BlackRock – IG International Equity Pool

Interim Financial Report FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2020

The accompanying interim financial statements have not been reviewed by the external auditors of the Pool. The external auditors will be auditing the annual financial statements of the Pool as at March 31, 2021, in accordance with Canadian generally accepted auditing standards.

© Copyright Investors Group Inc. 2020 TM Trademarks, including IG Wealth Management, are owned by IGM Financial Inc. and licensed to its subsidiary corporations. BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

STATEMENTS OF FINANCIAL POSITION STATEMENTS OF COMPREHENSIVE INCOME at September 30, 2020 (unaudited) with comparative figures at March 31, 2020 for the six-month periods ended September 30 (unaudited) (in $ 000 except per security amounts) (in $ 000 except per security amounts)

Sep. 30 Mar. 31 2020 2020 2020 2019 Assets Income: Current assets: Gains (losses) on derivative and non-derivative investments: Non-derivative investments 207,037 167,337 Dividends 2,808 575 Cash and cash equivalents 2,142 4,504 Interest income 2 14 Accrued interest receivable - - Net realized gain (loss) 3,025 701 Dividends receivable 514 792 Net unrealized gain (loss) 20,267 (893) Accounts receivable for investments sold 3,722 2,927 Income (loss) from derivatives 1,150 - Accounts receivable for securities issued - - Income (loss) from short selling - - Accounts receivable from the Manager - - Other 9 - Margin on derivative contracts 255 914 Net gain (loss) on derivative and non-derivative investments 27,261 397 Derivative assets - 433 Securities lending income 13 - Other assets - - Other - - 213,670 176,907 Total income 27,274 397 Non-current assets: Expenses: Taxes recoverable - - Management fees - - Other assets - - Management fee rebates - - - - Service fees - - Total assets 213,670 176,907 Service fee rebates - - Liabilities Administration fees - - Current liabilities: Trustee fees - - Bank indebtedness - - Commissions and other portfolio transaction costs 320 298 Accounts payable for investments purchased 3,467 2,631 Independent Review Committee costs - - Accounts payable for securities redeemed - - Other - - Distributions payable - - Expenses before amounts absorbed by Manager 320 298 Accrued expenses and miscellaneous payables 7 6 Expenses absorbed by Manager - - Dividends payable on investments sold short - - Net expenses 320 298 Derivative liabilities 53 - Increase (decrease) in net assets attributable to securityholders Taxes payable - - from operations before tax 26,954 99 Other liabilities - - Foreign withholding taxes paid (recovered) 393 84 Total liabilities 3,527 2,637 Foreign income taxes paid (recovered) - - Net assets attributable to securityholders 210,143 174,270 Income tax paid (recovered) - - Increase (decrease) in net assets attributable to securityholders from operations 26,561 15

Net assets attributable to securityholders Increase (decrease) in net assets attributable to per security per series securityholders from operations Sep. 30 Mar. 31 Sep. 30 Mar. 31 per security per series 2020 2020 2020 2020 2020 2019 2020 2019 Series P 9.90 8.60 210,143 174,270 Series P 1.29 0.04 26,561 15

See accompanying notes. See accompanying notes. BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

STATEMENTS OF CHANGES IN FINANCIAL POSITION for the six-month periods ended September 30 (unaudited) (in $ 000 except when stated)

SERIES P 2020 2019 Net assets attributable to securityholders, beginning of period 174,270 151 Increase (decrease) in net assets attributable to securityholders resulting from: Operations 26,561 15 Distributions: Income - - Capital gains - - Return of capital - - Management fee rebates - - Service fee rebates - - Total distributions - - Security transactions: Proceeds from sale of securities 15,245 184,052 Proceeds from securities issued on merger - - Reinvested from distributions - - Payment on redemption of securities (5,933) (475) Total security transactions 9,312 183,577 Increase (decrease) in assets attributable to securityholders 35,873 183,592 Net assets attributable to securityholders, end of period 210,143 183,743

Increase (decrease) in securities outstanding : Securities outstanding, beginning of period 20,258 15 Add (deduct): Securities sold 1,600 18,293 Securities issued on merger - - Reinvested from distributions - - Securities redeemed (627) (47) Securities outstanding, end of period 21,231 18,261

See accompanying notes. BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

STATEMENTS OF CASH FLOWS for the six-month periods ended September 30 (unaudited) (in $ 000 except when stated)

2020 2019 Cash flows from operating activities Increase (decrease) in net assets attributable to securityholders from operations 26,561 15 Less non-cash impact of: Net realized (gain) loss (3,025) (701) Change in net unrealized (gain) loss (20,267) 893 Adjustments for: Proceeds from sale and maturity of investments 237,359 104,954 Purchases of investments (253,226) (190,144) (Increase) decrease in accounts receivable and other assets 937 (480) Increase (decrease) in accounts payable and other liabilities 1 16 Net cash provided by (used in) operating activities (11,660) (85,447) Cash flows from financing activities: Proceeds from securities issued 15,245 87,828 Proceeds from securities issued on merger - - Payments on redemption of securities (5,933) (475) Distributions paid net of reinvestments - - Net cash provided by (used in) financing activities 9,312 87,353 Increase (decrease) in cash and cash equivalents (2,348) 1,906 Cash and cash equivalents at beginning of period 4,504 151 Effect of exchange rate fluctuations on cash and cash equivalents (14) (2) Cash and cash equivalents, end of period 2,142 2,055 Cash 2,142 2,055 Cash equivalents - - Bank indebtedness - - 2,142 2,055 Supplementary disclosures on cash flow from operating activities: Dividends received net of withholding taxes 2,693 11 Interest received net of withholding taxes 2 14 Interest paid - -

See accompanying notes. BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

SCHEDULE OF INVESTMENTS as at September 30, 2020 (unaudited)

No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000)

