology Solutions 308 Exxon Mobil Corporation 23 24 0.1 Corp. Cl. A 77 76 0.3 538 Gaztransport Et Technigaz SA 55 54 0.2 41 ExlService Holdings, Inc. 4 6 - 291 Royal Dutch Shell PLC Cl. A 5 7 - 308 Fidelity National Information Services, 4,248 Suncor Energy Inc. 120 126 0.5 Inc. 55 54 0.2 251 TotalEnergies SE 12 14 0.1 72 Jack Henry & Associates, Inc. 15 15 0.1 350 379 1.6 129 Paychex, Inc. 14 17 0.1 278 PayPal Holdings, Inc. 93 101 0.4 Pharmaceuticals 384 409 1.7 37 AmerisourceBergen Corporation 5 5 - 776 Bristol-Myers Squibb Company 64 64 0.3 Leisure Products 92 CSL Limited 26 24 0.1 588 Hasbro, Inc. 65 69 0.3 217 Eli Lilly and Company 46 62 0.3 100 Shimano Inc. 31 29 0.1 2,677 GlaxoSmithKline PLC 69 65 0.3 204 Icon Public Limited Company 50 52 0.2 96 98 0.4 1,672 Johnson & Johnson 336 342 1.4 1,193 Merck & Co., Inc. 128 115 0.5 Life Sciences Tools & Services 2,222 Novo Nordisk A/S Cl. B 199 231 1.0 10 Bio-Rad Laboratories, Inc. Cl. A 7 8 0.1 28 Organon & Co. 1 1 - 884 Maravai LifeSciences Holdings, 885 Pﬁzer Inc. 45 43 0.2 Inc. Cl. A 47 46 0.2 360 Roche Holding AG 166 168 0.7 53 Sartorius Stedim Biotech SA 28 31 0.1 240 Viatris Inc. 5 4 - 11 Tecan Group AG Registered 6 7 - 68 Zoetis Inc. Cl. A 14 16 0.1 88 92 0.4 1,154 1,192 5.1

Machinery Professional Services 278 Deere & Company 128 122 0.5 100 BayCurrent Consulting, Inc. 24 45 0.2 88 Graco Inc. 8 8 - 1,706 RELX PLC 53 56 0.2 371 Toromont Industries, Ltd. 26 40 0.2 139 Thomson Reuters Corporation 17 17 0.1 162 170 0.7 127 Wolters Kluwer NV 14 16 0.1 108 134 0.6 Marine 75 Matson, Inc. 6 6 - Real Estate Management & Development 14,000 SITC International Holdings Company 100 Daito Trust Construction Co., Ltd. 14 13 0.1 Limited 36 72 0.3 2,000 Hysan Development Company Limited 8 10 - 42 78 0.3 232 Medical Properties Trust, Inc. 6 6 - 28 29 0.1 Media 60 Cogeco Communications Inc. 6 7 - Road & Rail 78 Comcast Corporation Cl. A 4 6 - 126 Norfolk Southern Corporation 42 41 0.2 16,433 ITV PLC 36 35 0.2 254 Schneider National, Inc. Cl. B 7 7 - 14,912 Nine Entertainment Co. Holdings 49 48 0.2 Limited 45 41 0.2 84 Omnicom Group Inc. 7 8 - 1,977 Quebecor Inc. Cl. B 66 65 0.3 Semiconductors & Semiconductor Equipment 211 The Interpublic Group of 348 Analog Devices, Inc. 69 74 0.3 Companies, Inc. 5 9 - 366 Applied Materials, Inc. 30 65 0.3 131 Broadcom Inc. 75 77 0.3 169 171 0.7 1,973 Intel Corporation 150 137 0.6 241 KLA Corporation 91 97 0.4 Metals & Mining 25 Lam Research Corporation 19 20 0.1 270 BHP Group PLC 7 10 - 27 Monolithic Power Systems 11 13 0.1 1,111 Centerra Gold Inc. 16 11 0.1 173 Skyworks Solutions, Inc. 39 41 0.2 7,176 Fortescue Metals Group Limited 99 155 0.7 529 Texas Instruments Incorporated 121 126 0.5 299 Newcrest Mining Limited 8 7 - 100 Tokyo Electron, Ltd. 48 54 0.2 153 Newmont Corporation 13 12 0.1 653 704 3.0 689 Rio Tinto Limited 71 81 0.3 757 Rio Tinto PLC 66 77 0.3 Software 280 353 1.5 325 Adobe Inc. 201 236 1.0 717 Cadence Design Systems Inc. 94 122 0.5 Multiline Retail 144 DocuSign, Inc. 48 50 0.2 39 Costco Wholesale Corporation 16 19 0.1 258 Intuit Inc. 108 157 0.7 98 Dollar General Corporation 25 26 0.1 2,069 Microsoft Corporation 556 695 2.9 489 Kohl's Corporation 36 34 0.1 170 Oracle Corporation 14 16 0.1 536 Target Corporation 100 161 0.7 825 Synopsys Inc. 227 282 1.2 177 240 1.0 50 Zoom Video Communications, Inc. Cl. A 27 24 0.1 1,275 1,582 6.7 Multi-Utilities 144 Dominion Energy, Inc. 14 13 0.1 Specialty Retail 4,233 Engie SA 70 72 0.3 4 AutoZone, Inc. 7 7 - 212 MDU Resources Group, Inc. 7 8 - 170 Best Buy Co., Inc. 22 24 0.1 2,072 National Grid PLC 32 33 0.1 500 K's Holdings Corporation 8 7 - 95 WEC Energy Group, Inc. 11 11 0.1 431 Lowe's Companies, Inc. 92 104 0.4 87 Xcel Energy Inc. 7 7 - 24 RH 18 20 0.1 141 144 0.6 295 The Home Depot, Inc. 103 117 0.5 263 Tractor Supply Company 46 61 0.3 600 ZOZO, Inc. 24 25 0.1 320 365 1.5

115 LAZARD GLOBAL BALANCED INCOME FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS Technology Hardware, Storage & Peripherals 4,158 Apple Inc. $ 549 $ 706 3.0 1,602 Hewlett Packard Enterprise Company 32 29 0.1 135 Logitech International SA Registered Shares 19 20 0.1 155 NVIDIA Corporation 106 154 0.6 706 909 3.8

Textiles, Apparel & Luxury Goods 15 Deckers Outdoor Corporation 6 7 -

Thrifts & Mortgage Finance 315 Northwest Bancshares, Inc. 5 6 - 4,494 Paragon Banking Group PLC 35 39 0.2 40 45 0.2

Tobacco 1,271 Altria Group, Inc. 70 75 0.3 3,441 Imperial Brands PLC 90 92 0.4 4,700 Japan Tobacco Inc. 118 110 0.5 427 Philip Morris International Inc. 46 53 0.2 324 330 1.4

Trading Companies & Distributors 500 Itochu Corporation 17 18 0.1 2,300 Mitsubishi Corporation 74 78 0.3 122 Watsco, Inc. 40 43 0.2 131 139 0.6

Water Utilities 34 American Water Works Co., Inc. 7 7 0.1 75 California Water Service Group 5 5 - 12 12 0.1

Wireless Telecommunications Services 1,000 KDDI Corporation 39 39 0.2 74,800 NetLink NBN Trust 70 65 0.3 225 Rogers Communications Inc. Cl. B 13 15 - 6,100 SoftBank Corp. 99 99 0.4 221 218 0.9

Total Equities 13,467 15,136 63.7

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS FIXED INCOME Government CAD 110,000 Canada Housing Trust No. 1 1.90% Sep 15/2026 117 113 0.5 NOK 1,000,000 City of Oslo 2.35% Sep 04/2024 149 148 0.6 CAD 58,000 City of Vancouver 2.90% Nov 20/2025 61 62 0.3 CZK 4,180,000 Czech Republic 2.00% Oct 13/2033 270 245 1.0 USD 35,000 European Bank for Reconstruction and Development 1.63% Sep 27/2024 50 45 0.2 CAD 90,000 European Investment Bank 1.00% Jan 28/2028 87 87 0.4 CAD 60,000 Export Development Canada 1.65% Jul 31/2024 62 62 0.3 USD 200,000 Government of Bermuda 3.72% Jan 25/2027 281 272 1.1 RON 270,000 Government of Romania 3.65% Sep 24/2031 83 82 0.3 EUR 24,000 Government of Romania 3.88% Oct 29/2035 42 42 0.2 RON 385,000 Government of Romania 4.75% Feb 24/2025 127 124 0.5 NZD 90,000 Housing New Zealand Limited 3.42% Oct 18/2028 85 86 0.4 CAD 50,000 International Bank for Reconstruction & Development 1.90% Jan 16/2025 52 52 0.2 CAD 75,000 International Bank for Reconstruction & Development 2.50% Aug 03/2023 79 78 0.4 AUD 75,000 International Bank for Reconstruction & Development 2.90% Nov 26/2025 77 76 0.3 USD 75,000 International Finance Corporation 2.13% Apr 07/2026 112 99 0.4 USD 200,000 Japan International Cooperation Agency 1.75% Apr 28/2031 249 250 1.1 EUR 50,000 Kingdom of Spain 1.20% Oct 31/2040 80 75 0.3 USD 200,000 Nederlandse Waterschapsbank NV 0.50% Dec 02/2025 259 244 1.0 AUD 115,000 New South Wales Treasury Corporation 1.25% Nov 20/2030 112 103 0.4 AUD 125,000 New South Wales Treasury Corporation 3.00% Feb 20/2030 132 129 0.5 USD 30,000 New York State Urban Development Corp. 3.90% Mar 15/2033 45 42 0.2 NZD 200,000 New Zealand Local Government Funding Agency Limited 1.50% Apr 20/2029 168 168 0.7 NZD 60,000 New Zealand Local Government Funding Agency Limited 2.00% Apr 15/2037 56 47 0.2 CAD 120,000 Province of Quebec 1.85% Feb 13/2027 127 123 0.5 AUD 115,000 Queensland Treasury Corporation 1.25% Mar 10/2031 111 103 0.4 EUR 100,000 Republic of Chile 0.83% Jul 02/2031 151 149 0.6 CLP 90,000,000 Republic of Chile 2.30% Oct 01/2028 154 133 0.6 CLP 20,000,000 Republic of Chile 4.50% Mar 01/2026 41 35 0.1 EUR 50,000 Republic of Italy 1.45% Mar 01/2036 83 76 0.3 USD 125,000 Republic of Panama 8.88% Sep 30/2027 228 214 0.9 PLN 210,000 Republic of Poland 2.50% Jul 25/2027 79 73 0.3

116 LAZARD GLOBAL BALANCED INCOME FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS FIXED INCOME (continued) Government PLN 245,000 Republic of Poland 2.75% Oct 25/2029 94 87 0.4 SGD 115,000 Republic of Singapore 3.38% Sep 01/2033 141 125 0.5 USD 20,000 State of California 4.50% Apr 01/2033 32 29 0.1 USD 60,000 State of California 7.55% Apr 01/2039 140 127 0.5 USD 100,000 State of Georgia Municipal Bond 2.38% Feb 01/2027 140 131 0.5 GBP 100,000 Tesco Corporate Treasury Services PLC 2.75% Apr 27/2030 190 183 0.8 EUR 30,000 The Republic of Hungary 1.75% Jun 05/2035 52 47 0.2 HUF 21,310,000 The Republic of Hungary 2.25% Apr 20/2033 83 84 0.4 HUF 21,580,000 The Republic of Hungary 2.75% Dec 22/2026 101 93 0.4 HUF 21,300,000 The Republic of Hungary 3.00% Oct 27/2027 100 93 0.4 GBP 21,000 United Kingdom Treasury 1.50% Jul 22/2047 43 38 0.2 GBP 45,000 United Kingdom Treasury 1.75% Sep 07/2037 90 84 0.4 GBP 25,000 United Mexican States 6.75% Feb 06/2024 48 49 0.2 MXN 1,520,000 United Mexican States 7.50% Jun 03/2027 110 99 0.4 5,173 4,906 20.6

Corporate USD 7,000 ABB Finance (USA) Inc. 4.38% May 08/2042 12 11 - USD 50,000 Adobe Inc. 2.30% Feb 01/2030 73 65 0.3 USD 65,000 Alphabet Inc. 1.10% Aug 15/2030 87 77 0.3 USD 65,000 Amazon.com, Inc. 3.15% Aug 22/2027 101 89 0.4 USD 65,000 American Express Credit Corporation 3.30% May 03/2027 89 89 0.4 USD 55,000 Apple Inc. 3.00% Jun 20/2027 80 75 0.3 USD 35,000 Asian Development Bank 2.13% Mar 19/2025 51 46 0.2 USD 40,000 Ball Corporation 4.88% Mar 15/2026 58 55 0.2 USD 30,000 Bank of America Corporation 1.49% May 19/2024 42 38 0.2 USD 65,000 Bank of America Corporation 3.25% Oct 21/2027 88 87 0.4 GBP 25,000 BMW Finance NV 0.88% Aug 16/2022 42 43 0.2 USD 85,000 Canadian Imperial Bank of Commerce 0.95% Oct 23/2025 112 105 0.4 USD 30,000 Clean Harbors, Inc. 4.88% Jul 15/2027 38 39 0.2 USD 64,000 Constellation Brands, Inc. 4.25% May 01/2023 96 85 0.4 EUR 60,000 Daimler AG 0.75% Sep 10/2030 91 91 0.4 USD 60,000 Dell International LLC / EMC Corp. 5.30% Oct 01/2029 92 90 0.4 IDR 770,000,000 Inter-American Development Bank 7.88% Mar 14/2023 75 69 0.3 NOK 560,000 International Bank for Reconstruction & Development 1.25% Mar 16/2026 81 80 0.3 AUD 100,000 International Finance Corporation 1.50% Apr 15/2035 86 86 0.4 CAD 125,000 John Deere Financial Inc. 2.41% Jan 14/2025 130 130 0.5 USD 29,000 Johnson & Johnson 3.63% Mar 03/2037 47 42 0.2 USD 35,000 Johnson Controls International PLC / Tyco Fire & Security Finance SCA 1.75% Sep 15/2030 42 42 0.2 USD 75,000 JPMorgan Chase & Co 3.54% May 01/2028 113 102 0.4 USD 44,000 Kimberly-Clark Corporation 3.20% Apr 25/2029 70 61 0.2 CAD 85,000 McDonald's Corporation 3.13% Mar 04/2025 89 90 0.4 USD 45,000 Microsoft Corporation 3.50% Nov 15/2042 74 65 0.3 USD 58,000 Morgan Stanley 3.63% Jan 20/2027 88 80 0.3 USD 35,000 Mueller Water Products, Inc. 4.00% Jun 15/2029 43 45 0.2 USD 55,000 PepsiCo, Inc. 2.88% Oct 15/2049 80 71 0.3 USD 65,000 Pﬁzer Inc. 2.63% Apr 01/2030 98 86 0.4 USD 70,000 Prologis, LP 1.25% Oct 15/2030 82 82 0.3 CAD 85,000 Rogers Communications Inc. 3.25% May 01/2029 91 89 0.4 USD 68,000 Schneider Electric SE 2.95% Sep 27/2022 97 87 0.4 USD 25,000 Sealed Air Corporation 4.88% Dec 01/2022 36 32 0.1 USD 43,000 Service Corporation International 4.63% Dec 15/2027 62 56 0.2 USD 60,000 Starbucks Corporation 4.45% Aug 15/2049 96 93 0.4 USD 75,000 The Goldman Sachs Group, Inc. 1.99% Jan 27/2032 89 90 0.4 USD 45,000 The Home Depot, Inc. 5.88% Dec 16/2036 91 80 0.3 USD 75,000 The Procter & Gamble Company 1.20% Oct 29/2030 95 89 0.4 USD 70,000 Toyota Motor Credit Corporation 2.15% Feb 13/2030 99 89 0.4 USD 100,000 Unilever Capital Corporation 1.38% Sep 14/2030 120 120 0.5 USD 45,000 United Rentals (North America), Inc. 4.88% Jan 15/2028 64 59 0.2 USD 71,000 Verizon Communications Inc. 3.88% Feb 08/2029 112 100 0.4 USD 35,000 Visa Inc. 0.75% Aug 15/2027 42 42 0.2 3,444 3,242 13.7

Total Fixed Income 8,617 8,148 34.3

Total Investments 22,084 23,284 98.0 Foreign Exchange Contracts (a) 38 0.2 Other Assets Less Liabilities 437 1.8 Net Assets Attributable to Holders of Redeemable Units 23,759 100.0

117 LAZARD GLOBAL BALANCED INCOME FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 2, 2021 CAD 4 EUR 3 1.46841 to 1.47032 $ - Jul 2, 2021 CAD 11 GBP 6 1.71010 to 1.71298 - Jul 2, 2021 CAD 3 JPY 249 0.01115 - Jul 2, 2021 CAD 24 USD 19 1.23926 to 1.24035 - Jul 2, 2021 EUR 29 CAD 42 0.68139 - Jul 16, 2021 AUD 265 CAD 253 1.03015 to 1.07571 (7) Jul 16, 2021 AUD 44 USD 34 1.27462 (2) Jul 16, 2021 CAD 704 AUD 728 0.96679 to 0.96723 27 Jul 16, 2021 CAD 229 CZK 3,951 0.05784 to 0.05785 1 Jul 16, 2021 CAD 414 EUR 276 1.46802 to 1.50279 8 Jul 16, 2021 CAD 188 GBP 109 1.72883 to 1.72901 2 Jul 16, 2021 CAD 301 HUF 72,643 0.00413 to 0.00415 (3) Jul 16, 2021 CAD 28 MXN 455 0.06179 - Jul 16, 2021 CAD 379 NOK 2,553 0.14444 to 0.14956 12 Jul 16, 2021 CAD 324 NZD 366 0.87006 to 0.89380 8 Jul 16, 2021 CAD 182 PLN 553 0.32953 to 0.32959 3 Jul 16, 2021 CAD 99 RON 328 0.30263 1 Jul 16, 2021 CAD 166 SGD 178 0.93670 3 Jul 16, 2021 CAD 3,702 USD 2,970 1.20334 to 1.26287 19 Jul 16, 2021 CHF 59 CAD 80 0.73567 to 0.73570 (1) Jul 16, 2021 CNH 786 USD 120 6.57025 2 Jul 16, 2021 CZK 389 CAD 22 17.32101 - Jul 16, 2021 CZK 857 USD 41 21.11696 (1) Jul 16, 2021 EUR 443 CAD 666 0.66543 to 0.66550 (15) Jul 16, 2021 EUR 49 USD 59 0.83392 (1) Jul 16, 2021 GBP 14 USD 20 0.70670 (1) Jul 16, 2021 HUF 22,338 CAD 95 235.13799 (2) Jul 16, 2021 JPY 54,786 CAD 633 86.58040 to 86.58900 (21) Jul 16, 2021 NOK 1,011 CAD 146 6.92769 - Jul 16, 2021 NZD 28 CAD 24 1.15445 - Jul 16, 2021 NZD 48 USD 35 1.37114 (2) Jul 16, 2021 PLN 65 CAD 21 3.03117 - Jul 16, 2021 PLN 147 USD 40 3.70088 (1) Jul 16, 2021 RON 81 CAD 24 3.30438 to 3.34941 - Jul 16, 2021 RUB 1,426 CAD 23 61.70290 1 Jul 16, 2021 SEK 170 CAD 25 6.74535 (1) Jul 16, 2021 SGD 47 CAD 44 1.06758 to 1.08209 - Jul 16, 2021 THB 592 CAD 24 24.93610 (1) Jul 16, 2021 USD 1,132 CAD 1,400 0.79952 to 0.82950 3 Jul 16, 2021 USD 15 EUR 12 1.21796 1 Jul 16, 2021 USD 16 GBP 11 1.38660 - Jul 16, 2021 USD 27 JPY 2,978 0.00907 - Aug 10, 2021 COP 56,850 USD 15 3784.99894 - Aug 10, 2021 KRW 46,776 USD 41 1129.29007 - Sep 3, 2021 CNH 1,110 USD 173 6.41547 (3) Sep 15, 2021 USD 145 CLP 101,446 0.00143 9 $ 38 Notes: Counterparty—Citibank NA; Rating A+; —HSBC Holdings PLC; Rating A+; —JPMorgan Chase & Co.; Rating A+; —Morgan Stanley; Rating BBB+; —State Street Bank and Trust Co.; Rating AA-; —State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency

118 LAZARD GLOBAL BALANCED INCOME FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Portfolio by Country Exposure Essentially all of the assets and liabilities of the Fund are financial instruments. JUNE 30 DEC. 31 These financial instruments comprise the following: 2021 (%) 2020 (%) Country Portfolio by Industry Exposure Australia 2.9 4.3 JUNE 30 DEC. 31 Belgium 0.1 0.1 2021 (%) 2020 (%) Bermuda 1.1 1.0 Canada 5.5 7.2 Equities Chile 1.3 2.7 Aerospace & Defense 0.9 1.0 Czech Republic 1.0 1.4 Air Freight & Logistics 1.0 0.8 Denmark 1.2 0.9 Auto Components 0.8 0.9 Finland - 0.2 Automobiles 1.5 0.5 France 1.3 1.3 Beverages 0.5 0.9 Germany 1.9 1.9 Biotechnology 1.1 0.8 Hong Kong 0.8 0.3 Building Products 0.2 0.1 Hungary 1.4 1.7 Capital Markets 0.3 0.7 Ireland 0.7 0.6 Chemicals 0.9 1.0 Israel 0.1 - Commercial Banks 1.6 1.0 Italy 1.2 0.9 Commercial Services & Supplies 0.1 0.3 Ivory Coast (Cote D'Ivoire) - 0.3 Communications Equipment 1.4 1.2 Japan 7.1 6.2 Construction & Engineering 0.1 0.1 Luxembourg 0.4 0.3 Construction Materials - - Macau - 0.1 Consumer Finance 0.3 0.2 Mexico 0.6 0.8 Containers & Packaging - 0.2 Netherlands 1.6 2.0 Diversified Consumer Services 0.1 0.2 New Zealand 1.3 1.1 Diversified Financial Services 1.0 1.3 Norway 1.0 1.7 Diversified Telecommunications Services 1.0 0.9 Panama 0.9 1.0 Electric Utilities 0.9 0.7 Philippines 0.2 0.4 Electrical Equipment 0.8 0.6 Poland 0.7 1.0 Electronic Equipment, Instruments & Components 0.3 0.2 Romania 1.0 1.1 Entertainment 1.0 0.2 Singapore 1.0 1.0 Equity Real Estate Investment Trusts (REITs) 1.8 1.4 Spain 0.3 0.8 Food & Staples Retailing 1.4 1.6 Sweden 0.1 0.2 Food Products 1.1 0.9 Switzerland 1.1 1.6 Gas Utilities 0.1 0.1 United Kingdom 4.0 3.1 Health Care Equipment & Supplies 0.7 0.8 United States 56.2 50.5 Health Care Providers & Services 1.5 1.2 Hotels, Restaurants & Leisure 1.1 0.6 Total investments 98.0 97.7 Household Durables 1.1 0.5 Foreign exchange contracts, net 0.2 0.1 Household Products 0.6 1.4 Total financial instruments at fair value 98.2 97.8 Independent Power and Renewable Electricity Producers - - Total other assets less liabilities at cost or amortized cost 1.8 2.2 Industrial Conglomerates 0.4 0.2 Insurance 1.0 1.1 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Interactive Media & Services 2.4 2.1 Internet & Direct Marketing Retail 1.5 1.3 Internet Software & Services 0.1 0.2 IT Services 1.7 0.9 FAIR VALUE MEASUREMENTS Leisure Products 0.4 0.2 Below is a summary of the inputs used as at June 30, 2021 and December 31, Life Sciences Tools & Services 0.4 - 2020 in valuing the Fund’s investments carried at fair values. Machinery 0.7 0.9 Marine 0.3 0.1 JUNE 30, 2021 Media 0.7 0.7 QUOTED PRICES SIGNIFICANT Metals & Mining 1.5 1.5 IN ACTIVE OTHER SIGNIFICANT Mortgage Real Estate Investment Trusts (REITs) - - MARKETS FOR OBSERVABLE UNOBSERVABLE Multiline Retail 1.0 0.7 IDENTICAL INPUTS INPUTS Multi-Utilities 0.6 0.7 ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Oil, Gas & Consumable Fuels 1.6 0.8 ($000) ($000) ($000) ($000) Pharmaceuticals 5.1 5.1 Equities 11,116 4,020 - 15,136 Professional Services 0.6 0.2 Fixed-income Real Estate Management & Development 0.1 0.3 securities - 8,148 - 8,148 Road & Rail 0.2 0.1 Total Investments 11,116 12,168 - 23,284 Semiconductors & Semiconductor Equipment 3.0 0.7 Software 6.7 5.6 Foreign Exchange Specialty Retail 1.5 1.3 Contracts, Net - 38 - 38 Technology Hardware, Storage & Peripherals 3.8 2.5 Textiles, Apparel & Luxury Goods - - Thrifts & Mortgage Finance 0.2 - DECEMBER 31, 2020 Tobacco 1.4 0.8 QUOTED PRICES SIGNIFICANT Trading Companies & Distributors 0.6 0.1 IN ACTIVE OTHER SIGNIFICANT Transportation Infrastructure - - MARKETS FOR OBSERVABLE UNOBSERVABLE Water Utilities 0.1 - IDENTICAL INPUTS INPUTS Wireless Telecommunications Services 0.9 1.1 ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Fixed-income securities ($000) ($000) ($000) ($000) Corporate 13.7 19.1 Equities 10,074 4,324 - 14,398 Government 20.6 27.1 Mutual Funds - - - - Total investments 98.0 97.7 Fixed-income securities - 12,930 - 12,930 Foreign exchange contracts, net 0.2 0.1 Short-term Total financial instruments at fair value 98.2 97.8 investments - - - - Total other assets less liabilities at cost or amortized cost 1.8 2.2 Total Investments 10,074 17,254 - 27,328 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Foreign Exchange Contracts, Net - 34 - 34

The notes at the back of this document are an integral part of these ﬁnancial statements. 119 LAZARD GLOBAL BALANCED INCOME FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Bridgehouse Asset Managers subscribes to the services of a third-party valuation DECEMBER 31, 2020 service provider to provide fair value adjustments, where applicable, to the prices INVESTMENTS CASH OTHER NET TOTAL of foreign securities due to changes in the value of securities in North American CURRENCY ($000) ($000) ASSETS ($000) ($000) markets following the closure of the foreign markets. The parameters used to Australian Dollar 1,351 - (853) 498 apply the fair value adjustments are based on observable market data, and as Brazilian Real - - 2 2 such, the foreign securities are considered Level 2 priced securities. Chilean Peso 295 - (255) 40 Colombian Peso - - 21 21 During the six months ended June 30, 2021, $0.02 million were transferred from Czech Koruna 385 - (324) 61 Level 1 to Level 2 and $0.04 million were transferred from Level 2 to Level 1. Danish Krone 250 - - 250 Euro 1,719 - 484 2,203 During the year ended December 31, 2020, $0.1 million were transferred from Hong Kong Dollar 152 - - 152 Level 1 to Level 2. Hungarian Forint 427 - (353) 74 Indonesian Rupiah 75 - 4 79 Japanese Yen 1,382 - 976 2,358 FINANCIAL INSTRUMENTS RISKS Mexican Peso 133 - (50) 83 The fundamental investment objective of the Lazard Global Balanced Income New Russian Ruble - - 24 24 New Taiwan Dollar - - - - Fund is to achieve long-term capital appreciation and to generate income by New Zealand Dollar 330 - (257) 73 investing primarily in the equity and debt securities of issuers based around the Norwegian Krone 456 - (291) 165 globe. By combining equity and debt and periodically readjusting allocations, the Polish Zloty 277 - (194) 83 Fund seeks to create a lower volatility pattern of returns when compared to Pound Sterling 978 1 (212) 767 global equities. Romanian Leu 312 - (169) 143 Singapore Dollar 306 - (181) 125 South Korean Won - - 96 96 Market Price Risk Swedish Krona 70 - 27 97 As at June 30, 2021, if the Fund's benchmark (25% MSCI All Country World Swiss Franc 430 - 110 540 Thailand Baht - - 25 25 Index, 25% Bloomberg Barclays Global Aggregate Bond Index, 25% MSCI All U.S. Dollar 15,909 255 (3,936) 12,228 Country World Index (Hedged), 25% Bloomberg Barclays Global Aggregate Bond Yuan Renminbi - - 445 445 Index (Hedged)) for these securities increased or decreased by 10%, with all other variables held constant, the net assets of the Fund would have increased or Total 25,237 256 (4,861) 20,632 decreased, respectively, by approximately $1.4 million (December 31, % of Net Assets 90.2 0.9 (17.4) 73.7 2020—$1.3 million), or 5.8% (December 31, 2020—4.7%) of total net assets. This impact is estimated based on the historical correlation between the return of As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% Series I units of the Fund as compared to the return of the Fund’s benchmark. In (December 31, 2020—2%) in relation to all foreign currencies, with all other practice, the historical correlation may not be representative of the future variables held constant, the Fund’s net assets would have decreased or correlation and, accordingly, the impact on net assets could be increased, respectively, by approximately $0.9 million (December 31, materially different. 2020—$0.4 million), or 4.0% (December 31, 2020—1.5%) of total net assets. In practice, the actual results may differ from this sensitivity analysis and the difference could be material. Foreign Currency Risk The tables below indicate the currencies to which the Fund had signiﬁcant exposure on its ﬁnancial instruments as at June 30, 2021 and December 31, Interest Rate Risk 2020 in Canadian dollar terms, including the underlying principal of forward At June 30, 2021 and December 31, 2020, the Fund's exposure to interest rate exchange contracts, if any. risk by remaining term to maturity was as follows:

JUNE 30, 2021 JUNE 30, 2021 DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL DEBT % OF % OF CURRENCY ($000) ($000) ASSETS ($000) ($000) INSTRUMENTS ($000) NET ASSETS ($000) NET ASSETS Australian Dollar 852 - (387) 465 Less than 1 year - - 334 1.2 Chilean Peso 168 - (171) (3) 1 to 3 years 482 2.0 1,472 5.2 Colombian Peso - - 19 19 3 to 5 years 1,452 6.1 2,879 10.3 Czech Koruna 245 - (152) 93 Greater than 5 years 6,214 26.2 8,245 29.5 Danish Krone 293 - - 293 Euro 1,416 1 310 1,727 Total 8,148 34.3 12,930 46.2 Hong Kong Dollar 205 - 2 207 Hungarian Forint 270 - (207) 63 At June 30, 2021, if the prevailing interest rates had risen or declined by 0.25% Indonesian Rupiah 69 - 1 70 (December 31, 2020—0.25%), assuming a parallel shift in the yield curve, with Japanese Yen 1,357 3 579 1,939 all other variables held constant, net assets would have increased or decreased, Mexican Peso 99 - (28) 71 respectively, by approximately $0.1 million (December 31, 2020—$0.2 million), New Russian Ruble - - 24 24 New Zealand Dollar 307 - (249) 58 or 0.6% (December 31, 2020—0.7%) of total net assets. The Fund’s sensitivity to Norwegian Krone 319 - (219) 100 interest rate changes was estimated using the weighted average duration of the Polish Zloty 160 - (106) 54 bonds. In practice, the actual results may differ from this sensitivity analysis and Pound Sterling 905 1 (177) 729 the difference could be material. Romanian Leu 205 - (69) 136 Singapore Dollar 210 - (119) 91 South Korean Won - - 51 51 Credit Risk Swedish Krona 23 - 25 48 At June 30, 2021 and December 31, 2020, the Fund was invested in debt Swiss Franc 263 - 85 348 securities with the following credit ratings: Thailand Baht - - 23 23 U.S. Dollar 14,406 163 (2,751) 11,818 Yuan Renminbi - - 363 363 Total 21,772 168 (3,153) 18,787 % of Net Assets 91.6 0.7 (13.3) 79.0

120 The notes at the back of this document are an integral part of these ﬁnancial statements. LAZARD GLOBAL BALANCED INCOME FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

JUNE 30, 2021 DECEMBER 31, 2020 DEBT SECURITIES % OF TOTAL % OF TOTAL BY CREDIT DEBT % OF DEBT % OF RATING* INSTRUMENTS NET ASSETS INSTRUMENTS NET ASSETS AAA/Aaa 22.0 7.6 24.0 11.1 AA/Aa 18.3 6.3 17.9 8.3 A/A 30.9 10.6 33.5 15.4 BBB/Baa 20.9 7.1 21.0 9.7 BB/Ba 3.5 1.2 1.5 0.7 Unrated 4.4 1.5 2.1 1.0 Total 100.0 34.3 100.0 46.2 *Excludes cash & cash equivalents

Credit ratings are obtained from Standard & Poor’s, Moody’s and Dominion Bond Rating Service. When more than one rating is obtained for a security, the average rating has been used.

