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Investment SSQ FUNDS Interim Financial Statements (unaudited) June 30, 2017

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Page 1: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

Investment

SSQ FUNDSInterim Financial Statements (unaudited)June 30, 2017

Page 2: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

Table of contents

Page SSQ Fiera Capital Money Market Fund .................................................................................................................................................................. 3 SSQ OAM Treasury Fund ....................................................................................................................................................................................... 8 SSQ Fiera Capital Bond Fund............................................................................................................................................................................... 15 SSQ OAM Bond Fund ........................................................................................................................................................................................... 20 SSQ PIMCO Bond Fund ....................................................................................................................................................................................... 25 SSQ PIMCO Global Bond Fund ............................................................................................................................................................................ 30 SSQ CI Signature Corporate Bond Fund .............................................................................................................................................................. 35 SSQ BlackRock Bond Index Fund ........................................................................................................................................................................ 40 SSQ Conservative Strategy Fund ......................................................................................................................................................................... 45 SSQ Balanced Strategy Fund ............................................................................................................................................................................... 50 SSQ Growth Strategy Fund .................................................................................................................................................................................. 55 SSQ Aggressive Strategy Fund ............................................................................................................................................................................ 60 SSQ Celestia Conservative Fund ......................................................................................................................................................................... 65 SSQ Celestia Balanced Fund ............................................................................................................................................................................... 70 SSQ Celestia Growth Fund ................................................................................................................................................................................... 75 SSQ Celestia Aggressive Fund ............................................................................................................................................................................. 80 SSQ BlackRock Conservative Fundamental Portfolio Fund ................................................................................................................................. 86 SSQ BlackRock Balanced Fundamental Portfolio Fund ....................................................................................................................................... 91 SSQ BlackRock Growth Fundamental Portfolio Fund .......................................................................................................................................... 96 SSQ BlackRock Aggressive Fundamental Portfolio Fund .................................................................................................................................. 101 SSQ Dynamic Power Balanced Fund ................................................................................................................................................................. 107 SSQ Guardian Conservative Monthly Income Fund ........................................................................................................................................... 112 SSQ Guardian Monthly Income Fund ................................................................................................................................................................. 117 SSQ CI Cambridge Canadian Asset Allocation Fund ......................................................................................................................................... 122 SSQ CI Signature Global Income and Growth Fund .......................................................................................................................................... 127 SSQ Guardian Canadian Dividend Equity Fund ................................................................................................................................................. 132 SSQ Jarislowsky Fraser Ltd. Canadian Value Equity Fund ................................................................................................................................ 137 SSQ Triasima Canadian Equity Fund ................................................................................................................................................................. 142 SSQ Montrusco Bolton Canadian Equity Fund ................................................................................................................................................... 148 SSQ BlackRock Canadian Index Fund ............................................................................................................................................................... 154 SSQ Fiera Capital Canadian Small Cap Equity Fund ......................................................................................................................................... 159 SSQ Hillsdale U.S. Equity Fund .......................................................................................................................................................................... 164 SSQ Beutel Goodman U.S. Equity Fund ............................................................................................................................................................ 171 SSQ Fiera Capital U.S. Equity Fund ................................................................................................................................................................... 176 SSQ Fiera Capital Hedge U.S. Equity Fund ....................................................................................................................................................... 181 SSQ BlackRock U.S. Index Fund ........................................................................................................................................................................ 186 SSQ Hexavest International Equity Fund ........................................................................................................................................................... 191 SSQ C WorldWide International Equity Fund ..................................................................................................................................................... 196 SSQ BlackRock International Index Fund ........................................................................................................................................................... 202 SSQ Calamos Global Equity Fund ...................................................................................................................................................................... 207 SSQ TD Global Dividend Equity Fund ................................................................................................................................................................ 215 SSQ Fiera Capital Global Equity Fund ............................................................................................................................................................... 220 SSQ Hexavest Hedged Global Equity Fund ....................................................................................................................................................... 225 SSQ Hexavest All - Country Global Equity Fund ................................................................................................................................................ 230 SSQ Lazard Global Small Cap Equity Fund ....................................................................................................................................................... 235 SSQ Fisher Emerging markets Equity Fund ....................................................................................................................................................... 240 SSQ Lazard Global Infrastructure Fund .............................................................................................................................................................. 245 SSQ Morgan Stanley Global Real Estate Fund .................................................................................................................................................. 250 Notes to the Financial Statements ...................................................................................................................................................................... 255 Appendix – Financial Information ........................................................................................................................................................................ 285 

Page 3: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

SSQ FIERA CAPITAL MONEY MARKET FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

3

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 8,067 8,452 Cash - -Receivable from investments sold - -Other accounts receivable 7 6

Total assets 8,074 8,458

Liabilities Current liabilities Bank overdraft 1 41Payable for investments purchased - -Other accounts payable 1 1

Total liabilities 2 42

Net assets attributable to contractholders 8,072 8,416

Net asset value per unit Class A 10.00 10.00 Class B 10.00 10.00 Class C 10.00 10.00 Class E 10.00 10.00 Class F 10.00 10.00 Class G 10.00 10.00 Class I 10.00 10.00 Class J 10.00 10.00 Class N 10.00 10.00

Page 4: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

SSQ FIERA CAPITAL MONEY MARKET FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

4

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments - - Unrealized on investments - -

Total net gain (loss) - -Interest for allocation purposes 44 28Distribution from the underlying fund 35 32

79 60

Expenses Management fees (note 6) 72 44 Administrative fees 5 3 Transaction costs - -

77 47

Increase (decrease) in net assets from operations attributable to contractholders 2 13

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A - -Class B - -Class C - -Class E - -Class F - -Class G - -Class I 0.04 0.03 Class J 0.04 0.03 Class N - -

Page 5: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

SSQ FIERA CAPITAL MONEY MARKET FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

5

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 8,416 12,994

Unit transactions Issuance of units 8,903 11,232 Redemption of units (9,247) (12,860)

(344) (1,628)

Distributions to contractholders (2) (13)

Increase (decrease) in net assets from operations attributable to contractholders 2 13

Net assets attributable to contractholders at the end of the period 8,072 11,366

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 2 13

Items not affecting cash Net realized and unrealized gain (loss) on investments - - Distribution from the underlying fund (35) (32)

(33) (19)Investment transactions Purchases (6,145) (9,030) Disposals 6,565 10,825

420 1,795

Change in other operating assets and liabilities (1) (17)

Cash flows from operating activities 386 1,759

Financing Distributions to contractholders (2) (13)Issuance of units 8,903 11,232 Redemption of units (9,247) (12,860)

Cash flows from financing activities (346) (1,641)

Net change in cash 40 118 Cash (Bank overdraft) at the beginning of the period (41) 39

Cash (Bank overdraft) at the end of the period (1) 157

Interest received 44 28Dividends received - -

Page 6: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

SSQ FIERA CAPITAL MONEY MARKET FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

6

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.94%) Fiera Cash in Action Fund 806,660 8,067 8,067

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.06%) 5

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 8,072

TOP HOLDINGS OF UNDERLYING FUND

Fiera Cash in Action Fund %Government of Canada, 0.50%, 08-01-2018 13.10Province of Quebec, Treasury Bill, 0.76%, 09-15-2017 2.58Province of Alberta, Treasury Bill, 0.91%, 04-04-2018 2.57Bank of Nova Scotia, Note, 0.96%, 08-25-2017 2.45CIBC, Note, 0.97%, 02-02-2018 2.18Province of New-Brunswick, Treasury Bill, 0.69%, 08-10-2017 2.18Province of British Columbia, Treasury Bill, 0.80%, 11-29-2017 2.17The Toronto-Dominion Bank, Note, 1.22%, 07-04-2017 2.10Province of Manitoba, Treasury Bill, 0.64%, 07-26-2017 2.07Nestlé Capital Canada Ltd., Note, 1.02%, 08-29-2017 1.95

Page 7: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

SSQ FIERA CAPITAL MONEY MARKET FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

7

Nature and extent of risks arising from financial instruments The SSQ Fiera Capital Money Market Fund is a segregated fund that invests exclusively in the underlying fund called Fiera Cash in Action Fund. The SSQ Fiera Capital Money Market Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital Corporation. The manager's investment strategy is to favour an approach based on top – down economic analysis which combines interest rate anticipation, based on fundamental analysis of the economic environment and expected central bank movements, along with active credit allocation.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 8,067 - - 8,067Derivative Financial Instruments - - - -

Money Market - - - -Total 8,067 - - 8,067

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 8,452 - - 8,452Derivative Financial Instruments - - - -

Money Market - - - -Total 8,452 - - 8,452

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

Page 8: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

SSQ OAM TREASURY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

8

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 62,278 68,659 Cash 451 -Receivable from investments sold - 403Other accounts receivable 339 377

Total assets 63,068 69,439

Liabilities Current liabilities Bank overdraft - 128 Payable for investments purchased 197 -Other accounts payable 8 9

Total liabilities 205 137

Net assets attributable to contractholders 62,863 69,302

Net asset value per unit Class A 10.89 10.89 Class B 10.74 10.78 Class C 10.89 10.89 Class E 10.89 10.89 Class F 10.90 10.90 Class G 10.87 10.88 Class I 11.27 11.15 Class J 11.27 11.15 Class K 11.27 11.15 Class N 10.89 10.89

Page 9: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

SSQ OAM TREASURY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

9

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments (156) (17) Unrealized on investments 25 188

Total net gain (loss) (131) 171Interest for allocation purposes 840 854 Securities lending 2 -

711 1,025

Expenses Management fees (note 6) 154 199 Administrative fees 8 9Transaction costs - -

162 208

Increase (decrease) in net assets from operations attributable to contractholders 549 817

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.01 0.06 Class B (0.04) 0.01 Class C 0.01 0.06 Class E 0.01 0.06 Class F 0.01 0.06 Class G - 0.05 Class I 0.12 0.17 Class J 0.12 0.17 Class K 0.12 0.17 Class N 0.01 0.06

Page 10: SSQ E 20170630 of contents Page SSQ Fiera Capital Money Market Fund 3 SSQ OAM Treasury Fund

SSQ OAM TREASURY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

10

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 69,302 66,190

Unit transactions Issuance of units 16,338 17,918 Redemption of units (23,326) (16,404)

(6,988) 1,514

Increase (decrease) in net assets from operations attributable to contractholders 549 817

Net assets attributable to contractholders at the end of the period 62,863 68,521

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 549 817

Items not affecting cash Net realized and unrealized gain (loss) on investments 131 (171) Distribution from the underlying fund - -

680 646Investment transactions Purchases (23,767) (15,984) Disposals 30,017 13,114

6,250 (2,870)

Change in other operating assets and liabilities 637 (1,936)

Cash flows from operating activities 7,567 (4,160)

Financing Issuance of units 16,338 17,918 Redemption of units (23,326) (16,404)

Cash flows from financing activities (6,988) 1,514

Net change in cash 579 (2,646)Cash (Bank overdraft) at the beginning of the period (128) 2,190

Cash (Bank overdraft) at the end of the period 451 (456)

Interest received 880 813 Dividends received - -

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SSQ OAM TREASURY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands)

11

* Floating rate: the identified rate is the effective rate as of June 30, 2017.

Par Average Fair

Value Cost Value

$ $

CANADIAN BONDS (99.07%)

Government of Canada (11.02%)

Canada Housing Trust No 1, 0.85%*, 09-15-2019 495 496 496

Canada Housing Trust No 1, 1.25%, 12-15-2020 670 669 664

Canada Housing Trust No 1, 2.90%, 06-15-2024 1,968 2,127 2,083

Canada Housing Trust No 2, 1.50%, 12-15-2021 3,719 3,708 3,685

7,000 6,928

Provincials and Subsidized (10.95%) First Nations Finance Authority, 3.40%, 06-26-2024 450 478 468

Hydro-Québec, 1.04%*, 12-01-2019 96 96 96

Ontario, 1.35%, 03-08-2022 891 883 870

Ontario, 2.60%, 06-02-2025 75 79 77

Ontario, 2.85%, 06-02-2023 100 107 104

Ontario, 3.50%, 06-02-2024 609 670 659

Ontario, 4.20%, 06-02-2020 861 938 926

Ontario, 4.40%, 06-02-2019 601 643 636

Quebec, 3.50%, 12-01-2022 122 134 131

Quebec, 8.50%, 04-01-2026 1,984 2,985 2,920

7,013 6,887

Municipals and Subsidized (50.09%)

Alma, 1.85%, 10-27-2021 268 265 263

Alma, 2.05%, 03-02-2021 400 394 399

Amos, 2.35%, 02-27-2018 250 247 251

Amos, 2.50%, 02-19-2019 155 153 157

Assomption, 1.50%, 09-01-2018 430 428 429

Baie Comeau, 3.75%, 10-20-2020 294 314 310

Beauharnois, 2.05%, 03-02-2021 555 547 553

Blainville, 1.45%, 07-20-2019 450 445 447

Blainville, 1.75%, 07-20-2021 610 598 599

Blainville, 2.15%, 07-24-2017 165 166 165

Blainville, 2.25%, 07-22-2019 360 356 363

Blainville, 4.00%, 11-08-2021 277 299 294

Blainville, 4.50%, 09-09-2019 152 164 160

Boischatel, 1.40%, 01-24-2019 332 330 331

Boischatel, 2.00%, 01-25-2020 434 432 435

Carignan, 2.30%, 09-16-2019 585 596 590

Chateau Richer, 1.25%, 09-13-2017 144 144 144

Côte Saint-Luc, 1.65%, 10-26-2020 797 789 786

Deux-Montagnes, 2.35%, 05-21-2019 320 316 323

Drummondville, 2.60%, 12-18-2018 750 738 759

Gatineau, 1.65%, 03-30-2019 171 170 170

Gatineau, 2.00%, 11-30-2021 289 287 285

Gatineau, 3.80%, 12-11-2023 212 232 228

Gatineau, 4.65%, 09-18-2017 139 143 140

Granby, 2.35%, 12-19-2017 395 401 397

Granby, 2.65%, 12-18-2018 750 740 760

Île-Perrot, 2.60%, 02-05-2019 800 788 811

Kativik Regional Government, 2.25%, 03-13-2018 209 210 210

Kativik Regional Government, 2.50%, 03-26-2019 169 166 171

Kirkland, 2.50%, 03-11-2019 350 345 354

La Tuque, 1.80%, 09-01-2020 425 420 422

La Tuque, 1.85%, 09-30-2017 500 496 501

La Tuque, 2.15%, 09-30-2018 618 627 622

La Tuque, 2.40%, 09-30-2019 250 247 253

Lac-Brome, 2.25%, 07-03-2018 200 196 201

Lachute, 2.40%, 05-13-2019 100 101 101

Lévis, 1.85%, 09-08-2019 300 296 300

Par Average Fair

Value Cost Value

$ $

CANADIAN BONDS (99.07%) (Cont'd)

Municipals and Subsidized (50.09%) (Cont'd)

Lévis, 2.75%, 09-05-2018 100 102 101

Lévis, 4.10%, 02-03-2021 240 262 256

Longueuil, 2.65%, 11-20-2018 29 30 29

Longueuil, 4.75%, 07-08-2019 50 55 53

Magog, 2.25%, 07-03-2018 390 383 393

Mascouche, 1.35%, 07-20-2018 200 199 199

Mirabel, 2.70%, 11-20-2018 245 241 248

Notre-Dame-de-l'Ile-Perrot, 2.75%, 11-27-2018 50 51 51

Percé, 2.35%, 07-31-2018 496 492 499

Pointe-Claire, 1.45%, 09-23-2017 103 102 103

Port-Cartier, 2.10%, 02-01-2022 1,000 985 988

Rawdon, 2.25%, 07-03-2018 650 627 654

Rawdon, 2.75%, 11-27-2018 450 446 457 Réseau de transport de Longueuil, 2.60%, 12-18-2018 600 591 608

Rivière-du-Loup, 1.75%, 06-29-2021 245 242 241

Rosemère, 1.25%, 09-07-2017 362 361 362

Saguenay, 2.35%, 10-21-2019 350 345 354

Saguenay, 3.25%, 10-21-2024 250 251 259

Saint-Amable, 1.80%, 11-16-2021 300 296 293

Saint-Augustin-de-Desmaures, 1.95%, 02-10-2020 172 171 172

Saint-Bruno-de-Montarville, 3.15%, 09-09-2024 600 599 616

Saint-Eustache, 2.00%, 09-30-2019 156 157 156

Saint-Georges, 2.50%, 02-26-2019 413 406 418

Saint-Jean-sur-Richelieu, 1.60%, 06-23-2018 111 110 111

Saint-Jean-sur-Richelieu, 2.25%, 06-19-2018 500 493 503

Saint-Jérôme, 4.40%, 12-09-2019 278 300 294

Saint-Lin-Laurentides, 2.50%, 08-27-2018 500 493 504

Saint-Thomas, 1.50%, 03-22-2018 280 278 280

Saint-Tite, 2.40%, 10-15-2019 258 262 260

Sainte-Agathe, 2.40%, 11-01-2017 380 374 381

Sainte-Brigitte-de-Laval, 2.35%, 05-28-2019 500 493 505

Sainte-Julie, 2.10%, 05-22-2018 520 523 522

Sainte-Sophie, 1.35%, 11-15-2018 246 245 245

Sainte-Thérèse, 2.10%, 05-22-2018 231 227 232

Salaberry-de-Valleyfield, 1.45%, 11-02-2019 60 60 59

Shawinigan, 1.85%, 10-15-2017 500 496 501

Shawinigan, 3.40%, 05-16-2022 200 212 209

Sherbrooke, 2.85%, 10-23-2018 1,572 1,609 1,593 Société de transport de l'Outaouais, 1.65%, 04-13-2021 230 227 226 Société de transport de l'Outaouais, 2.20%, 04-10-2018 120 121 121

Société de transport de Laval, 1.90%, 10-21-2017 500 497 501

Terrebonne, 2.30%, 11-19-2019 157 159 158

Trois-Pistoles, 1.45%, 11-22-2019 135 134 133

Trois-Rivières, 4.40%, 10-08-2019 379 406 400

Val-d'Or, 1.90%, 09-01-2021 700 690 692

Val-d'Or, 2.25%, 03-19-2018 350 346 352

Varennes, 2.05%, 03-28-2022 500 496 493

Victoriaville, 2.45%, 02-19-2019 535 525 541

Westmount, 2.35%, 02-20-2018 473 467 476

31,223 31,486

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SSQ OAM TREASURY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands)

12

* Floating rate: the identified rate is the effective rate as of June 30, 2017.

Par Average Fair

Value Cost Value

$ $

CANADIAN BONDS (99.07%) (Cont'd)

Corporations (27.01%)

AltaLink LP, 3.67%, 11-06-2023 233 262 252

AON Finance NS, 4.76%, 03-08-2018 340 342 347

Bank of Montreal, 1.17%*, 05-07-2018 580 580 582

Bank of Nova Scotia, 2.09%, 09-09-2020 300 300 302

Bank of Nova Scotia, 2.90%, 08-03-2022 270 272 271

Bank of Nova Scotia, 3.04%, 10-18-2024 355 356 363

bcIMC Realty Corp., 2.15%, 08-11-2022 250 250 248

Bell Canada, 3.15%, 09-29-2021 340 351 352 Brookfield Asset Management Inc., 3.95%, 04-09-2019 557 569 577 Brookfield Asset Management Inc., 5.04%, 03-08-2024 50 57 56 Caisse centrale Desjardins du Québec, 1.75%, 03-02-2020 300 299 299

Canadian Western Bank, 2.38%, 01-23-2020 500 500 499

Capital Desjardins Inc., 5.19%, 05-05-2020 700 780 760

Central 1 Credit Union, 1.51%*, 11-21-2018 365 365 366

Central 1 Credit Union, 2.89%, 04-25-2024 668 668 670

Central 1 Credit Union, 3.06%, 10-14-2026 525 525 521

CIBC, 1.64%, 07-12-2021 329 329 324

CIBC, 1.70%, 10-09-2018 236 236 237

CIBC, 2.35%, 10-18-2017 304 312 305

CIBC, 6.00%, 06-06-2023 170 194 177

Dollarama Inc., 1.50%*, 03-16-2020 175 175 175 Greater Toronto Airports Authority, 6.45%, 12-03-2027 105 148 141

Honda Canada Finance Inc., 2.28%, 12-11-2017 325 329 327

Intact Financial Corp., 4.70%, 08-18-2021 500 560 550

Inter Pipeline Ltd., 3.17%, 03-24-2025 200 200 201

Laurentian Bank of Canada, 1.77%*, 06-27-2019 90 90 90

Laurentian Bank of Canada, 2.50%, 01-23-2020 720 720 723

Laurentian Bank of Canada, 2.56%, 03-26-2018 63 64 63

Laurentian Bank of Canada, 2.75%, 04-22-2021 830 834 836

Laurentian Bank of Canada, 2.81%, 06-13-2019 335 337 340

Lower Mattagami Energy LP, 2.31%, 10-21-2026 290 290 284

Metro Inc., 1.46%*, 02-27-2020 805 805 807

National Bank of Canada, 1.74%, 03-03-2020 345 345 344

National Bank of Canada, 1.81%, 07-26-2021 370 370 367

National Bank of Canada, 1.96%, 06-30-2022 250 250 247

National Bank of Canada, 2.40%, 10-28-2019 65 67 66

OMERS Realty Corp., 3.36%, 06-05-2023 220 222 233

Royal Bank of Canada, 2.35%, 12-09-2019 380 384 386 Standard Life Assurance Co. of Canada, 3.94%, 09-21-2022 357 364 359

Sun Life Financial Inc., 4.57%, 08-23-2021 100 112 110

Suncor Energy Inc., 5.80%, 05-22-2018 100 107 104

The Empire Life Insurance Co., 2.87%, 05-31-2023 517 513 519

The Empire Life Insurance Co., 3.38%, 12-16-2026 135 135 137 The Manufacturers Life Insurance Co., 2.93%, 11-29-2023 750 752 761

The Toronto-Dominion Bank, 1.99%, 03-23-2022 255 255 254

The Toronto-Dominion Bank, 2.56%, 06-24-2020 65 67 66

TMX Group Ltd., 4.46%, 10-03-2023 318 353 346

Toyota Credit Canada Inc., 1.80%, 02-19-2020 210 212 210 Vancouver International Airport Authority, 7.43%, 12-07-2026 75 109 106

Par Average Fair

Value Cost Value

$ $

CANADIAN BONDS (99.07%) (Cont'd)

Corporations (27.01%) (Cont'd) Wells Fargo Financial Canada Corp., 3.46%, 01-24-2023 300 327 317

17,043 16,977

TOTAL CANADIAN BONDS 62,279 62,278

TOTAL INVESTMENTS (99.07%) 62,279 62,278

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.93%) 585 TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 62,863

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SSQ OAM TREASURY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

13

Nature and extent of risks arising from financial instruments Fund objective The objective of the SSQ OAM Treasury Fund (hereinafter “Fund”) is to generate regular income and moderate short to medium term capital growth. Investment strategy The Fund is invested mainly in Canadian fixed income securities issued by federal, provincial and municipal governments as well as Canadian companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Optimum Asset Management, focuses on capital preservation and favours an approach based on interest rate expectations, yield curve management, sector selection and securities selection. Credit spread management and market timing are also considered. As at June 30, 2017 and December 31, 2016, the Fund’s assets is mainly made up of Canadian bonds securities traded on an active market. Risk exposure The Fund is exposed mainly to credit risk, interest rate risk, bond market risk, as well as risk related to the use of derivative instruments. It does not use financial leverage or derivative financial instruments for speculative purposes. Please refer to notes 8 and 9 for information on financial instrument risks. Credit risk The Fund’s main credit concentration risk arises from fixed income securities. On purchase, money market securities must be rated R1 or higher by the Dominion Bond Rating Service (DBRS) and bond securities must be rated BBB or higher by Standard & Poor’s. Bond securities rated BBB may not make up more than 10% of the Fund’s assets. The allocation of fixed income securities in the Fund by credit rating is as follows: Credit Rating* June 30, 2017

(%) December 31, 2016

(%)

Municipals and Subsidized 49.76 49.86Rated AAA 11.12 13.73Rated AA 16.44 12.58Rated A 20.22 18.53Rated BBB 2.46 5.30 * Sources: DBRS and Standard & Poor’s

All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations.

Credit risk (Cont’d) The Fund may engage in securities lending transactions. As at June 30, 2017 the portfolio securities with a fair value of $9,225 (December 31, 2016 - $3,905) were loaned. The amount of collateral held on securities lending transactions amounted to $9,708 (December 31, 2016 - $4,101). In addition, as at June 30, 2017 and December 31, 2016, the Fund did not have any derivative financial instruments. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. The following tables indicate the financial liabilities maturity based on the remaining periods to accrue until the Fund’s contractual maturities: June 30, 2017 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased 197 - 197Other Accounts Payable 8 - 8 December 31, 2016 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased - - -Other Accounts Payable 9 - 9 Interest rate risk The following table indicates the Fund’s interest rate exposure with financial instruments at fair value by contract maturities: Investments as at Under

1 year($)

From 1 to 5 years

($)

Over5 years

($)June 30, 2017 7,980 40,791 13,507December 31, 2016 11,656 41,184 15,819 The impact of a change in prevailing interest rates on the net assets attributable to contractholders of the Fund would be: Change (%)

June 30, 2017($)

December 31, 2016($)

+1 (1,762) (1,916)-1 1,762 1,916 The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates.

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SSQ OAM TREASURY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

14

Price risk The Fund trades fixed income securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 85% and 100% in fixed income securities and up to a maximum of 15% in money market securities. The impact on the net assets attributable to contractholders of the Fund of a change in its Canadian bond index would be: Change (%)

June 30, 2017($)

December 31, 2016($)

+ 2 - 2

1,246(1,246)

1,373(1,373)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at June 30, 2017 and December 31, 2016, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk. Concentration risk The following table summarizes the investment portfolio securities according to the following investment categories: Portfolio by Categories June 30, 2017

(%) December 31, 2016

(%)

Canadian Bonds Federals 11.02 13.60 Provincials 10.95 6.16 Municipals 50.09 49.39 Corporations 27.01 29.92Other Net Assets 0.93 0.93Total 100.00 100.00

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 62,278 - 62,278Equities - - - -

Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Financial Instruments - - - -

Money Market - - - -Total - 62,278 - 62,278

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 68,659 - 68,659Equities - - - -

Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Financial Instruments - - - -

Money Market - - - -Total - 68,659 - 68,659

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ FIERA CAPITAL BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

15

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 293,390 333,837 Cash 481 2,090 Receivable from investments sold - -Other accounts receivable - -

Total assets 293,871 335,927

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - 2,235 Other accounts payable 58 60

Total liabilities 58 2,295

Net assets attributable to contractholders 293,813 333,632

Net asset value per unit Class A 11.41 11.22 Class B 11.24 11.10 Class C 11.42 11.22 Class D 11.34 11.17 Class E 11.42 11.22 Class F 11.41 11.22 Class G 11.39 11.21 Class H 11.34 11.17 Class I 11.84 11.51 Class J 11.84 11.51 Class K 11.84 11.51 Class N 11.42 11.22

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SSQ FIERA CAPITAL BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

16

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments (75) 41 Unrealized on investments 7,747 10,682

Total net gain (loss) 7,672 10,723 Interest for allocation purposes 2 2 Distribution from the underlying fund 1,946 1,709

9,620 12,434

Expenses Management fees (note 6) 685 688 Administrative fees 30 30Transaction costs - -

715 718

Increase (decrease) in net assets from operations attributable to contractholders 8,905 11,716

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.20 0.36 Class B 0.15 0.31 Class C 0.20 0.36 Class D 0.18 0.34 Class E 0.21 0.36 Class F 0.20 0.36 Class G 0.20 0.35 Class H 0.18 0.34 Class I 0.34 0.49 Class J 0.34 0.49 Class K 0.34 0.50 Class N 0.20 0.36

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SSQ FIERA CAPITAL BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

17

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 333,632 286,915

Unit transactions Issuance of units 22,781 53,438 Redemption of units (71,505) (20,080)

(48,724) 33,358

Increase (decrease) in net assets from operations attributable to contractholders 8,905 11,716

Net assets attributable to contractholders at the end of the period 293,813 331,989

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 8,905 11,716

Items not affecting cash Net realized and unrealized gain (loss) on investments (7,672) (10,723) Distribution from the underlying fund (1,946) (1,709)

(713) (716)Investment transactions Purchases (3,085) (38,190) Disposals 53,150 5,910

50,065 (32,280)

Change in other operating assets and liabilities (2,237) 9,913

Cash flows from operating activities 47,115 (23,083)

Financing Issuance of units 22,781 53,438 Redemption of units (71,505) (20,080)

Cash flows from financing activities (48,724) 33,358

Net change in cash (1,609) 10,275Cash (Bank overdraft) at the beginning of the period 2,090 (3,924)

Cash (Bank overdraft) at the end of the period 481 6,351

Interest received 2 2 Dividends received - -

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SSQ FIERA CAPITAL BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

18

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.86%) Fiera Active Fixed Income Fund 66.84 17,730,399 193,173 196,389 Fiera Tactical Fixed Income Fund 33.01 9,356,839 101,490 97,001

TOTAL INVESTMENTS (99.86%) 294,663 293,390

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.14%) 423

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 293,813

TOP HOLDINGS OF UNDERLYING FUND

Fiera Active Fixed Income Fund %Government of Canada, 1.00%, 06-01-2018 9.70Fiera Capital Active Short Term Municipal Bond Fund 9.14Province of Ontario, 2.85%, 06-02-2023 7.03Government of Canada, 2.75%, 06-01-2022 5.21Province of Ontario, 2.80%, 06-02-2048 4.69

TOP HOLDINGS OF UNDERLYING FUND Fiera Tactical Fixed Income Fund %Government of Canada, 0.50%, 08-01-2018 5.60Government of Canada, 2.75%, 12-01-2048 5.58Royal Office Finance LP, 5.21%, 11-12-2032 5.23Toronto Community Housing Corp., 4.88%, 05-11-2037 4.82Province of Ontario, 3.50%, 06-02-2024 4.21

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SSQ FIERA CAPITAL BOND FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

19

Nature and extent of risks arising from financial instruments The SSQ Fiera Capital Bond Fund is a segregated fund that invests exclusively in underlying funds called Fiera Active Fixed Income Fund and Fiera Tactical Fixed Income Fund. The SSQ Fiera Capital Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by Fiera Capital Corporation with complementary management styles. The Fund’s assets are made up of approximately 67% of the Fiera Active Fixed Income Fund with a management approach based on duration, maturity dates and credit and 33% of the Fiera Tactical Fixed Income Fund with a management approach that puts emphasis on duration.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 293,390 - - 293,390Derivative Financial Instruments - - - -

Money Market - - - -Total 293,390 - - 293,390

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 333,837 - - 333,837Derivative Financial Instruments - - - -

Money Market - - - -Total 333,837 - - 333,837

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ OAM BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

20

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 56,987 59,643 Cash 158 1,038 Receivable from investments sold - -Other accounts receivable - 3

Total assets 57,145 60,684

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - 1,235 Other accounts payable 12 9

Total liabilities 12 1,244

Net assets attributable to contractholders 57,133 59,440

Net asset value per unit Class A 11.80 11.62 Class B 11.63 11.50 Class C 11.81 11.62 Class E 11.82 11.63 Class F 11.81 11.62 Class G 11.79 11.60 Class I 12.26 11.93 Class J 12.25 11.92 Class N 11.81 11.62

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SSQ OAM BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

21

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments (1) 12 Unrealized on investments 669 1,438

Total net gain (loss) 668 1,450 Distribution from the underlying fund 956 675

1,624 2,125

Expenses Management fees (note 6) 284 201 Administrative fees 13 9 Transaction costs - -

297 210

Increase (decrease) in net assets from operations attributable to contractholders 1,327 1,915

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.19 0.36 Class B 0.14 0.30 Class C 0.19 0.36 Class E 0.19 0.37 Class F 0.19 0.36 Class G 0.18 0.35 Class I 0.34 0.49 Class J 0.33 0.49 Class N 0.19 0.36

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SSQ OAM BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

22

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 59,440 48,451

Unit transactions Issuance of units 7,328 9,548 Redemption of units (10,962) (4,983)

(3,634) 4,565

Increase (decrease) in net assets from operations attributable to contractholders 1,327 1,915

Net assets attributable to contractholders at the end of the period 57,133 54,931

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,327 1,915

Items not affecting cash Net realized and unrealized gain (loss) on investments (668) (1,450) Distribution from the underlying fund (956) (675)

(297) (210)Investment transactions Purchases (1,915) (4,256) Disposals 6,195 515

4,280 (3,741)

Change in other operating assets and liabilities (1,229) (202)

Cash flows from operating activities 2,754 (4,153)

Financing Issuance of units 7,328 9,548 Redemption of units (10,962) (4,983)

Cash flows from financing activities (3,634) 4,565

Net change in cash (880) 412 Cash (Bank overdraft) at the beginning of the period 1,038 174

Cash (Bank overdraft) at the end of the period 158 586

Interest received - -Dividends received - -

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SSQ OAM BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

23

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.74%) Optimum Canadian Bond Pooled Fund 5,374,121 57,055 56,987

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.26%) 146

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 57,133

TOP HOLDINGS OF UNDERLYING FUND

Optimum Canadian Bond Pooled Fund %Province of Quebec, 8.50%, 04-01-2026 9.44Government of Canada, 3.50%, 12-01-2045 5.36Province of Ontario, 6.50%, 03-08-2029 3.31Government of Canada, 5.00%, 06-01-2037 2.60Hydro-Québec, 1.04%, 12-01-2019 2.20Government of Canada, 5.75%, 06-01-2029 1.71Val-d'Or, 1.90%, 09-01-2021 1.41City of Westmount, 3.60%, 08-21-2023 1.38First Nations Finance Authority, 3.40%, 06-26-2024 1.20CHUM Collectif, 6.72%, 09-30-2049 1.19

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SSQ OAM BOND FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

24

Nature and extent of risks arising from financial instruments The SSQ OAM Bond Fund is a segregated fund that invests exclusively in the underlying fund called Optimum Canadian Bond Pooled Fund. The SSQ OAM Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Optimum Asset Management. The manager's investment strategy favours an interest rate anticipation and yield curve management approach. The selection of sectors and securities, credit spreads management and market timing are also part of the strategy.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 56,987 - - 56,987Derivative Financial Instruments - - - -

Money Market - - - -Total 56,987 - - 56,987

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 59,643 - - 59,643Derivative Financial Instruments - - - -

Money Market - - - -Total 59,643 - - 59,643

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ PIMCO BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

25

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 112,122 121,637 Cash 330 167 Receivable from investments sold - -Other accounts receivable 6 -

Total assets 112,458 121,804

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - -Other accounts payable 56 53

Total liabilities 56 53

Net assets attributable to contractholders 112,402 121,751

Net asset value per unit Class A 10.72 10.61 Class B 10.57 10.50 Class C 10.73 10.62 Class E 10.73 10.62 Class F 10.73 10.61 Class G 10.71 10.60 Class I 11.16 10.91 Class J 11.16 10.91 Class N 10.73 10.61

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SSQ PIMCO BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

26

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 154 30 Unrealized on investments 614 2,137 Distributed by the underlying fund 161 -

Total net gain (loss) 929 2,167Interest for allocation purposes 1 -Distribution from the underlying fund 1,771 2,053

2,701 4,220

Expenses Management fees (note 6) 535 613 Administrative fees 23 26 Transaction costs - -

558 639

Increase (decrease) in net assets from operations attributable to contractholders 2,143 3,581

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.12 0.27 Class B 0.07 0.23 Class C 0.12 0.28 Class E 0.12 0.28 Class F 0.12 0.28 Class G 0.11 0.27 Class I 0.25 0.41 Class J 0.25 0.41 Class N 0.12 0.28

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SSQ PIMCO BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

27

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 121,751 111,288

Unit transactions Issuance of units 13,844 24,437 Redemption of units (25,336) (9,770)

(11,492) 14,667

Increase (decrease) in net assets from operations attributable to contractholders 2,143 3,581

Net assets attributable to contractholders at the end of the period 112,402 129,536

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 2,143 3,581

Items not affecting cash Net realized and unrealized gain (loss) on investments (768) (2,167) Distribution from the underlying fund (1,932) (2,053)

(557) (639)Investment transactions Purchases (625) (14,365) Disposals 12,840 1,325

12,215 (13,040)

Change in other operating assets and liabilities (3) 13,505

Cash flows from operating activities 11,655 (174)

Financing Issuance of units 13,844 24,437 Redemption of units (25,336) (9,770)

Cash flows from financing activities (11,492) 14,667

Net change in cash 163 14,493 Cash (Bank overdraft) at the beginning of the period 167 157

Cash (Bank overdraft) at the end of the period 330 14,650

Interest received 1 -Dividends received - -

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SSQ PIMCO BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

28

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.75%) PIMCO Canada Canadian CorePLUS Bond Trust 1,072,832 111,434 112,122

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.25%) 280

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 112,402

TOP HOLDINGS OF UNDERLYING FUND

PIMCO Canada Canadian CorePLUS Bond Trust %Fin Fut CAN 10Y BOND MSE, 6.00%, 09-21-2017 7.90IRS CAD, 1.45%, 12-13-2019 7.50Province of Ontario, 3.50%, 06-02-2024 4.70FNMA TBA, 3.00%, 08-14-2047 4.60IRS CAD, 1.20%, 06-14-2019 4.60IRS USD, 1.25%, 12-21-2018 4.40Province of Ontario, 3.15%, 06-02-2022 3.80Canada Housing Trust No 1, 2.25%, 12-15-2025 3.00IRS CAD, 1.50%, 02-14-2022 2.90Province of Ontario, 3.45%, 02-06-2045 2.70

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SSQ PIMCO BOND FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

29

Nature and extent of risks arising from financial instruments The SSQ PIMCO Bond Fund is a segregated fund that invests exclusively in the underlying fund called PIMCO Canada Canadian CorePLUS Bond Trust. The SSQ PIMCO Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by PIMCO Canada. The manager's investment strategy is to favour an approach based on diversification of sources of added value while minimizing the risk of the portfolio.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 112,122 - - 112,122Derivative Financial Instruments - - - -

Money Market - - - -Total 112,122 - - 112,122

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 121,637 - - 121,637Derivative Financial Instruments - - - -

Money Market - - - -Total 121,637 - - 121,637

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ PIMCO GLOBAL BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

30

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 29,957 22,270 Cash 9 73 Receivable from investments sold - -Other accounts receivable 5 5

Total assets 29,971 22,348

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - -Other accounts payable 18 13

Total liabilities 18 13

Net assets attributable to contractholders 29,953 22,335

Net asset value per unit Class A 10.97 10.67 Class B 10.81 10.56 Class C 10.99 10.68 Class E 10.99 10.68 Class F 10.98 10.67 Class G 10.94 10.65 Class I 11.50 11.02 Class J 11.50 11.02 Class N 10.99 10.68

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SSQ PIMCO GLOBAL BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

31

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 3 (43) Unrealized on investments 588 195

Total net gain (loss) 591 152 Distribution from the underlying fund 541 531

1,132 683

Expenses Management fees (note 6) 217 145 Administrative fees 8 5 Transaction costs - -

225 150

Increase (decrease) in net assets from operations attributable to contractholders 907 533

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.30 0.22 Class B 0.25 0.17 Class C 0.30 0.22 Class E 0.30 0.22 Class F 0.30 0.22 Class G 0.29 0.21 Class I 0.47 0.37 Class J 0.47 0.37 Class N 0.30 0.22

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SSQ PIMCO GLOBAL BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

32

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 22,335 17,373

Unit transactions Issuance of units 11,516 6,282Redemption of units (4,805) (3,782)

6,711 2,500

Increase (decrease) in net assets from operations attributable to contractholders 907 533

Net assets attributable to contractholders at the end of the period 29,953 20,406

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 907 533

Items not affecting cash Net realized and unrealized gain (loss) on investments (591) (152) Distribution from the underlying fund (541) (531)

(225) (150)Investment transactions Purchases (7,026) (3,366) Disposals 471 1,026

(6,555) (2,340)

Change in other operating assets and liabilities 5 (1,375)

Cash flows from operating activities (6,775) (3,865)

Financing Issuance of units 11,516 6,282Redemption of units (4,805) (3,782)

Cash flows from financing activities 6,711 2,500

Net change in cash (64) (1,365)Cash (Bank overdraft) at the beginning of the period 73 1,439

Cash (Bank overdraft) at the end of the period 9 74

Interest received - -Dividends received - -

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SSQ PIMCO GLOBAL BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

33

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.01%) PIMCO Monthly Income Fund (Canada), Serie I 33.42 696,415 9,961 10,012 PIMCO Global Advantage Strategy Bond Fund (Canada), Serie I 66.59 1,923,283 20,016 19,945

TOTAL INVESTMENTS (100.01%) 29,977 29,957

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.01%) (4)

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 29,953

TOP HOLDINGS OF UNDERLYING FUND

PIMCO Monthly Income Fund (Canada), Serie I %United States Treasury, 2.13%, 02-29-2024 2.96Government of Japan, Treasury Bill, (0.11%), 09-19-2017 2.89United States Treasury, 2.25%, 12-31-2023 2.53Government of Canada, Treasury Bill, 0.57%, 11-16-2017 2.32Energy Future Intermediate Holding Co LCC, Bank Loan 1.67

TOP HOLDINGS OF UNDERLYING FUND PIMCO Global Advantage Strategy Bond Fund (Canada), Serie I %Freddie Mac TBA, 3.00%, 02-01-2047 6.30Government of Japan, Treasury Bills, (0.12%), 09-04-2017 3.50Government of Japan ,Treasury Bills, (0.12%), 08-28-2017 3.50United States Treasury Inflation Protected Securities, 0.13%, 07-15-2024 3.00Royal Bank of Canada, 0.50%, 07-05-2017 2.80

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SSQ PIMCO GLOBAL BOND FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

34

Nature and extent of risks arising from financial instruments The SSQ PIMCO Global Bond Fund is a segregated fund that invests exclusively in underlying funds called PIMCO Monthly Income Fund (Canada), Serie I and PIMCO Global Advantage Strategy Bond Fund (Canada), Serie I. The SSQ PIMCO Global Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by PIMCO Canada with complementary management styles. The Fund’s assets are made up of approximately 33% of the PIMCO Monthly Income Fund (Canada) with a tactical management of PIMCO’s best income generating ideas worldwide and 67% of the PIMCO Global Advantage Strategy Bond Fund (Canada) with an active management of global bonds that puts an emphasis on countries with the best GDP and debt dynamics.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 29,957 - - 29,957Derivative Financial Instruments - - - -

Money Market - - - -Total 29,957 - - 29,957

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 22,270 - - 22,270Derivative Financial Instruments - - - -

Money Market - - - -Total 22,270 - - 22,270 During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ CI SIGNATURE CORPORATE BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

35

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 15,543 2,281 Cash 141 55 Receivable from investments sold - -Other accounts receivable - -

Total assets 15,684 2,336

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - 50 Other accounts payable - -

Total liabilities - 50

Net assets attributable to contractholders 15,684 2,286

Net asset value per unit Class A 10.44 10.12 Class B 10.38 10.11 Class E 10.45 10.12 Class F 10.44 10.12 Class G 10.43 10.11 Class I 10.62 10.15 Class J 10.62 10.15 Class N 10.45 10.12

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SSQ CI SIGNATURE CORPORATE BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

36

STATEMENT OF COMPREHENSIVE INCOME

Period ended June 30 2017 $ Income Net gain (loss) Realized on sale of investments - Unrealized on investments 112 Distributed by the underlying fund 58

Total net gain (loss) 170Distribution from the underlying fund 253

423

Expenses Management fees (note 6) 140 Administrative fees 5 Transaction costs -

145

Increase (decrease) in net assets from operations attributable to contractholders 278

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.26 Class B 0.22 Class E 0.27 Class F 0.26 Class G 0.26 Class I 0.41 Class J 0.41 Class N 0.27

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SSQ CI SIGNATURE CORPORATE BOND FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

37

STATEMENT OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Period ended June 30 2017 $ Net assets attributable to contractholders at the beginning of the period 2,286

Unit transactions Issuance of units 14,589 Redemption of units (1,469)

13,120

Increase (decrease) in net assets from operations attributable to contractholders 278

Net assets attributable to contractholders at the end of the period 15,684

STATEMENT OF CASH FLOWS

Period ended June 30 2017 $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 278

Items not affecting cash Net realized and unrealized gain (loss) on investments (112) Distribution from the underlying fund (311)

(145)Investment transactions Purchases (12,874) Disposals 35

(12,839)

Change in other operating assets and liabilities (50)

Cash flows from operating activities (13,034)

Financing Issuance of units 14,589 Redemption of units (1,469)

Cash flows from financing activities 13,120

Net change in cash 86 Cash (Bank overdraft) at the beginning of the period 55

Cash (Bank overdraft) at the end of the period 141

Interest received -Dividends received -

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SSQ CI SIGNATURE CORPORATE BOND FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

38

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.10%) Signature Corporate Bond Fund, Serie I 1,418,195 15,420 15,543

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.90%) 141

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 15,684

TOP HOLDINGS OF UNDERLYING FUND

Signature Corporate Bond Fund, Serie I %Harvest Operations Corp. 0.82Royal Bank of Scotland Group PLC 0.72Credit Suisse Group AG 0.72GMAC Capital Trust I 0.62Lloyds Banking Group PLC 0.62Lincoln National Corp. 0.62Citigroup Inc. 0.51The Goldman Sachs Group Inc. 0.51Amaya Holdings BV 0.51Royal Bank of Canada 0.51

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SSQ CI SIGNATURE CORPORATE BOND FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

39

Nature and extent of risks arising from financial instruments The SSQ CI Signature Corporate Bond Fund is a segregated fund that invests exclusively in underlying fund called Signature Corporate Bond Fund, Serie I. The SSQ CI Signature Corporate Bond Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by CI Investments according to a specific management approach in which the investment strategy is to select securities whose evaluated fundamental value is not reflected in their credit ratings and yield.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 15,543 - - 15,543Derivative Financial Instruments - - - -

Money Market - - - -Total 15,543 - - 15,543

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 2,281 - - 2,281Derivative Financial Instruments - - - -

Money Market - - - -Total 2,281 - - 2,281 During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ BLACKROCK BOND INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

40

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 50,436 50,996 Cash 79 326 Receivable from investments sold - -Other accounts receivable - -

Total assets 50,515 51,322

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - 280 Other accounts payable 20 20

Total liabilities 20 300

Net assets attributable to contractholders 50,495 51,022

Net asset value per unit Class A 11.59 11.45 Class B 11.42 11.34 Class C 11.60 11.46 Class E 11.60 11.46 Class F 11.59 11.45 Class G 11.57 11.44 Class I 12.04 11.76 Class J 12.03 11.76 Class N 11.61 11.46

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SSQ BLACKROCK BOND INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

41

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments (119) 214 Unrealized on investments 313 891 Distributed by the underlying fund 202 256

Total net gain (loss) 396 1,361 Distribution from the underlying fund 724 839

1,120 2,200

Expenses Management fees (note 6) 36 39 Administrative fees 1 1Transaction costs - -

37 40

Increase (decrease) in net assets from operations attributable to contractholders 1,083 2,160

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.13 0.33 Class B 0.08 0.28 Class C 0.13 0.33 Class E 0.13 0.34 Class F 0.13 0.33 Class G 0.12 0.33 Class I 0.27 0.48 Class J 0.27 0.47 Class N 0.13 0.34

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SSQ BLACKROCK BOND INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

42

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 51,022 52,311

Unit transactions Issuance of units 5,502 6,570 Redemption of units (7,112) (11,153)

(1,610) (4,583)

Increase (decrease) in net assets from operations attributable to contractholders 1,083 2,160

Net assets attributable to contractholders at the end of the period 50,495 49,888

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,083 2,160

Items not affecting cash Net realized and unrealized gain (loss) on investments (194) (1,105) Distribution from the underlying fund (926) (1,095)

(37) (40)Investment transactions Purchases (4,145) (5,125) Disposals 5,825 9,740

1,680 4,615

Change in other operating assets and liabilities (280) (7,743)

Cash flows from operating activities 1,363 (3,168)

Financing Issuance of units 5,502 6,570 Redemption of units (7,112) (11,153)

Cash flows from financing activities (1,610) (4,583)

Net change in cash (247) (7,751)Cash (Bank overdraft) at the beginning of the period 326 63

Cash (Bank overdraft) at the end of the period 79 (7,688)

Interest received - -Dividends received - -

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SSQ BLACKROCK BOND INDEX FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

43

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.88%) BlackRock Canada Universe Bond Index Fund, Class D 1,849,801 50,523 50,436

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.12%) 59

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 50,495

TOP HOLDINGS OF UNDERLYING FUND

BlackRock Canada Universe Bond Index Fund, Class D %Government of Canada, 1.50%, 03-01-2020 1.25Government of Canada, 4.00%, 06-01-2041 1.19Government of Canada, 3.75%, 06-01-2019 1.19Government of Canada, 5.00%, 06-01-2037 1.15Government of Canada, 3.50%, 12-01-2045 1.11Government of Canada, 0.75%, 09-01-2020 1.02Government of Canada, 5.75%, 06-01-2033 1.01Province of Ontario, 2.90%, 12-02-2046 0.93Province of Ontario, 3.45%, 06-02-2045 0.92Province of Ontario, 2.60%, 06-02-2025 0.90

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SSQ BLACKROCK BOND INDEX FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

44

Nature and extent of risks arising from financial instruments The SSQ BlackRock Bond Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canada Universe Bond Index Fund, Class D. The SSQ BlackRock Bond Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the FTSE TMX Canada Universe Index.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 50,436 - - 50,436Derivative Financial Instruments - - - -

Money Market - - - -Total 50,436 - - 50,436

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 50,996 - - 50,996Derivative Financial Instruments - - - -

Money Market - - - -Total 50,996 - - 50,996

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ CONSERVATIVE STRATEGY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

45

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 102,037 105,547 Cash - 228 Receivable from investments sold - -Other accounts receivable 9 44

Total assets 102,046 105,819

Liabilities Current liabilities Bank overdraft 354 -Payable for investments purchased - -Other accounts payable 29 27

Total liabilities 383 27

Net assets attributable to contractholders 101,663 105,792

Net asset value per unit Class A 12.51 12.29 Class B 12.32 12.16 Class C 12.55 12.32 Class E 12.56 12.32 Class F 12.53 12.31 Class G 12.49 12.27 Class I 13.12 12.71 Class J 13.16 12.74 Class L 11.69 11.32 Class N 12.56 12.32

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SSQ CONSERVATIVE STRATEGY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

46

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 534 1,069 Unrealized on investments 2,355 2,311 Distributed by the underlying fund 5 -

Total net gain (loss) 2,894 3,380 Interest for allocation purposes 1 1 Distribution from the underlying fund 601 484

3,496 3,865

Expenses Management fees (note 6) 1,438 1,333 Administrative fees 51 47 Transaction costs - -

1,489 1,380

Increase (decrease) in net assets from operations attributable to contractholders 2,007 2,485

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.23 0.30 Class B 0.17 0.25 Class C 0.24 0.32 Class E 0.24 0.32 Class F 0.24 0.31 Class G 0.22 0.30 Class I 0.43 0.48 Class J 0.42 0.51 Class L 0.38 0.43 Class N 0.24 0.32

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SSQ CONSERVATIVE STRATEGY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

47

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 105,792 96,876

Unit transactions Issuance of units 18,946 14,261 Redemption of units (25,082) (13,538)

(6,136) 723

Increase (decrease) in net assets from operations attributable to contractholders 2,007 2,485

Net assets attributable to contractholders at the end of the period 101,663 100,084

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 2,007 2,485

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,889) (3,380) Distribution from the underlying fund (606) (484)

(1,488) (1,379)Investment transactions Purchases (2,202) (23,351) Disposals 9,207 24,632

7,005 1,281

Change in other operating assets and liabilities 37 51

Cash flows from operating activities 5,554 (47)

Financing Issuance of units 18,946 14,261 Redemption of units (25,082) (13,538)

Cash flows from financing activities (6,136) 723

Net change in cash (582) 676 Cash (Bank overdraft) at the beginning of the period 228 100

Cash (Bank overdraft) at the end of the period (354) 776

Interest received 1 1 Dividends received - -

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SSQ CONSERVATIVE STRATEGY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

48

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.37%) Optimum Canadian Bond Pooled Fund 27.64 2,650,234 28,767 28,103 SSQ OAM Treasury Fund, Class K 10.17 917,149 10,330 10,335 SSQ Fiera Capital Bond Fund, Class K 27.61 2,370,278 28,232 28,073 Jarislowsky Fraser Canadian Equity Fund 5.07 160,226 5,147 5,153 SSQ Triasima Canadian Equity Fund, Class K 10.05 622,988 9,413 10,218 SSQ Montrusco Bolton Canadian Equity Fund, Class K 5.08 450,134 4,524 5,163 SSQ Hillsdale U.S. Equity Fund, Class K 2.93 103,940 2,347 2,975 Hexavest All-Country World Index Fund 3.94 4,014 4,126 4,008 SSQ C WorldWide International Equity Fund, Class K 2.92 196,238 2,173 2,966 Fiera Global Equity Fund, Class A 4.96 264,820 4,133 5,043

TOTAL INVESTMENTS (100.37%) 99,192 102,037

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.37%) (374)

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 101,663

TOP HOLDINGS OF UNDERLYING FUNDS

Please refer to the page number references provided in the table on the next page.