EQUITIES Abcam PLC Health Care 5,186 119 109 ABC-Mart Inc. Consumer Discretionary 300 25 21 ABN AMRO Group NV Netherlands Financials 21,457 241 239 Adidas AG Germany Consumer Discretionary 2,700 1,055 1,163 Aena SA Industrials 534 97 99 AEON Financial Service Co. Ltd. Japan Financials 1,100 23 13 AIA Group Ltd. Hong Kong Financials 79,400 1,048 1,041 Air Liquide SA Materials 5,830 1,271 1,231 Airbus SE France Industrials 1,542 168 149 Aisin Seiki Co. Ltd. Japan Consumer Discretionary 900 36 38 Akzo Nobel NV Netherlands Materials 9,312 1,163 1,255 Alcon Inc. Switzerland Health Care 5,694 427 430 Alfa Laval AB Sweden Industrials 8,575 271 252 Alfresa Holdings Corp. Japan Health Care 600 16 17 Alstom SA France Industrials 3,666 271 243 Alstria Office Real Estate Investment Trust-AG Germany Real Estate 14,767 291 274 Alten France Information Technology 192 22 24 Amada Holdings Co. Ltd. Japan Industrials 15,600 197 195 Amplifon SPA Health Care 1,305 48 62 Amundi SA France Financials 1,081 111 101 Anglo American PLC United Kingdom Materials 10,653 311 343 Anheuser-Busch InBev NV Belgium Consumer Staples 747 54 54 Anritsu Corp. Japan Information Technology 7,600 219 231 Aozora Bank Ltd. Japan Financials 2,800 65 62 Argenx SE Netherlands Health Care 503 147 176 Aristocrat Leisure Ltd. Australia Consumer Discretionary 32,665 886 938 Asahi Group Holdings Ltd. Japan Consumer Staples 28,200 1,317 1,308 Asahi Kasei Corp. Japan Materials 22,100 215 257 Ascendas Real Estate Investment Trust Singapore Real Estate 49,900 157 159 PLC United Kingdom Financials 4,829 36 30 ASML Holding NV Netherlands Information Technology 6,568 2,958 3,224 Assa Abloy AB B Sweden Industrials 21,307 606 662 Assicurazioni Generali SPA Italy Financials 67,129 1,488 1,258 Astellas Pharma Inc. Japan Health Care 17,400 395 345 AstraZeneca PLC United Kingdom Health Care 18,157 2,261 2,633 ASX Ltd. Australia Financials 5,777 462 451 Atlas Copco AB A Sweden Industrials 22,361 1,358 1,418 Atlas Copco AB B Sweden Industrials 20,622 1,051 1,144 Aurubis AG Germany Materials 73 7 7 Australia and New Zealand Banking Group Ltd. Australia Financials 6,142 104 101 Auto Trader Group PLC United Kingdom Communication Services 71,716 636 691 Azimut Holding SPA Italy Financials 1,667 42 40 Baloise Holding AG Switzerland Financials 401 82 79 Banca Generali SPA Italy Financials 1,449 59 59 Banca Mediolanum SPA Italy Financials 6,318 61 61 Banco Bilbao Vizcaya Argentaria SA Spain Financials 184,209 915 678 Banco De Sabadell SA Spain Financials 114,444 58 53 Banco Santander SA Spain Financials 7,764 19 19 Bank Leumi Le-Israel Israel Financials 14,650 136 86 Bankia SA Spain Financials 5,982 10 12 Banque Cantonale Vaudoise Switzerland Financials 129 18 17 BASF SE Germany Materials 11,451 930 928 BAWAG Group AG Austria Financials 482 23 23 Bayer AG Germany Health Care 6,253 605 520 Bayerische Motoren Werke (BMW) AG Germany Consumer Discretionary 5,296 486 512 Bayerische Motoren Werke (BMW) AG Pfd. Germany Consumer Discretionary 324 24 24 Beiersdorf AG Germany Consumer Staples 10,535 1,591 1,595 PLC United Kingdom Consumer Discretionary 1,769 77 71 Bendigo and Adelaide Bank Ltd. Australia Financials 68,975 441 399 Benesse Holdings Inc. Japan Consumer Discretionary 5,900 196 202 The Berkeley Group Holdings PLC United Kingdom Consumer Discretionary 2,415 174 175 BHP Billiton Ltd. Australia Materials 58,753 2,023 2,014 BHP Group PLC Australia Materials 648 20 18 BOC Hong Kong (Holdings) Ltd. China Financials 175,000 828 618 BP PLC United Kingdom Energy 252,458 1,707 976 Brambles Ltd. Australia Industrials 108,178 1,145 1,085 Bridgestone Corp. Japan Consumer Discretionary 3,100 131 130 British American Tobacco PLC United Kingdom Consumer Staples 31,987 1,616 1,532 BT Group PLC United Kingdom Communication Services 199,575 405 338 Bureau Veritas SA France Industrials 1,678 56 50 Canon Inc. Japan Information Technology 30,800 980 681 Central Japan Railway Co. Japan Industrials 400 84 76 BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

SCHEDULE OF INVESTMENTS (continued) as at September 30, 2020 (unaudited)