As at June 30, 2021 and December 31, 2020 the fair value of securities on loan and collateral received was $Nil.

JUNE 30, 2021 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 115 (77) - 38 Payable for open foreign currency spot or exchange contracts (77) 77 - -

DECEMBER 31, 2020 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 311 (258) - 53 Payable for open foreign currency spot or exchange contracts (277) 258 - (19)

The notes at the back of this document are an integral part of these ﬁnancial statements. 121 LAZARD GLOBAL COMPOUNDERS FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 97,597 $ 71,539 Cash 1,437 2,166 Receivable for redeemable unit subscriptions 220 255 Dividends and accrued interest receivable 75 45 Receivable for open foreign currency spot or forward contracts 17 29 99,346 74,034

LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 111 159 Payable for open foreign currency spot or forward contracts 2 6 113 165

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 99,233 $ 73,869 Cost of investments 73,818 54,044

Net assets attributable to holders of redeemable units, Series A $ 37,157 $ 29,564 Number of redeemable units outstanding, Series A 1,893 1,637 Net assets attributable to holders of redeemable units per unit, Series A 19.62 18.06 Net assets attributable to holders of redeemable units per unit, Series A (USD) 15.82 14.18

Net assets attributable to holders of redeemable units, Series F $ 60,824 $ 43,282 Number of redeemable units outstanding, Series F 2,951 2,294 Net assets attributable to holders of redeemable units per unit, Series F 20.61 18.87 Net assets attributable to holders of redeemable units per unit, Series F (USD) 16.62 14.81

Net assets attributable to holders of redeemable units, Series I $ 1 $ 1 Number of redeemable units outstanding, Series I - - Net assets attributable to holders of redeemable units per unit, Series I 20.92 19.05

Net assets attributable to holders of redeemable units, Series AH $ 835 $ 746 Number of redeemable units outstanding, Series AH 42 42 Net assets attributable to holders of redeemable units per unit, Series AH 20.08 17.88

Net assets attributable to holders of redeemable units, Series FH $ 415 $ 275 Number of redeemable units outstanding, Series FH 20 15 Net assets attributable to holders of redeemable units per unit, Series FH 20.81 18.44

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

122 LAZARD GLOBAL COMPOUNDERS FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 485 $ 277 Interest for distribution purposes - 1 Management Fee Rebates income 65 42 Net realized gain (loss) on sale of investments 1,689 (51) Net change in unrealized appreciation (depreciation) of investments 6,284 1,593 Net gain (loss) on investments 8,523 1,862

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 29 (16) Net change in unrealized appreciation (depreciation) of foreign exchange contracts (8) 5 Net gain (loss) on derivatives 21 (11)

Securities lending 2 - Net realized gain (loss) on foreign currencies (1) (19) Net change in unrealized appreciation (depreciation) of foreign currencies 1 1 Total net income (loss) 8,546 1,833

EXPENSES (note 6) Management fees 516 247 Legal 1 1 Audit 6 3 Independent review committee 2 1 Custody and fund accounting 29 22 Filing fees 24 24 Unitholder reporting 4 2 Administration and transfer agent fees 84 39 Foreign withholding taxes 56 30 Transaction costs (note 3) 21 11 743 380 Expenses absorbed (33) (36) Total expenses net of absorption 710 344

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 2,882 $ 436 Series F 4,807 1,080 Series I - 1 Series AH 92 (10) Series FH 55 (18) Series IH - - TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 7,836 1,489

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 1.60 $ 0.42 Series F 1.81 0.66 Series I 1.86 0.59 Series AH 2.22 (0.28) Series FH 2.68 (0.72) Series IH 2.60 (0.22)

The accompanying notes are an integral part of these ﬁnancial statements.

123 LAZARD GLOBAL COMPOUNDERS FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 2,882 436 4,807 1,080 - 1

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (25) (18) (38) (22) - - (25) (18) (38) (22) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 6,607 6,952 15,284 11,467 - - Reinvested distributions to holders of redeemable units 25 18 38 22 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) (449) (41) 471 41 - - Payments for redeemable units redeemed (1,447) (1,143) (3,020) (2,364) - - 4,736 5,786 12,773 9,166 - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 7,593 6,204 17,542 10,224 - 1

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 37,157 $ 19,085 $ 60,824 $ 30,763 $ 1 $ 1

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 1,636,750 852,520 2,294,074 1,315,464 31 31 Redeemable units issued for cash 358,028 461,891 785,816 746,339 - - Redeemable units issued for reinvested distributions 1,367 1,244 1,937 1,449 - - Net redeemable units transferred in/(out) (24,342) (2,696) 24,118 2,607 - - Redeemable units redeemed (78,305) (82,697) (154,600) (157,005) - - BALANCE, END OF PERIOD 1,893,498 1,230,262 2,951,345 1,908,854 31 31

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 92 (10) 55 (18) - -

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (1) (1) (1) - - - (1) (1) (1) - - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 11 71 124 84 - - Reinvested distributions to holders of redeemable units 1 1 1 - - - Net proceeds/(payments) from/for redeemable units transferred in/(out) - - (22) - - - Payments for redeemable units redeemed (14) (38) (17) (54) - - (2) 34 86 30 - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 89 23 140 12 - -

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 835 $ 570 $ 415 $ 373 $ 1 $ -

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 41,759 36,055 14,893 23,269 31 31 Redeemable units issued for cash 520 5,351 6,586 5,421 - - Redeemable units issued for reinvested distributions 50 56 27 21 - - Net redeemable units transferred in/(out) - - (655) - - - Redeemable units redeemed (719) (2,989) (891) (4,162) - - BALANCE, END OF PERIOD 41,610 38,473 19,960 24,549 31 31

124 LAZARD GLOBAL COMPOUNDERS FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED) (CONTINUED)

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 73,869 $ 34,328

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 7,836 1,489

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (65) (41) (65) (41)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 22,026 18,574 Reinvested distributions to holders of redeemable units 65 41 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (4,498) (3,599) 17,593 15,016

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 25,364 16,464

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 99,233 $ 50,792

The accompanying notes are an integral part of these ﬁnancial statements.

125 LAZARD GLOBAL COMPOUNDERS FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 7,836 $ 1,489

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (1,689) 51 Unrealized (appreciation) depreciation on foreign cash (2) 4 Net change in unrealized (appreciation) depreciation of investments (6,284) (1,593) Net change in unrealized (appreciation) depreciation of foreign exchange contracts 8 (5) Purchase of investments (24,534) (19,470) Proceeds from sale of investments 6,449 3,905 (18,216) (15,619)

CHANGE IN NON-CASH WORKING CAPITAL (30) (22)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 22,061 18,465 Amounts paid on redemption of redeemable units (4,546) (3,591) 17,515 14,874 NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH 2 (4)

NET INCREASE (DECREASE) IN CASH (729) (771)

CASH—BEGINNING OF PERIOD 2,166 1,584

CASH—END OF PERIOD 1,437 813

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 399 225 Interest - 1

The accompanying notes are an integral part of these ﬁnancial statements.

126 LAZARD GLOBAL COMPOUNDERS FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Beverages Personal Products 22,096 The Coca-Cola Company $ 1,464 $ 1,483 1.5 1,075 LG Household & Health Care, Ltd. $ 1,721 $ 2,086 2.1 5,944 The Estee Lauder Companies Inc. Cl. A 1,584 2,345 2.4 Biotechnology 3,305 4,431 4.5 4,885 Genmab A/S 1,652 2,480 2.5 Pharmaceuticals Building Products 13,256 Zoetis Inc. Cl. A 2,156 3,064 3.1 53,869 ASSA ABLOY AB Series B 1,597 2,012 2.0 Professional Services Capital Markets 55,196 RELX PLC 1,672 1,824 1.8 1,247 Partners Group Holding AG 1,418 2,342 2.4 44,500 SMS Co., Ltd. 1,362 1,649 1.7 7,595 S&P Global Inc. 2,614 3,866 3.9 14,616 Wolters Kluwer NV 1,460 1,820 1.8 4,032 6,208 6.3 4,494 5,293 5.3

Commercial Banks Semiconductors & Semiconductor Equipment 309,139 Banco Bradesco SA ADR 1,766 1,967 2.0 21,871 Taiwan Semiconductor Manufacturing 30,064 HDFC Bank Limited ADR 2,293 2,726 2.7 Company, Ltd. ADR 1,992 3,259 3.3 22,522 National Bank of Canada 1,478 2,089 2.1 5,537 6,782 6.8 Software 4,061 Adobe Inc. 2,320 2,949 3.0 Commercial Services & Supplies 5,566 Intuit Inc. 2,033 3,384 3.4 8,856 Verisk Analytics, Inc. Cl. A 1,744 1,919 1.9 7,641 Microsoft Corporation 1,761 2,567 2.6 6,114 8,900 9.0 Diversiﬁed Financial Services 13,993 Intercontinental Exchange, Inc. 1,685 2,060 2.1 Specialty Retail 33,599 Dollarama Inc. 1,424 1,907 1.9 Electrical Equipment 15,900 Workman Co., Ltd. 1,724 1,380 1.4 12,362 AMETEK, Inc. 1,481 2,047 2.1 3,148 3,287 3.3 4,537 Rockwell Automation Inc. 1,164 1,609 1.6 2,645 3,656 3.7 Total Investments 73,818 97,597 98.4 Electronic Equipment, Instruments & Components 23,843 Amphenol Corp. Cl. A 1,573 2,023 2.0 Foreign Exchange Contracts (a) 15 - 128,831 Hexagon AB Series B 1,471 2,365 2.4 Other Assets Less Liabilities 1,621 1.6 3,044 4,388 4.4 Net Assets Attributable to Holders of Redeemable Units 99,233 100.0 Entertainment 23,700 Toei Animation Co., Ltd. 1,752 3,480 3.5 (a) Foreign Exchange Contracts Food & Staples Retailing SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED 49,615 Clicks Group Limited 978 1,057 1.1 DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Health Care Equipment & Supplies Jul 1, 2021 USD 7 JPY 794 0.00900 $ - 3,771 Thermo Fisher Scientiﬁc Inc. 1,752 2,359 2.4 1.34761 to Jul 16, 2021 CAD 35 CHF 26 1.36486 - Health Care Providers & Services 0.19756 to 8,335 IQVIA Holdings Inc. 1,611 2,505 2.5 Jul 16, 2021 CAD 39 DKK 196 0.20312 1 1.47259 to Industrial Conglomerates Jul 16, 2021 CAD 54 EUR 36 1.48842 1 6,137 Honeywell International Inc. 1,331 1,669 1.7 1.71057 to Jul 16, 2021 CAD 29 GBP 17 1.73951 - Insurance 0.15510 to 142,600 AIA Group Limited 2,295 2,194 2.2 Jul 16, 2021 CAD 61 HKD 387 0.16135 - 9,394 Aon PLC Cl. A 2,361 2,781 2.8 0.01108 to 68,197 Prudential PLC 1,581 1,606 1.6 Jul 16, 2021 CAD 137 JPY 12,008 0.01144 3 6,237 6,581 6.6 0.14513 to Jul 16, 2021 CAD 67 SEK 459 0.14658 - Interactive Media & Services 1.25459 to 1,516 Alphabet Inc. Cl. A 2,836 4,591 4.6 Jul 16, 2021 CAD 897 USD 715 1.25461 10 20,000 Tencent Holdings Limited 1,462 1,867 1.9 Jul 16, 2021 CHF 4 CAD 6 0.74362 - 4,298 6,458 6.5 5.03297 to Jul 16, 2021 DKK 33 CAD 6 5.05920 - Internet & Direct Marketing Retail Jul 16, 2021 EUR 6 CAD 9 0.67860 - 4,803 Alibaba Group Holding Limited ADR 1,249 1,351 1.4 0.57480 to Jul 16, 2021 GBP 4 CAD 7 0.58636 - IT Services 6.18366 to 11,112 Accenture PLC Cl. A 2,879 4,062 4.1 Jul 16, 2021 HKD 67 CAD 11 6.42328 - 10,375 Visa Inc. Cl. A 2,292 3,009 3.0 89.04229 to 5,171 7,071 7.1 Jul 16, 2021 JPY 2,549 CAD 29 90.32258 - Jul 16, 2021 SEK 79 CAD 11 6.92003 - Leisure Products 0.79809 to 16,110 BRP Inc., Sub. Voting 1,367 1,563 1.6 Jul 16, 2021 USD 200 CAD 248 0.81588 - 7,900 Shimano Inc. 1,978 2,331 2.3 3,345 3,894 3.9 $ 15 Notes: Counterparty—State Street Bank and Trust Co.; Rating AA-; Machinery —State Street Trust Company Canada; Rating AA-; 7,164 Nordson Corporation 1,485 1,950 2.0 Source—Standard & Poor's Credit Rating Agency

127 LAZARD GLOBAL COMPOUNDERS FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Portfolio by Country Exposure JUNE 30 DEC. 31 FINANCIAL INSTRUMENTS RISKS 2021 (%) 2020 (%) The investment objective of the Lazard Global Compounders Fund is to achieve Equities long-term capital appreciation by investing primarily in the equity securities of Brazil 2.0 - both Canadian and non-Canadian issuers whose equity market capitalizations Canada 5.6 3.7 exceed $1 billion at the time of purchase. China 1.9 2.1 Denmark 2.5 2.8 The Fund uses derivatives such as forward contracts on the portions of the Fund Germany - 4.3 that are attributable to the Hedged Series of units to hedge against currency Hong Kong 3.6 1.6 risk exposure. India 2.7 3.0 Ireland 4.1 4.0 Israel - 0.8 Market Price Risk Japan 8.9 10.1 Netherlands 1.8 1.7 As at June 30, 2021, if the Fund’s benchmark (MSCI All Country World Index) South Africa 1.1 1.2 increased or decreased by 10%, with all other variables held constant, the net South Korea 2.1 2.2 assets of the Fund would have increased or decreased, respectively, by Sweden 4.4 4.2 approximately $9.3 million (December 31, 2020—$7.2 million) or 9.3% Switzerland 2.4 2.0 (December 31, 2020—9.7%) of total net assets. This impact is estimated based Taiwan 3.3 3.0 on the historical correlation between the return of Series I units of the Fund as United Kingdom 6.2 6.4 compared to the return of the Fund’s benchmark. In practice, the historical United States 45.8 43.7 correlation may not be representative of the future correlation and, accordingly, Total investments 98.4 96.8 the impact on net assets could be materially different. Foreign exchange contracts, net - - Total ﬁnancial instruments at fair value 98.4 96.8 Total other assets less liabilities at cost or amortized cost 1.6 3.2 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0

128 The notes at the back of this document are an integral part of these ﬁnancial statements. LAZARD GLOBAL COMPOUNDERS FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Foreign Currency Risk DECEMBER 31, 2020 The table below indicates the currencies to which the unhedged series of the Forward Fund had signiﬁcant exposure on its ﬁnancial instruments as at June 30, 2021 Foreign Currency and December 31, 2020 in Canadian dollar terms. Contracts outstanding JUNE 30, 2021 OTHER NET in Hedged INVESTMENTS CASH OTHER NET TOTAL INVESTMENTS CASH ASSETS Series TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) CURRENCY ($000) ($000) ($000) ($000) ($000) Danish Krone 2,449 - - 2,449 Danish Krone 28 - - (27) 1 Euro 3,599 - 3 3,602 Euro 81 - - (77) 4 Hong Kong Dollar 4,010 - - 4,010 Hong Kong Dollar 21 - - (20) 1 Japanese Yen 8,731 9 (3) 8,737 Japanese Yen 103 - - (98) 5 Pound Sterling 1,586 - - 1,586 Pound Sterling 18 - - (18) - South African Rand 1,043 - 5 1,048 South African Rand 12 - - - 12 South Korean Won 2,060 - - 2,060 South Korean Won 23 - - - 23 Swedish Krona 4,323 - - 4,323 Swedish Krona 43 - - (42) 1 Swiss Franc 2,313 - 18 2,331 Swiss Franc 21 - - (20) 1 U.S. Dollar 60,778 275 34 61,087 U.S. Dollar 601 1 - (585) 17 Total 90,892 284 57 91,233 Total 951 1 - (887) 65 % of Net Assets 91.6 0.3 0.1 92.0 % of Net Assets 1.3 - - (1.2) 0.1

As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% DECEMBER 31, 2020 (December 31, 2020—2%) in relation to all foreign currencies, with all other INVESTMENTS CASH OTHER NET TOTAL variables held constant, the Fund’s net assets would have decreased or CURRENCY ($000) ($000) ASSETS ($000) ($000) increased, respectively, by approximately $4.6 million (December 31, Danish Krone 2,025 - - 2,025 2020—$1.4 million) or 4.6% (December 31, 2020—1.9%) of total net assets. Euro 5,742 3 1 5,746 The Fund consists of both Unhedged and Hedged Series. Exposure to currency Hong Kong Dollar 1,518 - - 1,518 impact would only affect the Unhedged Series. Approximately 98.7% (December Japanese Yen 7,352 - 5 7,357 31, 2020—98.6%) of the Fund is invested in the Unhedged Series of units which Pound Sterling 1,279 - - 1,279 has not been hedged with forward exchange contracts. The remaining 1.3% South African Rand 862 - - 862 (December 31, 2020—1.4%) of the Fund is invested in the Hedged Series of South Korean Won 1,636 1 - 1,637 Swedish Krona 3,083 - - 3,083 units which has been hedged with forward exchange contracts and therefore is Swiss Franc 1,494 - 9 1,503 not subject to significant currency risk. In practice, the actual results may differ U.S. Dollar 42,853 68 16 42,937 from this sensitivity analysis and the difference could be material. Total 67,844 72 31 67,947 % of Net Assets 91.8 0.1 - 91.9 Interest Rate Risk The substantial majority of the Fund’s financial assets are equity shares which do The following table summarizes the foreign currency risk associated with the not pay interest. As a result, the Fund is not subject to significant amounts of risk hedged series which is offset by Forward Foreign Currency Contracts. due to fluctuations in the prevailing levels of market interest rate.

JUNE 30, 2021 Forward Credit Risk Foreign The Fund enters into foreign exchange contracts to buy and sell currencies for the Currency purpose of settling foreign securities transactions. These are short term spot Contracts outstanding settlements carried out with approved counterparties. The exposure to credit risk OTHER NET in Hedged on these contracts is considered minimal as the transactions are settled and paid INVESTMENTS CASH ASSETS Series TOTAL for upon delivery. CURRENCY ($000) ($000) ($000) ($000) ($000) Danish Krone 31 - - (32) (1) For the Hedged series, the Fund uses forward contracts to hedge the foreign Euro 45 - - (44) 1 currency exposure on that portion of the Fund associated with the Hedged Series Hong Kong Dollar 51 - - (51) - of units. All of these contracts are with an approved counterparty. Japanese Yen 110 - - (106) 4 Pound Sterling 20 - - (21) (1) South African Rand 13 - - - 13 South Korean Won 26 - - - 26 SECURITIES LENDING Swedish Krona 55 - - (55) - The aggregate market value of all securities loaned by a fund cannot exceed 50% Swiss Franc 29 - - (29) - of the net assets of the applicable Fund. The Funds receive collateral of at least U.S. Dollar 767 3 - (638) 132 102% of the value of the securities on loan. Collateral may comprise of obligations Total 1,147 3 - (976) 174 of or guaranteed by the Government of Canada, or a province thereof, or by the % of Net Assets 1.2 - - (1.0) 0.2 United States government or its agencies. As at June 30, 2021 and December 31, 2020 the fair value of securities on loan and collateral received was $Nil.

Reconciliation Between Gross and Net Income from Securities Lending

JUNE 30, 2021 % OF GROSS ($000) INCOME Gross Income from Securities Lending 2 100.0 Withholding Tax - - Fees Paid to Securities Lending Agent* - - Total Deductions - - Net Income from Securities Lending, net of withholding tax 2 100.0

The notes at the back of this document are an integral part of these ﬁnancial statements. 129 LAZARD GLOBAL COMPOUNDERS FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

JUNE 30, 2021 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 17 (2) - 15 Payable for open foreign currency spot or exchange contracts (2) 2 - -

DECEMBER 31, 2020 AMOUNTS PRESENTED IN THE STATEMENT OF FINANCIAL POSITION AMOUNTS ELIGIBLE FOR OFFSET NET FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open foreign currency spot or exchange contracts 29 (6) - 23 Payable for open foreign currency spot or exchange contracts (6) 6 - -

130 The notes at the back of this document are an integral part of these ﬁnancial statements. LAZARD INTERNATIONAL COMPOUNDERS FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 15,090 $ 10,454 Cash 366 455 Receivable for redeemable unit subscriptions 25 28 Dividends and accrued interest receivable 16 6 15,497 10,943

LIABILITIES CURRENT LIABILITIES Payable for securities purchased - 210 Payable for redeemable unit redemptions 14 14 Payable for open foreign currency spot or forward contracts - 1 14 225

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 15,483 $ 10,718 Cost of investments 13,678 9,516

Net assets attributable to holders of redeemable units, Series A $ 5,438 $ 1,507 Number of redeemable units outstanding, Series A 439 130 Net assets attributable to holders of redeemable units per unit, Series A 12.39 11.56 Net assets attributable to holders of redeemable units per unit, Series A (USD) 9.99 9.08

Net assets attributable to holders of redeemable units, Series F $ 7,514 $ 6,873 Number of redeemable units outstanding, Series F 600 591 Net assets attributable to holders of redeemable units per unit, Series F 12.53 11.63 Net assets attributable to holders of redeemable units per unit, Series F (USD) 10.10 9.13

Net assets attributable to holders of redeemable units, Series I $ 2,531 $ 2,338 Number of redeemable units outstanding, Series I 200 200 Net assets attributable to holders of redeemable units per unit, Series I 12.64 11.67

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

131 LAZARD INTERNATIONAL COMPOUNDERS FUND

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 110 Interest for distribution purposes 1 Management Fee Rebates income 5 Net realized gain (loss) on sale of investments 466 Net change in unrealized appreciation (depreciation) of investments 474 Net gain (loss) on investments 1,056

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (12) Net change in unrealized appreciation (depreciation) of foreign exchange contracts 1 Net gain (loss) on derivatives (11)

Net realized gain (loss) on foreign currencies 4 Total net income (loss) 1,049

EXPENSES (note 6) Management fees 71 Audit 1 Interest expense 1 Custody and fund accounting 13 Filing fees 16 Administration and transfer agent fees 11 Foreign withholding taxes 11 Transaction costs (note 3) 12 136 Expenses absorbed (26) Total expenses net of absorption 110

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 227 Series F 519 Series I 193 TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 939

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 0.56 Series F 0.95 Series I 0.96

The accompanying notes are an integral part of these ﬁnancial statements.

132 LAZARD INTERNATIONAL COMPOUNDERS FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 227 519 193 939

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (1) (4) - (5) (1) (4) - (5)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 4,543 2,931 - 7,474 Reinvested distributions to holders of redeemable units 1 4 - 5 Net proceeds/(payments) from/for redeemable units transferred in/(out) 61 (61) - - Payments for redeemable units redeemed (900) (2,748) - (3,648) 3,705 126 - 3,831

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 3,931 641 193 4,765

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 5,438 $ 7,514 $ 2,531 $ 15,483

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 130,375 590,977 200,264 Redeemable units issued for cash 377,997 242,093 - Redeemable units issued for reinvested distributions 99 340 - Net redeemable units transferred in/(out) 5,352 (5,310) - Redeemable units redeemed (74,764) (228,247) - BALANCE, END OF PERIOD 439,059 599,853 200,264

The accompanying notes are an integral part of these ﬁnancial statements.

133 LAZARD INTERNATIONAL COMPOUNDERS FUND

STATEMENT OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 939

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (466) Net change in unrealized (appreciation) depreciation of investments (474) Net change in unrealized (appreciation) depreciation of foreign exchange contracts (1) Purchase of investments (7,881) Proceeds from sale of investments 3,975 (3,908)

CHANGE IN NON-CASH WORKING CAPITAL (10)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 7,477 Amounts paid on redemption of redeemable units (3,648) 3,829

NET INCREASE (DECREASE) IN CASH (89)

CASH—BEGINNING OF PERIOD 455

CASH—END OF PERIOD 366

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 89 Interest 1

The accompanying notes are an integral part of these ﬁnancial statements.

134 LAZARD INTERNATIONAL COMPOUNDERS FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Beverages Semiconductors & Semiconductor Equipment 6,540 Diageo PLC $ 320 $ 388 2.5 822 ASML Holding NV $ 493 $ 703 4.5 1,500 Pernod Ricard SA 367 413 2.7 3,917 Taiwan Semiconductor Manufacturing 687 801 5.2 Company, Ltd. ADR 497 584 3.8 990 1,287 8.3 Biotechnology 878 Genmab A/S 426 446 2.9 Software 1,945 Check Point Software Technologies, Ltd. 308 280 1.8 Building Products 2,241 SAP SE 395 390 2.5 10,740 ASSA ABLOY AB Series B 339 401 2.6 703 670 4.3

Capital Markets Specialty Retail 2,405 London Stock Exchange Group PLC 360 329 2.1 5,072 Dollarama Inc. 254 288 1.9 311 Partners Group Holding AG 440 584 3.8 4,280 Industria de Diseno Textil, SA 165 187 1.2 800 913 5.9 2,400 Workman Co., Ltd. 263 208 1.3 682 683 4.4 Commercial Banks 50,029 Banco Bradesco SA ADR 280 318 2.1 Textiles, Apparel & Luxury Goods 5,659 HDFC Bank Limited ADR 461 513 3.3 514 LVMH Moet Hennessy Louis Vuitton SE 368 501 3.2 3,468 National Bank of Canada 245 322 2.1 986 1,153 7.5 Total Investments 13,678 15,090 97.5 Electrical Equipment 2,417 Legrand SA 270 317 2.0 Foreign Exchange Contracts (a) - - Other Assets Less Liabilities 393 2.5 Electronic Equipment, Instruments & Components Net Assets Attributable to Holders of 20,558 Hexagon AB Series B 300 377 2.4 Redeemable Units 15,483 100.0

Entertainment 3,400 Toei Animation Co., Ltd. 329 499 3.2 (a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED Food & Staples Retailing DATE CURRENCY CURRENCY PRICE GAIN (LOSS) 13,858 Clicks Group Limited 274 295 1.9 Jul 2, 2021 CAD 1 JPY 125 0.01115 $ - Health Care Equipment & Supplies $ - 1,151 Coloplast A/S Series B 235 234 1.5 Notes: Counterparty—State Street Trust Company Canada; Rating AA-; Source—Standard & 5,672 Demant A/S 260 396 2.6 Poor's Credit Rating Agency 495 630 4.1

Household Products 3,800 PIGEON Corporation 208 133 0.9

Insurance 21,400 AIA Group Limited 312 329 2.1 1,440 Aon PLC Cl. A 389 427 2.8 8,030 Gjensidige Forsikring ASA 225 219 1.4 11,851 Prudential PLC 268 279 1.8 1,194 1,254 8.1

Interactive Media & Services 3,717 Scout24 AG 396 389 2.5 5,900 Tencent Holdings Limited 596 551 3.6 992 940 6.1

Internet & Direct Marketing Retail 1,969 Alibaba Group Holding Limited ADR 647 554 3.6

Leisure Products 2,649 BRP Inc., Sub. Voting 230 257 1.6 6,704 Shimano Inc. ADR 197 198 1.3 427 455 2.9

Machinery 4,688 Toromont Industries, Ltd. 390 506 3.3

Personal Products 169 LG Household & Health Care, Ltd. 313 328 2.1 5,858 Unilever PLC 431 425 2.8 744 753 4.9

Pharmaceuticals 3,816 Dechra Pharmaceuticals PLC 222 286 1.8

Professional Services 2,506 Intertek Group PLC 247 237 1.5 13,577 RELX PLC 423 449 2.9 7,100 SMS Co., Ltd. 284 263 1.7 2,303 Wolters Kluwer NV 251 287 1.9 1,205 1,236 8.0

135 LAZARD INTERNATIONAL COMPOUNDERS FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Portfolio by Industry Exposure JUNE 30, 2021 JUNE 30 DEC. 31 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT 2021 (%) 2020 (%) MARKETS FOR OBSERVABLE UNOBSERVABLE Equities IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Aerospace & Defense - 2.7 ($000) ($000) ($000) ($000) Beverages 5.2 2.4 Biotechnology 2.9 3.2 Equities 5,957 9,133 - 15,090 Building Products 2.6 4.4 Total Investments 5,957 9,133 - 15,090 Capital Markets 5.9 6.1 Chemicals - 2.2 Foreign Exchange Commercial Banks 7.5 5.5 Contracts, Net - - - - Electrical Equipment 2.0 2.0 Electronic Equipment, Instruments & Components 2.4 2.4 Entertainment 3.2 3.6 DECEMBER 31, 2020 Food & Staples Retailing 1.9 2.2 QUOTED PRICES SIGNIFICANT Health Care Equipment & Supplies 4.1 3.6 IN ACTIVE OTHER SIGNIFICANT Household Products 0.9 1.4 MARKETS FOR OBSERVABLE UNOBSERVABLE Insurance 8.1 8.1 IDENTICAL INPUTS INPUTS Interactive Media & Services 6.1 6.4 ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL Internet & Direct Marketing Retail 3.6 3.0 ($000) ($000) ($000) ($000) Leisure Products 2.9 1.5 Equities 3,600 6,854 - 10,454 Machinery 3.3 5.4 Total Investments 3,600 6,854 - 10,454 Personal Products 4.9 - Pharmaceuticals 1.8 1.6 Foreign Exchange Professional Services 8.0 9.5 Contracts, Net - (1) - (1) Semiconductors & Semiconductor Equipment 8.3 8.7 Software 4.3 3.9 Bridgehouse Asset Managers subscribes to the services of a third-party valuation Specialty Retail 4.4 4.8 service provider to provide fair value adjustments, where applicable, to the prices Textiles, Apparel & Luxury Goods 3.2 2.9 of foreign securities due to changes in the value of securities in North American Total investments 97.5 97.5 markets following the closure of the foreign markets. The parameters used to Foreign exchange contracts, net - - apply the fair value adjustments are based on observable market data, and as Total financial instruments at fair value 97.5 97.5 such, the foreign securities are considered Level 2 priced securities. Total other assets less liabilities at cost or amortized cost 2.5 2.5 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 During the six months ended June 30, 2021, $0.3 million were transferred from Level 1 to Level 2 and $0.3 million were transferred from Level 2 to Level 1. During the period ended December 31, 2020, there were no significant transfers Portfolio by Country Exposure between Level 1 and 2. JUNE 30 DEC. 31 2021 (%) 2020 (%) Equities FINANCIAL INSTRUMENTS RISKS Brazil 2.1 - The investment objective of the Lazard International Compounders Fund is to Canada 8.9 9.4 achieve long-term capital appreciation by investing primarily in the equity China 3.6 3.7 securities of non-U.S. issuers, including those from emerging markets. The Fund Denmark 7.0 6.8 invests solely in what Lazard calls "Compounders", the world's leading companies France 7.9 4.9 that can generate, and sustain, the highest levels of financial productivity (i.e. Germany 5.0 9.4 return on equity, return on capital, and cashflow return on investment). Hong Kong 5.7 5.3 India 3.3 3.7 Israel 1.8 1.8 Market Price Risk Japan 8.4 11.9 Netherlands 6.4 5.3 As at June 30, 2021, if the Fund’s benchmark (MSCI All Country World ex-U.S. Norway 1.4 1.7 Index) increased or decreased by 10%, with all other variables held constant, the South Africa 1.9 2.2 net assets of the Fund would have increased or decreased, respectively, by South Korea 2.1 - approximately $1.5 million (December 31, 2020—$1.0 million) or 9.7% Spain 1.2 1.2 (December 31, 2020—9.8%) of total net assets. This impact is estimated based Sweden 5.0 4.8 on the historical correlation between the return of Series I units of the Fund as Switzerland 3.8 5.4 compared to the return of the Fund’s benchmark. In practice, the historical Taiwan 3.8 5.2 correlation may not be representative of the future correlation and, accordingly, United Kingdom 18.2 14.8 the impact on net assets could be materially different. Total investments 97.5 97.5 Foreign exchange contracts, net - - Total financial instruments at fair value 97.5 97.5 Total other assets less liabilities at cost or amortized cost 2.5 2.5 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0

136 The notes at the back of this document are an integral part of these ﬁnancial statements. LAZARD INTERNATIONAL COMPOUNDERS FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Foreign Currency Risk OFFSETTING OF FINANCIAL INSTRUMENTS The tables below indicate the currencies to which the Fund had significant The fund enters into various master netting agreements or other similar exposure on its financial instruments as at June 30, 2021 and December 31, agreements that do not meet the criteria for offsetting in the Statements of 2020 in Canadian dollar terms, including the underlying principal of forward Financial Position but still allow for the related amounts to be set off in certain exchange contracts, if any. circumstances, such as bankruptcy or termination of the contracts. The following table presents financial instruments that are offset, or subject to enforceable JUNE 30, 2021 master netting agreements or other similar agreements but that are not offset, as INVESTMENTS CASH OTHER NET TOTAL at June 30, 2021 and December 31, 2020. The ‘Net’ column shows what the CURRENCY ($000) ($000) ASSETS ($000) ($000) impact on the Fund’s Statements of Financial Position would be if all set-off rights Danish Krone 1,076 - - 1,076 were exercised. Euro 4,061 - 2 4,063 Hong Kong Dollar 880 - - 880 JUNE 30, 2021 Japanese Yen 1,104 1 - 1,105 Norwegian Krone 219 - 2 221 AMOUNTS Pound Sterling 1,519 - - 1,519 PRESENTED IN South African Rand 295 - 2 297 THE STATEMENT South Korean Won 328 - - 328 OF FINANCIAL Swedish Krona 778 - - 778 POSITION AMOUNTS ELIGIBLE FOR OFFSET NET Swiss Franc 584 - 2 586 FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH U.S. Dollar 2,873 - 2 2,875 AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL Receivable for open Total 13,717 1 10 13,728 foreign currency % of Net Assets 88.6 - 0.1 88.7 spot or exchange contracts - - - - Payable for open foreign currency DECEMBER 31, 2020 spot or exchange INVESTMENTS CASH OTHER NET TOTAL contracts - - - - CURRENCY ($000) ($000) ASSETS ($000) ($000) Danish Krone 736 - - 736 Euro 2,490 - - 2,490 DECEMBER 31, 2020 Hong Kong Dollar 642 - - 642 AMOUNTS Japanese Yen 1,122 - 1 1,123 PRESENTED IN Norwegian Krone 176 - 1 177 THE STATEMENT Pound Sterling 1,044 - - 1,044 OF FINANCIAL South African Rand 232 - - 232 POSITION AMOUNTS ELIGIBLE FOR OFFSET NET Swedish Krona 520 - - 520 FINANCIAL ASSETS GROSS ASSETS/ FINANCIAL CASH Swiss Franc 576 - - 576 AND LIABILITIES LIABILITIES INSTRUMENTS COLLATERAL U.S. Dollar 1,912 688 2 2,602 Receivable for open Total 9,450 688 4 10,142 foreign currency spot or exchange % of Net Assets 88.2 6.4 - 94.6 contracts - - - - Payable for open As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% foreign currency (December 31, 2020—2%) in relation to all foreign currencies, with all other spot or exchange contracts (1) - - (1) variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $0.7 million (December 31, 2020—$0.2 million) or 4.4% (December 31, 2020—1.9%) of total net assets. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

As at June 30, 2021 and December 31, 2020, the fair value of securities on loan and collateral received was $Nil.