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SSQ CONSERVATIVE STRATEGY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

49

Nature and extent of risks arising from financial instruments The SSQ Conservative Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ Conservative Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (65%) Funds Managers

Optimum Canadian Bond Pooled Fund (page 85)

Optimum Asset Management

SSQ OAM Treasury Fund, Class K (page 8)

Optimum Asset Management

SSQ Fiera Capital Bond Fund, Class K(page 15)

Fiera Capital Corporation

Canadian Equities (20%) Funds Managers

Jarislowsky Fraser Canadian Equity Fund (page 85)

Jarislowsky Fraser Ltd.

SSQ Triasima Canadian Equity Fund, Class K (page 142)

Triasima Inc. Portfolio Management

SSQ Montrusco Bolton Canadian Equity Fund, Class K (page 148)

Montrusco Bolton Investments

Foreign Equities (15%) Funds Managers

SSQ Hillsdale U.S. Equity Fund, Class K (page 164)

Hillsdale Investment Management

Hexavest All-Country World Index Fund (page 85)

Hexavest Asset Management

SSQ C WorldWide International Equity Fund, Class K (page 196)

C WorldWide Asset Management

Fiera Global Equity Fund, Class A (page 85)

Fiera Capital Corporation

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 102,037 - - 102,037Derivative Financial Instruments - - - -

Money Market - - - -Total 102,037 - - 102,037

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 105,547 - - 105,547Derivative Financial Instruments - - - -

Money Market - - - -Total 105,547 - - 105,547

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ BALANCED STRATEGY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

50

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 226,148 242,579 Cash 118 287 Receivable from investments sold - -Other accounts receivable - 1

Total assets 226,266 242,867

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 100 -Other accounts payable 115 136

Total liabilities 215 136

Net assets attributable to contractholders 226,051 242,731

Net asset value per unit Class A 12.80 12.60 Class B 12.64 12.49 Class C 12.87 12.65 Class E 12.87 12.65 Class F 12.81 12.61 Class G 12.74 12.56 Class I 13.47 13.06 Class J 13.47 13.06 Class L 12.14 11.77 Class N 12.87 12.65

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SSQ BALANCED STRATEGY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

51

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 2,729 1,060 Unrealized on investments 4,030 6,809 Distributed by the underlying fund 3 -

Total net gain (loss) 6,762 7,869 Interest for allocation purposes 1 1 Distribution from the underlying fund 1,133 1,038

7,896 8,908

Expenses Management fees (note 6) 3,085 3,158 Administrative fees 106 108 Transaction costs - 3

3,191 3,269

Increase (decrease) in net assets from operations attributable to contractholders 4,705 5,639

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.22 0.26 Class B 0.17 0.21 Class C 0.24 0.28 Class E 0.24 0.28 Class F 0.23 0.26 Class G 0.20 0.24 Class I 0.44 0.45 Class J 0.44 0.45 Class L 0.40 0.41 Class N 0.24 0.28

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SSQ BALANCED STRATEGY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

52

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 242,731 242,982

Unit transactions Issuance of units 38,747 26,141 Redemption of units (60,132) (27,162)

(21,385) (1,021)

Increase (decrease) in net assets from operations attributable to contractholders 4,705 5,639

Net assets attributable to contractholders at the end of the period 226,051 247,600

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 4,705 5,639

Items not affecting cash Net realized and unrealized gain (loss) on investments (6,759) (7,869) Distribution from the underlying fund (1,136) (1,038)

(3,190) (3,268)Investment transactions Purchases (5,264) (53,267) Disposals 29,590 57,694

24,326 4,427

Change in other operating assets and liabilities 80 68

Cash flows from operating activities 21,216 1,227

Financing Issuance of units 38,747 26,141 Redemption of units (60,132) (27,162)

Cash flows from financing activities (21,385) (1,021)

Net change in cash (169) 206 Cash (Bank overdraft) at the beginning of the period 287 415

Cash (Bank overdraft) at the end of the period 118 621

Interest received 1 1 Dividends received - -

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SSQ BALANCED STRATEGY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

53

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.04%) Optimum Canadian Bond Pooled Fund 20.11 4,287,030 46,432 45,460 SSQ OAM Treasury Fund, Class K 5.07 1,016,754 11,442 11,457SSQ Fiera Capital Bond Fund, Class K 20.09 3,835,490 44,595 45,426 Jarislowsky Fraser Canadian Equity Fund 7.07 496,784 15,574 15,977 Fiera Canadian Equity Small Cap Core Fund 5.07 49,493 8,980 11,456 SSQ Triasima Canadian Equity Fund, Class K 11.03 1,519,619 22,118 24,925 SSQ Montrusco Bolton Canadian Equity Fund, Class K 7.08 1,394,995 14,032 16,000 SSQ Hillsdale U.S. Equity Fund, Class K 3.94 311,031 6,895 8,903 Hexavest All-Country World Index Fund 5.90 13,370 13,789 13,349 SSQ C WorldWide International Equity Fund, Class K 3.87 578,448 6,306 8,743 Fiera Global Equity Fund, Class A 5.89 699,806 10,877 13,325 Lazard Global Small Cap Equity (Canada) Fund 4.92 405,942 9,497 11,127

TOTAL INVESTMENTS (100.04%) 210,537 226,148

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.04%) (97)

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 226,051

TOP HOLDINGS OF UNDERLYING FUNDS

Please refer to the page number references provided in the table on the next page.

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SSQ BALANCED STRATEGY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

54

Nature and extent of risks arising from financial instruments The SSQ Balanced Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ Balanced Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (45%) Funds Managers

Optimum Canadian Bond Pooled Fund (page 85)

Optimum Asset Management

SSQ OAM Treasury Fund, Class K (page 8)

Optimum Asset Management

SSQ Fiera Capital Bond Fund, Class K (page 15)

Fiera Capital Corporation

Canadian Equities (30%) Funds Managers

Jarislowsky Fraser Canadian Equity Fund (page 85)

Jarislowsky Fraser Ltd.

Fiera Canadian Equity Small Cap Core Fund (page 85)

Fiera Capital Corporation

SSQ Triasima Canadian Equity Fund, Class K (page 142)

Triasima Inc. Portfolio Management

SSQ Montrusco Bolton Canadian Equity Fund, Class K (page 148)

Montrusco Bolton Investments

Foreign Equities (25%) Funds Managers

SSQ Hillsdale U.S. Equity Fund, Class K (page 164)

Hillsdale Investment Management

Hexavest All-Country World Index Fund (page 85)

Hexavest Asset Management

SSQ C WorldWide International Equity Fund, Class K (page 196)

C WorldWide Asset Management

Fiera Global Equity Fund, Class A (page 85)

Fiera Capital Corporation

Lazard Global Small Cap Equity (Canada) Fund (page 85)

Lazard Asset Management

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 226,148 - - 226,148Derivative Financial Instruments - - - -

Money Market - - - -Total 226,148 - - 226,148

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 242,579 - - 242,579Derivative Financial Instruments - - - -

Money Market - - - -Total 242,579 - - 242,579

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

55

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 57,401 62,935 Cash - 325 Receivable from investments sold 100 -Other accounts receivable 2 1

Total assets 57,503 63,261

Liabilities Current liabilities Bank overdraft 40 -Payable for investments purchased - 91 Other accounts payable 47 64

Total liabilities 87 155

Net assets attributable to contractholders 57,416 63,106

Net asset value per unit Class A 14.61 14.33 Class B 14.47 14.22 Class C 14.73 14.41 Class E 14.73 14.41 Class F 14.64 14.34 Class G 14.52 14.26 Class I 15.43 14.88 Class J 15.51 14.95 Class L 12.54 12.10 Class N 14.73 14.41

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

56

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,327 72 Unrealized on investments 955 1,918 Distributed by the underlying fund 1 -

Total net gain (loss) 2,283 1,990 Distribution from the underlying fund 259 223

2,542 2,213

Expenses Management fees (note 6) 842 822 Administrative fees 28 28 Transaction costs 1 1

871 851

Increase (decrease) in net assets from operations attributable to contractholders 1,671 1,362

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.34 0.28 Class B 0.29 0.24 Class C 0.38 0.32 Class E 0.38 0.32 Class F 0.35 0.29 Class G 0.31 0.26 Class I 0.61 0.51 Class J 0.62 0.51 Class L 0.50 0.42 Class N 0.38 0.32

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

57

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 63,106 60,342

Unit transactions Issuance of units 10,329 4,549 Redemption of units (17,690) (5,646)

(7,361) (1,097)

Increase (decrease) in net assets from operations attributable to contractholders 1,671 1,362

Net assets attributable to contractholders at the end of the period 57,416 60,607

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,671 1,362

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,282) (1,990) Distribution from the underlying fund (260) (223)

(871) (851)Investment transactions Purchases (2,793) (13,061) Disposals 10,869 15,321

8,076 2,260

Change in other operating assets and liabilities (209) 26

Cash flows from operating activities 6,996 1,435

Financing Issuance of units 10,329 4,549 Redemption of units (17,690) (5,646)

Cash flows from financing activities (7,361) (1,097)

Net change in cash (365) 338 Cash (Bank overdraft) at the beginning of the period 325 33

Cash (Bank overdraft) at the end of the period (40) 371

Interest received - -Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

58

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.97%) Optimum Canadian Bond Pooled Fund 15.12 818,858 8,864 8,683 SSQ Fiera Capital Bond Fund, Class K 15.04 729,188 8,488 8,636 Jarislowsky Fraser Canadian Equity Fund 8.05 143,650 4,667 4,620 Fiera Canadian Equity Small Cap Core Fund 6.05 15,019 2,695 3,476 SSQ Triasima Canadian Equity Fund, Class K 13.06 457,266 6,551 7,500 SSQ Montrusco Bolton Canadian Equity Fund, Class K 8.04 402,321 4,071 4,615 SSQ Hillsdale U.S. Equity Fund, Class K 6.96 139,536 3,094 3,994 Hexavest All-Country World Index Fund 7.87 4,527 4,609 4,520 SSQ C WorldWide International Equity Fund, Class K 6.84 259,690 2,811 3,925 Fiera Global Equity Fund, Class A 6.90 208,130 3,254 3,963 Lazard Global Small Cap Equity (Canada) Fund 6.04 126,530 2,954 3,469

TOTAL INVESTMENTS (99.97%) 52,058 57,401

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.03%) 15

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 57,416

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page.

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

59

Nature and extent of risks arising from financial instruments The SSQ Growth Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ Growth Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (30%) Funds Managers

Optimum Canadian Bond Pooled Fund (page 85)

Optimum Asset Management

SSQ Fiera Capital Bond Fund, Class K (page 15)

Fiera Capital Corporation

Canadian Equities (35%) Funds Managers

Jarislowsky Fraser Canadian Equity Fund (page 85)

Jarislowsky Fraser Ltd.

Fiera Canadian Equity Small Cap Core Fund (page 85)

Fiera Capital Corporation

SSQ Triasima Canadian Equity Fund, Class K (page 142)

Triasima Inc. Portfolio Management

SSQ Montrusco Bolton Canadian Equity Fund, Class K (page 148)

Montrusco Bolton Investments

Foreign Equities (35%) Funds Managers

SSQ Hillsdale U.S. Equity Fund, Class K (page 164)

Hillsdale Investment Management

Hexavest All-Country World Index Fund (page 85)

Hexavest Asset Management

SSQ C WorldWide International Equity Fund, Class K (page 196)

C WorldWide Asset Management

Fiera Global Equity Fund, Class A (page 85)

Fiera Capital Corporation

Lazard Global Small Cap Equity (Canada) Fund (page 85)

Lazard Asset Management

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 57,401 - - 57,401Derivative Financial Instruments - - - -

Money Market - - - -Total 57,401 - - 57,401

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 62,935 - - 62,935Derivative Financial Instruments - - - -

Money Market - - - -Total 62,935 - - 62,935

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

60

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 30,939 30,000 Cash 141 242 Receivable from investments sold 20 -Other accounts receivable - -

Total assets 31,100 30,242

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 45 5 Other accounts payable 59 59

Total liabilities 104 64

Net assets attributable to contractholders 30,996 30,178

Net asset value per unit Class A 13.67 13.40 Class B 13.50 13.28 Class C 13.78 13.48 Class E 13.79 13.48 Class F 13.67 13.40 Class G 13.55 13.32 Class I 14.47 13.94 Class J 14.55 14.01 Class L 13.00 12.52 Class N 13.79 13.48

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

61

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 551 (91) Unrealized on investments 470 670

Total net gain (loss) 1,021 579Distribution from the underlying fund 113 84

1,134 663

Expenses Management fees (note 6) 375 357Administrative fees 12 12 Transaction costs - 1

387 370

Increase (decrease) in net assets from operations attributable to contractholders 747 293

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.27 0.08 Class B 0.21 0.03 Class C 0.30 0.11 Class E 0.31 0.11 Class F 0.27 0.08 Class G 0.23 0.05 Class I 0.53 0.30 Class J 0.54 0.30 Class L 0.47 0.27 Class N 0.31 0.11

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

62

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 30,178 29,310

Unit transactions Issuance of units 8,560 2,636 Redemption of units (8,489) (2,811)

71 (175)

Increase (decrease) in net assets from operations attributable to contractholders 747 293

Net assets attributable to contractholders at the end of the period 30,996 29,428

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 747 293

Items not affecting cash Net realized and unrealized gain (loss) on investments (1,021) (579) Distribution from the underlying fund (113) (84)

(387) (370)Investment transactions Purchases (5,280) (7,013) Disposals 5,475 7,808

195 795

Change in other operating assets and liabilities 20 23

Cash flows from operating activities (172) 448

Financing Issuance of units 8,560 2,636 Redemption of units (8,489) (2,811)

Cash flows from financing activities 71 (175)

Net change in cash (101) 273 Cash (Bank overdraft) at the beginning of the period 242 23

Cash (Bank overdraft) at the end of the period 141 296

Interest received - -Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

63

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.82%) Optimum Canadian Bond Pooled Fund 10.07 294,475 3,187 3,123 SSQ Fiera Capital Bond Fund, Class K 10.07 263,633 3,102 3,122 Jarislowsky Fraser Canadian Equity Fund 9.08 87,469 2,873 2,813 Fiera Canadian Equity Small Cap Core Fund 7.07 9,470 1,773 2,192 SSQ Triasima Canadian Equity Fund, Class K 15.04 284,293 4,419 4,663 SSQ Montrusco Bolton Canadian Equity Fund, Class K 9.06 244,740 2,507 2,807 SSQ Hillsdale U.S. Equity Fund, Class K 7.38 79,852 1,952 2,286 Hexavest All-Country World Index Fund 9.85 3,057 3,200 3,052 SSQ C WorldWide International Equity Fund, Class K 7.33 150,409 1,737 2,273 Fiera Global Equity Fund, Class A 7.93 129,049 2,047 2,457 Lazard Global Small Cap Equity (Canada) Fund 6.94 78,475 1,925 2,151

TOTAL INVESTMENTS (99.82%) 28,722 30,939

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.18%) 57

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 30,996

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page.

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

64

Nature and extent of risks arising from financial instruments The SSQ Aggressive Strategy Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ Aggressive Strategy Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (20%) Funds Managers

Optimum Canadian Bond Pooled Fund (page 85)

Optimum Asset Management

SSQ Fiera Capital Bond Fund, Class K (page 15)

Fiera Capital Corporation

Canadian Equities (40%) Funds Managers

Jarislowsky Fraser Canadian Equity Fund (page 85)

Jarislowsky Fraser Ltd.

Fiera Canadian Equity Small Cap Core Fund (page 85)

Fiera Capital Corporation

SSQ Triasima Canadian Equity Fund, Class K (page 142)

Triasima Inc. Portfolio Management

SSQ Montrusco Bolton Canadian Equity Fund, Class K (page 148)

Montrusco Bolton Investments

Foreign Equities (40%) Funds Managers

SSQ Hillsdale U.S. Equity Fund, Class K (page 164)

Hillsdale Investment Management

Hexavest All-Country World Index Fund (page 85)

Hexavest Asset Management

SSQ C WorldWide International Equity Fund, Class K (page 196)

C WorldWide Asset Management

Fiera Global Equity Fund, Class A (page 85)

Fiera Capital Corporation

Lazard Global Small Cap Equity (Canada) Fund (page 85) Lazard Asset Management

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30,2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 30,939 - - 30,939Derivative Financial Instruments - - - -

Money Market - - - -Total 30,939 - - 30,939

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 30,000 - - 30,000Derivative Financial Instruments - - - -

Money Market - - - -Total 30,000 - - 30,000

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

65

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 94,118 94,041 Cash - 526 Receivable from investments sold 120 -Other accounts receivable 12 -

Total assets 94,250 94,567

Liabilities Current liabilities Bank overdraft 174 -Payable for investments purchased 65 -Other accounts payable 39 42

Total liabilities 278 42

Net assets attributable to contractholders 93,972 94,525

Net asset value per unit Class A 12.42 12.19 Class B 12.24 12.06 Class C 12.47 12.22 Class E 12.47 12.22 Class F 12.43 12.19 Class G 12.38 12.16 Class I 13.05 12.62 Class J 13.11 12.67 Class N 12.47 12.22

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

66

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 313 152 Unrealized on investments 2,161 1,698 Distributed by the underlying fund 1 -

Total net gain (loss) 2,475 1,850 Distribution from the underlying fund 842 581

3,317 2,431

Expenses Management fees (note 6) 1,318 1,175 Administrative fees 46 41 Transaction costs - -

1,364 1,216

Increase (decrease) in net assets from operations attributable to contractholders 1,953 1,215

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.24 0.15 Class B 0.18 0.10 Class C 0.25 0.17 Class E 0.25 0.17 Class F 0.24 0.16 Class G 0.22 0.14 Class I 0.45 0.34 Class J 0.43 0.35 Class N 0.25 0.17

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

67

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 94,525 85,411

Unit transactions Issuance of units 21,487 17,765 Redemption of units (23,993) (16,132)

(2,506) 1,633

Increase (decrease) in net assets from operations attributable to contractholders 1,953 1,215

Net assets attributable to contractholders at the end of the period 93,972 88,259

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,953 1,215

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,474) (1,850) Distribution from the underlying fund (843) (581)

(1,364) (1,216)Investment transactions Purchases (10,384) (37,296) Disposals 13,624 36,270

3,240 (1,026)

Change in other operating assets and liabilities (70) 65

Cash flows from operating activities 1,806 (2,177)

Financing Issuance of units 21,487 17,765 Redemption of units (23,993) (16,132)

Cash flows from financing activities (2,506) 1,633

Net change in cash (700) (544)Cash (Bank overdraft) at the beginning of the period 526 405

Cash (Bank overdraft) at the end of the period (174) (139)

Interest received - -Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

68

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.16%) Signature Corporate Bond Fund, Serie I 8.10 694,823 7,650 7,615 Optimum Canadian Bond Pooled Fund 14.05 1,245,270 13,607 13,205 PIMCO Monthly Income Fund (Canada), Serie I 12.21 798,196 11,421 11,475 SSQ OAM Treasury Fund, Class K 10.07 839,829 9,468 9,464 SSQ Fiera Capital Bond Fund, Class K 16.03 1,271,786 15,041 15,063 Guardian Equity Income Fund, Serie I 8.01 405,103 6,971 7,527 Jarislowsky Fraser Canadian Equity Fund 6.03 176,348 5,564 5,671 SSQ Triasima Canadian Equity Fund, Class K 6.00 343,811 5,424 5,639 SSQ Hillsdale U.S. Equity Fund, Class K 4.01 131,460 3,100 3,763 SSQ C WorldWide International Equity Fund, Class K 3.88 240,947 2,826 3,642 Hexavest World Fund 5.88 5,544 5,830 5,521 TD Emerald Global Equity Shareholder Yield Pooled Fund Trust 5.89 385,988 5,205 5,533

TOTAL INVESTMENTS (100.16%) 92,107 94,118

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.16%) (146)

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 93,972

TOP HOLDINGS OF UNDERLYING FUNDS

Please refer to the page number references provided in the table on the next page.

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

69

Nature and extent of risks arising from financial instruments The SSQ Celestia Conservative Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ Celestia Conservative Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (60%) Funds Managers

Signature Corporate Bond Fund, Serie I (page 85)

CI Investment

Optimum Canadian Bond Pooled Fund (page 85)

Optimum Asset Management

PIMCO Monthly Income Fund (Canada), Serie I (page 85)

PIMCO Canada

SSQ OAM Treasury Fund, Class K (page 8)

Optimum Asset Management

SSQ Fiera Capital Bond Fund, Class K (page 15)

Fiera Capital Corporation

Canadian Equities (20%) Funds Managers

Guardian Equity Income Fund, Serie I (page 85)

Guardian Capital LP

Jarislowsky Fraser Canadian Equity Fund (page 85)

Jarislowsky Fraser Ltd.

SSQ Triasima Canadian Equity Fund, Class K (page 142)

Triasima Inc. Portfolio Management

Foreign Equities (20%) Funds Managers

SSQ Hillsdale U.S. Equity Fund, Class K (page 164)

Hillsdale Investment Management

SSQ C WorldWide International Equity Fund, Class K (page 196)

C WorldWide Asset Management

Hexavest World Fund (page 85)

Hexavest Asset Management

TD Emerald Global Equity Shareholder Yield Pooled Fund Trust (page 85)

TD Asset Management

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 94,118 - - 94,118Derivative Financial Instruments - - - -

Money Market - - - -Total 94,118 - - 94,118

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 94,041 - - 94,041Derivative Financial Instruments - - - -

Money Market - - - -Total 94,041 - - 94,041

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

70

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 145,093 156,233 Cash 335 276Receivable from investments sold 150 -Other accounts receivable 2 -

Total assets 145,580 156,509

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - 165 Other accounts payable 72 85

Total liabilities 72 250

Net assets attributable to contractholders 145,508 156,259

Net asset value per unit Class A 12.81 12.54 Class B 12.67 12.44 Class C 12.90 12.60 Class E 12.91 12.60 Class F 12.84 12.56 Class G 12.75 12.50 Class I 13.53 13.02 Class J 13.60 13.10 Class N 12.90 12.60

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

71

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,726 (1,409) Unrealized on investments 3,248 4,476 Distributed by the underlying fund 5 -

Total net gain (loss) 4,979 3,067 Interest for allocation purposes 1 1 Distribution from the underlying fund 1,246 975

6,226 4,043

Expenses Management fees (note 6) 2,322 2,136 Administrative fees 78 71 Transaction costs - -

2,400 2,207

Increase (decrease) in net assets from operations attributable to contractholders 3,826 1,836

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.30 0.14 Class B 0.25 0.10 Class C 0.33 0.17 Class E 0.33 0.17 Class F 0.31 0.15 Class G 0.28 0.12 Class I 0.54 0.34 Class J 0.53 0.34 Class N 0.33 0.17

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

72

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 156,259 143,134

Unit transactions Issuance of units 29,216 20,172 Redemption of units (43,793) (16,285)

(14,577) 3,887

Increase (decrease) in net assets from operations attributable to contractholders 3,826 1,836

Net assets attributable to contractholders at the end of the period 145,508 148,857

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 3,826 1,836

Items not affecting cash Net realized and unrealized gain (loss) on investments (4,974) (3,067) Distribution from the underlying fund (1,251) (975)

(2,399) (2,206)Investment transactions Purchases (12,160) (54,193) Disposals 29,525 51,926

17,365 (2,267)

Change in other operating assets and liabilities (330) (603)

Cash flows from operating activities 14,636 (5,076)

Financing Issuance of units 29,216 20,172 Redemption of units (43,793) (16,285)

Cash flows from financing activities (14,577) 3,887

Net change in cash 59 (1,189)Cash (Bank overdraft) at the beginning of the period 276 1,156

Cash (Bank overdraft) at the end of the period 335 (33)

Interest received 1 1 Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

73

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.71%) Signature Corporate Bond Fund, Serie I 6.57 871,935 9,600 9,556 Optimum Canadian Bond Pooled Fund 8.07 1,107,542 12,103 11,744 PIMCO Monthly Income Fund (Canada), Serie I 10.12 1,023,876 14,654 14,720 SSQ OAM Treasury Fund, Class K 5.08 656,060 7,407 7,393 SSQ Fiera Capital Bond Fund, Class K 10.53 1,293,798 15,186 15,323 Guardian Equity Income Fund, Serie I 12.01 940,566 16,120 17,476 Jarislowsky Fraser Canadian Equity Fund 9.04 409,126 12,981 13,158 SSQ Triasima Canadian Equity Fund, Class K 8.94 793,550 12,201 13,016 SSQ Hillsdale U.S. Equity Fund, Class K 3.90 198,423 4,601 5,680 SSQ C WorldWide International Equity Fund, Class K 3.89 374,567 4,183 5,661 Hexavest World Fund 5.87 8,573 8,988 8,537 TD Emerald Global Equity Shareholder Yield Pooled Fund Trust 5.88 597,119 8,043 8,559 Lazard Global Listed Infrastructure (Canada) Fund 4.90 313,748 5,418 7,124 SSQ Morgan Stanley Real Estate Fund, Class K 4.91 444,839 6,056 7,146

TOTAL INVESTMENTS (99.71%) 137,542 145,093

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.29%) 415

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 145,508

TOP HOLDINGS OF UNDERLYING FUNDS

Please refer to the page number references provided in the table on the next page.

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SSQ CELESTIA BALANCED FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

74

Nature and extent of risks arising from financial instruments The SSQ Celestia Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ Celestia Balanced Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (40%) Funds Managers

Signature Corporate Bond Fund, Serie I (page 85)

CI Investment

Optimum Canadian Bond Pooled Fund (page 85)

Optimum Asset Management

PIMCO Monthly Income Fund (Canada), Serie I (page 85)

PIMCO Canada

SSQ OAM Treasury Fund, Class K (page 8)

Optimum Asset Management

SSQ Fiera Capital Bond Fund, Class K (page 15)

Fiera Capital Corporation

Canadian Equities (30%) Funds Managers

Guardian Equity Income Fund, Serie I (page 85)

Guardian Capital LP

Jarislowsky Fraser Canadian Equity Fund (page 85)

Jarislowsky Fraser Ltd.

SSQ Triasima Canadian Equity Fund, Class K (page 142)

Triasima Inc. Portfolio Management

Foreign Equities (20%) Funds Managers

SSQ Hillsdale U.S. Equity Fund, Class K (page 164)

Hillsdale Investment Management

SSQ C WorldWide International Equity Fund, Class K (page 196)

C WorldWide Asset Management

Hexavest World Fund (page 85)

Hexavest Asset Management

TD Emerald Global Equity Shareholder Yield Pooled Fund Trust (page 85)

TD Asset Management

Specialty Funds (10%) Funds Managers

Lazard Global Listed Infrastructure (Canada) Fund (page 85)

Lazard Asset Management

SSQ Morgan Stanley Global Real Estate Fund, Class K (page 250)

Morgan Stanley Investment Management

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 145,093 - - 145,093Derivative Financial Instruments - - - -

Money Market - - - -Total 145,093 - - 145,093

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 156,233 - - 156,233Derivative Financial Instruments - - - -

Money Market - - - -Total 156,233 - - 156,233

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ CELESTIA GROWTH FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

75

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 55,994 62,669 Cash 376 48 Receivable from investments sold 50 -Other accounts receivable - -

Total assets 56,420 62,717

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 50 -Other accounts payable 60 75

Total liabilities 110 75

Net assets attributable to contractholders 56,310 62,642

Net asset value per unit Class A 13.42 13.12 Class B 13.28 13.03 Class C 13.53 13.20 Class E 13.54 13.20 Class F 13.44 13.13 Class G 13.33 13.06 Class I 14.20 13.65 Class J 14.29 13.74 Class N 13.53 13.20

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SSQ CELESTIA GROWTH FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

76

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,019 (597) Unrealized on investments 1,122 1,642 Distributed by the underlying fund 1 -

Total net gain (loss) 2,142 1,045 Distribution from the underlying fund 503 342

2,645 1,387

Expenses Management fees (note 6) 924 848 Administrative fees 31 28 Transaction costs - -

955 876

Increase (decrease) in net assets from operations attributable to contractholders 1,690 511

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.34 0.09 Class B 0.30 0.05 Class C 0.38 0.12 Class E 0.38 0.12 Class F 0.35 0.09 Class G 0.32 0.06 Class I 0.60 0.30 Class J 0.60 0.30 Class N 0.38 0.12

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SSQ CELESTIA GROWTH FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

77

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 62,642 57,740

Unit transactions Issuance of units 13,815 9,008 Redemption of units (21,837) (7,698)

(8,022) 1,310

Increase (decrease) in net assets from operations attributable to contractholders 1,690 511

Net assets attributable to contractholders at the end of the period 56,310 59,561

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,690 511

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,141) (1,045) Distribution from the underlying fund (504) (342)

(955) (876)Investment transactions Purchases (4,267) (24,517) Disposals 13,587 23,604

9,320 (913)

Change in other operating assets and liabilities (15) (518)

Cash flows from operating activities 8,350 (2,307)

Financing Issuance of units 13,815 9,008 Redemption of units (21,837) (7,698)

Cash flows from financing activities (8,022) 1,310

Net change in cash 328 (997)Cash (Bank overdraft) at the beginning of the period 48 695

Cash (Bank overdraft) at the end of the period 376 (302)

Interest received - -Dividends received - -

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SSQ CELESTIA GROWTH FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

78

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.44%) Signature Corporate Bond Fund, Serie I 5.04 258,856 2,850 2,837 Optimum Canadian Bond Pooled Fund 5.52 293,399 3,203 3,111 PIMCO Monthly Income Fund (Canada), Serie I 7.11 278,437 3,991 4,003 SSQ Fiera Capital Bond Fund, Class K 7.51 357,197 4,181 4,231 Guardian Equity Income Fund, Serie I 15.49 469,318 8,049 8,720 Jarislowsky Fraser Canadian Equity Fund 11.01 192,777 6,068 6,200 SSQ Triasima Canadian Equity Fund, Class K 11.01 377,887 5,844 6,198 SSQ Hillsdale U.S. Equity Fund, Class K 4.37 85,970 1,963 2,461 SSQ C WorldWide International Equity Fund, Class K 4.39 163,625 1,824 2,473 Hexavest World Fund 7.89 4,460 4,685 4,441TD Emerald Global Equity Shareholder Yield Pooled Fund Trust 8.30 326,111 4,391 4,674 Lazard Global Listed Infrastructure (Canada) Fund 5.89 146,074 2,476 3,317 SSQ Morgan Stanley Real Estate Fund, Class K 5.91 207,159 2,802 3,328

TOTAL INVESTMENTS (99.44%) 52,327 55,994

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.56%) 316

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 56,310

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page.

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SSQ CELESTIA GROWTH FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

79

Nature and extent of risks arising from financial instruments The SSQ Celestia Growth Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ Celestia Growth Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (25%) Funds Managers

Signature Corporate Bond Fund, Serie I (page 85)

CI Investment

Optimum Canadian Bond Pooled Fund (page 85)

Optimum Asset Management

PIMCO Monthly Income Fund (Canada), Serie I (page 85)

PIMCO Canada

SSQ Fiera Capital Bond Fund, Class K (page 15)

Fiera Capital Corporation

Canadian Equities (37.5%) Funds Managers

Guardian Equity Income Fund, Serie I (page 85)

Guardian Capital LP

Jarislowsky Fraser Canadian Equity Fund (page 85)

Jarislowsky Fraser Ltd.

SSQ Triasima Canadian Equity Fund, Class K (page 142)

Triasima Inc. Portfolio Management

Foreign Equities (25.5%) Funds Managers

SSQ Hillsdale U.S. Equity Fund, Class K (page 164)

Hillsdale Investment Management

SSQ C WorldWide International Equity Fund, Class K (page 196)

C WorldWide Asset Management

Hexavest World Fund (page 85)

Hexavest Asset Management

TD Emerald Global Equity Shareholder Yield Pooled Fund Trust (page 85)

TD Asset Management

Specialty Funds (12%) Funds Managers

Lazard Global Listed Infrastructure (Canada) Fund (page 85)

Lazard Asset Management

SSQ Morgan Stanley Global Real Estate Fund, Class K (page 250)

Morgan Stanley Investment Management

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 55,994 - - 55,994Derivative Financial Instruments - - - -

Money Market - - - -Total 55,994 - - 55,994

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 62,669 - - 62,669Derivative Financial Instruments - - - -

Money Market - - - -Total 62,669 - - 62,669

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ CELESTIA AGGRESSIVE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

80

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 37,783 37,877 Cash - 187 Receivable from investments sold 50 -Other accounts receivable - -

Total assets 37,833 38,064

Liabilities Current liabilities Bank overdraft 7 -Payable for investments purchased 40 -Other accounts payable 58 60

Total liabilities 105 60

Net assets attributable to contractholders 37,728 38,004

Net asset value per unit Class A 13.50 13.18 Class B 13.33 13.06 Class C 13.61 13.25 Class D 13.33 13.06 Class E 13.62 13.26 Class F 13.48 13.17 Class G 13.32 13.06 Class H 13.16 12.95 Class I 14.28 13.71 Class J 14.40 13.82 Class N 13.61 13.25

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SSQ CELESTIA AGGRESSIVE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

81

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 607 (601) Unrealized on investments 662 1,041

Total net gain (loss) 1,269 440Distribution from the underlying fund 296 173

1,565 613

Expenses Management fees (note 6) 616 606 Administrative fees 19 18 Transaction costs - -

635 624

Increase (decrease) in net assets from operations attributable to contractholders 930 (11)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.32 (0.01)Class B 0.26 (0.06)Class C 0.35 0.02 Class D 0.26 (0.06)Class E 0.36 0.02 Class F 0.31 (0.01)Class G 0.26 (0.06)Class H 0.21 (0.10)Class I 0.58 0.20 Class J 0.58 0.20 Class N 0.35 0.02

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SSQ CELESTIA AGGRESSIVE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

82

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 38,004 40,400

Unit transactions Issuance of units 11,139 2,780 Redemption of units (12,345) (5,280)

(1,206) (2,500)

Increase (decrease) in net assets from operations attributable to contractholders 930 (11)

Net assets attributable to contractholders at the end of the period 37,728 37,889

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 930 (11)

Items not affecting cash Net realized and unrealized gain (loss) on investments (1,269) (440) Distribution from the underlying fund (296) (173)

(635) (624)Investment transactions Purchases (3,605) (14,322) Disposals 5,264 17,424

1,659 3,102

Change in other operating assets and liabilities (12) (151)

Cash flows from operating activities 1,012 2,327

Financing Issuance of units 11,139 2,780 Redemption of units (12,345) (5,280)

Cash flows from financing activities (1,206) (2,500)

Net change in cash (194) (173)Cash (Bank overdraft) at the beginning of the period 187 63

Cash (Bank overdraft) at the end of the period (7) (110)

Interest received - -Dividends received - -

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SSQ CELESTIA AGGRESSIVE FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

83

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (100.15%) PIMCO Monthly Income Fund (Canada), Serie I 5.12 134,402 1,925 1,932 SSQ Fiera Capital Bond Fund, Class K 4.99 158,808 1,872 1,881 Guardian Equity Income Fund, Serie I 18.12 367,908 6,377 6,836 Jarislowsky Fraser Canadian Equity Fund 13.63 159,871 5,048 5,141SSQ Triasima Canadian Equity Fund, Class K 13.61 313,108 4,870 5,136 SSQ Hillsdale U.S. Equity Fund, Class K 5.93 78,126 1,771 2,236 SSQ C WorldWide International Equity Fund, Class K 5.91 147,520 1,590 2,230 Hexavest World Fund 8.91 3,376 3,530 3,362 TD Emerald Global Equity Shareholder Yield Pooled Fund Trust 9.95 262,024 3,570 3,756 Lazard Global Listed Infrastructure (Canada) Fund 6.95 115,489 1,948 2,622 SSQ Morgan Stanley Real Estate Fund, Class K 7.03 165,032 2,213 2,651

TOTAL INVESTMENTS (100.15%) 34,714 37,783

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.15%) (55)

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 37,728

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page.

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SSQ CELESTIA AGGRESSIVE FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

84

Nature and extent of risks arising from financial instruments The SSQ Celestia Aggressive Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ Celestia Aggressive Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (10%) Funds Managers

PIMCO Monthly Income Fund (Canada), Serie I (page 85)

PIMCO Canada

SSQ Fiera Capital Bond Fund, Class K (page 15)

Fiera Capital Corporation

Canadian Equities (45%) Funds Managers

Guardian Equity Income Fund, Serie I (page 85)

Guardian Capital LP

Jarislowsky Fraser Canadian Equity Fund (page 85)

Jarislowsky Fraser Ltd.

SSQ Triasima Canadian Equity Fund, Class K (page 142)

Triasima Inc. Portfolio Management

Foreign Equities (31%) Funds Managers

SSQ Hillsdale U.S. Equity Fund, Class K (page 164)

Hillsdale Investment Management

SSQ C WorldWide International Equity Fund, Class K (page 196)

C WorldWide Asset Management

Hexavest World Fund (page 85)

Hexavest Asset Management

TD Emerald Global Equity Shareholder Yield Pooled Fund Trust (page 85)

TD Asset Management

Specialty Funds (14%) Funds Managers

Lazard Global Listed Infrastructure (Canada) Fund (page 85)

Lazard Asset Management

SSQ Morgan Stanley Global Real Estate Fund, Class K (page 250)

Morgan Stanley Investment Management

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 37,783 - - 37,783Derivative Financial Instruments - - - -

Money Market - - - -Total 37,783 - - 37,783

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 37,877 - - 37,877Derivative Financial Instruments - - - -

Money Market - - - -Total 37,877 - - 37,877

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ STRATEGY & CELESTIA FUNDS

TOP HOLDINGS OF UNDERLYING FUNDS (unaudited) As at June 30, 2017

85

TOP HOLDINGS OF UNDERLYING FUND

Fiera Canadian Equity Small Cap Core Fund %Tricon Capital Group Inc. 3.69Intertape Polymer Group Inc. 3.30New Flyer Industries Inc. 3.14Badger Daylighting Ltd. 3.09Sleep Country Canada 3.08

TOP HOLDINGS OF UNDERLYING FUND Fiera Global Equity Fund, Class A %Moody's Corp. 5.05Keyence Corp. 4.50Johnson & Johnson 4.34Becton Dickinson and Co. 3.89MasterCard Inc., Class A 3.85

TOP HOLDINGS OF UNDERLYING FUND

Guardian Equity Income Fund, Serie I %The Toronto-Dominion Bank 5.52Bank of Nova Scotia 5.21Royal Bank of Canada 4.66TransCanada Corp. 4.58Pembina Pipeline Corp. 4.40

TOP HOLDINGS OF UNDERLYING FUND Hexavest All-Country World Index Fund %Apple Inc. 2.39Johnson & Johnson 1.68Pfizer Inc. 1.52Mitsubishi UFJ Financial Group Inc. 1.41AT&T Inc. 1.28

TOP HOLDINGS OF UNDERLYING FUND

Hexavest World Fund %Apple Inc. 2.79Johnson & Johnson 1.95Pfizer Inc. 1.76AT&T Inc. 1.49Verizon Communications Inc. 1.48

TOP HOLDINGS OF UNDERLYING FUND Jarislowsky Fraser Canadian Equity Fund %The Toronto-Dominion Bank 8.36Royal Bank of Canada 7.06Jarislowsky Fraser Special Equity Fund 6.70Bank of Nova Scotia 6.48Enbridge Inc. 5.66

TOP HOLDINGS OF UNDERLYING FUND

Lazard Global Listed Infrastructure (Canada) Fund %Abertis Infraestructuras SA 8.38Atlantia SpA 7.97Terna Rete Elettrica Nazionale SpA 7.92Vinci SA 7.74Snam SpA 7.72

TOP HOLDINGS OF UNDERLYING FUND

Lazard Global Small Cap Equity (Canada) Fund %RPC Group PLC 1.86TechnoPro Holdings Inc. 1.73Aalberts Industries NV 1.66Intertape Polymer Group Inc. 1.51Innospec Inc. 1.50

TOP HOLDINGS OF UNDERLYING FUND Optimum Canadian Bond Pooled Fund %Province of Quebec, 8.50%, 04-01-2026 9.44Government of Canada, 3.50%, 12-01-2045 5.36Province of Ontario, 6.50%, 03-08-2029 3.31Government of Canada, 5.00%, 06-01-2037 2.60Hydro-Québec, 1.04%, 12-01-2019 2.20

TOP HOLDINGS OF UNDERLYING FUND

PIMCO Monthly Income Fund (Canada), Serie I %United States Treasury, 2.13%, 02-29-2024 2.96Government of Japan, Treasury Bill, (0.11%), 09-19-2017 2.89United States Treasury, 2.25%, 12-31-2023 2.53Government of Canada, Treasury Bill, 0.57%, 11-16-2017 2.32Energy Future Intermediate Holding Co LCC, Bank Loan 1.67

TOP HOLDINGS OF UNDERLYING FUND Signature Corporate Bonds, Serie I %Harvest Operations Corp. 0.82Royal Bank of Scotland Group PLC 0.72Credit Suisse Group AG 0.72GMAC Capital Trust I 0.62Lloyds Banking Group PLC 0.62

TOP HOLDINGS OF UNDERLYING FUND TD Emerald Global Equity Shareholder Yield Pooled Fund Trust %BCE Inc. 1.93Welltower Inc. 1.90Vodafone Group PLC 1.90PPL Corp. 1.84Imperial Brands PLC 1.80

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SSQ BLACKROCK CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

86

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 17,328 17,758 Cash 200 29 Receivable from investments sold 30 -Other accounts receivable - 22

Total assets 17,558 17,809

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 90 -Other accounts payable 11 10

Total liabilities 101 10

Net assets attributable to contractholders 17,457 17,799

Net asset value per unit Class A 12.75 12.56 Class B 12.57 12.43 Class C 12.81 12.60 Class E 12.80 12.59 Class F 12.76 12.57 Class G 12.71 12.53 Class I 13.38 13.01 Class J 13.38 13.00 Class N 12.80 12.59

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SSQ BLACKROCK CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

87

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 237 (56) Unrealized on investments 1 393 Distributed by the underlying fund 58 55

Total net gain (loss) 296 392 Dividends 59 64 Distribution from the underlying fund 180 179

535 635

Expenses Management fees (note 6) 227 214 Administrative fees 10 8 Transaction costs - 1

237 223

Increase (decrease) in net assets from operations attributable to contractholders 298 412

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.20 0.29 Class B 0.15 0.23 Class C 0.22 0.30 Class E 0.22 0.30 Class F 0.21 0.29 Class G 0.19 0.27 Class I 0.40 0.53 Class J 0.39 0.46 Class N 0.22 0.30

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SSQ BLACKROCK CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

88

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 17,799 17,182

Unit transactions Issuance of units 4,915 1,664 Redemption of units (5,555) (1,791)

(640) (127)

Increase (decrease) in net assets from operations attributable to contractholders 298 412

Net assets attributable to contractholders at the end of the period 17,457 17,467

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 298 412

Items not affecting cash Net realized and unrealized gain (loss) on investments (238) (337) Distribution from the underlying fund (238) (234)

(178) (159)Investment transactions Purchases (1,607) (1,972) Disposals 2,513 2,348

906 376

Change in other operating assets and liabilities 83 1,127

Cash flows from operating activities 811 1,344

Financing Issuance of units 4,915 1,664 Redemption of units (5,555) (1,791)

Cash flows from financing activities (640) (127)

Net change in cash 171 1,217 Cash (Bank overdraft) at the beginning of the period 29 (8)

Cash (Bank overdraft) at the end of the period 200 1,209

Interest received - -Dividends received 81 105

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SSQ BLACKROCK CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

89

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.26%) BlackRock Canada Universe Bond Index Fund, Class D 64.60 413,572 11,238 11,276 iShares Canadian Fundamental Index Fund 12.86 151,997 1,931 2,245iShares US Fundamental Index Fund 7.90 41,935 871 1,380iShares International Fundamental Index Fund 7.90 70,665 1,047 1,380BlackRock CDN MSCI Emerging Markets Index Fund, Class D 6.00 81,688 884 1,047

TOTAL INVESTMENTS (99.26%) 15,971 17,328

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.74%) 129

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 17,457

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page.

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SSQ BLACKROCK CONSERVATIVE FUNDAMENTAL PORTFOLIO FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

90

Nature and extent of risks arising from financial instruments The SSQ BlackRock Conservative Fundamental Portfolio Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ BlackRock Conservative Fundamental Portfolio Fund is a segregated fund that invests in underlying funds to respect the following asset allocation strategy: Bonds (65%) Funds Manager

BlackRock Canada Universe Bond Index Fund, Class D (page 106)

BlackRock Asset Management

Canadian Equities (13%) Funds Manager

iShares Canadian Fundamental Index Fund (page 106)

BlackRock Asset Management

Foreign Equities (22%) Funds Manager

iShares US Fundamental Index Fund (page 106)

BlackRock Asset Management iShares International Fundamental Index Fund (page 106) BlackRock CDN MSCI Emerging Markets Index Fund, Class D (page 106)

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds 5,005 - - 5,005

Investment Funds 12,323 - - 12,323Derivative Financial Instruments - - - -

Money Market - - - -Total 17,328 - - 17,328

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds 5,086 - - 5,086

Investment Funds 12,672 - - 12,672Derivative Financial Instruments - - - -

Money Market - - - -Total 17,758 - - 17,758

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

91

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 40,866 44,637 Cash 321 101 Receivable from investments sold 65 -Other accounts receivable 10 100

Total assets 41,262 44,838

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 130 -Other accounts payable 42 46

Total liabilities 172 46

Net assets attributable to contractholders 41,090 44,792

Net asset value per unit Class A 13.59 13.35 Class B 13.44 13.25 Class C 13.69 13.42 Class E 13.70 13.42 Class F 13.64 13.38 Class G 13.53 13.31 Class I 14.24 13.79 Class J 14.32 13.87 Class N 13.69 13.42

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

92

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,220 (293) Unrealized on investments (356) 1,096 Distributed by the underlying fund 120 90

Total net gain (loss) 984 893 Dividends 251 284 Distribution from the underlying fund 319 295

1,554 1,472

Expenses Management fees (note 6) 563 539 Administrative fees 22 22 Transaction costs 5 4

590 565

Increase (decrease) in net assets from operations attributable to contractholders 964 907

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.28 0.24 Class B 0.23 0.20 Class C 0.31 0.27 Class E 0.31 0.27 Class F 0.29 0.25 Class G 0.26 0.22 Class I 0.49 0.41 Class J 0.48 0.42 Class N 0.31 0.26

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

93

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 44,792 45,915

Unit transactions Issuance of units 11,268 2,665Redemption of units (15,934) (5,066)

(4,666) (2,401)

Increase (decrease) in net assets from operations attributable to contractholders 964 907

Net assets attributable to contractholders at the end of the period 41,090 44,421

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 964 907

Items not affecting cash Net realized and unrealized gain (loss) on investments (864) (803) Distribution from the underlying fund (439) (385)

(339) (281)Investment transactions Purchases (2,500) (6,758) Disposals 7,574 9,384

5,074 2,626

Change in other operating assets and liabilities 151 4,991

Cash flows from operating activities 4,886 7,336

Financing Issuance of units 11,268 2,665Redemption of units (15,934) (5,066)

Cash flows from financing activities (4,666) (2,401)

Net change in cash 220 4,935 Cash (Bank overdraft) at the beginning of the period 101 (94)

Cash (Bank overdraft) at the end of the period 321 4,841

Interest received - -Dividends received 349 472

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

94

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.45%) BlackRock Canada Universe Bond Index Fund, Class D 39.92 601,607 16,230 16,403 iShares Canadian Fundamental Index Fund 21.84 607,602 7,585 8,974iShares US Fundamental Index Fund 13.92 169,670 3,341 5,718iShares International Fundamental Index Fund 13.82 290,808 4,066 5,680BlackRock CDN MSCI Emerging Markets Index Fund, Class D 9.95 319,267 3,421 4,091

TOTAL INVESTMENTS (99.45%) 36,643 40,866

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.55%) 224

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 41,090

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page.