No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) PLC United Kingdom Utilities 66,356 81 46 Champion Real Estate Investment Trust Hong Kong Real Estate 17,000 14 11 Chr. Hansen Holding AS Denmark Materials 3,955 512 585 Christian Dior SE France Consumer Discretionary 888 602 484 Chugai Pharmaceutical Co. Ltd. Japan Health Care 9,900 460 592 Citizen Watch Co. Ltd. Japan Information Technology 30,400 205 114 CK Asset Holdings Ltd. Hong Kong Real Estate 9,500 64 62 CLP Holdings Ltd. Hong Kong Utilities 54,500 743 676 CNH Industrial NV United Kingdom Industrials 9,679 96 100 CNP Assurances SA France Financials 12,194 180 203 Cochlear Ltd. Australia Health Care 1,175 232 222 Commonwealth Bank of Australia Australia Financials 19,683 1,237 1,198 Compagnie de Saint-Gobain France Industrials 12,360 659 691 Compagnie Financiere Richemont SA Switzerland Consumer Discretionary 11,949 1,079 1,065 Compass Group PLC United Kingdom Consumer Discretionary 6,136 176 123 CompuGroup Medical SE & Co Kga Germany Health Care 507 57 62 ConvaTec Group PLC United Kingdom Health Care 36,126 113 111 Covestro AG Germany Materials 3,481 193 230 Credit Suisse Group AG Switzerland Financials 14,628 190 195 CSL Ltd. Australia Health Care 5,636 1,323 1,547 Cyber Agent Ltd. Japan Communication Services 1,700 115 140 Dai Nippon Printing Co. Ltd. Japan Industrials 1,900 55 51 Daicel Chemical Industries Ltd. Japan Materials 5,600 61 54 Daifuku Co. Ltd. Japan Industrials 400 47 54 Daiichi Sankyo Co. Ltd. Japan Health Care 21,900 720 896 Daikin Industries Ltd. Japan Industrials 800 148 196 Daimler AG Germany Consumer Discretionary 11,732 734 842 Daiwa House Industry Co. Ltd. Japan Real Estate 17,000 557 582 Danone SA France Consumer Staples 4,047 356 348 Dassault Systemes SA France Information Technology 6,222 1,373 1,545 Delek Group Ltd. Israel Energy 152 10 4 Delivery Hero AG Germany Consumer Discretionary 4,491 607 688 Denso Corp. Japan Consumer Discretionary 14,100 762 822 Dentsu Inc. Japan Communication Services 7,000 269 275 Deutsche Boerse AG Germany Financials 5,661 1,243 1,323 Diageo PLC United Kingdom Consumer Staples 55,382 2,949 2,527 Dialog Semiconductor PLC United Kingdom Information Technology 349 20 20 DIC Corp. Japan Materials 6,100 223 203 DIP Corp. Japan Communication Services 700 28 19 Dowa Holdings Co. Ltd. Japan Materials 300 13 12 Duerr AG Germany Industrials 382 15 16 PLC United Kingdom Consumer Discretionary 3,349 79 80 DWS Group GmbH & Co. KGaA Germany Financials 895 34 41 E.ON SE Germany Utilities 109,993 1,703 1,618 East Japan Railway Co. Japan Industrials 7,600 816 624 EDF SA (Electricite de France) France Utilities 14,931 221 210 EDP Renovaveis SA Spain Utilities 4,535 87 100 Eisai Co. Ltd. Japan Health Care 3,600 345 437 The Electric Power Development Co. Ltd. Japan Utilities 8,200 252 168 Electrolux AB B Sweden Consumer Discretionary 7,317 216 227 Elekta AB B Sweden Health Care 918 12 15 Elia System Operator SA/NV Belgium Utilities 331 44 44 Enel SPA Italy Utilities 101,672 1,140 1,175 Energias de Portugal SA Portugal Utilities 48,155 328 315 Engie SA France Utilities 26,259 481 467 Epiroc AB Class A Sweden Industrials 38,444 732 743 Epiroc AB Class B Sweden Industrials 4,799 88 89 EQT AB Sweden Financials 5,129 123 132 Equinor ASA Norway Energy 33,424 689 628 Erste Group Bank AG Austria Financials 22,051 698 614 ESR Cayman Ltd. China Real Estate 4,400 17 18 EssilorLuxottica France Consumer Discretionary 1,930 381 349 Eutelsat Communications SA France Communication Services 9,698 139 125 Evolution Gaming Group AB Sweden Consumer Discretionary 3,168 296 279 EXOR SPA Netherlands Financials 2,054 160 149 Experian PLC United Kingdom Industrials 38,209 1,573 1,905 Fabege AB Sweden Real Estate 9,574 161 177 Fanuc Corp. Japan Industrials 5,600 1,255 1,430 Fast Retailing Co. Ltd. Japan Consumer Discretionary 1,000 815 835 Faurecia France Consumer Discretionary 2,817 155 162 Ferguson PLC Switzerland Industrials 1,098 91 147 Ferrari NV Italy Consumer Discretionary 256 64 62 Fiat Chrysler Automobiles NV United Kingdom Consumer Discretionary 10,111 164 165 BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

SCHEDULE OF INVESTMENTS (continued) as at September 30, 2020 (unaudited)

No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) Fielmann AG Germany Consumer Discretionary 215 22 23 First International Bank of Israel Ltd. Israel Financials 720 26 20 Fisher & Paykel Healthcare Corp. Ltd. New Zealand Health Care 9,011 211 264 Fuji Media Holdings Inc. Japan Communication Services 8,300 141 107 Fuji Seal International Inc. Japan Materials 600 17 15 FUJIFILM Holdings Corp. Japan Information Technology 5,900 390 387 Galapagos NV Belgium Health Care 463 124 88 Gas Natural SDG SA Spain Utilities 7,584 194 202 Gecina SA France Real Estate 104 17 18 Genmab AS Denmark Health Care 717 239 347 Givaudan SA Switzerland Materials 299 1,438 1,715 Gjensidige Forsikring ASA Norway Financials 14,478 400 391 GlaxoSmithKline PLC United Kingdom Health Care 57,703 1,573 1,440 Glencore PLC Switzerland Materials 47,442 148 131 Glory Ltd. Japan Industrials 2,700 102 80 GMO Internet Inc. Japan Information Technology 400 15 14 Goodman Group Australia Real Estate 8,793 154 151 Grifols SA Spain Health Care 3,359 144 129 Groupe Bruxelles Lambert SA Belgium Financials 702 95 84 GVC Holdings PLC United Kingdom Consumer Discretionary 14,699 192 246 Hang Seng Bank Ltd. Hong Kong Financials 7,300 159 144 Hannover Rueckversicherung SE Reg. Germany Financials 221 52 46 Hella KGaA Hueck & Co. Germany Consumer Discretionary 1,527 85 102 HelloFresh SE Germany Consumer Discretionary 2,190 155 163 Henderson Land Development Co. Ltd. Hong Kong Real Estate 35,000 207 172 Hermes International France Consumer Discretionary 1,426 1,601 1,636 Hitachi Capital Corp. Japan Financials 600 19 19 Hitachi Ltd. Japan Information Technology 7,400 341 333 Hitachi Transport System Ltd. Japan Industrials 700 20 30 Hochtief AG Germany Industrials 283 34 29 Hokuhoku Financial Group Inc. Japan Financials 1,600 20 21 PLC United Kingdom Industrials 14,895 289 315 Honda Motor Co. Ltd. Japan Consumer Discretionary 30,900 1,044 971 The Hong Kong and China Gas Co. Ltd. Hong Kong Utilities 13,500 30 26 Hong Kong Exchanges and Clearing Ltd. Hong Kong Financials 3,200 143 200 Hongkong Land Holdings Ltd. Hong Kong Real Estate 34,500 234 171 House Foods Corp. Japan Consumer Staples 300 14 14 Howden Joinery Group PLC United Kingdom Industrials 49,189 470 496 HSBC Holdings PLC United Kingdom Financials 91,030 752 471 Hugo Boss AG Germany Consumer Discretionary 5,997 210 200 Husqvarna AB-B Sweden Consumer Discretionary 3,816 51 56 Hysan Development Co. Ltd. Hong Kong Real Estate 3,000 13 12 Iberdrola SA Spain Utilities 74,499 1,289 1,221 IDP Education Ltd. Australia Consumer Discretionary 8,000 117 146 IG Group Holdings PLC United Kingdom Financials 17,855 176 243 Iluka Resources Ltd. Australia Materials 12,574 112 108 Independence Group NL Australia Materials 11,906 55 48 Industria de Diseno Textil SA (Inditex) Spain Consumer Discretionary 42,753 1,643 1,582 Industrivarden AB Class C Sweden Financials 443 16 16 Infineon Technologies AG Germany Information Technology 16,870 591 635 Informa PLC United Kingdom Communication Services 90,176 671 582 ING Groep NV Netherlands Financials 88,842 986 837 Insurance Australia Group Ltd. Australia Financials 133,672 658 560 Interpump Group SPA Italy Industrials 6,171 259 305 Isetan Mitsukoshi Holdings Ltd. Japan Consumer Discretionary 800 8 6 ISS AS Denmark Industrials 1,942 39 34 Isuzu Motors Ltd. Japan Consumer Discretionary 9,500 143 111 ITOCHU Corp. Japan Industrials 14,900 464 507 ITV PLC United Kingdom Communication Services 120,691 164 140 J. Front Retailing Co. Ltd. Japan Consumer Discretionary 2,200 26 21 Japan Post Bank Co. Ltd. Japan Financials 7,600 78 79 Japan Post Holdings Co. Ltd. Japan Financials 109,600 1,060 995 Japan Post Insurance Co. Ltd. Japan Financials 1,800 37 38 Japan Tobacco Inc. Japan Consumer Staples 29,700 746 722 Jardine Cycle & Carriage Ltd. Singapore Consumer Discretionary 5,200 95 92 JCDecaux SA France Communication Services 2,252 51 52 JCR Pharmaceuticals Co. Ltd. Japan Health Care 400 14 16 JD Sports Fashion PLC United Kingdom Consumer Discretionary 12,620 164 176 Johnson Matthey PLC United Kingdom Materials 4,876 195 196 JTEKT Corp. Japan Consumer Discretionary 6,000 95 63 Just Eat Takeaway Netherlands Consumer Discretionary 2,501 365 373 JXTG Holdings Inc. Japan Energy 60,700 344 289 Kajima Corp. Japan Industrials 19,300 313 308 BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