The notes at the back of this document are an integral part of these ﬁnancial statements. 137 MORNINGSTAR AGGRESSIVE PORTFOLIO STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 3,410 $ 3,020 Cash 79 42 Receivable for redeemable unit subscriptions - 1 Income distribution receivable from underlying funds 7 8 3,496 3,071

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 5 - Payable for redeemable unit redemptions - 1 5 1

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 3,491 $ 3,070 Cost of investments 2,857 2,766

Net assets attributable to holders of redeemable units, Series A $ 1,667 $ 1,680 Number of redeemable units outstanding, Series A 131 146 Net assets attributable to holders of redeemable units per unit, Series A 12.72 11.51

Net assets attributable to holders of redeemable units, Series F $ 1,605 $ 1,193 Number of redeemable units outstanding, Series F 120 99 Net assets attributable to holders of redeemable units per unit, Series F 13.36 12.03

Net assets attributable to holders of redeemable units, Series I $ 219 $ 197 Number of redeemable units outstanding, Series I 17 17 Net assets attributable to holders of redeemable units per unit, Series I 12.91 11.55

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

138 MORNINGSTAR AGGRESSIVE PORTFOLIO

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Income distributions received from underlying funds $ 8 $ 68 Management Fee Rebates income 1 1 Net realized gain (loss) on sale of investments 47 (246) Capital gains distributions received from underlying funds 7 - Net change in unrealized appreciation (depreciation) of investments 299 (344) Net gain (loss) on investments 362 (521)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts - (1) Net gain (loss) on derivatives - (1)

Total net income (loss) 362 (522)

EXPENSES (note 6) Management fees 23 31 Custody and fund accounting 4 4 Filing fees 19 19 Administration and transfer agent fees 3 4 Foreign withholding taxes 2 3 Transaction costs (note 3) - 3 51 64 Expenses absorbed (23) (23) Total expenses net of absorption 28 41

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 162 $ (160) Series F 149 (391) Series I 23 (12) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 334 (563)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 1.24 $ (0.88) Series F 1.31 (1.57) Series I 1.36 (0.71)

The accompanying notes are an integral part of these ﬁnancial statements.

139 MORNINGSTAR AGGRESSIVE PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 162 (160) 149 (391) 23 (12)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (1) (1) - - - - (1) (1) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 279 186 361 546 - - Reinvested distributions to holders of redeemable units - - 1 1 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) (20) - 20 - - - Payments for redeemable units redeemed (434) (558) (118) (2,113) (1) - (175) (372) 264 (1,566) (1) -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (13) (532) 412 (1,958) 22 (12)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 1,667 $ 1,650 $ 1,605 $ 1,356 $ 219 $ 168

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 145,954 202,386 99,172 297,249 17,077 16,776 Redeemable units issued for cash 22,890 19,289 28,433 49,469 - - Redeemable units issued for reinvested distributions 8 10 47 57 - - Net redeemable units transferred in/(out) (1,615) - 1,542 - - - Redeemable units redeemed (36,194) (55,924) (9,123) (215,727) (101) - BALANCE, END OF PERIOD 131,043 165,761 120,071 131,048 16,976 16,776

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 3,070 $ 5,676

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 334 (563)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (1) (1) (1) (1)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 640 732 Reinvested distributions to holders of redeemable units 1 1 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (553) (2,671) 88 (1,938)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 421 (2,502)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 3,491 $ 3,174

The accompanying notes are an integral part of these ﬁnancial statements.

140 MORNINGSTAR AGGRESSIVE PORTFOLIO

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 334 $ (563)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (47) 246 Net change in unrealized (appreciation) depreciation of investments (299) 344 Reinvested distributions from underlying funds (12) (18) Purchase of investments (340) (1,242) Proceeds from sale of investments 313 3,061 (51) 1,828

CHANGE IN NON-CASH WORKING CAPITAL 1 26

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 641 735 Amounts paid on redemption of redeemable units (554) (2,667) 87 (1,932)

NET INCREASE (DECREASE) IN CASH 37 (78)

CASH—BEGINNING OF PERIOD 42 85

CASH—END OF PERIOD 79 7

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 14 16

The accompanying notes are an integral part of these ﬁnancial statements.

141 MORNINGSTAR AGGRESSIVE PORTFOLIO

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares/units)

NUMBER OF AVERAGE FAIR % OF NET SHARES/UNITS SECURITY COST VALUE ASSETS EQUITIES Canadian—Exchange-Traded Funds 4,384 Vanguard FTSE Canada Index ETF $ 151 $ 190 5.4

Canadian—Mutual Funds 991 Franklin Bissett Canadian Equity Fund Series O 152 183 5.2 8,385 Mackenzie Ivy Canadian Fund Series O 153 175 5.0 7,984 Pender Value Fund Series O 126 175 5.0 431 533 15.2

Canadian—Pooled Funds 12,795 Galibier Canadian Equity Pool Fund 191 219 6.3

Global—Exchange-Traded Funds 2,831 iShares Global Energy ETF 75 93 2.7 943 iShares MSCI EAFE Value ETF 53 61 1.7 2,464 iShares MSCI Europe Financials ETF 50 60 1.7 1,013 iShares MSCI Germany ETF 35 43 1.2 876 iShares MSCI Mexico ETF 40 52 1.5 258 iShares MSCI South Korea ETF 19 30 0.9 2,562 iShares MSCI United Kingdom ETF 102 104 3.0 2,230 JPMorgan BetaBuilders Japan ETF 143 156 4.5 1,738 Schwab Fundamental Emerging Markets Large Company Index ETF 63 70 2.0 580 669 19.2

Global—Mutual Funds 6,396 Black Creek International Equity Fund Class I 136 147 4.2 15,676 Canoe Defensive International Equity Fund Series OX 193 183 5.3 6,439 Capital Group Global Equity Fund (Canada) Series I 248 351 10.1 10,135 CC&L Global Alpha Fund Series I 113 140 4.0 690 821 23.6

Global—Pooled Funds 5,094 Invesco Select Emerging Markets Pool Series I 77 86 2.5

United States—Exchange-Traded Funds 1,934 Global X MLP & Energy Infrastructure ETF 77 87 2.5 156 Vanguard Consumer Staples ETF 32 36 1.0 760 Vanguard Financials ETF 57 85 2.5 602 Vanguard Mid-Cap Value ETF 79 105 3.0 600 Vanguard S&P 500 Index ETF (CAD-hedged) 34 43 1.2 279 356 10.2

United States—Mutual Funds 11,343 Beutel Goodman American Equity Fund Class I 201 228 6.5 1,183 TD U.S. Blue Chip Equity Fund Series O 64 97 2.8 1,641 TD U.S. Mid-Cap Growth Fund Series O 68 88 2.5 333 413 11.8

Total Equities 2,732 3,287 94.2

FIXED INCOME Canadian—Mutual Funds 5,608 Leith Wheeler Core Bond Fund Series A 62 61 1.7 5,523 TD Canadian Bond Fund Series O 63 62 1.8 125 123 3.5

Total Investments 2,857 3,410 97.7 Other Assets Less Liabilities 81 2.3 Net Assets Attributable to Holders of Redeemable Units 3,491 100.0

142 MORNINGSTAR AGGRESSIVE PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Market Price Risk Essentially all of the assets and liabilities of the Fund are financial instruments. As at June 30, 2021, if the Fund’s benchmark (67% MSCI All Country World ex- These financial instruments comprise the following: Canada Index, 28% S&P/TSX Capped Composite Index, 3% FTSE Canada Universe Bond Index, 2% FTSE Canada 91 Day T-Bill Index) increased or Portfolio by Industry Exposure decreased by 10%, with all other variables held constant, the net assets of the JUNE 30 DEC. 31 Fund would have increased or decreased, respectively, by approximately $0.3 2021 (%) 2020 (%) million (December 31, 2020—$0.3 million), or 9.8% (December 31, Exchange-Traded Funds—Canadian Equities 5.4 5.4 2020—9.8%) of total net assets. In practice, the actual results may differ from Exchange-Traded Funds—Global Equities 19.2 19.4 this sensitivity analysis and the difference could be material. Exchange-Traded Funds—U.S. Equities 10.2 10.0 Mutual Funds—Canadian Bonds 3.5 3.6 Mutual Funds—Canadian Equities 15.2 15.3 Foreign Currency Risk Mutual Funds—Global Equities 23.6 24.1 The tables below indicate the currencies to which the Fund had significant Mutual Funds—U.S. Equities 11.8 11.9 exposure on its financial instruments as at June 30, 2021 and December 31, Pooled Funds—Canadian Equities 6.3 6.2 2020 in Canadian dollar terms, including the underlying principal of forward Pooled Funds—Global Equities 2.5 2.5 exchange contracts, if any. The Fund may also have indirect foreign currency risk Total financial instruments at fair value 97.7 98.4 through its investments in underlying funds. Total other assets less liabilities at cost or amortized cost 2.3 1.6 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 JUNE 30, 2021 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) Portfolio by Country Exposure U.S. Dollar 981 1 - 982 JUNE 30 DEC. 31 Total 981 1 - 982 2021 (%) 2020 (%) % of Net Assets 28.1 - - 28.1 Country Canada—Exchange-Traded Funds 5.4 5.4 Canada—Mutual Funds 18.7 18.9 DECEMBER 31, 2020 Canada—Pooled Funds 6.3 6.2 INVESTMENTS CASH OTHER NET TOTAL Global—Exchange-Traded Funds 19.2 19.4 CURRENCY ($000) ($000) ASSETS ($000) ($000) Global—Mutual Funds 23.6 24.1 U.S. Dollar 863 2 - 865 Global—Pooled Funds 2.5 2.5 U.S.—Exchange-Traded Funds 10.2 10.0 Total 863 2 - 865 U.S.—Mutual Funds 11.8 11.9 % of Net Assets 28.1 0.1 - 28.2 Total financial instruments at fair value 97.7 98.4 Total other assets less liabilities at cost or amortized cost 2.3 1.6 As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 (December 31, 2020—2%) in relation to all foreign currencies, with all other variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $0.05 million (December 31, 2020—$0.02 million), or 1.4% (December 31, 2020—0.6%) of total net assets. FAIR VALUE MEASUREMENTS In practice, the actual results may differ from this sensitivity analysis and the Below is a summary of the inputs used as at June 30, 2021 and December 31, difference could be material. 2020 in valuing the Fund’s investments carried at fair values.

JUNE 30, 2021 Interest Rate Risk QUOTED PRICES SIGNIFICANT The majority of the Fund’s assets and liabilities were non-interest bearing as at IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE June 30, 2021 and December 31, 2020. However, the Fund may be exposed to IDENTICAL INPUTS INPUTS indirect interest rate risk in the event that an Underlying Fund holds interest- ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL bearing ﬁnancial instruments. ($000) ($000) ($000) ($000) Mutual Funds 1,890 - - 1,890 Pooled Funds 305 - - 305 Credit Risk Exchange-Traded The Fund had no signiﬁcant direct investments in debt securities or derivatives as Funds 1,215 - - 1,215 at June 30, 2021 and December 31, 2020. However, the Fund may be exposed Total Investments 3,410 - - 3,410 to indirect credit risk in the event that an Underlying Fund holds debt instruments or derivatives. The Fund enters into foreign exchange contracts to buy and sell currencies for the purpose of settling foreign securities transactions. These are DECEMBER 31, 2020 short term spot settlements carried out with approved counterparties. The QUOTED PRICES SIGNIFICANT exposure to credit risk on these contracts is considered minimal as the IN ACTIVE OTHER SIGNIFICANT transactions are settled and paid for upon delivery. MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) OFFSETTING OF FINANCIAL INSTRUMENTS Mutual Funds 1,685 - - 1,685 The Fund does not enter into any enforceable master netting arrangement. Pooled Funds 268 - - 268 Exchange-Traded Funds 1,067 - - 1,067 Total Investments 3,020 - - 3,020

FINANCIAL INSTRUMENTS RISKS The fundamental investment objective of the Morningstar Aggressive Portfolio is to achieve long-term capital appreciation by investing primarily in a diverse mix of other mutual funds and exchange traded funds that invest in Canadian and global equity securities with limited exposure to ﬁxed income securities.

The notes at the back of this document are an integral part of these ﬁnancial statements. 143 MORNINGSTAR AGGRESSIVE PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

STRUCTURED ENTITIES DISCLOSURE

COUNTRY OF NET ASSETS OF ESTABLISHMENT OWNERSHIP % OWNERSHIP % UNDERLYING AND PRINCIPAL AS AT AS AT FUND % OF PLACE OF JUNE 30 DEC. 31 UNDERLYING FUND NAME ($000) NET ASSETS BUSINESS 2021 2020 Beutel Goodman American Equity Fund Class I 2,079,216 6.5 Canada 0.01 0.01 Black Creek International Equity Fund Class I 1,134,597 4.2 Canada 0.01 0.01 Canoe Defensive International Equity Fund Series OX 550,978 5.3 Canada 0.03 0.04 Capital Group Global Equity Fund (Canada) Series I 13,632,108 10.1 Canada - - CC&L Global Alpha Fund Series I 45,715 4.0 Canada 0.31 0.34 Franklin Bissett Canadian Equity Fund Series O 2,675,710 5.2 Canada 0.01 0.01 Galibier Canadian Equity Pool Fund 737,234 6.3 Canada 0.03 0.03 Global X MLP & Energy Infrastructure ETF 923,326 2.5 United States 0.01 0.01 Invesco Select Emerging Markets Pool Series I 87,124 2.5 Canada 0.10 0.11 iShares Global Energy ETF 1,773,196 2.7 United States 0.01 0.01 iShares MSCI EAFE Value ETF 17,792,536 1.7 United States - - iShares MSCI Europe Financials ETF 1,936,595 1.7 United States - - iShares MSCI Germany ETF 3,742,756 1.2 United States - - iShares MSCI Mexico ETF 1,473,812 1.5 United States - - iShares MSCI South Korea ETF 8,427,825 0.9 United States - - iShares MSCI United Kingdom ETF 4,281,074 3.0 United States - - JPMorgan BetaBuilders Japan ETF 10,621,288 4.5 United States - - Leith Wheeler Core Bond Fund Series A 192,559 1.7 Canada 0.03 0.03 Mackenzie Ivy Canadian Fund Series O 751,599 5.0 Canada 0.02 0.02 Pender Value Fund Series O 317,056 5.0 Canada 0.06 0.06 Schwab Fundamental Emerging Markets Large Company - - Index ETF 5,884,666 2.0 United States TD Canadian Bond Fund Series O 14,790,222 1.8 Canada - - TD U.S. Blue Chip Equity Fund Series O 11,685,535 2.8 Canada - - TD U.S. Mid-Cap Growth Fund Series O 3,746,217 2.5 Canada - - Vanguard Consumer Staples ETF 7,966,547 1.0 United States - - Vanguard Financials ETF 14,342,552 2.5 United States - - Vanguard FTSE Canada Index ETF 1,042,228 5.4 Canada 0.02 0.02 Vanguard Mid-Cap Value ETF 33,157,644 3.0 United States - - Vanguard S&P 500 Index ETF (CAD-hedged) 4,997,144 1.2 Canada - -

144 The notes at the back of this document are an integral part of these ﬁnancial statements. MORNINGSTAR BALANCED PORTFOLIO STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 89,012 $ 82,858 Cash 1,899 1,646 Receivable for redeemable unit subscriptions 349 113 Income distribution receivable from underlying funds 254 146 91,514 84,763

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 209 - Payable for redeemable unit redemptions 366 72 575 72

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 90,939 $ 84,691 Cost of investments 79,407 76,837

Net assets attributable to holders of redeemable units, Series A $ 39,041 $ 37,139 Number of redeemable units outstanding, Series A 3,294 3,285 Net assets attributable to holders of redeemable units per unit, Series A 11.85 11.30

Net assets attributable to holders of redeemable units, Series F $ 27,963 $ 25,018 Number of redeemable units outstanding, Series F 2,327 2,195 Net assets attributable to holders of redeemable units per unit, Series F 12.02 11.40

Net assets attributable to holders of redeemable units, Series I $ 23,935 $ 22,534 Number of redeemable units outstanding, Series I 2,008 2,003 Net assets attributable to holders of redeemable units per unit, Series I 11.92 11.25

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

145 MORNINGSTAR BALANCED PORTFOLIO

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Interest for distribution purposes $ - $ 1 Income distributions received from underlying funds 651 1,141 Management Fee Rebates income 10 9 Net realized gain (loss) on sale of investments 766 (258) Capital gains distributions received from underlying funds 103 - Net change in unrealized appreciation (depreciation) of investments 3,584 (2,046) Net gain (loss) on investments 5,114 (1,153)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts - (2) Net gain (loss) on derivatives - (2)

Net realized gain (loss) on foreign currencies (2) (13) Total net income (loss) 5,112 (1,168)

EXPENSES (note 6) Management fees 475 467 Legal 1 1 Audit 5 4 Independent review committee 1 2 Custody and fund accounting 13 15 Filing fees 15 17 Unitholder reporting 2 2 Administration and transfer agent fees 56 52 Foreign withholding taxes 31 46 Transaction costs (note 3) 8 36 607 642 Expenses absorbed (22) (24) Total expenses net of absorption 585 618

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 1,792 $ (1,038) Series F 1,391 (564) Series I 1,344 (184) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 4,527 (1,786)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 0.55 $ (0.28) Series F 0.62 (0.23) Series I 0.68 (0.09)

The accompanying notes are an integral part of these ﬁnancial statements.

146 MORNINGSTAR BALANCED PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 1,792 (1,038) 1,391 (564) 1,344 (184)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (4) (4) (6) (5) - - (4) (4) (6) (5) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 4,547 3,287 3,572 3,612 1,519 988 Reinvested distributions to holders of redeemable units 4 4 6 5 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) (579) (220) 579 220 - - Payments for redeemable units redeemed (3,858) (5,847) (2,597) (4,039) (1,462) (2,228) 114 (2,776) 1,560 (202) 57 (1,240)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 1,902 (3,818) 2,945 (771) 1,401 (1,424)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 39,041 $ 36,520 $ 27,963 $ 24,978 $ 23,935 $ 20,130

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 3,285,414 3,814,541 2,194,760 2,413,495 2,003,392 2,049,386 Redeemable units issued for cash 392,659 318,886 304,712 342,793 132,204 97,123 Redeemable units issued for reinvested distributions 300 360 544 532 4 - Net redeemable units transferred in/(out) (49,767) (22,178) 49,175 21,358 - - Redeemable units redeemed (334,737) (582,031) (222,397) (398,429) (127,932) (211,355) BALANCE, END OF PERIOD 3,293,869 3,529,578 2,326,794 2,379,749 2,007,668 1,935,154

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 84,691 $ 87,641

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 4,527 (1,786)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (10) (9) (10) (9)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 9,638 7,887 Reinvested distributions to holders of redeemable units 10 9 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (7,917) (12,114) 1,731 (4,218)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 6,248 (6,013)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 90,939 $ 81,628

The accompanying notes are an integral part of these ﬁnancial statements.

147 MORNINGSTAR BALANCED PORTFOLIO

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 4,527 $ (1,786)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (766) 258 Net change in unrealized (appreciation) depreciation of investments (3,584) 2,046 Reinvested distributions from underlying funds (504) (478) Purchase of investments (5,618) (20,704) Proceeds from sale of investments 4,527 23,832 (1,418) 3,168

CHANGE IN NON-CASH WORKING CAPITAL (108) 45

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 9,402 8,205 Amounts paid on redemption of redeemable units (7,623) (12,278) 1,779 (4,073)

NET INCREASE (DECREASE) IN CASH 253 (860)

CASH—BEGINNING OF PERIOD 1,646 2,032

CASH—END OF PERIOD 1,899 1,172

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 380 388 Interest - 1

The accompanying notes are an integral part of these ﬁnancial statements.

148 MORNINGSTAR BALANCED PORTFOLIO

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares/units)

NUMBER OF AVERAGE FAIR % OF NET SHARES/UNITS SECURITY COST VALUE ASSETS EQUITIES Canadian—Exchange-Traded Funds 93,530 Vanguard FTSE Canada Index ETF $ 3,030 $ 4,047 4.5

Canadian—Mutual Funds 15,967 Franklin Bissett Canadian Equity Fund Series O 2,385 2,952 3.2 141,826 Mackenzie Ivy Canadian Fund Series O 2,488 2,957 3.3 4,873 5,909 6.5

Canadian—Pooled Funds 199,764 Galibier Canadian Equity Pool Fund 2,842 3,423 3.8

Global—Exchange-Traded Funds 47,251 iShares Global Energy ETF 1,226 1,558 1.7 14,011 iShares MSCI EAFE Value ETF 784 900 1.0 45,788 iShares MSCI Europe Financials ETF 914 1,110 1.2 21,088 iShares MSCI Germany ETF 726 905 1.0 15,207 iShares MSCI Mexico ETF 682 905 1.0 44,433 iShares MSCI United Kingdom ETF 1,784 1,802 2.0 38,684 JPMorgan BetaBuilders Japan ETF 2,404 2,710 3.0 45,208 Schwab Fundamental Emerging Markets Large Company Index ETF 1,628 1,808 2.0 10,148 11,698 12.9

Global—Mutual Funds 117,488 Black Creek International Equity Fund Class I 2,390 2,697 2.9 310,797 Canoe Defensive International Equity Fund Series OX 3,630 3,633 4.0 113,103 Capital Group Global Equity Fund (Canada) Series I 4,138 6,170 6.8 10,158 12,500 13.7

Global—Pooled Funds 119,286 Invesco Select Emerging Markets Pool Series I 1,770 2,027 2.2

United States—Exchange-Traded Funds 35,241 Global X MLP & Energy Infrastructure ETF 1,341 1,588 1.7 4,060 Vanguard Consumer Staples ETF 787 919 1.0 13,948 Vanguard Financials ETF 1,049 1,564 1.7 6,518 Vanguard Mid-Cap Value ETF 875 1,136 1.3 31,580 Vanguard S&P 500 Index ETF (CAD-hedged) 1,802 2,274 2.5 5,854 7,481 8.2

United States—Mutual Funds 215,687 Beutel Goodman American Equity Fund Class I 3,693 4,344 4.8 16,788 TD U.S. Blue Chip Equity Fund Series O 875 1,379 1.5 21,346 TD U.S. Mid-Cap Growth Fund Series O 851 1,141 1.2 5,419 6,864 7.5

Total Equities 44,094 53,949 59.3

FIXED INCOME Canadian—Exchange-Traded Funds 300,905 BMO Aggregate Bond Index ETF 4,720 4,772 5.2 49,048 BMO Real Return Bond Index ETF 869 907 1.0 5,589 5,679 6.2 Canadian—Mutual Funds 516,240 Beutel Goodman Core Plus Bond Fund Class I 2,786 2,732 3.0 190,758 Beutel Goodman Short Term Bond Fund Class I 1,792 1,816 2.0 708,816 Leith Wheeler Core Bond Fund Series A 7,673 7,742 8.5 155,525 Leith Wheeler High Yield Bond Fund 1,324 1,363 1.5 657,052 TD Canadian Bond Fund Series O 7,189 7,287 8.0 20,764 20,940 23.0 Global—Exchange-Traded Funds 21,143 iShares J.P. Morgan EM Local Currency Bond ETF 1,229 1,145 1.3 8,233 iShares J.P. Morgan USD Emerging Markets Bond ETF 1,207 1,148 1.3 2,436 2,293 2.6 Global—Mutual Funds 193,313 Pimco Monthly Income Fund Series I 2,727 2,735 3.0 318,291 Templeton Global Bond Fund Series O 3,797 3,416 3.8 6,524 6,151 6.8

Total Fixed Income 35,313 35,063 38.6

Total Investments 79,407 89,012 97.9 Other Assets Less Liabilities 1,927 2.1 Net Assets Attributable to Holders of Redeemable Units 90,939 100.0

149 MORNINGSTAR BALANCED PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO FINANCIAL INSTRUMENTS RISKS Essentially all of the assets and liabilities of the Fund are financial instruments. The fundamental investment objective of the Morningstar Balanced Portfolio is to These financial instruments comprise the following: achieve a combination of long-term capital appreciation and income by investing primarily in a diverse mix of mutual funds and exchange traded funds that invest Portfolio by Industry Exposure in Canadian and global fixed-income and equity securities. JUNE 30 DEC. 31 2021 (%) 2020 (%) Market Price Risk Exchange-Traded Funds—Canadian Bonds 6.2 6.2 As at June 30, 2021, if the Fund’s benchmark (42% MSCI All Country World ex- Exchange-Traded Funds—Canadian Equities 4.5 4.4 Exchange-Traded Funds—Global Bonds 2.6 2.5 Canada Index, 30% FTSE Canada Universe Bond Index, 18% S&P/TSX Capped Exchange-Traded Funds—Global Equities 12.9 12.9 Composite Index, 8% FTSE World Government Bond Index, 2% FTSE Canada 91 Exchange-Traded Funds—U.S. Equities 8.2 8.1 Day T-Bill Index) increased or decreased by 10%, with all other variables held Mutual Funds—Canadian Bonds 23.0 23.2 constant, the net assets of the Fund would have increased or decreased, Mutual Funds—Canadian Equities 6.5 6.4 respectively, by approximately $8.9 million (December 31, 2020—$8.3 million), Mutual Funds—Global Bonds 6.8 6.8 or 9.8% (December 31, 2020—9.8%) of total net assets. In practice, the actual Mutual Funds—Global Equities 13.7 13.9 results may differ from this sensitivity analysis and the difference could Mutual Funds—U.S. Equities 7.5 7.5 be material. Pooled Funds—Canadian Equities 3.8 3.7 Pooled Funds—Global Equities 2.2 2.2 Total financial instruments at fair value 97.9 97.8 Foreign Currency Risk Total other assets less liabilities at cost or amortized cost 2.1 2.2 The tables below indicate the currencies to which the Fund had significant Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 exposure on its financial instruments as at June 30, 2021 and December 31, 2020 in Canadian dollar terms, including the underlying principal of forward exchange contracts, if any. The Fund may also have indirect foreign currency risk Portfolio by Country Exposure through its investments in underlying funds. JUNE 30 DEC. 31 2021 (%) 2020 (%) JUNE 30, 2021 INVESTMENTS CASH OTHER NET TOTAL Country CURRENCY ($000) ($000) ASSETS ($000) ($000) Canada—Exchange-Traded Funds 10.7 10.6 U.S. Dollar 19,198 16 - 19,214 Canada—Mutual Funds 29.5 29.6 Canada—Pooled Funds 3.8 3.7 Total 19,198 16 - 19,214 Global—Exchange-Traded Funds 15.5 15.4 % of Net Assets 21.1 - - 21.1 Global—Mutual Funds 20.5 20.7 Global—Pooled Funds 2.2 2.2 U.S.—Exchange-Traded Funds 8.2 8.1 U.S.—Mutual Funds 7.5 7.5 DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL Total financial instruments at fair value 97.9 97.8 CURRENCY ($000) ($000) ASSETS ($000) ($000) Total other assets less liabilities at cost or amortized cost 2.1 2.2 U.S. Dollar 17,716 32 2 17,750 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Total 17,716 32 2 17,750 % of Net Assets 20.9 - - 20.9 FAIR VALUE MEASUREMENTS As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% Below is a summary of the inputs used as at June 30, 2021 and December 31, (December 31, 2020—2%) in relation to all foreign currencies, with all other 2020 in valuing the Fund’s investments carried at fair values. variables held constant, the Fund’s net assets would have decreased or JUNE 30, 2021 increased, respectively, by approximately $1.0 million (December 31, QUOTED PRICES SIGNIFICANT 2020—$0.4 million), or 1.1% (December 31, 2020—0.4%) of total net assets. In IN ACTIVE OTHER SIGNIFICANT practice, the actual results may differ from this sensitivity analysis and the MARKETS FOR OBSERVABLE UNOBSERVABLE difference could be material. IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Interest Rate Risk Mutual Funds 52,364 - - 52,364 The majority of the Fund’s assets and liabilities were non-interest bearing as at Pooled Funds 5,450 - - 5,450 June 30, 2021 and December 31, 2020. However, the Fund may be exposed to Exchange-Traded Funds 31,198 - - 31,198 indirect interest rate risk in the event that an Underlying Fund holds interest- bearing financial instruments. Total Investments 89,012 - - 89,012

Credit Risk DECEMBER 31, 2020 The Fund had no signiﬁcant direct investments in debt securities or derivatives as QUOTED PRICES SIGNIFICANT at June 30, 2021 and December 31, 2020. However, the Fund may be exposed IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE to indirect credit risk in the event that an Underlying Fund holds debt instruments IDENTICAL INPUTS INPUTS or derivatives. The Fund enters into foreign exchange contracts to buy and sell ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL currencies for the purpose of settling foreign securities transactions. These are ($000) ($000) ($000) ($000) short term spot settlements carried out with approved counterparties. The Mutual Funds 48,968 - - 48,968 exposure to credit risk on these contracts is considered minimal as the Pooled Funds 5,037 - - 5,037 transactions are settled and paid for upon delivery. Exchange-Traded Funds 28,853 - - 28,853 Total Investments 82,858 - - 82,858 OFFSETTING OF FINANCIAL INSTRUMENTS The Fund does not enter into any enforceable master netting arrangement.