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

95

Nature and extent of risks arising from financial instruments The SSQ BlackRock Balanced Fundamental Portfolio Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ BlackRock Balanced Fundamental Portfolio Fund is a segregated fund that invests in underlying funds to respect the following asset allocation strategy: Bonds (40%) Funds Manager

BlackRock Canada Universe Bond Index Fund, Class D (page 106)

BlackRock Asset Management

Canadian Equities (22%) Funds Manager

iShares Canadian Fundamental Index Fund (page 106)

BlackRock Asset Management

Foreign Equities (38%) Funds Manager

iShares US Fundamental Index Fund (page 106)

BlackRock Asset Management iShares International Fundamental Index Fund (page 106) BlackRock CDN MSCI Emerging Markets Index Fund, Class D (page 106)

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds 20,372 - - 20,372

Investment Funds 20,494 - - 20,494Derivative Financial Instruments - - - -

Money Market - - - -Total 40,866 - - 40,866

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds 22,113 - - 22,113

Investment Funds 22,524 - - 22,524Derivative Financial Instruments - - - -

Money Market - - - -Total 44,637 - - 44,637

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

96

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 20,315 23,307 Cash 87 45 Receivable from investments sold 80 -Other accounts receivable 20 63

Total assets 20,502 23,415

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - -Other accounts payable 26 32

Total liabilities 26 32

Net assets attributable to contractholders 20,476 23,383

Net asset value per unit Class A 13.93 13.70 Class B 13.79 13.60 Class C 14.05 13.77 Class E 14.06 13.78 Class F 13.97 13.72 Class G 13.84 13.63 Class I 14.58 14.15 Class J 14.70 14.25 Class N 14.04 13.77

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

97

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 935 (132) Unrealized on investments (455) 512 Distributed by the underlying fund 54 34

Total net gain (loss) 534 414 Dividends 154 173 Distribution from the underlying fund 133 110

821 697

Expenses Management fees (note 6) 283 264 Administrative fees 12 11 Transaction costs 4 2

299 277

Increase (decrease) in net assets from operations attributable to contractholders 522 420

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.29 0.21 Class B 0.24 0.17 Class C 0.33 0.24 Class E 0.33 0.25 Class F 0.31 0.23 Class G 0.26 0.19 Class I 0.51 0.39 Class J 0.51 0.40 Class N 0.33 0.24

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

98

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 23,383 22,924

Unit transactions Issuance of units 4,687 1,208 Redemption of units (8,116) (2,201)

(3,429) (993)

Increase (decrease) in net assets from operations attributable to contractholders 522 420

Net assets attributable to contractholders at the end of the period 20,476 22,351

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 522 420

Items not affecting cash Net realized and unrealized gain (loss) on investments (480) (380) Distribution from the underlying fund (187) (144)

(145) (104)Investment transactions Purchases (1,328) (3,456) Disposals 4,987 4,532

3,659 1,076

Change in other operating assets and liabilities (43) 2,508

Cash flows from operating activities 3,471 3,480

Financing Issuance of units 4,687 1,208 Redemption of units (8,116) (2,201)

Cash flows from financing activities (3,429) (993)

Net change in cash 42 2,487 Cash (Bank overdraft) at the beginning of the period 45 24

Cash (Bank overdraft) at the end of the period 87 2,511

Interest received - -Dividends received 216 286

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

99

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.21%) BlackRock Canada Universe Bond Index Fund, Class D 29.86 224,240 6,065 6,114 iShares Canadian Fundamental Index Fund 25.78 357,300 4,456 5,278iShares US Fundamental Index Fund 16.84 102,324 2,019 3,448iShares International Fundamental Index Fund 16.82 176,410 2,478 3,445BlackRock CDN MSCI Emerging Markets Index Fund, Class D 9.91 158,462 1,698 2,030

TOTAL INVESTMENTS (99.21%) 16,716 20,315

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.79%) 161

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 20,476

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page.

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

100

Nature and extent of risks arising from financial instruments The SSQ BlackRock Growth Fundamental Portfolio Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ BlackRock Growth Fundamental Portfolio Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (30%) Funds Manager

BlackRock Canada Universe Bond Index Fund, Class D (page 106)

BlackRock Asset Management

Canadian Equities (26%) Funds Manager

iShares Canadian Fundamental Index Funds (page 106)

BlackRock Asset Management

Foreign Equities (44%) Funds Manager

iShares US Fundamental Index Fund (page 106)

BlackRock Asset Management iShares International Fundamental Index Fund (page 106) BlackRock CDN MSCI Emerging Markets Index Fund, Class D (page 106)

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds 12,171 - - 12,171

Investment Funds 8,144 - - 8,144Derivative Financial Instruments - - - -

Money Market - - - -Total 20,315 - - 20,315

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds 13,876 - - 13,876

Investment Funds 9,431 - - 9,431Derivative Financial Instruments - - - -

Money Market - - - -Total 23,307 - - 23,307

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ BLACKROCK AGGRESSIVE FUNDAMENTAL PORTFOLIO FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

101

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 14,465 17,047 Cash 61 -Receivable from investments sold 25 -Other accounts receivable - 53

Total assets 14,551 17,100

Liabilities Current liabilities Bank overdraft - 18 Payable for investments purchased 25 -Other accounts payable 30 33

Total liabilities 55 51

Net assets attributable to contractholders 14,496 17,049

Net asset value per unit Class A 14.39 14.10 Class B 14.21 13.98 Class C 14.52 14.18 Class E 14.51 14.18 Class F 14.37 14.08 Class G 14.20 13.97 Class I 15.20 14.68 Class J 15.20 14.68 Class N 14.51 14.18

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

102

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 874 (111) Unrealized on investments (468) 349 Distributed by the underlying fund 36 16

Total net gain (loss) 442 254 Dividends 125 142 Distribution from the underlying fund 78 52

645 448

Expenses Management fees (note 6) 214 205 Administrative fees 8 8 Transaction costs 3 2

225 215

Increase (decrease) in net assets from operations attributable to contractholders 420 233

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.34 0.17 Class B 0.29 0.12 Class C 0.39 0.20 Class E 0.39 0.20 Class F 0.34 0.16 Class G 0.28 0.12 Class I 0.58 0.35 Class J 0.58 0.35 Class N 0.38 0.20

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

103

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 17,049 16,382

Unit transactions Issuance of units 3,331 1,293Redemption of units (6,304) (1,816)

(2,973) (523)

Increase (decrease) in net assets from operations attributable to contractholders 420 233

Net assets attributable to contractholders at the end of the period 14,496 16,092

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 420 233

Items not affecting cash Net realized and unrealized gain (loss) on investments (406) (238) Distribution from the underlying fund (114) (68)

(100) (73)Investment transactions Purchases (937) (3,139) Disposals 4,039 3,698

3,102 559

Change in other operating assets and liabilities 50 2,218

Cash flows from operating activities 3,052 2,704

Financing Issuance of units 3,331 1,293Redemption of units (6,304) (1,816)

Cash flows from financing activities (2,973) (523)

Net change in cash 79 2,181 Cash (Bank overdraft) at the beginning of the period (18) (10)

Cash (Bank overdraft) at the end of the period 61 2,171

Interest received - -Dividends received 178 233

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

104

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (99.79%) BlackRock Canada Universe Bond Index Fund, Class D 19.99 106,270 2,887 2,898iShares Canadian Fundamental Index Fund 27.98 274,582 3,395 4,056iShares US Fundamental Index Fund 19.97 85,888 1,713 2,894iShares International Fundamental Index Fund 19.90 147,736 2,040 2,885BlackRock CDN MSCI Emerging Markets Index Fund, Class D 11.95 135,165 1,448 1,732

TOTAL INVESTMENTS (99.79%) 11,483 14,465

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.21%) 31

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 14,496

TOP HOLDINGS OF UNDERLYING FUNDS Please refer to the page number references provided in the table on the next page.

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

105

Nature and extent of risks arising from financial instruments The SSQ BlackRock Aggressive Fundamental Portfolio Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by external managers. The SSQ BlackRock Aggressive Fundamental Portfolio Fund is a segregated fund that invests exclusively in underlying funds to respect the following asset allocation strategy: Bonds (20%) Funds Manager

BlackRock Canada Universe Bond Index Fund, Class D (page 106)

BlackRock Asset Management

Canadian Equities (28%) Funds Manager

iShares Canadian Fundamental Index Fund (page 106)

BlackRock Asset Management

Foreign Equities (52%) Funds Manager

iShares US Fundamental Index Fund (page 106)

BlackRock Asset Management iShares International Fundamental Index Fund (page 106) BlackRock CDN MSCI Emerging Markets Index Fund, Class D (page 106)

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds 9,835 - - 9,835

Investment Funds 4,630 - - 4,630Derivative Financial Instruments - - - -

Money Market - - - -Total 14,465 - - 14,465

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds 11,517 - - 11,517

Investment Funds 5,530 - - 5,530Derivative Financial Instruments - - - -

Money Market - - - -Total 17,047 - - 17,047

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ FUNDAMENTAL PORTFOLIOS FUNDS

TOP HOLDINGS OF UNDERLYING FUNDS (unaudited) As at June 30, 2017

106

TOP HOLDINGS OF UNDERLYING FUND

BlackRock Canada Universe Bond Index Fund, Class D %Government of Canada, 1.50%, 03-01-2020 1.25Government of Canada, 4.00%, 06-01-2041 1.19Government of Canada, 3.75%, 06-01-2019 1.19Government of Canada, 5.00%, 06-01-2037 1.15Government of Canada, 3.50%, 12-01-2045 1.11

TOP HOLDINGS OF UNDERLYING FUND BlackRock CDN MSCI Emerging Markets Index Fund, Class D %Tencent Holdings Ltd 4.36Samsung Electronics Co. Ltd 4.35Taiwan Semiconductor Manufacturing Co. Ltd. 3.62Alibaba Group Holding Ltd 3.41Naspers Ltd 1.82

TOP HOLDINGS OF UNDERLYING FUND

iShares Canadian Fundamental Index Fund %Royal Bank of Canada 8.02The Toronto-Dominion Bank 6.99Bank of Nova Scotia 6.21Suncor Energy Inc. 4.45Bank of Montreal 4.34

TOP HOLDINGS OF UNDERLYING FUND

iShares US Fundamental Index Fund %Exxon Mobil Corp. 2.78Apple Inc. 2.14Chevron Corp. 1.83JPMorgan Chase & Co. 1.82AT&T Inc. 1.71

TOP HOLDINGS OF UNDERLYING FUND iShares International Fundamental Index Fund %HSBC Holdings PLC 1.54BP PLC 1.52Banco Santander SA 1.41Royal Dutch Shell PLC, Class A 1.25Total SA 1.22

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

107

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 7,526 11,594 Cash - -Receivable from investments sold 35 -Other accounts receivable - 2

Total assets 7,561 11,596

Liabilities Current liabilities Bank overdraft 27 13 Payable for investments purchased - -Other accounts payable 10 23

Total liabilities 37 36

Net assets attributable to contractholders 7,524 11,560

Net asset value per unit Class A 11.69 11.81 Class B 11.50 11.68 Class C 11.78 11.88 Class E 11.79 11.88 Class F 11.67 11.80 Class G 11.51 11.68 Class I 12.44 12.33 Class J 12.54 12.43 Class N 11.78 11.88

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

108

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 490 98 Unrealized on investments (368) (660)

Total net gain (loss) 122 (562)Distribution from the underlying fund - -

122 (562)

Expenses Management fees (note 6) 171 235 Administrative fees 5 7 Transaction costs - -

176 242

Increase (decrease) in net assets from operations attributable to contractholders (54) (804)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A (0.08) (0.69)Class B (0.13) (0.74)Class C (0.05) (0.66)Class E (0.05) (0.66)Class F (0.08) (0.69)Class G (0.13) (0.74)Class I 0.15 (0.47)Class J 0.15 (0.49)Class N (0.05) (0.66)

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

109

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 11,560 14,864

Unit transactions Issuance of units 535 617 Redemption of units (4,517) (1,683)

(3,982) (1,066)

Increase (decrease) in net assets from operations attributable to contractholders (54) (804)

Net assets attributable to contractholders at the end of the period 7,524 12,994

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders (54) (804)

Items not affecting cash Net realized and unrealized gain (loss) on investments (122) 562 Distribution from the underlying fund - -

(176) (242)Investment transactions Purchases - - Disposals 4,190 1,340

4,190 1,340

Change in other operating assets and liabilities (46) 240

Cash flows from operating activities 3,968 1,338

Financing Issuance of units 535 617 Redemption of units (4,517) (1,683)

Cash flows from financing activities (3,982) (1,066)

Net change in cash (14) 272 Cash (Bank overdraft) at the beginning of the period (13) (223)

Cash (Bank overdraft) at the end of the period (27) 49

Interest received - -Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

110

Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.03%) Dynamic Power Balanced Fund, Serie OP 589,326 6,679 7,526

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.03%) (2)

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 7,524

TOP HOLDINGS OF UNDERLYING FUND

Dynamic Power Balanced Fund, Serie OP %Dynamic Power American Growth Class Fund, Serie E 14.39Government of Canada, Treasury Bill, 0.78%, 11-30-2017 4.28Government of Canada, Treasury Bill, 0.68%, 09-21-2017 4.2610 year Canadian Bond Future, September 2017 3.48Government of Canada, 5.75%, 06-01-2029 2.65CIBC 2.27Government of Canada, 0.75%, 05-01-2019 2.16Bank of Montreal 1.83Shaw Communications Inc., Class B 1.70The Toronto-Dominion Bank 1.69

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SSQ DYNAMIC POWER BALANCED FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

111

Nature and extent of risks arising from financial instruments The SSQ Dynamic Power Balanced Fund is a segregated fund that invests exclusively in the underlying fund called Dynamic Power Balanced Fund, Serie OP. The SSQ Dynamic Power Balanced Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Dynamic Funds. The manager's investment strategy favours a diversified portfolio of equities and fixed-income securities. Fund assets of these two components may vary from 40% to 60%. For the equities portion, the manager uses a fundamental analysis to assess the growth potential of these holdings. Assessment of the financial situation and management of each company, its business sector and the economy as a whole are analyzed.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 7,526 - - 7,526Derivative Financial Instruments - - - -

Money Market - - - -Total 7,526 - - 7,526

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 11,594 - - 11,594Derivative Financial Instruments - - - -

Money Market - - - -Total 11,594 - - 11,594

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

112

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 16,789 12,828 Cash 218 73 Receivable from investments sold - -Other accounts receivable - 6

Total assets 17,007 12,907

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 155 -Other accounts payable 2 1

Total liabilities 157 1

Net assets attributable to contractholders 16,850 12,906

Net asset value per unit Class A 9.78 9.76 Class B 9.59 9.63 Class C 9.83 9.79 Class E 9.83 9.80 Class F 9.79 9.77 Class G 9.74 9.73 Class I 10.31 10.13 Class J 11.00 10.61 Class L 11.19 10.80 Class N 9.83 9.80

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

113

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 17 (6) Unrealized on investments 494 314

Total net gain (loss) 511 308 Distribution from the underlying fund - -

511 308

Expenses Management fees (note 6) 204 89 Administrative fees 8 3 Transaction costs - -

212 92

Increase (decrease) in net assets from operations attributable to contractholders 299 216

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.18 0.31 Class B 0.12 0.25 Class C 0.19 0.33 Class E 0.20 0.33 Class F 0.18 0.31 Class G 0.17 0.30 Class I 0.35 0.47 Class J 0.37 0.47 Class L 0.37 0.48 Class N 0.19 0.33

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

114

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 12,906 3,732

Unit transactions Issuance of units 7,262 7,114 Redemption of units (3,341) (1,409)

3,921 5,705

Distributions to contractholders (276) (128)

Increase (decrease) in net assets from operations attributable to contractholders 299 216

Net assets attributable to contractholders at the end of the period 16,850 9,525

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 299 216

Items not affecting cash Net realized and unrealized gain (loss) on investments (511) (308) Distribution from the underlying fund - -

(212) (92)Investment transactions Purchases (3,760) (5,715) Disposals 310 245

(3,450) (5,470)

Change in other operating assets and liabilities 162 77

Cash flows from operating activities (3,500) (5,485)

Financing Distributions to contractholders (276) (128)Issuance of units 7,262 7,114 Redemption of units (3,341) (1,409)

Cash flows from financing activities 3,645 5,577

Net change in cash 145 92 Cash (Bank overdraft) at the beginning of the period 73 23

Cash (Bank overdraft) at the end of the period 218 115

Interest received - -Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

115

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.64%) Guardian Managed Yield Portfolio, Serie I 1,585,370 16,065 16,789

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.36%) 61

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 16,850

TOP HOLDINGS OF UNDERLYING FUND

Guardian Managed Yield Portfolio, Serie I %Guardian Canadian Bond Fund, Serie I 29.50Guardian Global Dividend Growth Fund, Serie I 12.70Guardian Short Duration Bond Fund, Serie I 12.30Guardian Equity Income Fund, Serie I 11.80Guardian Fundamental Global Equity Fund, Serie I 10.50Guardian High Yield Bond Fund, Serie I 10.00Guardian Canadian Equity Fund, Serie I 9.30Guardian Canadian Focused Equity Fund, Serie I 2.30Guardian Emerging Markets Equity Fund, Serie I 1.60

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

116

Nature and extent of risks arising from financial instruments The SSQ Guardian Conservative Monthly Income Fund is a segregated fund that invests exclusively in the underlying fund called Guardian Managed Yield Portfolio, Serie I. The SSQ Guardian Conservative Monthly Income Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Guardian Capital LP. The Manager uses a management strategy with strategic asset mix targets and allowable tactical ranges that provide the manager with the ability to take advantage of market opportunities as they arise. The Fund’s assets are made up of approximately 60% fixed-income securities and approximately 40% equity securities.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 16,789 - - 16,789Derivative Financial Instruments - - - -

Money Market - - - -Total 16,789 - - 16,789

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 12,828 - - 12,828Derivative Financial Instruments - - - -

Money Market - - - -Total 12,828 - - 12,828

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

117

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 27,805 16,908 Cash 386 99 Receivable from investments sold - -Other accounts receivable 20 3

Total assets 28,211 17,010

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 350 210 Other accounts payable 16 6

Total liabilities 366 216

Net assets attributable to contractholders 27,845 16,794

Net asset value per unit Class A 9.91 9.86 Class B 9.73 9.74 Class C 9.99 9.92 Class E 10.00 9.92 Class F 9.93 9.88 Class G 9.85 9.82 Class I 10.49 10.25 Class J 11.20 10.77 Class L 11.42 10.98 Class N 10.08 10.01

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

118

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 6 - Unrealized on investments 746 407

Total net gain (loss) 752 407 Distribution from the underlying fund - -

752 407

Expenses Management fees (note 6) 320 112 Administrative fees 11 4 Transaction costs - -

331 116

Increase (decrease) in net assets from operations attributable to contractholders 421 291

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.16 0.34 Class B 0.11 0.28 Class C 0.19 0.37 Class E 0.19 0.36 Class F 0.17 0.34 Class G 0.14 0.31 Class I 0.34 0.50 Class J 0.36 0.50 Class L 0.37 0.69 Class N 0.19 0.37

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

119

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 16,794 4,645

Unit transactions Issuance of units 15,797 7,512 Redemption of units (4,750) (1,225)

11,047 6,287

Distributions to contractholders (417) (158)

Increase (decrease) in net assets from operations attributable to contractholders 421 291

Net assets attributable to contractholders at the end of the period 27,845 11,065

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 421 291

Items not affecting cash Net realized and unrealized gain (loss) on investments (752) (407) Distribution from the underlying fund - -

(331) (116)Investment transactions Purchases (10,310) (5,620) Disposals 165 -

(10,145) (5,620)

Change in other operating assets and liabilities 133 (431)

Cash flows from operating activities (10,343) 6,167

Financing Distributions to contractholders (417) (158)Issuance of units 15,797 7,512 Redemption of units (4,750) (1,225)

Cash flows from financing activities 10,630 6,129

Net change in cash 287 (38)Cash (Bank overdraft) at the beginning of the period 99 84

Cash (Bank overdraft) at the end of the period 386 46

Interest received - -Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

120

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.86%) Guardian Managed Income & Growth Portfolio, Serie I 2,571,653 26,498 27,805

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.14%) 40

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 27,845

TOP HOLDINGS OF UNDERLYING FUND

Guardian Managed Income & Growth Portfolio, Serie I %Guardian Global Dividend Growth Fund, Serie I 19.80Guardian Equity Income Fund, Serie I 17.90Guardian High Yield Bond Fund, Serie I 15.70Guardian Canadian Bond Fund, Serie I 15.60Guardian Fundamental Global Equity Fund, Serie I 11.40Guardian Canadian Equity Fund, Serie I 10.50Guardian Short Duration Bond Fund, Serie I 3.60Guardian Canadian Focused Equity Fund, Serie I 3.00Guardian Emerging Markets Equity Fund, Serie I 2.50

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

121

Nature and extent of risks arising from financial instruments The SSQ Guardian Monthly Income Fund is a segregated fund that invests exclusively in the underlying fund called Guardian Managed Income & Growth Portfolio, Serie I. The SSQ Guardian Monthly Income Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Guardian Capital LP. The Manager uses a management strategy with strategic asset mix targets and allowable tactical ranges that provide the manager with the ability to take advantage of market opportunities as they arise. The Fund’s assets are made up of approximately 40% fixed-income securities and approximately 60% equity securities.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 27,805 - - 27,805Derivative Financial Instruments - - - -

Money Market - - - -Total 27,805 - - 27,805

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 16,908 - - 16,908Derivative Financial Instruments - - - -

Money Market - - - -Total 16,908 - - 16,908

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ CI CAMBRIDGE CANADIAN ASSET ALLOCATION FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

122

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 142,144 149,877 Cash 279 -Receivable from investments sold - -Other accounts receivable 15 4

Total assets 142,438 149,881

Liabilities Current liabilities Bank overdraft - 2 Payable for investments purchased - -Other accounts payable 140 154

Total liabilities 140 156

Net assets attributable to contractholders 142,298 149,725

Net asset value per unit Class A 7.70 7.81 Class B 7.62 7.76 Class C 7.76 7.86 Class E 7.77 7.86 Class F 7.69 7.80 Class G 7.59 7.73 Class I 8.14 8.12 Class J 8.71 8.53 Class L 12.51 12.25 Class N 7.76 7.86

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

123

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,212 18 Unrealized on investments (5,480) (2,778) Distributed by the underlying fund 654 5,746

Total net gain (loss) (3,614) 2,986 Interest for allocation purposes 1 1 Distribution from the underlying fund 6,946 591

3,333 3,578

Expenses Management fees (note 6) 2,180 1,994Administrative fees 71 65 Transaction costs - -

2,251 2,059

Increase (decrease) in net assets from operations attributable to contractholders 1,082 1,519

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.04 0.08 Class B 0.02 0.06 Class C 0.06 0.10 Class E 0.07 0.10 Class F 0.04 0.08 Class G 0.01 0.05 Class I 0.18 0.21 Class J 0.18 0.22 Class L 0.28 0.31 Class N 0.06 0.10

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

124

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 149,725 131,357

Unit transactions Issuance of units 33,511 19,706Redemption of units (39,294) (13,453)

(5,783) 6,253

Distributions to contractholders (2,726) (2,600)

Increase (decrease) in net assets from operations attributable to contractholders 1,082 1,519

Net assets attributable to contractholders at the end of the period 142,298 136,529

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,082 1,519

Items not affecting cash Net realized and unrealized gain (loss) on investments 4,268 2,760 Distribution from the underlying fund (7,600) (6,337)

(2,250) (2,058)Investment transactions Purchases (5,285) (2,910) Disposals 16,350 1,065

11,065 (1,845)

Change in other operating assets and liabilities (25) (351)

Cash flows from operating activities 8,790 (4,254)

Financing Distributions to contractholders (2,726) (2,600)Issuance of units 33,511 19,706Redemption of units (39,294) (13,453)

Cash flows from financing activities (8,509) 3,653

Net change in cash 281 (601)Cash (Bank overdraft) at the beginning of the period (2) 1,120

Cash (Bank overdraft) at the end of the period 279 519

Interest received 1 1 Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

125

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.89%) Cambridge Canadian Asset Allocation Corporate Class, Serie O 9,194,305 134,045 142,144

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.11%) 154

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 142,298

TOP HOLDINGS OF UNDERLYING FUND

Cambridge Canadian Asset Allocation Corporate Class, Serie O %Cambridge Bond Fund 27.39Cambridge Canadian Short Term Bond 14.14Walgreens Boots Alliance Inc. 3.09Tourmaline Oil Corp. 2.98Franco-Nevada Corp. 2.85George Weston Ltd. 2.76Canadian Natural Resources Ltd. 2.57Athene Holding Ltd. 2.07Fairfax Financial Holdings Ltd. 2.06Praxair Inc. 2.04

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

126

Nature and extent of risks arising from financial instruments The SSQ CI Cambridge Canadian Asset Allocation Fund is a segregated fund that invests exclusively in underlying fund called Cambridge Canadian Asset Allocation Corporate Class, Serie O. The SSQ CI Cambridge Canadian Asset Allocation Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by CI Investments according to a specific management approach where the manager’s investment strategy is to identify companies that offer a good value and the potential for growth in their sector, while taking into account factors such as market penetration, profit forecasts, and management quality.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -

Investment Funds 142,144 - - 142,144Derivative Financial Instruments - - - -

Money Market - - - -Total 142,144 - - 142,144

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -Exchange Traded Funds - - - -

Investment Funds 149,877 - - 149,877Derivative Financial Instruments - - - -

Money Market - - - -Total 149,877 - - 149,877 During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ CI SIGNATURE GLOBAL INCOME AND GROWTH FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

127

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 115,899 112,040 Cash 1,034 -Receivable from investments sold - 195 Other accounts receivable 18 1

Total assets 116,951 112,236

Liabilities Current liabilities Bank overdraft - 277 Payable for investments purchased 860 -Other accounts payable 49 79

Total liabilities 909 356

Net assets attributable to contractholders 116,042 111,880

Net asset value per unit Class A 6.35 6.35 Class B 6.27 6.29 Class C 6.41 6.38 Class E 6.41 6.39 Class F 6.34 6.34 Class G 6.26 6.28 Class I 6.77 6.63 Class J 7.35 7.04 Class L 13.35 12.79 Class N 6.41 6.38

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

128

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 590 (62) Unrealized on investments 1,146 (7,126) Distributed by the underlying fund 1,863 1,730

Total net gain (loss) 3,599 (5,458)Interest for allocation purposes 1 -Distribution from the underlying fund 1,150 1,085

4,750 (4,373)

Expenses Management fees (note 6) 1,754 1,596 Administrative fees 51 46 Transaction costs - -

1,805 1,642

Increase (decrease) in net assets from operations attributable to contractholders 2,945 (6,015)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.15 (0.39)Class B 0.13 (0.41)Class C 0.17 (0.38)Class E 0.17 (0.37)Class F 0.15 (0.39)Class G 0.12 (0.41)Class I 0.29 (0.28)Class J 0.31 (0.29)Class L 0.55 (0.52)Class N 0.17 (0.38)

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

129

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 111,880 92,071

Unit transactions Issuance of units 32,354 32,066 Redemption of units (28,737) (13,383)

3,617 18,683

Distributions to contractholders (2,400) (2,315)

Increase (decrease) in net assets from operations attributable to contractholders 2,945 (6,015)

Net assets attributable to contractholders at the end of the period 116,042 102,424

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 2,945 (6,015)

Items not affecting cash Net realized and unrealized gain (loss) on investments (1,736) 7,188 Distribution from the underlying fund (3,013) (2,815)

(1,804) (1,642)Investment transactions Purchases (6,860) (16,520) Disposals 7,750 1,410

890 (15,110)

Change in other operating assets and liabilities 1,008 (603)

Cash flows from operating activities 94 (17,355)

Financing Distributions to contractholders (2,400) (2,315)Issuance of units 32,354 32,066 Redemption of units (28,737) (13,383)

Cash flows from financing activities 1,217 16,368

Net change in cash 1,311 (987)Cash (Bank overdraft) at the beginning of the period (277) 1,470

Cash (Bank overdraft) at the end of the period 1,034 483

Interest received 1 -Dividends received - -

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SSQ CI SIGNATURE GLOBAL INCOME AND GROWTH FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

130

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.88%) Signature Global Income & Growth Fund, Serie I 12,303,491 108,359 115,899

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.12%) 143

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 116,042

TOP HOLDINGS OF UNDERLYING FUND

Signature Global Income & Growth Fund, Serie I %Synchrony Financial 2.99Citigroup Inc. 2.75Wells Fargo & Co. 2.16Alibaba Group Holding Ltd. 2.10Micron Technology Inc. 1.68Sony Corp. 1.53United States Treasury, 0.88%, 06-19-2019 1.41Apple Inc. 1.35Samsung Electronics Co. Ltd. 1.27UnitedHealth Group Inc. 1.16

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SSQ CI SIGNATURE GLOBAL INCOME AND GROWTH FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

131

Nature and extent of risks arising from financial instruments The SSQ CI Signature Global Income and Growth Fund is a segregated fund that invests exclusively in underlying fund called Signature Global Income & Growth Fund, Serie I. The SSQ CI Signature Global Income and Growth Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by CI Investments according to a specific management approach in which the investment strategy combines a top-down macro analysis and fundamental analysis for bottom up security selections.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 115,899 - - 115,899Derivative Financial Instruments - - - -

Money Market - - - -Total 115,899 - - 115,899

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 112,040 - - 112,040Derivative Financial Instruments - - - -

Money Market - - - -Total 112,040 - - 112,040 During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ GUARDIAN CANADIAN DIVIDEND EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

132

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 84,019 75,358 Cash 588 371 Receivable from investments sold - 140 Other accounts receivable - 15

Total assets 84,607 75,884

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 150 470 Other accounts payable 8 17

Total liabilities 158 487

Net assets attributable to contractholders 84,449 75,397

Net asset value per unit Class A 13.55 13.68 Class B 13.35 13.54 Class E 13.67 13.77 Class F 13.49 13.64 Class G 13.33 13.53 Class I 14.27 14.19 Class J 14.27 14.19 Class L 11.87 11.80 Class N 13.66 13.76

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

133

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 349 1 Unrealized on investments (1,314) 5,905

Total net gain (loss) (965) 5,906 Distribution from the underlying fund 1,321 952

356 6,858

Expenses Management fees (note 6) 1,270 864 Administrative fees 36 25 Transaction costs - -

1,306 889

Increase (decrease) in net assets from operations attributable to contractholders (950) 5,969

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A (0.16) 1.32 Class B (0.21) 1.25 Class E (0.12) 1.35 Class F (0.17) 1.30 Class G (0.22) 1.26 Class I 0.06 1.52 Class J 0.06 1.52 Class L 0.05 1.32 Class N (0.12) 1.35

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

134

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 75,397 48,990

Unit transactions Issuance of units 26,866 22,037 Redemption of units (16,864) (13,074)

10,002 8,963

Increase (decrease) in net assets from operations attributable to contractholders (950) 5,969

Net assets attributable to contractholders at the end of the period 84,449 63,922

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders (950) 5,969

Items not affecting cash Net realized and unrealized gain (loss) on investments 965 (5,906) Distribution from the underlying fund (1,321) (952)

(1,306) (889)Investment transactions Purchases (11,665) (8,995) Disposals 3,360 1,095

(8,305) (7,900)

Change in other operating assets and liabilities (174) 12

Cash flows from operating activities (9,785) (8,777)

Financing Issuance of units 26,866 22,037 Redemption of units (16,864) (13,074)

Cash flows from financing activities 10,002 8,963

Net change in cash 217 186 Cash (Bank overdraft) at the beginning of the period 371 15

Cash (Bank overdraft) at the end of the period 588 201

Interest received - -Dividends received - -

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SSQ GUARDIAN CANADIAN DIVIDEND EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

135

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.49%) Guardian Equity Income Fund, Serie I 4,522,030 76,770 84,019

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.51%) 430

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 84,449

TOP HOLDINGS OF UNDERLYING FUND

Guardian Equity Income Fund, Serie I %The Toronto-Dominion Bank 5.52Bank of Nova Scotia 5.21Royal Bank of Canada 4.66TransCanada Corp. 4.58Pembina Pipeline Corp. 4.40Enbridge Inc. 4.02Manulife Financial Corp. 3.83CIBC 3.63Agrium Inc. 3.54Keyera Corp. 3.25

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SSQ GUARDIAN CANADIAN DIVIDEND EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

136

Nature and extent of risks arising from financial instruments The SSQ Guardian Canadian Dividend Equity Fund is a segregated fund that invests exclusively in the underlying fund called Guardian Equity Income Fund, Serie I. The SSQ Guardian Canadian Dividend Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Guardian Capital LP. The manager's investment strategy is to favour a bottom-up management approach and a management style focused equally on growth and value. The manager also favours income trusts and reasonably priced high-return equities paying stable and predictable dividends.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 84,019 - - 84,019Derivative Financial Instruments - - - -

Money Market - - - -Total 84,019 - - 84,019

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 75,358 - - 75,358Derivative Financial Instruments - - - -

Money Market - - - -Total 75,358 - - 75,358

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

137

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 177,232 177,886 Cash 159 564 Receivable from investments sold - -Other accounts receivable - -

Total assets 177,391 178,450

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - -Other accounts payable 45 50

Total liabilities 45 50

Net assets attributable to contractholders 177,346 178,400

Net asset value per unit Class A 23.92 24.33 Class B 23.50 24.03 Class D 23.50 24.03 Class E 24.13 24.48 Class F 23.82 24.26 Class G 23.52 24.05 Class H 23.15 23.78 Class I 25.26 25.28 Class J 25.26 25.28 Class N 24.12 24.47

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SSQ JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

138

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 257 (424) Unrealized on investments (2,531) 8,963

Total net gain (loss) (2,274) 8,539 Interest for allocation purposes 1 1 Distribution from the underlying fund 2,095 2,288

(178) 10,828

Expenses Management fees (note 6) 1,556 1,388 Administrative fees 43 38 Transaction costs - -

1,599 1,426

Increase (decrease) in net assets from operations attributable to contractholders (1,777) 9,402

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A (0.43) 1.01 Class B (0.55) 0.89 Class D (0.55) 0.89 Class E (0.37) 1.07 Class F (0.46) 0.99 Class G (0.54) 0.89 Class H (0.65) 0.79 Class I (0.03) 1.38 Class J (0.03) 1.38 Class N (0.37) 1.06

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SSQ JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

139

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 178,400 166,795

Unit transactions Issuance of units 26,660 20,008 Redemption of units (25,937) (19,890)

723 118

Increase (decrease) in net assets from operations attributable to contractholders (1,777) 9,402

Net assets attributable to contractholders at the end of the period 177,346 176,315

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders (1,777) 9,402

Items not affecting cash Net realized and unrealized gain (loss) on investments 2,274 (8,539) Distribution from the underlying fund (2,095) (2,288)

(1,598) (1,425)Investment transactions Purchases (10,835) (5,055) Disposals 11,310 7,080

475 2,025

Change in other operating assets and liabilities (5) (7)

Cash flows from operating activities (1,128) 593

Financing Issuance of units 26,660 20,008 Redemption of units (25,937) (19,890)

Cash flows from financing activities 723 118

Net change in cash (405) 711 Cash (Bank overdraft) at the beginning of the period 564 (298)

Cash (Bank overdraft) at the end of the period 159 413

Interest received 1 1 Dividends received - -

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SSQ JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

140

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.94%) Jarislowsky Fraser Canadian Equity Fund 5,510,869 175,695 177,232

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.06%) 114

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 177,346

TOP HOLDINGS OF UNDERLYING FUND

Jarislowsky Fraser Canadian Equity Fund %The Toronto-Dominion Bank 8.36Royal Bank of Canada 7.06Jarislowsky Fraser Special Equity Fund 6.70Bank of Nova Scotia 6.48Enbridge Inc. 5.66Canadian National Railway Co. 5.25Canadian Natural Resources Ltd. 4.08Manulife Financial Corp. 4.01Alimentation Couche-Tard Inc., Class B 3.36Open Text Corp. 3.34

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SSQ JARISLOWSKY FRASER LTD. CANADIAN VALUE EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

141

Nature and extent of risks arising from financial instruments The SSQ Jarislowsky Fraser Ltd. Canadian Value Equity Fund is a segregated fund that invests exclusively in the underlying fund called Jarislowsky Fraser Canadian Equity Fund. The SSQ Jarislowsky Fraser Ltd. Canadian Value Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Jarislowsky Fraser Ltd. The manager's investment strategy favours a bottom-up analysis of the companies and a predominantly value management style. The manager's philosophy is founded upon conservative, time proven principles of fundamental investing.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 177,232 - - 177,232Derivative Financial Instruments - - - -

Money Market - - - -Total 177,232 - - 177,232

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 177,886 - - 177,886Derivative Financial Instruments - - - -

Money Market - - - -Total 177,886 - - 177,886

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ TRIASIMA CANADIAN EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

142

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 261,953 266,684Cash 2,111 2,329 Receivable from investments sold - -Other accounts receivable 534 538

Total assets 264,598 269,551

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - -Other accounts payable 59 65

Total liabilities 59 65

Net assets attributable to contractholders 264,539 269,486

Net asset value per unit Class A 15.53 15.58 Class B 15.28 15.41 Class D 15.26 15.39 Class E 15.66 15.67 Class F 15.48 15.54 Class G 15.27 15.40 Class H 15.03 15.23 Class I 16.40 16.19 Class J 16.40 16.19 Class K 16.40 16.19 Class N 15.66 15.67

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SSQ TRIASIMA CANADIAN EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

143

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 4,129 17,255 Unrealized on investments (2,869) (7,672)

Total net gain (loss) 1,260 9,583 Interest for allocation purposes 12 51 Securities lending 30 136 Dividends 2,891 2,154 Foreign exchange gain (loss) on cash (42) 5

4,151 11,929

Expenses Withholding taxes 52 19 Management fees (note 6) 696 704 Administrative fees 20 21Transaction costs 377 357

1,145 1,101

Increase (decrease) in net assets from operations attributable to contractholders 3,006 10,828

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A (0.04) 0.50 Class B (0.12) 0.43 Class D (0.13) 0.42 Class E - 0.54 Class F (0.06) 0.49 Class G (0.12) 0.43 Class H (0.20) 0.36 Class I 0.23 0.75 Class J 0.23 0.75 Class K 0.23 0.75 Class N - 0.54

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

144

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 269,486 224,734

Unit transactions Issuance of units 22,814 33,047 Redemption of units (30,767) (18,601)

(7,953) 14,446

Increase (decrease) in net assets from operations attributable to contractholders 3,006 10,828

Net assets attributable to contractholders at the end of the period 264,539 250,008

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 3,006 10,828

Items not affecting cash Foreign exchange gain (loss) on cash 42 (5) Net realized and unrealized gain (loss) on investments (1,266) (9,287) Distribution from the underlying fund - -

1,782 1,536Investment transactions Purchases (145,260) (154,812) Disposals 151,267 140,343

5,997 (14,469)

Change in other operating assets and liabilities (2) (4,061)

Cash flows from operating activities 7,777 (16,994)

Financing Issuance of units 22,814 33,047 Redemption of units (30,767) (18,601)

Cash flows from financing activities (7,953) 14,446

Foreign exchange gain (loss) on cash (42) 5 Net change in cash (218) (2,543)Cash (Bank overdraft) at the beginning of the period 2,329 3,287

Cash (Bank overdraft) at the end of the period 2,111 744

Interest received 59 203 Dividends received 2,842 1,923

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SSQ TRIASIMA CANADIAN EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of shares)

145

Number Average Fair

of Shares Cost Value

$ $

CANADIAN EQUITIES (90.88%)

Energy (13.56%)

Advantage Oil & Gas Ltd. 300,000 2,501 2,631

Cameco Corp. 90,000 1,335 1,063

Canadian Natural Resources Ltd. 72,000 2,706 2,694

Encana Corp. 477,000 7,127 5,443

Enerflex Ltd. 151,000 3,058 2,842

Gibson Energy Inc. 70,000 1,352 1,173

NexGen Energy Ltd. 460,000 1,542 1,320

Parex Resources Inc. 320,000 3,337 4,720

Parkland Fuel Corp. 103,192 2,653 3,066

PrairieSky Royalty Ltd. 2,500 63 74

Suncor Energy Inc. 100,000 4,309 3,789

TransCanada Corp. 114,000 6,185 7,047

36,168 35,862

Materials (11.04%)

CCL Industries Inc., Class B NV 80,000 5,034 5,249

First Quantum Minerals Ltd. 230,000 3,076 2,523

Franco-Nevada Corp. 18,500 1,586 1,731

Guyana Goldfields Inc. 207,000 1,099 1,259

Ivanhoe Mines Ltd., Class A 300,000 1,355 1,251

Labrador Iron Ore 75,000 1,424 1,179

Lundin Mining Corp. 550,000 4,231 4,054

Methanex Corp. 24,000 1,456 1,374

Norbord Inc. 100,000 3,912 4,037

Potash Corporation of Saskatchewan Inc. 110,000 2,766 2,327

Teck Resources Ltd., Class B 65,000 639 1,461

West Fraser Timber Co. Ltd. 45,000 2,628 2,762

29,206 29,207

Industrials (11.59%)

Air Canada 200,000 2,637 3,476

Bombardier Inc., Class B 1,070,000 2,752 2,525

Canadian National Railway Co. 95,000 8,770 9,996

Finning International Inc. 50,000 1,129 1,271

Savaria Corp. 180,000 2,192 2,869

SNC-Lavalin Group Inc. 90,000 4,906 5,046

Wajax 120,000 2,926 2,717

Waste Connections Inc. 33,000 2,749 2,756

28,061 30,656

Consumer Discretionary (4.67%)

Dollarama Inc. 67,000 6,454 8,302

Restaurant Brands International Inc. 50,000 4,058 4,057

10,512 12,359

Consumer Staples (3.85%)

Premium Brands Holdings Corp. 83,000 3,374 7,722

Saputo Inc. 60,000 2,462 2,475

5,836 10,197

Financials (31.88%)

AGF Management Ltd., Class B 430,000 2,743 2,898

Bank of Montreal 107,000 8,550 10,189

Bank of Nova Scotia 179,000 12,700 13,964

Brookfield Asset Management Inc., Class A 80,000 3,351 4,071

CIBC 40,000 4,093 4,216

Manulife Financial Corp. 112,000 2,751 2,723

Onex Corp. 63,000 5,427 6,540

Royal Bank of Canada 155,000 11,712 14,595

The Toronto-Dominion Bank 295,000 16,978 19,278

Number Average Fair

of Shares Cost Value

$ $

CANADIAN EQUITIES (90.88%) (Cont'd)

Financials (31.88%) (Cont'd)

TMX Group Ltd. 83,000 5,169 5,856

Trisura Group Ltd. 471 8 10

73,482 84,340

Telecommunication Services (1.55%)

Rogers Communications Inc., Class B NV 67,000 3,421 4,104

Information Technology (9.28%)

Celestica Inc. 150,000 2,738 2,643

Kinaxis Inc. 55,000 1,902 4,441

Open Text Corp. 183,000 7,203 7,490

Shopify Inc., Class A 66,000 4,258 7,432

Sierra Wireless Inc. 70,000 2,832 2,549

18,933 24,555

Real Estate (3.46%)

Canadian Apartment Properties REIT 70,000 2,033 2,350

Canadian REIT 52,000 2,332 2,385

FirstService Corp. 53,000 4,115 4,410

8,480 9,145

TOTAL CANADIAN EQUITIES 214,099 240,425

U.S. EQUITIES (4.79%)

Industrials (1.32%)

Caterpillar Inc. 25,000 2,640 3,488

Financials (1.98%)

Discover Financial Services 30,000 2,802 2,422

Legg Mason Inc. 57,000 2,864 2,824

5,666 5,246

Information Technology (1.49%)

NVIDIA Corp. 21,000 2,593 3,941

TOTAL U.S. EQUITIES 10,899 12,675

FOREIGN EQUITIES (3.35%)

Industrials (1.03%)

ABB Ltd. 85,000 2,484 2,729

Consumer Discretionary (1.03%)

Garmin Ltd. 41,000 2,531 2,716

Information Technology (1.29%)

Tencent Holdings Ltd. 73,000 2,563 3,408

TOTAL FOREIGN EQUITIES 7,578 8,853

TOTAL INVESTMENTS (99.02%) 232,576 261,953

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.98%) 2,586 TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 264,539

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

146

Nature and extent of risks arising from financial instruments Fund objective The objective of the SSQ Triasima Canadian Equity Fund (hereinafter “Fund”) is to generate long-term capital growth. Investment strategy The Fund is invested mainly in the equities of Canadian large -cap companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Triasima Inc. Portfolio Management, is to favour a bottom-up analysis of the companies and a predominantly value management style. The manager uses qualitative and quantitative measures for selecting the securities. As at June 30, 2017 and December 31, 2016, the Fund’s asset is mainly made of money market securities and Canadian equities. Risk exposure The Fund is exposed mainly to stock market and risks associated with the use of derivatives instruments. The Fund does not use financial leverage or derivative products for speculative purposes. Please refer to notes 8 and 9 for details related to financial instrument risks. Credit risk As at June 30, 2017 and December 31, 2016, the Fund’s exposure to credit risk is limited to the holding of money market securities. Therefore, the Fund is not significantly exposed to credit risk. The Fund may engage in securities lending transactions. As at June 30, 2017, the portfolio securities with a fair value of $79,565 (December 31, 2016 - $91,205) were loaned. The amount of collateral held on securities lending transactions amounted to $85,135 (December 31, 2016 - $97,297). In addition, as at June 30, 2017 and December 31, 2016, the Fund did not have any derivative financial instruments. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations.

Liquidity risk (Cont’d) The following tables indicate the financial liabilities maturity based on the remaining periods to accrue until the Fund’s contractual maturities: June 30, 2017 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased - - -Other Accounts Payable 59 - 59 December 31, 2016 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased - - -Other Accounts Payable 65 - 65 Interest rate risk As at June 30, 2017 and December 31, 2016, the Fund is mainly invested in equity securities. Consequently, a fluctuation of interest rate would not have significant impact on the Fund. Price risk The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy. The Fund is composed mainly of marketable securities composing the Canadian market S&P/TSX Index. The percentage in foreign issuers is limited to 10% of the Fund’s assets. The impact on the net assets attributable to contractholders of the Fund of a change in its large cap Canadian equities index would be: Change (%)

June 30, 2017($)

December 31, 2016 ($)

+ 5 - 5

12,021 (12,021)

11,010 (11,010)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at June 30, 2017 and December 31, 2016, the majority of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund had non-significant exposure to currency risk.