SCHEDULE OF INVESTMENTS (continued) as at September 30, 2020 (unaudited)

No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) Kakaku.com Inc. Japan Communication Services 2,300 77 81 Kaken Pharmaceutical Co. Ltd. Japan Health Care 100 6 6 Kamigumi Co. Ltd. Japan Industrials 500 13 13 Kandenko Co. Ltd. Japan Industrials 1,200 15 13 Kaneka Corp. Japan Materials 6,200 268 232 Kansai Paint Co. Ltd. Japan Materials 4,200 138 139 Kao Corp. Japan Consumer Staples 3,800 383 380 Kawasaki Heavy Industries Ltd. Japan Industrials 2,600 75 47 KBC Groep NV Belgium Financials 164 12 11 KDDI Corp. Japan Communication Services 49,300 1,857 1,660 Kering France Consumer Discretionary 399 358 353 Kerry Group PLC A Ireland Consumer Staples 225 35 38 Kerry Properties Ltd. Hong Kong Real Estate 28,500 123 97 Kesko OYJ Finland Consumer Staples 14,127 373 485 Keyence Corp. Japan Information Technology 4,100 1,978 2,544 Kingfisher PLC United Kingdom Consumer Discretionary 78,026 341 397 Kingspan Group PLC Ireland Industrials 2,766 234 335 Kinnevik AB Class B Sweden Financials 6,806 234 367 Kirin Holdings Co. Ltd. Japan Consumer Staples 5,300 135 133 Klepierre France Real Estate 2,250 52 42 Knorr-Bremse AG Germany Industrials 1,591 248 250 Koito Manufacturing Co. Ltd. Japan Consumer Discretionary 1,000 59 68 Kojamo OYJ Finland Real Estate 1,646 50 47 Komatsu Ltd. Japan Industrials 1,100 33 32 Konami Corp. Japan Communication Services 1,700 76 98 Kone OYJ B Finland Industrials 9,281 1,040 1,086 Konica Minolta Inc. Japan Information Technology 53,500 438 201 Koninklijke Philips NV Netherlands Health Care 35,063 2,303 2,199 Kuehne + Nagel International AG Switzerland Industrials 3,247 785 838 Kyocera Corp. Japan Information Technology 5,200 392 396 Kyushu Railway Co. Japan Industrials 6,400 184 182 L E Lundbergforetagen AB Class B Sweden Financials 5,030 304 331 La Francaise des Jeux SAEM France Consumer Discretionary 2,002 97 98 LEG Immobilien GmbH Germany Real Estate 3,912 720 743 SA France Industrials 6,615 699 703 Lifco AB Sweden Industrials 141 14 15 Line Corp. Japan Communication Services 300 20 20 The Link Real Estate Investment Trust Hong Kong Real Estate 36,800 436 401 LINTEC Corp. Japan Materials 2,900 77 90 Lloyds Banking Group PLC United Kingdom Financials 1,415,997 865 640 Lonza Group AG Switzerland Health Care 865 674 711 L’Oreal SA France Consumer Staples 6,577 2,564 2,849 LVMH Moet Hennessy Louis Vuitton SE France Consumer Discretionary 3,417 2,081 2,126 M&G PLC United Kingdom Financials 8,864 23 24 Macquarie Group Ltd. Australia Financials 5,668 669 648 Marks & Spencer Group PLC United Kingdom Consumer Discretionary 63,434 121 106 Matsui Securities Co. Ltd. Japan Financials 2,400 20 29 PLC United Kingdom Industrials 27,414 137 121 MGM China Holdings Ltd. Macau Consumer Discretionary 17,200 31 28 International PLC United Kingdom Information Technology 21,576 180 91 Mirvac Group Stapled Securities Australia Real Estate 154,347 326 322 Mitsubishi Estate Co. Ltd. Japan Real Estate 1,900 39 38 Mitsubishi Materials Corp. Japan Materials 2,000 63 53 Mitsubishi Motors Corp. Japan Consumer Discretionary 8,700 53 26 Mitsubishi UFJ Lease & Finance Co. Ltd. Japan Financials 11,700 74 72 Mitsui Fudosan Co. Ltd. Japan Real Estate 8,900 204 206 Mizuho Financial Group Inc. Japan Financials 16,120 273 268 MS&AD Insurance Group Holdings Inc. Japan Financials 13,800 561 498 MTR Corp. Ltd. Hong Kong Industrials 5,500 42 36 Murata Manufacturing Co. Ltd. Japan Information Technology 13,200 998 1,134 National Australia Bank Ltd. Australia Financials 101,288 1,717 1,721 NEL ASA Norway Industrials 46,398 123 112 Nemetschek SE Germany Information Technology 168 17 16 Neste Oil OYJ Finland Energy 7,112 500 498 Nestle SA Reg. Switzerland Consumer Staples 37,903 5,512 5,986 Nexans SA France Industrials 1,430 103 110 Nexon Co. Ltd. Japan Communication Services 28,500 893 942 NICE-Systems Ltd. Israel Information Technology 351 84 106 Nidec Corp. Japan Industrials 15,500 1,541 1,919 Nifco Inc. Japan Consumer Discretionary 700 23 25 Nihon Kohden Corp. Japan Health Care 1,500 62 66 Nihon M&A Center Inc. Japan Industrials 500 37 38 BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