150 The notes at the back of this document are an integral part of these ﬁnancial statements. MORNINGSTAR BALANCED PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

STRUCTURED ENTITIES DISCLOSURE

COUNTRY OF NET ASSETS OF ESTABLISHMENT OWNERSHIP % OWNERSHIP % UNDERLYING AND PRINCIPAL AS AT AS AT FUND % OF PLACE OF JUNE 30 DEC. 31 UNDERLYING FUND NAME ($000) NET ASSETS BUSINESS 2021 2020 Beutel Goodman American Equity Fund Class I 2,079,216 4.8 Canada 0.21 0.23 Beutel Goodman Core Plus Bond Fund Class I 84,681 3.0 Canada 3.23 3.25 Beutel Goodman Short Term Bond Fund Class I 95,375 2.0 Canada 1.90 1.63 Black Creek International Equity Fund Class I 1,134,597 2.9 Canada 0.24 0.23 BMO Aggregate Bond Index ETF 6,007,112 5.2 Canada 0.08 0.08 BMO Real Return Bond Index ETF 141,536 1.0 Canada 0.64 0.57 Canoe Defensive International Equity Fund Series OX 550,978 4.0 Canada 0.66 0.86 Capital Group Global Equity Fund (Canada) Series I 13,632,108 6.8 Canada 0.05 0.05 Franklin Bissett Canadian Equity Fund Series O 2,675,710 3.2 Canada 0.11 0.10 Galibier Canadian Equity Pool Fund 737,234 3.8 Canada 0.46 0.44 Global X MLP & Energy Infrastructure ETF 923,326 1.7 United States 0.17 0.19 Invesco Select Emerging Markets Pool Series I 87,124 2.2 Canada 2.33 2.72 iShares Global Energy ETF 1,773,196 1.7 United States 0.09 0.11 iShares J.P. Morgan EM Local Currency Bond ETF 646,661 1.3 United States 0.18 0.16 iShares J.P. Morgan USD Emerging Markets Bond ETF 24,466,699 1.3 United States - - iShares MSCI EAFE Value ETF 17,792,536 1.0 United States 0.01 0.01 iShares MSCI Europe Financials ETF 1,936,595 1.2 United States 0.06 0.08 iShares MSCI Germany ETF 3,742,756 1.0 United States 0.02 0.03 iShares MSCI Mexico ETF 1,473,812 1.0 United States 0.06 0.05 iShares MSCI United Kingdom ETF 4,281,074 2.0 United States 0.04 0.05 JPMorgan BetaBuilders Japan ETF 10,621,288 3.0 United States 0.03 0.03 Leith Wheeler Core Bond Fund Series A 192,559 8.5 Canada 4.02 3.86 Leith Wheeler High Yield Bond Fund 6,533 1.5 Canada 20.87 18.95 Mackenzie Ivy Canadian Fund Series O 751,599 3.3 Canada 0.39 0.38 Pimco Monthly Income Fund Series I 21,936,440 3.0 Canada 0.01 0.01 Schwab Fundamental Emerging Markets Large Company Index ETF 5,884,666 2.0 United States 0.03 0.04 TD Canadian Bond Fund Series O 14,790,222 8.0 Canada 0.05 0.04 TD U.S. Blue Chip Equity Fund Series O 11,685,535 1.5 Canada 0.01 0.01 TD U.S. Mid-Cap Growth Fund Series O 3,746,217 1.2 Canada 0.03 0.03 Templeton Global Bond Fund Series O 435,005 3.8 Canada 0.79 0.48 Vanguard Consumer Staples ETF 7,966,547 1.0 United States 0.01 0.01 Vanguard Financials ETF 14,342,552 1.7 United States 0.01 0.02 Vanguard FTSE Canada Index ETF 1,042,228 4.5 Canada 0.39 0.50 Vanguard Mid-Cap Value ETF 33,157,644 1.3 United States - - Vanguard S&P 500 Index ETF (CAD-hedged) 4,997,144 2.5 Canada 0.05 0.06

The notes at the back of this document are an integral part of these ﬁnancial statements. 151 MORNINGSTAR CONSERVATIVE PORTFOLIO STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 21,905 $ 16,931 Cash 1,054 559 Receivable for redeemable unit subscriptions 771 109 Income distribution receivable from underlying funds 87 37 23,817 17,636

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 76 - Payable for redeemable unit redemptions 773 105 849 105

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 22,968 $ 17,531 Cost of investments 21,332 16,161

Net assets attributable to holders of redeemable units, Series A $ 9,937 $ 10,123 Number of redeemable units outstanding, Series A 936 949 Net assets attributable to holders of redeemable units per unit, Series A 10.62 10.66

Net assets attributable to holders of redeemable units, Series F $ 12,853 $ 7,231 Number of redeemable units outstanding, Series F 1,213 682 Net assets attributable to holders of redeemable units per unit, Series F 10.60 10.60

Net assets attributable to holders of redeemable units, Series I $ 178 $ 177 Number of redeemable units outstanding, Series I 17 17 Net assets attributable to holders of redeemable units per unit, Series I 10.53 10.49

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

152 MORNINGSTAR CONSERVATIVE PORTFOLIO

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Income distributions received from underlying funds $ 238 $ 193 Management Fee Rebates income 3 2 Net realized gain (loss) on sale of investments 60 (12) Capital gains distributions received from underlying funds 24 - Net change in unrealized appreciation (depreciation) of investments (197) 239 Net gain (loss) on investments 128 422

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (2) 1 Net gain (loss) on derivatives (2) 1

Net realized gain (loss) on foreign currencies 2 (3) Total net income (loss) 128 420

EXPENSES (note 6) Management fees 111 76 Audit 1 1 Independent review committee 1 - Custody and fund accounting 7 6 Filing fees 20 20 Unitholder reporting 1 - Administration and transfer agent fees 19 11 Foreign withholding taxes 3 3 Transaction costs (note 3) 6 6 169 123 Expenses absorbed (26) (24) Total expenses net of absorption 143 99

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ (52) $ 149 Series F 36 167 Series I 1 5 TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS (15) 321

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ (0.05) $ 0.20 Series F 0.04 0.29 Series I 0.05 0.30

The accompanying notes are an integral part of these ﬁnancial statements.

153 MORNINGSTAR CONSERVATIVE PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS (52) 149 36 167 1 5

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (2) (1) (1) (1) - - (2) (1) (1) (1) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,861 1,861 7,588 3,036 - - Reinvested distributions to holders of redeemable units 2 1 1 1 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) (20) (25) 20 26 - - Payments for redeemable units redeemed (2,975) (1,437) (2,022) (1,203) - - (132) 400 5,587 1,860 - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (186) 548 5,622 2,026 1 5

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 9,937 $ 8,256 $ 12,853 $ 7,406 $ 178 $ 168

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 949,223 765,600 682,209 536,997 16,865 16,413 Redeemable units issued for cash 270,946 184,778 721,485 302,009 - - Redeemable units issued for reinvested distributions 129 118 110 75 - - Net redeemable units transferred in/(out) (1,878) (2,504) 1,888 2,515 - - Redeemable units redeemed (282,602) (145,555) (193,101) (121,327) - - BALANCE, END OF PERIOD 935,818 802,437 1,212,591 720,269 16,865 16,413

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 17,531 $ 13,251

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS (15) 321

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (3) (2) (3) (2)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 10,449 4,897 Reinvested distributions to holders of redeemable units 3 2 Net proceeds/(payments) from/for redeemable units transferred in/(out) - 1 Payments for redeemable units redeemed (4,997) (2,640) 5,455 2,260

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 5,437 2,579

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 22,968 $ 15,830

The accompanying notes are an integral part of these ﬁnancial statements.

154 MORNINGSTAR CONSERVATIVE PORTFOLIO

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ (15) $ 321

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (60) 12 Net change in unrealized (appreciation) depreciation of investments 197 (239) Reinvested distributions from underlying funds (191) (107) Purchase of investments (5,992) (4,574) Proceeds from sale of investments 1,148 2,757 (4,913) (1,830)

CHANGE IN NON-CASH WORKING CAPITAL (50) (17)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 9,787 4,700 Amounts paid on redemption of redeemable units (4,329) (2,639) 5,458 2,061

NET INCREASE (DECREASE) IN CASH 495 214

CASH—BEGINNING OF PERIOD 559 171

CASH—END OF PERIOD 1,054 385

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 80 69

The accompanying notes are an integral part of these ﬁnancial statements.

155 MORNINGSTAR CONSERVATIVE PORTFOLIO

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares/units)

NUMBER OF AVERAGE FAIR % OF NET SHARES/UNITS SECURITY COST VALUE ASSETS EQUITIES Canadian—Mutual Funds 32,162 Mackenzie Ivy Canadian Fund Series O $ 556 $ 671 2.9

Canadian—Pooled Funds 45,805 Galibier Canadian Equity Pool Fund 653 785 3.4

Global—Exchange-Traded Funds 6,884 iShares MSCI EAFE Value ETF 393 442 1.9 3,168 JPMorgan BetaBuilders Japan ETF 202 222 1.0 2,777 Schwab Fundamental Emerging Markets Large Company Index ETF 101 111 0.5 696 775 3.4

Global—Mutual Funds 12,028 Black Creek International Equity Fund Class I 233 276 1.2 14,315 Canoe Defensive International Equity Fund Series OX 159 167 0.7 11,321 Capital Group Global Equity Fund (Canada) Series I 456 618 2.7 848 1,061 4.6

Global—Pooled Funds 9,766 Invesco Select Emerging Markets Pool Series I 147 166 0.7

United States—Exchange-Traded Funds 3,581 Global X MLP & Energy Infrastructure ETF 130 161 0.7 4,654 Vanguard S&P 500 Index ETF (CAD-hedged) 273 335 1.5 403 496 2.2

United States—Mutual Funds 25,099 Beutel Goodman American Equity Fund Class I 437 505 2.2

Total Equities 3,740 4,459 19.4

FIXED INCOME Canadian—Exchange-Traded Funds 190,088 BMO Aggregate Bond Index ETF 3,027 3,015 13.1 48,199 BMO Real Return Bond Index ETF 872 892 3.9 41,646 Vanguard Canadian Short-Term Bond Index ETF 1,001 1,002 4.4 4,900 4,909 21.4 Canadian—Mutual Funds 211,385 Beutel Goodman Core Plus Bond Fund Class I 1,125 1,119 4.9 187,456 Beutel Goodman Short Term Bond Fund Class I 1,777 1,785 7.8 235,608 Leith Wheeler Core Bond Fund Series A 2,595 2,573 11.2 50,944 Leith Wheeler High Yield Bond Fund 437 447 1.9 221,965 TD Canadian Bond Fund Series O 2,462 2,461 10.7 8,396 8,385 36.5 Global—Exchange-Traded Funds 8,321 iShares J.P. Morgan EM Local Currency Bond ETF 478 450 2.0 3,262 iShares J.P. Morgan USD Emerging Markets Bond ETF 473 455 2.0 951 905 4.0 Global—Mutual Funds 138,541 Pimco Monthly Income Fund Series I 1,947 1,960 8.5 119,920 Templeton Global Bond Fund Series O 1,398 1,287 5.6 3,345 3,247 14.1

Total Fixed Income 17,592 17,446 76.0

Total Investments 21,332 21,905 95.4 Other Assets Less Liabilities 1,063 4.6 Net Assets Attributable to Holders of Redeemable Units 22,968 100.0

156 MORNINGSTAR CONSERVATIVE PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Market Price Risk Essentially all of the assets and liabilities of the Fund are financial instruments. As at June 30, 2021, if the Fund’s benchmark (54% FTSE Canada Universe These financial instruments comprise the following: Bond Index, 16% FTSE World Government Bond Index, 14% MSCI All Country World ex-Canada Index, 10% FTSE Canada 91 Day T-Bill Index, 6% S&P/TSX Portfolio by Industry Exposure Capped Composite Index) increased or decreased by 10%, with all other variables JUNE 30 DEC. 31 held constant, the net assets of the Fund would have increased or decreased, 2021 (%) 2020 (%) respectively, by approximately $2.2 million (December 31, 2020—$1.7 million), Exchange-Traded Funds—Canadian Bonds 21.4 21.6 or 9.5% (December 31, 2020—9.7%) of total net assets. In practice, the actual Exchange-Traded Funds—Global Bonds 4.0 3.9 results may differ from this sensitivity analysis and the difference could Exchange-Traded Funds—Global Equities 3.4 3.4 be material. Exchange-Traded Funds—U.S. Equities 2.2 2.2 Mutual Funds—Canadian Bonds 36.5 37.2 Mutual Funds—Canadian Equities 2.9 2.9 Foreign Currency Risk Mutual Funds—Global Bonds 14.1 14.3 The tables below indicate the currencies to which the Fund had significant Mutual Funds—Global Equities 4.6 4.8 exposure on its financial instruments as at June 30, 2021 and December 31, Mutual Funds—U.S. Equities 2.2 2.2 2020 in Canadian dollar terms, including the underlying principal of forward Pooled Funds—Canadian Equities 3.4 3.4 exchange contracts, if any. The Fund may also have indirect foreign currency risk Pooled Funds—Global Equities 0.7 0.7 through its investments in underlying funds. Total financial instruments at fair value 95.4 96.6 Total other assets less liabilities at cost or amortized cost 4.6 3.4 JUNE 30, 2021 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) U.S. Dollar 1,842 1 - 1,843 Portfolio by Country Exposure Total 1,842 1 - 1,843 JUNE 30 DEC. 31 % of Net Assets 8.0 - - 8.0 2021 (%) 2020 (%) Country Canada—Exchange-Traded Funds 21.4 21.6 DECEMBER 31, 2020 Canada—Mutual Funds 39.4 40.1 INVESTMENTS CASH OTHER NET TOTAL Canada—Pooled Funds 3.4 3.4 CURRENCY ($000) ($000) ASSETS ($000) ($000) Global—Exchange-Traded Funds 7.4 7.3 U.S. Dollar 1,397 2 - 1,399 Global—Mutual Funds 18.7 19.1 Global—Pooled Funds 0.7 0.7 Total 1,397 2 - 1,399 U.S.—Exchange-Traded Funds 2.2 2.2 % of Net Assets 8.0 - - 8.0 U.S.—Mutual Funds 2.2 2.2 Total financial instruments at fair value 95.4 96.6 As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% Total other assets less liabilities at cost or amortized cost 4.6 3.4 (December 31, 2020—2%) in relation to all foreign currencies, with all other Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 variables held constant, the Fund’s net assets would have decreased or increased, respectively, by approximately $0.1 million (December 31, 2020—$0.03 million), or 0.4% (December 31, 2020—0.2%) of total net assets. FAIR VALUE MEASUREMENTS In practice, the actual results may differ from this sensitivity analysis and the Below is a summary of the inputs used as at June 30, 2021 and December 31, difference could be material. 2020 in valuing the Fund’s investments carried at fair values. Interest Rate Risk JUNE 30, 2021 The majority of the Fund’s assets and liabilities were non-interest bearing as at QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT June 30, 2021 and December 31, 2020. However, the Fund may be exposed to MARKETS FOR OBSERVABLE UNOBSERVABLE indirect interest rate risk in the event that an Underlying Fund holds interest- IDENTICAL INPUTS INPUTS bearing financial instruments. ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Mutual Funds 13,869 - - 13,869 Credit Risk Pooled Funds 951 - - 951 The Fund had no significant direct investments in debt securities or derivatives as Exchange-Traded Funds 7,085 - - 7,085 at June 30, 2021 and December 31, 2020. However, the Fund may be exposed to indirect credit risk in the event that an Underlying Fund holds debt instruments Total Investments 21,905 - - 21,905 or derivatives. The Fund enters into foreign exchange contracts to buy and sell currencies for the purpose of settling foreign securities transactions. These are short term spot settlements carried out with approved counterparties. The DECEMBER 31, 2020 exposure to credit risk on these contracts is considered minimal as the QUOTED PRICES SIGNIFICANT transactions are settled and paid for upon delivery. IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) OFFSETTING OF FINANCIAL INSTRUMENTS The Fund does not enter into any enforceable master netting arrangement. Mutual Funds 10,755 - - 10,755 Pooled Funds 726 - - 726 Exchange-Traded Funds 5,450 - - 5,450 Total Investments 16,931 - - 16,931

FINANCIAL INSTRUMENTS RISKS The fundamental investment objective of the Morningstar Conservative Portfolio is to preserve value and achieve modest long-term capital appreciation and income by investing primarily in a diverse mix of other mutual funds and exchange traded funds that invest in Canadian and global ﬁxed-income and equity securities.

The notes at the back of this document are an integral part of these ﬁnancial statements. 157 MORNINGSTAR CONSERVATIVE PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

STRUCTURED ENTITIES DISCLOSURE

COUNTRY OF NET ASSETS OF ESTABLISHMENT OWNERSHIP % OWNERSHIP % UNDERLYING AND PRINCIPAL AS AT AS AT FUND % OF PLACE OF JUNE 30 DEC. 31 UNDERLYING FUND NAME ($000) NET ASSETS BUSINESS 2021 2020 Beutel Goodman American Equity Fund Class I 2,079,216 2.2 Canada 0.02 0.02 Beutel Goodman Core Plus Bond Fund Class I 84,681 4.9 Canada 1.32 1.11 Beutel Goodman Short Term Bond Fund Class I 95,375 7.8 Canada 1.87 1.33 Black Creek International Equity Fund Class I 1,134,597 1.2 Canada 0.02 0.02 BMO Aggregate Bond Index ETF 6,007,112 13.1 Canada 0.05 0.04 BMO Real Return Bond Index ETF 141,536 3.9 Canada 0.63 0.46 Canoe Defensive International Equity Fund Series OX 550,978 0.7 Canada 0.03 0.03 Capital Group Global Equity Fund (Canada) Series I 13,632,108 2.7 Canada - - Galibier Canadian Equity Pool Fund 737,234 3.4 Canada 0.11 0.08 Global X MLP & Energy Infrastructure ETF 923,326 0.7 United States 0.02 0.02 Invesco Select Emerging Markets Pool Series I 87,124 0.7 Canada 0.19 0.18 iShares J.P. Morgan EM Local Currency Bond ETF 646,661 2.0 United States 0.07 0.05 iShares J.P. Morgan USD Emerging Markets Bond ETF 24,466,699 2.0 United States - - iShares MSCI EAFE Value ETF 17,792,536 1.9 United States - - JPMorgan BetaBuilders Japan ETF 10,621,288 1.0 United States - - Leith Wheeler Core Bond Fund Series A 192,559 11.2 Canada 1.34 1.06 Leith Wheeler High Yield Bond Fund 6,533 1.9 Canada 6.84 5.15 Mackenzie Ivy Canadian Fund Series O 751,599 2.9 Canada 0.09 0.07 Pimco Monthly Income Fund Series I 21,936,440 8.5 Canada 0.01 0.01 Schwab Fundamental Emerging Markets Large Company - - Index ETF 5,884,666 0.5 United States TD Canadian Bond Fund Series O 14,790,222 10.7 Canada 0.02 0.01 Templeton Global Bond Fund Series O 435,005 5.6 Canada 0.30 0.15 Vanguard Canadian Short-Term Bond Index ETF 1,269,806 4.4 Canada 0.08 0.06 Vanguard S&P 500 Index ETF (CAD-hedged) 4,997,144 1.5 Canada 0.01 0.01

158 The notes at the back of this document are an integral part of these ﬁnancial statements. MORNINGSTAR GROWTH PORTFOLIO STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 24,592 $ 22,624 Cash 527 602 Receivable for redeemable unit subscriptions 66 20 Income distribution receivable from underlying funds 53 51 25,238 23,297

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 41 - Payable for redeemable unit redemptions 35 5 76 5

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 25,162 $ 23,292 Cost of investments 20,847 20,540

Net assets attributable to holders of redeemable units, Series A $ 15,630 $ 13,797 Number of redeemable units outstanding, Series A 1,271 1,213 Net assets attributable to holders of redeemable units per unit, Series A 12.30 11.38

Net assets attributable to holders of redeemable units, Series F $ 9,323 $ 9,304 Number of redeemable units outstanding, Series F 746 809 Net assets attributable to holders of redeemable units per unit, Series F 12.51 11.50

Net assets attributable to holders of redeemable units, Series I $ 209 $ 191 Number of redeemable units outstanding, Series I 17 17 Net assets attributable to holders of redeemable units per unit, Series I 12.45 11.39

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

159 MORNINGSTAR GROWTH PORTFOLIO

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Income distributions received from underlying funds $ 132 $ 329 Management Fee Rebates income 3 3 Net realized gain (loss) on sale of investments 341 (312) Capital gains distributions received from underlying funds 37 - Net change in unrealized appreciation (depreciation) of investments 1,661 (994) Net gain (loss) on investments 2,174 (974)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 1 (8) Net gain (loss) on derivatives 1 (8)

Net realized gain (loss) on foreign currencies (1) 4 Total net income (loss) 2,174 (978)

EXPENSES (note 6) Management fees 188 169 Audit 2 1 Independent review committee 1 1 Custody and fund accounting 7 7 Filing fees 20 20 Unitholder reporting 1 1 Administration and transfer agent fees 22 20 Foreign withholding taxes 11 16 Transaction costs (note 3) 2 12 254 247 Expenses absorbed (26) (25) Total expenses net of absorption 228 222

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 1,145 $ (592) Series F 783 (599) Series I 18 (9) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 1,946 (1,200)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 0.93 $ (0.48) Series F 1.00 (0.57) Series I 1.06 (0.52)

The accompanying notes are an integral part of these ﬁnancial statements.

160 MORNINGSTAR GROWTH PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 1,145 (592) 783 (599) 18 (9)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (1) (1) (2) (2) - - (1) (1) (2) (2) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,582 4,024 775 1,407 - - Reinvested distributions to holders of redeemable units 1 1 2 2 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) (14) (33) 14 34 - - Payments for redeemable units redeemed (1,880) (1,429) (1,553) (3,565) - - 689 2,563 (762) (2,122) - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 1,833 1,970 19 (2,723) 18 (9)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 15,630 $ 13,001 $ 9,323 $ 9,502 $ 209 $ 167

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 1,212,815 1,032,095 808,760 1,134,905 16,767 16,485 Redeemable units issued for cash 217,752 408,304 64,611 143,687 - - Redeemable units issued for reinvested distributions 115 80 168 218 - - Net redeemable units transferred in/(out) (1,188) (3,075) 1,173 3,048 - - Redeemable units redeemed (158,516) (144,302) (129,153) (349,552) - - BALANCE, END OF PERIOD 1,270,978 1,293,102 745,559 932,306 16,767 16,485

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 23,292 $ 23,432

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 1,946 (1,200)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (3) (3) (3) (3)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 3,357 5,431 Reinvested distributions to holders of redeemable units 3 3 Net proceeds/(payments) from/for redeemable units transferred in/(out) - 1 Payments for redeemable units redeemed (3,433) (4,994) (73) 441

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 1,870 (762)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 25,162 $ 22,670

The accompanying notes are an integral part of these ﬁnancial statements.

161 MORNINGSTAR GROWTH PORTFOLIO

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 1,946 $ (1,200)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (341) 312 Net change in unrealized (appreciation) depreciation of investments (1,661) 994 Reinvested distributions from underlying funds (99) (29) Purchase of investments (1,406) (8,137) Proceeds from sale of investments 1,580 7,493 19 (567)

CHANGE IN NON-CASH WORKING CAPITAL (2) 67

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 3,311 5,713 Amounts paid on redemption of redeemable units (3,403) (5,071) (92) 642

NET INCREASE (DECREASE) IN CASH (75) 142

CASH—BEGINNING OF PERIOD 602 287

CASH—END OF PERIOD 527 429

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 113 108

The accompanying notes are an integral part of these ﬁnancial statements.

162 MORNINGSTAR GROWTH PORTFOLIO

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares/units)

NUMBER OF AVERAGE FAIR % OF NET NUMBER OF AVERAGE FAIR % OF NET SHARES/UNITS SECURITY COST VALUE ASSETS SHARES/UNITS SECURITY COST VALUE ASSETS EQUITIES United States—Mutual Funds Canadian—Exchange-Traded Funds 75,278 Beutel Goodman American Equity Fund 31,586 Vanguard FTSE Canada Index ETF $ 1,053 $ 1,367 5.4 Class I $ 1,282 $ 1,516 6.0 5,413 TD U.S. Blue Chip Equity Fund Series O 284 445 1.8 Canadian—Mutual Funds 10,618 TD U.S. Mid-Cap Growth Fund Series O 426 567 2.2 5,090 Franklin Bissett Canadian Equity Fund 1,992 2,528 10.0 Series O 767 941 3.7 57,276 Mackenzie Ivy Canadian Fund Series O 1,018 1,194 4.8 Total Equities 16,155 19,935 79.2 45,931 Pender Value Fund Series O 700 1,006 4.0 2,485 3,141 12.5 FIXED INCOME Canadian—Pooled Funds Canadian—Exchange-Traded Funds 69,912 Galibier Canadian Equity Pool Fund 992 1,198 4.8 51,470 BMO Aggregate Bond Index ETF 805 816 3.2 Global—Exchange-Traded Funds Canadian—Mutual Funds 16,786 iShares Global Energy ETF 438 553 2.2 46,120 Beutel Goodman Short Term Bond Fund 4,839 iShares MSCI EAFE Value ETF 271 311 1.2 Class I 434 439 1.7 12,652 iShares MSCI Europe Financials ETF 253 307 1.2 92,168 Leith Wheeler Core Bond Fund Series A 1,009 1,007 4.0 5,827 iShares MSCI Germany ETF 201 250 1.0 21,486 Leith Wheeler High Yield Bond Fund 183 188 0.7 4,201 iShares MSCI Mexico ETF 190 250 1.0 85,104 TD Canadian Bond Fund Series O 942 944 3.8 1,027 iShares MSCI South Korea ETF 73 119 0.5 18,416 iShares MSCI United Kingdom ETF 733 747 3.0 2,568 2,578 10.2 14,252 JPMorgan BetaBuilders Japan ETF 882 998 4.0 14,185 Schwab Fundamental Emerging Markets Global—Exchange-Traded Funds Large Company Index ETF 510 567 2.2 4,674 iShares J.P. Morgan EM Local Currency 3,551 4,102 16.3 Bond ETF 271 253 1.0 2,275 iShares J.P. Morgan USD Emerging Markets Bond ETF 333 317 1.3 Global—Mutual Funds 35,164 Black Creek International Equity Fund 604 570 2.3 Class I 723 807 3.2 91,251 Canoe Defensive International Equity Global—Mutual Funds Fund Series OX 1,083 1,067 4.2 31,161 Pimco Monthly Income Fund Series I 438 441 1.8 40,515 Capital Group Global Equity Fund 23,454 Templeton Global Bond Fund Series O 277 252 1.0 (Canada) Series I 1,499 2,210 8.8 715 693 2.8 36,436 CC&L Global Alpha Fund Series I 388 502 2.0 3,693 4,586 18.2 Total Fixed Income 4,692 4,657 18.5

Global—Pooled Funds 36,620 Invesco Select Emerging Markets Pool Series I 551 622 2.5

United States—Exchange-Traded Funds Total Investments 20,847 24,592 97.7 11,128 Global X MLP & Energy Other Assets Less Liabilities 570 2.3 Infrastructure ETF 425 502 2.0 Net Assets Attributable to Holders of 1,122 Vanguard Consumer Staples ETF 216 254 1.0 Redeemable Units 25,162 100.0 4,502 Vanguard Financials ETF 338 505 2.0 3,962 Vanguard Mid-Cap Value ETF 509 690 2.7 6,108 Vanguard S&P 500 Index ETF (CAD-hedged) 350 440 1.8 1,838 2,391 9.5

163 MORNINGSTAR GROWTH PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO FINANCIAL INSTRUMENTS RISKS Essentially all of the assets and liabilities of the Fund are financial instruments. The fundamental investment objective of the Morningstar Growth Portfolio is to These financial instruments comprise the following: achieve long-term capital appreciation by investing primarily in a diverse mix of other mutual funds and exchange traded funds that invest in Canadian and global Portfolio by Industry Exposure equity and fixed income securities. JUNE 30 DEC. 31 2021 (%) 2020 (%) Market Price Risk Exchange-Traded Funds—Canadian Bonds 3.2 3.2 As at June 30, 2021, if the Fund’s benchmark (56% MSCI All Country World ex- Exchange-Traded Funds—Canadian Equities 5.4 5.3 Exchange-Traded Funds—Global Bonds 2.3 2.2 Canada Index, 24% S&P/TSX Capped Composite Index, 14% FTSE Canada Exchange-Traded Funds—Global Equities 16.3 16.2 Universe Bond Index, 4% FTSE World Government Bond Index, 2% FTSE Exchange-Traded Funds—U.S. Equities 9.5 9.2 Canada 91 Day T-Bill Index) increased or decreased by 10%, with all other Mutual Funds—Canadian Bonds 10.2 10.2 variables held constant, the net assets of the Fund would have increased or Mutual Funds—Canadian Equities 12.5 12.4 decreased, respectively, by approximately $2.5 million (December 31, Mutual Funds—Global Bonds 2.8 2.8 2020—$2.3 million), or 9.8% (December 31, 2020—9.7%) of total net assets. In Mutual Funds—Global Equities 18.2 18.4 practice, the actual results may differ from this sensitivity analysis and the Mutual Funds—U.S. Equities 10.0 10.0 difference could be material. Pooled Funds—Canadian Equities 4.8 4.7 Pooled Funds—Global Equities 2.5 2.5 Total financial instruments at fair value 97.7 97.1 Foreign Currency Risk Total other assets less liabilities at cost or amortized cost 2.3 2.9 The tables below indicate the currencies to which the Fund had significant Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 exposure on its financial instruments as at June 30, 2021 and December 31, 2020 in Canadian dollar terms, including the underlying principal of forward exchange contracts, if any. The Fund may also have indirect foreign currency risk Portfolio by Country Exposure through its investments in underlying funds. JUNE 30 DEC. 31 2021 (%) 2020 (%) JUNE 30, 2021 INVESTMENTS CASH OTHER NET TOTAL Country CURRENCY ($000) ($000) ASSETS ($000) ($000) Canada—Exchange-Traded Funds 8.6 8.5 U.S. Dollar 6,623 7 - 6,630 Canada—Mutual Funds 22.7 22.6 Canada—Pooled Funds 4.8 4.7 Total 6,623 7 - 6,630 Global—Exchange-Traded Funds 18.6 18.4 % of Net Assets 26.3 - - 26.3 Global—Mutual Funds 21.0 21.2 Global—Pooled Funds 2.5 2.5 U.S.—Exchange-Traded Funds 9.5 9.2 U.S.—Mutual Funds 10.0 10.0 DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL Total financial instruments at fair value 97.7 97.1 CURRENCY ($000) ($000) ASSETS ($000) ($000) Total other assets less liabilities at cost or amortized cost 2.3 2.9 U.S. Dollar 6,036 13 1 6,050 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Total 6,036 13 1 6,050 % of Net Assets 25.9 0.1 - 26.0 FAIR VALUE MEASUREMENTS As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% Below is a summary of the inputs used as at June 30, 2021 and December 31, (December 31, 2020—2%) in relation to all foreign currencies, with all other 2020 in valuing the Fund’s investments carried at fair values. variables held constant, the Fund’s net assets would have decreased or JUNE 30, 2021 increased, respectively, by approximately $0.3 million (December 31, QUOTED PRICES SIGNIFICANT 2020—$0.1 million), or 1.3% (December 31, 2020—0.5%) of total net assets. In IN ACTIVE OTHER SIGNIFICANT practice, the actual results may differ from this sensitivity analysis and the MARKETS FOR OBSERVABLE UNOBSERVABLE difference could be material. IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Interest Rate Risk Mutual Funds 13,526 - - 13,526 The majority of the Fund’s assets and liabilities were non-interest bearing as at Pooled Funds 1,820 - - 1,820 June 30, 2021 and December 31, 2020. However, the Fund may be exposed to Exchange-Traded Funds 9,246 - - 9,246 indirect interest rate risk in the event that an Underlying Fund holds interest- bearing financial instruments. Total Investments 24,592 - - 24,592

Credit Risk DECEMBER 31, 2020 The Fund had no signiﬁcant direct investments in debt securities or derivatives as QUOTED PRICES SIGNIFICANT at June 30, 2021 and December 31, 2020. However, the Fund may be exposed IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE to indirect credit risk in the event that an Underlying Fund holds debt instruments IDENTICAL INPUTS INPUTS or derivatives. The Fund enters into foreign exchange contracts to buy and sell ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL currencies for the purpose of settling foreign securities transactions. These are ($000) ($000) ($000) ($000) short term spot settlements carried out with approved counterparties. The Mutual Funds 12,524 - - 12,524 exposure to credit risk on these contracts is considered minimal as the Pooled Funds 1,664 - - 1,664 transactions are settled and paid for upon delivery. Exchange-Traded Funds 8,436 - - 8,436 Total Investments 22,624 - - 22,624 OFFSETTING OF FINANCIAL INSTRUMENTS The Fund does not enter into any enforceable master netting arrangement.