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

147

Concentration risk The following table summarizes the investment portfolio securities according to the following investment categories: Portfolio by Categories June 30, 2017

(%)December 31, 2016

(%)

Canadian Equities Energy 13.56 18.36 Materials 11.04 10.56 Industrials 11.59 7.09 Consumer Discretionary 4.67 1.49 Consumer Staples 3.85 6.61 Financials 31.88 24.96 Telecommunication Services 1.55 2.62 Information Technology 9.28 6.19 Services - 1.24 Real Estate 3.46 2.59U.S. Equities Industrials 1.32 1.15 Consumer Discretionary - 0.99 Consumer Staples - 1.89 Health Care - 0.98 Financials 1.98 - Information Technology 1.49 2.17Foreign Equities Industrials 1.03 0.90 Consumer Discretionary 1.03 - Information Technology 1.29 0.88Money Market - 8.29Other Net Assets 0.98 1.04Total 100.00 100.00

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 261,953 - - 261,953

Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Financial Instruments - - - -

Money Market - - - -Total 261,953 - - 261,953

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 244,345 - - 244,345

Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Financial Instruments - - - -

Money Market - 22,339 - 22,339Total 244,345 22,339 - 266,684

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ MONTRUSCO BOLTON CANADIAN EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

148

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 62,208 59,881 Cash - 283 Receivable from investments sold 374 -Other accounts receivable 141 98

Total assets 62,723 60,262

Liabilities Current liabilities Bank overdraft 395 -Payable for investments purchased 256 33Other accounts payable 8 9

Total liabilities 659 42

Net assets attributable to contractholders 62,064 60,220

Net asset value per unit Class A 10.82 11.11 Class B 10.55 10.92 Class E 10.91 11.18 Class F 10.77 11.08 Class G 10.63 10.97 Class I 11.47 11.57 Class J 11.47 11.57 Class K 11.47 11.57 Class N 10.91 11.18

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

149

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,328 45 Unrealized on investments (2,452) 5,535

Total net gain (loss) (1,124) 5,580Interest for allocation purposes 2 2 Securities lending 46 29 Dividends 532 653

(544) 6,264

Expenses Management fees (note 6) 42 14Administrative fees 1 -Transaction costs 30 58

73 72

Increase (decrease) in net assets from operations attributable to contractholders (617) 6,192

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A (0.30) 0.68 Class B (0.38) 0.61 Class E (0.27) 0.72 Class F (0.31) 0.67 Class G (0.35) 0.63 Class I (0.11) 0.86 Class J (0.11) 0.86 Class K (0.11) 0.86 Class N (0.27) 0.71

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

150

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 60,220 77,179

Unit transactions Issuance of units 6,004 3,265 Redemption of units (3,543) (22,711)

2,461 (19,446)

Increase (decrease) in net assets from operations attributable to contractholders (617) 6,192

Net assets attributable to contractholders at the end of the period 62,064 63,925

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders (617) 6,192

Items not affecting cash Net realized and unrealized gain (loss) on investments 1,124 (5,580) Distribution from the underlying fund - -

507 612Investment transactions Purchases (25,683) (24,690) Disposals 22,232 45,681

(3,451) 20,991

Change in other operating assets and liabilities (195) (3,626)

Cash flows from operating activities (3,139) 17,977

Financing Issuance of units 6,004 3,265 Redemption of units (3,543) (22,711)

Cash flows from financing activities 2,461 (19,446)

Net change in cash (678) (1,469)Cash (Bank overdraft) at the beginning of the period 283 2,163

Cash (Bank overdraft) at the end of the period (395) 694

Interest received 48 32 Dividends received 489 651

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SSQ MONTRUSCO BOLTON CANADIAN EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except numbers of shares and units)

151

Par Average Fair

Value Cost Value

$ $

MONEY MARKET (0.44%) Government of Canada, Treasury Bill, 0.55%, 10-05-2017 275 275 275

TOTAL MONEY MARKET 275 275

Number Average Fair

of Shares Cost Value

$ $

CANADIAN EQUITIES (80.60%)

Energy (13.81%)

Advantage Oil & Gas Ltd. 112,701 855 988

Bonterra Energy Corp. 35,124 1,002 588

CES Energy Solutions Corp. 52,078 264 301

Imperial Oil Ltd. 48,500 2,105 1,833

Parex Resources Inc. 169,571 1,913 2,501

Pembina Pipeline Corp. 54,922 1,996 2,359

8,135 8,570

Materials (10.70%)

Agrium Inc. 14,474 1,732 1,701

CCL Industries Inc., Class B NV 18,817 764 1,235

Fortuna Silver Mines Inc. 214,810 1,329 1,364

Osisko Gold Royalties Ltd. 51,208 800 812

Stella-Jones Inc. 19,716 883 873

Winpak Ltd. 11,284 506 657

6,014 6,642

Industrials (9.13%)

Badger Daylighting Ltd. 4,667 138 124

Boyd Group Income Fund 4,137 344 398

Canadian National Railway Co. 5,960 438 627

Canadian Pacific Railway Ltd. 9,466 1,705 1,975

New Flyer Industries Inc. 18,976 753 1,029

Stantec Inc. 20,433 659 667

TFI International Inc. 30,232 797 846

4,834 5,666

Consumer Discretionary (5.87%)

Dollarama Inc. 17,316 1,344 2,146

Gildan Activewear Inc. 9,109 309 363

Magna International Inc. 18,932 1,079 1,137

2,732 3,646

Consumer Staples (5.73%)

Alimentation Couche-Tard Inc., Class B 25,469 1,307 1,583

Premium Brands Holdings Corp. 7,085 433 659

Saputo Inc. 31,862 1,271 1,314

3,011 3,556

Financials (27.22%)

Bank of Nova Scotia 35,527 2,800 2,771

ECN Capital Corp. 224,984 760 900

Element Fleet Management Corp. 15,424 150 137

Equitable Group Inc. 10,289 523 612

Industrial Alliance 36,898 1,769 2,076

Intact Financial Corp. 11,732 1,102 1,149

National Bank of Canada 63,407 2,846 3,458

Royal Bank of Canada 38,731 3,006 3,647

The Toronto-Dominion Bank 14,546 806 951

Number Average Fair

of Shares Cost Value

$ $

CANADIAN EQUITIES (80.60%) (Cont'd)

Financials (27.22%) (Cont'd)

Thomson Reuters Corp. 19,885 1,212 1,194

14,974 16,895

Telecommunication Services (1.13%)

TELUS Corp. 15,628 638 700

Information Technology (5.19%)

CGI Group Inc., Class A 30,553 1,777 2,024

Kinaxis Inc. 8,846 490 714

Shopify Inc., Class A 4,308 360 485

2,627 3,223

Real Estate (1.82%)

Altus Group Ltd. 18,955 564 531

FirstService Corp. 7,157 442 596

1,006 1,127

TOTAL CANADIAN EQUITIES 43,971 50,025

Number Average Fair

of Units Cost Value

$ $

INVESTMENT FUND (19.19%) Montrusco Bolton Quantitative Canadian Equity Fund 347,732 12,481 11,908

TOTAL INVESTMENTS (100.23%) 56,727 62,208

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.23%) (144)TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 62,064

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SSQ MONTRUSCO BOLTON CANADIAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

152

Nature and extent of risks arising from financial instruments Fund objective The objective of the SSQ Montrusco Bolton Canadian Equity Fund (hereinafter “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in Canadian all-cap companies. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Montrusco Bolton Investments, is to manage about 80% of the portfolio using an all-cap fundamental approach and 20% using a quantitative approach based on share “momentum”. With regard to the fundamental approach, the manager’s investment strategy is to favour a bottom-up management approach and a predominantly growth-oriented management style. Preference is given to companies whose share valuations have strong growth potential. As at June 30, 2017 and December 31, 2016, the Fund’s assets are mainly made up of Canadian equities. Risk exposure The Fund is exposed mainly to stock market and risks associated with the use of derivative financial instruments. The Fund does not use financial leverage or derivative financial instruments for speculative purposes. Please refer to notes 8 and 9 for details related to financial instrument risks. Credit risk As at June 30, 2017 and December 31, 2016, the Fund’s exposure to credit risk is limited to the holding of money market securities. Therefore, the Fund is not significantly exposed to credit risk. The Fund may engage in securities lending transactions. As at December 31, 2016, the portfolio securities with a fair value of $15,112 (December 31, 2016 - $19,030) were loaned. The amount of collateral held on securities lending transactions amounted to $16,164 (December 31, 2016 - $20,353). In addition, as at June 30, 2017 and December 31, 2016, the Fund did not have any derivative financial instruments. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations.

Liquidity risk (Cont’d) The following tables indicate the financial liabilities maturity based on the remaining periods to accrue until the Fund’s contractual maturities: June 30, 2017 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased 256 - 256Other Accounts Payable 8 - 8 December 31, 2016 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased 33 - 33Other Accounts Payable 9 - 9 Interest rate risk As at June 30, 2017 and December 31, 2016, the Fund is mainly invested in equities. Consequently, a fluctuation of interest rate would not have significant impact on the Fund. Price risk The Fund trades Canadian equity and money market securities which must meet the requirements of the investment policy. The Fund invests between 90% and 100% in Canadian equities and up to a maximum of 10% in money market securities. The Fund’s assets must be invested in at least seven sectors of the S&P/TSX Index. The percentage of securities from a single issuer is limited to 8% of the Fund’s assets. Exceptions are allowed for securities that have a weighting in the S&P/TSX index that is greater than 10%. In this case, the limit permitted is 65 times the weight of the security in the S&P/TSX composite index. The impact on the net assets attributable to contractholders of the Fund of a change in its large cap Canadian equities would be:

Change (%)

June 30, 2017 ($)

December 31, 2016($)

+ 5 - 5

3,097 (3,097)

2,947 (2,947)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at June 30, 2017 and December 31, 2016, all of the Fund’s securities are denominated in Canadian dollars, the Fund’s functional currency. Consequently, the Fund is not exposed to currency risk.

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SSQ MONTRUSCO BOLTON CANADIAN EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

153

Concentration risk The following table summarizes the investment portfolio securities according to the following investment categories: Portfolio by Categories June 30, 2017

(%)December 31, 2016

(%)

Canadian Equities Energy 13.81 15.06 Materials 10.70 9.35 Industrials 9.13 10.14 Consumer Discretionary 5.87 6.03 Consumer Staples 5.73 5.22 Financials 27.22 29.03 Telecommunication Services 1.13 0.90 Information Technology 5.19 3.23 Real Estate 1.82 -Money Market 0.44 1.58Investment Fund Canadian Equities 19.19 18.90Other Net Assets (0.23) 0.56Total 100.00 100.00

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)

Bonds - - - -Equities 50,025 - - 50,025

Exchange Traded Funds - - - -

Investment Funds - 11,908 - 11,908Derivative Financial Instruments - - - -

Money Market - 275 - 275Total 50,025 12,183 - 62,208

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 47,551 - - 47,551

Exchange Traded Funds - - - -

Investment Funds - 11,381 - 11,381Derivative Financial Instruments - - - -

Money Market - 949 - 949Total 47,551 12,330 - 59,881

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ BLACKROCK CANADIAN INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

154

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 20,891 15,801 Cash 4,805 20 Receivable from investments sold - -Other accounts receivable 2 2

Total assets 25,698 15,823

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 4,830 -Other accounts payable 1 4

Total liabilities 4,831 4

Net assets attributable to contractholders 20,867 15,819

Net asset value per unit Class A 13.31 13.43 Class B 13.07 13.26 Class D 13.15 13.32 Class E 13.43 13.51 Class F 13.25 13.39 Class G 13.08 13.27 Class H 12.88 13.13 Class I 14.05 13.95 Class J 14.12 14.02 Class N 13.42 13.51

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SSQ BLACKROCK CANADIAN INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

155

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 114 25 Unrealized on investments (436) 1,041 Distributed by the underlying fund 213 106

Total net gain (loss) (109) 1,173Distribution from the underlying fund 219 149

110 1,322

Expenses Management fees (note 6) 273 238 Administrative fees 7 6 Transaction costs - -

280 244

Increase (decrease) in net assets from operations attributable to contractholders (170) 1,078

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A (0.13) 0.99 Class B (0.20) 0.92 Class D (0.18) 0.94 Class E (0.10) 1.03 Class F (0.15) 0.97 Class G (0.20) 0.93 Class H (0.26) 0.87 Class I 0.10 1.20 Class J 0.10 1.22 Class N (0.10) 1.02

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SSQ BLACKROCK CANADIAN INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

156

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 15,819 10,121

Unit transactions Issuance of units 6,636 4,753 Redemption of units (1,418) (1,968)

5,218 2,785

Increase (decrease) in net assets from operations attributable to contractholders (170) 1,078

Net assets attributable to contractholders at the end of the period 20,867 13,984

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders (170) 1,078

Items not affecting cash Net realized and unrealized gain (loss) on investments 322 (1,067) Distribution from the underlying fund (432) (255)

(280) (244)Investment transactions Purchases (5,770) (3,595) Disposals 790 1,045

(4,980) (2,550)

Change in other operating assets and liabilities 4,827 5

Cash flows from operating activities (433) (2,789)

Financing Issuance of units 6,636 4,753 Redemption of units (1,418) (1,968)

Cash flows from financing activities 5,218 2,785

Net change in cash 4,785 (4)Cash (Bank overdraft) at the beginning of the period 20 42

Cash (Bank overdraft) at the end of the period 4,805 38

Interest received - -Dividends received - -

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SSQ BLACKROCK CANADIAN INDEX FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

157

Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.12%) BlackRock Canadian Equity Index Fund, Class D 626,345 18,773 20,891

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.12%) (24)

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 20,867

TOP HOLDINGS OF UNDERLYING FUND

BlackRock Canadian Equity Index Fund, Class D %Royal Bank of Canada 6.66The Toronto-Dominion Bank 5.86Bank of Nova Scotia 4.55Enbridge Inc. 4.11Canadian National Railway Co. 3.87Suncor Energy Inc. 3.07Bank of Montreal 3.01TransCanada Corp. 2.61BCE Inc. 2.55Manulife Financial Corp. 2.34

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SSQ BLACKROCK CANADIAN INDEX FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

158

Nature and extent of risks arising from financial instruments The SSQ BlackRock Canadian Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock Canadian Equity Index Fund, Class D. The SSQ BlackRock Canadian Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the Capped S&P/TSX Composite Index of the Canadian stock market.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 20,891 - - 20,891Derivative Financial Instruments - - - -

Money Market - - - -Total 20,891 - - 20,891

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 15,801 - - 15,801Derivative Financial Instruments - - - -

Money Market - - - -Total 15,801 - - 15,801

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ FIERA CAPITAL CANADIAN SMALL CAP EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

159

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 36,512 39,082Cash 1,474 -Receivable from investments sold - 810 Other accounts receivable - 2

Total assets 37,986 39,894

Liabilities Current liabilities Bank overdraft - 713 Payable for investments purchased 1,405 -Other accounts payable 9 19

Total liabilities 1,414 732

Net assets attributable to contractholders 36,572 39,162

Net asset value per unit Class A 17.30 18.70 Class B 16.90 18.40 Class E 17.46 18.82 Class F 17.21 18.63 Class G 16.99 18.47 Class I 18.34 19.48 Class J 18.34 19.48 Class N 17.45 18.81

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SSQ FIERA CAPITAL CANADIAN SMALL CAP EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

160

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,512 387 Unrealized on investments (3,802) 2,578

Total net gain (loss) (2,290) 2,965Distribution from the underlying fund - -

(2,290) 2,965

Expenses Management fees (note 6) 404 376 Administrative fees 11 10 Transaction costs - -

415 386

Increase (decrease) in net assets from operations attributable to contractholders (2,705) 2,579

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A (1.42) 1.08 Class B (1.52) 0.96 Class E (1.38) 1.14 Class F (1.44) 1.06 Class G (1.50) 0.99 Class I (1.16) 1.40 Class J (1.16) 1.40 Class N (1.39) 1.13

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SSQ FIERA CAPITAL CANADIAN SMALL CAP EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

161

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 39,162 35,818

Unit transactions Issuance of units 8,315 5,354 Redemption of units (8,200) (5,294)

115 60

Increase (decrease) in net assets from operations attributable to contractholders (2,705) 2,579

Net assets attributable to contractholders at the end of the period 36,572 38,457

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders (2,705) 2,579

Items not affecting cash Net realized and unrealized gain (loss) on investments 2,290 (2,965) Distribution from the underlying fund - -

(415) (386)Investment transactions Purchases (3,335) - Disposals 3,615 1,060

280 1,060

Change in other operating assets and liabilities 2,207 (109)

Cash flows from operating activities 2,072 565

Financing Issuance of units 8,315 5,354 Redemption of units (8,200) (5,294)

Cash flows from financing activities 115 60

Net change in cash 2,187 625 Cash (Bank overdraft) at the beginning of the period (713) (666)

Cash (Bank overdraft) at the end of the period 1,474 (41)

Interest received - -Dividends received - -

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SSQ FIERA CAPITAL CANADIAN SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

162

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.84%) Fiera Canadian Equity Small Cap Core Fund 157,746 22,668 36,512

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.16%) 60

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 36,572

TOP HOLDINGS OF UNDERLYING FUND

Fiera Canadian Equity Small Cap Core Fund %Tricon Capital Group Inc. 3.69Intertape Polymer Group Inc. 3.30New Flyer Industries Inc. 3.14Badger Daylighting Ltd. 3.09Sleep Country Canada 3.08Parex Resources Inc. 3.06Boyd Group Income Fund 2.99Enghouse Systems Ltd. 2.97Uni-Select Inc. 2.72Equitable Group Inc. 2.70

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SSQ FIERA CAPITAL CANADIAN SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

163

Nature and extent of risks arising from financial instruments The SSQ Fiera Capital Canadian Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Fiera Canadian Equity Small Cap Core Fund. The SSQ Fiera Capital Canadian Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital Corporation. The manager's investment strategy is to favour a bottom-up management approach and uses a blended value/growth management style. The manager favours companies with prospects for above average earnings growth.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 36,512 - - 36,512Derivative Financial Instruments - - - -

Money Market - - - -Total 36,512 - - 36,512

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 39,082 - - 39,082Derivative Financial Instruments - - - -

Money Market - - - -Total 39,082 - - 39,082

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ HILLSDALE U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

164

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 59,478 57,899 Cash 410 -Receivable from investments sold 906 2,596 Other accounts receivable 22 24

Total assets 60,816 60,519

Liabilities Current liabilities Bank overdraft - 2,184 Payable for investments purchased 790 -Other accounts payable 13 28

Total liabilities 803 2,212

Net assets attributable to contractholders 60,013 58,307

Net asset value per unit Class A 23.82 22.65 Class B 23.39 22.37 Class E 24.02 22.78 Class F 23.71 22.58 Class G 23.43 22.39 Class I 25.27 23.60 Class J 24.96 23.31 Class K 28.62 26.73 Class N 23.72 22.49

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SSQ HILLSDALE U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

165

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 3,593 1,251 Unrealized on investments (175) (5,349) Unrealized on derivative financial instruments - (17) Distributed by the underlying fund 505 232

Total net gain (loss) 3,923 (3,883)Securities lending 3 1 Dividends 462 414 Foreign exchange gain (loss) on cash (20) (123)

4,368 (3,591)

Expenses Withholding taxes 45 51 Management fees (note 6) 64 36 Administrative fees 2 1 Transaction costs 27 34

138 122

Increase (decrease) in net assets from operations attributable to contractholders 4,230 (3,713)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 1.24 (1.45)Class B 1.09 (1.55)Class E 1.31 (1.40)Class F 1.20 (1.48)Class G 1.10 (1.54)Class I 1.79 (1.10)Class J 1.73 (1.09)Class K 1.98 (1.25)Class N 1.29 (1.38)

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SSQ HILLSDALE U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

166

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 58,307 67,273

Unit transactions Issuance of units 5,092 11,494 Redemption of units (7,616) (14,360)

(2,524) (2,866)

Increase (decrease) in net assets from operations attributable to contractholders 4,230 (3,713)

Net assets attributable to contractholders at the end of the period 60,013 60,694

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 4,230 (3,713)

Items not affecting cash Foreign exchange gain (loss) on cash 20 123 Net realized and unrealized gain (loss) on investments (3,418) 4,098 Net unrealized gain (loss) on derivative financial instruments - 17 Distribution from the underlying fund (505) (232)

327 293 Investment transactions Purchases (29,675) (28,791) Disposals 32,019 31,979

2,344 3,188

Change in other operating assets and liabilities 2,467 (190)

Cash flows from operating activities 5,138 3,291

Financing Issuance of units 5,092 11,494 Redemption of units (7,616) (14,360)

Cash flows from financing activities (2,524) (2,866)

Foreign exchange gain (loss) on cash (20) (123)Net change in cash 2,594 302 Cash (Bank overdraft) at the beginning of the period (2,184) 663

Cash (Bank overdraft) at the end of the period 410 965

Interest received 3 1 Dividends received 416 327

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SSQ HILLSDALE U.S. EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except numbers of shares and units)

167

Number Average Fair

of Shares Cost Value

EQUITIES (66.30%) $ $

U.S. EQUITIES (63.88%)

Energy (0.56%)

Alliance Resource Partners LP 13,700 400 336

Materials (4.03%)

Celanese Corp., Class A 3,200 287 395

Huntsman Corp. 12,500 424 419

Nucor Corp. 5,400 403 406

Owens-Illinois Inc. 12,800 311 398

Silgan Holdings Inc. 9,600 382 396

Steel Dynamics Inc. 8,700 420 404

2,227 2,418

Industrials (9.15%)

Allison Transmission Holdings Inc. 8,200 407 399

Boeing Co. 1,600 407 411

Delta Air Lines Inc. 5,000 325 349

Landstar System Inc. 4,000 388 445

ManpowerGroup Inc. 3,000 334 435

Masco Corp. 8,500 327 422

Owens Corning 5,400 407 469

Pitney Bowes Inc. 19,900 398 390

Robert Half International Inc. 6,500 422 404

Southwest Airlines Co. 4,900 91 395

Spirit AeroSystems Holdings Inc., Class A 3,000 189 225

The Toro Co. 4,700 375 423

United Continental Holdings Inc. 3,200 272 313

United Rentals Inc. 2,800 281 410

4,623 5,490

Consumer Discretionary (5.97%)

Brunswick Corp. 4,700 261 383

CBS Corp., Class B 4,800 398 398

Dr Horton Inc. 8,900 394 399

Home Depot Inc. 2,000 213 398

Lear Corp. 1,800 248 332

Lowe's Cos Inc. 4,100 392 413

NVR Inc. 150 324 469

Pool Corp. 2,600 424 397

Staples Inc. 30,300 433 396

3,087 3,585

Consumer Staples (1.65%)

Pilgrim's Pride Corp. 12,800 339 364

The Hershey Co. 2,100 301 293

Tyson Foods Inc., Class A 4,100 351 333

991 990

Health Care (14.68%)

AbbVie Inc. 4,700 428 443

Aetna Inc. 2,200 423 434

Amgen Inc. 1,900 425 425

Anthem Inc. 1,700 414 415

Baxter International Inc. 6,500 401 511

Biogen Inc. 1,000 288 352

Bristol-Myers Squibb Co. 5,700 418 412

Celgene Corp. 900 54 152

Cigna Corp. 2,100 406 456

Edwards Lifesciences Corp. 2,300 108 353

Express Scripts Holding Co. 4,100 386 340

Gilead Sciences Inc. 3,900 361 358

HCA Healthcare Inc. 3,400 258 385

Number Average Fair

of Shares Cost Value

$ $

EQUITIES (66.30%) (Cont’d)

U.S. EQUITIES (63.88%) (Cont'd)

Health Care (14.68%) (Cont'd)

Humana Inc. 1,300 371 406

IDEXX Laboratories Inc. 2,300 330 482

Johnson & Johnson 2,400 325 412

McKesson Corp. 1,600 205 342

Quest Diagnostics Inc. 3,400 380 491

Thermo Fisher Scientific Inc. 1,700 324 385

UnitedHealth Group Inc. 1,900 224 457

Vertex Pharmaceuticals Inc. 2,400 403 402

WellCare Health Plans Inc. 1,700 400 396

7,332 8,809

Financials (8.88%)

Aflac Inc. 4,000 405 403

Allstate Corp. 3,500 407 402

Ameriprise Financial Inc. 2,500 393 413

Apollo Global Management LLC, Class A 12,100 364 416

Citizens Financial Group Inc. 8,400 427 389

Hill-Rom Holdings Inc. 4,100 407 424

Leucadia National Corp. 11,800 408 401

MSCI Inc. 2,900 405 388

Prudential Financial Inc. 2,700 372 379

S&P Global Inc. 2,200 415 417

SEI Investments Co. 5,600 402 391

The Hartford Financial Services Group Inc. 6,300 426 430

The progressive Corp. 8,300 407 475

5,238 5,328

Information Technology (18.96%)

Adobe Systems Inc. 2,100 400 386

Analog Devices Inc. 3,600 392 364

Apple Inc. 2,700 233 505

Applied Materials Inc. 9,300 237 499

Broadcom Ltd. 1,200 413 363

Cadence Design Systems Inc. 9,000 410 391

CDK Global Inc. 4,400 326 355

CDW Corp. 5,600 388 455

Cisco Systems Inc. 9,600 392 390

Citrix Systems Inc. 3,700 415 382

Cognizant Technology Solutions Corp., Class A 3,900 166 336

Corning Inc. 9,700 309 378

eBay Inc. 9,000 277 408

F5 Networks Inc. 2,300 361 379

HP Inc. 20,100 391 456

Intuit Inc. 2,200 405 379

Juniper Networks Inc. 10,500 404 380

Lam Research Corp. 2,600 331 477

Microsoft Corp. 4,200 341 376

Motorola Solutions Inc. 3,600 360 405

NCR Corp. 7,500 317 398

NetApp Inc. 8,800 393 458

ON Semiconductor Corp. 20,700 423 377

Teradyne Inc. 8,700 414 339

Texas Instruments Inc. 3,600 335 360

Total System Services Inc. 5,500 356 416

Western Digital Corp. 4,800 389 552

Zynga Inc. 86,900 409 411

9,987 11,375

TOTAL U.S. EQUITIES 33,885 38,331

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SSQ HILLSDALE U.S. EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except numbers of shares and units)

168

Number Average Fair

of Shares Cost Value

$ $

EQUITIES (66.30%) (Cont’d)

FOREIGN EQUITIES (2.42%)

Consumer Discretionary (0.43%)

Michael Kors Holdings Ltd. 5,500 382 259

Health Care (0.59%)

ICON PLC 2,800 201 356

Financials (1.40%)

Everest RE Group Ltd. 1,200 401 397

Lazard Ltd., Class A 7,400 365 445

766 842

TOTAL FOREIGN EQUITIES 1,349 1,457

TOTAL EQUITIES 35,234 39,788

Number Average Fair

of Units Cost Value

$ $

INVESTMENT FUND (32.81%)

Hillsdale US Performance Equity, Class Z 116,768 16,416 19,690

TOTAL INVESTMENTS (99.11%) 51,650 59,478

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.89%) 535TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 60,013

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SSQ HILLSDALE U.S. EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

169

Nature and extent of risks arising from financial instruments Fund objective The objective of the SSQ Hillsdale U.S. Equity Fund (hereinafter “Fund”) is to generate long-term capital growth. Investment strategy The Fund is invested mainly in the equities of large-cap U.S. companies. It is also invested in equities of small cap U.S. companies. The Fund may hold fund units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Hillsdale Investment Management is to invest in two strategies with complementary management styles. U.S. Core Equity Strategy (67%) and U.S. Small Cap Equity Strategy (33%). As at June 30, 2017 and December 31, 2016, the Fund’s assets are made up of U.S. equities. Risk exposure The Fund is exposed mainly to stock market risk, currency risk (between Canadian and U.S. dollar), as well as risks related to the use of derivative financial instruments. It does not use financial leverage or derivative financial instruments for speculative purposes. Please refer to notes 8 and 9 for details related to financial instrument risks. Credit risk As at June 30, 2017 and December 31, 2016, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk. The Fund may engage in securities lending transactions. As at June 30, 2017, the portfolio securities with a fair value of $5,194 (December 31, 2016 - $10,812) were loaned. The amount of collateral held on securities lending transactions amounted to $5,558 (December 31, 2016 - $11,569). In addition, as at June 30, 2017 and December 31, 2016, the Fund did not have any derivative financial instruments. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations.

Liquidity risk (Con’t) The following tables indicate the financial liabilities maturity based on the remaining periods to accrue until the Fund’s contractual maturities: June 30, 2017 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased 790 - 790Other Accounts Payable 13 - 13 December 31, 2016 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased - - -Other Accounts Payable 28 - 28 Interest rate risk As at June 30, 2017 and December 31, 2016, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates. Price risk The Fund trades U.S. equity securities which must meet the requirements of the investment policy. The impact on the net assets attributable to contractholders of the Fund of a change in its large cap U.S. equities index would be: Change (%)

June 30, 2017 ($)

December 31, 2016($)

+ 5 - 5

2,974 (2,974)

2,895(2,895)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk As at June 30, 2017 and December 31, 2016, all of the Fund’s securities are denominated in U.S. dollars. The impact on the net assets attributable to contractholders of the Fund of a change in the Canadian dollar exchange rate would be: Against Other Currencies

Change (%)

June 30,2017 ($)

December 31, 2016($)

Canadian Dollar + 5 - 5

(2,974) 2,974

(2,895) 2,895

The results of the sensitivity analysis conducted with respect to currency risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. As at June 30, 2017 and December 31, 2016, the Fund was not using any financial instrument as a foreign currency hedge.

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SSQ HILLSDALE U.S. EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

170

Concentration risk The following table summarizes the investment portfolio securities according to the following investment categories: Portfolio by Categories June 30, 2017

(%)December 31, 2016

(%)

U.S. Equities Energy 0.56 1.37 Materials 4.03 3.80 Industrials 9.15 9.31 Consumer Discretionary 5.97 9.85 Consumer Staples 1.65 1.77 Health Care 14.68 11.47 Financials 8.88 6.80 Telecommunication Services - 0.66 Information Technology 18.96 20.71Foreign Equities Industrials - 0.73 Consumer Discretionary 0.43 - Health Care 0.59 - Financials 1.40 -Investment Fund U.S. Equities 32.81 32.83Other Net Assets 0.89 0.70Total 100.00 100.00

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 39,788 - - 39,788

Exchange Traded Funds - - - -

Investment Funds 19,690 - - 19,690

Derivative Financial Instruments - - - -

Money Market - - - -Total 59,478 - - 59,478

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 38,756 - - 38,756

Exchange Traded Funds - - - -

Investment Funds 19,143 - - 19,143

Derivative Financial Instruments - - - -

Money Market - - - -

Total 57,899 - - 57,899

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ BEUTEL GOODMAN U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

171

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 41,678 24,157 Cash 550 304 Receivable from investments sold - -Other accounts receivable 20 1

Total assets 42,248 24,462

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 460 260 Other accounts payable - 8

Total liabilities 460 268

Net assets attributable to contractholders 41,788 24,194

Net asset value per unit Class A 12.21 11.51 Class B 11.99 11.36 Class E 12.31 11.58 Class F 12.15 11.47 Class G 12.00 11.37 Class I 12.93 11.98 Class J 12.93 11.98 Class N 12.31 11.58

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SSQ BEUTEL GOODMAN U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

172

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 24 (3) Unrealized on investments 2,152 685

Total net gain (loss) 2,176 682 Distribution from the underlying fund 3 -

2,179 682

Expenses Management fees (note 6) 597 80 Administrative fees 18 2 Transaction costs - -

615 82

Increase (decrease) in net assets from operations attributable to contractholders 1,564 600

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.54 1.56 Class B 0.47 1.48 Class E 0.58 1.52 Class F 0.53 1.37 Class G 0.47 1.39 Class I 0.80 1.50 Class J 0.79 1.53 Class N 0.58 1.63

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SSQ BEUTEL GOODMAN U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

173

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 24,194 620

Unit transactions Issuance of units 22,690 21,126 Redemption of units (6,660) (1,124)

16,030 20,002

Increase (decrease) in net assets from operations attributable to contractholders 1,564 600

Net assets attributable to contractholders at the end of the period 41,788 21,222

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,564 600

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,176) (682) Distribution from the underlying fund - -

(612) (82)Investment transactions Purchases (15,590) (20,435) Disposals 245 560

(15,345) (19,875)

Change in other operating assets and liabilities 173 (99)

Cash flows from operating activities (15,784) (20,056)

Financing Issuance of units 22,690 21,126 Redemption of units (6,660) (1,124)

Cash flows from financing activities 16,030 20,002

Net change in cash 246 (54)Cash (Bank overdraft) at the beginning of the period 304 85

Cash (Bank overdraft) at the end of the period 550 31

Interest received - -Dividends received - -

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SSQ BEUTEL GOODMAN U.S. EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

174

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.74%) Beutel Goodman American Equity Fund, Class I 2,430,336 37,174 41,678

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.26%) 110

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 41,788

TOP HOLDINGS OF UNDERLYING FUND

Beutel Goodman American Equity Fund, Class I %Oracle Corp. 6.60Ingersoll-Rand PLC 6.50American Express Co. 6.30Parker Hannifin Corp. 6.00Verizon Communications Inc. 5.90Amdocs Ltd. 5.40AmerisourceBergen Corp. 5.40Eli Lilly & Co. 5.00Omnicom Group Inc. 4.80Ameriprise Financial Inc. 4.50

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SSQ BEUTEL GOODMAN U.S. EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

175

Nature and extent of risks arising from financial instruments The SSQ Beutel Goodman U.S. Equity Fund is a segregated fund that invests exclusively in the underlying fund called Beutel Goodman American Equity Fund, Class I. The SSQ Beutel Goodman U.S. Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Beutel Goodman. The manager's investment strategy is to favour a bottom-up management approach and a value management style.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 41,678 - - 41,678Derivative Financial Instruments - - - -

Money Market - - - -Total 41,678 - - 41,678

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 24,157 - - 24,157Derivative Financial Instruments - - - -

Money Market - - - -Total 24,157 - - 24,157

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ FIERA CAPITAL U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

176

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 41,464 45,516 Cash 52 -Receivable from investments sold - 365 Other accounts receivable - 4

Total assets 41,516 45,885

Liabilities Current liabilities Bank overdraft - 342 Payable for investments purchased - -Other accounts payable 3 3

Total liabilities 3 345

Net assets attributable to contractholders 41,513 45,540

Net asset value per unit Class A 11.39 10.57 Class B 11.19 10.44 Class D 11.23 10.47 Class E 11.49 10.63 Class F 11.34 10.54 Class G 11.20 10.45 Class H 11.02 10.33 Class I 12.05 10.99 Class J 12.05 10.99 Class N 11.48 10.63

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SSQ FIERA CAPITAL U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

177

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 973 (6) Unrealized on investments 3,040 366

Total net gain (loss) 4,013 360 Distribution from the underlying fund - 24

4,013 384

Expenses Management fees (note 6) 775 145 Administrative fees 21 4 Transaction costs - -

796 149

Increase (decrease) in net assets from operations attributable to contractholders 3,217 235

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.84 0.38 Class B 0.77 0.31 Class D 0.79 0.34 Class E 0.88 0.39 Class F 0.83 0.34 Class G 0.77 0.28 Class H 0.71 0.24 Class I 1.09 0.61 Class J 1.03 0.63 Class N 0.88 0.43

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SSQ FIERA CAPITAL U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

178

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 45,540 1,117

Unit transactions Issuance of units 5,046 47,402 Redemption of units (12,290) (1,431)

(7,244) 45,971

Increase (decrease) in net assets from operations attributable to contractholders 3,217 235

Net assets attributable to contractholders at the end of the period 41,513 47,323

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 3,217 235

Items not affecting cash Net realized and unrealized gain (loss) on investments (4,013) (360) Distribution from the underlying fund - (24)

(796) (149)Investment transactions Purchases - (46,955) Disposals 8,065 1,185

8,065 (45,770)

Change in other operating assets and liabilities 369 (185)

Cash flows from operating activities 7,638 (46,104)

Financing Issuance of units 5,046 47,402 Redemption of units (12,290) (1,431)

Cash flows from financing activities (7,244) 45,971

Net change in cash 394 (133)Cash (Bank overdraft) at the beginning of the period (342) 87

Cash (Bank overdraft) at the end of the period 52 (46)

Interest received - -Dividends received - -

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SSQ FIERA CAPITAL U.S. EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

179

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.88%) Fiera American Equity Fund, Class A 3,849,049 34,871 41,464

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.12%) 49

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 41,513

TOP HOLDINGS OF UNDERLYING FUND

Fiera American Equity Fund, Class A %Moody's Corp. 6.36Johnson & Johnson 5.94Becton Dickinson and Co. 4.79MasterCard Inc., Class A 4.71PepsiCo Inc. 4.143M Company 4.14US Bancorp 4.13UnitedHealth Group Inc. 4.06United Technologies Corp. 3.98The Sherwin-Williams Co. 3.95

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SSQ FIERA CAPITAL U.S. EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

180

Nature and extent of risks arising from financial instruments The SSQ Fiera Capital U.S. Equity Fund is a segregated fund that invests exclusively in the underlying fund called Fiera American Equity Fund, Class A. The SSQ Fiera Capital U.S. Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital Corporation. The manager's investment strategy is to favour a bottom-up management approach and a growth at a reasonable price management style.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 41,464 - - 41,464Derivative Financial Instruments - - - -

Money Market - - - -Total 41,464 - - 41,464

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 45,516 - - 45,516Derivative Financial Instruments - - - -

Money Market - - - -Total 45,516 - - 45,516

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ FIERA CAPITAL HEDGE U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

181

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 3,597 709 Cash 196 -Receivable from investments sold - 185 Other accounts receivable - -

Total assets 3,793 894

Liabilities Current liabilities Bank overdraft - 182 Payable for investments purchased 135 -Other accounts payable 1 -

Total liabilities 136 182

Net assets attributable to contractholders 3,657 712

Net asset value per unit Class A 11.08 10.02 Class B 11.00 10.01 Class E 11.11 10.02 Class F 11.06 10.02 Class G 11.01 10.01 Class I 11.32 10.06 Class J 11.32 10.06 Class N 11.11 10.02

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SSQ FIERA CAPITAL HEDGE U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

182

STATEMENT OF COMPREHENSIVE INCOME

Period ended June 30 2017 $ Income Net gain (loss) Realized on sale of investments 2 Unrealized on investments 186

Total net gain (loss) 188Distribution from the underlying fund -

188

Expenses Management fees (note 6) 25Administrative fees 1 Transaction costs -

26

Increase (decrease) in net assets from operations attributable to contractholders 162

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.89 Class B 0.81 Class E 0.91 Class F 0.87 Class G 0.81 Class I 1.08 Class J 1.07 Class N 0.91

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SSQ FIERA CAPITAL HEDGE U.S. EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

183

STATEMENT OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Period ended June 30 2017 $ Net assets attributable to contractholders at the beginning of the period 712

Unit transactions Issuance of units 3,544 Redemption of units (761)

2,783

Increase (decrease) in net assets from operations attributable to contractholders 162

Net assets attributable to contractholders at the end of the period 3,657

STATEMENT OF CASH FLOWS

Period ended June 30 2017 $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 162

Items not affecting cash Net realized and unrealized gain (loss) on investments (188) Distribution from the underlying fund -

(26)Investment transactions Purchases (3,000) Disposals 300

(2,700)

Change in other operating assets and liabilities 321

Cash flows from operating activities (2,405)

Financing Issuance of units 3,544 Redemption of units (761)

Cash flows from financing activities 2,783

Net change in cash 378 Cash (Bank overdraft) at the beginning of the period (182)

Cash (Bank overdraft) at the end of the period 196

Interest received -Dividends received -

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SSQ FIERA CAPITAL HEDGE U.S. EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

184

Number Average Fair of Units Cost Value $ $ INVESTMENTS (98.36%) Fiera American Equity Fund, Class C 337,739 3,419 3,597

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (1.64%) 60

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 3,657

TOP HOLDINGS OF UNDERLYING FUND

Fiera American Equity Fund, Class C %Moody's Corp. 6.36Johnson & Johnson 5.94Becton Dickinson and Co. 4.79MasterCard Inc., Class A 4.71PepsiCo Inc. 4.143M Company 4.14US Bancorp 4.13UnitedHealth Group Inc. 4.06United Technologies Corp. 3.98The Sherwin-Williams Co. 3.95

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SSQ FIERA CAPITAL HEDGE U.S. EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

185

Nature and extent of risks arising from financial instruments The SSQ Fiera Capital Hedge U.S. Equity Fund is a segregated fund that invests exclusively in the underlying fund called Fiera American Equity Fund, Class C. The SSQ Fiera Capital Hedge U.S. Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital Corporation. The manager's investment strategy is to favour a bottom-up management approach and a growth at a reasonable price management style.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 3,597 - - 3,597Derivative Financial Instruments - - - -

Money Market - - - -Total 3,597 - - 3,597

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 709 - - 709Derivative Financial Instruments - - - -

Money Market - - - -Total 709 - - 709

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ BLACKROCK U.S. INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

186

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 42,307 42,033Cash 16 5 Receivable from investments sold - -Other accounts receivable 3 3

Total assets 42,326 42,041

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - -Other accounts payable 7 6

Total liabilities 7 6

Net assets attributable to contractholders 42,319 42,035

Net asset value per unit Class A 13.37 12.86 Class B 13.12 12.69 Class D 13.19 12.73 Class E 13.48 12.93 Class F 13.32 12.82 Class G 13.15 12.71 Class H 12.93 12.56 Class I 14.13 13.36 Class J 14.29 13.52 Class N 13.48 12.93

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SSQ BLACKROCK U.S. INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

187

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,244 1,053 Unrealized on investments 148 (3,558) Distributed by the underlying fund 497 846

Total net gain (loss) 1,889 (1,659)Distribution from the underlying fund 495 463

2,384 (1,196)

Expenses Management fees (note 6) 670 568 Administrative fees 19 16 Transaction costs - -

689 584

Increase (decrease) in net assets from operations attributable to contractholders 1,695 (1,780)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.52 (0.58)Class B 0.43 (0.64)Class D 0.46 (0.62)Class E 0.56 (0.55)Class F 0.50 (0.60)Class G 0.44 (0.64)Class H 0.37 (0.69)Class I 0.78 (0.39)Class J 0.78 (0.39)Class N 0.55 (0.55)

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SSQ BLACKROCK U.S. INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

188

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 42,035 38,160

Unit transactions Issuance of units 6,676 12,827 Redemption of units (8,087) (10,108)

(1,411) 2,719

Increase (decrease) in net assets from operations attributable to contractholders 1,695 (1,780)

Net assets attributable to contractholders at the end of the period 42,319 39,099

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,695 (1,780)

Items not affecting cash Net realized and unrealized gain (loss) on investments (1,392) 2,505 Distribution from the underlying fund (992) (1,309)

(689) (584)Investment transactions Purchases (2,280) (6,635) Disposals 4,390 4,480

2,110 (2,155)

Change in other operating assets and liabilities 1 58

Cash flows from operating activities 1,422 (2,681)

Financing Issuance of units 6,676 12,827 Redemption of units (8,087) (10,108)

Cash flows from financing activities (1,411) 2,719

Net change in cash 11 38 Cash (Bank overdraft) at the beginning of the period 5 42

Cash (Bank overdraft) at the end of the period 16 80

Interest received - -Dividends received - -

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SSQ BLACKROCK U.S. INDEX FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

189

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.97%) BlackRock CDN US Equity Index Fund, Class D 2,045,067 30,104 42,307

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.03%) 12

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 42,319

TOP HOLDINGS OF UNDERLYING FUND

BlackRock CDN US Equity Index Fund, Class D %Apple Inc. 3.62Microsoft Corp. 2.56Amazon.com Inc. 1.85Facebook Inc., Class A 1.72Johnson & Johnson 1.72Exxon Mobil Corp. 1.65JPMorgan Chase & Co. 1.56Berkshire Hathaway Inc., Class B 1.55Alphabet Inc., Class A 1.33Alphabet Inc., Class C 1.31

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SSQ BLACKROCK U.S. INDEX FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

190

Nature and extent of risks arising from financial instruments The SSQ BlackRock U.S. Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock CDN US Equity Index Fund, Class D. The SSQ BlackRock U.S. Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the U.S. stock market’s S&P 500 Index.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 42,307 - - 42,307Derivative Financial Instruments - - - -

Money Market - - - -Total 42,307 - - 42,307

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 42,033 - - 42,033Derivative Financial Instruments - - - -

Money Market - - - -Total 42,033 - - 42,033

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ HEXAVEST INTERNATIONAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

191

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 104,991 116,861 Cash - -Receivable from investments sold 2,400 690 Other accounts receivable - 2

Total assets 107,391 117,553

Liabilities Current liabilities Bank overdraft 1,735 324 Payable for investments purchased - -Other accounts payable 32 34

Total liabilities 1,767 358

Net assets attributable to contractholders 105,624 117,195

Net asset value per unit Class A 9.95 9.42 Class B 9.75 9.29 Class D 9.80 9.32 Class E 10.04 9.48 Class F 9.91 9.39 Class G 9.77 9.30 Class H 9.62 9.20 Class I 10.64 9.87 Class J 10.64 9.87 Class N 10.04 9.48

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SSQ HEXAVEST INTERNATIONAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

192

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments (3,380) (531) Unrealized on investments 11,965 (7,086)

Total net gain (loss) 8,585 (7,617)Interest for allocation purposes - 1

8,585 (7,616)

Expenses Management fees (note 6) 189 192 Administrative fees 4 4 Transaction costs - -

193 196

Increase (decrease) in net assets from operations attributable to contractholders 8,392 (7,812)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.55 (0.73)Class B 0.48 (0.79)Class D 0.49 (0.77)Class E 0.58 (0.71)Class F 0.53 (0.75)Class G 0.48 (0.78)Class H 0.43 (0.82)Class I 0.79 (0.56)Class J 0.79 (0.56)Class N 0.58 (0.71)

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SSQ HEXAVEST INTERNATIONAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

193

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 117,195 133,477

Unit transactions Issuance of units 5,311 7,132 Redemption of units (25,274) (6,304)

(19,963) 828

Increase (decrease) in net assets from operations attributable to contractholders 8,392 (7,812)

Net assets attributable to contractholders at the end of the period 105,624 126,493

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 8,392 (7,812)

Items not affecting cash Net realized and unrealized gain (loss) on investments (8,585) 7,616 Distribution from the underlying fund - -

(193) (196)Investment transactions Purchases (1,110) (2,860) Disposals 21,565 2,375

20,455 (485)

Change in other operating assets and liabilities (1,710) (2)

Cash flows from operating activities 18,552 (683)

Financing Issuance of units 5,311 7,132 Redemption of units (25,274) (6,304)

Cash flows from financing activities (19,963) 828

Net change in cash (1,411) 145 Cash (Bank overdraft) at the beginning of the period (324) 502

Cash (Bank overdraft) at the end of the period (1,735) 647

Interest received - 1 Dividends received - -

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SSQ HEXAVEST INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

194

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.40%) Hexavest Europac Fund 130,483 118,336 104,991

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.60%) 633

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 105,624

TOP HOLDINGS OF UNDERLYING FUND

Hexavest Europac Fund %Nestlé SA 2.72Roche Holding AG 1.98Novartis AG 1.92Mitsubishi UFJ Financial Group Inc. 1.76Sumitomo Mitsui Financial Group Inc. 1.47BNP Paribas SA 1.42Mizuho Financial Group Inc. 1.42ING Groep NV 1.33Banco Santander SA 1.28Intesa Sanpaolo SpA 1.26

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SSQ HEXAVEST INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

195

Nature and extent of risks arising from financial instruments The SSQ Hexavest International Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest Europac Fund. The SSQ Hexavest International Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy favours a bottom-up analysis of companies and a predominantly value management style. Emphasis is placed on analysis of macro-economic factors combined with a strategy based on fundamental research supported by quantitative models.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 104,991 - - 104,991Derivative Financial Instruments - - - -

Money Market - - - -Total 104,991 - - 104,991

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 116,861 - - 116,861Derivative Financial Instruments - - - -

Money Market - - - -Total 116,861 - - 116,861

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ C WORLDWIDE INTERNATIONAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

196

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 101,759 96,786 Cash 1,729 1,615 Receivable from investments sold - -Other accounts receivable 226 64

Total assets 103,714 98,465

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - -Other accounts payable 29 41

Total liabilities 29 41

Net assets attributable to contractholders 103,685 98,424

Net asset value per unit Class A 14.18 12.58 Class B 13.89 12.40 Class E 14.30 12.66 Class F 14.11 12.54 Class G 13.92 12.42 Class I 15.11 13.16 Class J 15.11 13.16 Class K 15.11 13.16 Class N 14.29 12.65

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SSQ C WORLDWIDE INTERNATIONAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

197

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 2,920 2,310 Unrealized on investments 10,202 (12,112)

Total net gain (loss) 13,122 (9,802)Interest for allocation purposes 3 1 Securities lending 1 -Dividends 1,590 2,066 Foreign exchange gain (loss) on cash - (6)

14,716 (7,741)

Expenses Withholding taxes 98 190 Management fees (note 6) 282 320 Administrative fees 7 8 Transaction costs 45 79

432 597

Increase (decrease) in net assets from operations attributable to contractholders 14,284 (8,338)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 1.64 (1.22)Class B 1.53 (1.30)Class E 1.69 (1.20)Class F 1.61 (1.24)Class G 1.55 (1.29)Class I 2.03 (1.00)Class J 2.02 (1.00)Class K 2.01 (1.00)Class N 1.68 (1.20)

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SSQ C WORLDWIDE INTERNATIONAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

198

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 98,424 105,788

Unit transactions Issuance of units 8,815 17,757 Redemption of units (17,838) (17,970)

(9,023) (213)

Increase (decrease) in net assets from operations attributable to contractholders 14,284 (8,338)

Net assets attributable to contractholders at the end of the period 103,685 97,237

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 14,284 (8,338)

Items not affecting cash Foreign exchange gain (loss) on cash - 6 Net realized and unrealized gain (loss) on investments (13,122) 9,802 Distribution from the underlying fund - -

1,162 1,470 Investment transactions Purchases (12,477) (20,115) Disposals 20,626 20,266

8,149 151

Change in other operating assets and liabilities (174) (1,934)

Cash flows from operating activities 9,137 (313)

Financing Issuance of units 8,815 17,757 Redemption of units (17,838) (17,970)

Cash flows from financing activities (9,023) (213)

Foreign exchange gain (loss) on cash - (6)Net change in cash 114 (532)Cash (Bank overdraft) at the beginning of the period 1,615 1,724

Cash (Bank overdraft) at the end of the period 1,729 1,192

Interest received 4 1 Dividends received 1,330 1,681

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SSQ C WORLDWIDE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of shares)

199

Number Average Fair

of Shares Cost Value

$ $

U.S. EQUITIES (2.33%)

Health Care (2.33%)

Shire PLC 33,834 2,644 2,419

TOTAL U.S. EQUITIES 2,644 2,419

FOREIGN EQUITIES (95.81%)

Energy (4.29%)

Royal Dutch Shell PLC, Class A 129,216 4,455 4,449

Materials (1.92%)

CRH PLC 43,111 1,980 1,988

Industrials (16.42%)

Atlas Copco AB 43,862 1,910 2,179

FANUC Corp. 10,900 1,847 2,728

Jardine Matheson Holdings Ltd. 27,700 1,875 2,309

Makita Corp. 67,600 1,582 3,246

Siemens AG 17,070 2,808 3,054

Wolseley PLC 44,118 2,248 3,507

12,270 17,023

Consumer Discretionary (11.17%)

Bridgestone Corp. 70,400 2,206 3,938

Naspers Ltd. 18,811 3,378 4,745

Shimano Inc. 14,100 2,557 2,897

8,141 11,580

Consumer Staples (11.86%)

British American Tobacco PLC 74,636 4,369 6,589

Nestlé SA 27,043 1,731 3,057

Reckitt Benckiser Group PLC 20,228 2,536 2,656

8,636 12,302

Health Care (8.92%)

Bayer AG 26,234 4,321 4,404

Novo Nordisk A/S, Class B 59,622 2,024 3,313

Sinopharm Group Co. Ltd. 261,200 1,811 1,533

8,156 9,250

Financials (20.55%)

AIA Group Ltd. 519,400 4,315 4,927

Danske Bank A/S 67,207 1,560 3,353

HDFC Bank Ltd. 74,004 2,935 8,357

NN Group NV 30,707 1,412 1,416

UBS Group AG 148,059 2,670 3,257

12,892 21,310

Telecommunication Services (1.43%)

SoftBank Group Corp. 14,100 1,401 1,482

Information Technology (15.81%)

Hexagon AB, Class B 25,428 1,358 1,566

Infineon Technologies AG 114,515 2,101 3,162

Keyence Corp. 7,100 2,089 4,049

SAP SE 23,367 2,775 3,180

Number Average Fair

of Shares Cost Value

$ $

FOREIGN EQUITIES (95.81%) (Cont'd)

Information Technology (15.81%) (Cont'd)

Taiwan Semiconductor Manufacturing Co. Ltd. 97,649 2,953 4,432

11,276 16,389

Real Estate (3.44%)

Sun Hung Kai Properties Ltd. 187,000 2,875 3,567

TOTAL FOREIGN EQUITIES 72,082 99,340

TOTAL INVESTMENTS (98.14%) 74,726 101,759

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (1.86%) 1,926 TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 103,685

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SSQ C WORLDWIDE INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

200

Nature and extent of risks arising from financial instruments Fund objective The objective of the SSQ C WorldWide International Equity Fund (hereinafter “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in the equities of large-cap international companies located outside of North America. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, C WorldWide Asset Management, favours a bottom-up management approach based on securities selection and long-term investment. The Fund uses a blended value/growth management style. Preference is given to companies with strong pricing power that take advantage of evolving global economic trends. As at June 30, 2017 and December 31, 2016, the Fund’s assets are made up of international equities. Risk exposure The Fund is exposed mainly to stock market risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk as well as risks related to the use of derivative financial instruments. It does not use financial leverage or derivative financial instruments for speculative purposes. Please refer to notes 8 and 9 for details related to financial instrument risks. Credit risk As at June 30, 2017 and December 31, 2016, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to credit risk. The Fund may engage in securities lending transactions. As at June 30, 2017, the portfolio securities with a fair value of $76 (December 31, 2016 - 5,112 $) were loaned. The amount of collateral held on securities lending transactions amounted to $81 (December 31, 2016 - 5,470 $). In addition, as at June 30, 2017 and December 31, 2016, the Fund did not have any derivative financial instruments. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Investments held by the Fund are traded on an active market. Equity securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations.