SCHEDULE OF INVESTMENTS (continued) as at September 30, 2020 (unaudited)

No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) Nikon Corp. Japan Consumer Discretionary 6,800 104 61 Nintendo Co. Ltd. Japan Communication Services 1,200 699 908 Nippon Paint Holdings Co. Ltd. Japan Materials 200 28 27 Nippon Paper Industries Co. Ltd. Japan Materials 800 16 13 Nippon Shinyaku Co. Ltd. Japan Health Care 400 40 44 Nippon Shokubai Co. Ltd. Japan Materials 600 48 43 Nippon Telegraph & Telephone Corp. Japan Communication Services 600 17 16 Nippon Television Holdings Inc. Japan Communication Services 1,900 33 27 Nisshin Seifun Group Inc. Japan Consumer Staples 9,400 201 200 Nitori Holdings Co. Ltd. Japan Consumer Discretionary 2,200 497 609 Nitto Denko Corp. Japan Materials 1,500 96 130 NOK Corp. Japan Consumer Discretionary 1,600 33 22 Nomura Real Estate Master Fund Inc. Japan Real Estate 41 66 69 Nordea Bank ABP Sweden Financials 118,802 1,231 1,205 Novartis AG Reg. Switzerland Health Care 19,541 2,291 2,260 Novo Nordisk AS B Denmark Health Care 13,165 1,127 1,217 NS Solutions Corp. Japan Information Technology 300 13 12 NTT Data Corp. Japan Information Technology 9,000 145 154 NTT DoCoMo Inc. Japan Communication Services 18,400 681 909 NWS Holdings Ltd. Hong Kong Industrials 31,000 62 32 OBIC Co. Ltd. Japan Information Technology 1,600 374 375 Ocado Group PLC United Kingdom Consumer Discretionary 8,377 390 394 OMRON Corp. Japan Information Technology 4,100 379 425 Oracle Corp. Japan Japan Information Technology 700 113 101 Orange SA France Communication Services 51,380 766 712 Orica Ltd. Australia Materials 2,420 39 36 Oriental Land Co. Ltd. Japan Consumer Discretionary 4,300 783 802 Orsted A/S Denmark Utilities 2,720 511 499 Otsuka Corp. Japan Information Technology 600 42 41 Otsuka Holdings Co. Ltd. Japan Health Care 2,500 139 141 Oversea-Chinese Banking Corp. Ltd. Singapore Financials 9,300 88 77 Panasonic Corp. Japan Consumer Discretionary 6,800 78 77 PeptiDream Inc. Japan Health Care 2,800 167 175 1 Pernod Ricard SA France Consumer Staples 9,493 2,114 2,017 Perpetual Trustees Australia Ltd. Australia Financials 3,564 105 95 Persimmon PLC United Kingdom Consumer Discretionary 2,724 112 115 Group PLC United Kingdom Consumer Discretionary 9,554 63 70 Philips Lighting NV Netherlands Industrials 2,323 88 114 Plastic Omnium SA France Consumer Discretionary 509 15 18 Pola Orbis Holdings Inc. Japan Consumer Staples 20,600 622 518 Prosus NV Netherlands Consumer Discretionary 9,110 1,107 1,118 Proximus SA Belgium Communication Services 2,983 81 72 Prudential PLC United Kingdom Financials 4,633 94 88 Prysmian SPA Italy Industrials 5,672 203 220 PSA Peugeot Citroen France Consumer Discretionary 6,524 201 157 Puma AG Rudolf Dassler Sport Germany Consumer Discretionary 3,626 404 435 QIAGEN NV United States Health Care 4,484 294 310 Raiffeisen International Bank-Holding AG Austria Financials 8,528 200 174 Rakuten Inc. Japan Consumer Discretionary 27,100 356 390 Ramsay Health Care Ltd. Australia Health Care 3,666 233 232 Reckitt Benckiser Group PLC United Kingdom Consumer Staples 4,030 424 523 Recordati SPA Italy Health Care 186 13 13 Recruit Holdings Co. Ltd. Japan Industrials 11,800 500 623 RELX PLC United Kingdom Industrials 8,230 258 243 Renault SA France Consumer Discretionary 18,270 637 628 Rentokil Initial PLC United Kingdom Industrials 18,529 134 170 Repsol SA Spain Energy 28,253 298 251 Rexel SA France Industrials 37,593 643 628 Ricoh Co. Ltd. Japan Information Technology 1,400 14 13 Rightmove PLC United Kingdom Communication Services 30,567 284 328 Rio Tinto Ltd. Australia Materials 2,427 236 219 Rio Tinto PLC United Kingdom Materials 5,301 375 426 Roche Holding AG Genusscheine Switzerland Health Care 5,308 2,264 2,417 Rockwool International AS Class B Denmark Industrials 205 90 105 ROHM Co. Ltd. Japan Information Technology 5,300 474 545 Royal Dutch Shell PLC Class A Netherlands Energy 45,369 1,700 748 Royal Dutch Shell PLC Class B Netherlands Energy 29,894 1,003 482 RTL Group SA Luxembourg Communication Services 2,353 105 123 RWE AG Germany Utilities 9,574 501 478 Samhallsbyggnadsbolaget i Norden AB Sweden Real Estate 10,672 39 43 Sampo OYJ A Finland Financials 11,441 607 603 Sands China Ltd. Hong Kong Consumer Discretionary 87,600 492 454 Sankyu Inc. Japan Industrials 300 14 16

1 The issuer of this security is related to the Manager of the Fund. BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

SCHEDULE OF INVESTMENTS (continued) as at September 30, 2020 (unaudited)

