Sionna Strategic Income Fund

RISK PROFILE

FUND DETAILS

Inception Date: 3-May-2019

Fund Net Asset Value: $111M

Fund Category:Canadian Equity

Balanced

Investment Style:

Number of Holdings: 79

Distribution Frequency: Monthly

Minimum Investment: $1,000

FUND NUMBER

SALESOPTION

MER(%)*

Total Cost (%) Fund Account

>$100K

BIP131 SC 2.28% 1.80%

BIP231 DSC 2.28% 2.28%

BIP220 LL 2.28% 2.28%

ANNUALIZED PERFORMANCE (%) 1-MTH 3-MTH YTD 1-YR 3-YR 5-YR 10-YR SINCE INCEPT¹Sionna Strategic Income Fund 1.15 8.27 -0.35 -0.35 - - - 2.38

CALENDAR YEAR PERFORMANCE (%) 2011 2012 2013 2014 2015 2016 2017 2018 *2019 2020Sionna Strategic Income Fund - - - - - - - - 4.35 -0.35

GROWTH OF $10,000 SINCE INCEPTION (C$)

PERFORMANCE

¹Since inception date May 3, 2019. Calendar year performance during the year of inception is from this date to the last business day of that year.*Adjusted MER is provided for Funds with management fee reductions in in calendar year 2020 and represents our best estimates of the actual MER for 2020. Management fee rebates are paid when Fund Accounts reach $100K to generate the fee shown in the "Total Cost" columns.

Series A (C$)as at December 31, 2020

Sionna Strategic Income Fundas at December 31, 2020

Series A (C$)

SECTOR EXPOSURESECTOR FUND (%)Investment Funds 29.6Financials 20.4Energy 7.3Communication Services 7.3Consumer Staples 6.4Utilities 5.8Consumer Discretionary 5.2Health Care 4.9Industrials 4.6Real Estate 1.7Other Net Assets 6.8% of Total 100.0

TOP 25 POSITIONSCOMPANY FUND (%)

1. Bridgehouse Canadian Bond Fund Series I 19.6

2.Brandes Corporate Focus Bond Fund (Hedged) Series I

10.0

3. Cash & Cash Equivalent 3.64. Royal Bank of Canada 3.55. Toronto Dominion Bank 3.26. Bank of Nova Scotia 2.97. Brookfield Renewable Energy 2.68. TELUS Corp. 2.49. Restaurant Brands International 2.110. Canadian National Railway 2.111. Brookfield Infrastructure PA 2.112. TC Energy Corp 2.113. Rogers Communications Inc ORD 1.914. Intact Financial Corp. 1.715. Saputo Inc 1.616. Pembina Pipeline Corp. 1.417. Stella-Jones Inc 1.318. Fairfax Financial Holdings Ltd. 1.319. Methanex Corp. 1.320. Canadian Natural Resources Ltd. 1.021. Suncor Energy Inc. 1.022. Pizza Pizza Royalty Corp 1.023. IGM Financial Inc. 1.024. Allied Properties REIT 1.025. WPP PLC 0.9

% of Fund 72.4Total Number of Companies 77Total Number of Fixed Income Securities 2Total Net Assets ($MM) $111

TOP COUNTRIESCOUNTRY FUND (%)Canada 61.7United States 18.5United Kingdom 4.8France 3.6Switzerland 1.7South Korea 1.2Mexico 1.0Japan 0.8Brazil 0.5Italy 0.5% of Total 94.3Total Number of Countries 16

ASSET MIX

ASSET CLASS FUND (%)

Equity 66.8Fixed Income—Investment Funds 29.6Cash & Other Assets 3.6

REGIONAL MIX

REGION FUND (%)

North America 80.2Europe 11.7Other 3.6Asia 2.6Latin America 1.9

The portfolio does not contain any short positions. The investment portfolio may change due to ongoing portfolio transactions of the investment fund. An updated listing is available on a quarterly basis. Bridgehouse Asset Managers® is a trade name of Brandes Investment Partners & Co. (Bridgehouse.) As the manager of the Bridgehouse Funds, Bridgehouse has hired Sionna Investment Managers Inc. (Sionna) as portfolio sub-advisor in respect of certain of the Bridgehouse Funds. Bridgehouse has taken reasonable steps to provide current, accurate information from sources believed to be reliable. Bridgehouse is not responsible for any errors or omissions contained herein. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions, and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Units and shares of the Bridgehouse Funds are available through registered dealers only. This material has been provided by Bridgehouse and is for informational purposes only. It should not be construed as a recommendation to buy or sell. Securities mentioned herein are not to be construed as a recommendation to buy or sell.

Summary of Investment Portfolio