164 The notes at the back of this document are an integral part of these ﬁnancial statements. MORNINGSTAR GROWTH PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

STRUCTURED ENTITIES DISCLOSURE

COUNTRY OF NET ASSETS OF ESTABLISHMENT OWNERSHIP % OWNERSHIP % UNDERLYING AND PRINCIPAL AS AT AS AT FUND % OF PLACE OF JUNE 30 DEC. 31 UNDERLYING FUND NAME ($000) NET ASSETS BUSINESS 2021 2020 Beutel Goodman American Equity Fund Class I 2,079,216 6.0 Canada 0.07 0.08 Beutel Goodman Short Term Bond Fund Class I 95,375 1.7 Canada 0.46 0.39 Black Creek International Equity Fund Class I 1,134,597 3.2 Canada 0.07 0.07 BMO Aggregate Bond Index ETF 6,007,112 3.2 Canada 0.01 0.01 Canoe Defensive International Equity Fund Series OX 550,978 4.2 Canada 0.19 0.25 Capital Group Global Equity Fund (Canada) Series I 13,632,108 8.8 Canada 0.02 0.02 CC&L Global Alpha Fund Series I 45,715 2.0 Canada 1.10 1.29 Franklin Bissett Canadian Equity Fund Series O 2,675,710 3.7 Canada 0.04 0.03 Galibier Canadian Equity Pool Fund 737,234 4.8 Canada 0.16 0.15 Global X MLP & Energy Infrastructure ETF 923,326 2.0 United States 0.05 0.06 Invesco Select Emerging Markets Pool Series I 87,124 2.5 Canada 0.71 0.83 iShares Global Energy ETF 1,773,196 2.2 United States 0.03 0.04 iShares J.P. Morgan EM Local Currency Bond ETF 646,661 1.0 United States 0.04 0.03 iShares J.P. Morgan USD Emerging Markets Bond ETF 24,466,699 1.3 United States - - iShares MSCI EAFE Value ETF 17,792,536 1.2 United States - - iShares MSCI Europe Financials ETF 1,936,595 1.2 United States 0.02 0.02 iShares MSCI Germany ETF 3,742,756 1.0 United States 0.01 0.01 iShares MSCI Mexico ETF 1,473,812 1.0 United States 0.02 0.01 iShares MSCI South Korea ETF 8,427,825 0.5 United States - - iShares MSCI United Kingdom ETF 4,281,074 3.0 United States 0.02 0.02 JPMorgan BetaBuilders Japan ETF 10,621,288 4.0 United States 0.01 0.01 Leith Wheeler Core Bond Fund Series A 192,559 4.0 Canada 0.52 0.50 Leith Wheeler High Yield Bond Fund 6,533 0.7 Canada 2.88 2.59 Mackenzie Ivy Canadian Fund Series O 751,599 4.8 Canada 0.16 0.15 Pender Value Fund Series O 317,056 4.0 Canada 0.32 0.34 Pimco Monthly Income Fund Series I 21,936,440 1.8 Canada - - Schwab Fundamental Emerging Markets Large Company Index ETF 5,884,666 2.2 United States 0.01 0.01 TD Canadian Bond Fund Series O 14,790,222 3.8 Canada 0.01 0.01 TD U.S. Blue Chip Equity Fund Series O 11,685,535 1.8 Canada - - TD U.S. Mid-Cap Growth Fund Series O 3,746,217 2.2 Canada 0.02 0.02 Templeton Global Bond Fund Series O 435,005 1.0 Canada 0.06 0.04 Vanguard Consumer Staples ETF 7,966,547 1.0 United States - - Vanguard Financials ETF 14,342,552 2.0 United States - - Vanguard FTSE Canada Index ETF 1,042,228 5.4 Canada 0.13 0.17 Vanguard Mid-Cap Value ETF 33,157,644 2.7 United States - - Vanguard S&P 500 Index ETF (CAD-hedged) 4,997,144 1.8 Canada 0.01 0.01

The notes at the back of this document are an integral part of these ﬁnancial statements. 165 MORNINGSTAR MODERATE PORTFOLIO STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 16,594 $ 19,551 Cash 353 329 Receivable for redeemable unit subscriptions 81 88 Income distribution receivable from underlying funds 61 47 17,089 20,015

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 51 - Payable for redeemable unit redemptions 2 13 53 13

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 17,036 $ 20,002 Cost of investments 15,369 18,300

Net assets attributable to holders of redeemable units, Series A $ 10,292 $ 10,368 Number of redeemable units outstanding, Series A 919 947 Net assets attributable to holders of redeemable units per unit, Series A 11.20 10.95

Net assets attributable to holders of redeemable units, Series F $ 6,033 $ 8,916 Number of redeemable units outstanding, Series F 532 807 Net assets attributable to holders of redeemable units per unit, Series F 11.35 11.05

Net assets attributable to holders of redeemable units, Series I $ 711 $ 718 Number of redeemable units outstanding, Series I 63 65 Net assets attributable to holders of redeemable units per unit, Series I 11.35 10.99

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

166 MORNINGSTAR MODERATE PORTFOLIO

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Income distributions received from underlying funds $ 174 $ 257 Management Fee Rebates income 2 2 Net realized gain (loss) on sale of investments 419 (103) Capital gains distributions received from underlying funds 30 - Net change in unrealized appreciation (depreciation) of investments (26) (111) Net gain (loss) on investments 599 45

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 1 (1) Net gain (loss) on derivatives 1 (1)

Net realized gain (loss) on foreign currencies (2) (1) Total net income (loss) 598 43

EXPENSES (note 6) Management fees 119 111 Audit 1 1 Interest expense 1 - Independent review committee 1 - Custody and fund accounting 6 6 Filing fees 19 20 Unitholder reporting 1 1 Administration and transfer agent fees 16 15 Foreign withholding taxes 4 6 Transaction costs (note 3) 5 7 173 167 Expenses absorbed (24) (24) Total expenses net of absorption 149 143

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 232 $ (82) Series F 194 (21) Series I 23 3 TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 449 (100)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 0.25 $ (0.09) Series F 0.28 (0.03) Series I 0.36 0.05

The accompanying notes are an integral part of these ﬁnancial statements.

167 MORNINGSTAR MODERATE PORTFOLIO STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 232 (82) 194 (21) 23 3

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (1) (1) (1) (1) - - (1) (1) (1) (1) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 1,693 1,655 823 1,453 5 114 Reinvested distributions to holders of redeemable units 1 1 1 1 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) - (133) - 133 - - Payments for redeemable units redeemed (2,001) (1,546) (3,900) (1,556) (35) (107) (307) (23) (3,076) 31 (30) 7

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (76) (106) (2,883) 9 (7) 10

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 10,292 $ 9,143 $ 6,033 $ 8,171 $ 711 $ 659

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 946,755 897,775 807,218 785,911 65,338 62,831 Redeemable units issued for cash 153,774 161,751 73,892 140,513 424 11,345 Redeemable units issued for reinvested distributions 98 88 3 57 - - Net redeemable units transferred in/(out) - (13,127) - 12,989 - - Redeemable units redeemed (181,568) (157,987) (349,589) (155,567) (3,165) (10,867) BALANCE, END OF PERIOD 919,059 888,500 531,524 783,903 62,597 63,309

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 20,002 $ 18,060

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 449 (100)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (2) (2) (2) (2)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,521 3,222 Reinvested distributions to holders of redeemable units 2 2 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (5,936) (3,209) (3,413) 15

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (2,966) (87)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 17,036 $ 17,973

The accompanying notes are an integral part of these ﬁnancial statements.

168 MORNINGSTAR MODERATE PORTFOLIO

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 449 $ (100)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (419) 103 Net change in unrealized (appreciation) depreciation of investments 26 111 Reinvested distributions from underlying funds (144) (122) Purchase of investments (1,187) (4,483) Proceeds from sale of investments 4,732 4,394 3,457 (97)

CHANGE IN NON-CASH WORKING CAPITAL (14) 4

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 2,528 3,126 Amounts paid on redemption of redeemable units (5,947) (3,196) (3,419) (70)

NET INCREASE (DECREASE) IN CASH 24 (163)

CASH—BEGINNING OF PERIOD 329 322

CASH—END OF PERIOD 353 159

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 82 92

The accompanying notes are an integral part of these ﬁnancial statements.

169 MORNINGSTAR MODERATE PORTFOLIO

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares/units)

NUMBER OF AVERAGE FAIR % OF NET SHARES/UNITS SECURITY COST VALUE ASSETS EQUITIES Canadian—Exchange-Traded Funds 9,680 Vanguard FTSE Canada Index ETF $ 315 $ 419 2.4

Canadian—Mutual Funds 28,455 Mackenzie Ivy Canadian Fund Series O 503 593 3.5 503 593 3.5

Canadian—Pooled Funds 49,625 Galibier Canadian Equity Pool Fund 704 850 5.0

Global—Exchange-Traded Funds 6,288 iShares Global Energy ETF 162 207 1.2 3,263 iShares MSCI EAFE Value ETF 181 210 1.2 5,119 iShares MSCI Europe Financials ETF 101 124 0.7 2,947 iShares MSCI Germany ETF 104 127 0.8 1,400 iShares MSCI Mexico ETF 63 83 0.5 4,140 iShares MSCI United Kingdom ETF 157 168 1.0 4,805 JPMorgan BetaBuilders Japan ETF 298 337 2.0 3,159 Schwab Fundamental Emerging Markets Large Company Index ETF 114 126 0.7 1,180 1,382 8.1

Global—Mutual Funds 14,594 Black Creek International Equity Fund Class I 292 335 2.0 32,568 Canoe Defensive International Equity Fund Series OX 374 381 2.2 20,289 Capital Group Global Equity Fund (Canada) Series I 757 1,107 6.5 1,423 1,823 10.7

Global—Pooled Funds 7,408 Invesco Select Emerging Markets Pool Series I 111 126 0.7

United States—Exchange-Traded Funds 3,751 Global X MLP & Energy Infrastructure ETF 140 169 1.0 757 Vanguard Consumer Staples ETF 148 171 1.0 1,487 Vanguard Financials ETF 114 167 1.0 5,822 Vanguard S&P 500 Index ETF (CAD-hedged) 332 419 2.5 734 926 5.5

United States—Mutual Funds 31,724 Beutel Goodman American Equity Fund Class I 548 639 3.8

Total Equities 5,518 6,758 39.7

FIXED INCOME Canadian—Exchange-Traded Funds 130,809 BMO Aggregate Bond Index ETF 2,058 2,075 12.2 18,276 BMO Real Return Bond Index ETF 325 338 2.0 12,283 Vanguard Canadian Short-Term Bond Index ETF 293 295 1.7 2,676 2,708 15.9

Canadian—Mutual Funds 128,243 Beutel Goodman Core Plus Bond Fund Class I 674 679 4.0 93,292 Beutel Goodman Short Term Bond Fund Class I 877 888 5.2 151,483 Leith Wheeler Core Bond Fund Series A 1,644 1,654 9.7 28,976 Leith Wheeler High Yield Bond Fund 247 254 1.5 141,546 TD Canadian Bond Fund Series O 1,545 1,570 9.2 4,987 5,045 29.6

Global—Exchange-Traded Funds 3,940 iShares J.P. Morgan EM Local Currency Bond ETF 229 213 1.2 1,534 iShares J.P. Morgan USD Emerging Markets Bond ETF 226 214 1.3 455 427 2.5

Global—Mutual Funds 63,031 Pimco Monthly Income Fund Series I 888 892 5.2 71,164 Templeton Global Bond Fund Series O 845 764 4.5 1,733 1,656 9.7

Total Fixed Income 9,851 9,836 57.7

Total Investments 15,369 16,594 97.4 Other Assets Less Liabilities 442 2.6 Net Assets Attributable to Holders of Redeemable Units 17,036 100.0

170 MORNINGSTAR MODERATE PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO FINANCIAL INSTRUMENTS RISKS Essentially all of the assets and liabilities of the Fund are financial instruments. The fundamental investment objective of the Morningstar Moderate Portfolio is to These financial instruments comprise the following: achieve long-term capital appreciation by investing primarily in a diverse mix of other mutual funds and exchange traded funds that invest in Canadian and global Portfolio by Industry Exposure equity and fixed income securities. JUNE 30 DEC. 31 2021 (%) 2020 (%) Market Price Risk Exchange-Traded Funds—Canadian Bonds 15.9 15.9 As at June 30, 2021, if the Fund’s benchmark (43% FTSE Canada Universe Exchange-Traded Funds—Canadian Equities 2.4 2.4 Exchange-Traded Funds—Global Bonds 2.5 2.4 Bond Index, 28% MSCI All Country World ex-Canada Index, 12% FTSE World Exchange-Traded Funds—Global Equities 8.1 8.2 Government Bond Index, 12% S&P/TSX Capped Composite Index, 5% FTSE Exchange-Traded Funds—U.S. Equities 5.5 5.4 Canada 91 Day T-Bill Index) increased or decreased by 10%, with all other Mutual Funds—Canadian Bonds 29.6 30.0 variables held constant, the net assets of the Fund would have increased or Mutual Funds—Canadian Equities 3.5 3.5 decreased, respectively, by approximately $1.7 million (December 31, Mutual Funds—Global Bonds 9.7 9.7 2020—$2.0 million), or 9.7% (December 31, 2020—9.8%) of total net assets. In Mutual Funds—Global Equities 10.7 10.9 practice, the actual results may differ from this sensitivity analysis and the Mutual Funds—U.S. Equities 3.8 3.7 difference could be material. Pooled Funds—Canadian Equities 5.0 4.9 Pooled Funds—Global Equities 0.7 0.7 Total financial instruments at fair value 97.4 97.7 Foreign Currency Risk Total other assets less liabilities at cost or amortized cost 2.6 2.3 The tables below indicate the currencies to which the Fund had significant Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 exposure on its financial instruments as at June 30, 2021 and December 31, 2020 in Canadian dollar terms, including the underlying principal of forward exchange contracts, if any. The Fund may also have indirect foreign currency risk Portfolio by Country Exposure through its investments in underlying funds. JUNE 30 DEC. 31 2021 (%) 2020 (%) JUNE 30, 2021 INVESTMENTS CASH OTHER NET TOTAL Country CURRENCY ($000) ($000) ASSETS ($000) ($000) Canada—Exchange-Traded Funds 18.3 18.3 U.S. Dollar 2,316 1 2 2,319 Canada—Mutual Funds 33.1 33.5 Canada—Pooled Funds 5.0 4.9 Total 2,316 1 2 2,319 Global—Exchange-Traded Funds 10.6 10.6 % of Net Assets 13.6 - - 13.6 Global—Mutual Funds 20.4 20.6 Global—Pooled Funds 0.7 0.7 U.S.—Exchange-Traded Funds 5.5 5.4 U.S.—Mutual Funds 3.8 3.7 DECEMBER 31, 2020 INVESTMENTS CASH OTHER NET TOTAL Total financial instruments at fair value 97.4 97.7 CURRENCY ($000) ($000) ASSETS ($000) ($000) Total other assets less liabilities at cost or amortized cost 2.6 2.3 U.S. Dollar 2,696 4 2 2,702 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Total 2,696 4 2 2,702 % of Net Assets 13.5 - - 13.5 FAIR VALUE MEASUREMENTS As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% Below is a summary of the inputs used as at June 30, 2021 and December 31, (December 31, 2020—2%) in relation to all foreign currencies, with all other 2020 in valuing the Fund’s investments carried at fair values. variables held constant, the Fund’s net assets would have decreased or JUNE 30, 2021 increased, respectively, by approximately $0.1 million (December 31, QUOTED PRICES SIGNIFICANT 2020—$0.1 million), or 0.7% (December 31, 2020—0.3%) of total net assets. In IN ACTIVE OTHER SIGNIFICANT practice, the actual results may differ from this sensitivity analysis and the MARKETS FOR OBSERVABLE UNOBSERVABLE difference could be material. IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Interest Rate Risk Mutual Funds 9,756 - - 9,756 The majority of the Fund’s assets and liabilities were non-interest bearing as at Pooled Funds 976 - - 976 June 30, 2021 and December 31, 2020. However, the Fund may be exposed to Exchange-Traded Funds 5,862 - - 5,862 indirect interest rate risk in the event that an Underlying Fund holds interest- bearing financial instruments. Total Investments 16,594 - - 16,594

Credit Risk DECEMBER 31, 2020 The Fund had no signiﬁcant direct investments in debt securities or derivatives as QUOTED PRICES SIGNIFICANT at June 30, 2021 and December 31, 2020. However, the Fund may be exposed IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE to indirect credit risk in the event that an Underlying Fund holds debt instruments IDENTICAL INPUTS INPUTS or derivatives. The Fund enters into foreign exchange contracts to buy and sell ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL currencies for the purpose of settling foreign securities transactions. These are ($000) ($000) ($000) ($000) short term spot settlements carried out with approved counterparties. The Mutual Funds 11,542 - - 11,542 exposure to credit risk on these contracts is considered minimal as the Pooled Funds 1,135 - - 1,135 transactions are settled and paid for upon delivery. Exchange-Traded Funds 6,874 - - 6,874 Total Investments 19,551 - - 19,551 OFFSETTING OF FINANCIAL INSTRUMENTS The Fund does not enter into any enforceable master netting arrangement.

The notes at the back of this document are an integral part of these ﬁnancial statements. 171 MORNINGSTAR MODERATE PORTFOLIO

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

STRUCTURED ENTITIES DISCLOSURE

COUNTRY OF NET ASSETS OF ESTABLISHMENT OWNERSHIP % OWNERSHIP % UNDERLYING AND PRINCIPAL AS AT AS AT FUND % OF PLACE OF JUNE 30 DEC. 31 UNDERLYING FUND NAME ($000) NET ASSETS BUSINESS 2021 2020 Beutel Goodman American Equity Fund Class I 2,079,216 3.8 Canada 0.03 0.04 Beutel Goodman Core Plus Bond Fund Class I 84,681 4.0 Canada 0.80 1.02 Beutel Goodman Short Term Bond Fund Class I 95,375 5.2 Canada 0.93 1.01 Black Creek International Equity Fund Class I 1,134,597 2.0 Canada 0.03 0.04 BMO Aggregate Bond Index ETF 6,007,112 12.2 Canada 0.03 0.04 BMO Real Return Bond Index ETF 141,536 2.0 Canada 0.24 0.27 Canoe Defensive International Equity Fund Series OX 550,978 2.2 Canada 0.07 0.11 Capital Group Global Equity Fund (Canada) Series I 13,632,108 6.5 Canada 0.01 0.01 Galibier Canadian Equity Pool Fund 737,234 5.0 Canada 0.12 0.14 Global X MLP & Energy Infrastructure ETF 923,326 1.0 United States 0.02 0.03 Invesco Select Emerging Markets Pool Series I 87,124 0.7 Canada 0.14 0.21 iShares Global Energy ETF 1,773,196 1.2 United States 0.01 0.02 iShares J.P. Morgan EM Local Currency Bond ETF 646,661 1.2 United States 0.03 0.04 iShares J.P. Morgan USD Emerging Markets Bond ETF 24,466,699 1.3 United States - - iShares MSCI EAFE Value ETF 17,792,536 1.2 United States - - iShares MSCI Europe Financials ETF 1,936,595 0.7 United States 0.01 0.01 iShares MSCI Germany ETF 3,742,756 0.8 United States - - iShares MSCI Mexico ETF 1,473,812 0.5 United States 0.01 0.01 iShares MSCI United Kingdom ETF 4,281,074 1.0 United States - 0.01 JPMorgan BetaBuilders Japan ETF 10,621,288 2.0 United States - - Leith Wheeler Core Bond Fund Series A 192,559 9.7 Canada 0.86 1.04 Leith Wheeler High Yield Bond Fund 6,533 1.5 Canada 3.89 4.46 Mackenzie Ivy Canadian Fund Series O 751,599 3.5 Canada 0.08 0.10 Pimco Monthly Income Fund Series I 21,936,440 5.2 Canada - 0.01 Schwab Fundamental Emerging Markets Large Company - - Index ETF 5,884,666 0.7 United States TD Canadian Bond Fund Series O 14,790,222 9.2 Canada 0.01 0.01 Templeton Global Bond Fund Series O 435,005 4.5 Canada 0.18 0.14 Vanguard Canadian Short-Term Bond Index ETF 1,269,806 1.7 Canada 0.02 0.03 Vanguard Consumer Staples ETF 7,966,547 1.0 United States - - Vanguard Financials ETF 14,342,552 1.0 United States - - Vanguard FTSE Canada Index ETF 1,042,228 2.4 Canada 0.04 0.06 Vanguard S&P 500 Index ETF (CAD-hedged) 4,997,144 2.5 Canada 0.01 0.01

172 The notes at the back of this document are an integral part of these ﬁnancial statements. MORNINGSTAR STRATEGIC 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 35,182 $ 29,916 Cash 308 1,152 Receivable for redeemable unit subscriptions 41 82 Dividends and accrued interest receivable 92 91 35,623 31,241

LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 23 34 23 34

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 35,600 $ 31,207 Cost of investments 29,497 27,788

Net assets attributable to holders of redeemable units, Series A $ 13,928 $ 13,142 Number of redeemable units outstanding, Series A 958 1,035 Net assets attributable to holders of redeemable units per unit, Series A 14.54 12.70

Net assets attributable to holders of redeemable units, Series D $ 248 $ 225 Number of redeemable units outstanding, Series D 17 18 Net assets attributable to holders of redeemable units per unit, Series D 14.59 12.68

Net assets attributable to holders of redeemable units, Series F $ 20,709 $ 17,222 Number of redeemable units outstanding, Series F 1,409 1,349 Net assets attributable to holders of redeemable units per unit, Series F 14.70 12.77

Net assets attributable to holders of redeemable units, Series I $ 715 $ 618 Number of redeemable units outstanding, Series I 49 49 Net assets attributable to holders of redeemable units per unit, Series I 14.72 12.73

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

173 MORNINGSTAR STRATEGIC CANADIAN EQUITY FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 450 $ 496 Management Fee Rebates income 2 3 Net realized gain (loss) on sale of investments 794 641 Net change in unrealized appreciation (depreciation) of investments 3,557 (3,340) Total net income (loss) 4,803 (2,200)

EXPENSES (note 6) Management fees 168 166 Legal - 1 Audit 3 2 Independent review committee 1 1 Custody and fund accounting 9 10 Filing fees 21 21 Unitholder reporting 2 2 Administration and transfer agent fees 41 36 Transaction costs (note 3) 9 13 254 252 Expenses absorbed (32) (29) Total expenses net of absorption 222 223

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 1,827 $ (1,068) Series D 33 (24) Series F 2,624 (1,296) Series I 97 (35) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 4,581 (2,423)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 1.85 $ (0.91) Series D 1.91 (1.22) Series F 1.92 (0.82) Series I 1.99 (0.74)

The accompanying notes are an integral part of these ﬁnancial statements.

174 MORNINGSTAR STRATEGIC CANADIAN EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 1,827 (1,068) 33 (24) 2,624 (1,296)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - - - (2) (2) - - - - (2) (2)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 707 701 - 18 2,816 2,473 Reinvested distributions to holders of redeemable units - - - - 2 2 Net proceeds/(payments) from/for redeemable units transferred in/(out) (311) (195) - - 311 195 Payments for redeemable units redeemed (1,437) (1,266) (10) (44) (2,264) (3,998) (1,041) (760) (10) (26) 865 (1,328)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 786 (1,828) 23 (50) 3,487 (2,626)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 13,928 $ 13,093 $ 248 $ 210 $ 20,709 $ 17,386

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 1,034,974 1,209,681 17,769 21,152 1,348,739 1,611,631 Redeemable units issued for cash 51,603 59,684 - 1,720 201,396 223,681 Redeemable units issued for reinvested distributions 8 41 - 1 162 158 Net redeemable units transferred in/(out) (22,683) (16,458) - - 22,380 16,291 Redeemable units redeemed (105,693) (112,630) (799) (4,663) (163,892) (355,993) BALANCE, END OF PERIOD 958,209 1,140,318 16,970 18,210 1,408,785 1,495,768

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 97 (35) 4,581 (2,423)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (2) (2) - - (2) (2)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued - - 3,523 3,192 Reinvested distributions to holders of redeemable units - - 2 2 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - - - Payments for redeemable units redeemed - - (3,711) (5,308) - - (186) (2,114)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 97 (35) 4,393 (4,539)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 715 $ 551 $ 35,600 $ 31,240

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 48,561 47,528 Redeemable units issued for cash - - Redeemable units issued for reinvested distributions - - Net redeemable units transferred in/(out) - - Redeemable units redeemed - - BALANCE, END OF PERIOD 48,561 47,528

The accompanying notes are an integral part of these ﬁnancial statements.

175 MORNINGSTAR STRATEGIC CANADIAN EQUITY FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 4,581 $ (2,423)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (794) (641) Net change in unrealized (appreciation) depreciation of investments (3,557) 3,340 Purchase of investments (7,426) (7,229) Proceeds from sale of investments 6,511 9,427 (685) 2,474

CHANGE IN NON-CASH WORKING CAPITAL (1) 5

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 3,564 3,174 Amounts paid on redemption of redeemable units (3,722) (5,336) (158) (2,162)

NET INCREASE (DECREASE) IN CASH (844) 317

CASH—BEGINNING OF PERIOD 1,152 766

CASH—END OF PERIOD 308 1,083

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 449 501

The accompanying notes are an integral part of these ﬁnancial statements.

176 MORNINGSTAR STRATEGIC CANADIAN EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS Building Products Software 22,821 Stella-Jones Inc. $ 1,053 $ 1,018 2.9 546 Constellation Software Inc. $ 517 $ 1,025 2.9 16,406 Open Text Corporation 765 1,033 2.9 Chemicals 1,282 2,058 5.8 14,845 Nutrien Ltd. 1,085 1,115 3.1 Specialty Retail Commercial Banks 18,156 Dollarama Inc. 791 1,030 2.9 8,018 Bank of Montreal 780 1,019 2.8 7,167 Canadian Imperial Bank of Commerce 814 1,011 2.8 Wireless Telecommunications Services 11,009 National Bank of Canada 682 1,021 2.9 15,948 Rogers Communications Inc. Cl. B 959 1,051 3.0 8,176 Royal Bank of Canada 814 1,027 2.9 12,752 The Bank of Nova Scotia 963 1,028 2.9 11,762 The Toronto-Dominion Bank 854 1,022 2.9 4,907 6,128 17.2 Total Investments 29,497 35,182 98.8 Other Assets Less Liabilities 418 1.2 Commercial Services & Supplies Net Assets Attributable to Holders of 43,176 Transcontinental Inc. Cl. A 887 1,005 2.8 Redeemable Units 35,600 100.0

Containers & Packaging 14,804 CCL Industries Inc. Cl. B 875 1,011 2.8

Diversiﬁed Financial Services 45,497 CI Financial Corp. 970 1,035 2.9 7,792 TMX Group Limited 686 1,020 2.9 1,656 2,055 5.8

Diversiﬁed Telecommunications Services 16,996 BCE Inc. 954 1,039 2.9

Energy Equipment & Services 50,587 North American Construction Group, Ltd. 699 955 2.7

Equity Real Estate Investment Trusts (REITs) 63,281 H&R Real Estate Investment Trust 1,167 1,012 2.8

Food & Staples Retailing 23,626 Alimentation Couche-Tard Inc. Cl. B 1,004 1,076 3.0 26,688 Empire Company Limited Cl. A 845 1,044 2.9 1,849 2,120 5.9

Food Products 8,826 George Weston Limited 897 1,043 2.9

Independent Power and Renewable Electricity Producers 25,701 Northland Power Inc. 874 1,087 3.1

Insurance 16,186 Sun Life Financial Inc. 877 1,035 2.9

IT Services 9,177 CGI Inc. 710 1,031 2.9

Machinery 9,719 Toromont Industries, Ltd. 566 1,050 3.0

Media 9,049 Cogeco Communications Inc. 764 1,097 3.1

Metals & Mining 72,081 Torex Gold Resources, Inc. 1,197 1,029 2.9

Multi-Utilities 22,943 ATCO, Ltd. Cl. I 1,031 1,008 2.8

Oil, Gas & Consumable Fuels 20,847 Enbridge Inc. 959 1,035 2.9 17,398 TC Energy Corporation 1,014 1,067 3.0 1,973 2,102 5.9

Professional Services 18,943 Stantec Inc. 647 1,048 2.9

Real Estate Management & Development 4,820 FirstService Corporation 925 1,025 2.9

Road & Rail 7,872 Canadian National Railway Company 872 1,030 2.9

177 MORNINGSTAR STRATEGIC CANADIAN EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO Market Price Risk Essentially all of the assets and liabilities of the Fund are financial instruments. As at June 30, 2021, if the Fund’s benchmark (S&P/TSX Composite Index) These financial instruments comprise the following: increased or decreased by 10%, with all other variables held constant, the net assets of the Fund would have increased or decreased, respectively, by Portfolio by Industry Exposure approximately $3.5 million (December 31, 2020—$3.0 million) or 9.9% JUNE 30 DEC. 31 (December 31, 2020—9.6%) of total net assets. This impact is estimated based 2021 (%) 2020 (%) on the historical correlation between the return of Series I units of the Fund as compared to the return of the Fund’s benchmark(s). In practice, the historical Equities Building Products 2.9 - correlation may not be representative of the future correlation and, accordingly, Chemicals 3.1 - the impact on net assets could be materially different. Commercial Banks 17.2 14.4 Commercial Services & Supplies 2.8 3.1 Containers & Packaging 2.8 5.7 Foreign Currency Risk Diversified Financial Services 5.8 5.6 The Fund’s investments are denominated primarily in Canadian dollars, which are Diversified Telecommunications Services 2.9 2.8 not subject to the risk of currency movements. Energy Equipment & Services 2.7 5.3 Equity Real Estate Investment Trusts (REITs) 2.8 2.7 Food & Staples Retailing 5.9 5.8 Interest Rate Risk Food Products 2.9 2.9 The substantial majority of the Fund’s financial assets are equity shares which do Independent Power and Renewable Electricity Producers 3.1 2.9 not pay interest. As a result, the Fund is not subject to significant amounts of risk Insurance 2.9 2.8 IT Services 2.9 3.1 due to fluctuations in the prevailing levels of market interest rates at June 30, Machinery 3.0 2.9 2021 and December 31, 2020. Media 3.1 3.0 Metals & Mining 2.9 4.2 Multi-Utilities 2.8 2.7 Credit Risk Oil, Gas & Consumable Fuels 5.9 5.5 The substantial majority of the Fund’s financial assets are equity shares which do Professional Services 2.9 3.1 not pay interest. As a result, exposure to credit risk is considered minimal at June Real Estate Management & Development 2.9 - 30, 2021 and December 31, 2020. Road & Rail 2.9 2.9 Software 5.8 8.8 Specialty Retail 2.9 2.9 Wireless Telecommunications Services 3.0 2.8 SECURITIES LENDING Total financial instruments at fair value 98.8 95.9 The aggregate market value of all securities loaned by a fund cannot exceed 50% Total other assets less liabilities at cost or amortized cost 1.2 4.1 of the net assets of the applicable Fund. The Funds receive collateral of at least Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 102% of the value of the securities on loan. Collateral may comprise of obligations of or guaranteed by the Government of Canada, or a province thereof, or by the United States government or its agencies.