No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) Sanofi France Health Care 12,970 1,657 1,731 Sanwa Holdings Corp. Japan Industrials 4,000 60 57 SAP AG Germany Information Technology 15,095 2,925 3,129 Sartorius AG Pref. Germany Health Care 561 259 307 Scentre Group Australia Real Estate 74,405 158 157 Schneider Electric SE France Industrials 4,954 658 818 Schroders PLC United Kingdom Financials 3,078 152 143 Scout24 AG Germany Communication Services 4,218 499 490 SCSK Corp. Japan Information Technology 900 64 67 Seek Ltd. Australia Communication Services 17,659 345 360 Sega Sammy Holdings Inc. Japan Consumer Discretionary 900 15 15 Seiko Epson Corp. Japan Information Technology 16,400 246 251 Seven & I Holdings Co. Ltd. Japan Consumer Staples 48,300 2,121 1,988 Shapir Engineering and Industry Ltd. Israel Industrials 1,388 12 12 Sharp Corp. Japan Consumer Discretionary 1,100 19 18 Shikoku Electric Power Co. Inc. Japan Utilities 1,300 14 13 Shimadzu Corp. Japan Information Technology 5,600 223 227 Shimano Inc. Japan Consumer Discretionary 600 162 157 Shin-Etsu Chemical Co. Ltd. Japan Materials 400 60 70 Shionogi & Co. Ltd. Japan Health Care 7,300 559 520 The Shizuoka Bank Ltd. Japan Financials 1,900 18 18 Siemens AG Germany Industrials 8,320 1,208 1,400 Siemens Energy AG Germany Industrials 4,631 153 166 Siemens Gamesa Renewable Energy SA Spain Industrials 5,821 183 209 Siemens Healthineers AG Germany Health Care 11,895 707 711 SIG Combibloc Group AG Switzerland Materials 2,995 78 80 Sika AG Switzerland Materials 7,020 1,703 2,296 Sinch AB Sweden Information Technology 163 18 18 Singapore Technologies Engineering Ltd. (ST Engg) Singapore Industrials 68,700 226 233 Sino Land Co. Ltd. Hong Kong Real Estate 36,000 70 56 SMC Corp. Japan Industrials 400 289 296 Smith & Nephew PLC United Kingdom Health Care 5,368 151 139 Smiths Group PLC United Kingdom Industrials 26,285 488 616 Smurfit Kappa Group PLC Ireland Materials 995 43 52 Societe Generale France Financials 47,272 1,073 833 Sofina SA Belgium Financials 112 41 41 Softbank Corp. Japan Communication Services 34,600 580 516 SoftBank Group Corp. Japan Communication Services 17,700 1,227 1,455 Sojitz Corp. Japan Industrials 7,100 21 21 Sonic Healthcare Ltd. Australia Health Care 630 18 20 Sony Corp. Japan Consumer Discretionary 21,200 1,899 2,159 South32 Ltd. Australia Materials 94,211 197 184 Spirax-Sarco Engineering PLC United Kingdom Industrials 432 62 82 SSAB AB Class A Sweden Materials 24,300 97 107 SSE PLC United Kingdom Utilities 19,941 444 414 Standard Chartered PLC United Kingdom Financials 21,012 176 128 STMicroelectronics NV Switzerland Information Technology 9,806 394 399 Strauss Group Ltd. Israel Consumer Staples 450 17 17 Stroer SE & Co. KGaA Germany Communication Services 335 31 35 Sugi Holdings Co. Ltd. Japan Consumer Staples 1,100 104 104 Sumitomo Bakelite Co. Ltd. Japan Materials 500 14 18 Sumitomo Chemical Co. Ltd. Japan Materials 86,300 421 380 Sumitomo Corp. Japan Industrials 25,000 416 399 Sumitomo Heavy Industries Ltd. Japan Industrials 3,400 128 105 Sumitomo Mitsui Financial Group Inc. Japan Financials 40,700 1,773 1,508 Sumitomo Mitsui Trust Holdings Inc. Japan Financials 11,000 486 390 Sumitomo Rubber Industries Ltd. Japan Consumer Discretionary 29,000 398 358 Sun Hung Kai Properties Ltd. Hong Kong Real Estate 18,000 306 307 Suncorp Group Ltd. Australia Financials 10,585 89 86 Suntory Beverage & Food Ltd. Japan Consumer Staples 7,800 435 390 Svenska Cellulosa AB (SCA) B Sweden Materials 9,752 173 178 Sweco AB Sweden Industrials 227 17 17 Swedbank AB Sweden Financials 4,191 87 87 Swire Pacific Ltd. Class A Hong Kong Real Estate 40,500 499 261 Swire Properties Ltd. Hong Kong Real Estate 74,800 285 263 Swiss Re Ltd. Switzerland Financials 8,338 839 822 Sysmex Corp. Japan Health Care 2,800 278 356 T&D Holdings Inc. Japan Financials 18,300 266 241 Tabcorp Holdings Ltd. Australia Consumer Discretionary 118,321 391 378 Taisho Pharmaceutical Holdings Co. Ltd. Japan Health Care 800 77 70 Takara Bio Inc. Japan Health Care 1,300 50 47 Takeda Pharmaceutical Co. Ltd. Japan Health Care 35,800 1,753 1,698 Taylor Wimpey PLC United Kingdom Consumer Discretionary 21,116 50 39 BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

SCHEDULE OF INVESTMENTS (continued) as at September 30, 2020 (unaudited)