Liquidity risk (Cont’d) The following tables indicate the financial liabilities maturity based on the remaining periods to accrue until the Fund’s contractual maturities: June 30, 2017 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased - - -Other Accounts Payable 29 - 29 December 31, 2016 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased - - -Other Accounts Payable 41 - 41 Interest rate risk As at June 30, 2017 and December 31, 2016, the Fund holds no fixed income securities. Consequently, the Fund is not exposed to the risk of a change in interest rates. Price risk The Fund trades international equity securities and money market securities which must meet the requirements of the investment policy. The Fund invests between 80% and 100% in international equities and up to a maximum of 20% in money market securities. The Fund’s assets must be invested in at least five sectors within the MSCI EAFE Index. No more than 30% of the Fund’s assets may be invested in securities of companies in the same sector. Capitalization of target companies must be greater than $1 billion without falling below the company with the smallest capitalization in the MSCI EAFE Index. Exposure to emerging economies is limited to 30% of the Fund’s assets. The percentage of securities from a single issuer is limited to 10% of the Fund’s assets. The impact on the net assets attributable to contractholders of the Fund of a change in its large cap International equity index would be: Change (%)

June 30, 2017($)

December 31, 2016($)

+ 5 - 5

5,088(5,088)

4,839(4,839)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates.

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SSQ C WORLDWIDE INTERNATIONAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

201

Currency risk The following table indicates the Fund’s foreign currency exposure with financial instruments at fair value by foreign currency: Currency June 30, 2017

($)December 31, 2016

($)

Danish Krone 6,666 6,071Euro 19,666 18,019Hong Kong Dollar 10,028 9,213Japanese Yen 18,340 17,733Pound Sterling 17,159 14,714South African Rand 4,744 3,927Swedish Krona 3,745 1,390Swiss Franc 6,314 11,988U.S. Dollar 15,097 13,731Total 101,759 96,786 The impact on the net assets attributable to contractholders of the Fund of a change in the Canadian dollar exchange rate would be: Against Other Currencies

Change (%)

June 30, 2017($)

December 31, 2016($)

Canadian Dollar + 5 - 5

(5,088) 5,088

(4,839) 4,839

The results of the sensitivity analysis conducted with respect to currency risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. As at June 30, 2017 and December 31, 2016, the Fund does not use any financial instrument as a foreign currency hedge. Concentration risk The following table summarizes the investment portfolio securities according to the following investment categories: Portfolio by Categories June 30, 2017

(%)December 31, 2016

(%)

U.S. Equities Health Care 2.33 -Foreign Equities Energy 4.29 5.04 Materials 1.92 5.32 Industrials 16.42 15.00 Consumer Discretionary 11.17 13.05 Consumer Staples 11.86 11.86 Health Care 8.92 10.75 Financials 20.55 17.32 Telecommunication Services 1.43 - Information Technology 15.81 16.53 Real Estate 3.44 3.47Other Net Assets 1.86 1.66Total 100.00 100.00

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 101,759 - - 101,759

Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Financial Instruments - - - -

Money Market - - - -Total 101,759 - - 101,759

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities 96,786 - - 96,786

Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Financial Instruments - - - -

Money Market - - - -Total 96,786 - - 96,786

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ BLACKROCK INTERNATIONAL INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

202

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 49,148 40,578 Cash 5,837 -Receivable from investments sold - 920 Other accounts receivable 2 1

Total assets 54,987 41,499

Liabilities Current liabilities Bank overdraft - 828 Payable for investments purchased 5,560 -Other accounts payable 9 8

Total liabilities 5,569 836

Net assets attributable to contractholders 49,418 40,663

Net asset value per unit Class A 13.02 12.02 Class B 12.76 11.85 Class D 12.83 11.89 Class E 13.13 12.09 Class F 12.96 11.97 Class G 12.78 11.86 Class H 12.59 11.74 Class I 13.83 12.53 Class J 13.83 12.53 Class N 13.13 12.09

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SSQ BLACKROCK INTERNATIONAL INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

203

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 623 472 Unrealized on investments 2,918 (6,668) Distributed by the underlying fund 190 1,254

Total net gain (loss) 3,731 (4,942)Distribution from the underlying fund 484 422

4,215 (4,520)

Expenses Management fees (note 6) 116 115 Administrative fees 2 2Transaction costs - -

118 117

Increase (decrease) in net assets from operations attributable to contractholders 4,097 (4,637)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 1.01 (1.44)Class B 0.92 (1.50)Class D 0.94 (1.48)Class E 1.06 (1.42)Class F 0.99 (1.45)Class G 0.92 (1.49)Class H 0.86 (1.54)Class I 1.31 (1.24)Class J 1.31 (1.24)Class N 1.05 (1.41)

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SSQ BLACKROCK INTERNATIONAL INDEX FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

204

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 40,663 42,483

Unit transactions Issuance of units 8,160 8,580 Redemption of units (3,502) (8,249)

4,658 331

Increase (decrease) in net assets from operations attributable to contractholders 4,097 (4,637)

Net assets attributable to contractholders at the end of the period 49,418 38,177

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 4,097 (4,637)

Items not affecting cash Net realized and unrealized gain (loss) on investments (3,541) 6,196 Distribution from the underlying fund (674) (1,676)

(118) (117)Investment transactions Purchases (7,770) (6,205) Disposals 3,415 5,385

(4,355) (820)

Change in other operating assets and liabilities 6,480 (3,979)

Cash flows from operating activities 2,007 (4,916)

Financing Issuance of units 8,160 8,580 Redemption of units (3,502) (8,249)

Cash flows from financing activities 4,658 331

Net change in cash 6,665 (4,585)Cash (Bank overdraft) at the beginning of the period (828) (668)

Cash (Bank overdraft) at the end of the period 5,837 (5,253)

Interest received - -Dividends received - -

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SSQ BLACKROCK INTERNATIONAL INDEX FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

205

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.45%) BlackRock CDN MSCI EAFE Equity Index Fund, Class D 2,773,326 40,902 49,148

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.55%) 270

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 49,418

TOP HOLDINGS OF UNDERLYING FUND

BlackRock CDN MSCI EAFE Equity Index Fund, Class D %Nestlé SA 1.98Novartis AG 1.36HSBC Holdings PLC 1.35Roche Holding AG 1.31Toyota Motor Corp. 1.01British American Tobacco PLC 0.93Royal Dutch Shell PLC, Class A 0.86Total SA 0.84BP PLC 0.83Sanofi 0.82

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SSQ BLACKROCK INTERNATIONAL INDEX FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

206

Nature and extent of risks arising from financial instruments The SSQ BlackRock International Index Fund is a segregated fund that invests exclusively in the underlying fund called BlackRock CDN MSCI EAFE Equity Index Fund, Class D. The SSQ BlackRock International Index Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by BlackRock Asset Management and it replicates the performance of the international stock market MSCI EAFE Index.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 49,148 - - 49,148 Derivative Financial Instruments - - - -

Money Market - - - -Total 49,148 - - 49,148

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 40,578 - - 40,578Derivative Financial Instruments - - - -

Money Market - - - -Total 40,578 - - 40,578

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

207

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 30,864 35,394 Cash - -Receivable from investments sold 1,347 1,188 Other accounts receivable 72 63

Total assets 32,283 36,645

Liabilities Current liabilities Bank overdraft 1,922 608 Payable for investments purchased 128 260 Other accounts payable 16 32

Total liabilities 2,066 900

Net assets attributable to contractholders 30,217 35,745

Net asset value per unit Class A 13.89 13.32 Class B 13.61 13.14 Class D 13.52 13.08 Class E 14.00 13.40 Class F 13.86 13.30 Class G 13.65 13.16 Class H 13.44 13.02 Class I 14.85 13.96 Class J 14.85 13.96 Class N 14.01 13.40

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

208

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 1,943 581 Unrealized on investments 10 (2,982)

Total net gain (loss) 1,953 (2,401)Interest for allocation purposes 74 63 Dividends 313 234 Foreign exchange gain (loss) on cash (11) (10)

2,329 (2,114)

Expenses Withholding taxes 33 22Management fees (note 6) 182 167 Administrative fees 4 4 Transaction costs 14 12

233 205

Increase (decrease) in net assets from operations attributable to contractholders 2,096 (2,319)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.59 (1.09)Class B 0.50 (1.16)Class D 0.47 (1.18)Class E 0.64 (1.06)Class F 0.59 (1.10)Class G 0.51 (1.15)Class H 0.45 (1.21)Class I 0.93 (0.84)Class J 0.93 (0.84)Class N 0.64 (1.06)

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

209

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 35,745 31,998

Unit transactions Issuance of units 3,744 9,245 Redemption of units (11,368) (1,942)

(7,624) 7,303

Increase (decrease) in net assets from operations attributable to contractholders 2,096 (2,319)

Net assets attributable to contractholders at the end of the period 30,217 36,982

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 2,096 (2,319)

Items not affecting cash Foreign exchange gain (loss) on cash 11 10 Net realized and unrealized gain (loss) on investments (1,949) 2,401 Distribution from the underlying fund - -

158 92Investment transactions Purchases (11,067) (15,878) Disposals 17,546 10,516

6,479 (5,362)

Change in other operating assets and liabilities (316) 197

Cash flows from operating activities 6,321 (5,073)

Financing Issuance of units 3,744 9,245 Redemption of units (11,368) (1,942)

Cash flows from financing activities (7,624) 7,303

Foreign exchange gain (loss) on cash (11) (10)Net change in cash (1,314) 2,220 Cash (Bank overdraft) at the beginning of the period (608) 285

Cash (Bank overdraft) at the end of the period (1,922) 2,505

Interest received 61 60 Dividends received 280 196

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of shares)

210

C: convertible security.

Par Average Fair

Value Cost Value

$ $

BONDS (37.23%)

FOREIGN BONDS (37.23%)

Corporations (37.23%)

AURELIUS SE & Co., 1.00%, 12-01-2020 C 100 157 161

Bayer Capital Corp., 5.63%, 11-22-2019 C 200 297 362

Cemex SAB de CV, 3.72%, 03-15-2020 C 110 168 165 Compagnie Générale des Établissements Michelin, 0.00%, 01-10-2022 C 200 281 271

Ctrip.com International Ltd., 1.00%, 07-01-2020 C 442 649 662

Cypress Semiconductor Corp., 4.55%, 01-15-2022 C 165 280 264

DISH Network Corp., 3.38%, 08-15-2026 C 238 342 374

ENI SpA, 0.00%, 04-13-2022 C 100 152 151

Finisar Corp., 0.50%, 12-15-2036 C 135 184 174 Haitong International Securities Group Ltd., 0.00%, 10-25-2021 C 2,000 360 337

Illumina Inc., 0.00%, 06-15-2019 C 295 405 391

Kandenko Ltd., 0.00%, 03-31-2021 C 30,000 392 402

Kansai Paint Co Ltd., 0.00%, 06-17-2019 C 10,000 128 127

Larsen & Toubro Ltd., 0.68%, 10-22-2019 C 282 361 372

Liberty Interactive LLC, 1.75%, 09-30-2046 C 365 508 540

Lumentum Holdings Inc., 0.25%, 03-15-2024 C 140 190 213 LVMH Moet Hennessy Louis Vuitton SE, 0.00%, 02-16-2021 C 303 440 446

Magyar Nemzeti Vagyonkezelo Zrt, 3.38%, 04-02-2019 C 100 167 186

Meditata Solutions Inc., 1.00%, 08-01-2018 C 90 122 164

Nice Systems Inc., 1.25%, 01-15-2024 C 135 183 196

ON Semiconductor Corp., 1.00%, 12-01-2020 C 260 382 351

PDC Energy Inc., 1.13%, 09-15-2021 C 245 374 290

Priceline Group Inc., 0.90%, 09-15-2021 C 570 755 851

Prysmian SPA, 1.25%, 03-08-2018 C 200 330 353

RealPage Inc., 1.55%, 11-15-2022 135 185 191

Safran SA, 0.00%, 12-31-2020 C 282 464 459

Sagerpar SA, 0.38%, 10-09-2018 C 200 325 323

Silicon Laboatories Inc., 1.38%, 03-01-2022 C 135 184 181

Square Inc., 0.38%, 03-01-2022 C 205 280 326

Telenor East Holding II AS, 0.25%, 09-20-2019 C 400 577 573

Tesla Motors Inc., 1.25%, 03-01-2021 C 237 301 358

Tullow Oil Ltd., 6.63%, 07-12-2021 C 200 354 273

Valeo SA, 0.00%, 06-16-2021 C 200 308 286

Weatherfod International Ltd., 5.88%, 07-01-2021 C 210 346 275

Workday Inc., 0.75%, 07-15-2018 C 125 186 202

TOTAL FOREIGN BONDS 11,117 11,250

TOTAL BONDS 11,117 11,250

Number Average Fair

of Shares Cost Value

$ $

EQUITIES (64.91%)

COMMON SHARES (56.94%)

U.S. EQUITIES (27.48%)

Energy (1.48%)

Anadarko Petroleum Corp. 1,800 142 106

Exxon Mobil Corp. 1,310 138 137

Schlumberger Ltd. 2,395 202 205

482 448

Number Average Fair

of Shares Cost Value

$ $

EQUITIES (64.91%) (Cont’d)

COMMON SHARES (56.94%) (Cont'd)

U.S. EQUITIES (27.48%) (Cont'd)

Materials (0.80%)

Newmont Mining Corp. 5,750 227 242

Industrials (0.59%)

United Technologies Corp. 1,125 164 178

Consumer Discretionary (1.91%)

Dr Horton Inc. 7,400 308 332

NIKE Inc., Class B 3,200 214 245

522 577

Consumer Staples (1.55%)

Coca-Cola Co. 3,165 144 184

Wal-Mart Stores Inc. 2,900 275 285

419 469

Health Care (5.28%)

Baxter International Inc. 4,110 262 323

Celgene Corp. 1,850 276 312

Johnson & Johnson 2,165 182 372

Merck & Co. Inc. 2,850 215 237

Shire PLC 2,200 183 157

UnitedHealth Group Inc. 800 169 193

1,287 1,594

Financials (5.43%)

Bank of America Corp. 12,790 329 403

Citigroup Inc. 3,055 195 265

JPMorgan Chase & Co. 3,620 311 430

PNC Financial Services Group Inc. 1,500 211 243

Wells Fargo & Co. 4,175 211 300

1,257 1,641

Telecommunication Services (0.45%)

AT&T Inc. 2,800 156 137

Information Technology (9.99%)

Alphabet Inc., Class A 810 571 978

Apple Inc. 3,100 321 580

Broadcom Ltd. 970 216 293

Facebook Inc., Class A 1,660 195 325

Lam Research Corp. 733 75 135

MasterCard Inc., Class A 1,380 153 218

Microsoft Corp. 5,450 343 488

1,874 3,017

TOTAL U.S. EQUITIES 6,388 8,303

FOREIGN EQUITIES (29.46%)

Energy (1.88%)

Royal Dutch Shell PLC, Class A 8,945 297 308

Total SA 4,050 277 260

574 568

Materials (1.37%)

CRH PLC 3,650 161 168

Glencore PLC 50,781 282 246

443 414

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of shares)

211

C: convertible security.

Number Average Fair

of Shares Cost Value

$ $

EQUITIES (64.91%) (Cont’d)

COMMON SHARES (56.94%) (Cont'd)

FOREIGN EQUITIES (29.46%) (Cont'd)

Industrials (5.29%)

FANUC Corp. 2,000 427 501

International Consolidated Airlines Group SA 20,700 186 210

Komatsu Ltd. 8,300 263 274

Larsen & Toubro Ltd. 12,320 345 413

Schneider Electric SA 2,000 178 199

1,399 1,597

Consumer Discretionary (2.21%)

Daimler AG 4,500 439 424

Toyota Motor Corp. 3,600 232 245

671 669

Consumer Staples (4.72%)

Anheuser-Busch InBev NV 2,075 287 297

British American Tobacco PLC 2,790 203 246

Diageo PLC 8,530 320 327

Nestlé SA 2,055 174 232

Unilever NV 4,520 264 324

1,248 1,426

Health Care (0.93%)

Roche Holding AG 850 271 281

Financials (5.86%)

AIA Group Ltd. 23,400 139 222

BNP Paribas SA 2,325 186 217

Credit Suisse Group AG 18,851 384 354

Daiwa Securities Group Inc. 31,000 294 238

Mitsubishi UFJ Financial Group Inc. 41,300 371 360

Prudential PLC 9,800 266 291

UniCredit SpA 3,700 95 90

1,735 1,772

Telecommunication Services (0.56%)

SoftBank Group Corp. 1,600 172 168

Information Technology (6.64%)

ASML Holding NV 950 171 161

Samsung Electronics Co. Ltd. 80 157 216

SAP SE 2,245 232 305

Taiwan Semiconductor Manufacturing Co. Ltd. 54,000 189 480

Temenos Group AG 2,250 194 261

Tencent Holdings Ltd. 12,600 234 585

1,177 2,008

TOTAL FOREIGN EQUITIES 7,690 8,903

TOTAL COMMON SHARES 14,078 17,206

PREFERRED SHARES (7.97%)

PREFERRED U.S. SHARES (7.97%)

Allergan PLC, 5.50%, 03-01-2018 C 690 789 778

American Tower Corp., Class B, 5.25% C 673 105 106

Anthem Inc., 5.25%, 05-01-2018 C 3,200 197 219 Mandatory Exchangeable Trust, 5.75%, 06-01-2019 pref C 3,250 459 690

NextEra Energy Inc., 6.12%, 09-01-2019 C 1,525 98 107

Number Average Fair

of Shares Cost Value

$ $

EQUITIES (64.91%) (Cont’d)

PREFERRED SHARES (7.97%) (Cont'd)

PREFERRED U.S. SHARES (7.97%) (Cont'd)

NextEra Energy Inc., 6.37%, 09-01-2018 C 3,025 255 252

T-Mobile US Inc., 5.05%, 12-15-2017 pref C 2,000 181 256

TOTAL PREFERRED U.S. SHARES 2,084 2,408

TOTAL PREFERRED SHARES 2,084 2,408

TOTAL EQUITIES 16,162 19,614

TOTAL INVESTMENTS (102.14%) 27,279 30,864

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-2.14%) (647)TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 30,217

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

212

Nature and extent of risks arising from financial instruments Fund objective The objective of the SSQ Calamos Global Equity Fund (the “Fund”) is to achieve long-term capital growth. Investment strategy The Fund is invested mainly in the equities and convertible bonds of large-cap global companies located outside of Canada. The Fund may hold units of underlying funds corresponding to the above-mentioned securities. The investment strategy of the external manager, Calamos Investments, is to favour a top-down analysis by putting emphasis on investments themes that will support growth for decades to come. A fundamental analysis of companies is then carried out in industries where interesting themes have been identified. Securities are selected by analyzing both alternatives: investing in convertible securities or in equity. Sector deviations are the result of the bottom-up approach to securities selection. As at June 30, 2017 and December 31, 2016, the Fund’s assets are mainly made up of international equities and convertible bonds of global companies. Risk exposure The Fund is exposed mainly to credit risk, market risk including interest rate risk, currency risk (between Canadian dollar and foreign currencies), sovereign risk and risks associated with the use of derivative financial instruments. The Fund does not use financial leverage or derivative financial instruments for speculative purposes. Please refer to notes 8 and 9 for details related to financial instrument risks. Credit risk The Fund’s main credit concentration risk arises from fixed income securities. The allocation of fixed income securities in the Fund by credit rating is as follows: Credit Rating* June 30, 2017

(%) December 31, 2016

(%)

Rated A 5.09 7.44Rated BBB 18.14 13.05Rated BB 7.92 4.32Rated B 13.87 8.35Rated CCC - 1.36Not Rated 54.98 65.48 * Source: Standard & Poor’s

All transactions on traded securities are settled or paid on delivery through certified brokers. Securities sold are not delivered until the broker has received payment. Payment for securities purchased is not made until the securities are received by the broker. The transaction is cancelled if one of the parties does not fulfil its obligations.

Credit risk (Cont’d) The Fund may engage in securities lending transactions. As at June 30, 2017, the portfolio securities with a fair value of $719 (December 31, 2016 - $1,576) were loaned. The amount of collateral held on securities lending transactions amounted to $769 (December 31, 2016 - $1,700). In addition, as at June 30, 2017 and December 31, 2016, the Fund did not have any derivative financial instruments. Liquidity risk The Fund is exposed to liquidity risk on daily redemptions of units. Fixed income securities held by the Fund are traded on an active market. The Fund’s securities are listed on major stock markets. Thus, the Fund is able to liquidate its investments at an amount that approximates their fair value in order to meet its liquidity obligations. The following tables indicate the financial liabilities maturity based on the remaining periods to accrue until the Fund’s contractual maturities: June 30, 2017 Under

1 month($)

From1 to 3 months

($)

Total

($)Payable for Investments Purchased 128 - 128Other Accounts Payable 16 - 16 December 31, 2016 Under

1 month($)

From 1 to 3 months

($)

Total

($)Payable for Investments Purchased 260 - 260Other Accounts Payable 32 - 32 Interest rate risk The following table indicates the Fund’s interest rate exposure with financial instruments at fair value by contract maturity dates: Investments as at Under

1 year($)

From 1 to 5years

($)

Over5 years

($)June 30, 2017 353 9,210 1,687December 31, 2016 - 10,868 1,002 The impact of a change in prevailing interest rates on the net assets attributable to contractholders of the Fund would be: Change (%)

June 30, 2017($)

December 31, 2016($)

+1 (361) (369)- 1 361 369 The results of the sensitivity analysis conducted with respect to the risks to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates.

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

213

Price risk The Fund trades international equity and fixed income securities which must meet the requirements of the investment policy. The Fund’s assets must be invested in at least five countries in the MSCI World Index. The maximum amount invested in a single sector will generally be limited to either 40% or 2x the weight of the sector in the index, whichever is higher. The impact on the net assets attributable to contractholders of the Fund of a change in its large cap global equities index would be: Change (%)

June 30, 2017($)

December 31, 2016($)

+ 5 - 5

1,543(1,543)

1,770(1,770)

The results of the sensitivity analysis conducted with respect to price risk to which the Fund is exposed represent Management’s best estimates. Actual results may vary significantly from these estimates. Currency risk The following table indicates the Fund’s foreign currency exposure with financial instruments at fair value by foreign currency: Currency June 30, 2017

($) December 31, 2016

($)

Danish Krone - 346Euro 4,748 4,458Hong Kong Dollar 1,144 977Japanese Yen 2,317 2,112New Taïwan Dollar 480 498Pound Sterling 1,267 1,284South Korean Won 216 200Swiss Franc 1,128 869U.S. Dollar 19,564 24,391Total 30,864 35,135 The impact on the net assets attributable to contractholders of the Fund of a change in the Canadian dollar exchange rate would be: Against Other Currencies

Change (%)

June 30, 2017($)

December 31, 2016($)

Canadian Dollar + 5 - 5

(1,543) 1,543

(1,757) 1,757

The results of the sensitivity analysis conducted with respect to currency risk to which the Fund is exposed represent the Management’s best estimates. Actual results may vary significantly from these estimates. As at June 30, 2017 and December 31, 2016, the Fund was not using any financial instrument as a foreign currency hedge.

Concentration risk The following table summarizes the investment portfolio securities according to the following investment categories: Portfolio by Categories June 30, 2017

(%)December 31, 2016

(%)

Canadian Bonds Corporations - 0.73Foreign Bonds Corporations 37.23 32.48U.S. Equities Energy 1.48 3.35 Materials 0.80 0.81 Industrials 0.59 3.24 Consumer Discretionary 1.91 2.79 Consumer Staples 1.55 3.32 Health Care 5.28 3.58 Financials 5.43 8.37 Telecommunication Services 0.45 0.50 Information Technology 9.99 12.33Foreign Equities Energy 1.88 1.70 Materials 1.37 0.80 Industrials 5.29 4.08 Consumer Discretionary 2.21 2.14 Consumer Staples 4.72 3.58 Health Care 0.93 0.50 Financials 5.86 2.07 Telecommunication Services 0.56 0.57 Information Technology 6.64 5.76Preferred U.S. Shares 7.97 3.33Preferred Foreign Shares - 2.99Other Net Assets (2.14) 0.98Total 100.00 100.00

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NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

214

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 11,250 - 11,250 Equities 19,614 - - 19,614

Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Financial Instruments - - - -

Money Market - - - -Total 19,614 11,250 - 30,684

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - 11,870 - 11,870Equities 23,524 - - 23,524

Exchange Traded Funds - - - -

Investment Funds - - - -Derivative Financial Instruments - - - -

Money Market - - - -

Total 23,524 11,870 - 35,394 During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

215

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 29,653 23,484 Cash 4,493 -Receivable from investments sold - 180 Other accounts receivable - 11

Total assets 34,146 23,675

Liabilities Current liabilities Bank overdraft - 182 Payable for investments purchased 4,500 -Other accounts payable 2 1

Total liabilities 4,502 183

Net assets attributable to contractholders 29,644 23,492

Net asset value per unit Class A 13.12 12.61 Class B 12.80 12.40 Class E 13.23 12.69 Class F 13.07 12.59 Class G 12.89 12.46 Class I 13.95 13.17 Class J 13.95 13.17 Class L 11.38 10.74 Class N 13.22 12.68

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

216

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 114 2 Unrealized on investments 586 480

Total net gain (loss) 700 482 Distribution from the underlying fund 504 -

1,204 482

Expenses Management fees (note 6) 328 321 Administrative fees 9 9 Transaction costs - -

337 330

Increase (decrease) in net assets from operations attributable to contractholders 867 152

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.43 0.05 Class B 0.33 (0.04)Class E 0.46 0.08 Class F 0.41 0.04 Class G 0.35 (0.01)Class I 0.71 0.28 Class J 0.71 0.29 Class L 0.58 0.25 Class N 0.46 0.08

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

217

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 23,492 18,471

Unit transactions Issuance of units 11,366 9,117 Redemption of units (6,081) (4,176)

5,285 4,941

Increase (decrease) in net assets from operations attributable to contractholders 867 152

Net assets attributable to contractholders at the end of the period 29,644 23,564

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 867 152

Items not affecting cash Net realized and unrealized gain (loss) on investments (700) (482) Distribution from the underlying fund (504) -

(337) (330)Investment transactions Purchases (7,665) (4,620) Disposals 2,700 100

(4,965) (4,520)

Change in other operating assets and liabilities 4,692 204

Cash flows from operating activities (610) (4,646)

Financing Issuance of units 11,366 9,117 Redemption of units (6,081) (4,176)

Cash flows from financing activities 5,285 4,941

Net change in cash 4,675 295 Cash (Bank overdraft) at the beginning of the period (182) (264)

Cash (Bank overdraft) at the end of the period 4,493 31

Interest received - -Dividends received - -

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SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

218

Number Average Fair of Units Cost Value $ $ INVESTMENTS (100.03%) TD Emerald Global Equity Shareholder Yield Pooled Fund Trust 2,068,852 28,231 29,653

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (-0.03%) (9)

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 29,644

TOP HOLDINGS OF UNDERLYING FUND

TD Emerald Global Equity Shareholder Yield Pooled Fund Trust %BCE Inc. 1.93Welltower Inc. 1.90Vodafone Group PLC 1.90PPL Corp. 1.84Imperial Brands PLC 1.80Altria Group Inc. 1.74Duke Energy Corp. 1.72Muenchener Rueckversicherungs-Gesellschaft AG 1.65Verizon Communications Inc. 1.64AT&T Inc. 1.63

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SSQ TD GLOBAL DIVIDEND EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

219

Nature and extent of risks arising from financial instruments The SSQ TD Global Dividend Equity Fund is a segregated fund that invests exclusively in the underlying fund called TD Emerald Global Equity Shareholder Yield Pooled Fund Trust. The SSQ TD Global Dividend Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by TD Asset Management. The manager's investment strategy is to favour a bottom-up management approach and a predominantly growth management style.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 29,653 - - 29,653 Derivative Financial Instruments - - - -

Money Market - - - -Total 29,653 - - 29,653

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 23,484 - - 23,484Derivative Financial Instruments - - - -

Money Market - - - -Total 23,484 - - 23,484 During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ FIERA CAPITAL GLOBAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

220

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 25,693 24,766 Cash 479 18 Receivable from investments sold - -Other accounts receivable - -

Total assets 26,172 24,784

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased 255 -Other accounts payable 11 11

Total liabilities 266 11

Net assets attributable to contractholders 25,906 24,773

Net asset value per unit Class A 11.73 10.53 Class B 11.56 10.45 Class E 11.80 10.56 Class F 11.71 10.52 Class G 11.60 10.47 Class I 12.24 10.77 Class J 12.29 10.81 Class N 11.79 10.56

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SSQ FIERA CAPITAL GLOBAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

221

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 349 - Unrealized on investments 2,338 63

Total net gain (loss) 2,687 63 Distribution from the underlying fund 270 76

2,957 139

Expenses Management fees (note 6) 108 7 Administrative fees 3 -Transaction costs - -

111 7

Increase (decrease) in net assets from operations attributable to contractholders 2,846 132

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 1.15 0.28 Class B 1.06 0.28 Class E 1.19 0.29 Class F 1.14 0.28 Class G 1.08 0.28 Class I 1.46 0.31 Class J 1.42 0.35 Class N 1.18 0.29

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SSQ FIERA CAPITAL GLOBAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

222

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 24,773 -

Unit transactions Issuance of units 4,836 18,673 Redemption of units (6,549) (38)

(1,713) 18,635

Increase (decrease) in net assets from operations attributable to contractholders 2,846 132

Net assets attributable to contractholders at the end of the period 25,906 18,767

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 2,846 132

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,687) (63) Distribution from the underlying fund (270) (76)

(111) (7)Investment transactions Purchases (3,030) (18,330) Disposals 5,060 68

2,030 (18,262)

Change in other operating assets and liabilities 255 10,786

Cash flows from operating activities 2,174 (7,483)

Financing Issuance of units 4,836 18,673 Redemption of units (6,549) (38)

Cash flows from financing activities (1,713) 18,635

Net change in cash 461 11,152 Cash (Bank overdraft) at the beginning of the period 18 -

Cash (Bank overdraft) at the end of the period 479 11,152

Interest received - -Dividends received - -

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SSQ FIERA CAPITAL GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

223

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.18%) Fiera Global Equity Fund, Serie A 1,349,365 22,342 25,693

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.82%) 213

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 25,906

TOP HOLDINGS OF UNDERLYING FUND

Fiera Global Equity Fund, Serie A %Moody's Corp. 5.05Keyence Corp. 4.50Johnson & Johnson 4.34Becton Dickinson and Co. 3.89MasterCard Inc., Class A 3.85Nestlé SA 3.46Unilever NV 3.273M Company 3.15US Bancorp 3.04The Sherwin-Williams Co. 2.97

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SSQ FIERA CAPITAL GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

224

Nature and extent of risks arising from financial instruments The SSQ Fiera Capital Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Fiera Global Equity Fund, Serie A. The SSQ Fiera Capital Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Fiera Capital Corporation. The manager's investment strategy is to favour a bottom-up management approach and a Growth at a reasonable price management style.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 25,693 - - 25,693 Derivative Financial Instruments - - - -

Money Market - - - -Total 25,693 - - 25,693

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 24,766 - - 24,766Derivative Financial Instruments - - - -

Money Market - - - -Total 24,766 - - 24,766

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ HEXAVEST HEDGED GLOBAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

225

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 41,219 43,015 Cash 1,034 -Receivable from investments sold - 1,935 Other accounts receivable - -

Total assets 42,253 44,950

Liabilities Current liabilities Bank overdraft - 1,762 Payable for investments purchased 600 -Other accounts payable 35 45

Total liabilities 635 1,807

Net assets attributable to contractholders 41,618 43,143

Net asset value per unit Class A 15.47 15.08 Class B 15.15 14.86 Class E 15.60 15.17 Class F 15.40 15.03 Class G 15.20 14.89 Class I 16.53 15.80 Class J 16.53 15.80 Class N 15.59 15.16

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

226

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments (429) (121) Unrealized on investments 2,453 3,229

Total net gain (loss) 2,024 3,108 Distribution from the underlying fund - -

2,024 3,108

Expenses Management fees (note 6) 149 114 Administrative fees 3 3Transaction costs - -

152 117

Increase (decrease) in net assets from operations attributable to contractholders 1,872 2,991

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.40 0.74 Class B 0.30 0.65 Class E 0.44 0.79 Class F 0.38 0.73 Class G 0.31 0.66 Class I 0.75 1.04 Class J 0.75 1.03 Class N 0.44 0.79

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INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

227

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 43,143 35,044

Unit transactions Issuance of units 4,414 11,029 Redemption of units (7,811) (2,526)

(3,397) 8,503

Increase (decrease) in net assets from operations attributable to contractholders 1,872 2,991

Net assets attributable to contractholders at the end of the period 41,618 46,538

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 1,872 2,991

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,024) (3,108) Distribution from the underlying fund - -

(152) (117)Investment transactions Purchases (600) (8,920) Disposals 4,420 1,025

3,820 (7,895)

Change in other operating assets and liabilities 2,525 (1,099)

Cash flows from operating activities 6,193 (9,111)

Financing Issuance of units 4,414 11,029 Redemption of units (7,811) (2,526)

Cash flows from financing activities (3,397) 8,503

Net change in cash 2,796 (608)Cash (Bank overdraft) at the beginning of the period (1,762) 1,146

Cash (Bank overdraft) at the end of the period 1,034 538

Interest received - -Dividends received - -

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SSQ HEXAVEST HEDGED GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

228

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.04%) Hexavest World Fund, Class B 41,417 45,246 41,219

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.96%) 399

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 41,618

TOP HOLDINGS OF UNDERLYING FUND

Hexavest World Fund, Class B %Apple Inc. 2.79Johnson & Johnson 1.95Pfizer Inc. 1.76AT&T Inc. 1.49Verizon Communications Inc. 1.48Mitsubishi UFJ Financial Group Inc. 1.43Wal-Mart Stores Inc. 1.34Sumitomo Mitsui Financial Group Inc. 1.19Mizuho Financial Group Inc. 1.17Cisco Systems Inc. 1.06

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SSQ HEXAVEST HEDGED GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

229

Nature and extent of risks arising from financial instruments The SSQ Hexavest Hedged Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest World Fund, Class B. The SSQ Hexavest Hedged Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy is to favours a bottom-up analysis of the companies and a predominantly value management style. Emphasis is placed on analysis of macro-economic factors combined with a strategy based on quantitative models supporting fundamental research.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 41,219 - - 41,219 Derivative Financial Instruments - - - -

Money Market - - - -Total 41,219 - - 41,219

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 43,015 - - 43,015Derivative Financial Instruments - - - -

Money Market - - - -Total 43,015 - - 43,015

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ HEXAVEST ALL - COUNTRY GLOBAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

230

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 78,303 69,643 Cash 189 87 Receivable from investments sold - -Other accounts receivable - -

Total assets 78,492 69,730

Liabilities Current liabilities Bank overdraft - -Payable for investments purchased - -Other accounts payable 34 30

Total liabilities 34 30

Net assets attributable to contractholders 78,458 69,700

Net asset value per unit Class A 10.54 10.27 Class B 10.44 10.25 Class E 10.57 10.27 Class F 10.52 10.26 Class G 10.47 10.25 Class I 10.78 10.31 Class J 19.07 18.24 Class N 18.02 17.51

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SSQ HEXAVEST ALL - COUNTRY GLOBAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

231

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments (119) (99) Unrealized on investments 2,938 962

Total net gain (loss) 2,819 863 Interest for allocation purposes - 1

2,819 864

Expenses Management fees (note 6) 16 6 Administrative fees - -Transaction costs 4 2

20 8

Increase (decrease) in net assets from operations attributable to contractholders 2,799 856

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.22 -Class B 0.13 -Class E 0.25 -Class F 0.20 -Class G 0.16 -Class I 0.42 -Class J 0.73 -Class N 0.41 -

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SSQ HEXAVEST ALL - COUNTRY GLOBAL EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

232

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 69,700 53,943

Unit transactions Issuance of units 11,042 7,105 Redemption of units (5,083) (3,999)

5,959 3,106

Increase (decrease) in net assets from operations attributable to contractholders 2,799 856

Net assets attributable to contractholders at the end of the period 78,458 57,905

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 2,799 856

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,819) (863) Distribution from the underlying fund - -

(20) (7)Investment transactions Purchases (8,340) (5,410) Disposals 2,499 2,638

(5,841) (2,772)

Change in other operating assets and liabilities 4 3,298

Cash flows from operating activities (5,857) 519

Financing Issuance of units 11,042 7,105 Redemption of units (5,083) (3,999)

Cash flows from financing activities 5,959 3,106

Net change in cash 102 3,625 Cash (Bank overdraft) at the beginning of the period 87 72

Cash (Bank overdraft) at the end of the period 189 3,697

Interest received - 1Dividends received - -

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SSQ HEXAVEST ALL - COUNTRY GLOBAL EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

233

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.80%) Hexavest All - Country World Index Fund 78,423 81,090 78,303

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.20%) 155

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 78,458

TOP HOLDINGS OF UNDERLYING FUND

Hexavest All - Country World Index Fund %Apple Inc. 2.39Johnson & Johnson 1.68Pfizer Inc. 1.52Mitsubishi UFJ Financial Group Inc. 1.41AT&T Inc. 1.28Verizon Communications Inc. 1.28Sumitomo Mitsui Financial Group Inc. 1.17Mizuho Financial Group Inc. 1.16Wal-Mart Stores Inc. 1.15Nestlé SA 1.09

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SSQ HEXAVEST ALL - COUNTRY GLOBAL EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

234

Nature and extent of risks arising from financial instruments The SSQ Hexavest All - Country Global Equity Fund is a segregated fund that invests exclusively in the underlying fund called Hexavest All - Country World Index Fund. The SSQ Hexavest All - Country Global Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Hexavest Asset Management. The manager's investment strategy is to favours a bottom-up analysis of the companies and a predominantly value management style.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 78,303 - - 78,303 Derivative Financial Instruments - - - -

Money Market - - - -Total 78,303 - - 78,303

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 69,643 - - 69,643Derivative Financial Instruments - - - -

Money Market - - - -Total 69,643 - - 69,643

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ LAZARD GLOBAL SMALL CAP EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

235

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 65,963 64,765 Cash 1,443 -Receivable from investments sold - 2,405 Other accounts receivable - -

Total assets 67,406 67,170

Liabilities Current liabilities Bank overdraft - 2,269 Payable for investments purchased 1,410 -Other accounts payable 29 35

Total liabilities 1,439 2,304

Net assets attributable to contractholders 65,967 64,866

Net asset value per unit Class A 21.35 20.85 Class B 20.92 20.56 Class E 21.54 20.98 Class F 21.23 20.77 Class G 20.94 20.57 Class I 22.76 21.80 Class J 22.76 21.80 Class N 21.52 20.97

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SSQ LAZARD GLOBAL SMALL CAP EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

236

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 470 242 Unrealized on investments 2,378 (5,648)

Total net gain (loss) 2,848 (5,406)Distribution from the underlying fund - -

2,848 (5,406)

Expenses Management fees (note 6) 284 325 Administrative fees 7 8 Transaction costs - -

291 333

Increase (decrease) in net assets from operations attributable to contractholders 2,557 (5,739)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 0.51 (2.32)Class B 0.37 (2.44)Class E 0.57 (2.28)Class F 0.47 (2.37)Class G 0.38 (2.44)Class I 0.98 (1.97)Class J 0.97 (1.98)Class N 0.56 (2.29)

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SSQ LAZARD GLOBAL SMALL CAP EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

237

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 64,866 58,217

Unit transactions Issuance of units 6,481 14,966 Redemption of units (7,937) (7,935)

(1,456) 7,031

Increase (decrease) in net assets from operations attributable to contractholders 2,557 (5,739)

Net assets attributable to contractholders at the end of the period 65,967 59,509

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 2,557 (5,739)

Items not affecting cash Net realized and unrealized gain (loss) on investments (2,848) 5,406 Distribution from the underlying fund - -

(291) (333)Investment transactions Purchases (1,410) (7,940) Disposals 3,060 3,147

1,650 (4,793)

Change in other operating assets and liabilities 3,809 4,710

Cash flows from operating activities 5,168 (416)

Financing Issuance of units 6,481 14,966 Redemption of units (7,937) (7,935)

Cash flows from financing activities (1,456) 7,031

Net change in cash 3,712 6,615 Cash (Bank overdraft) at the beginning of the period (2,269) 357

Cash (Bank overdraft) at the end of the period 1,443 6,972

Interest received - -Dividends received - -

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SSQ LAZARD GLOBAL SMALL CAP EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

238

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.99%) Lazard Global Small Cap Equity (Canada) Fund 2,406,467 56,094 65,963

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.01%) 4

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 65,967

TOP HOLDINGS OF UNDERLYING FUND

Lazard Global Small Cap Equity (Canada) Fund %RPC Group PLC 1.86TechnoPro Holdings Inc. 1.73Aalberts Industries NV 1.66Intertape Polymer Group Inc. 1.51Innospec Inc. 1.50Savills PLC 1.47Aroundtown Property Holdings PLC 1.46Rightmove PLC 1.45Atkore International Group Inc. 1.45Jafco Co. Ltd 1.43

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SSQ LAZARD GLOBAL SMALL CAP EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

239

Nature and extent of risks arising from financial instruments The SSQ Lazard Global Small Cap Equity Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Small Cap Equity (Canada) Fund. The SSQ Lazard Global Small Cap Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy is to favour a bottom-up management approach and a predominantly core style management approach with a value bias. The manager uses a quantitative management approach for its first selection of securities followed by a fundamental approach with a strong bias toward good quality, well-managed companies.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 65,963 - - 65,963Derivative Financial Instruments - - - -

Money Market - - - -Total 65,963 - 65,963

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 64,765 - - 64,765Derivative Financial Instruments - - - -

Money Market - - - -Total 64,765 - 64,765

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ FISHER EMERGING MARKETS EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

240

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 99,080 86,213 Cash 100 -Receivable from investments sold - -Other accounts receivable - -

Total assets 99,180 86,213

Liabilities Current liabilities Bank overdraft - 806 Payable for investments purchased - -Other accounts payable 75 89

Total liabilities 75 895

Net assets attributable to contractholders 99,105 85,318

Net asset value per unit Class A 13.11 11.23 Class B 12.71 10.99 Class E 13.23 11.30 Class F 13.03 11.17 Class G 12.86 11.08 Class I 14.09 11.81 Class J 13.90 11.65 Class N 13.04 11.14

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SSQ FISHER EMERGING MARKETS EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

241

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 913 435 Unrealized on investments 15,507 (3,201)

Total net gain (loss) 16,420 (2,766)Distribution from the underlying fund - -

16,420 (2,766)

Expenses Management fees (note 6) 75 15 Administrative fees 2 -Transaction costs - -

77 15

Increase (decrease) in net assets from operations attributable to contractholders 16,343 (2,781)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 1.89 (0.60)Class B 1.71 (0.67)Class E 1.95 (0.56)Class F 1.89 (0.61)Class G 1.78 (0.64)Class I 2.31 (0.36)Class J 2.26 (0.35)Class N 1.89 (0.55)

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SSQ FISHER EMERGING MARKETS EQUITY FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

242

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 85,318 86,939

Unit transactions Issuance of units 4,646 8,544Redemption of units (7,202) (10,097)

(2,556) (1,553)

Increase (decrease) in net assets from operations attributable to contractholders 16,343 (2,781)

Net assets attributable to contractholders at the end of the period 99,105 82,605

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 16,343 (2,781)

Items not affecting cash Net realized and unrealized gain (loss) on investments (16,420) 2,766 Distribution from the underlying fund - -

(77) (15)Investment transactions Purchases (1,240) (6,035) Disposals 4,793 8,165

3,553 2,130

Change in other operating assets and liabilities (14) 24

Cash flows from operating activities 3,462 2,139

Financing Issuance of units 4,646 8,544Redemption of units (7,202) (10,097)

Cash flows from financing activities (2,556) (1,553)

Net change in cash 906 586 Cash (Bank overdraft) at the beginning of the period (806) (493)

Cash (Bank overdraft) at the end of the period 100 93

Interest received - -Dividends received - -

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SSQ FISHER EMERGING MARKETS EQUITY FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

243

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.97%) Fisher Investments Emerging Markets Equity Unit Trust Fund 7,274,653 76,227 99,080

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.03%) 25

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 99,105

TOP HOLDINGS OF UNDERLYING FUND

Fisher Investments Emerging Markets Equity Unit Trust Fund %Samsung Electronics Co. Ltd. 5.00Tencent Holdings Ltd. 5.00Taiwan Semiconductor Manufacturing Co. Ltd. 4.70Alibaba Group Holding Ltd. 4.60HDFC Bank Ltd. 4.10SK Hynix Inc. 3.50Ctrip.com International Ltd. - ADR 3.10NAVER Corp. 3.10JD.com Inc 2.60Infosys Ltd. 2.30

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SSQ FISHER EMERGING MARKETS EQUITY FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

244

Nature and extent of risks arising from financial instruments The SSQ Fisher Emerging Markets Equity Fund is a segregated fund that invests exclusively in the underlying fund called Fisher Investments Emerging Markets Equity Unit Trust Fund. The SSQ Fisher Emerging Markets Equity Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Fisher Investments. The manager's investment strategy is to use a combined bottom - up and top - down management approach.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds - 99,080 - 99,080 Derivative Financial Instruments - - - -

Money Market - - - -Total - 99,080 - 99,080

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds - 86,213 - 86,213Derivative Financial Instruments - - - -

Money Market - - - -Total - 86,213 - 86,213

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ LAZARD GLOBAL INFRASTRUCTURE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

245

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 82,899 80,334 Cash - -Receivable from investments sold 1,270 2,210 Other accounts receivable - -

Total assets 84,169 82,544

Liabilities Current liabilities Bank overdraft 995 1,995 Payable for investments purchased - -Other accounts payable 30 32

Total liabilities 1,025 2,027

Net assets attributable to contractholders 83,144 80,517

Net asset value per unit Class A 14.93 12.98 Class B 14.71 12.85 Class E 15.06 13.06 Class F 14.84 12.93 Class I 15.93 13.59 Class J 15.93 13.58 Class N 15.05 13.05

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SSQ LAZARD GLOBAL INFRASTRUCTURE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

246

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 2,120 206 Unrealized on investments 11,235 1,328

Total net gain (loss) 13,355 1,534Distribution from the underlying fund - -

13,355 1,534

Expenses Management fees (note 6) 394 314 Administrative fees 11 8 Transaction costs - -

405 322

Increase (decrease) in net assets from operations attributable to contractholders 12,950 1,212

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A 1.96 0.02 Class B 1.89 (0.03)Class E 2.03 0.06 Class F 1.94 -Class I 2.39 0.27 Class J 2.37 0.27 Class N 2.01 0.05

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SSQ LAZARD GLOBAL INFRASTRUCTURE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

247

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 80,517 69,505

Unit transactions Issuance of units 9,202 10,014 Redemption of units (19,525) (7,095)

(10,323) 2,919

Increase (decrease) in net assets from operations attributable to contractholders 12,950 1,212

Net assets attributable to contractholders at the end of the period 83,144 73,636

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 12,950 1,212

Items not affecting cash Net realized and unrealized gain (loss) on investments (13,355) (1,534) Distribution from the underlying fund - -

(405) (322)Investment transactions Purchases (470) (3,565) Disposals 11,260 990

10,790 (2,575)

Change in other operating assets and liabilities 938 997

Cash flows from operating activities 11,323 (1,900)

Financing Issuance of units 9,202 10,014 Redemption of units (19,525) (7,095)

Cash flows from financing activities (10,323) 2,919

Net change in cash 1,000 1,019 Cash (Bank overdraft) at the beginning of the period (1,995) 213

Cash (Bank overdraft) at the end of the period (995) 1,232

Interest received - -Dividends received - -

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SSQ LAZARD GLOBAL INFRASTRUCTURE FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

248

Number Average Fair of Units Cost Value $ $ INVESTMENTS (99.71%) Lazard Global Listed Infrastructure (Canada) Fund 3,651,086 64,249 82,899

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (0.29%) 245

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 83,144

TOP HOLDINGS OF UNDERLYING FUND

Lazard Global Listed Infrastructure (Canada) Fund %Abertis Infraestructuras SA 8.38Atlantia SpA 7.97Terna Rete Elettrica Nazionale SpA 7.92Vinci SA 7.74Snam SpA 7.72Norfolk Southern Corp. 7.40SES SA 5.37Eutelsat Communications SA 4.93Transurban Group 4.37Union Pacific Corp. 4.06

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SSQ LAZARD GLOBAL INFRASTRUCTURE FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

249

Nature and extent of risks arising from financial instruments The SSQ Lazard Global Infrastructure Fund is a segregated fund that invests exclusively in the underlying fund called Lazard Global Listed Infrastructure (Canada) Fund. The SSQ Lazard Global Infrastructure Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying fund is managed by Lazard Asset Management. The manager's investment strategy is to favour a bottom-up analysis of the companies and a predominantly value management style. Preference is given to oligopolistic companies that provide high and stable returns and own long-term infrastructures.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 82,899 - - 82,899 Derivative Financial Instruments - - - -

Money Market - - - -Total 82,899 - - 82,899

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 80,334 - - 80,334Derivative Financial Instruments - - - -

Money Market - - - -Total 80,334 - - 80,334

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ MORGAN STANLEY GLOBAL REAL ESTATE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

250

STATEMENTS OF FINANCIAL POSITION June 30, December 31,

As at 2017 2016 $ $ Assets Current assets Investments 42,682 53,355Cash 457 -Receivable from investments sold 3,135 425Other accounts receivable 3 1

Total assets 46,277 53,781

Liabilities Current liabilities Bank overdraft - 390 Payable for investments purchased 3,135 -Other accounts payable 14 17

Total liabilities 3,149 407

Net assets attributable to contractholders 43,128 53,374

Net asset value per unit Class A 15.24 15.31 Class B 14.88 15.05 Class E 15.37 15.40 Class F 15.14 15.23 Class I 16.06 15.88 Class J 16.06 15.88 Class K 16.06 15.88 Class N 15.37 15.40

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SSQ MORGAN STANLEY GLOBAL REAL ESTATE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars, except per unit amounts)

251

STATEMENTS OF COMPREHENSIVE INCOME

Periods ended June 30 2017 2016 $ $ Income Net gain (loss) Realized on sale of investments 3,284 1,548 Unrealized on investments (2,462) (3,388)

Total net gain (loss) 822 (1,840)Interest for allocation purpose - 1Foreign exchange gain (loss) on cash (7) (7)

815 (1,846)

Expenses Management fees (note 6) 123 122 Administrative fees 4 4 Transaction costs - -

127 126

Increase (decrease) in net assets from operations attributable to contractholders 688 (1,972)

Increase (decrease) in net assets from operations attributable to contractholders per unit Class A (0.01) (0.72)Class B (0.11) (0.82)Class E 0.04 (0.68)Class F (0.04) (0.75)Class I 0.26 (0.48)Class J 0.26 (0.48)Class K 0.26 (0.48)Class N 0.03 (0.68)

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SSQ MORGAN STANLEY GLOBAL REAL ESTATE FUND

INTERIM FINANCIAL STATEMENTS (unaudited) (in thousands of dollars)

252

STATEMENTS OF CHANGES IN NET ASSETS

ATTRIBUTABLE TO CONTRACTHOLDERS

Periods ended June 30 2017 2016 $ $ Net assets attributable to contractholders at the beginning of the period 53,374 60,526

Unit transactions Issuance of units 4,944 7,851 Redemption of units (15,878) (10,916)

(10,934) (3,065)

Increase (decrease) in net assets from operations attributable to contractholders 688 (1,972)

Net assets attributable to contractholders at the end of the period 43,128 55,489

STATEMENTS OF CASH FLOWS

Periods ended June 30 2017 2016 $ $ Cash flows from the following activities:

Operating Increase (decrease) in net assets from operations attributable to contractholders 688 (1,972)

Items not affecting cash Foreign exchange gain (loss) on cash 7 7 Net realized and unrealized gain (loss) on investments (822) 1,840 Distribution from the underlying fund - -

(127) (125)Investment transactions Purchases (4,617) (4,821) Disposals 16,112 8,507

11,495 3,686

Change in other operating assets and liabilities 420 (2)

Cash flows from operating activities 11,788 3,559

Financing Issuance of units 4,944 7,851 Redemption of units (15,878) (10,916)

Cash flows from financing activities (10,934) (3,065)

Foreign exchange gain (loss) on cash (7) (7)Net change in cash 847 487Cash (Bank overdraft) at the beginning of the period (390) (77)

Cash (Bank overdraft) at the end of the period 457 410

Interest received - 1Dividends received - -

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SSQ MORGAN STANLEY GLOBAL REAL ESTATE FUND

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) As at June 30, 2017 (in thousands, except number of units)

253

Percentage Number Average Fair of Net Assets of Units Cost Value % $ $ INVESTMENTS (98.97%) Real Estate Securities Global Best Ideas Fund 33.04 6,276,406 8,945 14,247 MSIF Global Real Estate Portfolio 65.93 1,966,051 25,134 28,435

TOTAL INVESTMENTS (98.97%) 34,079 42,682

OTHER NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (1.03%) 446

TOTAL NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS (100.00%) 43,128

TOP HOLDINGS OF UNDERLYING FUND MSIF Global Real Estate Portfolio %Simon Property Group Inc. 7.53Vornado Realty Trust 3.96Public Storage 3.31General Growth Properties Inc. 3.10Boston Properties Inc. 3.07Equity Residential Properties 2.52Regency Centers Corp. 2.25Sun Hung Kai Properties Ltd. 2.23Mitsui Fudosan Co. Ltd. 2.12Mitsubishi Estate Co. Ltd. 2.09

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SSQ MORGAN STANLEY GLOBAL REAL ESTATE FUND

NOTES TO FINANCIAL STATEMENTS SPECIFIC TO THE FUND (unaudited) Period ended June 30, 2017 (in thousands of dollars)

254

Nature and extent of risks arising from financial instruments The SSQ Morgan Stanley Global Real Estate Fund is a segregated fund that invests exclusively in the underlying funds called MS Real Estate Securities Global Best Ideas Fund and MSIF Global Real Estate Portfolio. The SSQ Morgan Stanley Global Real Estate Fund is therefore defined as being a fund of funds. Consequently, please refer to notes 8 and 9 for details related to financial instrument risks. The underlying funds are managed by Morgan Stanley Investment Management. The manager's investment strategy is to favour a combined bottom-up and top-down management approach. The regional allocation focuses on the main regional criteria, including relative valuations, real estate fundamentals as well as demographic and macro-economic considerations. The manager then selects securities using fundamental analysis, emphasizing the value of underlying assets.