FAIR VALUE MEASUREMENTS As at June 30, 2021 and December 31, 2020 the fair value of securities on loan Below is a summary of the inputs used as at June 30, 2021 and December 31, and collateral received was $Nil. 2020 in valuing the Fund’s investments carried at fair values.

JUNE 30, 2021 OFFSETTING OF FINANCIAL INSTRUMENTS QUOTED PRICES SIGNIFICANT The Fund does not enter into any enforceable master netting arrangement. IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Equities 35,182 - - 35,182 Total Investments 35,182 - - 35,182

DECEMBER 31, 2020 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) Equities 29,867 49 - 29,916 Total Investments 29,867 49 - 29,916

During the six months ended June 30, 2021 and the year ended December 31, 2020, there were no signiﬁcant transfers bewteen Level 1 and 2 priced securities.

FINANCIAL INSTRUMENTS RISKS The investment objective of the Morningstar Strategic Canadian Equity Fund is to achieve long-term capital appreciation by investing primarily in equity securities of Canadian issuers.

178 The notes at the back of this document are an integral part of these ﬁnancial statements. SIONNA 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 JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 243,772 $ 231,916 Cash 429 440 Receivable for redeemable unit subscriptions 266 158 Receivable from securities sold 2,110 - Dividends and accrued interest receivable 663 780 247,240 233,294

LIABILITIES CURRENT LIABILITIES Payable for securities purchased 1,018 - Payable for redeemable unit redemptions 474 381 1,492 381

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 245,748 $ 232,913 Cost of investments 185,131 196,858

Net assets attributable to holders of redeemable units, Series A $ 123,870 $ 119,437 Number of redeemable units outstanding, Series A 7,551 8,303 Net assets attributable to holders of redeemable units per unit, Series A 16.41 14.38

Net assets attributable to holders of redeemable units, Series D $ 1,605 $ 1,865 Number of redeemable units outstanding, Series D 120 159 Net assets attributable to holders of redeemable units per unit, Series D 13.40 11.70

Net assets attributable to holders of redeemable units, Series F $ 113,319 $ 105,045 Number of redeemable units outstanding, Series F 6,362 6,764 Net assets attributable to holders of redeemable units per unit, Series F 17.81 15.53

Net assets attributable to holders of redeemable units, Series I $ 6,954 $ 6,566 Number of redeemable units outstanding, Series I 364 396 Net assets attributable to holders of redeemable units per unit, Series I 19.11 16.57

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

179 SIONNA CANADIAN EQUITY FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 3,595 $ 4,876 Interest for distribution purposes 3 26 Management Fee Rebates income 123 129 Net realized gain (loss) on sale of investments 6,718 (12,359) Capital gains distributions received from underlying funds - (94) Net change in unrealized appreciation (depreciation) of investments 23,583 (42,317) Net gain (loss) on investments 34,022 (49,739)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (1) (1) Net gain (loss) on derivatives (1) (1)

Other income 1 27 Net change in unrealized appreciation (depreciation) of foreign currencies (1) 1 Total net income (loss) 34,021 (49,712)

EXPENSES (note 6) Management fees 1,684 1,825 Legal 2 5 Audit 17 16 Independent review committee 6 7 Custody and fund accounting 43 55 Filing fees 21 21 Unitholder reporting 9 12 Administration and transfer agent fees 217 234 Foreign withholding taxes - 15 Transaction costs (note 3) 36 88 2,035 2,278 Expenses absorbed (14) (51) Total expenses net of absorption 2,021 2,227

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 15,994 $ (26,547) Series D 245 (365) Series F 14,804 (23,177) Series I 957 (1,850) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 32,000 (51,939)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 2.03 $ (2.71) Series D 1.75 (2.11) Series F 2.31 (2.82) Series I 2.57 (3.76)

The accompanying notes are an integral part of these ﬁnancial statements.

180 SIONNA CANADIAN EQUITY FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 15,994 (26,547) 245 (365) 14,804 (23,177)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (48) (40) - - (75) (89) (48) (40) - - (75) (89)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,166 2,145 7 - 6,127 7,835 Reinvested distributions to holders of redeemable units 48 40 - - 75 89 Net proceeds/(payments) from/for redeemable units transferred in/(out) (1,034) (401) - - 1,034 401 Payments for redeemable units redeemed (12,693) (16,831) (512) (37) (13,691) (22,585) (11,513) (15,047) (505) (37) (6,455) (14,260)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 4,433 (41,634) (260) (402) 8,274 (37,526)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 123,870 $ 117,009 $ 1,605 $ 1,760 $ 113,319 $ 102,081

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 8,303,209 10,438,853 159,359 175,367 6,763,684 8,492,665 Redeemable units issued for cash 141,296 155,299 609 - 361,415 551,620 Redeemable units issued for reinvested distributions 3,046 2,974 - - 4,436 6,178 Net redeemable units transferred in/(out) (66,051) (28,346) - - 60,993 26,146 Redeemable units redeemed (830,799) (1,229,726) (40,200) (2,874) (828,694) (1,587,435) BALANCE, END OF PERIOD 7,550,701 9,339,054 119,768 172,493 6,361,834 7,489,174

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 957 (1,850) 32,000 (51,939)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income - - (123) (129) - - (123) (129)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 1,353 4,001 9,653 13,981 Reinvested distributions to holders of redeemable units - - 123 129 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - - - Payments for redeemable units redeemed (1,922) (2,905) (28,818) (42,358) (569) 1,096 (19,042) (28,248)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 388 (754) 12,835 (80,316)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 6,954 $ 5,365 $ 245,748 $ 226,215

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 396,248 349,633 Redeemable units issued for cash 74,467 226,362 Redeemable units issued for reinvested distributions - - Net redeemable units transferred in/(out) - - Redeemable units redeemed (106,858) (208,334) BALANCE, END OF PERIOD 363,857 367,661

The accompanying notes are an integral part of these ﬁnancial statements.

181 SIONNA CANADIAN EQUITY FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 32,000 $ (51,939)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (6,718) 12,359 Unrealized (appreciation) depreciation on foreign cash - 2 Net change in unrealized (appreciation) depreciation of investments (23,583) 42,317 Reinvested distributions from underlying funds - 94 Purchase of investments (40,644) (81,338) Proceeds from sale of investments 57,999 99,088 Amortization income (2) (20) 19,052 20,563

CHANGE IN NON-CASH WORKING CAPITAL 117 (103)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 9,545 14,244 Amounts paid on redemption of redeemable units (28,725) (34,782) (19,180) (20,538) NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON CASH - (2)

NET INCREASE (DECREASE) IN CASH (11) (80)

CASH—BEGINNING OF PERIOD 440 510

CASH—END OF PERIOD 429 430

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 3,712 4,758 Interest 3 26

The accompanying notes are an integral part of these ﬁnancial statements.

182 SIONNA CANADIAN EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS OF SHARES SECURITY COST VALUE ASSETS EQUITIES Specialty Retail Auto Components 38,865 Dollarama Inc. $ 1,524 $ 2,205 0.9 22,781 Magna International Inc. $ 1,661 $ 2,614 1.1 Wireless Telecommunications Services Building Products 159,503 Rogers Communications Inc. Cl. B 9,750 10,511 4.3 84,856 Stella-Jones Inc. 3,614 3,787 1.5 Total Equities 181,631 240,272 97.8 Capital Markets 1,476 Brookﬁeld Asset Management Reinsurance Partners Ltd. 102 97 -

Chemicals 95,571 Methanex Corporation 4,186 3,927 1.6 87,840 Nutrien Ltd. 4,253 6,598 2.7 8,439 10,525 4.3

Commercial Banks 156,884 Royal Bank of Canada 15,149 19,703 8.0 218,763 The Bank of Nova Scotia 13,551 17,637 7.2 223,332 The Toronto-Dominion Bank 10,044 19,401 7.9 38,744 56,741 23.1

Diversiﬁed Financial Services 214,165 Brookﬁeld Asset Management Inc. Cl. A 5,557 13,544 5.5 61,623 IGM Financial Inc. 2,380 2,696 1.1 7,937 16,240 6.6

Diversiﬁed Telecommunications Services 320,247 TELUS Corporation 5,035 8,903 3.6

Electric Utilities 57,660 Brookﬁeld Renewable Partners LP 1,080 2,762 1.1

Equity Real Estate Investment Trusts (REITs) 116,112 Allied Properties Real Estate Investment Trust 4,577 5,231 2.1

Food & Staples Retailing 225,903 Alimentation Couche-Tard Inc. Cl. B 7,138 10,290 4.2 52,249 Metro Inc. 2,139 3,105 1.3 9,277 13,395 5.5

Food Products 146,406 Saputo Inc. 5,810 5,413 2.2

Hotels, Restaurants & Leisure 80,338 Restaurant Brands International Inc. 5,812 6,417 2.6

Insurance 11,477 Fairfax Financial Holdings Limited 5,995 6,239 2.5 11,554 iA Financial Corporation Inc. 794 780 0.3 15,808 Intact Financial Corporation 1,098 2,662 1.1 231,415 Manulife Financial Corporation 5,360 5,646 2.3 13,247 15,327 6.2

IT Services 76,277 CGI Inc. 5,870 8,573 3.5

Metals & Mining 22,549 Franco-Nevada Corporation 4,037 4,056 1.6 91,634 Teck Resources, Ltd. Cl. B Sub. Voting 2,482 2,616 1.1 6,519 6,672 2.7

Multi-Utilities 57,556 Brookﬁeld Infrastructure Partners LP 2,255 3,961 1.6

Oil, Gas & Consumable Fuels 126,484 Canadian Natural Resources, Ltd. 3,354 5,692 2.3 199,310 Pembina Pipeline Corporation 7,179 7,851 3.2 394,362 Suncor Energy Inc. 10,087 11,708 4.8 195,967 TC Energy Corporation 11,449 12,021 4.9 32,069 37,272 15.2

Road & Rail 77,063 Canadian National Railway Company 7,647 10,079 4.1 68,585 Canadian Paciﬁc Railway Limited 3,957 6,538 2.7 11,604 16,617 6.8

Software 111,350 Open Text Corporation 6,705 7,009 2.9

183 SIONNA CANADIAN EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS SHORT-TERM INVESTMENTS 3,500,000 Government of Canada Treasury Bills 0.07% Aug 19/2021 $ 3,500 $ 3,500 1.4

Total Investments 185,131 243,772 99.2 Foreign Exchange Contracts (a) - - Other Assets Less Liabilities 1,976 0.8 Net Assets Attributable to Holders of Redeemable Units 245,748 100.0

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 2, 2021 CAD 4 USD 4 1.23742 $ - $ - Notes: Counterparty—State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency

184 SIONNA CANADIAN EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO FINANCIAL INSTRUMENTS RISKS Essentially all of the assets and liabilities of the Fund are financial instruments. The investment objective of the Sionna Canadian Equity Fund is to achieve long- These financial instruments comprise the following: term capital appreciation by investing primarily in the equity securities of Canadian issuers. The Fund may also invest in foreign equity securities. Portfolio by Industry Exposure JUNE 30 DEC. 31 2021 (%) 2020 (%) Market Price Risk As at June 30, 2021, if the Fund’s benchmark (S&P/TSX Composite Index) Equities increased or decreased by 10%, with all other variables held constant, the net Auto Components 1.1 1.1 assets of the Fund would have increased or decreased, respectively, by Building Products 1.5 2.5 Capital Markets - - approximately $24.5 million (December 31, 2020—$22.5 million), or 10.0% Chemicals 4.3 5.4 (December 31, 2020—9.7%) of total net assets. This impact is estimated based Commercial Banks 23.1 20.8 on the historical correlation between the return of Series I units of the Fund as Diversified Financial Services 6.6 6.3 compared to the return of the Fund’s benchmark(s). In practice, the historical Diversified Telecommunications Services 3.6 3.8 correlation may not be representative of the future correlation and, accordingly, Electric Utilities 1.1 1.5 the impact on net assets could be materially different. Energy Equipment & Services - 1.0 Equity Real Estate Investment Trusts (REITs) 2.1 2.1 Food & Staples Retailing 5.5 5.2 Foreign Currency Risk Food Products 2.2 3.6 Currency risk arises from financial instruments that are denominated in a Hotels, Restaurants & Leisure 2.6 2.9 Insurance 6.2 6.2 currency other than the Canadian dollar, which is the Fund’s functional currency. IT Services 3.5 4.0 The Fund is exposed to the risk that the value of securities denominated in other Metals & Mining 2.7 1.2 currencies will fluctuate due to changes in exchange rates. Multi-Utilities 1.6 1.7 Oil, Gas & Consumable Fuels 15.2 13.1 The tables below indicate the currencies to which the Fund had significant Road & Rail 6.8 8.5 exposure on its financial instruments as at June 30, 2021 and December 31, Software 2.9 - 2020 in Canadian dollar terms including the underlying principal of forward Specialty Retail 0.9 2.5 exchange contracts, if any. Wireless Telecommunications Services 4.3 4.2 Short-term investments 1.4 2.0 JUNE 30, 2021 Total investments 99.2 99.6 INVESTMENTS CASH OTHER NET TOTAL Foreign exchange contracts, net - - CURRENCY ($000) ($000) ASSETS ($000) ($000) Total financial instruments at fair value 99.2 99.6 Euro - - 18 18 Total other assets less liabilities at cost or amortized cost 0.8 0.4 U.S. Dollar - 5 99 104 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 Total - 5 117 122 % of Net Assets - - - -

FAIR VALUE MEASUREMENTS Below is a summary of the inputs used as at June 30, 2021 and December 31, DECEMBER 31, 2020 2020 in valuing the Fund’s investments carried at fair values. INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) JUNE 30, 2021 Euro - - 31 31 QUOTED PRICES SIGNIFICANT Swiss Franc - - 3 3 IN ACTIVE OTHER SIGNIFICANT U.S. Dollar - 6 114 120 MARKETS FOR OBSERVABLE UNOBSERVABLE Total - 6 148 154 IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL % of Net Assets - - 0.1 0.1 ($000) ($000) ($000) ($000) Equities 240,272 - - 240,272 As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% Short-term (December 31, 2020—2%) in relation to all foreign currencies, with all other investments - 3,500 - 3,500 variables held constant, the Fund’s net assets would have decreased or Total Investments 240,272 3,500 - 243,772 increased, respectively, by approximately $0.01 million (December 31, Foreign Exchange 2020—$Nil million), or Nil% (December 31, 2020—Nil%) of total net assets. In Contracts, Net - - - - practice, the actual results may differ from this sensitivity analysis and the difference could be material.

DECEMBER 31, 2020 QUOTED PRICES SIGNIFICANT Interest Rate Risk IN ACTIVE OTHER SIGNIFICANT The substantial majority of the Fund’s financial assets are equity shares which do MARKETS FOR OBSERVABLE UNOBSERVABLE not pay interest. As a result, the Fund is not subject to significant amounts of risk IDENTICAL INPUTS INPUTS ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL due to fluctuations in the prevailing levels of market interest rates. ($000) ($000) ($000) ($000) Equities 227,218 - - 227,218 Short-term Credit Risk investments - 4,698 - 4,698 The Fund enters into foreign exchange contracts to buy and sell currencies for the Total Investments 227,218 4,698 - 231,916 purpose of settling foreign securities transactions. These are short term spot settlements carried out with approved counterparties. The exposure to credit risk Foreign Exchange on these contracts is considered minimal as the transactions are settled and paid Contracts, Net - - - - for upon delivery.

During the six months ended June 30, 2021 and the year ended December 31, 2020, there were no signiﬁcant transfers between Level 1 and 2 priced securities. SECURITIES LENDING The aggregate market value of all securities loaned by a fund cannot exceed 50% of the net assets of the applicable Fund. The Funds receive collateral of at least 102% of the value of the securities on loan. Collateral may comprise of obligations of or guaranteed by the Government of Canada, or a province thereof, or by the United States government or its agencies.

The notes at the back of this document are an integral part of these ﬁnancial statements. 185 SIONNA CANADIAN EQUITY FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

As at June 30, 2021 and December 31, 2020 the fair value of securities on loan and collateral received was $Nil.

OFFSETTING OF FINANCIAL INSTRUMENTS The Fund does not enter into any enforceable master netting arrangement.

186 The notes at the back of this document are an integral part of these ﬁnancial statements. SIONNA OPPORTUNITIES FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 66,996 $ 62,580 Cash 1,197 120 Receivable for redeemable unit subscriptions 8 54 Receivable from securities sold 348 - Dividends and accrued interest receivable 316 203 68,865 62,957

LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 6 58 6 58

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 68,859 $ 62,899 Cost of investments 58,469 57,928

Net assets attributable to holders of redeemable units, Series A $ 31,067 $ 29,586 Number of redeemable units outstanding, Series A 2,000 2,197 Net assets attributable to holders of redeemable units per unit, Series A 15.53 13.47

Net assets attributable to holders of redeemable units, Series F $ 37,681 $ 33,219 Number of redeemable units outstanding, Series F 2,301 2,353 Net assets attributable to holders of redeemable units per unit, Series F 16.37 14.12

Net assets attributable to holders of redeemable units, Series I $ 111 $ 94 Number of redeemable units outstanding, Series I 6 6 Net assets attributable to holders of redeemable units per unit, Series I 18.44 15.80

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

187 SIONNA OPPORTUNITIES FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 839 $ 594 Interest for distribution purposes 1 22 Management Fee Rebates income 36 33 Net realized gain (loss) on sale of investments 5,427 688 Net change in unrealized appreciation (depreciation) of investments 3,875 (11,373) Net gain (loss) on investments 10,178 (10,036)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts 12 (5) Net gain (loss) on derivatives 12 (5)

Net realized gain (loss) on foreign currencies (23) (18) Net change in unrealized appreciation (depreciation) of foreign currencies 1 1 Total net income (loss) 10,168 (10,058)

EXPENSES (note 6) Management fees 492 486 Legal 1 1 Audit 5 4 Independent review committee 2 2 Custody and fund accounting 14 15 Filing fees 20 20 Unitholder reporting 3 3 Administration and transfer agent fees 68 63 Foreign withholding taxes 33 43 Transaction costs (note 3) 21 27 659 664 Expenses absorbed (22) (20) Total expenses net of absorption 637 644

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 4,321 $ (4,922) Series F 5,193 (5,767) Series I 17 (13) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 9,531 (10,702)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 2.10 $ (2.02) Series F 2.27 (2.23) Series I 2.64 (2.23)

The accompanying notes are an integral part of these ﬁnancial statements.

188 SIONNA OPPORTUNITIES FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 4,321 (4,922) 5,193 (5,767) 17 (13)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (14) (10) (22) (23) - - (14) (10) (22) (23) - -

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 2,049 2,429 2,575 3,454 - - Reinvested distributions to holders of redeemable units 14 10 22 23 - - Net proceeds/(payments) from/for redeemable units transferred in/(out) (244) (125) 244 125 - - Payments for redeemable units redeemed (4,645) (2,441) (3,550) (5,791) - - (2,826) (127) (709) (2,189) - -

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 1,481 (5,059) 4,462 (7,979) 17 (13)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 31,067 $ 28,672 $ 37,681 $ 30,638 $ 111 $ 82

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 2,197,163 2,428,964 2,352,992 2,682,346 6,014 6,014 Redeemable units issued for cash 140,618 205,487 163,660 276,996 - - Redeemable units issued for reinvested distributions 926 830 1,433 1,765 - - Net redeemable units transferred in/(out) (16,825) (9,717) 16,010 9,344 - - Redeemable units redeemed (321,825) (196,357) (232,873) (480,914) - - BALANCE, END OF PERIOD 2,000,057 2,429,207 2,301,222 2,489,537 6,014 6,014

Amounts in thousands (except for number of units) For the six months ended June 30, FUND TOTAL 2021 2020 NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, BEGINNING OF PERIOD $ 62,899 $ 72,443

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 9,531 (10,702)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (36) (33) (36) (33)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 4,624 5,883 Reinvested distributions to holders of redeemable units 36 33 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (8,195) (8,232) (3,535) (2,316)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 5,960 (13,051)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 68,859 $ 59,392

The accompanying notes are an integral part of these ﬁnancial statements.

189 SIONNA OPPORTUNITIES FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 9,531 $ (10,702)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (5,427) (688) Net change in unrealized (appreciation) depreciation of investments (3,875) 11,373 Purchase of investments (17,139) (24,213) Proceeds from sale of investments 21,678 26,415 Amortization income (1) (17) 4,767 2,168

CHANGE IN NON-CASH WORKING CAPITAL (113) 48

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 4,670 5,860 Amounts paid on redemption of redeemable units (8,247) (8,147) (3,577) (2,287)

NET INCREASE (DECREASE) IN CASH 1,077 (71)

CASH—BEGINNING OF PERIOD 120 210

CASH—END OF PERIOD 1,197 139

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 693 599 Interest 1 22

The accompanying notes are an integral part of these ﬁnancial statements.

190 SIONNA OPPORTUNITIES FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares and face value)

NUMBER AVERAGE FAIR % OF NET OF SHARES SECURITY COST VALUE ASSETS EQUITIES Beverages 722,954 Ambev SA ADR $ 3,619 $ 3,084 4.5 8,847 Diageo PLC ADR 1,689 2,103 3.0 5,308 5,187 7.5

Capital Markets 413 Brookﬁeld Asset Management Reinsurance Partners Ltd. 29 27 -

Commercial Banks 21,636 Royal Bank of Canada 2,616 2,717 3.9 35,650 Wells Fargo & Company 2,105 2,003 2.9 4,721 4,720 6.8

Construction & Engineering 44,956 Badger Infrastructure Solutions Ltd. 1,510 1,691 2.5

Containers & Packaging 51,866 Winpak, Ltd. 2,240 2,006 2.9

Diversiﬁed Financial Services 9,894 Berkshire Hathaway Inc. Cl. B 2,468 3,410 5.0 60,007 Brookﬁeld Asset Management Inc. Cl. A 2,229 3,795 5.5 128,478 ING Groep NV ADR 1,632 2,109 3.1 2,338 Moody's Corporation 495 1,051 1.5 6,824 10,365 15.1

Diversiﬁed Telecommunications Services 110,177 TELUS Corporation 2,638 3,063 4.4

Food & Staples Retailing 78,766 Alimentation Couche-Tard Inc. Cl. B 2,822 3,588 5.2 40,214 Metro Inc. 2,020 2,390 3.5 55,854 Walgreens Boots Alliance, Inc. 3,725 3,644 5.3 8,567 9,622 14.0

Health Care Providers & Services 41,514 Fresenius Medical Care AG & Co. KGaA ADR 2,212 2,140 3.1

Hotels, Restaurants & Leisure 30,475 Restaurant Brands International Inc. 2,277 2,434 3.5

Insurance 4,400 Fairfax Financial Holdings Limited 2,747 2,392 3.5

Interactive Media & Services 771 Alphabet Inc. Cl. C 1,355 2,396 3.5

Multiline Retail 4,543 Dollar General Corporation 722 1,219 1.8

Multi-Utilities 35,932 Brookﬁeld Infrastructure Partners LP 1,644 2,473 3.6

Oil, Gas & Consumable Fuels 36,634 Canadian Natural Resources, Ltd. 1,221 1,649 2.4 81,180 Suncor Energy Inc. 2,281 2,410 3.5 56,476 TC Energy Corporation 3,334 3,464 5.0 6,836 7,523 10.9

Pharmaceuticals 13,690 Johnson & Johnson 2,762 2,797 4.1

Road & Rail 18,819 Canadian National Railway Company 1,989 2,461 3.6

Specialty Retail 1,976 Ulta Beauty, Inc. 596 847 1.2

Wireless Telecommunications Services 32,359 Rogers Communications Inc. Cl. B 1,992 2,133 3.1

Total Equities 56,969 65,496 95.1

191 SIONNA OPPORTUNITIES FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares and face value)

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS SHORT-TERM INVESTMENTS 1,500,000 Government of Canada Treasury Bills 0.07% Aug 19/2021 $ 1,500 $ 1,500 2.2

Total Investments 58,469 66,996 97.3 Other Assets Less Liabilities 1,863 2.7 Net Assets Attributable to Holders of Redeemable Units 68,859 100.0

192 SIONNA OPPORTUNITIES FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

SUMMARY OF INVESTMENT PORTFOLIO DECEMBER 31, 2020 Essentially all of the assets and liabilities of the Fund are financial instruments. QUOTED PRICES SIGNIFICANT These financial instruments comprise the following: IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE IDENTICAL INPUTS INPUTS Portfolio by Industry Exposure ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL JUNE 30 DEC. 31 ($000) ($000) ($000) ($000) 2021 (%) 2020 (%) Equities 60,381 - - 60,381 Short-term Equities investments - 2,199 - 2,199 Automobiles - 2.2 Beverages 7.5 7.8 Total Investments 60,381 2,199 - 62,580 Capital Markets - - Commercial Banks 6.8 2.5 Bridgehouse Asset Managers subscribes to the services of a third-party valuation Construction & Engineering 2.5 - service provider to provide fair value adjustments, where applicable, to the prices Containers & Packaging 2.9 3.5 of foreign securities due to changes in the value of securities in North American Diversified Financial Services 15.1 14.6 markets following the closure of the foreign markets. The parameters used to Diversified Telecommunications Services 4.4 4.4 Electrical Equipment - 3.2 apply the fair value adjustments are based on observable market data, and as Electronic Equipment, Instruments & Components - 2.9 such, the foreign securities are considered Level 2 priced securities. Food & Staples Retailing 14.0 10.9 Health Care Providers & Services 3.1 2.5 During the six months ended June 30, 2021 and the year ended December 31, Hotels, Restaurants & Leisure 3.5 3.3 2020, there were no significant transfers between Level 1 and 2 priced securities. Insurance 3.5 3.0 Interactive Media & Services 3.5 2.3 IT Services - 2.8 Machinery - 3.2 FINANCIAL INSTRUMENTS RISKS Multiline Retail 1.8 1.9 The fundamental investment objective of the Sionna Opportunities Fund is to Multi-Utilities 3.6 4.1 achieve long-term capital appreciation by investing primarily in the equity Oil, Gas & Consumable Fuels 10.9 6.0 securities of Canadian issuers. The Fund may also invest in foreign Pharmaceuticals 4.1 - equity securities. Real Estate Management & Development - 2.4 Road & Rail 3.6 4.2 Software - 1.5 Market Price Risk Specialty Retail 1.2 3.5 As at June 30, 2021, if the Fund's benchmark (50% S&P/TSX Composite Index Textiles, Apparel & Luxury Goods - 3.3 and 50% S&P 500 Index) increased or decreased by 10%, with all other variables Wireless Telecommunications Services 3.1 - Short-term investments 2.2 3.5 held constant, the net assets of the Fund would have increased or decreased, respectively, by approximately $6.2 million (December 31, 2020—$5.8 million), Total financial instruments at fair value 97.3 99.5 Total other assets less liabilities at cost or amortized cost 2.7 0.5 or 9.0% (December 31, 2020—9.2%) of total net assets. This impact is estimated based on the historical correlation between the return of Series I units of the Fund Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0 as compared to the return of the Fund’s benchmark(s). In practice, the historical correlation may not be representative of the future correlation and, accordingly, the impact on net assets could be materially different. Portfolio by Country Exposure JUNE 30 DEC. 31 2021 (%) 2020 (%) Foreign Currency Risk The tables below indicate the currencies to which the Fund had significant Equities Bermuda - - exposure on its financial instruments as at June 30, 2021 and December 31, Brazil 4.5 4.5 2020 in Canadian dollar terms, including the underlying principal of forward Canada 56.1 48.9 exchange contracts, if any. Germany 3.1 2.5 Netherlands 3.1 - JUNE 30, 2021 United Kingdom 3.0 3.3 INVESTMENTS CASH OTHER NET TOTAL United States 25.3 36.8 CURRENCY ($000) ($000) ASSETS ($000) ($000) Short-term investments 2.2 3.5 U.S. Dollar 26,804 - 24 26,828 Total financial instruments at fair value 97.3 99.5 Total 26,804 - 24 26,828 Total other assets less liabilities at cost or amortized cost 2.7 0.5 % of Net Assets 38.9 - - 38.9 Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0

DECEMBER 31, 2020 FAIR VALUE MEASUREMENTS INVESTMENTS CASH OTHER NET TOTAL Below is a summary of the inputs used as at June 30, 2021 and December 31, CURRENCY ($000) ($000) ASSETS ($000) ($000) 2020 in valuing the Fund’s investments carried at fair values. U.S. Dollar 29,665 - 90 29,755 Total 29,665 - 90 29,755 JUNE 30, 2021 % of Net Assets 47.2 - 0.1 47.3 QUOTED PRICES SIGNIFICANT IN ACTIVE OTHER SIGNIFICANT MARKETS FOR OBSERVABLE UNOBSERVABLE As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% IDENTICAL INPUTS INPUTS (December 31, 2020—2%) in relation to all foreign currencies, with all other ASSETS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ($000) ($000) ($000) ($000) variables held constant, the Fund’s net assets would have increased or decreased, respectively, by approximately $1.3 million (December 31, Equities 65,496 - - 65,496 Short-term 2020—$0.6 million), or 1.9% (December 31, 2020—0.9%) of total net assets. In investments - 1,500 - 1,500 practice, the actual results may differ from this sensitivity analysis and the Total Investments 65,496 1,500 - 66,996 difference could be material.

The notes at the back of this document are an integral part of these ﬁnancial statements. 193 SIONNA OPPORTUNITIES FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

As at June 30, 2021 and December 31, 2020 the fair value of securities on loan and collateral received was $Nil.

OFFSETTING OF FINANCIAL INSTRUMENTS The Fund does not enter into any enforceable master netting arrangement.

194 The notes at the back of this document are an integral part of these ﬁnancial statements. SIONNA STRATEGIC INCOME FUND STATEMENTS OF FINANCIAL POSITION

Amounts in thousands (except for per unit amounts); All amounts expressed in Canadian dollars, unless otherwise noted As at JUNE 30, 2021 DEC. 31, 2020 (UNAUDITED) (AUDITED)

ASSETS CURRENT ASSETS Investments $ 108,328 $ 108,917 Cash 2,067 1,364 Receivable for redeemable unit subscriptions 20 167 Dividends and accrued interest receivable 422 337 110,837 110,785

LIABILITIES CURRENT LIABILITIES Payable for redeemable unit redemptions 95 125 95 125

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS $ 110,742 $ 110,660 Cost of investments 101,489 107,533

Net assets attributable to holders of redeemable units, Series A $ 89,292 $ 89,790 Number of redeemable units outstanding, Series A 5,397 5,655 Net assets attributable to holders of redeemable units per unit, Series A 16.55 15.88

Net assets attributable to holders of redeemable units, Series F $ 20,343 $ 19,851 Number of redeemable units outstanding, Series F 1,135 1,165 Net assets attributable to holders of redeemable units per unit, Series F 17.92 17.04

Net assets attributable to holders of redeemable units, Series I $ 1,107 $ 1,019 Number of redeemable units outstanding, Series I 56 55 Net assets attributable to holders of redeemable units per unit, Series I 19.61 18.48

Approved on behalf of Brandes Investment Partners & Co. (Fund Manager)

Carol Lynde Oliver Murray Director Director

The accompanying notes are an integral part of these ﬁnancial statements.