No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) TDK Corp. Japan Information Technology 300 42 44 Techtronic Industries Co. Ltd. Hong Kong Industrials 43,000 486 753 Teijin Ltd. Japan Materials 4,100 91 85 Tele2 AB Sweden Communication Services 6,920 131 130 Telefonaktiebolaget LM Ericsson B Sweden Information Technology 2,532 37 37 Teleperformance France Industrials 1,395 493 572 Telstra Corp. Ltd. Australia Communication Services 162,639 509 432 Terna SPA Italy Utilities 15,667 141 146 Tesco PLC United Kingdom Consumer Staples 139,661 528 510 Thales SA France Industrials 1,385 144 138 Thule Group AB Sweden Consumer Discretionary 400 16 18 ThyssenKrupp AG Germany Materials 18,446 184 124 Tokio Marine Holdings Inc. Japan Financials 9,000 587 525 Tokyo Broadcasting System Inc. Japan Communication Services 700 16 16 Toray Industries Inc. Japan Materials 10,000 68 61 Toshiba Corp. Japan Industrials 400 16 14 Toto Ltd. Japan Industrials 1,400 73 86 Toyo Seikan Kaisha Ltd. Japan Materials 1,300 20 17 Toyota Motor Corp. Japan Consumer Discretionary 33,500 2,842 2,950 Transurban Group Stapled Securities Australia Industrials 2,027 26 27 PLC United Kingdom Industrials 2,926 60 54 Trend Micro Inc. Japan Information Technology 500 32 41 Tryg AS Denmark Financials 6,279 254 263 Ube Industries Ltd. Japan Materials 8,500 232 191 Ubisoft Entertainment SA France Communication Services 1,137 119 137 UBS Group AG Switzerland Financials 959 13 14 UCB SA Belgium Health Care 1,769 300 267 Unibail-Rodamco SE & WFD Unibail-Rodamco NV Netherlands Real Estate 8,952 859 440 Unicharm Corp. Japan Consumer Staples 11,400 592 678 Unilever NV CVA United Kingdom Consumer Staples 27,156 2,056 2,182 Unilever PLC United Kingdom Consumer Staples 14,538 1,179 1,193 Unipol Gruppo SPA Italy Financials 13,878 86 81 UnipolSai SPA Italy Financials 4,450 16 15 United Overseas Bank Ltd. Singapore Financials 6,100 139 114 Valeo SA France Consumer Discretionary 4,922 181 200 Valmet OYJ Finland Industrials 492 17 16 Vestas Wind Systems AS Denmark Industrials 2,731 487 588 Vienna Insurance Group AG Austria Financials 3,048 106 90 Vinci SA France Industrials 7,057 880 784 Vodafone Group PLC United Kingdom Communication Services 249,670 671 441 Volkswagen AG Germany Consumer Discretionary 329 75 77 Volkswagen AG Pfd. Germany Consumer Discretionary 3,117 693 668 Volvo AB Class B Sweden Industrials 27,151 692 695 Vonovia SE Germany Real Estate 201 18 18 W.H. Smith PLC United Kingdom Consumer Discretionary 879 16 14 Wacker Chemie AG Germany Materials 771 99 100 Wartsila OYJ Finland Industrials 54,496 560 571 Wendel France Financials 255 31 31 West Japan Railway Co. Japan Industrials 7,700 568 507 Westpac Banking Corp. Australia Financials 4,583 72 74 WH Group Ltd. Hong Kong Consumer Staples 58,000 66 63 Wharf Real Estate Investment Co. Ltd. Hong Kong Real Estate 10,000 55 55 Wienerberger AG Austria Materials 403 14 14 William Morrison Supermarkets PLC United Kingdom Consumer Staples 52,617 166 154 Wilmar International Ltd. Singapore Consumer Staples 83,900 356 362 WiseTech Global Ltd. Australia Information Technology 2,535 65 63 WPP PLC United Kingdom Communication Services 1,493 25 16 Wynn Macau Ltd. Macau Consumer Discretionary 10,800 27 23 Xero Ltd. Australia Information Technology 2,641 240 257 Xinyi Glass Holdings Ltd. Hong Kong Consumer Discretionary 14,000 23 38 Yakult Hansha Co. Ltd. Japan Consumer Staples 7,700 567 569 Yamada Denki Co. Ltd. Japan Consumer Discretionary 66,200 441 440 Yamaguchi Financial Group Inc. Japan Financials 12,200 112 106 Yamaha Corp. Japan Consumer Discretionary 700 45 45 Yamato Kogyo Co. Ltd Japan Materials 500 17 16 Yaoko Co. Ltd. Japan Consumer Staples 100 10 10 Yaskawa Electric Corp. Japan Industrials 9,700 471 504 Yokogawa Electric Corp. Japan Information Technology 5,700 117 121 BlackRock – IG International Equity Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

SCHEDULE OF INVESTMENTS (continued) as at September 30, 2020 (unaudited)

No. of Units, Fair Shares, or Cost Value Country Sector Par Value (CAD$ 000) (CAD$ 000) EQUITIES (continued) Z Holdings Corp. Japan Communication Services 48,700 290 433 Zardoya Otis SA Spain Industrials 1,914 18 16 Zeon Corp. Japan Materials 2,600 42 36 206,875 207,037 COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (193) - TOTAL NON-DERIVATIVE INVESTMENTS 206,682 207,037

Net Assets (see asset composition): Total non-derivative investments 207,037 Cash and cash equivalents 2,142 Derivative liabilities (see schedule of derivative instruments) (53) Other net assets (liabilities) 1,017 210,143

Schedule of Asset Composition as at September 30, 2020 (unaudited) as at March 31, 2020

% of net assets % of net assets PORTFOLIO ALLOCATION PORTFOLIO ALLOCATION Equities 99.7 Equities 99.7 Cash and cash equivalents 1.0 Cash and cash equivalents 2.6 Other net assets (liabilities) (0.7) Other net assets (liabilities) (2.3) Total 100.0 Total 100.0

REGIONAL ALLOCATION REGIONAL ALLOCATION Europe ex U.K. 48.6 Europe ex U.K. 47.6 Japan 27.0 Japan 25.9 United Kingdom 12.5 United Kingdom 14.7 Pacific ex Japan 10.2 Pacific ex Japan 11.3 United States 1.3 Middle East and Africa 0.2 Middle East and Africa 0.1 99.7 99.7

SECTOR ALLOCATION SECTOR ALLOCATION Consumer Discretionary 15.0 Financials 18.2 Industrials 14.9 Health Care 14.3 Consumer Staples 14.0 Industrials 14.1 Financials 13.5 Consumer Staples 12.5 Health Care 12.4 Consumer Discretionary 9.4 Information Technology 8.6 Information Technology 8.2 Materials 7.0 Communication Services 6.8 Communication Services 6.1 Materials 6.2 Utilities 3.7 Energy 3.5 Other 4.5 Other 6.5 99.7 99.7

Schedule of Derivative Instruments as at September 30, 2020 (unaudited)

Schedule of Futures Contracts Notional Unrealized Unrealized Type of No. of Expiration Average rate value gains losses contract contracts date of contracts (CAD$ 000) (CAD$ 000) (CAD$ 000) MSCI EAFE Index Futures 20 December 2020 1,893.71 USD 2,467 - (53)

TOTAL DERIVATIVE ASSETS - TOTAL DERIVATIVE LIABILITIES (53) BlackRock – IG International Equity Pool NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