Fair value of financial instruments The following tables show the classification of financial instruments based on the fair value hierarchy described in note 2:

June 30, 2017

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 28,435 14,247 - 42,682Derivative Financial Instruments - - - -

Money Market - - - -Total 28,435 14,247 - 42,682

December 31, 2016

Financial Level 1 Level 2 Level 3 TotalInstruments ($) ($) ($) ($)Bonds - - - -Equities - - - -

Exchange Traded Funds - - - -

Investment Funds 35,670 17,685 - 53,355Derivative Financial Instruments - - - -

Money Market - - - -Total 35,670 17,685 - 53,355

During the period ended June 30, 2017 and the year ended December 31, 2016, there were no transfers of financial instruments between levels 1 and 2.

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SSQ FUNDS

NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

255

1. GENERAL INFORMATION

SSQ Funds (hereinafter the “Funds”) are segregated funds constituted under the Act respecting insurance (Quebec) and administrated by SSQ, Life Insurance Company Inc. (hereinafter the “Company”). The head office of the Company is located at 2525 Laurier Boulevard, Quebec City, Quebec, Canada. The net assets of the Funds are owned by the Company and are accounted within its other assets. The Funds are not separate legal entities of the Company.

Publication of these interim financial statement was approved by the management of the Company on September 14, 2017.

List of the Funds available as at June 30, 2017:

Funds Managers Fund inception date

Fiera Capital Money Market Fiera Capital Corporation December 1, 1997

OAM Treasury Optimum Asset Management September 25, 2008

Fiera Capital Bond Fiera Capital Corporation June 16, 2009

OAM Bond Optimum Asset Management September 25, 2008

PIMCO Bond PIMCO Canada May 27, 2008

PIMCO Global Bond PIMCO Canada January 13, 2014

CI Signature Corporate Bond CI Investments November 21, 2016

BlackRock Bond Index BlackRock Asset Management July 4, 2005

Conservative Strategy Multiple (page 45) December 7, 1998

Balanced Strategy Multiple (page 50) December 1, 1997

Growth Strategy Multiple (page 55) December 7, 1998

Aggressive Strategy Multiple (page 60) November 14, 2005

Celestia Conservative Multiple (page 65) September 22, 2008

Celestia Balanced Multiple (page 70) September 22, 2008

Celestia Growth Multiple (page 75) September 22, 2008

Celestia Aggressive Multiple (page 80) September 22, 2008

BlackRock Conservative Fundamental Portfolio BlackRock Asset Management September 17, 2009

BlackRock Balanced Fundamental Portfolio BlackRock Asset Management September 17, 2009

BlackRock Growth Fundamental Portfolio BlackRock Asset Management September 17, 2009

BlackRock Aggressive Fundamental Portfolio BlackRock Asset Management September 17, 2009

Dynamic Power Balanced Dynamic Funds October 28, 2011

Guardian Conservative Monthly Income Guardian Capital LP June 12, 2015

Guardian Monthly Income Guardian Capital LP June 12, 2015

CI Cambridge Canadian Asset Allocation CI Investments June 9, 2014

CI Signature Global Income and Growth CI Investments June 9, 2014

Guardian Canadian Dividend Equity Guardian Capital LP June 1, 2012

Jarislowsky Fraser Ltd. Canadian Value Equity Jarislowsky Fraser Ltd. November 1, 2001

Triasima Canadian Equity Triasima Inc. Portfolio Management October 2, 2006

Montrusco Bolton Canadian Equity Montrusco Bolton Investments May 26, 2011

BlackRock Canadian Index BlackRock Asset Management December 7, 1998

Fiera Capital Canadian Small Cap Equity Fiera Capital Corporation November 1, 2001

Hillsdale U.S. Equity Hillsdale Investment Management April 30, 2012

Beutel Goodman U.S. Equity Beutel Goodman November 9, 2015

Fiera Capital U.S. Equity Fiera Capital Corporation November 9, 2015

Fiera Capital Hedged U.S. Equity Fiera Capital Corporation November 21, 2016

BlackRock U.S. Index BlackRock Asset Management December 7, 1998

Hexavest International Equity Hexavest Asset Management December 1, 1997

C Worlwide International Equity* C Worldwide Asset Management June 9, 2008

BlackRock International Index BlackRock Asset Management July 4, 2005

Calamos Global Equity Calamos Investments June 3, 2011

TD Global Dividend Equity TD Asset Management January 13, 2014

Fiera Capital Global Equity Fiera Capital Corporation March 31, 2016

Hexavest Hedged Global Equity Hexavest Asset Management September 1, 2009

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SSQ FUNDS

NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

256

1. GENERAL INFORMATION (Cont’d)

Funds Managers Fund inception dateHexavest All-Country Global Equity Hexavest Asset Management September 26, 2011

Lazard Global Small Cap Equity Lazard Asset Management September 15, 2010

Fisher Emerging Markets Equity Fisher Investments July 21, 2011

Lazard Global Infrastructure Lazard Asset Management June 12, 2007

Morgan Stanley Global Real Estate Morgan Stanley Investment Management March 31, 2011

*This Fund has been managed by C Worldwide Asset Management since June 5, 2017. Previously, it was managed by Carnegie Asset Management.

The Funds have been split into different fund classes, each having its own unit value and management fees. The available Fund classes are:

Class Product A Unit of GIF guarantee standard option 75/100 offered before November 26, 2012

B Unit of GIF guarantee premium option 100/100 offered before November 26, 2012

C SSQ guarantee Income offered before May 3, 2013

D Equity GIA offered before November 26, 2012

E Unit of GIF basic guarantee 75/75 offered since November 26, 2012

F Unit of GIF enhanced guarantee 75/100 offered since November 26, 2012

G Unit of GIF optimal guarantee 100/100 offered since November 26, 2012

H Equity GIA offered since November 26, 2012

I Private wealth management (investment of $500,000 and more)

J Institutional clients

K Interfunds

L Specialized institutional clients

N Group funds

Fund closures

The following Funds were closed and, unless otherwise instructed by unitholders, net assets were transferred to the destination Funds listed below:

Closed Funds Destination Funds Closing dateMFS U.S. Equity Fiera Capital U.S. Equity June 10, 2016

Tradewinds U.S. Equity Beutel Goodman U.S. Equity June 10, 2016

Lazard Global Equity Fiera Capital Global Equity June 10, 2016

BlackRock Emerging Markets Fundamental Equity Fisher Emerging Markets Equity June 30, 2016

CoreCommodity Management Commodity Fiera Capital Money Market June 10, 2016

Fund holdings

SSQ Insurance, a Company subsidiary, has held units in certain SSQ Funds. The following table lists the fair value of the subsidiary’s investments in the Funds concerned:

Funds

June 302017

($)

December 312016

($)Balanced Strategy 9,781 8,682

Growth Strategy 7,490 4,676

Conservative Strategy 3,503 3,471

Aggressive Strategy 5,824 5,024

Guardian Conservative Monthly Income 465 260

Guardian Monthly Income 324 285

CI Cambridge Canadian Asset Allocation 7,972 5,760

CI Signature Global Income and Growth 10,688 9,119

Guardian Canadian Dividend Equity 2,110 1,341

TD Global Dividend Equity 1,762 1,131

Furthemore, as at June 30, 2017 and December 31 2016, the pension plans offered to the employees of the Company held units of the Funds.

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SSQ FUNDS

NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

257

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The current interim financial statements (the “financial statements”) have been prepared in accordance with International Financial Reporting Standards (IFRS) basis in accordance with IAS 34“Interim Financial Reporting” as required by Canadian securities legislation and the Canadian Accounting Standards Board.

Use of estimates and Management’s judgments

The preparation of financial statements requires management to rely on best estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements as well as the reported amounts of incomes and expenses during the reporting period. Actual results may differ from estimates.

Management determined that the Funds meet the definition of an investment entity in accordance with IFRS 10 “Consolidated Financial Statements” since:

- They obtain funds from one or many investors for the purpose of providing them with investment management services.

- They commit to their investors that their business purpose is to invest funds for returns from capital appreciation and/or investment income.

- They measure and evaluate the performance of almost all of their investments on fair value basis.

The most significant judgment that Management has made in determining that the Funds meet the definition of an investment entity is that almost all of investments are measured and evaluated on a fair value basis.

To classify and measure financial instruments held by the Funds, Management is required to make significant judgments about whether or not the Funds activities consist in investing in order to obtain a global return for the purpose of applying the fair value option for financial assets under IAS 39 “Financial Instruments: Recognition and Measurement”. The most significant judgments made include determination that certain investments are held for trading and that the fair value option can be applied to those that are not.

Foreign currency conversion

The financial statements are presented in Canadian dollars, which is the functional currency of the Funds. Some investments and other assets and liabilities are denominated in foreign currencies. They are converted into functional currency at the rate of exchange prevailing on each valuation day. Purchases and sales of investments, income and expenses are converted at the rates of exchange prevailing on the respective dates of such transactions. Realized and unrealized exchange gains or losses upon sale of investments are recorded in the statement of comprehensive income respectively under “net gain (loss) realized on sale of investments” and “net gain (loss) unrealized on investments”. Cash-related translation differences are presented under “Foreign exchange gain (loss) on cash”.

Classification of financial instruments

On initial recognition of their financial instruments, the Funds classified financial assets into one of the following categories: at fair value through profit or loss and loans and receivables. The “fair value through profit or loss” category includes financial assets held for trading and financial assets designated at fair value through profit or loss. The Funds classified financial liabilities into one of the following categories: at fair value through profit or loss and at amortized cost.

Financial instruments are classified upon initial recognition according to their nature and the Funds use of the instruments.

Investments

Investments include equities, bonds, investment funds, exchange traded funds and money market and are designated at fair value through profit or loss since they are managed and valued on a fair value basis in accordance with the Funds’ investment strategy.

Investment transactions are recorded on the trade date and the average cost method cost is used to calculate the cost of investments.

Derivative financial instruments

Derivative financial instruments include forward exchange contracts. These financial instruments are classified as held for trading.

The fair value of a future contract represents the price that would be received for the sale of an asset or paid for the transfer of a liability as part of a normal transaction between market participants at the measurement date. The fair value of these contracts is recorded under “Fair value of derivative financial instruments” under assets in the statement of financial position. Derivatives with a negative fair value are presented under liabilities in the statement of financial position.

Fund units held by contractholders

The Fund units held by contractholders are classified as financial liabilities. As the units are redeemable at any time, their fair value corresponds to their carrying value, i.e., their redemption value.

Investments in associates, joint ventures and subsidiaries

As the Funds meet the definition of an investment entity, they value their subsidiaries at fair value. Subsidiaries constitute entities under the control of the Funds. The Funds control an entity when they are exposed to, or have rights to, variable returns on their investments and have the ability to affect those returns through their power over the entity. Associates and joint ventures are investments over which the Funds have significant influence or joint control, all of which have been designated at fair value through profit or loss.

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SSQ FUNDS

NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

258

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

Cash and bank overdraft

Cash and bank overdraft consist of bank accounts. Cash is classified as loans and receivables, while bank overdraft is classified as a financial liability at amortized cost. Both are recognized at amortized cost.

Other assets and liabilities

Other assets include receivable from investments sold and other accounts receivable, while other liabilities include payable for investments purchased as well as other accounts payable. These other assets and liabilities are recognized at amortized cost and classified as loans and receivables and financial liabilities at amortized cost, respectively.

Securities lending

Certain Funds may use securities lending to generate additional income. Some securities are lended to other institutions for a short period. The Funds receive collaterals that represent a minimum of 102% of the fair value of the securities lent out. These collaterals are deposited by the borrower with a depository to be retained until the securities lent out are recovered by the Funds. The guarantees of the securities loaned consist of Canadian federal or provincial treasury bills or bonds. To ensure that the fair value of the securities provided as collateral is greater than 102%, the fair value of the securities on loan is monitored on a daily basis. The securities loaned continue to be reported in the schedule of investment portfolio as well as in the statement of the financial position.

Income from securities lending are presented under “Securities lending” in the statement of comprehensive income The value of securities loaned and collateral received by the Funds engaged in securities lending transactions is presented in the specific notes for each of these Funds.

Income recognition

Investment income is recorded on an accrual basis.

Realized gains and losses on the sale of investments as well as the unrealized appreciation or depreciation in value of investments are calculated using the average cost of investments and, where applicable, exclude transaction costs which are recorded directly in the results as soon as they are incurred.

The interest income for allocation purposes is the nominal amount of interest received by the Funds. The Funds do not amortize premiums paid or discounts received on the purchase of fixed income securities.

The dividend income is recorded on the ex-dividend date.

Distribution income and net realized gains distributed by underlying fund are recorded upon distribution and allocated as established by the underlying fund manager. Income distributed by the underlying fund may include interests and dividends.

Gains or losses realized from the liquidation of derivatives are included under “Net gain (loss) realized on derivative financial instruments” and unrealized gains or losses on derivatives are included under “Net gain (loss) unrealized on derivative financial instruments” in the statements of comprehensive income.

Income taxes

The Funds may be subject to withholding tax at source on investment income in some countries. These withholding taxes are presented separately in the statement of comprehensive income. The Funds qualify as segregated fund trusts under the Income Tax Act (Canada) and the Taxation Act (Quebec). As a result, net investment income from the Funds and realized gains and losses, as applicable, are attributed to unitholders at the end of the year. Consequently, the Funds are not subject to any income tax other than foreign tax deducted at source.

Fair value of financial instruments

The existence of published price quotations in an active market is the best indication of fair value. The fair value of equities and exchange traded securities is based on their closing price on the financial reporting date if this price falls within the bid/ask spread. If the closing price does not fall within the bid/ask spread, the Funds determine the point in the bid/ask spread that is most representative of fair value. If the market for a given security is not active, fair value is determined using a valuation technique that relies as much as possible on market-observed data.

Underlying investment fund units are valued at their net asset value per unit established by the manager of the underlying fund on the day of valuation.

The financial instruments recorded at fair value in the statements of financial position are classified in accordance with a hierarchy that reflects the significance of the inputs used to determine the valuations. This hierarchy comprises three levels:

Level 1 - Unadjusted quoted prices on active markets for identical assets or liabilities Level 2 - Valuation based on inputs that are observable on the market for assets or liabilities, either directly (price) or indirectly (data derived from price) Level 3 - Valuation for inputs that are based on unobservable market data for assets or liabilities.

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SSQ FUNDS

NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

259

2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

Fair value of financial instruments (Cont’d)

A financial instrument’s classification within the hierarchy is based on the lowest level input that is significant to the fair value valuation. A change in the fair value valuation method could result in a transfer between levels. The method used to determine the fair value of financial instruments is not an indication of the level of risk associated with the investment.

Increase (decrease) in net assets from operations attributable to contractholders per unit

Increase (decrease) in net assets from operations attributable to contractholders per unit is obtained by dividing the increase (decrease) in net assets from operations attributable to contractholders for each Fund classes by the weighted average number of units outstanding during the period.

3. FUTURE CHANGES IN ACCOUNTING POLICIES

IFRS 9 Financial Instruments

In July 2014, the IASB issued the final version of IFRS 9 “Financial Instruments” which reflects all phases of the financial instruments project and replaces IAS 39 and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted. Retrospective application is required, but comparative information is not compulsory. The Funds are currently assessing the impact of IFRS 9. The Funds have not adopted any part of IFRS 9.

4 NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS

The net assets attributable to contractholders of each Fund are divided into units of equal value and represents net assets attributable to contractholders. Funds units have no par value and may be issued in an unlimited number. The price of a Fund unit equals its net asset value per unit, before issuance and redemption of units. Calculation of transactional net asset value is carried out by dividing the Fund’s net asset value for each classes by the number of units outstanding, then units are issued and redeemed with this net asset value per unit. The net asset value per unit is calculated on each valuation day, at the Funds’ manager’s office, based on day-end values.

5. FUNDS UNITS

The following table shows the changes in number of units for the periods ended June 30, 2017 and 2016:

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Fiera Capital Money Market Class A 2017 229,419 35,076 (61,789) 202,7062016 217,276 61,578 (61,182) 217,672Class B 2017 54,482 50,194 (21,223) 83,4532016 50,233 49,996 (36,669) 63,560Class C 2017 27,721 5,268 (26,582) 6,4072016 11,052 133 (133) 11,052Class E 2017 197,856 327,316 (299,641) 225,5312016 116,507 265,103 (197,158) 184,452Class F 2017 130,648 31,162 (145,024) 16,7862016 27,679 50,105 (45,672) 32,112Class G 2017 97,904 193,848 (114,061) 177,6912016 158,391 80,569 (230,360) 8,600Class I 2017 21,788 5,574 (5,575) 21,7872016 19,341 2,725 (488) 21,578Class J 2017 32,226 6,132 (12,906) 25,4522016 646,524 616,319 (719,079) 543,764

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

260

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Fiera Capital Money Market (Cont’d) Class N 2017 49,609 259,331 (261,550) 47,3902016 52,443 14,825 (13,444) 53,824OAM Treasury Class A 2017 266,191 55,167 (127,725) 193,6332016 377,892 61,153 (106,711) 332,334Class B 2017 163,370 52,658 (85,805) 130,2232016 179,296 21,924 (46,553) 154,667Class C 2017 12,556 254,819 (250,570) 16,8052016 14,481 175 (1,104) 13,552Class E 2017 824,611 597,453 (951,704) 470,3602016 649,368 776,821 (779,940) 646,249Class F 2017 288,419 51,033 (98,356) 241,0962016 251,578 270,673 (223,158) 299,093Class G 2017 140,209 136,939 (207,673) 69,4752016 110,362 70,313 (77,792) 102,883Class I 2017 262,346 6,764 (21,741) 247,3692016 422,818 84,272 (118,138) 388,952Class J 2017 623,742 221,861 (183,557) 662,0462016 538,977 145,581 (13,584) 670,974Class K 2017 3,577,753 62,505 (210,466) 3,429,7922016 3,411,064 256,557 (222,008) 3,445,613Class N 2017 99,116 119,322 (56,282) 162,1562016 87,636 63,267 (26,668) 124,235Fiera Capital Bond Class A 2017 1,301,390 67,146 (235,448) 1,133,0882016 1,277,495 59,418 (178,143) 1,158,770Class B 2017 746,980 38,984 (142,839) 643,1252016 976,647 58,191 (207,052) 827,786Class C 2017 876,347 36,139 (436,671) 475,8152016 921,715 14,346 (63,555) 872,506Class D 2017 205,725 - (21,861) 183,8642016 220,491 277 (11,628) 209,140Class E 2017 1,629,180 526,015 (659,985) 1,495,2102016 1,037,589 325,081 (266,498) 1,096,172Class F 2017 269,317 67,721 (69,237) 267,8012016 225,622 58,957 (49,118) 235,461Class G 2017 308,272 38,513 (84,410) 262,3752016 321,746 50,724 (62,722) 309,748Class H 2017 109,632 5,841 (8,837) 106,6362016 73,326 14,958 (2,886) 85,398Class I 2017 191,957 24,238 (18,170) 198,0252016 186,227 11,172 (9,156) 188,243

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

261

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Fiera Capital Bond (Cont’d) Class J 2017 10,973,106 979,328 (2,248,946) 9,703,4882016 10,610,269 1,245,746 (503,452) 11,352,563Class K 2017 12,240,914 372,975 (2,333,711) 10,280,1782016 9,200,495 2,792,618 (411,641) 11,581,472Class N 2017 277,647 6,153 (39,294) 244,5062016 287,169 5,906 (16,136) 276,939OAM Bond Class A 2017 141,263 11,447 (12,593) 140,1172016 132,379 28,634 (22,553) 138,460Class B 2017 66,641 10,355 (22,349) 54,6472016 91,173 42,443 (33,269) 100,347Class C 2017 171,560 595 (65,487) 106,6682016 201,326 15,391 (40,267) 176,450Class E 2017 1,265,776 335,498 (365,534) 1,235,7402016 434,142 456,040 (114,449) 775,733Class F 2017 153,114 43,979 (41,271) 155,8222016 86,273 61,658 (35,447) 112,484Class G 2017 217,646 38,222 (48,820) 207,0482016 170,741 87,952 (48,969) 209,724Class I 2017 4,191 31,995 (622) 35,5642016 4,253 - (31) 4,222Class J 2017 2,749,290 128,774 (339,652) 2,538,4122016 2,781,180 99,123 (128,758) 2,751,545Class N 2017 274,054 46,689 (53,457) 267,2862016 250,745 36,136 (16,887) 269,994PIMCO Bond Class A 2017 557,425 27,270 (118,061) 466,6342016 661,539 83,846 (113,401) 631,984Class B 2017 449,800 26,251 (122,779) 353,2722016 687,391 32,412 (188,802) 531,001Class C 2017 1,549,783 37,848 (590,638) 996,9932016 1,747,929 44,398 (146,024) 1,646,303Class E 2017 1,480,533 767,596 (796,012) 1,452,1172016 1,099,454 539,609 (267,987) 1,371,076Class F 2017 223,903 48,398 (52,587) 219,7142016 173,394 83,055 (33,334) 223,115Class G 2017 289,596 27,749 (87,437) 229,9082016 317,486 58,003 (58,523) 316,966Class I 2017 129,499 36,307 (69,586) 96,2202016 109,483 10,790 (13,064) 107,209Class J 2017 6,429,917 475,592 (633,588) 6,271,9212016 5,486,315 1,482,328 (198,287) 6,770,356

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

262

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

PIMCO Bond (Cont’d) Class N 2017 185,109 9,129 (53,407) 140,8312016 171,641 17,724 (6,771) 182,594PIMCO Global Bond Class A 2017 120,894 47,121 (36,732) 131,2832016 142,422 32,098 (44,117) 130,403Class B 2017 76,514 30,534 (9,622) 97,4262016 68,569 29,836 (10,240) 88,165Class C 2017 67,131 3,447 (21,510) 49,0682016 69,890 1,119 (3,557) 67,452Class E 2017 581,115 534,888 (193,584) 922,4192016 381,797 189,002 (100,028) 470,771Class F 2017 130,241 51,042 (30,805) 150,4782016 118,728 43,063 (28,242) 133,549Class G 2017 55,560 76,492 (22,966) 109,0862016 70,572 10,319 (27,511) 53,380Class I 2017 583,333 259,384 (84,750) 757,9672016 451,784 207,578 (112,186) 547,176Class J 2017 328,618 6,258 (15,440) 319,4362016 325,872 4,502 (18,442) 311,932Class N 2017 120,082 71,612 (50,770) 140,9242016 47,159 99,952 (30,752) 116,359CI Signature Corporate Bond Class A 2017 18,348 58,414 (11,488) 65,2742016 - - - -Class B 2017 895 42,367 (6,800) 36,4622016 - - - -Class E 2017 191,423 969,739 (126,480) 1,034,6822016 - - - -Class F 2017 12,372 79,283 (5,852) 85,8032016 - - - -Class G 2017 1,017 142,130 (17,997) 125,1502016 - - - -Class I 2017 625 40,772 (152) 41,2452016 - - - -Class J 2017 625 - - 6252016 - - - -Class N 2017 625 116,661 (5,388) 111,8982016 - - - -BlackRock Bond Index Class A 2017 60,621 1,606 (9,786) 52,4412016 71,895 2,049 (11,228) 62,716

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

263

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

BlackRock Bond Index (Cont’d) Class B 2017 37,463 10,465 (17,559) 30,3692016 45,227 1,412 (7,768) 38,871Class C 2017 38,358 15 (15,430) 22,9432016 42,975 855 (3,656) 40,174Class E 2017 62,549 12,108 (23,432) 51,2252016 34,619 45,258 (22,694) 57,183Class F 2017 20,083 10,624 (1,608) 29,0992016 16,324 3,281 (5,429) 14,176Class G 2017 26,360 7,293 (3,132) 30,5212016 19,914 2,842 (312) 22,444Class I 2017 88 - - 882016 88 - - 88Class J 2017 4,051,715 419,580 (528,614) 3,942,6812016 4,228,165 506,067 (871,059) 3,863,173Class N 2017 50,908 526 (4,742) 46,6922016 66,868 588 (14,158) 53,298Conservative Strategy Class A 2017 1,592,123 132,036 (286,815) 1,437,3442016 1,793,594 120,193 (260,566) 1,653,221Class B 2017 1,146,573 85,197 (150,027) 1,081,7432016 1,294,501 94,662 (200,158) 1,189,005Class C 2017 1,442,253 60,084 (621,856) 880,4812016 1,639,907 41,605 (172,792) 1,508,720Class E 2017 2,363,452 771,533 (609,125) 2,525,8602016 1,515,123 619,968 (293,013) 1,842,078Class F 2017 414,078 140,801 (127,655) 427,2242016 307,531 152,343 (84,341) 375,533Class G 2017 1,085,095 472,499 (349,780) 1,207,8142016 938,430 232,736 (146,702) 1,024,464Class I 2017 50,017 110,967 (51,987) 108,9972016 45,798 381 (1,565) 44,614Class J 2017 84 - - 842016 84 - - 84Class L 2017 306,698 14,454 (21,403) 299,7492016 262,801 10,066 (7,932) 264,935Class N 2017 231,581 5,535 (61,169) 175,9472016 305,615 20,424 (64,781) 261,258Balanced Strategy Class A 2017 3,048,267 287,307 (473,068) 2,862,5062016 3,791,658 249,685 (621,676) 3,419,667Class B 2017 2,028,209 143,907 (301,578) 1,870,5382016 2,263,436 215,316 (351,930) 2,126,822

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

264

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Balanced Strategy (Cont’d) Class C 2017 5,181,831 210,290 (2,673,431) 2,718,6902016 5,809,601 42,801 (333,941) 5,518,461Class E 2017 3,231,364 1,629,847 (986,865) 3,874,3462016 3,044,384 1,074,360 (582,976) 3,535,768Class F 2017 753,602 411,170 (209,104) 955,6682016 506,148 213,035 (70,218) 648,965Class G 2017 1,441,798 714,745 (536,717) 1,619,8262016 1,364,385 226,135 (204,706) 1,385,814Class I 2017 47,592 14,797 (4,664) 57,7252016 59,189 700 (42,678) 17,211Class J 2017 1,423,560 154,009 (74,190) 1,503,3792016 1,273,665 176,638 (77,468) 1,372,835Class L 2017 737,691 82,932 (15,016) 805,6072016 580,000 64,421 (14,916) 629,505Class N 2017 1,350,499 148,052 (158,696) 1,339,8552016 1,394,536 55,565 (97,365) 1,352,736Growth Strategy Class A 2017 780,088 75,121 (90,390) 764,8192016 883,910 46,047 (102,451) 827,506Class B 2017 317,240 59,380 (47,494) 329,1262016 345,781 30,722 (50,224) 326,279Class C 2017 1,792,755 21,786 (854,577) 959,9642016 1,990,700 35,367 (144,943) 1,881,124Class E 2017 553,118 261,592 (147,209) 667,5012016 461,372 155,760 (87,102) 530,030Class F 2017 81,017 109,008 (64,372) 125,6532016 61,731 22,576 (10,819) 73,488Class G 2017 212,676 50,948 (31,704) 231,9202016 195,986 16,609 (31,956) 180,639Class I 2017 16,133 184 (454) 15,8632016 16,869 214 (487) 16,596Class J 2017 74 - - 742016 74 - - 74Class L 2017 386,605 223,842 (13,338) 597,1092016 212,918 35,713 - 248,631Class N 2017 312,718 21,634 (25,119) 309,2332016 304,632 24,988 (17,726) 311,894Aggressive Strategy Class A 2017 158,302 15,877 (31,498) 142,6812016 182,212 13,347 (28,000) 167,559Class B 2017 73,832 3,229 (20,894) 56,1672016 75,850 17,960 (15,113) 78,697

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SSQ FUNDS

NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

265

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at thebeginning

Units issued Units redeemed Units outstanding at the end

Aggressive Strategy (Cont’d) Class C 2017 1,317,950 407,258 (493,242) 1,231,9662016 1,471,355 8,425 (98,478) 1,381,302Class E 2017 174,310 62,533 (44,408) 192,4352016 132,730 51,983 (30,796) 153,917Class F 2017 43,892 37,143 (25,604) 55,4312016 32,268 14,052 (3,196) 43,124Class G 2017 71,642 47,754 (31,054) 88,3422016 57,100 46,597 (36,106) 67,591Class I 2017 3,274 191 (2,527) 9382016 7,324 2,482 (6,494) 3,312Class J 2017 78 - - 782016 78 - - 78Class L 2017 401,282 54,436 (7,583) 448,1352016 342,418 58,674 (11,045) 390,047Class N 2017 26,111 37,327 (1,264) 62,1742016 20,526 7,767 (2,569) 25,724Celestia Conservative Class A 2017 942,869 61,001 (212,396) 791,4742016 1,154,106 110,168 (235,774) 1,028,500Class B 2017 352,159 33,932 (83,562) 302,5292016 433,046 36,368 (83,437) 385,977Class C 2017 1,489,486 49,565 (685,198) 853,8532016 1,488,885 111,946 (80,476) 1,520,355Class E 2017 2,843,325 1,294,121 (731,293) 3,406,1532016 2,365,869 890,956 (748,644) 2,508,181Class F 2017 950,162 160,781 (119,462) 991,4812016 593,195 248,719 (109,606) 732,308Class G 2017 778,036 96,710 (122,006) 752,7402016 777,029 133,948 (140,480) 770,497Class I 2017 286,036 146,876 (97,489) 335,4232016 282,955 24,785 (17,977) 289,763Class J 2017 84 - - 842016 84 - - 84Class N 2017 96,503 33,103 (24,862) 104,7442016 74,501 9,259 (9,258) 74,502Celestia Balanced Class A 2017 1,514,661 147,333 (316,881) 1,345,1132016 1,706,456 143,071 (218,552) 1,630,975Class B 2017 770,919 60,611 (169,267) 662,2632016 818,404 72,444 (116,009) 774,839Class C 2017 3,473,190 80,256 (1,586,083) 1,967,3632016 3,856,607 109,246 (299,734) 3,666,119

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

266

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at thebeginning

Units issued Units redeemed Units outstandingat the end

Celestia Balanced (Cont’d) Class E 2017 3,390,715 1,472,086 (823,298) 4,039,5032016 2,611,933 826,243 (502,879) 2,935,297Class F 2017 1,458,600 335,396 (342,583) 1,451,4132016 1,183,212 323,449 (137,338) 1,369,323Class G 2017 1,052,824 304,734 (311,536) 1,046,0222016 828,740 254,425 (100,631) 982,534Class I 2017 39,994 71,041 (32,255) 78,7802016 32,997 6,762 (1,164) 38,595Class J 2017 82 - - 822016 82 - - 82Class N 2017 728,520 50,187 (55,613) 723,0942016 759,254 58,809 (89,200) 728,863Celestia Growth Class A 2017 340,925 27,632 (67,569) 300,9882016 408,333 29,552 (89,457) 348,428Class B 2017 196,739 166,848 (119,172) 244,4152016 208,208 103,314 (113,369) 198,153Class C 2017 2,131,194 70,665 (988,099) 1,213,7602016 2,330,590 61,372 (154,346) 2,237,616Class E 2017 1,155,187 461,766 (268,054) 1,348,8992016 834,913 319,063 (132,024) 1,021,952Class F 2017 418,332 117,201 (124,888) 410,6452016 307,696 154,043 (63,465) 398,274Class G 2017 299,870 228,882 (91,747) 437,0052016 252,896 37,616 (34,268) 256,244Class I 2017 35,446 38,704 (29,122) 45,0282016 51,412 35,511 (47,122) 39,801Class J 2017 79 - - 792016 79 - - 79Class N 2017 176,438 13,197 (15,695) 173,9402016 174,090 14,001 (12,862) 175,229Celestia Aggressive Class A 2017 138,145 11,235 (32,077) 117,3032016 163,131 10,636 (28,696) 145,071Class B 2017 68,732 10,236 (16,901) 62,0672016 112,129 40,549 (78,310) 74,368Class C 2017 1,238,971 452,025 (554,706) 1,136,2902016 1,509,970 9,215 (159,910) 1,359,275Class D 2017 230,127 688 (30,468) 200,3472016 294,751 3,087 (44,951) 252,887Class E 2017 420,613 257,819 (224,043) 454,3892016 345,902 113,869 (82,184) 377,587

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

267

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at thebeginning

Units issued Units redeemed Units outstandingat the end

Celestia Aggressive (Cont’d) Class F 2017 94,380 76,676 (41,400) 129,6562016 85,966 9,239 (5,352) 89,853Class G 2017 255,917 127,309 (145,553) 237,6732016 255,748 36,212 (25,994) 265,966Class H 2017 240,958 18,695 (7,622) 252,0312016 242,883 23,432 (23,403) 242,912Class I 2017 76,242 17,107 (11,460) 81,8892016 80,499 11,246 (12,287) 79,458Class J 2017 79 - - 792016 79 - - 79Class N 2017 115,612 8,806 (6,942) 117,4762016 116,335 33,248 (34,136) 115,447BlackRock Conservative Fundamental Portfolio Class A 2017 272,971 41,280 (59,077) 255,1742016 315,371 28,995 (34,844) 309,522Class B 2017 94,649 19,250 (32,115) 81,7842016 108,454 10,675 (23,584) 95,545Class C 2017 542,985 5,201 (195,861) 352,3252016 575,743 18,278 (32,196) 561,825Class E 2017 324,272 202,256 (79,107) 447,4212016 254,712 37,259 (41,571) 250,400Class F 2017 53,289 22,801 (15,528) 60,5622016 37,542 5,853 (3,157) 40,238Class G 2017 117,423 144,511 (113,471) 148,4632016 100,164 41,837 (19,360) 122,641Class I 2017 1,855 10,062 (73) 11,8442016 83 786 - 869Class J 2017 83 - - 832016 83 - - 83Class N 2017 8,177 968 (1) 9,1442016 32,603 332 (6) 32,929BlackRock Balanced Fundamental Portfolio Class A 2017 333,076 31,480 (37,124) 327,4322016 424,804 16,102 (71,701) 369,205Class B 2017 258,946 38,013 (32,883) 264,0762016 320,265 9,883 (52,673) 277,475Class C 2017 1,680,004 68,332 (745,290) 1,003,0462016 1,981,051 17,781 (142,040) 1,856,792Class E 2017 386,879 390,906 (170,053) 607,7322016 397,972 58,010 (77,819) 378,163Class F 2017 305,060 159,044 (117,579) 346,5252016 266,735 54,137 (48,591) 272,281

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

268

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at thebeginning

Units issued Units redeemed Units outstanding at the end

BlackRock Balanced Fundamental Portfolio (Cont’d) Class G 2017 351,440 221,283 (146,355) 426,3682016 284,378 66,559 (25,343) 325,594Class I 2017 23,910 31,780 (24,168) 31,5222016 29,023 664 (3,487) 26,200Class J 2017 80 - - 802016 80 - - 80Class N 2017 6,043 937 (457) 6,5232016 5,545 170 (5) 5,710BlackRock Growth Fundamental Portfolio Class A 2017 230,509 31,990 (41,283) 221,2162016 240,721 2,035 (9,521) 233,235Class B 2017 47,813 10,792 (24,790) 33,8152016 67,978 1,542 (14,944) 54,576Class C 2017 830,117 79,459 (410,092) 499,4842016 985,786 6,718 (70,317) 922,187Class E 2017 236,197 113,738 (69,674) 280,2612016 237,068 38,105 (52,866) 222,307Class F 2017 249,350 123,687 (66,114) 306,9232016 200,504 43,885 (25,665) 218,724Class G 2017 84,008 34,395 (24,287) 94,1162016 71,765 7,924 (5,757) 73,932Class I 2017 11,757 13,571 (15,342) 9,9862016 14,036 - (1,269) 12,767Class J 2017 79 - - 792016 79 - - 79Class N 2017 11,032 5,513 (2) 16,5432016 10,835 245 (152) 10,928BlackRock Aggressive Fundamental Portfolio Class A 2017 105,942 5,665 (44,605) 67,0022016 131,320 3,658 (16,252) 118,726Class B 2017 202,801 25,690 (54,477) 174,0142016 246,691 19,043 (56,847) 208,887Class C 2017 734,989 45,968 (271,340) 509,6172016 781,155 32,245 (54,295) 759,105Class E 2017 104,441 108,036 (51,518) 160,9592016 64,030 51,168 (17,460) 97,738Class F 2017 9,126 42,282 (27,831) 23,5772016 7,685 620 (834) 7,471Class G 2017 47,653 54,545 (41,604) 60,5942016 49,076 24 (2,271) 46,829Class I 2017 77 6,419 (44) 6,4522016 77 - - 77

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

269

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at thebeginning

Units issued Units redeemed Units outstanding at the end

BlackRock Aggressive Fundamental Portfolio (Cont’d) Class J 2017 77 - - 772016 77 - - 77Class N 2017 1,257 883 (308) 1,8322016 3,294 144 (14) 3,424Dynamique Power Balanced Class A 2017 127,804 2,952 (22,591) 108,1652016 176,017 8,342 (31,244) 153,115Class B 2017 72,002 1,457 (7,427) 66,0322016 105,223 3,011 (7,845) 100,389Class C 2017 478,909 6,853 (275,140) 210,6222016 585,659 3,521 (48,290) 540,890Class E 2017 173,014 40,855 (68,716) 145,1532016 190,664 23,387 (36,537) 177,514Class F 2017 47,100 3,948 (8,914) 42,1342016 81,597 19,368 (22,864) 78,101Class G 2017 60,907 7,522 (16,089) 52,3402016 78,174 6,779 (8,381) 76,572Class I 2017 87 - - 872016 2,930 87 (2,930) 87Class J 2017 83 - - 832016 83 - - 83Class N 2017 16,714 2,045 (942) 17,8172016 18,340 614 (1) 18,953Guardian Conservative Monthly Income Class A 2017 90,940 56,228 (36,204) 110,9642016 12,060 98,665 (8,940) 101,785Class B 2017 1,415 4,797 (3,857) 2,3552016 911 482 (4) 1,389Class C 2017 35,152 2,078 (10,763) 26,4672016 280 9,705 (727) 9,258Class E 2017 883,467 484,071 (223,287) 1,144,2512016 220,891 541,713 (116,266) 646,338Class F 2017 159,521 136,291 (62,609) 233,2032016 114,022 66,544 (52,063) 128,503Class G 2017 111,322 72,896 (46,257) 137,9612016 33,934 49,899 (4,989) 78,844Class I 2017 8,604 9,371 (5,152) 12,8232016 103 8,457 (6) 8,554Class J 2017 102 - - 1022016 102 - - 102Class L 2017 24,111 17,430 (1) 41,5402016 100 - - 100

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270

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Guardian Conservative Monthly Income (Cont’d) Class N 2017 1,610 32 (1,192) 4502016 1,116 51 - 1,167Guardian Monthly Income Class A 2017 68,431 62,056 (60,736) 69,7512016 7,082 121,197 (22,513) 105,766Class B 2017 9,187 36,132 (1,552) 43,7672016 5,772 2,747 (1,604) 6,915Class C 2017 201,298 129,772 (48,568) 282,5022016 3,343 71,052 (5,111) 69,284Class E 2017 716,832 777,631 (210,497) 1,283,9662016 139,556 343,440 (71,959) 411,037Class F 2017 401,328 405,043 (98,333) 708,0382016 173,141 190,731 (40,599) 323,273Class G 2017 204,608 134,674 (80,083) 259,1992016 104,949 76,045 (15,726) 165,268Class I 2017 64,300 34,148 (729) 97,7192016 45,187 9,354 (457) 54,084Class J 2017 102 - - 1022016 102 - - 102Class L 2017 25,968 2,443 - 28,4112016 100 3,225 - 3,325Class N 2017 106 12,625 (186) 12,5452016 102 2 - 104CI Cambridge Canadian Asset Allocation Class A 2017 3,047,526 368,761 (425,309) 2,990,9782016 3,082,020 299,071 (334,418) 3,046,673Class B 2017 2,146,430 182,323 (338,779) 1,989,9742016 2,380,745 168,298 (304,580) 2,244,463Class C 2017 6,172,130 519,420 (2,865,544) 3,826,0062016 6,502,345 344,569 (457,217) 6,389,697Class E 2017 3,953,215 2,270,134 (1,339,441) 4,883,9082016 2,537,873 981,558 (521,553) 2,997,878Class F 2017 1,307,091 734,058 (329,431) 1,711,7182016 1,029,419 409,677 (120,514) 1,318,582Class G 2017 1,463,007 403,312 (289,239) 1,577,0802016 1,192,411 288,667 (101,361) 1,379,717Class I 2017 95,383 105,021 (2,907) 197,4972016 61,794 47,029 (40,886) 67,937Class J 2017 127 - - 1272016 127 - - 127Class L 2017 470,108 172,998 (5,842) 637,2642016 48,616 112,193 (3,038) 157,771

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271

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

CI Cambridge Canadian Asset Allocation (Cont’d) Class N 2017 206,828 42,518 (21,885) 227,4612016 187,807 14,146 (7,936) 194,017CI Signature Global Income and Growth Class A 2017 1,319,784 327,630 (451,190) 1,196,2242016 1,373,466 410,816 (303,678) 1,480,604Class B 2017 1,364,797 56,785 (110,020) 1,311,5622016 1,508,336 109,719 (116,953) 1,501,102Class C 2017 3,073,626 243,488 (1,718,939) 1,598,1752016 3,372,993 423,162 (395,606) 3,400,549Class E 2017 6,573,433 2,767,800 (1 726 681) 7 614 5522016 4,435,104 2,380,698 (867,654) 5,948,148Class F 2017 2,011,265 1,053,525 (428,376) 2,636,4142016 1,377,692 852,894 (258,521) 1,972,065Class G 2017 1,379,296 594,474 (395,300) 1,578,4702016 990,074 453,961 (166,559) 1,277,476Class I 2017 147,571 187,154 (23,942) 310,7832016 155,569 190,068 (169,442) 176,195Class J 2017 152 - - 1522016 152 - - 152Class L 2017 713,012 97,441 (9,783) 800,6702016 232,806 209,348 (4,801) 437,353Class N 2017 282,185 63,757 (70,916) 275,0262016 243,042 75,181 (54,410) 263,813Guardian Canadian Dividend Equity Class A 2017 705,950 57,011 (146,606) 616,3552016 706,230 191,168 (157,116) 740,282Class B 2017 509,638 53,502 (81,742) 481,3982016 607,728 55,306 (106,550) 556,484Class E 2017 1,027,570 441,780 (296,750) 1,172,6002016 932,750 188,764 (187,722) 933,792Class F 2017 331,513 187,024 (52,371) 466,1662016 284,541 86,581 (66,636) 304,486Class G 2017 2,318,264 1,128,720 (661,190) 2,785,7942016 1,264,527 1,261,720 (564,330) 1,961,917Class I 2017 134,813 29,197 (13,556) 150,4542016 84,866 6,570 (1,925) 89,511Class J 2017 297,506 35,776 (24,693) 308,5892016 286,743 34,345 (30,185) 290,903Class L 2017 113,680 64,122 - 177,8022016 2,901 13,711 (100) 16,512Class N 2017 96,546 24,716 (7,566) 113,6962016 60,224 26,890 (7,023) 80,091