195 SIONNA STRATEGIC INCOME FUND

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Amounts in thousands (except for per unit amounts) For the six months ended June 30, 2021 2020

INCOME NET GAIN (LOSS) ON INVESTMENTS Dividends $ 1,781 $ 1,943 Interest for distribution purposes 3 16 Income distributions received from underlying funds 423 545 Management Fee Rebates income 82 80 Net realized gain (loss) on sale of investments 1,720 (1,569) Net change in unrealized appreciation (depreciation) of investments 5,455 (12,769) Net gain (loss) on investments 9,464 (11,754)

NET GAIN (LOSS) ON DERIVATIVES Net realized gain (loss) on foreign exchange contracts (3) (9) Net gain (loss) on derivatives (3) (9)

Other income - 39 Net realized gain (loss) on foreign currencies 1 30 Net change in unrealized appreciation (depreciation) of foreign currencies (2) (7) Total net income (loss) 9,460 (11,701)

EXPENSES (note 6) Management fees 987 1,084 Legal 1 2 Audit 8 8 Independent review committee 3 3 Custody and fund accounting 22 27 Filing fees 20 20 Unitholder reporting 5 6 Administration and transfer agent fees 111 114 Foreign withholding taxes 92 99 Transaction costs (note 3) 19 25 1,268 1,388 Expenses absorbed (21) (14) Total expenses net of absorption 1,247 1,374

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS Series A $ 6,534 $ (10,679) Series F 1,591 (2,309) Series I 88 (87) TOTAL INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 8,213 (13,075)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS PER UNIT Series A $ 1.18 $ (1.67) Series F 1.39 (1.75) Series I 1.59 (1.63)

The accompanying notes are an integral part of these ﬁnancial statements.

196 SIONNA STRATEGIC INCOME FUND STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 6,534 (10,679) 1,591 (2,309) 88 (87)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (2,837) (3,267) (585) (672) (25) (24) (2,837) (3,267) (585) (672) (25) (24)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 5,237 2,797 1,219 936 - - Reinvested distributions to holders of redeemable units 2,450 2,866 463 518 25 24 Net proceeds/(payments) from/for redeemable units transferred in/(out) (530) (479) 530 479 - - Payments for redeemable units redeemed (11,352) (13,018) (2,726) (3,318) - - (4,195) (7,834) (514) (1,385) 25 24

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD (498) (21,780) 492 (4,366) 88 (87)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 89,292 $ 91,648 $ 20,343 $ 20,077 $ 1,107 $ 914

REDEEMABLE UNITHOLDERS' EQUITY REDEEMABLE UNITS ISSUED AND OUTSTANDING Balance, beginning of period 5,655,188 6,664,076 1,164,632 1,360,426 55,151 52,377 Redeemable units issued for cash 320,991 178,346 69,603 52,752 - - Redeemable units issued for reinvested distributions 149,586 189,014 26,210 32,270 1,303 1,390 Net redeemable units transferred in/(out) (32,642) (30,053) 30,300 28,400 - - Redeemable units redeemed (696,534) (837,894) (155,306) (205,134) - - BALANCE, END OF PERIOD 5,396,589 6,163,489 1,135,439 1,268,714 56,454 53,767

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS 8,213 (13,075)

DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS Distribution from net investment income (3,447) (3,963) (3,447) (3,963)

CAPITAL TRANSACTIONS Proceeds from redeemable units issued 6,456 3,733 Reinvested distributions to holders of redeemable units 2,938 3,408 Net proceeds/(payments) from/for redeemable units transferred in/(out) - - Payments for redeemable units redeemed (14,078) (16,336) (4,684) (9,195)

INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FOR THE PERIOD 82 (26,233)

NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS, END OF PERIOD $ 110,742 $ 112,639

The accompanying notes are an integral part of these ﬁnancial statements.

197 SIONNA STRATEGIC INCOME FUND

STATEMENTS OF CASH FLOWS (UNAUDITED)

Amounts in thousands For the six months ended June 30, 2021 2020

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS FROM OPERATIONS $ 8,213 $ (13,075)

ADJUSTMENTS FOR: Net realized (gain) loss on sale of investments (1,720) 1,569 Net change in unrealized (appreciation) depreciation of investments (5,455) 12,769 Reinvested distributions from underlying funds (423) (545) Purchase of investments (10,920) (24,700) Proceeds from sale of investments 19,108 37,561 Amortization income (1) (13) 8,802 13,566

CHANGE IN NON-CASH WORKING CAPITAL (85) (93)

CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from issuance of redeemable units 6,603 3,794 Distributions to holders of redeemable units (509) (555) Amounts paid on redemption of redeemable units (14,108) (16,390) (8,014) (13,151)

NET INCREASE (DECREASE) IN CASH 703 322

CASH—BEGINNING OF PERIOD 1,364 1,370

CASH—END OF PERIOD 2,067 1,692

SUPPLEMENTAL CASH FLOW INFORMATION RELATING TO OPERATING ACTIVITIES Dividends, net of foreign withholding taxes 1,604 1,751 Interest 3 16

The accompanying notes are an integral part of these ﬁnancial statements.

198 SIONNA STRATEGIC INCOME FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) Amounts in thousands (except for number of shares/units and face value)

NUMBER OF AVERAGE FAIR % OF NET NUMBER OF AVERAGE FAIR % OF NET SHARES/UNITS SECURITY COST VALUE ASSETS SHARES/UNITS SECURITY COST VALUE ASSETS EQUITIES Hotels, Restaurants & Leisure Aerospace & Defense 369,300 Genting Berhad $ 661 $ 544 0.5 2,153 General Dynamics Corporation $ 389 $ 503 0.5 120,828 Pizza Pizza Royalty Corp. 1,205 1,308 1.2 27,043 Restaurant Brands International Inc. 2,195 2,160 1.9 Automobiles 4,061 4,012 3.6 15,300 Honda Motor Co., Ltd. 575 606 0.5 Insurance Beverages 2,788 Fairfax Financial Holdings Limited 1,613 1,516 1.4 7,538 Coca-Cola FEMSA, SAB de CV ADR 418 495 0.4 41,726 Fairfax Financial Holdings Limited Series C 4.71% Preferred 762 964 0.9 Building Products 52,452 Great-West Lifeco Inc. 1,929 1,931 1.7 14,944 Stella-Jones Inc. 644 667 0.6 7,054 Intact Financial Corporation 753 1,188 1.1 66,654 Manulife Financial Corporation 1,584 1,626 1.5 Capital Markets 16,306 Old Republic International Corporation 357 504 0.4 5,643 State Street Corporation 509 576 0.5 3,963 Swiss Re AG 461 443 0.4 7,490 The Bank of New York 7,459 8,172 7.4 Mellon Corporation 467 476 0.4 44,416 UBS Group AG 796 842 0.8 Media 1,772 1,894 1.7 7,656 Comcast Corporation Cl. A 414 541 0.5 11,876 Publicis Groupe SA 779 941 0.8 Chemicals 59,181 WPP PLC 934 987 0.9 2,738 BASF SE 165 267 0.2 2,127 2,469 2.2 16,024 Methanex Corporation 666 659 0.6 831 926 0.8 Multi-Utilities 31,734 Brookfield Infrastructure Partners LP 1,446 2,184 2.0 Commercial Banks 40,593 Engie SA 808 689 0.6 16,072 Erste Group Bank AG 676 731 0.7 2,254 2,873 2.6 34,493 Royal Bank of Canada 3,460 4,332 3.9 40,533 The Bank of Nova Scotia 2,768 3,268 2.9 Oil, Gas & Consumable Fuels 1,695 The PNC Financial Services Group, Inc. 312 401 0.4 163,167 BP PLC 1,278 880 0.8 42,840 The Toronto-Dominion Bank 2,891 3,721 3.4 32,785 Canadian Natural Resources, Ltd. 956 1,475 1.3 6,874 Truist Financial Corporation 409 473 0.4 34,593 Eni SPA 783 522 0.5 14,722 Wells Fargo & Company 899 827 0.7 57,632 Pembina Pipeline Corporation 2,363 2,270 2.1 11,415 13,753 12.4 56,576 Suncor Energy Inc. 1,597 1,680 1.5 48,076 TC Energy Corporation 2,996 2,949 2.7 Diversified Financial Services 14,386 TotalEnergies SE 966 806 0.7 9,253 Citigroup Inc. 878 812 0.7 10,939 10,582 9.6 27,615 IGM Financial Inc. 983 1,208 1.1 3,140 JPMorgan Chase & Co. 447 606 0.6 Pharmaceuticals 2,308 2,626 2.4 36,389 GlaxoSmithKline PLC 998 884 0.8 3,087 Johnson & Johnson 588 631 0.6 Diversified Telecommunications Services 7,852 Merck & Co., Inc. 834 757 0.7 19,967 BCE Inc. 1,218 1,221 1.1 785 Organon & Co. 32 30 - 55,800 Telefonica Brasil SA 755 583 0.5 14,748 Pfizer Inc. 820 716 0.6 92,433 TELUS Corporation 2,174 2,570 2.3 7,227 Sanofi 844 938 0.8 4,147 4,374 3.9 9,300 Takeda Pharmaceutical Company Limited 433 386 0.4 Electric Utilities 4,549 4,342 3.9 41,342 Brookfield Renewable Partners LP 809 1,980 1.8 5,266,349 Enel Chile SA 618 376 0.3 Road & Rail 1,427 2,356 2.1 5,527 Canadian National Railway Company 591 723 0.7

Electrical Equipment Software 3,107 Emerson Electric Co. 296 371 0.3 76,590 Computer Modelling Group, Ltd. 457 391 0.4 1,777 Schneider Electric SE 199 346 0.3 495 717 0.6 Specialty Retail 126,326 Kingﬁsher PLC 568 788 0.7 Equity Real Estate Investment Trusts (REITs) 32,275 Allied Properties Real Estate Technology Hardware, Storage & Peripherals Investment Trust 1,308 1,454 1.3 6,174 Samsung Electronics Co., Ltd. Preferred 279 501 0.5 33,394 Choice Properties Real Estate Investment Trust 489 477 0.4 545,559 Fibra Uno Administracion SA de CV 1,042 730 0.7 2,839 2,661 2.4

Food & Staples Retailing 97,305 J Sainsbury PLC 378 453 0.4 15,291 Metro Inc. 777 909 0.8 106,678 Tesco PLC 561 407 0.4 51,182 WM Morrison Supermarkets PLC 195 216 0.2 1,911 1,985 1.8

Food Products 3,218 Ingredion Incorporated 311 361 0.3 16,067 Saputo Inc. 657 594 0.6 968 955 0.9

Health Care Providers & Services 10,117 Cardinal Health, Inc. 673 716 0.6 5,871 CVS Health Corporation 470 608 0.6 1,143 1,324 1.2

199 SIONNA STRATEGIC INCOME FUND

SCHEDULE OF INVESTMENT PORTFOLIO AS AT JUNE 30, 2021 (UNAUDITED) (CONTINUED) Amounts in thousands (except for number of shares/units and face value)

NUMBER OF AVERAGE FAIR % OF NET SHARES/UNITS SECURITY COST VALUE ASSETS Tobacco 9,585 British American Tobacco PLC $ 468 $ 460 0.4 29,786 Imperial Brands PLC 1,146 794 0.7 4,736 KT&G Corporation 533 440 0.4 2,147 1,694 1.5

Wireless Telecommunications Services 37,161 Rogers Communications Inc. Cl. B 2,332 2,449 2.2

Total Equities 69,045 74,838 67.5

Mutual Funds 1,376,177 Brandes Corporate Focus Bond Fund Series IH 10,869 11,259 10.2 2,031,402 Bridgehouse Canadian Bond Fund Series I 20,825 21,481 19.4 Total Mutual Funds 31,694 32,740 29.6

FACE AVERAGE FAIR % OF NET VALUE SECURITY COST VALUE ASSETS SHORT-TERM INVESTMENTS 750,000 Government of Canada Treasury Bills 0.07% Aug 19/2021 $ 750 $ 750 0.7

Total Investments 101,489 108,328 97.8 Foreign Exchange Contracts (a) - - Other Assets Less Liabilities 2,414 2.2 Net Assets Attributable to Holders of Redeemable Units 110,742 100.0

(a) Foreign Exchange Contracts SETTLEMENT PURCHASED SOLD CONTRACT UNREALIZED DATE CURRENCY CURRENCY PRICE GAIN (LOSS) Jul 2, 2021 CAD 11 GBP 6 1.71160 $ - Jul 2, 2021 CAD 8 JPY 711 0.01114 - Jul 2, 2021 CAD 1 USD 1 1.23741 - $ - Notes: Counterparty—State Street Trust Company Canada; Rating AA-; Source—Standard & Poor's Credit Rating Agency

200 SIONNA STRATEGIC INCOME FUND

FUND SPECIFIC NOTES (UNAUDITED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Portfolio by Country Exposure JUNE 30 DEC. 31 FINANCIAL INSTRUMENTS RISKS 2021 (%) 2020 (%) The investment objective of the Sionna Strategic Income Fund is to achieve long- term capital appreciation and income by investing primarily in the equity Equities securities of both Canadian companies and high-quality Canadian government Austria 0.7 - Brazil 0.5 0.5 and corporate fixed-income securities. The Fund may also invest in foreign Canada 62.8 61.9 companies and high-quality U.S. government and corporate fixed-income Chile 0.3 0.4 securities. Allocations vary from time to time, but have historically been in the China - 0.3 range of 40 to 45% Canadian Equity, 30 to 35% Fixed Income and 25% Finland - 0.3 Global Equity. France 3.2 3.6 Germany 0.2 0.4 Italy 0.5 0.5 Market Price Risk Japan 0.9 0.7 As at June 30, 2021, if the Fund’s benchmark (45% S&P/TSX Composite Index, Malaysia 0.5 0.4 25% MSCI World Index, 20% FTSE Canada Universe Bond Index and 10% Mexico 1.1 1.0 South Korea 0.9 1.1 Bloomberg Barclays U.S. Intermediate Credit Index (Hedged)) increased or Switzerland 1.2 1.6 decreased by 10%, with all other variables held constant, the net assets of the United Kingdom 5.3 5.2 Fund would have increased or decreased, respectively, by approximately $7.5 United States 19.0 18.5 million (December 31, 2020—$7.4 million), or 6.8% (December 31, Short-term Investments 0.7 2.0 2020—6.7%) of total net assets. This impact is estimated based on the historical Total investments 97.8 98.4 correlation between the return of Series I units of the Fund as compared to the Foreign exchange contracts, net - - return of the Fund’s benchmark(s). In practice, the historical correlation may not Total financial instruments at fair value 97.8 98.4 be representative of the future correlation and, accordingly, the impact on net Total other assets less liabilities at cost or amortized cost 2.2 1.6 assets could be materially different. Total Net Assets Attributable to Holders of Redeemable Units 100.0 100.0

The notes at the back of this document are an integral part of these ﬁnancial statements. 201 SIONNA STRATEGIC INCOME FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

Foreign Currency Risk Credit Risk The tables below indicate the currencies to which the Fund had signiﬁcant At June 30, 2021 and December 31, 2020, the Fund was invested in debt exposure on its ﬁnancial instruments as at June 30, 2021 and December 31, securities principally through its investment in Bridgehouse Canadian Bond Fund 2020 in Canadian dollar terms, including the underlying principal of forward and Brandes Corporate Focus Bond Fund. exchange contracts, if any. At June 30, 2021 and December 31, 2020, the Fund was invested in debt JUNE 30, 2021 securities with the following credit ratings: INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) JUNE 30, 2021 DECEMBER 31, 2020 Brazilian Real 584 - 43 627 DEBT SECURITIES % OF TOTAL % OF TOTAL Chilean Peso 376 - - 376 BY CREDIT DEBT % OF DEBT % OF RATING* INSTRUMENTS NET ASSETS INSTRUMENTS NET ASSETS Euro 5,241 - 76 5,317 Japanese Yen 992 8 (8) 992 AAA/Aaa 23.0 6.5 21.3 6.2 Malaysian Ringgit 544 - - 544 AA/Aa 32.4 9.1 34.9 10.1 Mexican Peso 730 - - 730 A/A 14.0 4.0 14.1 4.1 Pound Sterling 5,869 11 58 5,938 BBB/Baa 21.5 6.1 21.8 6.4 South Korean Won 941 - - 941 BB/Ba 6.2 1.7 4.6 1.4 Swiss Franc 1,285 - 23 1,308 B/B 2.6 0.7 3.1 0.9 U.S. Dollar 10,402 1 33 10,436 D - - 0.2 0.1 Unrated 0.3 0.1 - - Total 26,964 20 225 27,209 Total 100.0 28.2 100.0 29.2 % of Net Assets 24.3 - 0.2 24.5 *Excludes cash & cash equivalents

Credit ratings are obtained from Standard & Poor’s, Moody’s and Dominion Bond DECEMBER 31, 2020 Rating Service. When more than one rating is obtained for a security, the average INVESTMENTS CASH OTHER NET TOTAL CURRENCY ($000) ($000) ASSETS ($000) ($000) rating has been used. Brazilian Real 556 - 24 580 The Fund enters into foreign exchange contracts to buy and sell currencies for the Chilean Peso 435 - - 435 Euro 5,273 1 49 5,323 purpose of settling foreign securities transactions. These are short term spot Hong Kong Dollar 316 - - 316 settlements carried out with approved counterparties. The exposure to credit risk Japanese Yen 862 - 3 865 on these contracts is considered minimal as the transactions are settled and paid Malaysian Ringgit 462 - - 462 for upon delivery. Mexican Peso 786 - - 786 Pound Sterling 5,804 26 2 5,832 South Korean Won 1,275 - - 1,275 Swiss Franc 1,838 - 25 1,863 SECURITIES LENDING U.S. Dollar 9,737 55 37 9,829 The aggregate market value of all securities loaned by a fund cannot exceed 50% of the net assets of the applicable Fund. The Funds receive collateral of at least Total 27,344 82 140 27,566 102% of the value of the securities on loan. Collateral may comprise of obligations % of Net Assets 24.7 0.1 0.1 24.9 of or guaranteed by the Government of Canada, or a province thereof, or by the United States government or its agencies. As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% (December 31, 2020—2%), in relation to all foreign currencies, with all other As at June 30, 2021 and December 31, 2020, the fair value of securities on loan variables held constant, the Fund’s net assets would have decreased or and collateral received was $Nil. increased, respectively, by approximately $1.4 million (December 31, 2020—$0.6 million), or 1.2% (December 31, 2020—0.5%) of total net assets. OFFSETTING OF FINANCIAL INSTRUMENTS Interest Rate Risk The Fund does not enter into any enforceable master netting arrangement. As at June 30, 2021 and December 31, 2020, the Fund has interest rate exposure through its investment in the Bridgehouse Canadian Bond Fund and Brandes Corporate Focus Bond Fund.

At June 30, 2021 and December 31, 2020, the Fund’s exposure to interest rate risk through these investments by remaining term to maturity was as follows:

JUNE 30, 2021 DECEMBER 31, 2020 DEBT % OF % OF INSTRUMENTS ($000) NET ASSETS ($000) NET ASSETS Less than 1 year 3,115 2.8 3,805 3.5 1 to 3 years 6,208 5.6 8,313 7.5 3 to 5 years 6,030 5.5 5,289 4.7 Greater than 5 years 17,779 16.0 17,356 15.7 Total 33,132 29.9 34,763 31.4

At June 30, 2021, if the prevailing interest rates had risen or declined by 0.25% (December 31, 2020—0.25%), assuming a parallel shift in the yield curve, with all other variables held constant, net assets would have decreased or increased, respectively, by approximately $0.5 million (December 31, 2020—$0.5 million), or 0.5% (December 31, 2020—0.5%) of total net assets. The Fund’s sensitivity to interest rate changes was estimated using the weighted average duration of the bonds. In practice, the actual results may differ from this sensitivity analysis and the difference could be material.

202 The notes at the back of this document are an integral part of these ﬁnancial statements. SIONNA STRATEGIC INCOME FUND

FUND SPECIFIC NOTES (UNAUDITED) (CONTINUED) The information herein is provided as a fund speciﬁc supplement to note 3(k) and 4 to the ﬁnancial statements.

STRUCTURED ENTITIES DISCLOSURE

COUNTRY OF ESTABLISHMENT OWNERSHIP % OWNERSHIP % NET ASSETS OF AND PRINCIPAL AS AT AS AT UNDERLYING % OF PLACE OF JUNE 30 DEC. 31 UNDERLYING FUND NAME FUND $ (000) NET ASSETS BUSINESS 2021 2020 Brandes Corporate Focus Bond Fund Series IH 49,877 10.2 Canada 22.6 22.9 Bridgehouse Canadian Bond Fund Series I 29,794 19.4 Canada 72.1 68.4

The notes at the back of this document are an integral part of these ﬁnancial statements. 203 NOTES TO THE FINANCIAL STATEMENTS AS AT JUNE 30, 2021

1. THE FUNDS FUND DATE OF INCEPTION Morningstar Balanced Series A, Series F, Series I May 17, 2017 (a) All of the funds (the Funds) listed below are open-ended mutual fund trusts, Portfolio Morningstar Conservative created by declarations of trust under the laws of the Province of Ontario. Series A, Series F, Series I May 17, 2017 Brandes Investment Partners & Co., operating as Bridgehouse Asset Portfolio Managers (collectively, Bridgehouse or the Manager) is the manager and Morningstar Growth Series A, Series F, Series I May 17, 2017 trustee of the Funds. The address of the Fund’s registered office is 36 Portfolio Toronto Street, Suite #850, Toronto, Ontario, M5C 2C5. These financial Morningstar Moderate Series A, Series F, Series I May 17, 2017 statements were authorized for issue by Brandes Investment Partners & Co. Portfolio on August 19, 2021. Morningstar Strategic Series A, Series D, Series F, September 16, 2016 Canadian Equity Fund Series I (b) The objective of each Fund is to pool and manage money contributed by Sionna Canadian Equity Series A, Series F, Series I December 29, 2006 investors (the “unitholders”) with similar investment goals. The Funds may Fund invest in equities, fixed income securities, derivatives, underlying funds or Series D May 12, 2014 some combination thereof according to their investment objectives and Sionna Opportunities Fund1 Series A, Series F, Series I May 13, 2014 strategies. Investments may be held for income or capital appreciation or Sionna Strategic Income Series A, Series F, Series I July 2, 2002 both. Unitholders share the fund’s income, expenses, and any gains or losses Fund a fund makes on its investments generally in proportion to the value of the securities they own. The Funds may earn interest, or other amounts taxed as

ordinary income (including income from securities lending activities), 1 dividends, capital gains or a combination of these on its investments. The The Lazard Global Equity Income Fund was merged into the Lazard Funds’ investment objective is to provide long-term capital growth by Defensive Global Dividend Fund, and the Lazard Emerging Markets Multi- following the investment guidelines provided in their offering memorandum. Asset Fund was merged into the Lazard Global Balanced Income Fund on May 22, 2020. All costs and expenses associated with the mergers were borne by the Manager. See fund speciﬁc notes for further details.

FUND DATE OF INCEPTION 2 Effective February 28, 2020, the following changes were made to the Lazard Brandes Canadian Equity Series A, Series F, Series I July 2, 2002 Global Managed Volatility Fund: the name was changed to Lazard Defensive Fund Global Dividend Fund; and the investment strategies were modified to factor Series D May 12, 2014 in a company’s ability to pay sustainable and attractive levels of dividends. Brandes Canadian Money Effective March 15, 2020, the distribution policy of the Lazard Defensive Series A July 2, 2002 Market Fund Global Dividend Fund's was changed from quarterly to monthly. Series F November 12, 2002 3 Brandes Corporate Focus Effective November 27, 2020, a U.S. dollar purchase option was added to Series A, Series F, Series I Bond Fund Series A, Series F and Series I securities of the Fund. Series AH, Series FH, Series IH January 19, 2007 (c) The “Statements of Financial Position” for each fund are as at June 30, 2021 Brandes Emerging Markets Series A, Series F, Series I July 2, 2002 and December 31, 2020 as applicable. The “Statements of Comprehensive Value Fund Income”, “Statements of Changes in Net Assets Attributable to Holders of Series D May 12, 2014 Redeemable Units” and “Statements of Cash Flows” for each fund are for the Brandes Global Equity Series A, Series F, Series I July 2, 2002 periods ended June 30, 2021 and June 30, 2020 as applicable, except for Fund funds established during the period, in which case the information for that Series D May 12, 2014 Fund is provided for the period from inception of the Fund to June 30 of the Series AH, Series FH, Series IH April 23, 2015 applicable period. The “Schedule of Investment Portfolio” for each Fund is as Brandes Global at June 30, 2021. Series A, Series F, Series I June 29, 2012 Opportunities Fund Brandes Global Small Cap (d) The different series of all Funds are intended for different kinds of investors. Series A, Series F, Series I July 2, 2002 Equity Fund Series A and Series AH units are available to all retail investors. Series D May 12, 2014 Brandes International Series A, Series F, Series I July 2, 2002 Series D Units are available to investors who acquire units through a discount Equity Fund brokerage account or another type of account satisfactory to Bridgehouse Series D May 12, 2014 and whose Dealer has signed an agreement with us. If Series D units are Brandes U.S. Equity Fund Series A, Series F, Series I July 2, 2002 transferred to a Dealer or another type of account with a financial Series AH, Series FH, Series IH April 23, 2015 intermediary with whom Bridgehouse does not have an agreement regarding Bridgehouse Canadian Series D units, the Series D units may be redeemed or may be switched by Series A, Series F, Series I November 4, 2014 Bond Fund us to an equivalent value of Series A units of the same Fund. GQG Partners Global Series A, Series F, Series I September 30, 2020 Quality Equity Fund3 Series F and Series FH units are available to all investors who participate in GQG Partners International fee-based programs through an investment dealer and whose investment Series A, Series F, Series I September 30, 2020 Quality Equity Fund3 dealer has signed an agreement with Bridgehouse. Lazard Defensive Global Series A, Series F, Series I September 9, 2015 Series I and Series IH units are for large investors with minimum investments Dividend Fund2 who have entered a Series I Subscription Agreement with Bridgehouse. Lazard Global Balanced 1 Series A, Series F, Series I November 4, 2014 Income Fund The Hedged Series (Series AH, Series FH and Series IH) of units are Lazard Global Series A, Series F, Series I intended for investors in the Hedged Series Funds, namely the Brandes Compounders Fund Corporate Focus Bond Fund, the Brandes Global Equity Fund, the Brandes Series AH, Series FH, Series IH May 9, 2016 U.S. Equity Fund, the Lazard Defensive Global Dividend Fund and the Lazard Lazard International Series A, Series F, Series I July 2, 2020 Global Compounders Fund, who wish to gain exposure to foreign securities, Compounders Fund but wish to minimize exposure to fluctuations in foreign currency. Morningstar Aggressive Series A, Series F, Series I May 17, 2017 Portfolio The Unhedged Series (Series A, Series D, Series F and Series I) of units are intended for investors in the Brandes Corporate Focus Bond Fund, the Brandes Global Equity Fund, the Brandes U.S. Equity Fund, the Lazard Defensive Global Dividend Fund and the Lazard Global Compounders Fund who wish to gain exposure to foreign securities and also wish to be exposed to fluctuations in foreign currency.

204 NOTES TO THE FINANCIAL STATEMENTS As the foreign currency exposure of the portion of each of the Brandes 2. BASIS OF PRESENTATION Corporate Focus Bond Fund, the Brandes Global Equity Fund, the Brandes U.S Equity Fund, the Lazard Defensive Global Dividend Fund and the Lazard These financial statements have been prepared in accordance with International Global Compounders Fund that is attributable to the Unhedged Series of Financial Reporting Standards (IFRS). In accordance with IFRS 9 Financial units is not hedged, the return on these units is based on both the Instrument, assets are carried at amortized cost, fair value, with changes in fair performance of the Fund’s portfolio investments and the performance of the value recognized in profit and loss (FVTPL) or fair value through other foreign currency in which these investments were purchased relative to the comprehensive income (FVOCI) based on the entity's business model for Canadian dollar. managing financial assets and the contractual cash flow characteristics of the financial assets. The Hedged Series of units of each of these five Hedged Series Funds will have a return that is based primarily on the performance of the portion of the The Funds business model is one in which financial assets are managed with the particular Hedged Series Fund’s portfolio investments that has been hedged objective of realizing cash flows through the sale of assets. Decisions are made because the developed markets foreign currency exposure will be hedged based on the assets’ fair values and assets are managed to realize these fair using derivative instruments such as foreign currency forward contracts for values. This business model is aligned with a FVTPL classification and the portions of the Fund that are attributable to the Hedged Series of units. measurement category. The Funds classify all investment and derivative financial instruments at FVTPL and measure them at Fair Value. Debt securities are In determining the value of a particular Hedged Series Fund that will be measured at FVTPL under IFRS 9 as the Funds do not hold the assets to collect attributed to each of the Hedged Series and Unhedged Series of units, the contractual cash flows based on its business model. Collection of the contractual value of the Fund’s portfolio holdings, other than the value of any foreign cash flows is not integral to achieving the Funds' business model objective but is currency hedging derivatives less related Fund expenses, will be determined instead incidental to it. and divided among all series of units of the Fund on a pro rata basis. The value of any foreign currency hedging derivatives will be allocated only to the Loans as well as trade receivables are held to collect contractual cash flows and Hedged Series of units of the Fund on a pro rata basis, and any expenses or give rise to cash flows representing solely payments of principal and interest. liabilities related to the foreign currency hedging will also be allocated only to Thus, the Funds will continue to be measure these at amortized cost under IFRS the Hedged Series of units of the Fund on a pro rata basis. 9.

(e) To establish the Funds, Bridgehouse made an initial investment of $150,000 The classification and measurement of liabilities remains generally unchanged in each of the Funds, other than the Brandes Corporate Focus Bond Fund, with the exception of liabilities recorded at FVTPL. For these liabilities, fair value the Brandes Global Opportunities Fund, the Lazard Global Balanced Income changes attributable to changes in the entity's own credit risk are to be presented Fund, the Lazard Global Compounders Fund, the Lazard Defensive Global in other comprehensive income unless they affect amounts recorded in income. Dividend Fund, the Lazard International Compounders Fund where Bridgehouse made initial investments of $5,000,000, $3,000,000, $500,000, $2,000,000 $1,000,000 and $1,000,000 respectively. Bridgehouse, as the initial investor, cannot redeem its investment until an additional $500,000 3. SIGNIFICANT ACCOUNTING POLICIES has been received from other investors in each of the respective Funds. All of the Funds have now reached that threshold. (a) Accounting estimates——The preparation of financial statements requires the Manager to make judgments, estimates and assumptions that affect the As at the dates indicated below, Bridgehouse held investments at market reported amounts of assets, liabilities, income and expenses. The following value, in the Funds as follows: discusses the most significant accounting judgments and estimates that the Funds have made in preparing the financial statements. The most significant uses of judgments, estimates and assumptions are to classify financial JUNE 30 DECEMBER 31 instruments held by the Funds and to determine the fair value of financial 2021 2020 instruments. The Funds hold financial instruments that may not be quoted in FUND ($) ($) active markets, including derivatives. Fair values of such instruments are Brandes Canadian Equity Fund 1,890 1,499 determined using valuation techniques and may be determined using reputable pricing sources (such as pricing agencies) or indicative prices from Brandes Canadian Money Market Fund 2,488,951 2,488,951 market makers. Broker quotes as obtained from the pricing sources may be Brandes Corporate Focus Bond Fund 639 639 indicative and not executable or binding. Where no market data is available, Brandes Emerging Markets Value Fund 1,171 1,086 the Funds may value positions using its own models, which are usually based Brandes Global Equity Fund 2,328 1,982 on valuation methods and techniques generally recognized as standard Brandes Global Opportunities Fund 526 460 within the industry. The models used to determine fair values are validated Brandes Global Small Cap Equity Fund 2,691 2,185 and periodically reviewed by experienced personnel of the Manager, Brandes International Equity Fund 976 869 independent of the party that created them. The models used for private Brandes U.S. Equity Fund 2,369 2,001 equity securities are based mainly on earnings multiples, or similar risk Bridgehouse Canadian Bond Fund 346 356 companies adjusted for a lack of marketability as appropriate. GQG Partners Global Quality Equity Fund 156,848 142,931 Models use observable data, to the extent practicable. However, areas such GQG Partners International Quality Equity Fund 163,788 150,617 as credit risk (both own and counterparty), volatilities and correlations require Lazard Defensive Global Dividend Fund 4,295 3,861 the Manager to make estimates. Changes in assumptions about these factors Lazard Global Balanced Income Fund 2,438 2,353 could affect the reported fair values of financial instruments. The Funds Lazard Global Compounders Fund 6,252 5,635 consider observable data to be market data that is readily available, regularly Lazard International Compounders Fund 1,265,997 1,169,335 distributed and updated, reliable and verifiable, not proprietary, and provided Morningstar Aggressive Portfolio 219,927 196,792 by independent sources that are actively involved in the relevant market. Morningstar Balanced Portfolio 200,579 189,248 Actual results may differ from these estimates. Morningstar Conservative Portfolio 178,287 177,518 IFRS 9 requires that an entity recognize a loss allowance for expected credit Morningstar Growth Portfolio 209,457 191,637 losses on financial assets which are measured at amortized costs or FVOCI. Morningstar Moderate Portfolio 189,239 183,255 Financial assets held by the Fund which are measured at FVTPL will not be Morningstar Strategic Canadian Equity Fund 719,625 622,507 subject to the new impairment requirements. Sionna Canadian Equity Fund 1,993 1,735 Sionna Opportunities Fund 1,245 1,067 With respect to loans and receivables, the Funds considers both historical Sionna Strategic Income Fund 588,153 541,169 analysis and forward looking information in determining any expected credit loss. As at the financial statement date, all loans and receivables are due to be settled within the short term. The Funds considers the probability of default to be close to zero as these instruments have a low risk of default and the counterparties have a strong capacity to meet their contractual obligation in the near term. Given the limited exposure of the Fund to credit risk, no loss allowance has been recognized as any such impairment will not have a significant impact on the financial statements.