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272

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Jarislowsky Fraser Ltd. Canadian Value Equity Class A 2017 922,588 113,608 (151,554) 884,6422016 1,123,212 105,832 (232,570) 996,474Class B 2017 574,559 70,360 (100,645) 544,2742016 682,119 56,820 (115,967) 622,972Class D 2017 537,628 2,427 (41,979) 498,0762016 631,928 1,550 (55,074) 578,404Class E 2017 649,465 307,892 (157,183) 800,1742016 496,538 174,225 (140,325) 530,438Class F 2017 166,077 89,718 (40,037) 215,7582016 96,428 57,478 (19,425) 134,481Class G 2017 261,317 129,960 (66,562) 324,7152016 257,832 39,746 (36,698) 260,880Class H 2017 152,262 29,010 (18,172) 163,1002016 129,606 42,372 (21,935) 150,043Class I 2017 312,628 43,904 (25,150) 331,3822016 335,870 85,836 (103,495) 318,211Class J 2017 3,402,794 342,967 (490,119) 3,255,6422016 3,878,041 399,687 (243,238) 4,034,490Class N 2017 224,140 18,571 (27,105) 215,6062016 229,792 37,433 (23,183) 244,042Triasima Canadian Equity Class A 2017 616,822 58,925 (157,279) 518,4682016 789,166 44,562 (162,194) 671,534Class B 2017 545,173 33,503 (89,820) 488,8562016 658,637 46,159 (98,676) 606,120Class D 2017 90,723 619 (5,006) 86,3362016 94,940 102 (3,817) 91,225Class E 2017 593,659 190,759 (180,199) 604,2192016 612,276 155,334 (146,886) 620,724Class F 2017 263,016 86,181 (58,974) 290,2232016 187,969 94,119 (50,179) 231,909Class G 2017 244,978 108,160 (117,417) 235,7212016 237,687 40,575 (38,978) 239,284Class H 2017 56,829 3,108 (1,530) 58,4072016 46,023 11,487 (663) 56,847Class I 2017 127,568 61,221 (17,198) 171,5912016 106,466 44,567 (35,341) 115,692

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

273

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Triasima Canadian Equity (Cont’d) Class J 2017 8,924,831 666,221 (711,121) 8,879,9312016 7,844,218 683,603 (464,138) 8,063,683Class K 2017 5,025,338 206,141 (518,957) 4,712,5222016 4,263,816 1,109,092 (253,679) 5,119,229Class N 2017 266,795 13,010 (56,160) 223,6452016 264,560 29,957 (22,043) 272,474Montrusco Bolton Canadian Equity Class A 2017 15,069 4,367 (3,454) 15,9822016 12,130 1,703 (4,039) 9,794Class B 2017 21,995 4,368 (6,329) 20,0342016 12,514 5,650 (567) 17,597Class E 2017 48,952 56,454 (22,256) 83,1502016 13,917 10,589 (1,727) 22,779Class F 2017 13,174 20,927 (1,435) 32,6662016 8,511 1,027 (684) 8,854Class G 2017 44,493 45,027 (23,954) 65,5662016 22,794 4,892 (1,180) 26,506Class I 2017 9,389 544 (1,254) 8,6792016 9,989 497 (686) 9,800Class J 2017 2,478,546 272,822 (49,975) 2,701,3932016 3,362,281 299,265 (433,923) 3,227,623Class K 2017 2,574,621 121,673 (204,105) 2,492,1892016 4,664,643 11,174 (1,902,721) 2,773,096Class N 2017 4,254 893 (136) 5,0112016 3,527 762 (511) 3,778BlackRock Canadian Index Class A 2017 76,143 4,165 (13,180) 67,1282016 83,118 12,536 (17,646) 78,008Class B 2017 289,548 12,513 (15,833) 286,2282016 116,331 198,867 (21,069) 294,129Class D 2017 348,895 629 (22,156) 327,3682016 408,577 597 (35,713) 373,461Class E 2017 56,615 30,066 (27,124) 59,5572016 32,029 33,349 (26,134) 39,244Class F 2017 31,031 24,629 (2,821) 52,8392016 18,463 26,261 (25,981) 18,743Class G 2017 48,235 16,019 (12,643) 51,6112016 40,443 21,168 (14,617) 46,994

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

274

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at thebeginning

Units issued Units redeemed Units outstanding at the end

BlackRock Canadian Index (Cont’d) Class H 2017 120,939 10,401 (6,313) 125,0272016 118,562 17,695 (12,476) 123,781Class I 2017 26,923 1,363 (1,535) 26,7512016 27,287 17,881 (18,063) 27,105Class J 2017 138,555 380,291 (10,998) 507,8482016 10,503 98,041 (8,937) 99,607Class N 2017 43,245 4,121 (3,012) 44,3542016 27,759 2,465 (387) 29,837Fiera Capital Canadian Small Cap Equity Class A 2017 298,152 47,514 (83,850) 261,8162016 388,532 25,218 (89,819) 323,931Class B 2017 205,092 18,461 (46,666) 176,8872016 243,105 25,719 (50,826) 217,998Class E 2017 300,046 138,155 (103,030) 335,1712016 229,745 84,028 (44,941) 268,832Class F 2017 177,118 77,022 (45,269) 208,8712016 142,601 55,432 (43,741) 154,292Class G 2017 130,806 37,164 (30,476) 137,4942016 149,624 20,485 (30,486) 139,623Class I 2017 28,027 8,890 (4,318) 32,5992016 33,080 8,862 (7,680) 34,262Class J 2017 843,143 130,400 (138,972) 834,5712016 836,929 95,465 (46,505) 885,889Class N 2017 78,611 16,014 (16,473) 78,1522016 86,877 11,566 (10,374) 88,069Hillsdale U.S. Equity Class A 2017 11,357 10,481 (3,861) 17,9772016 2,036 7,828 (880) 8,984Class B 2017 10,983 6,718 (4,314) 13,3872016 6,631 10,176 (3,795) 13,012Class E 2017 52,940 47,462 (19,545) 80,8572016 16,944 50,209 (16,683) 50,470Class F 2017 17,374 16,522 (6,207) 27,6892016 3,858 12,783 (401) 16,240Class G 2017 22,028 8,782 (7,867) 22,9432016 13,072 14,939 (2,629) 25,382Class I 2017 53 758 (1) 8102016 641 63 (651) 53Class J 2017 923,271 56,624 (31,653) 948,2422016 1,251,787 179,671 (185,100) 1,246,358Class K 2017 1,272,243 55,467 (199,372) 1,128,3382016 1,670,200 270,340 (466,571) 1,473,969

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

275

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at thebeginning

Units issued Units redeemed Units outstanding at the end

Hillsdale U.S. Equity (Cont’d) Class N 2017 8,059 234 (2,003) 6,2902016 7,760 2,282 (3,177) 6,865Beutel Goodman U.S. Equity Class A 2017 334,348 180,642 (95,163) 419,8272016 2,784 382,581 (22,399) 362,966Class B 2017 232,023 42,721 (60,443) 214,3012016 2,055 264,422 (16,062) 250,415Class E 2017 850,376 1,008,121 (274,053) 1,584,4442016 27,531 802,860 (56,171) 774,220Class F 2017 334,400 440,491 (85,546) 689,3452016 12,491 301,749 (12,582) 301,658Class G 2017 296,415 172,103 (53,933) 414,5852016 8,973 316,576 (8,431) 317,118Class I 2017 605 15,301 (11) 15,8952016 4,904 11,722 (14,388) 2,238Class J 2017 722 - - 7222016 625 97 - 722Class N 2017 55,409 40,980 (14,038) 82,3512016 625 66,505 (42) 67,088Fiera Capital U.S. Equity Class A 2017 682,340 75,663 (219,368) 538,6352016 2,388 821,918 (24,061) 800,245Class B 2017 408,572 31,646 (87,876) 352,3422016 11,374 456,071 (11,009) 456,436Class D 2017 406,946 3,882 (39,232) 371,5962016 1,420 441,483 (4,277) 438,626Class E 2017 910,516 215,727 (257,573) 868,6702016 19,679 1,029,225 (59,134) 989,770Class F 2017 358,241 69,235 (96,284) 331,1922016 22,563 416,356 (24,389) 414,530Class G 2017 681,895 63,241 (212,076) 533,0602016 39,891 740,838 (20,122) 760,607Class H 2017 318,444 23,215 (21,559) 320,1002016 5,709 331,405 (5,957) 331,157Class I 2017 111,981 7,313 (1,492) 117,8022016 4,754 116,512 (4,911) 116,355Class J 2017 196,416 201 (184,278) 12,3392016 500 197,818 (854) 197,464Class N 2017 239,426 29,501 (54,686) 214,2412016 500 268,296 (327) 268,469

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

276

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Fiera Capital Hedged U.S. Equity Class A 2017 710 15,903 (719) 15,8942016 - - - -Class B 2017 845 266 (306) 8052016 - - - -Class E 2017 35,881 212,910 (41,640) 207,1512016 - - - -Class F 2017 4,396 25,194 (1,187) 28,4032016 - - - -Class G 2017 27,336 27,508 (27,431) 27,4132016 - - - -Class I 2017 625 48,596 (2,710) 46,5112016 - - - -Class J 2017 625 - - 6252016 - - - -Class N 2017 625 1,231 - 1,8562016 - - - -BlackRock U.S. Index Class A 2017 414,383 43,843 (81,541) 376,6852016 552,267 95,638 (196,150) 451,755Class B 2017 172,578 19,035 (28,414) 163,1992016 232,141 26,721 (59,237) 199,625Class D 2017 271,736 1,684 (30,021) 243,3992016 313,842 2,853 (25,477) 291,218Class E 2017 853,980 261,182 (298,468) 816,6942016 693,281 410,165 (274,542) 828,904Class F 2017 409,180 50,785 (52,561) 407,4042016 161,450 292,451 (44,871) 409,030Class G 2017 262,392 43,221 (56,200) 249,4132016 201,622 122,779 (40,204) 284,197Class H 2017 316,644 20,598 (7,329) 329,9132016 305,795 25,923 (7,925) 323,793Class I 2017 369,216 76,351 (60,670) 384,8972016 466,114 162,766 (260,705) 368,175Class J 2017 82 - - 822016 82 - - 82Class N 2017 195,171 27,228 (35,795) 186,6042016 164,214 25,200 (24,398) 165,016Hexavest International Equity Class A 2017 96,390 4,389 (23,529) 77,2502016 118,371 12,081 (20,211) 110,241Class B 2017 73,582 8,391 (18,886) 63,0872016 82,783 8,985 (11,060) 80,708

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

277

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Hexavest International Equity (Cont’d) Class D 2017 222,672 2,436 (33,842) 191,2662016 267,476 2,940 (27,725) 242,691Class E 2017 69,648 12,553 (11,551) 70,6502016 89,216 10,589 (7,017) 92,788Class F 2017 32,133 7,685 (6,917) 32,9012016 26,491 7,711 (5,558) 28,644Class G 2017 68,223 3,807 (9,786) 62,2442016 60,708 27,424 (17,728) 70,404Class H 2017 99,387 19,850 (14,974) 104,2632016 88,213 25,699 (12,903) 101,009Class I 2017 36,103 2,556 (2,381) 36,2782016 24,846 6 (200) 24,652Class J 2017 10,961,861 425,628 (2,296,592) 9,090,8972016 12,629,146 691,245 (590,757) 12,729,634Class N 2017 259,292 50,996 (51,927) 258,3612016 222,676 14,985 (11,534) 226,127C Worldwide International Equity Class A 2017 201,476 24,396 (74,760) 151,1122016 331,101 71,728 (163,306) 239,523Class B 2017 79,816 6,154 (22,730) 63,2402016 115,874 19,645 (32,121) 103,398Class E 2017 472,591 119,164 (139,380) 452,3752016 511,283 184,093 (175,304) 520,072Class F 2017 158,023 41,969 (49,746) 150,2462016 116,748 74,942 (27,706) 163,984Class G 2017 188,419 83,663 (87,262) 184,8202016 184,476 62,171 (42,382) 204,265Class I 2017 47,213 45,055 (19,860) 72,4082016 94,352 54,766 (98,430) 50,688Class J 2017 3,683,746 290,681 (271,119) 3,703,3082016 3,317,961 503,055 (109,039) 3,711,977Class K 2017 2,648,017 38,474 (575,047) 2,111,4442016 2,948,051 455,647 (813,274) 2,590,424Class N 2017 53,372 2,973 (19,838) 36,5072016 61,122 3,420 (6,543) 57,999BlackRock International Index Class A 2017 40,768 3,189 (8,566) 35,3912016 47,887 2,284 (5,909) 44,262Class B 2017 39,833 3,349 (4,906) 38,2762016 46,796 1,333 (1,970) 46,159Class D 2017 107,880 462 (16,703) 91,6392016 132,671 2,223 (15,288) 119,606

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

278

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

BlackRock International Index (Cont’d) Class E 2017 48,241 39,324 (24,415) 63,1502016 28,857 34,441 (7,952) 55,346Class F 2017 25,356 19,434 (12,181) 32,6092016 19,336 14,587 (6,842) 27,081Class G 2017 20,233 3,130 (5,561) 17,8022016 9,056 21,491 (11,406) 19,141Class H 2017 120,319 16,101 (10,012) 126,4082016 116,792 20,753 (12,645) 124,900Class I 2017 11,762 97 (173) 11,6862016 4,266 7,690 (168) 11,788Class J 2017 2,836,833 526,084 (190,305) 3,172,6122016 2,894,738 649,384 (669,951) 2,874,171Class N 2017 14,755 1,034 (2,087) 13,7022016 14,187 757 (693) 14,251Calamos Global Equity Class A 2017 60,658 3,664 (14,327) 49,9952016 66,631 8,806 (10,534) 64,903Class B 2017 26,963 6,172 (9,598) 23,5372016 31,061 8,522 (5,783) 33,800Class D 2017 19,742 - (5,077) 14,6652016 21,735 155 (1,112) 20,778Class E 2017 146,695 38,033 (51,253) 133,4752016 58,408 76,725 (13,820) 121,313Class F 2017 139,224 28,712 (16,682) 151,2542016 69,106 58,406 (10,904) 116,608Class G 2017 212,651 9,576 (91,595) 130,6322016 94,703 182,128 (10,456) 266,375Class H 2017 28,581 10,337 (4,614) 34,3042016 28,276 6,060 (2,194) 32,142Class I 2017 28,961 16,046 (10,987) 34,0202016 26,131 1,541 (1,730) 25,942Class J 2017 1,904,001 150,293 (565,666) 1,488,6282016 1,841,492 358,162 (82,271) 2,117,383Class N 2017 26,374 1,132 (13,925) 13,5812016 32,790 3,174 (10,671) 25,293TD Global Dividend Equity Class A 2017 149,252 17,903 (82,555) 84,6002016 157,654 131,690 (99,136) 190,208Class B 2017 57,427 3,842 (15,941) 45,3282016 63,917 13,818 (14,896) 62,839Class E 2017 634,775 146,196 (210,892) 570,0792016 487,065 325,058 (151,695) 660,428

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NOTES TO THE FINANCIAL STATEMENTS (unaudited) Period ended June 30, 2017 (in thousands of dollars, except number of units)

279

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

TD Global Dividend Equity (Cont’d) Class F 2017 380,357 92,044 (78,320) 394,0812016 269,348 143,445 (47,456) 365,337Class G 2017 236,949 68,440 (65,808) 239,5812016 186,214 104,096 (32,235) 258,075Class I 2017 8,134 340 (299) 8,1752016 5,312 6,655 (7,051) 4,916Class J 2017 249,579 463,242 (9,555) 703,2662016 267,128 8,277 (7,330) 268,075Class L 2017 105,334 49,538 - 154,8722016 100 21,173 (2,851) 18,422Class N 2017 45,544 5,256 (13,990) 36,8102016 32,576 17,115 (2,619) 47,072Fiera Capital Global Equity Class A 2017 17,338 5,183 (2,692) 19,8292016 - 26,390 (265) 26,125Class B 2017 14,111 3,223 (1,936) 15,3982016 - 19,848 - 19,848Class E 2017 136,513 101,891 (21,737) 216,6672016 - 112,348 (320) 112,028Class F 2017 95,544 68,865 (13,333) 151,0762016 - 62,792 (251) 62,541Class G 2017 85,963 49,617 (17,762) 117,8182016 - 74,321 (91) 74,230Class I 2017 103 14,512 (4) 14,6112016 - 103 - 103Class J 2017 1,926,191 158,048 (511,595) 1,572,6442016 - 1,521,089 (2,488) 1,518,601Class N 2017 25,945 13,888 (13,959) 25,8742016 - 24,914 (375) 24,539Hexavest Hedge Global Equity Class A 2017 25,137 3,853 (10,386) 18,6042016 19,352 13,115 (7,691) 24,776Class B 2017 177,856 3,258 (3,550) 177,5642016 9,286 171,752 (1,369) 179,669Class E 2017 68,932 26,291 (32,930) 62,2932016 7,483 32,785 (4,858) 35,410Class F 2017 46,877 13,246 (7,758) 52,3652016 24,418 25,221 (10,570) 39,069Class G 2017 50,055 5,904 (7,612) 48,3472016 42,620 9,705 (5,079) 47,246Class I 2017 224,185 67,676 (37,226) 254,6352016 120,605 184,420 (78,625) 226,400

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5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Hexavest Hedge Global Equity (Cont’d) Class J 2017 2,080,990 140,207 (354,410) 1,866,7872016 2,280,862 346,635 (102,453) 2,525,044Class N 2017 79,742 12,851 (25,023) 67,5702016 28,685 53,066 (4,860) 76,891Hexavest All-Country Global Equity Class A 2017 500 - - 5002016 - - - -Class B 2017 500 - - 5002016 - - - -Class E 2017 500 13,114 (836) 12,7782016 - - - -Class F 2017 2,131 2,548 (500) 4,1792016 - - - -Class G 2017 25,588 25,741 (25,588) 25,7412016 - - - -Class I 2017 500 11,750 (42) 12,2082016 - - - -Class J 2016 3,776,501 528,531 (251,196) 4,053,8362015 3,193,678 422,897 (239,913) 3,376,622Class N 2016 28,184 4,947 (2,693) 30,4382015 20,330 5,276 (3,357) 22,249Lazard Global Small Cap Equity Class A 2017 136,018 9,117 (40,166) 104,9692016 211,324 37,032 (98,603) 149,753Class B 2017 36,973 3,517 (9,734) 30,7562016 72,722 10,821 (34,803) 48,740Class E 2017 287,606 37,673 (114,907) 210,3722016 339,577 84,378 (103,639) 320,316Class F 2017 122,859 48,552 (28,499) 142,9122016 98,549 54,619 (22,413) 130,755Class G 2017 101,789 34,850 (28,587) 108,0522016 107,089 36,503 (35,279) 108,313Class I 2017 29,603 8,393 (2,281) 35,7152016 39,769 19,248 (30,248) 28,769Class J 2017 2,248,348 159,307 (130,222) 2,277,4332016 1,749,712 508,942 (82,217) 2,176,437Class N 2017 43,937 1,060 (16,579) 28,4182016 42,681 5,410 (3,625) 44,466Fisher Emerging Markets Equity Class A 2017 53,042 27,254 (19,458) 60,8382016 226 57,418 (1,190) 56,454

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281

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Fisher Emerging Markets Equity (Cont’d) Class B 2017 40,078 6,338 (12,976) 33,4402016 1,113 42,747 (1,888) 41,972Class E 2017 95,885 99,449 (42,565) 152,7692016 11,033 81,348 (3,112) 89,269Class F 2017 13,263 21,251 (2,472) 32,0422016 87 8,305 (87) 8,305Class G 2017 13,281 1,436 (978) 13,7392016 87 13,884 - 13,971Class I 2017 32,499 25,500 (4,861) 53,1382016 12,004 14,208 (1,624) 24,588Class J 2017 7,038,290 177,570 (452,679) 6,763,1812016 6,910,502 478,273 (159,601) 7,229,174Class K 2017 - - - -2016 684,943 80,295 (765,238) -Class N 2017 46,987 2,680 (11,156) 38,5112016 34,032 14,147 (3,317) 44,862Lazard Global Infrastructure Class A 2017 402,099 37,639 (164,167) 275,5712016 559,908 77,332 (171,560) 465,680Class B 2017 58,791 8,626 (7,135) 60,2822016 63,646 11,791 (11,582) 63,855Class E 2017 594,230 224,257 (194,226) 624,2612016 363,032 217,869 (111,251) 469,650Class F 2017 347,065 110,443 (43,244) 414,2642016 232,901 130,174 (36,006) 327,069Class G 2017 - - - -2016 218 37 (255) -Class I 2017 132,663 65,728 (23,779) 174,6122016 111,676 41,215 (24,750) 128,141Class J 2017 4,343,577 172,453 (853,577) 3,662,4532016 4,215,282 317,515 (222,756) 4,310,041Class N 2017 115,736 26,676 (43,587) 98,8252016 80,635 27,617 (6,654) 101,598Morgan Stanley Global Real Estate Class A 2017 78,726 14,032 (29,852) 62,9062016 104,461 16,908 (32,835) 88,534Class B 2017 30,791 2,173 (5,439) 27,5252016 38,102 7,439 (9,745) 35,796Class E 2017 140,509 53,317 (73,288) 120,5382016 118,279 42,476 (32,939) 127,816Class F 2017 238,463 29,062 (51,569) 215,9562016 156,436 100,961 (42,167) 215,230

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282

5. FUNDS UNITS (Cont’d)

Funds

Units outstanding at the beginning

Units issued Units redeemed Units outstanding at the end

Morgan Stanley Global Real Estate (Cont’d) Class G 2017 - - - -2016 75 - (75) -Class I 2017 121,236 51,235 (45,042) 127,4292016 113,243 19,908 (20,877) 112,274Class J 2017 1,818,843 127,532 (647,370) 1,299,0052016 2,051,142 204,715 (227,012) 2,028,845Class K 2017 899,128 36,041 (118,139) 817,0302016 1,121,095 120,448 (363,689) 877,854Class N 2017 53,067 2,228 (15,549) 39,7462016 40,368 17,760 (5,956) 52,172

6. MANAGEMENT AND OTHER FEES

In return for management fees, the Company offers investment and management consulting services. The Company also collects administrative fees from the Funds and takes charge of audit and legal fees, insurance costs, record-keeping expenses, bank charges, custodian and deposit fees, unitholder-related service expenses, financial report expenses, fund accounting and valuation expenses, sales taxes and expenses related to providing information to unitholders as well as any other costs incurred by the Funds.

In addition to management and administrative fees, the Company also deducts guarantee fees from the Funds. These fees are established based on ratios applied to the daily value of the net assets attributable to contractholders of the Funds and are included in the management expense ratio.

Management expense ratio (MER), expressed as an annualized percentage, is calculated by dividing total expenses excluding withholding taxes and transaction costs by the daily average net assets attributable to contractholders for the period. The MER for each Fund is presented in the “Financial information” section.

Certain funds may be required to pay fees related to the Fund‘s performance. This is the case of the SSQ Hillsdale U.S. Equity Fund which is subject to performance fees based on its returns. These fees represent 20% of returns in excess of the benchmark index. As at June 30, 2017 and 2016, there were no performance fees payables for this Fund.

7. RELATED PARTY TRANSACTIONS

In the normal course of business, the Funds pay management fees to the Company (note 6). These fees are calculated and paid to the Company on a daily basis based on the Funds’ net asset value. For the classes I and J, these fees are collected in the account of unitholders.

Senior management’s compensation is determined based on market trends. The Funds are managed by the Company, which functions as the principal operating officer.

For the period ended June 30, 2017, a total of $28,479 (2016- $26,110) was paid to the Company as management fees.

Upon the launch of a fund, the Company may inject capital into the Fund. The following table presents the fair value of the seed money injected by the Company as at June 30, 2017 and December 31, 2016:

Funds

June 30, 2017

($)

December 31, 2016

($)

CI Signature Corporate Bond 13 51

Beutel Goodman U.S. Equity 11 10

Fiera Capital Hedged U.S. Equity 28 50

Hexavest All - Country Global Equity 16 31

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8. FINANCIAL INSTRUMENT RISKS

In the normal course of business, the Funds are exposed to a variety of financial risks: credit risk, liquidity risk, market risk including interest rate risk, price risk and currency risk and concentration risk. The Funds are comprised of investments that may fluctuate on a daily basis as a result of changes in market and economic conditions, interest rates and company information, particularly when it affects the securities making up the Funds or the underlying funds.

The Funds’ exposure to risk depends on the investment strategies and the types of investments held in the portfolios. The results of risk sensitivity analyses conducted represent management’s best estimates. Actual results may vary significantly from these estimates.

A description of financial risks to which the Funds are exposed is disclosed in the Fund specific notes accompanying the financial statements of each Fund.

Credit risk

Credit risk is the risk of financial loss to the Fund if a debtor does not meet its commitments. Fixed income investments and derivative financial instruments are the main financial instruments subject to credit risk. Fair value of investments represents the maximum exposure to credit risk at the end of the period.

In addition, securities lending transactions expose the Funds to credit risk. The credit risk associated with these transactions is considered minimal as the value of securities held as collateral by each Fund is at least 102% of the fair value of the securities loaned.

Liquidity risk

Liquidity risk is the risk that the Funds may be unable to meet their obligations in a timely fashion as a result of their inability to liquidate their assets. The Funds are exposed to this risk because of daily redemptions of units.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in market interest rates.

The Funds are exposed to interest rate risk when they hold interest-bearing financial instruments. When the fund holds interest-bearing financial instruments, it is exposed to the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Interest rate fluctuations have very little impact on cash and money market securities.

Price risk

Price risk is the risk of fluctuation in the fair value or future cash flows of a financial instrument as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the financial instrument or its issuer, or by factors affecting all similar financial instruments traded on the market. All securities investments may present a price risk. Fair value of investments represents the maximum exposure to price risk at the end of the period.

Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument, denominated in a currency other than the Canadian dollar, will fluctuate as a result of changes in foreign exchange rates. The Funds are exposed to currency risk when they hold assets or liabilities denominated in currencies other than the Canadian dollar because the value of securities denominated in foreign currencies will vary according to foreign exchange rates in effect.

Concentration risk

Concentrations of risk arise from financial instruments that have similar characteristics and are affected similarly by changes in economic or other conditions. Concentration risk arises as a result of the concentration of exposures within the same category, whether it is geographical location, product type, industry sector or counterparty type.

9. FINANCIAL RISK MANAGEMENT

The Company offers investment and retirement products and concludes agreements with external fund managers to manage the Funds or underlying funds. Accordingly, neither the Company nor any affiliated company has any interest in a portfolio management company. The management of Fund assets is therefore outsourced and conducted through external managers.

The Company has adopted an external fund management policy which aims to establish a rigorous process for the selection and monitoring of external managers, including compliance and risk management aspects, and to provide the necessary coaching related to the decision-making process for management mandates awarded to external managers.

The policy sets forth the responsibilities of all stakeholders involved in the management of the Funds as well as the decision-making process with respect to the setting up and monitoring of the Funds.

External manager selection process

The external manager selection process is used whenever a need arises to launch a new product, improve the Funds’ offering, or replace an existing external manager. The external fund management policy provides evaluation criteria for selecting an external manager and the steps in the selection process, and sets forth required approval levels.

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9. FINANCIAL RISK MANAGEMENT (Cont’d)

Performance evaluation of external managers

The Company regularly meets with external managers and monitors the performance of each manager to respond quickly to any event likely to have an impact on the performance of the Funds.

Monthly and quarterly reviews are conducted. The performance of each external manager is compared to a benchmark. Sector allocation, key holdings and portfolio volatility of the Funds and underlying funds are reviewed. The qualitative review of each external

Manager is also updated periodically to measure changes within the organization, as well as changes in management style and investment policy.

The external fund management policy also provides parameters which may ultimately lead to reconsideration of an external manager’s mandate.

External management of the Funds

The Company has delegated the management of the risks of the Funds to an external manager of the underlying fund.

The external fund management policy provides for the monitoring and performance evaluation of the managers of the underlying funds. Accordingly, the periodic reviews include a performance review and qualitative monitoring of each of the external managers.

10. CAPITAL MANAGEMENT

The Funds have no externally imposed regulatory capital requirements on subscriptions or redemptions. Capital variations are shown on the statements of changes in net assets attributable to contractholders of each Fund. Capital is managed in accordance with the investment objectives of the Funds, which include liquidity management to meet redemption obligations.

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FINANCIAL HIGHLIGHTS

The following table shows selected key financial information about the Funds and are intended to help you understand the Funds financial performance for the past five years. Net asset attributable to contractholders is expressed in thousands of dollars. The management expense ratio expressed as an annualized percentage, is calculated by dividing total expenses excluding withholding taxes and transaction costs by the daily average net assets attributable to contractholders during the year. June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Fiera Capital Money Market

Net asset value per unit, Old Class A - - - 10.00 10.00

Net asset value per unit, Class A 10.00 10.00 10.00 - -

Net asset value per unit, Class B 10.00 10.00 10.00 - -

Net asset value per unit, Old Class C - - - 10.00 10.00

Net asset value per unit, Class C 10.00 10.00 10.00 - -

Net asset value per unit, Class D - - 10.00 - -

Net asset value per unit, Class E 10.00 10.00 10.00 - -

Net asset value per unit, Class F 10.00 10.00 10.00 - -

Net asset value per unit, Class G 10.00 10.00 10.00 - -

Net asset value per unit, Class H - - 10.00 - -

Net asset value per unit, Class I 10.00 10.00 10.00 - -

Net asset value per unit, Class J 10.00 10.00 10.00 - -

Net asset value per unit, Class N 10.00 10.00 10.00 - -

Net assets attributable to contractholders 8,072 8,416 12,994 48,005 35,028

Number of units outstanding** 807,203 841,653 1,299,446 4,800,460 3,502,800

Management expense ratio, Old Class A - - - 1.63 1.62

Management expense ratio, Class A 1.64 1.64 1.66 - -

Management expense ratio, Class B 2.40 2.40 2.42 - -

Management expense ratio, Old Class C - - - - -

Management expense ratio, Class C 1.62 1.59 1.66 - -

Management expense ratio, Class D - - 1.60 - -

Management expense ratio, Class E 1.62 1.63 1.66 - -

Management expense ratio, Class F 1.62 1.60 1.66 - -

Management expense ratio, Class G 1.65 1.65 1.71 - -

Management expense ratio, Class H - - 1.60 - -

Management expense ratio, Class I 0.03 0.04 0.06 - -

Management expense ratio, Class J 0.03 0.04 0.06 - -

Management expense ratio, Class N 1.64 1.64 1.66 - -

OAM Treasury

Net asset value per unit* - - - 10.87 10.65

Net asset value per unit, Class A 10.89 10.89 10.93 - -

Net asset value per unit, Class B 10.74 10.78 10.91 - -

Net asset value per unit, Class C 10.89 10.89 10.93 - -

Net asset value per unit, Class E 10.89 10.89 10.93 - -

Net asset value per unit, Class F 10.90 10.90 10.93 - -

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June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class G 10.87 10.88 10.93 - -

Net asset value per unit, Class I 11.27 11.15 10.96 - -

Net asset value per unit, Class J 11.27 11.15 10.96 - -

Net asset value per unit, Class K 11.27 11.15 10.96 - -

Net asset value per unit, Class N 10.89 10.89 10.93 - -

Net assets attributable to contractholders 62,863 69,302 66,190 59,246 74,708

Number of units outstanding** 5,622,955 6,258,313 6,043,472 5,450,744 7,014,914

Management expense ratio* - - - 2.07 2.07

Management expense ratio, Class A 2.07 2.07 2.07 - -

Management expense ratio, Class B 2.92 2.92 2.91 - -

Management expense ratio, Class C 2.05 2.05 2.06 - -

Management expense ratio, Class E 2.06 2.05 2.07 - -

Management expense ratio, Class F 1.99 1.99 2.06 - -

Management expense ratio, Class G 2.16 2.17 2.16 - -

Management expense ratio, Class I - - - - -

Management expense ratio, Class J - - - - -

Management expense ratio, Class K - - - - -

Management expense ratio, Class N 2.07 2.07 2.06 - -

Fiera Capital Bond

Net asset value per unit* - - - 11.20 10.52

Net asset value per unit, Class A 11.41 11.22 11.29 - -

Net asset value per unit, Class B 11.24 11.10 11.28 - -

Net asset value per unit, Class C 11.42 11.22 11.29 - -

Net asset value per unit, Class D 11.34 11.17 11.29 - -

Net asset value per unit, Class E 11.42 11.22 11.29 - -

Net asset value per unit, Class F 11.41 11.22 11.29 - -

Net asset value per unit, Class G 11.39 11.21 11.29 - -

Net asset value per unit, Class H 11.34 11.17 11.29 - -

Net asset value per unit, Class I 11.84 11.51 11.33 - -

Net asset value per unit, Class J 11.84 11.51 11.33 - -

Net asset value per unit, Class K 11.84 11.51 11.33 - -

Net asset value per unit, Class N 11.42 11.22 11.29 - -

Net assets attributable to contractholders 293,813 333,632 286,915 284,310 322,435

Number of units outstanding** 24,994,111 29,130,467 25,338,791 25,386,243 30,643,460

Management expense ratio* - - - 2.29 2.29

Management expense ratio, Class A 2.32 2.33 2.32 - -

Management expense ratio, Class B 3.20 3.21 3.20 - -

Management expense ratio, Class C 2.27 2.27 2.27 - -

Management expense ratio, Class D 2.68 2.68 2.67 - -

Management expense ratio, Class E 2.26 2.27 2.27 - -

Management expense ratio, Class F 2.29 2.30 2.32 - -

Management expense ratio, Class G 2.40 2.41 2.42 - -

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June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class H 2.68 2.68 2.67 - -

Management expense ratio, Class I 0.03 0.04 0.03 - -

Management expense ratio, Class J 0.03 0.04 0.03 - -

Management expense ratio, Class K 0.03 0.04 0.03 - -

Management expense ratio, Class N 2.27 2.27 2.27 - -

OAM Bond

Net asset value per unit* - - - 11.41 10.63

Net asset value per unit, Class A 11.80 11.62 11.64 - -

Net asset value per unit, Class B 11.63 11.50 11.63 - -

Net asset value per unit, Class C 11.81 11.62 11.64 - -

Net asset value per unit, Class E 11.82 11.63 11.64 - -

Net asset value per unit, Class F 11.81 11.62 11.64 - -

Net asset value per unit, Class G 11.79 11.60 11.64 - -

Net asset value per unit, Class I 12.26 11.93 11.68 - -

Net asset value per unit, Class J 12.25 11.92 11.68 - -

Net asset value per unit, Class N 11.81 11.62 11.64 - -

Net assets attributable to contractholders 57,133 59,440 48,451 42,033 40,927

Number of units outstanding** 4,741,304 5,043,535 4,152,212 3,684,019 3,851,435

Management expense ratio* - - - 2.32 2.32

Management expense ratio, Class A 2.35 2.37 2.41 - -

Management expense ratio, Class B 3.24 3.25 3.30 - -

Management expense ratio, Class C 2.31 2.32 2.36 - -

Management expense ratio, Class E 2.29 2.28 2.36 - -

Management expense ratio, Class F 2.34 2.35 2.41 - -

Management expense ratio, Class G 2.44 2.45 2.52 - -

Management expense ratio, Class I 0.07 0.08 0.13 - -

Management expense ratio, Class J 0.07 0.08 0.13 - -

Management expense ratio, Class N 2.31 2.32 2.36 - -

PIMCO Bond

Net asset value per unit* - - - 10.41 9.85

Net asset value per unit, Class A 10.72 10.61 10.62 - -

Net asset value per unit, Class B 10.57 10.50 10.61 - -

Net asset value per unit, Class C 10.73 10.62 10.63 - -

Net asset value per unit, Class E 10.73 10.62 10.63 - -

Net asset value per unit, Class F 10.73 10.61 10.62 - -

Net asset value per unit, Class G 10.71 10.60 10.62 - -

Net asset value per unit, Class I 11.16 10.91 10.66 - -

Net asset value per unit, Class J 11.16 10.91 10.66 - -

Net asset value per unit, Class N 10.73 10.61 10.63 - -

Net assets attributable to contractholders 112,402 121,751 111,288 100,180 122,487

Number of units outstanding** 10,227,610 11,295,565 10,454,632 9,620,571 12,432,874

Management expense ratio* - - - 2.46 2.46

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June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class A 2.51 2.51 2.50 - -

Management expense ratio, Class B 3.39 3.39 3.38 - -

Management expense ratio, Class C 2.46 2.46 2.45 - -

Management expense ratio, Class E 2.46 2.45 2.45 - -

Management expense ratio, Class F 2.49 2.49 2.50 - -

Management expense ratio, Class G 2.59 2.60 2.60 - -

Management expense ratio, Class I 0.11 0.11 0.10 - -

Management expense ratio, Class J 0.11 0.11 0.10 - -

Management expense ratio, Class N 2.47 2.46 2.45 - -

PIMCO Global Bond

Net asset value per unit* - - - 10.34 -

Net asset value per unit, Class A 10.97 10.67 10.34 - -

Net asset value per unit, Class B 10.81 10.56 10.33 - -

Net asset value per unit, Class C 10.99 10.68 10.34 - -

Net asset value per unit, Class E 10.99 10.68 10.34 - -

Net asset value per unit, Class F 10.98 10.67 10.34 - -

Net asset value per unit, Class G 10.94 10.65 10.34 - -

Net asset value per unit, Class I 11.50 11.02 10.39 - -

Net asset value per unit, Class J 11.50 11.02 10.39 - -

Net asset value per unit, Class N 10.99 10.68 10.34 - -

Net assets attributable to contractholders 29,953 22,335 17,373 10,827 -

Number of units outstanding** 2,678,087 2,063,488 1,676,793 1,047,537 -

Management expense ratio* - - - 2.76 -

Management expense ratio, Class A 2.86 2.85 2.86 - -

Management expense ratio, Class B 3.75 3.76 3.76 - -

Management expense ratio, Class C 2.76 2.76 2.76 - -

Management expense ratio, Class E 2.74 2.74 2.75 - -

Management expense ratio, Class F 2.80 2.81 2.85 - -

Management expense ratio, Class G 3.00 2.99 3.01 - -

Management expense ratio, Class I - - 0.01 - -

Management expense ratio, Class J - - 0.01 - -

Management expense ratio, Class N 2.76 2.76 2.76 - -

CI Signature Corporate Bond

Net asset value per unit, Class A 10.44 10.12 - - -

Net asset value per unit, Class B 10.38 10.11 - - -

Net asset value per unit, Class E 10.45 10.12 - - -

Net asset value per unit, Class F 10.44 10.12 - - -

Net asset value per unit, Class G 10.43 10.11 - - -

Net asset value per unit, Class I 10.62 10.15 - - -

Net asset value per unit, Class J 10.62 10.15 - - -

Net asset value per unit, Class N 10.45 10.12 - - -

Net assets attributable to contractholders 15,684 2,286 - - -

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June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Number of units outstanding** 1,501,139 225,930 - - -

Management expense ratio, Class A 2.80 2.80 - - -

Management expense ratio, Class B 3.70 3.70 - - -

Management expense ratio, Class E 2.70 2.70 - - -

Management expense ratio, Class F 2.80 2.80 - - -

Management expense ratio, Class G 2.95 2.95 - - -

Management expense ratio, Class I - - - - -

Management expense ratio, Class J - - - - -

Management expense ratio, Class N 2.70 2.71 - - -

BlackRock Bond Index

Net asset value per unit* - - - 11.38 10.70

Net asset value per unit, Class A 11.59 11.45 11.52 - -

Net asset value per unit, Class B 11.42 11.34 11.51 - -

Net asset value per unit, Class C 11.60 11.46 11.52 - -

Net asset value per unit, Class E 11.60 11.46 11.52 - -

Net asset value per unit, Class F 11.59 11.45 11.52 - -

Net asset value per unit, Class G 11.57 11.44 11.52 - -

Net asset value per unit, Class I 12.04 11.76 11.57 - -

Net asset value per unit, Class J 12.03 11.76 11.56 - -

Net asset value per unit, Class N 11.61 11.46 11.52 - -

Net assets attributable to contractholders 50,495 51,022 52,311 44,036 47,581

Number of units outstanding** 4,206,059 4,348,145 4,526,075 3,868,281 4,446,715

Management expense ratio* - - - 2.25 2.25

Management expense ratio, Class A 2.30 2.30 2.29 - -

Management expense ratio, Class B 3.18 3.18 3.17 - -

Management expense ratio, Class C 2.25 2.25 2.24 - -

Management expense ratio, Class E 2.23 2.24 2.24 - -

Management expense ratio, Class F 2.27 2.27 2.29 - -

Management expense ratio, Class G 2.38 2.38 2.39 - -

Management expense ratio, Class I 0.01 0.01 0.01 - -

Management expense ratio, Class J 0.01 0.01 0.01 - -

Management expense ratio, Class N 2.22 2.20 2.24 - -

Conservative Strategy

Net asset value per unit, Old Class A - - - 11.84 11.16

Net asset value per unit, Class A 12.51 12.29 12.00 - -

Net asset value per unit, Class B 12.32 12.16 11.98 - -

Net asset value per unit, Old Class C - - - 10.31 -

Net asset value per unit, Class C 12.55 12.32 12.00 - -

Net asset value per unit, Class E 12.56 12.32 12.00 - -

Net asset value per unit, Class F 12.53 12.31 12.00 - -

Net asset value per unit, Class G 12.49 12.27 11.99 - -

Net asset value per unit, Class I 13.12 12.71 12.05 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

290

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class J 13.16 12.74 12.08 - -

Net asset value per unit, Class L 11.69 11.32 10.73 - -

Net asset value per unit, Class N 12.56 12.32 12.00 - -

Net assets attributable to contractholders 101,663 105,792 96,876 91,646 100,144

Number of units outstanding** 8,145,243 8,631,954 8,103,384 7,768,994 8,973,197

Management expense ratio, Old Class A - - - 2.72 2.73

Management expense ratio, Class A 2.94 2.94 2.95 - -

Management expense ratio, Class B 3.86 3.86 3.87 - -

Management expense ratio, Old Class C - - - - -

Management expense ratio, Class C 2.74 2.74 2.75 - -

Management expense ratio, Class E 2.73 2.74 2.75 - -

Management expense ratio, Class F 2.86 2.85 2.90 - -

Management expense ratio, Class G 3.07 3.08 3.10 - -

Management expense ratio, Class I 0.04 0.05 0.05 - -

Management expense ratio, Class J 0.04 0.05 0.05 - -

Management expense ratio, Class L 0.04 0.05 0.05 - -

Management expense ratio, Class N 2.74 2.74 2.75 - -

Balanced Strategy

Net asset value per unit, Old Class A - - - 11.84 11.04

Net asset value per unit, Class A 12.80 12.60 12.12 - -

Net asset value per unit, Class B 12.64 12.49 12.11 - -

Net asset value per unit, Old Class C - - - 10.43 -

Net asset value per unit, Class C 12.87 12.65 12.13 - -

Net asset value per unit, Class E 12.87 12.65 12.13 - -

Net asset value per unit, Class F 12.81 12.61 12.13 - -

Net asset value per unit, Class G 12.74 12.56 12.12 - -

Net asset value per unit, Class I 13.47 13.06 12.18 - -

Net asset value per unit, Class J 13.47 13.06 12.18 - -

Net asset value per unit, Class L 12.14 11.77 10.98 - -

Net asset value per unit, Class N 12.87 12.65 12.13 - -

Net assets attributable to contractholders 226,051 242,731 242,982 233,033 261,328

Number of units outstanding** 17,608,140 19,244,413 20,087,002 19,741,007 23,664,979

Management expense ratio, Old Class A - - - 2.78 2.79

Management expense ratio, Class A 3.15 3.15 3.15 - -

Management expense ratio, Class B 3.92 3.92 3.92 - -

Management expense ratio, Old Class C - - - - -

Management expense ratio, Class C 2.80 2.80 2.80 - -

Management expense ratio, Class E 2.79 2.80 2.80 - -

Management expense ratio, Class F 3.09 3.09 3.10 - -

Management expense ratio, Class G 3.44 3.45 3.45 - -

Management expense ratio, Class I 0.04 0.05 0.05 - -

Management expense ratio, Class J 0.04 0.05 0.05 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

291

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class L 0.04 0.05 0.05 - -

Management expense ratio, Class N 2.80 2.80 2.80 - -

Growth Strategy

Net asset value per unit, Old Class A - - - 13.25 12.30

Net asset value per unit, Class A 14.61 14.33 13.60 - -

Net asset value per unit, Class B 14.47 14.22 13.59 - -

Net asset value per unit, Old Class C - - - 10.51 -

Net asset value per unit, Class C 14.73 14.41 13.61 - -

Net asset value per unit, Class E 14.73 14.41 13.61 - -

Net asset value per unit, Class F 14.64 14.34 13.60 - -

Net asset value per unit, Class G 14.52 14.26 13.59 - -

Net asset value per unit, Class I 15.43 14.88 13.67 - -

Net asset value per unit, Class J 15.51 14.95 13.74 - -

Net asset value per unit, Class L 12.54 12.10 11.11 - -

Net asset value per unit, Class N 14.73 14.41 13.61 - -

Net assets attributable to contractholders 57,416 63,106 60,342 61,833 69,600

Number of units outstanding** 4,001,262 4,452,424 4,473,973 4,701,377 5,659,049

Management expense ratio, Old Class A - - - 2.84 2.85

Management expense ratio, Class A 3.35 3.36 3.36 - -

Management expense ratio, Class B 3.97 3.98 3.98 - -

Management expense ratio, Old Class C - - - - -

Management expense ratio, Class C 2.85 2.86 2.86 - -

Management expense ratio, Class E 2.85 2.86 2.86 - -

Management expense ratio, Class F 3.25 3.26 3.26 - -

Management expense ratio, Class G 3.75 3.76 3.76 - -

Management expense ratio, Class I 0.04 0.05 0.04 - -

Management expense ratio, Class J 0.04 0.05 0.04 - -

Management expense ratio, Class L 0.04 0.05 0.04 - -

Management expense ratio, Class N 2.85 2.86 2.86 - -

Aggressive Strategy

Net asset value per unit, Old Class A - - - 12.15 11.17

Net asset value per unit, Class A 13.67 13.40 12.80 - -

Net asset value per unit, Class B 13.50 13.28 12.79 - -

Net asset value per unit, Old Class C - - - 10.65 -

Net asset value per unit, Class C 13.78 13.48 12.81 - -

Net asset value per unit, Class E 13.79 13.48 12.81 - -

Net asset value per unit, Class F 13.67 13.40 12.80 - -

Net asset value per unit, Class G 13.55 13.32 12.79 - -

Net asset value per unit, Class I 14.47 13.94 12.87 - -

Net asset value per unit, Class J 14.55 14.01 12.94 - -

Net asset value per unit, Class L 13.00 12.52 11.56 - -

Net asset value per unit, Class N 13.79 13.48 12.81 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

292

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net assets attributable to contractholders 30,996 30,178 29,310 27,948 21,352

Number of units outstanding** 2,278,347 2,270,673 2,321,861 2,337,335 1,911,530

Management expense ratio, Old Class A - - - 2.96 2.97

Management expense ratio, Class A 3.47 3.47 3.47 - -

Management expense ratio, Class B 4.22 4.23 4.22 - -

Management expense ratio, Old Class C - - - - -

Management expense ratio, Class C 2.96 2.97 2.97 - -

Management expense ratio, Class E 2.96 2.96 2.97 - -

Management expense ratio, Class F 3.42 3.47 3.47 - -

Management expense ratio, Class G 4.00 4.00 4.02 - -

Management expense ratio, Class I 0.04 0.05 0.04 - -

Management expense ratio, Class J 0.04 0.05 0.04 - -

Management expense ratio, Class L 0.04 0.05 0.04 - -

Management expense ratio, Class N 2.97 2.97 2.97 - -

Celestia Conservative

Net asset value per unit* - - - 11.68 10.98

Net asset value per unit, Class A 12.42 12.19 11.91 - -

Net asset value per unit, Class B 12.24 12.06 11.89 - -

Net asset value per unit, Class C 12.47 12.22 11.91 - -

Net asset value per unit, Class E 12.47 12.22 11.91 - -

Net asset value per unit, Class F 12.43 12.19 11.91 - -

Net asset value per unit, Class G 12.38 12.16 11.91 - -

Net asset value per unit, Class I 13.05 12.62 11.96 - -

Net asset value per unit, Class J 13.11 12.67 12.01 - -

Net asset value per unit, Class N 12.47 12.22 11.91 - -

Net assets attributable to contractholders 93,972 94,525 85,411 63,663 48,869

Number of units outstanding** 7,538,481 7,738,660 7,169,670 5,452,082 4,452,348

Management expense ratio* - - - 2.84 2.85

Management expense ratio, Class A 3.10 3.11 3.10 - -

Management expense ratio, Class B 3.98 3.99 3.97 - -

Management expense ratio, Class C 2.85 2.86 2.85 - -

Management expense ratio, Class E 2.85 2.86 2.85 - -

Management expense ratio, Class F 3.04 3.05 3.05 - -

Management expense ratio, Class G 3.29 3.30 3.30 - -

Management expense ratio, Class I 0.04 0.07 0.08 - -

Management expense ratio, Class J 0.04 0.07 0.08 - -

Management expense ratio, Class N 2.86 2.87 2.85 - -

Celestia Balanced

Net asset value per unit* - - - 11.83 11.02

Net asset value per unit, Class A 12.81 12.54 12.13 - -

Net asset value per unit, Class B 12.67 12.44 12.12 - -

Net asset value per unit, Class C 12.90 12.60 12.14 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

293

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class E 12.91 12.60 12.14 - -

Net asset value per unit, Class F 12.84 12.56 12.13 - -

Net asset value per unit, Class G 12.75 12.50 12.12 - -

Net asset value per unit, Class I 13.53 13.02 12.19 - -

Net asset value per unit, Class J 13.60 13.10 12.26 - -

Net asset value per unit, Class N 12.90 12.60 12.14 - -

Net assets attributable to contractholders 145,508 156,259 143,134 114,726 91,959

Number of units outstanding** 11,313,633 12,429,505 11,797,685 9,701,236 8,343,236

Management expense ratio* - - - 2.95 2.96

Management expense ratio, Class A 3.43 3.43 3.42 - -

Management expense ratio, Class B 4.10 4.10 4.09 - -

Management expense ratio, Class C 2.98 2.98 2.97 - -

Management expense ratio, Class E 2.97 2.97 2.97 - -

Management expense ratio, Class F 3.30 3.30 3.32 - -

Management expense ratio, Class G 3.70 3.70 3.72 - -

Management expense ratio, Class I 0.10 0.11 0.09 - -

Management expense ratio, Class J 0.10 0.11 0.09 - -

Management expense ratio, Class N 2.98 2.99 2.97 - -

Celestia Growth

Net asset value per unit* - - - 12.23 11.35

Net asset value per unit, Class A 13.42 13.12 12.63 - -

Net asset value per unit, Class B 13.28 13.03 12.62 - -

Net asset value per unit, Class C 13.53 13.20 12.64 - -

Net asset value per unit, Class E 13.54 13.20 12.64 - -

Net asset value per unit, Class F 13.44 13.13 12.63 - -

Net asset value per unit, Class G 13.33 13.06 12.62 - -

Net asset value per unit, Class I 14.20 13.65 12.70 - -

Net asset value per unit, Class J 14.29 13.74 12.78 - -

Net asset value per unit, Class N 13.53 13.20 12.64 - -

Net assets attributable to contractholders 56,310 62,642 57,740 48,364 41,625

Number of units outstanding** 4,174,759 4,754,210 4,568,217 3,954,476 3,667,113

Management expense ratio* - - - 3.01 3.01

Management expense ratio, Class A 3.54 3.55 3.52 - -

Management expense ratio, Class B 4.16 4.17 4.14 - -

Management expense ratio, Class C 3.04 3.05 3.02 - -

Management expense ratio, Class E 3.02 3.02 3.02 - -

Management expense ratio, Class F 3.46 3.46 3.47 - -

Management expense ratio, Class G 3.94 3.94 3.97 - -

Management expense ratio, Class I 0.12 0.13 0.11 - -

Management expense ratio, Class J 0.12 0.13 0.11 - -

Management expense ratio, Class N 3.04 3.05 3.02 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

294

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Celestia Aggressive

Net asset value per unit* - - - 12.13 11.21

Net asset value per unit, Class A 13.50 13.18 12.59 - -

Net asset value per unit, Class B 13.33 13.06 12.58 - -

Net asset value per unit, Class C 13.61 13.25 12.60 - -

Net asset value per unit, Class D 13.33 13.06 12.58 - -

Net asset value per unit, Class E 13.62 13.26 12.60 - -

Net asset value per unit, Class F 13.48 13.17 12.59 - -

Net asset value per unit, Class G 13.32 13.06 12.58 - -

Net asset value per unit, Class H 13.16 12.95 12.57 - -

Net asset value per unit, Class I 14.28 13.71 12.66 - -

Net asset value per unit, Class J 14.40 13.82 12.76 - -

Net asset value per unit, Class N 13.61 13.25 12.60 - -

Net assets attributable to contractholders 37,728 38,004 40,400 39,544 32,283

Number of units outstanding** 2,789,263 2,879,776 3,207,393 3,261,110 2,878,631

Management expense ratio* - - - 3.06 3.07

Management expense ratio, Class A 3.58 3.59 3.57 - -

Management expense ratio, Class B 4.35 4.36 4.32 - -

Management expense ratio, Class C 3.10 3.10 3.07 - -

Management expense ratio, Class D 4.35 4.35 4.32 - -

Management expense ratio, Class E 3.06 3.05 3.07 - -

Management expense ratio, Class F 3.66 3.65 3.67 - -

Management expense ratio, Class G 4.38 4.38 4.37 - -

Management expense ratio, Class H 5.10 5.10 5.07 - -

Management expense ratio, Class I 0.13 0.14 0.13 - -

Management expense ratio, Class J 0.13 0.14 0.13 - -

Management expense ratio, Class N 3.10 3.10 3.07 - -

BlackRock Conservative Fundamental Portfolio

Net asset value per unit* - - - 12.05 11.38

Net asset value per unit, Class A 12.75 12.56 12.06 - -

Net asset value per unit, Class B 12.57 12.43 12.04 - -

Net asset value per unit, Class C 12.81 12.60 12.06 - -

Net asset value per unit, Class E 12.80 12.59 12.06 - -

Net asset value per unit, Class F 12.76 12.57 12.06 - -

Net asset value per unit, Class G 12.71 12.53 12.05 - -

Net asset value per unit, Class I 13.38 13.01 12.15 - -

Net asset value per unit, Class J 13.38 13.00 12.15 - -

Net asset value per unit, Class N 12.80 12.59 12.06 - -

Net assets attributable to contractholders 17,457 17,799 17,182 18,133 17,157

Number of units outstanding** 1,366,800 1,415,704 1,424,755 1,504,240 1,507,718

Management expense ratio* - - - 2.68 2.68

Management expense ratio, Class A 2.96 2.96 2.96 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

295

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class B 3.82 3.82 3.83 - -

Management expense ratio, Class C 2.66 2.67 2.71 - -

Management expense ratio, Class E 2.70 2.71 2.71 - -

Management expense ratio, Class F 2.90 2.89 2.91 - -

Management expense ratio, Class G 3.16 3.16 3.16 - -

Management expense ratio, Class I 0.23 0.24 0.26 - -

Management expense ratio, Class J 0.23 0.24 0.26 - -

Management expense ratio, Class N 2.72 2.72 2.71 - -

BlackRock Balanced Fundamental Portfolio

Net asset value per unit* - - - 12.45 11.76

Net asset value per unit, Class A 13.59 13.35 12.37 - -

Net asset value per unit, Class B 13.44 13.25 12.36 - -

Net asset value per unit, Class C 13.69 13.42 12.38 - -

Net asset value per unit, Class E 13.70 13.42 12.38 - -

Net asset value per unit, Class F 13.64 13.38 12.37 - -

Net asset value per unit, Class G 13.53 13.31 12.37 - -

Net asset value per unit, Class I 14.24 13.79 12.42 - -

Net asset value per unit, Class J 14.32 13.87 12.50 - -

Net asset value per unit, Class N 13.69 13.42 12.38 - -

Net assets attributable to contractholders 41,090 44,792 45,915 48,306 47,158

Number of units outstanding** 3,013,304 3,345,438 3,709,853 3,880,436 4,009,317

Management expense ratio* - - - 2.76 2.75

Management expense ratio, Class A 3.22 3.23 3.26 - -

Management expense ratio, Class B 3.89 3.89 3.93 - -

Management expense ratio, Class C 2.77 2.77 2.81 - -

Management expense ratio, Class E 2.75 2.76 2.81 - -

Management expense ratio, Class F 3.00 3.01 3.16 - -

Management expense ratio, Class G 3.49 3.50 3.56 - -

Management expense ratio, Class I 0.39 0.40 0.44 - -

Management expense ratio, Class J 0.39 0.40 0.44 - -

Management expense ratio, Class N 2.78 2.79 2.80 - -

BlackRock Growth Fundamental Portfolio

Net asset value per unit* - - - 12.61 11.91

Net asset value per unit, Class A 13.93 13.70 12.53 - -

Net asset value per unit, Class B 13.79 13.60 12.52 - -

Net asset value per unit, Class C 14.05 13.77 12.54 - -

Net asset value per unit, Class E 14.06 13.78 12.54 - -

Net asset value per unit, Class F 13.97 13.72 12.53 - -

Net asset value per unit, Class G 13.84 13.63 12.52 - -

Net asset value per unit, Class I 14.58 14.15 12.58 - -

Net asset value per unit, Class J 14.70 14.25 12.67 - -

Net asset value per unit, Class N 14.04 13.77 12.54 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

296

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net assets attributable to contractholders 20,476 23,383 22,924 25,298 26,063

Number of units outstanding** 1,462,423 1,700,862 1,828,772 2,006,918 2,188,869

Management expense ratio* - - - 2.80 2.79

Management expense ratio, Class A 3.30 3.31 3.34 - -

Management expense ratio, Class B 3.94 3.95 3.96 - -

Management expense ratio, Class C 2.81 2.82 2.84 - -

Management expense ratio, Class E 2.75 2.75 2.84 - -

Management expense ratio, Class F 3.11 3.12 3.29 - -

Management expense ratio, Class G 3.69 3.70 3.79 - -

Management expense ratio, Class I 0.46 0.47 0.51 - -

Management expense ratio, Class J 0.46 0.47 0.51 - -

Management expense ratio, Class N 2.83 2.84 2.84 - -

BlackRock Aggressive Fundamental Portfolio

Net asset value per unit* - - - 12.83 12.11

Net asset value per unit, Class A 14.39 14.10 12.76 - -

Net asset value per unit, Class B 14.21 13.98 12.75 - -

Net asset value per unit, Class C 14.52 14.18 12.77 - -

Net asset value per unit, Class E 14.51 14.18 12.77 - -

Net asset value per unit, Class F 14.37 14.08 12.76 - -

Net asset value per unit, Class G 14.20 13.97 12.75 - -

Net asset value per unit, Class I 15.20 14.68 12.92 - -

Net asset value per unit, Class J 15.20 14.68 12.92 - -

Net asset value per unit, Class N 14.51 14.18 12.77 - -

Net assets attributable to contractholders 14,496 17,049 16,382 18,323 19,816

Number of units outstanding** 1,004,124 1,206,363 1,283,405 1,427,909 1,635,660

Management expense ratio* - - - 2.86 2.84

Management expense ratio, Class A 3.37 3.38 3.42 - -

Management expense ratio, Class B 4.14 4.15 4.17 - -

Management expense ratio, Class C 2.85 2.85 2.92 - -

Management expense ratio, Class E 2.85 2.88 2.92 - -

Management expense ratio, Class F 3.48 3.48 3.52 - -

Management expense ratio, Class G 4.19 4.19 4.22 - -

Management expense ratio, Class I 0.53 0.53 0.58 - -

Management expense ratio, Class J 0.53 0.53 0.58 - -

Management expense ratio, Class N 2.90 2.87 2.92 - -

Dynamic Power Balanced

Net asset value per unit* - - - 11.85 11.14

Net asset value per unit, Class A 11.69 11.81 12.00 - -

Net asset value per unit, Class B 11.50 11.68 11.98 - -

Net asset value per unit, Class C 11.78 11.88 12.01 - -

Net asset value per unit, Class E 11.79 11.88 12.01 - -

Net asset value per unit, Class F 11.67 11.80 11.99 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

297

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class G 11.51 11.68 11.98 - -

Net asset value per unit, Class I 12.44 12.33 12.07 - -

Net asset value per unit, Class J 12.54 12.43 12.17 - -

Net asset value per unit, Class N 11.78 11.88 12.01 - -

Net assets attributable to contractholders 7,524 11,560 14,864 11,783 9,990

Number of units outstanding** 642,433 976,620 1,238,687 994,761 896,849

Management expense ratio* - - - 3.33 3.32

Management expense ratio, Class A 3.82 3.83 3.95 - -

Management expense ratio, Class B 4.80 4.78 4.93 - -

Management expense ratio, Class C 3.32 3.33 3.45 - -

Management expense ratio, Class E 3.27 3.28 3.45 - -

Management expense ratio, Class F 3.89 3.89 4.20 - -

Management expense ratio, Class G 4.76 4.77 4.90 - -

Management expense ratio, Class I 0.05 0.06 0.19 - -

Management expense ratio, Class J 0.05 0.06 0.19 - -

Management expense ratio, Class N 3.32 3.33 3.45 - -

Guardian Conservative Monthly Income

Net asset value per unit, Class A 9.78 9.76 9.73 - -

Net asset value per unit, Class B 9.59 9.63 9.72 - -

Net asset value per unit, Class C 9.83 9.79 9.73 - -

Net asset value per unit, Class E 9.83 9.80 9.73 - -

Net asset value per unit, Class F 9.79 9.77 9.73 - -

Net asset value per unit, Class G 9.74 9.73 9.73 - -

Net asset value per unit, Class I 10.31 10.13 9.78 - -

Net asset value per unit, Class J 11.00 10.61 9.89 - -

Net asset value per unit, Class L 11.19 10.80 10.06 - -

Net asset value per unit, Class N 9.83 9.80 9.73 - -

Net assets attributable to contractholders 16,850 12,906 3,732 - -

Number of units outstanding** 1,710,116 1,316,244 383,519 - -

Management expense ratio, Class A 3.25 3.30 3.25 - -

Management expense ratio, Class B 4.45 4.45 4.39 - -

Management expense ratio, Class C 2.95 2.95 2.93 - -

Management expense ratio, Class E 2.94 2.93 2.91 - -

Management expense ratio, Class F 3.22 3.24 3.20 - -

Management expense ratio, Class G 3.49 3.54 3.51 - -

Management expense ratio, Class I 0.19 0.19 0.15 - -

Management expense ratio, Class J 0.19 0.19 0.15 - -

Management expense ratio, Class L 0.19 0.19 0.15 - -

Management expense ratio, Class N 2.94 2.95 2.91 - -

Guardian Monthly Income

Net asset value per unit, Class A 9.91 9.86 9.68 - -

Net asset value per unit, Class B 9.73 9.74 9.67 - -

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298

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class C 9.99 9.92 9.69 - -

Net asset value per unit, Class E 10.00 9.92 9.69 - -

Net asset value per unit, Class F 9.93 9.88 9.69 - -

Net asset value per unit, Class G 9.85 9.82 9.68 - -

Net asset value per unit, Class I 10.49 10.25 9.73 - -

Net asset value per unit, Class J 11.20 10.77 9.85 - -

Net asset value per unit, Class L 11.42 10.98 10.05 - -

Net asset value per unit, Class N 10.08 10.01 9.77 - -

Net assets attributable to contractholders 27,845 16,794 4,645 - -

Number of units outstanding** 2,786,000 1,692,160 479,334 - -

Management expense ratio, Class A 3.54 3.55 3.49 - -

Management expense ratio, Class B 4.60 4.65 4.59 - -

Management expense ratio, Class C 3.05 3.05 3.01 - -

Management expense ratio, Class E 3.01 2.99 2.99 - -

Management expense ratio, Class F 3.40 3.42 3.39 - -

Management expense ratio, Class G 3.91 3.95 3.88 - -

Management expense ratio, Class I 0.23 0.23 0.17 - -

Management expense ratio, Class J 0.23 0.23 0.17 - -

Management expense ratio, Class L 0.23 0.23 0.17 - -

Management expense ratio, Class N 3.05 3.00 2.81 - -

CI Cambridge Canadian Asset Allocation

Net asset value per unit, Old Class A - - - 7.74 -

Net asset value per unit, Class A 7.70 7.81 7.70 - -

Net asset value per unit, Class B 7.62 7.76 7.70 - -

Net asset value per unit, Old Class C - - - 10.57 -

Net asset value per unit, Class C 7.76 7.86 7.71 - -

Net asset value per unit, Class E 7.77 7.86 7.71 - -

Net asset value per unit, Class F 7.69 7.80 7.70 - -

Net asset value per unit, Class G 7.59 7.73 7.69 - -

Net asset value per unit, Class I 8.14 8.12 7.74 - -

Net asset value per unit, Class J 8.71 8.53 7.82 - -

Net asset value per unit, Class L 12.51 12.25 11.24 - -

Net asset value per unit, Class N 7.76 7.86 7.71 - -

Net assets attributable to contractholders 142,298 149,725 131,357 115,210 -

Number of units outstanding** 18,042,013 18,861,845 17,023,157 14,891,143 -

Management expense ratio, Old Class A - - - 2.91 -

Management expense ratio, Class A 3.48 3.48 3.44 - -

Management expense ratio, Class B 4.10 4.10 4.06 - -

Management expense ratio, Old Class C - - - - -

Management expense ratio, Class C 2.98 2.98 2.94 - -

Management expense ratio, Class E 2.93 2.92 2.94 - -

Management expense ratio, Class F 3.56 3.55 3.64 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

299

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class G 4.32 4.32 4.34 - -

Management expense ratio, Class I 0.17 0.17 0.14 - -

Management expense ratio, Class J 0.17 0.17 0.14 - -

Management expense ratio, Class L 0.17 0.17 0.14 - -

Management expense ratio, Class N 2.99 2.99 2.94 - -

CI Signature Global Income and Growth

Net asset value per unit, Old Class A - - - 6.33 -

Net asset value per unit, Class A 6.35 6.35 6.63 - -

Net asset value per unit, Class B 6.27 6.29 6.62 - -

Net asset value per unit, Old Class C - - - 10.84 -

Net asset value per unit, Class C 6.41 6.38 6.63 - -

Net asset value per unit, Class E 6.41 6.39 6.63 - -

Net asset value per unit, Class F 6.34 6.34 6.63 - -

Net asset value per unit, Class G 6.26 6.28 6.62 - -

Net asset value per unit, Class I 6.77 6.63 6.67 - -

Net asset value per unit, Class J 7.35 7.04 6.75 - -

Net asset value per unit, Class L 13.35 12.79 12.27 - -

Net asset value per unit, Class N 6.41 6.38 6.63 - -

Net assets attributable to contractholders 116,042 111,880 92,071 52,088 -

Number of units outstanding** 17,322,028 16,865,121 13,689,234 8,230,000 -

Management expense ratio, Old Class A - - - 3.22 -

Management expense ratio, Class A 3.70 3.70 3.69 - -

Management expense ratio, Class B 4.43 4.42 4.41 - -

Management expense ratio, Old Class C - - - - -

Management expense ratio, Class C 3.21 3.21 3.19 - -

Management expense ratio, Class E 3.16 3.14 3.19 - -

Management expense ratio, Class F 3.84 3.82 3.94 - -

Management expense ratio, Class G 4.60 4.58 4.64 - -

Management expense ratio, Class I - - - - -

Management expense ratio, Class J - - - - -

Management expense ratio, Class L - - - - -

Management expense ratio, Class N 3.22 3.22 3.79 - -

Guardian Canadian Dividend Equity

Net asset value per unit* - - - 12.95 12.58

Net asset value per unit, Class A 13.55 13.68 11.58 - -

Net asset value per unit, Class B 13.35 13.54 11.57 - -

Net asset value per unit, Class E 13.67 13.77 11.59 - -

Net asset value per unit, Class F 13.49 13.64 11.58 - -

Net asset value per unit, Class G 13.33 13.53 11.56 - -

Net asset value per unit, Class I 14.27 14.19 11.64 - -

Net asset value per unit, Class J 14.27 14.19 11.64 - -

Net asset value per unit, Class L 11.87 11.80 9.68 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

300

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class N 13.66 13.76 11.59 - -

Net assets attributable to contractholders 84,449 75,397 48,990 56,146 42,228

Number of units outstanding** 6,272,854 5,535,480 4,230,510 4,334,641 3,356,207

Management expense ratio* - - - 2.74 2.74

Management expense ratio, Class A 3.36 3.39 3.27 - -

Management expense ratio, Class B 4.26 4.29 4.27 - -

Management expense ratio, Class E 2.85 2.86 2.87 - -

Management expense ratio, Class F 3.62 3.64 3.67 - -

Management expense ratio, Class G 4.28 4.37 4.42 - -

Management expense ratio, Class I 0.22 0.25 0.23 - -

Management expense ratio, Class J 0.22 0.25 0.23 - -

Management expense ratio, Class L 0.22 0.25 0.23 - -

Management expense ratio, Class N 2.86 2.89 2.87 - -

Jarislowsky Fraser Ltd. Canadian Value Equity

Net asset value per unit* - - - 22.34 20.36

Net asset value per unit, Class A 23.92 24.33 21.17 - -

Net asset value per unit, Class B 23.50 24.03 21.13 - -

Net asset value per unit, Class D 23.50 24.03 21.13 - -

Net asset value per unit, Class E 24.13 24.48 21.18 - -

Net asset value per unit, Class F 23.82 24.26 21.16 - -

Net asset value per unit, Class G 23.52 24.05 21.13 - -

Net asset value per unit, Class H 23.15 23.78 21.10 - -

Net asset value per unit, Class I 25.26 25.28 21.27 - -

Net asset value per unit, Class J 25.26 25.28 21.27 - -

Net asset value per unit, Class N 24.12 24.47 21.18 - -

Net assets attributable to contractholders 177,346 178,400 166,795 169,829 181,097

Number of units outstanding** 7,233,369 7,203,458 7,861,366 7,602,700 8,893,313

Management expense ratio* - - - 2.82 2.82

Management expense ratio, Class A 3.31 3.32 3.32 - -

Management expense ratio, Class B 4.40 4.40 4.40 - -

Management expense ratio, Class D 4.40 4.40 4.40 - -

Management expense ratio, Class E 2.80 2.80 2.82 - -

Management expense ratio, Class F 3.59 3.58 3.62 - -

Management expense ratio, Class G 4.34 4.34 4.37 - -

Management expense ratio, Class H 5.32 5.32 5.32 - -

Management expense ratio, Class I - 0.01 - - -

Management expense ratio, Class J - 0.01 - - -

Management expense ratio, Class N 2.81 2.81 2.82 - -

Triasima Canadian Equity

Net asset value per unit* - - - 14.87 13.79

Net asset value per unit, Class A 15.53 15.58 14.82 - -

Net asset value per unit, Class B 15.28 15.41 14.80 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

301

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class D 15.26 15.39 14.79 - -

Net asset value per unit, Class E 15.66 15.67 14.83 - -

Net asset value per unit, Class F 15.48 15.54 14.81 - -

Net asset value per unit, Class G 15.27 15.40 14.79 - -

Net asset value per unit, Class H 15.03 15.23 14.77 - -

Net asset value per unit, Class I 16.40 16.19 14.89 - -

Net asset value per unit, Class J 16.40 16.19 14.89 - -

Net asset value per unit, Class K 16.40 16.19 14.89 - -

Net asset value per unit, Class N 15.66 15.67 14.83 - -

Net assets attributable to contractholders 264,539 269,486 224,734 198,502 194,800

Number of units outstanding** 16,269,919 16,755,732 15,105,758 13,349,054 14,130,140

Management expense ratio* - - - 2.81 2.81

Management expense ratio, Class A 3.31 3.31 3.31 - -

Management expense ratio, Class B 4.29 4.29 4.29 - -

Management expense ratio, Class D 4.39 4.38 4.39 - -

Management expense ratio, Class E 2.81 2.81 2.81 - -

Management expense ratio, Class F 3.53 3.51 3.61 - -

Management expense ratio, Class G 4.32 4.32 4.41 - -

Management expense ratio, Class H 5.31 5.30 5.31 - -

Management expense ratio, Class I - - - - -

Management expense ratio, Class J - - - - -

Management expense ratio, Class K - - - - -

Management expense ratio, Class N 2.81 2.81 2.81 - -

Montrusco Bolton Canadian Equity

Net asset value per unit* - - - 10.59 10.49

Net asset value per unit, Class A 10.82 11.11 9.47 - -

Net asset value per unit, Class B 10.55 10.92 9.44 - -

Net asset value per unit, Class E 10.91 11.18 9.47 - -

Net asset value per unit, Class F 10.77 11.08 9.46 - -

Net asset value per unit, Class G 10.63 10.97 9.45 - -

Net asset value per unit, Class I 11.47 11.57 9.52 - -

Net asset value per unit, Class J 11.47 11.57 9.52 - -

Net asset value per unit, Class K 11.47 11.57 9.52 - -

Net asset value per unit, Class N 10.91 11.18 9.47 - -

Net assets attributable to contractholders 62,064 60,220 77,179 29,384 23,893

Number of units outstanding** 5,424,670 5,210,493 8,110,306 2,775,460 2,278,674

Management expense ratio* - - - 3.13 3.14

Management expense ratio, Class A 3.61 3.57 3.58 - -

Management expense ratio, Class B 5.14 5.09 5.11 - -

Management expense ratio, Class E 3.11 3.05 3.08 - -

Management expense ratio, Class F 3.89 3.84 3.88 - -

Management expense ratio, Class G 4.71 4.66 4.68 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

302

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class I 0.07 0.02 0.03 - -

Management expense ratio, Class J 0.07 0.02 0.03 - -

Management expense ratio, Class K 0.07 0.02 0.03 - -

Management expense ratio, Class N 3.11 3.06 3.08 - -

BlackRock Canadian Index

Net asset value per unit* - - - 12.87 11.96

Net asset value per unit, Class A 13.31 13.43 11.47 - -

Net asset value per unit, Class B 13.07 13.26 11.45 - -

Net asset value per unit, Class D 13.15 13.32 11.46 - -

Net asset value per unit, Class E 13.43 13.51 11.48 - -

Net asset value per unit, Class F 13.25 13.39 11.47 - -

Net asset value per unit, Class G 13.08 13.27 11.45 - -

Net asset value per unit, Class H 12.88 13.13 11.44 - -

Net asset value per unit, Class I 14.05 13.95 11.53 - -

Net asset value per unit, Class J 14.12 14.02 11.59 - -

Net asset value per unit, Class N 13.42 13.51 11.48 - -

Net assets attributable to contractholders 20,867 15,819 10,121 14,213 17,308

Number of units outstanding** 1,548,711 1,180,129 883,072 1,104,498 1,446,931

Management expense ratio* - - - 2.76 2.77

Management expense ratio, Class A 3.27 3.27 3.26 - -

Management expense ratio, Class B 4.38 4.38 4.38 - -

Management expense ratio, Class D 4.04 4.04 4.03 - -

Management expense ratio, Class E 2.75 2.74 2.76 - -

Management expense ratio, Class F 3.54 3.54 3.56 - -

Management expense ratio, Class G 4.35 4.35 4.36 - -

Management expense ratio, Class H 5.27 5.27 5.26 - -

Management expense ratio, Class I 0.01 0.01 0.01 - -

Management expense ratio, Class J 0.01 0.01 0.01 - -

Management expense ratio, Class N 2.77 2.77 2.76 - -

Fiera Capital Canadian Small Cap Equity

Net asset value per unit* - - - 17.17 15.87

Net asset value per unit, Class A 17.30 18.70 16.94 - -

Net asset value per unit, Class B 16.90 18.40 16.90 - -

Net asset value per unit, Class E 17.46 18.82 16.95 - -

Net asset value per unit, Class F 17.21 18.63 16.93 - -

Net asset value per unit, Class G 16.99 18.47 16.91 - -

Net asset value per unit, Class I 18.34 19.48 17.03 - -

Net asset value per unit, Class J 18.34 19.48 17.03 - -

Net asset value per unit, Class N 17.45 18.81 16.95 - -

Net assets attributable to contractholders 36,572 39,162 35,818 35,301 40,651

Number of units outstanding** 2,065,561 2,060,995 2,110,493 2,055,532 2,562,250

Management expense ratio* - - - 3.09 3.08

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

303

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class A 3.60 3.60 3.59 - -

Management expense ratio, Class B 5.05 5.05 5.04 - -

Management expense ratio, Class E 3.07 3.06 3.09 - -

Management expense ratio, Class F 3.93 3.92 3.99 - -

Management expense ratio, Class G 4.76 4.70 4.79 - -

Management expense ratio, Class I 0.06 0.06 0.06 - -

Management expense ratio, Class J 0.06 0.06 0.06 - -

Management expense ratio, Class N 3.10 3.10 3.09 - -

Hillsdale U.S. Equity

Net asset value per unit, Class A 23.82 22.65 21.05 - -

Net asset value per unit, Class B 23.39 22.37 21.02 - -

Net asset value per unit, Class E 24.02 22.78 21.07 - -

Net asset value per unit, Class F 23.71 22.58 21.05 - -

Net asset value per unit, Class G 23.43 22.39 21.02 - -

Net asset value per unit, Class I 25.27 23.60 21.16 - -

Net asset value per unit, Class J 24.96 23.31 20.90 - -

Net asset value per unit, Class K 28.62 26.73 23.97 - -

Net asset value per unit, Class N 23.72 22.49 20.80 - -

Net assets attributable to contractholders 60,013 58,307 67,273 - -

Number of units outstanding** 2,246,533 2,318,308 2,972,929 - -

Management expense ratio, Class A 3.66 3.69 3.64 - -

Management expense ratio, Class B 4.78 4.81 4.79 - -

Management expense ratio, Class E 3.16 3.19 3.16 - -

Management expense ratio, Class F 3.93 3.99 3.97 - -

Management expense ratio, Class G 4.71 4.70 4.72 - -

Management expense ratio, Class I 0.06 0.08 0.06 - -

Management expense ratio, Class J 0.06 0.08 0.06 - -

Management expense ratio, Class K 0.06 0.08 0.06 - -

Management expense ratio, Class N 3.16 3.19 3.17 - -

Beutel Goodman U.S. Equity

Net asset value per unit, Class A 12.21 11.51 10.34 - -

Net asset value per unit, Class B 11.99 11.36 10.32 - -

Net asset value per unit, Class E 12.31 11.58 10.34 - -

Net asset value per unit, Class F 12.15 11.47 10.33 - -

Net asset value per unit, Class G 12.00 11.37 10.32 - -

Net asset value per unit, Class I 12.93 11.98 10.39 - -

Net asset value per unit, Class J 12.93 11.98 10.39 - -

Net asset value per unit, Class N 12.31 11.58 10.34 - -

Net assets attributable to contractholders 41,788 24,194 620 - -

Number of units outstanding** 3,421,470 2,104,298 59,988 - -

Management expense ratio, Class A 3.60 3.60 3.60 - -

Management expense ratio, Class B 4.72 4.72 4.72 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

304

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class E 3.09 3.09 3.09 - -

Management expense ratio, Class F 3.87 3.90 3.90 - -

Management expense ratio, Class G 4.64 4.65 4.65 - -

Management expense ratio, Class I 0.11 0.11 0.11 - -

Management expense ratio, Class J 0.11 0.11 0.11 - -

Management expense ratio, Class N 3.09 3.10 3.09 - -

Fiera Capital U.S. Equity

Net asset value per unit, Class A 11.39 10.57 10.27 - -

Net asset value per unit, Class B 11.19 10.44 10.25 - -

Net asset value per unit, Class D 11.23 10.47 10.26 - -

Net asset value per unit, Class E 11.49 10.63 10.28 - -

Net asset value per unit, Class F 11.34 10.54 10.27 - -

Net asset value per unit, Class G 11.20 10.45 10.26 - -

Net asset value per unit, Class H 11.02 10.33 10.24 - -

Net asset value per unit, Class I 12.05 10.99 10.32 - -

Net asset value per unit, Class J 12.05 10.99 10.32 - -

Net asset value per unit, Class N 11.48 10.63 10.28 - -

Net assets attributable to contractholders 41,513 45,540 1,117 - -

Number of units outstanding** 3,659,977 4,314,777 108,778 - -

Management expense ratio, Class A 3.49 3.53 3.59 - -

Management expense ratio, Class B 4.58 4.61 4.70 - -

Management expense ratio, Class D 4.32 4.35 4.47 - -

Management expense ratio, Class E 2.99 3.03 3.08 - -

Management expense ratio, Class F 3.75 3.79 3.88 - -

Management expense ratio, Class G 4.53 4.54 4.60 - -

Management expense ratio, Class H 5.50 5.53 5.58 - -

Management expense ratio, Class I 0.07 0.10 0.09 - -

Management expense ratio, Class J 0.07 0.10 0.09 - -

Management expense ratio, Class N 2.99 3.03 3.08 - -

Fiera Capital Hedge U.S. Equity

Net asset value per unit, Class A 11.08 10.02 - - -

Net asset value per unit, Class B 11.00 10.01 - - -

Net asset value per unit, Class E 11.11 10.02 - - -

Net asset value per unit, Class F 11.06 10.02 - - -

Net asset value per unit, Class G 11.01 10.01 - - -

Net asset value per unit, Class I 11.32 10.06 - - -

Net asset value per unit, Class J 11.32 10.06 - - -

Net asset value per unit, Class N 11.11 10.02 - - -

Net assets attributable to contractholders 3,657 712 - - -

Number of units outstanding** 328,658 71,043 - - -

Management expense ratio, Class A 3.58 3.62 - - -

Management expense ratio, Class B 4.70 4.73 - - -

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305

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class E 3.08 3.12 - - -

Management expense ratio, Class F 3.88 3.92 - - -

Management expense ratio, Class G 4.63 4.67 - - -

Management expense ratio, Class I 0.10 0.13 - - -

Management expense ratio, Class J 0.10 0.13 - - -

Management expense ratio, Class N 3.08 3.11 - - -

BlackRock U.S. Index

Net asset value per unit* - - - 10.49 8.74

Net asset value per unit, Class A 13.37 12.86 12.34 - -

Net asset value per unit, Class B 13.12 12.69 12.32 - -

Net asset value per unit, Class D 13.19 12.73 12.33 - -

Net asset value per unit, Class E 13.48 12.93 12.35 - -

Net asset value per unit, Class F 13.32 12.82 12.34 - -

Net asset value per unit, Class G 13.15 12.71 12.32 - -

Net asset value per unit, Class H 12.93 12.56 12.31 - -

Net asset value per unit, Class I 14.13 13.36 12.41 - -

Net asset value per unit, Class J 14.29 13.52 12.55 - -

Net asset value per unit, Class N 13.48 12.93 12.35 - -

Net assets attributable to contractholders 42,319 42,035 38,160 27,890 25,299

Number of units outstanding** 3,158,290 3,265,362 3,090,808 2,659,703 2,894,472

Management expense ratio* - - - 2.87 2.88

Management expense ratio, Class A 3.38 3.38 3.36 - -

Management expense ratio, Class B 4.50 4.50 4.48 - -

Management expense ratio, Class D 4.20 4.20 4.18 - -

Management expense ratio, Class E 2.84 2.85 2.86 - -

Management expense ratio, Class F 3.54 3.63 3.66 - -

Management expense ratio, Class G 4.37 4.38 4.41 - -

Management expense ratio, Class H 5.38 5.38 5.36 - -

Management expense ratio, Class I 0.01 0.01 0.01 - -

Management expense ratio, Class J 0.01 0.01 0.01 - -

Management expense ratio, Class N 2.88 2.88 2.86 - -

Hexavest International Equity

Net asset value per unit* - - - 8.48 8.38

Net asset value per unit, Class A 9.95 9.42 9.75 - -

Net asset value per unit, Class B 9.75 9.29 9.73 - -

Net asset value per unit, Class D 9.80 9.32 9.74 - -

Net asset value per unit, Class E 10.04 9.48 9.76 - -

Net asset value per unit, Class F 9.91 9.39 9.75 - -

Net asset value per unit, Class G 9.77 9.30 9.74 - -

Net asset value per unit, Class H 9.62 9.20 9.72 - -

Net asset value per unit, Class I 10.64 9.87 9.81 - -

Net asset value per unit, Class J 10.64 9.87 9.81 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

306

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class N 10.04 9.48 9.76 - -

Net assets attributable to contractholders 105,624 117,195 133,477 111,157 131,995

Number of units outstanding** 9,987,197 11,919,291 13,609,926 13,101,261 15,747,203

Management expense ratio* - - - 3.60 3.61

Management expense ratio, Class A 4.14 4.17 4.11 - -

Management expense ratio, Class B 5.38 5.41 5.35 - -

Management expense ratio, Class D 5.06 5.09 5.02 - -

Management expense ratio, Class E 3.61 3.64 3.60 - -

Management expense ratio, Class F 4.43 4.44 4.46 - -

Management expense ratio, Class G 5.25 5.28 5.25 - -

Management expense ratio, Class H 6.19 6.21 6.15 - -

Management expense ratio, Class I 0.08 0.11 0.08 - -

Management expense ratio, Class J 0.08 0.11 0.08 - -

Management expense ratio, Class N 3.63 3.66 3.60 - -

C WorldWide International Equity

Net asset value per unit* - - - 11.53 10.97

Net asset value per unit, Class A 14.18 12.58 13.71 - -

Net asset value per unit, Class B 13.89 12.40 13.68 - -

Net asset value per unit, Class E 14.30 12.66 13.72 - -

Net asset value per unit, Class F 14.11 12.54 13.70 - -

Net asset value per unit, Class G 13.92 12.42 13.68 - -

Net asset value per unit, Class I 15.11 13.16 13.79 - -

Net asset value per unit, Class J 15.11 13.16 13.79 - -

Net asset value per unit, Class K 15.11 13.16 13.79 - -

Net asset value per unit, Class N 14.29 12.65 13.72 - -

Net assets attributable to contractholders 103,685 98,424 105,788 82,161 73,453

Number of units outstanding** 6,925,460 7,532,673 7,680,968 7,127,782 6,693,438

Management expense ratio* - - - 3.39 3.39

Management expense ratio, Class A 3.88 3.88 3.88 - -

Management expense ratio, Class B 5.12 5.12 5.12 - -

Management expense ratio, Class E 3.35 3.36 3.38 - -

Management expense ratio, Class F 4.18 4.15 4.23 - -

Management expense ratio, Class G 4.98 4.97 5.03 - -

Management expense ratio, Class I - - - - -

Management expense ratio, Class J - - - - -

Management expense ratio, Class K - - - - -

Management expense ratio, Class N 3.39 3.39 3.38 - -

BlackRock International Index

Net asset value per unit* - - - 11.07 11.00

Net asset value per unit, Class A 13.02 12.02 12.76 - -

Net asset value per unit, Class B 12.76 11.85 12.73 - -

Net asset value per unit, Class D 12.83 11.89 12.74 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

307

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Net asset value per unit, Class E 13.13 12.09 12.77 - -

Net asset value per unit, Class F 12.96 11.97 12.75 - -

Net asset value per unit, Class G 12.78 11.86 12.74 - -

Net asset value per unit, Class H 12.59 11.74 12.72 - -

Net asset value per unit, Class I 13.83 12.53 12.83 - -

Net asset value per unit, Class J 13.83 12.53 12.83 - -

Net asset value per unit, Class N 13.13 12.09 12.77 - -

Net assets attributable to contractholders 49,418 40,663 42,483 37,484 33,296

Number of units outstanding** 3,603,275 3,265,980 3,314,586 3,387,349 3,027,785

Management expense ratio* - - - 3.19 3.20

Management expense ratio, Class A 3.68 3.67 3.68 - -

Management expense ratio, Class B 4.91 4.91 4.92 - -

Management expense ratio, Class D 4.60 4.60 4.60 - -

Management expense ratio, Class E 3.17 3.15 3.18 - -

Management expense ratio, Class F 3.98 3.99 4.03 - -

Management expense ratio, Class G 4.83 4.83 4.83 - -

Management expense ratio, Class H 5.72 5.72 5.73 - -

Management expense ratio, Class I 0.02 0.02 0.02 - -

Management expense ratio, Class J 0.02 0.02 0.02 - -

Management expense ratio, Class N 3.17 3.17 3.18 - -

Calamos Global Equity

Net asset value per unit* - - - 12.08 11.04

Net asset value per unit, Class A 13.89 13.32 14.03 - -

Net asset value per unit, Class B 13.61 13.14 14.00 - -

Net asset value per unit, Class D 13.52 13.08 13.99 - -

Net asset value per unit, Class E 14.00 13.40 14.04 - -

Net asset value per unit, Class F 13.86 13.30 14.02 - -

Net asset value per unit, Class G 13.65 13.16 14.00 - -

Net asset value per unit, Class H 13.44 13.02 13.98 - -

Net asset value per unit, Class I 14.85 13.96 14.11 - -

Net asset value per unit, Class J 14.85 13.96 14.11 - -

Net asset value per unit, Class N 14.01 13.40 14.04 - -

Net assets attributable to contractholders 30,217 35,745 31,998 25,661 23,571

Number of units outstanding** 2,074,091 2,593,850 2,270,333 2,123,907 2,134,234

Management expense ratio* - - - 3.56 3.56

Management expense ratio, Class A 4.06 4.06 4.06 - -

Management expense ratio, Class B 5.28 5.28 5.30 - -

Management expense ratio, Class D 5.66 5.66 5.66 - -

Management expense ratio, Class E 3.56 3.55 3.56 - -

Management expense ratio, Class F 4.20 4.15 4.36 - -

Management expense ratio, Class G 5.10 5.09 5.15 - -

Management expense ratio, Class H 6.06 6.06 6.06 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

308

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class I - - - - -

Management expense ratio, Class J - - - - -

Management expense ratio, Class N 3.53 3.54 3.56 - -

TD Global Dividend Equity

Net asset value per unit* - - - 11.28 -

Net asset value per unit, Class A 13.12 12.61 12.56 - -

Net asset value per unit, Class B 12.80 12.40 12.53 - -

Net asset value per unit, Class E 13.23 12.69 12.57 - -

Net asset value per unit, Class F 13.07 12.59 12.55 - -

Net asset value per unit, Class G 12.89 12.46 12.54 - -

Net asset value per unit, Class I 13.95 13.17 12.63 - -

Net asset value per unit, Class J 13.95 13.17 12.63 - -

Net asset value per unit, Class L 11.38 10.74 10.30 - -

Net asset value per unit, Class N 13.22 12.68 12.57 - -

Net assets attributable to contractholders 29,644 23,492 18,471 7,571 -

Number of units outstanding** 2,236,792 1,867,351 1,469,314 671,440 -

Management expense ratio* - - - 3.36 -

Management expense ratio, Class A 3.79 3.79 3.77 - -

Management expense ratio, Class B 5.24 5.24 5.27 - -

Management expense ratio, Class E 3.28 3.28 3.27 - -

Management expense ratio, Class F 4.00 3.97 4.07 - -

Management expense ratio, Class G 4.85 4.84 4.87 - -

Management expense ratio, Class I 0.03 0.03 0.03 - -

Management expense ratio, Class J 0.03 0.03 0.03 - -

Management expense ratio, Class L 0.03 0.03 0.03 - -

Management expense ratio, Class N 3.31 3.31 3.27 - -

Fiera Capital Global Equity

Net asset value per unit, Class A 11.73 10.53 - - -

Net asset value per unit, Class B 11.56 10.45 - - -

Net asset value per unit, Class E 11.80 10.56 - - -

Net asset value per unit, Class F 11.71 10.52 - - -

Net asset value per unit, Class G 11.60 10.47 - - -

Net asset value per unit, Class I 12.24 10.77 - - -

Net asset value per unit, Class J 12.29 10.81 - - -

Net asset value per unit, Class N 11.79 10.56 - - -

Net assets attributable to contractholders 25,906 24,773 - - -

Number of units outstanding** 2,133,917 2,301,708 - - -

Management expense ratio, Class A 4.11 4.11 - - -

Management expense ratio, Class B 5.47 5.46 - - -

Management expense ratio, Class E 3.57 3.56 - - -

Management expense ratio, Class F 4.28 4.28 - - -

Management expense ratio, Class G 5.14 5.14 - - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

309

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class I 0.06 0.06 - - -

Management expense ratio, Class J 0.06 0.06 - - -

Management expense ratio, Class N 3.58 3.57 - - -

Hexavest Hedged Global Equity

Net asset value per unit* - - - 13.88 12.95

Net asset value per unit, Class A 15.47 15.08 13.75 - -

Net asset value per unit, Class B 15.15 14.86 13.73 - -

Net asset value per unit, Class E 15.60 15.17 13.76 - -

Net asset value per unit, Class F 15.40 15.03 13.75 - -

Net asset value per unit, Class G 15.20 14.89 13.73 - -

Net asset value per unit, Class I 16.53 15.80 13.84 - -

Net asset value per unit, Class J 16.53 15.80 13.84 - -

Net asset value per unit, Class N 15.59 15.16 13.76 - -

Net assets attributable to contractholders 41,618 43,143 35,044 29,489 26,601

Number of units outstanding** 2,548,165 2,753,774 2,533,311 2,123,904 2,054,037

Management expense ratio* - - - 3.64 3.63

Management expense ratio, Class A 4.14 4.10 4.13 - -

Management expense ratio, Class B 5.39 5.36 5.37 - -

Management expense ratio, Class E 3.64 3.60 3.63 - -

Management expense ratio, Class F 4.35 4.36 4.43 - -

Management expense ratio, Class G 5.21 5.18 5.23 - -

Management expense ratio, Class I 0.09 0.06 0.08 - -

Management expense ratio, Class J 0.09 0.06 0.08 - -

Management expense ratio, Class N 3.65 3.62 3.63 - -

Hexavest All Country Global Equity

Net asset value per unit, Class A 10.54 10.27 - - -

Net asset value per unit, Class B 10.44 10.25 - - -

Net asset value per unit, Class E 10.57 10.27 - - -

Net asset value per unit, Class F 10.52 10.26 - - -

Net asset value per unit, Class G 10.47 10.25 - - -

Net asset value per unit, Class I 10.78 10.31 - - -

Net asset value per unit, Class J 19.07 18.24 - - -

Net asset value per unit, Class N 18.02 17.51 - - -

Net assets attributable to contractholders 78,458 69,700 - - -

Number of units outstanding** 4,140,180 3,834,404 - - -

Management expense ratio, Class A 3.69 3.72 - - -

Management expense ratio, Class B 5.19 5.21 - - -

Management expense ratio, Class E 3.20 3.22 - - -

Management expense ratio, Class F 4.00 4.02 - - -

Management expense ratio, Class G 4.80 4.83 - - -

Management expense ratio, Class I 0.04 0.06 - - -

Management expense ratio, Class J 0.04 0.06 - - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

310

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class N 3.20 3.61 - - -

Lazard Global Small Cap Equity

Net asset value per unit* - - - 18.43 16.13

Net asset value per unit, Class A 21.35 20.85 21.79 - -

Net asset value per unit, Class B 20.92 20.56 21.75 - -

Net asset value per unit, Class E 21.54 20.98 21.81 - -

Net asset value per unit, Class F 21.23 20.77 21.78 - -

Net asset value per unit, Class G 20.94 20.57 21.75 - -

Net asset value per unit, Class I 22.76 21.80 21.92 - -

Net asset value per unit, Class J 22.76 21.80 21.92 - -

Net asset value per unit, Class N 21.52 20.97 21.81 - -

Net assets attributable to contractholders 65,967 64,866 58,217 43,155 40,164

Number of units outstanding** 2,938,627 3,007,133 2,661,423 2,341,885 2,489,972

Management expense ratio* - - - 3.49 3.49

Management expense ratio, Class A 3.96 4.05 4.07 - -

Management expense ratio, Class B 5.20 5.30 5.31 - -

Management expense ratio, Class E 3.41 3.52 3.57 - -

Management expense ratio, Class F 4.30 4.39 4.47 - -

Management expense ratio, Class G 5.14 5.23 5.27 - -

Management expense ratio, Class I 0.07 0.17 0.18 - -

Management expense ratio, Class J 0.07 0.17 0.18 - -

Management expense ratio, Class N 3.46 3.56 3.57 - -

Fisher Emerging markets Equity

Net asset value per unit, Class A 13.11 11.23 11.43 - -

Net asset value per unit, Class B 12.71 10.99 11.40 - -

Net asset value per unit, Class E 13.23 11.30 11.44 - -

Net asset value per unit, Class F 13.03 11.17 11.43 - -

Net asset value per unit, Class G 12.86 11.08 11.42 - -

Net asset value per unit, Class I 14.09 11.81 11.51 - -

Net asset value per unit, Class J 13.90 11.65 11.36 - -

Net asset value per unit, Class K - - 11.36 - -

Net asset value per unit, Class N 13.04 11.14 11.29 - -

Net assets attributable to contractholders 99,105 85,318 86,939 - -

Number of units outstanding** 7,147,658 7,333,325 7,654,027 - -

Management expense ratio, Class A 4.41 4.41 4.29 - -

Management expense ratio, Class B 6.29 6.31 6.29 - -

Management expense ratio, Class E 3.79 3.87 3.90 - -

Management expense ratio, Class F 4.57 4.86 4.85 - -

Management expense ratio, Class G 5.57 5.66 5.59 - -

Management expense ratio, Class I - - 0.01 - -

Management expense ratio, Class J - - 0.01 - -

Management expense ratio, Class K - - 0.01 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

311

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class N 3.91 3.91 3.91 - -

Lazard Global Infrastructure

Net asset value per unit* - - - 11.42 9.86

Net asset value per unit, Class A 14.93 12.98 12.29 - -

Net asset value per unit, Class B 14.71 12.85 12.28 - -

Net asset value per unit, Class E 15.06 13.06 12.30 - -

Net asset value per unit, Class F 14.84 12.93 12.29 - -

Net asset value per unit, Class G - - 12.37 - -

Net asset value per unit, Class I 15.93 13.59 12.37 - -

Net asset value per unit, Class J 15.93 13.58 12.37 - -

Net asset value per unit, Class N 15.05 13.05 12.30 - -

Net assets attributable to contractholders 83,144 80,517 69,505 69,592 51,974

Number of units outstanding** 5,310,268 5,994,161 5,627,298 6,093,916 5,271,021

Management expense ratio* - - - 3.52 3.54

Management expense ratio, Class A 3.98 4.00 4.00 - -

Management expense ratio, Class B 4.85 4.86 4.98 - -

Management expense ratio, Class E 3.46 3.46 3.49 - -

Management expense ratio, Class F 4.36 4.34 4.50 - -

Management expense ratio, Class G - - 3.49 - -

Management expense ratio, Class I 0.05 0.06 0.06 - -

Management expense ratio, Class J 0.05 0.06 0.06 - -

Management expense ratio, Class N 3.50 3.50 3.50 - -

Morgan Stanley Global Real Estate

Net asset value per unit* - - - 14.07 11.60

Net asset value per unit, Class A 15.24 15.31 16.11 - -

Net asset value per unit, Class B 14.88 15.05 16.07 - -

Net asset value per unit, Class E 15.37 15.40 16.12 - -

Net asset value per unit, Class F 15.14 15.23 16.10 - -

Net asset value per unit, Class G - - 16.44 - -

Net asset value per unit, Class I 16.06 15.88 16.19 - -

Net asset value per unit, Class J 16.06 15.88 16.19 - -

Net asset value per unit, Class K 16.06 15.88 16.19 - -

Net asset value per unit, Class N 15.37 15.40 16.12 - -

Net assets attributable to contractholders 43,128 53,374 60,526 58,295 61,708

Number of units outstanding** 2,710,135 3,380,763 3,743,201 4,142,729 5,318,546

Management expense ratio* - - - 3.69 3.69

Management expense ratio, Class A 4.30 4.27 4.12 - -

Management expense ratio, Class B 5.70 5.72 5.57 - -

Management expense ratio, Class E 3.77 3.74 3.62 - -

Management expense ratio, Class F 4.69 4.68 4.62 - -

Management expense ratio, Class G - - 3.60 - -

Management expense ratio, Class I 1.08 1.08 0.93 - -

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APPENDIX – FINANCIAL INFORMATION (unaudited) For the period ended June 30, 2017 (in thousands of dollars)

312

June 30,

2017

December 31,

2016

December 31,

2015

December 31,

2014

December 31,

2013

SSQ Funds (IFRS) (IFRS) (IFRS) (IFRS) (IFRS)

Management expense ratio, Class J 1.08 1.08 0.93 - -

Management expense ratio, Class K 1.08 1.08 0.93 - -

Management expense ratio, Class N 3.80 3.77 3.62 - - *Net asset value per unit or Management expense ratio before November 9, 2015 **Total number of unit of the Fund

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