NOTES TO THE FINANCIAL STATEMENTS 205 (b) Translation of foreign currencies—The Funds’ functional and presentation (d) Impairment of financial assets—At each reporting period, the Funds assess currency is Canadian dollars whether there is objective evidence that a financial asset at amortized cost is impaired. If such evidence exists, the Funds recognize an impairment loss as (i) Monetary assets and liabilities AND any financial assets and liabilities at the difference between the amortized cost of the financial asset and the FVTPL denominated in foreign currencies are translated into Canadian present value of the estimated future cash flows, discounted using the dollars at the rate of exchange prevailing at the “Statements of Financial instrument’s original effective interest rate. An impaired asset is written off Position” date. when collection efforts are no longer expected to yield further benefits. Impairment losses on a financial asset at amortized cost are reversed in (ii) Purchases and sales of investments, investment income and expenses subsequent periods if the loss decreases and the decrease can be related denominated in foreign currencies are translated into Canadian dollars at objectively to an event occurring after the impairment was recognized. the rate of exchange prevailing on the respective dates of such transactions. (e) Derecognition of financial instruments—

(iii) Realized and unrealized foreign currency gains (losses) on investments (i) Financial assets—Financial assets are derecognized when the rights to classified as FVTPL are included in the “Statements of Comprehensive receive cash flows from the financial assets have expired or when the Income” as part of “Net realized gain (loss) on sale of investments” and Funds have transferred substantially all the risks and rewards of “Net change in unrealized appreciation (depreciation) of investments”, ownership. If the Fund neither transfers nor retains substantially all the respectively. risks and rewards of ownership of a financial asset, it derecognizes the financial asset if it no longer has control over the asset. In transfers (iv) Realized and unrealized foreign currency gains (losses) on non- where control over the asset is retained, the Fund continues to recognize investment assets, liabilities and investment income denominated in the asset to the extent of its continuing involvement. The extent of the foreign currencies are included in the “Statements of Comprehensive Funds continuing involvement is determined by the extent to which they Income” as “Net realized gain (loss) on foreign currencies” and “Net are exposed to changes in the value of the asset. change in unrealized appreciation (depreciation) of foreign currencies”, respectively. (ii) Financial liabilities—Financial liabilities are derecognized when contractual obligations are met, revoked or have expired. Gains and (v) Realized and unrealized currency gains (losses) on foreign currency losses on derecognition of all financial liabilities are calculated as the contracts are included in the “Statements of Comprehensive Income” difference between settlement proceeds, net of transaction costs, and under “Net realized gain (loss) on foreign exchange contracts” and “Net the liability’s carrying value and are recorded on the “Statements of change in unrealized appreciation (depreciation) of foreign exchange Comprehensive Income”. contracts”, respectively. (f) Redeemable units—Redeemable units are redeemable at the unitholders’ (c) Recognition and classification of financial instruments—Financial instruments option and are classified as financial liabilities represented by “Net assets include financial assets and liabilities such as debt and equity securities, attributable to holders of redeemable units” on the “Statements of Financial open-ended investment funds and derivatives, cash and other receivables Position”. The liabilities arising from the redeemable units are carried at the and payables. The Funds classify and measure financial instruments in redemption amount. Redeemable units are issued and redeemed based on accordance with IFRS 9 Financial Instruments (IFRS 9). Upon initial the net asset value per unit of a series of the Fund (“NAVPU”) at the date of recognition, financial assets and financial liabilities are recognized at fair issue or redemption. NAVPU is computed by dividing the NAV of a series by value. Subsequently, investment and derivatives are classified at FVTPL and the total number of outstanding units of the series. The NAVPU is calculated all other financial assets and liabilities are carried at amortized cost. as of the close of each day that the Toronto Stock Exchange is open for All financial instruments including regular way purchases and sales of trading. NAV is the value of the total assets of a series less the value of the financial assets are initially recorded at fair value on the trade date i.e., the total liabilities on each valuation day, in accordance with “NI 81-106”. date that the Funds commit to purchase or sell the asset. The subsequent The calculations of the NAV and net assets attributable to holders of measurement of all financial instruments depends on the initial classification. redeemable units are both based on the closed or last traded prices of The Funds recognize all financial instruments at fair value upon initial investment securities. Calculating the net assets of the Funds in accordance recognition, plus transaction costs in the case of financial instruments with IFRS allows the Funds to, among other things, use a price between the measured at amortized cost. last bid-ask spread, which most represents fair value for the purposes of valuation of a security. In circumstances where the last traded price is not The funds accounting policies for measuring the fair value of its investments within the bid-ask spread, for IFRS purposes the Manager will determine the and derivatives are identical to those used in measuring their net asset value point within the bid-ask spread that is the most representative of the fair (“NAV”) for the purpose of processing unitholder transactions in accordance value of the security based on the specific facts and circumstances at hand. with Section 14.2 of National Instrument 81-106 ("NI 81-106"). In case a reliable or timely value is not available, the fair value for IFRS purposes will be estimated using certain valuation techniques on such basis Gains and losses arising from changes in fair value of financial instruments and in such manner as may be determined by the Manager. Under IFRS, IAS designated at FVTPL are included directly in the “Statements of 32 requires that units of the Funds which include a contractual obligation for Comprehensive Income” and are reported as “Net change in unrealized the issuer to repurchase or redeem them for cash or another financial asset appreciation (depreciation) of investments”, and “Net realized gain (loss) on be classified as a financial liability. The Funds’ units do not meet the criteria investments”. in IAS 32 for classification as equity and therefore, are classified as financial liabilities. Dividend income from financial assets at FVTPL is recognized in the “Statements of Comprehensive Income” within dividend income on the ex- (g) Derivative transactions—The Funds are permitted by Canada’s securities law dividend date right to receive payments is established. Interest on debt to use derivative instruments to achieve its investment objectives as set out in securities at FVTPL is recognized in the "Statements of Comprehensive the Funds’ simplified prospectus. Derivative instruments are valued daily Income" within "Interest for distribution purposes" and is recognized daily on using normal exchange reporting sources for exchange-traded derivatives an accrual basis. and specific broker enquiry for over-the-counter derivatives. All derivatives are carried as assets when fair value is positive and as liabilities when fair Loans and receivables—Non-derivative financial assets which are not value is negative and are reported on the “Statements of Financial Position” measured at fair value are designated as loans and receivables, provided the as "Receivable or Payable, for open foreign currency spot or forward financial asset has fixed or determinable payments and is not quoted in an contracts." active market. Loans and receivables are stated on the “Statements of Financial Position” at amortized cost less any allowance for credit losses. (h) Transaction costs—Transaction costs are incremental costs that are directly Accrued interest is recorded in “Accrued investment income” on the attributable to the acquisition, issue or disposal of an investment. These costs “Statements of Financial Position”. include fees and commissions paid to agents, advisors, brokers and dealers. Transaction costs incurred in the purchase and sale of securities designated The Funds classify “Cash”, “Receivable for redeemable unit subscriptions”, at FVTPL and HFT are expensed and are included in “Transaction costs” on “Receivable from securities sold”, “Dividends and accrued interest the “Statements of Comprehensive Income”. receivable” and “Accounts receivable—other” as loans and receivables and measured at amortized cost. (i) Offsetting financial instruments—The Funds enter into various master netting agreements or other similar agreements that do not meet the criteria for offsetting in the "Statements of Financial Position", but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts.

206 NOTES TO THE FINANCIAL STATEMENTS (j) Investments in associates, joint ventures, subsidiaries and unconsolidated Level 1—Quoted prices from an active market for identical assets and structured entities—Subsidiaries are all entities, including investments in liabilities. other investment entities, over which the Funds have control. The Funds control an entity when they are exposed to, or have the rights to, variable Level 2—Inputs other than quoted prices that are directly or indirectly returns from involvement with the entity and have the ability to affect those observable. returns through its power over the entity. The Funds have determined that they are investment entities and, as such, account for subsidiaries, if any, at Level 3—Inputs that are unobservable for the asset and liability. FVTPL. Associates and joint ventures are investments over which the Funds The Fund recognizes transfer into and out of the fair value hierarchy have significant influence or joint control, which, if any, are designated at levels as of the date of the event or change in circumstances giving rise FVTPL. A structured entity is an entity that has been designed so that voting to the transfer. or similar rights are not the dominant factors in deciding who controls the entity, or when voting rights relate to administrative tasks only and the The carrying values of cash, subscriptions receivable, interest receivable, relevant activities are directed by means of contractual arrangements. The payable for investments purchased, redemptions payable, distributions Manager has determined that the underlying funds held by the Funds payable, accrued liabilities and the Fund’s obligation for net assets typically meet the definition of structured entities. The Funds account for attributable to unitholders substantially equals their fair values due to their investments in unconsolidated structured entities at FVTPL. Disclosures their short-term nature. Fair values are classified as Level 1 when the regarding the Funds’ investments in associates, joint ventures, subsidiaries related security or derivative is actively traded and a quoted price is and unconsolidated structured entities, as applicable, are included in the available. If an instrument classified as Level 1 subsequently ceases to Fund Specific Notes. be actively traded, it is transferred out of Level 1. In such cases, instruments are reclassified into Level 2, unless the measurement of its Certain Funds invest in mortgage-related and other asset-backed securities. fair value requires the use of significant unobservable inputs, in which These securities include mortgage pass-through securities, collateralized case it is classified as Level 3. mortgage obligations, commercial mortgage-backed securities, asset-backed securities, collateralized debt obligations and other securities that directly or a. Equities/ETFs—The Fund’s equity/ETF positions are classified as indirectly represent a participation in, or are secured by and payable from, Level 1 when the security is actively traded and a reliable price is mortgage loans on real property. The debt and equity securities issued by observable. In cases where the Funds' equities/ETFs may not be these securities may include tranches with varying levels of subordination. frequently traded and therefore observable prices may not be These securities may provide a monthly payment which consists of both available. In such cases, fair value is determined using observable interest and principal payments. market data (e.g. transactions for similar securities of the same issuer) and the fair value is classified as Level 2, unless the Mortgage-related securities are created from pools of residential or determination of fair values requires significant unobservable data, commercial mortgage loans, including mortgage loans made by savings and in which case the measurement is classified as Level 3. loan institutions, mortgage bankers, commercial banks and others. Asset- backed securities are created from many types of assets, including auto b. Bonds and short-term investments—Bonds including primarily loans, credit card receivables, home equity loans, and student loans. government and corporate bonds, which are valued using models with inputs including interest rate curves, credit spreads and The fair value of such securities as at June 30, 2021 and December 31, volatilities. The inputs that are significant to valuation are generally 2020 represents the maximum exposure to losses at that date. The change in observable and therefore the Fund’s bonds and short-term fair value of mortgage related and other asset backed securities are included investments have been classified as Level 2. in the "Statements of Comprehensive Income" in "Net change in unrealized appreciation (depreciation) of investments". c. Mutual funds—The Fund’s mutual fund positions are classified as Level 1 as the investment funds are redeemable on a daily basis (k) Fair value measurement and disclosure— and reliable prices are observable.

(i) Fair value estimation—Fair value is the price that would be received to d. Derivative assets and liabilities—Derivative assets and liabilities sell an asset or paid to transfer a liability in an orderly transaction consist of foreign currency forward contracts which are valued between market participants at the measurement date and in the based primarily on the contract notional amount, the difference principal market, or in its absence, the most advantageous market to between the contract rate and the forward market rate for the same which the Funds have access. currency, interest rates and credit spreads. Contracts for which The fair value of financial instruments as at the financial reporting date is counterparty credit spreads are observable and reliable, or which determined as follows: the credit-related inputs are determined not to be significant to fair value, are classified as Level 2. a. Financial instruments held that are traded in an active market are valued based on the quoted market prices at the close of trading on (l) Securities lending—The Funds qualify to lend portfolio securities from time to the reporting date. The Funds use the last traded market prices for time in order to earn additional income. The Fund receives collateral in the both financial assets and financial liabilities where the last traded form of cash or qualified non-cash instruments having a market value equal price falls within that day’s bid-ask spread. In circumstances where to at least 102% of the market value of the securities loaned during the the last traded price is not within the bid-ask spread, the Manager period. The Funds have the right to sell the non-cash collateral if the determines the point within the bid-ask spread that is most borrower defaults on its obligations under the transaction. The market value representative of fair value based on the specific facts and of the loaned securities is determined at the close of each business day and circumstances. any additional required collateral is delivered to the Funds on the following business day. Cash collateral is invested in cash equivalents. The loaned b. Financial instruments held that are not traded in an active market securities continue to be included in “Investments” on the “Statements of are valued primarily based on the results of valuation techniques Financial Position”. The non-cash collateral pledged by the borrower and the using observable market inputs, on such basis and in such manner related obligation of the Funds to return such collateral are not reported on established by the Manager. the “Statements of Financial Position” and the “Schedule of Investment Portfolio”. c. Bonds and similar securities are valued based on the closing quotation received from recognized investment dealers. Income on securities lending transactions is accrued with the passage of time and is included in “Securities lending” on the “Statements of Comprehensive d. Foreign exchange forward contracts are valued based on the Income”. difference between the value of the contract on the valuation date and the value on the date the contract was originated. (m) Increase (decrease) in net assets attributable to holders of redeemable units per unit—“Increase (decrease) in net assets attributable to holders of (ii) Fair value hierarchy—IFRS requires disclosures relating to fair value redeemable units per unit” in the “Statements of Comprehensive Income” measurements using a three-level fair value hierarchy that reflects the represents the increase (decrease) in net assets attributable to holders of significance of the inputs used in measuring fair values. redeemable units to each series of units for the period divided by the weighted average number of units outstanding in that series during the The three levels of the fair value hierarchy are: period.

NOTES TO THE FINANCIAL STATEMENTS 207 4. FINANCIAL INSTRUMENT RISKS The Funds are also exposed to counterparty credit risk on forward contracts. The counterparty credit risk for forward contracts is managed by using counterparties In the normal course of business each Fund is exposed to a variety of financial with minimum credit ratings from Standard & Poor’s of A, limiting the term of risks: market risk (comprised of market price risk, currency risk and interest rate forward contracts to 365 days, and limiting mark-to-market exposure to any one risk), credit risk and liquidity risk. The value of investments in a Fund’s portfolio counterparty to 10% of the net assets attributable to holders of redeemable units. can fluctuate on a daily basis as a result of changes in interest rates, market and All transactions in listed securities are settled or paid upon delivery using economic conditions and factors specific to individual securities within the Fund. approved brokers. The credit risk related to the associated receivables is The level of risk depends on the Fund’s investment objectives and the type of considered limited, as delivery of securities sold is only made once the broker has securities it invests in. received payment. Payment is made on a purchase once the securities have been Bridgehouse, the Manager of the Funds, seeks to manage those risks by received by the broker. The trade will fail if either party fails to meet its obligation. employing professional and experienced portfolio advisors. Bridgehouse also However, there are risks involved in dealing with custodians or prime brokers who manages risk by monitoring the functions delegated to the portfolio advisor and settle trades and in rare circumstances, the securities and other assets deposited ensuring that portfolio management activities are carried out in compliance with with the custodian or broker may be exposed to credit risk with regard to such each Fund’s stated investment objective and strategies and applicable securities parties. In addition, there may be practical problems or time delays associated regulations. with enforcing the Funds’ rights to their assets in the case of an insolvency of such party. The recent outbreak of the novel coronavirus, first detected in December 2019, rapidly became a pandemic and has resulted in disruptions to the economies of The Funds also engage in securities lending transactions. The credit risk related many nations, individual companies and the markets in general, the impact of to securities lending transactions is limited by the fact that the value of cash or which cannot necessarily be foreseen at the present time. This has created closed securities held as collateral by the Funds in connection with these transactions is borders, quarantines, supply chain disruptions and general anxiety, negatively at least 102 percent of the fair value of the securities loaned. The collateral and impacting global markets in an unforeseeable manner. The impact of the novel loaned securities are marked to market on each business day. coronavirus and other such future infectious diseases in certain regions or countries may be greater or less due to the nature or level of their public health response or due to other factors. Health crises caused by the recent coronavirus Liquidity Risk outbreak or future infectious diseases may exacerbate other pre-existing political, Each Fund is exposed to daily cash redemptions of redeemable units. In social and economic risks in certain countries. The impact of such health crises accordance with securities regulations, each Fund must maintain at least 85% of may be quick, severe and of unknowable duration. This pandemic and other its assets in liquid investments (i.e., investments that are traded in an active epidemics and pandemics that may arise in the future could result in continued market and that can be readily sold). The Funds also have the ability to borrow up volatility in the financial markets and lead to increased levels of Fund to 5% of their net assets for the purposes of funding redemptions. No such redemptions, which could have a negative impact on the Funds and could borrowings occurred during the period. Other financial assets and liabilities are adversely affect a Fund’s performance. generally short term in nature and are not generally exposed to liquidity risk.

See the Fund Specific Notes for consideration of the financial risks inherent in the financial instruments held by each Fund. 5. REDEEMABLE UNITS

The units issued and outstanding represent the capital of each Fund. Each Fund Market Price Risk is authorized to issue an unlimited number of units and series without par value. Market price risk arises primarily from uncertainties about future market prices of Units are issued and redeemed at their current NAVPU at the option of the the instruments held (other than those arising from interest rate risk or currency unitholder. The Funds have no restrictions or specific capital requirements on the risk). Market price fluctuations may be caused by factors specific to an individual purchases and redemptions of units, other than minimum purchase investment, or all factors affecting all securities traded in a market or industry requirements. The number of units of each series outstanding, as well as the sector. All investments present a risk of loss of capital. The maximum risk changes in each Fund’s redeemable units during the period, is disclosed in the resulting from financial instruments is equivalent to their fair value. “Statements of Changes In Net Assets Attributable to Holders of Redeemable Units.” Bridgehouse manages the capital of the Funds in accordance with the Currency Risk Funds’ investment objectives, including managing their liquidity in order to meet redemptions. Currency risk arises from financial instruments that are denominated in a currency other than the Canadian dollar, which is each Fund’s functional Units of the Funds are offered for sale on a continuous basis and may be currency. Those Funds holding securities in foreign countries are exposed to the purchased or redeemed at the NAVPU of a particular series. The NAVPU is risk that the value of securities denominated in other currencies will fluctuate due calculated on every valuation date (any day on which the Toronto Stock Exchange to changes in exchange rates. is open for trading). The NAVPU of a series for the purposes of purchases or redemptions is computed by dividing the NAV of a series (that is, the total assets attributable to the series less the liabilities attributable to the series) by the total Interest Rate Risk number of units of the series outstanding at such time. Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or fair values of financial instruments. When a Fund invests in The NAV for each series of units of a Fund for purposes of unitholder purchases, interest-bearing financial instruments such as bonds it is exposed to the risk that switches and redemptions is calculated in accordance with the valuation the values or cash flows of those fixed-rate debt instruments will fluctuate due to principles set out in the Funds’ simplified prospectus and annual information form changes in prevailing levels of market interest rates. and generally uses last trade price to fair value investments traded in an active market. The Net Assets for each series of units of a Fund that is presented in these financial statements is at close or last traded prices for actively traded Credit Risk securities for financial reporting purposes. The Funds are exposed to credit risk, which is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The majority of the credit risk to which the Funds are exposed arises from its investments in debt securities.

208 NOTES TO THE FINANCIAL STATEMENTS 6. MANAGEMENT FEES AND OTHER EXPENSES

(a) Bridgehouse provides investment management, distribution and administrative services to the Funds, which includes the provision of key management personnel. In consideration for the services provided, Bridgehouse receives a monthly management fee based on the daily average Net Asset Value Attributable to Holders of Redeemable Units of each series.

The management fee differs among Funds and among series of units as outlined in the table below. Management fees for Series I and Series IH units are negotiated and paid directly by the investor, not by the Fund. The management fees for Series I and IH units will not exceed the Series A management fees, as applicable, of the Funds.

SERIES (%) FUNDS A D F AH FH Brandes Canadian Equity Fund 1.85 1.10 0.85 - - Brandes Canadian Money Market Fund 1.25 - 1.00 - - Brandes Corporate Focus Bond Fund 1.10 - 0.60 1.15 0.65 Brandes Emerging Markets Value Fund 2.20 1.45 1.20 - - Brandes Global Equity Fund 1.85 1.10 0.85 1.90 0.90 Brandes Global Opportunities Fund 2.00 - 1.00 - - Brandes Global Small Cap Equity Fund 2.20 1.45 1.20 - - Brandes International Equity Fund 1.85 1.10 0.85 - - Brandes U.S. Equity Fund 1.85 - 0.85 1.90 0.90 Bridgehouse Canadian Bond Fund 0.80 - 0.30 - - GQG Partners Global Quality Equity Fund 1.80 - 0.80 - - GQG Partners International Quality Equity Fund 1.80 - 0.80 - - Lazard Defensive Global Dividend Fund 1.70 - 0.70 1.75 0.75 Lazard Global Balanced Income Fund 1.65 - 0.65 - - Lazard Global Compounders Fund 1.70 - 0.70 1.75 0.75 Lazard International Compounders Fund 1.70 - 0.70 - - Morningstar Aggressive Portfolio 1.85 - 0.85 - - Morningstar Balanced Portfolio 1.75 - 0.75 - - Morningstar Conservative Portfolio 1.35 - 0.60 - - Morningstar Growth Portfolio 1.80 - 0.80 - - Morningstar Moderate Portfolio 1.55 - 0.70 - - Morningstar Strategic Canadian Equity Fund 1.50 0.65 0.50 - - Sionna Canadian Equity Fund 1.80 1.05 0.80 - - Sionna Opportunities Fund 1.90 - 0.90 - - Sionna Strategic Income Fund 1.80 - 0.80 - -

Effective January 15, 2020, the management fees were reduced as follows: (d) In some cases Bridgehouse may effectively reduce the management fee and/or operating expenses (referred to here-in as the "Cost") for investors in Lazard Global Compounders Fund certain Funds. For example, Bridgehouse may reduce the Cost for early - Series A units: from 1.90% to 1.70% investors, for large investors or for Employee Related Accounts. Such - Series AH units: from 1.95% to 1.75% reductions in the Cost are only available on the Front-End Sales Charge Option of Series A, Series AH and Series AN securities and Series F, Series - Series F units: from 0.90% to 0.70% FH and Series FN securities. A Series of the Fund pays an amount equal to - Series FH units: from 0.95% to 0.75% this reduction in Cost to the security holder as a special management fee distribution. Refer to Bridgehouse's most recently ﬁled simpliﬁed prospectus Effective July 2, 2020, the management fees were reduced as follows: for more details.

Lazard Global Balanced Income Fund (e) On May 15, 2017, Bridgehouse announced the Greystone Global Equity - Series A units: from 1.80% to 1.65% Fund Introductory Pricing Program to reduce the cost of the Fund. Following - Series F units: from 0.80% to 0.65% the name changes, unitholders in eligible Series of the Lazard Global Compounders Fund (formerly, the Greystone Global Equity Fund) , who were (b) In addition to management fees, the Funds are responsible for the payment eligible for and participated in the Greystone Global Equity Fund Introductory of all expenses relating to their operations. Operating expenses incurred by Pricing Program (the GGEF Pricing Program), will continue to benefit from the Funds may include applicable taxes (including GST or HST/QST), the fee reductions under the GGEF Pricing program. accounting, legal, audit, costs relating to the Funds’ Independent Review Committee, trustee, custodial, administrative costs, investor servicing costs and costs of regulatory reporting and prospectuses filing. 7. INCOME TAX Each Fund and series is responsible for the payment of operating expenses All Funds are governed under the provisions of the Income Tax Act (Canada). that can be specifically attributed to that Fund and series. Common operating Accordingly, each Fund is subject to tax on its net investment income and net expenses of the Funds are allocated among the series based on the average realized capital gains, which is not paid or payable to its unitholders as at the end number of unitholders or the average daily Net Asset Value of each series, of the taxation year. It is the intention of each Fund to distribute all of its net depending on the type of operating expenses being allocated. All operating investment income and sufficient net realized capital gains so that the Fund will expenses of Series I and Series IH are the responsibility of Bridgehouse. not be subject to income taxes. As a result, the Funds do not record income (c) At its sole discretion, Bridgehouse waives management fees or absorbs taxes. Since the Funds do not record income taxes, the tax benefit of capital and expenses of certain Funds. The expenses absorbed are shown on the non-capital losses and other temporary differences have not been reflected in the “Statements of Comprehensive Income.” Such waivers and absorptions can "Statements of Financial Position" as deferred income tax assets or liabilities. Each be terminated at any time without notice. Fund has a tax year end of December 15, except for the Brandes Canadian Money Market Fund, which has a December 31 year end. Capital losses are available to be carried forward indefinitely and applied against future net capital gains. Non-capital losses may be carried forward for twenty years.

NOTES TO THE FINANCIAL STATEMENTS 209 The Funds may currently incur withholding taxes imposed by certain countries on Bridgehouse estimates the value of the investment research services by investment income and capital gains. Such income and gains are recorded on a commission sharing arrangement brokers as follows: gross basis and the related withholding taxes are shown as a separate expense in the "Statements of Comprehensive Income". 2021 SOFT 2020 SOFT As at the most recent taxation year end of December 15, 2020 (December 31, DOLLAR DOLLAR 2020 for Brandes Canadian Money Market Fund), the Funds had the following COMMISSION COMMISSION capital losses available, which may be carried forward indeﬁnitely to reduce future FUND ($) ($) realized capital gains. Brandes Canadian Equity Fund 4,689 312 Brandes Emerging Markets Value Fund 33,823 44,398 Brandes Global Equity Fund 19,936 6,469 CAPITAL LOSSES Brandes Global Opportunities Fund 5,854 9,939 FUND ($) Brandes Global Small Cap Equity Fund 13,944 24,191 Brandes Canadian Equity Fund 74,200,315 Brandes International Equity Fund 9,840 8,793 Brandes Corporate Focus Bond Fund 6,120,419 Brandes U.S. Equity Fund 1,262 1,242 Brandes Emerging Markets Value Fund 10,966,458 Lazard Defensive Global Dividend Fund 3,721 5,067 Brandes Global Equity Fund 1,299,122,121 Lazard Global Balanced Income Fund 902 757 Brandes Global Small Cap Equity Fund 74,702,456 Lazard Global Compounders Fund 7,584 2,090 Brandes International Equity Fund 250,376,696 Lazard International Compounders Fund 890 - Brandes U.S. Equity Fund 44,939,521 Sionna Canadian Equity Fund 1,317 9,713 Bridgehouse Canadian Bond Fund 42,150 Sionna Opportunities Fund - 1,184 GQG Partners Global Quality Equity Fund 1,698,600 Sionna Strategic Income Fund 1,403 3,115 GQG Partners International Quality Equity Fund 109,338 Lazard Global Compounders Fund 910,241 Morningstar Aggressive Portfolio 152,473 Morningstar Strategic Canadian Equity Fund 983,908 9. SECURITIES LENDING Sionna Canadian Equity Fund 52,692,667 The Funds, other than the Morningstar Conservative Portfolio, Morningstar Sionna Strategic Income Fund 568,708 Moderate Portfolio, Morningstar Balanced Portfolio, Morningstar Growth Portfolio, Morningstar Aggressive Portfolio, GQG Partners Global Quality Equity Fund, GQG Partners International Quality Equity Fund have entered into a securities lending Non-capital losses for income tax purposes may be carried forward for up to program with their custodian, State Street Bank & Trust Company, Canada. The twenty years and applied against capital gains realized and net income in future fair value of securities on loan, fair value of collateral received, collateral % of years. As at the most recent taxation year of December 15, 2020 (December 31, securities on loan as at June 30, 2021 and December 31, 2020 and reconciliation 2020 for Brandes Canadian Money Market Fund), the Funds had the following between gross and net income from securities lending for the six months ended non-capital losses available: June 30, 2021 and June 30, 2020 can be found in the Fund Speciﬁc Notes of the respective Funds.

NON-CAPITAL LOSSES FUND ($) 10. CONTINGENT LIABILITIES GQG Partners International Quality Equity Fund 2,509 Lazard Global Compounders Fund 216,395 Brandes US Equity Fund is a named defendant, along with thousands of other entities and individuals, in a claim brought by creditors of a U.S. company, Tribune Company, in connection with the tendering or converting of shares of 8. BROKER COMMISSIONS such company in a leveraged buyout. This multi-district proceeding consists of two main consolidated actions (the “Committee Action” and the “Individual Transaction costs and commissions paid to brokers in connection with portfolio Creditor Action”), but all claims against the non-insider defendants, including transactions for the six months ended June 30, 2021 and 2020 are disclosed in Brandes US Equity Fund, have been dismissed in both actions, subject to the the “Statements of Comprehensive Income” of each Fund. Brokerage business is exercise of appellate rights as referred to below. allocated to brokers based on an assessment as to which broker can provide the Funds with the best results. Subject to these criteria, Bridgehouse may allocate In January, 2020, Plaintiff in the Committee Action appealed the dismissal and business to brokers that provide or pay for, in addition to transaction execution, the case remains on appeal at the Second Circuit. In the Individual Creditor investment research, statistical or other similar services which may or may not be Action, in July 2020, plaintiffs ﬁled a writ of certiorari seeking review by the used by Bridgehouse in its investment decision making process. Supreme Court of the Second Circuit’s dismissal of their claims. On April 19, 2021 the Supreme Court denied the writ of certiorari, thus exhausting plaintiffs’ appellate options in the action, making the dismissal ﬁnal.

Brandes U.S. Equity Fund had approximately 27,000 shares of Tribune repurchased by the company in 2007 for total proceeds of approximately U.S. $900,000. It is too soon to predict the outcome of the remaining appeal, but the Manager expects that any appeals or claims against the Brandes U.S. Equity Fund will continue to be contested.

Other than with respect to the foregoing, the Manager is not aware of any material litigation outstanding, threatened or pending by or against the Funds.

210 NOTES TO THE FINANCIAL STATEMENTS CONTACTING US

Brandes Investment Partners & Co. (BIPCo), operating as Bridgehouse Asset Managers® (Bridgehouse), is the manager of the Bridgehouse Funds. Bridgehouse has hired Brandes Investment Partners, L.P. (BIPLP), Sionna Investment Managers Inc., TD Asset Management Inc. (TDAM), Lazard Asset Management (Canada) Inc., Morningstar Associates Inc. and GQG Partners LLC as portfolio sub-advisors in respect of the Bridgehouse Funds. BIPCo and BIPLP are affiliates. Units of the Bridgehouse Funds are available through registered dealers only and are not available through Bridgehouse.

Brandes Investment Partners®

CONTACT US 211 Bridgehouse Asset Managers | www.bridgehousecanada.com 36 Toronto Street | Suite 850 | Toronto, ON | M5C 2C5 | 416.306.5700 | 888.861.9998

Annual Report Covers Generic Eng.indd 2 2017-11-22 3:49:04 PM