1. ORGANIZATION OF THE FUND, FISCAL PERIODS AND GENERAL INFORMATION (b) Fair value measurement (a) Organization of the Fund Fair value is defined as the price that would be received to sell an asset or paid to transfer a The Fund is organized as an open-ended mutual fund trust established under the laws of liability in an orderly transaction between market participants at the measurement date. The Manitoba and governed by a Declaration of Trust. The address of the Fund’s registered office is Fund’s valuation policies are as follows: 447 Portage Avenue, Winnipeg, Manitoba, Canada. The Fund is authorized to issue an unlimited (i) Equity securities, fixed-income securities and other investment funds number of securities of multiple series. Series P securities are only available for purchase by other Fair value for securities listed on a public securities exchange or traded on an over-the- IG Wealth Management Funds or other qualified investors. counter market is determined as the last traded market price or close price recorded by the (b) Financial periods security exchange on which the security is principally traded, where the close price falls The Statements of Financial Position are presented as at September 30, 2020 and within the bid-ask spread of the security. In situations where the last traded market price is March 31, 2020. The Statements of Comprehensive Income, Statements of Changes in Financial not within the bid-ask spread, the Manager selects the point within the bid-ask spread that Position and Statements of Cash Flows are for the 6-month periods ended September 30, 2020 is most representative of fair value. and 2019. The Schedule of Investments is presented as at September 30, 2020. Where a Fund or Fair value of fixed-income securities includes consideration of the creditworthiness of the issuer. series of a Fund was established during either period, the information for the Fund or series is Investments in securities of another investment fund are valued at the net asset value per provided from inception date. Where a series of a Fund was terminated during either period, the security calculated in accordance with the offering documents of such investment fund or as information for the series is provided up to close of business on the termination date. reported by that fund’s manager. (c) General information Unlisted or non-exchange traded securities, or securities for which a last traded market I.G. Investment Management, Ltd. is the Manager, Portfolio Advisor and Trustee of the Fund. The Fund price is unavailable or securities for which market quotations are, in the Manager’s opinion, is distributed by Investors Group Financial Services Inc. and Investors Group Securities Inc. (collectively, inaccurate, unreliable or not reflective of all available material information, are valued the Distributors). These companies are, indirectly, wholly owned subsidiaries of IGM Financial Inc. at their estimated fair value, determined by using appropriate and accepted industry IGM Financial Inc. is a subsidiary of Power Corporation of Canada. Companies related to Power valuation techniques including valuation models. The estimated fair value of a security Corporation of Canada are therefore considered affiliates of the Trustee, the Manager and the determined using valuation models requires the use of inputs and assumptions based on Distributors. The Fund may invest in certain securities within the Power Group of Companies, subject to observable market data including volatility and other applicable rates or prices. In limited certain governance criteria, and these holdings, as at the end of the period, have been identified on the circumstances, the estimated fair value of a security may be determined using valuation Schedule of Investments for the Fund. Any transactions during the periods, other than transactions with techniques that are not supported by observable market data. unlisted open-ended mutual funds, were executed through market intermediaries and under prevailing (ii) Futures and swaps contracts market terms and conditions. Futures and swaps contracts are valued at the gain or loss that would be realized upon closure of the contract. The values for such contracts fluctuate and are best determined at the settlement 2. BASIS OF PREPARATION AND PRESENTATION price established each day by the board of trade or exchange on which the contracts are traded. These annual financial statements (financial statements) have been prepared in accordance with Margin accounts represent margin deposits held with brokers in respect of open futures and International Financial Reporting Standards (IFRS), including international Accounting Standard (IAS) swaps contracts. Any change in the variation margin requirement is settled daily. Margin 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB). paid or deposited in respect of futures contracts or swaps is reflected as a receivable at fair These financial statements were prepared using the same accounting policies, critical accounting value in the Statement of Financial Position. judgements and estimates as applied in the Fund’s most recent audited annual financial statements for the year ended March 31, 2020. A summary of the Fund’s significant accounting policies under IFRS (iii) Forward contracts is presented in Note 3. Forward contracts, including forward currency contracts, are valued at the gain or loss that These financial statements are presented in Canadian dollars, which is the Fund’s functional currency, would arise as a result of closing the position at the reporting date. and rounded to the nearest thousand unless otherwise indicated. These financial statements are (iv) Options contracts prepared on a going concern basis using the historical cost basis, except for financial assets and Premiums paid for purchasing an option are recorded as an asset in the Statement of Financial liabilities that have been measured at fair value. Position and premiums received from writing options are included in the Statement of Financial These financial statements were authorized for issue by the Manager on November 12, 2020. Position as a liability. Subsequently, options contracts are adjusted daily to fair value. Standards issued but not yet effective for the current accounting year are described in Note 3. (c) Cash and cash equivalents 3. SIGNIFICANT ACCOUNTING POLICIES Cash and cash equivalents includes cash on deposit with banks and short term investments that are readily convertible to cash, are subject to an insignificant risk of changes in value, and are (a) Financial instruments used by the Fund in the management of short-term commitments. Cash and cash equivalents are The Fund classifies and measures financial instruments in accordance with IFRS 9 Financial reported at fair value which closely approximates their amortized cost due to their nature of being Instruments (IFRS 9). Upon initial recognition, financial instruments are classified as fair value highly liquid and having short terms to maturity. Bank overdraft positions are presented as bank through profit or loss (FVTPL). All financial assets and liabilities are recognized in the Statement indebtedness in current liabilities in the Statement of Financial Position. of Financial Position when the Fund becomes a party to the contractual requirements of the (d) Currency instrument. Financial instruments are derecognized when the right to receive cash flows from the instrument has expired or the Fund has transferred substantially all risks and rewards of All amounts are expressed in Canadian dollars. Foreign currency amounts have been expressed in ownership. As such, investment purchase and sale transactions are recorded as of the trade date. Canadian dollars on the following bases: Financial instruments are subsequently measured at FVTPL with changes in fair value recognized (i) Fair value of investments and other assets and liabilities at the rate of exchange at the end in the Statement of Comprehensive Income. of the periods. The cost of investments (cost) is based on the weighted average cost of investments and excludes (ii) Income, expenses, purchases and sales of investments at the rate of exchange on the dates commissions and other portfolio transaction costs, which are separately reported in the Statement of such transactions. of Comprehensive Income. Realized gains and losses on disposition including foreign exchange (e) Income recognition gains or losses on such investments, are determined based on the cost of investments. Gains and Interest income from interest bearing investments is recognized using the effective interest losses arising from changes in the fair value of the investments are included in the Statement method. Dividends are accrued as of the ex-dividend date. Dividend income and distributions of Comprehensive Income for the period in which they arise. Gains and losses realized on certain from open-ended investment funds are recognized when the Fund’s right to receive payment is derivatives, including interest rate and currency swaps, and futures are reported as Income (loss) established which is typically on the ex-dividend or distribution date. Distributions received from from derivatives within the Statement of Comprehensive Income. income trusts and open-ended investment funds are included in interest income, dividend income The Fund accounts for its holdings in unlisted open-ended investment funds (Underlying Funds) or capital gains, as appropriate, based on the best information available to the Manager. Due to and Exchange Traded Funds (ETFs) at FVTPL. The Fund has concluded that the Underlying the nature of these investments, actual allocations could vary from this information. Funds and ETFs in which it invests do not meet the definition of structured entities. The Fund’s (f) Securities lending and repurchase transactions investment in Underlying Funds and ETFs, if any, is presented in the Schedule of Investments at fair value which represents the Fund’s maximum exposure on these investments. The Fund may be permitted to enter into securities lending, repurchase and reverse repurchase transactions as set out in the Fund’s Simplified Prospectus. These transactions involve the temporary exchange of securities for collateral with a commitment to deliver the same securities on a future date. Income is earned from these transactions in the form of fees paid by the counterparty and, in certain circumstances, interest paid on cash or securities held as collateral. Income earned from these transactions is recognized on the accrual basis and included in the Statement of Comprehensive Income. Securities lending transactions are administered by The Bank of New York Mellon (the Securities Lending Agent). All the counterparties have a sufficient, approved credit rating based on ratings provided by external credit rating agencies, and the value of cash or securities held as collateral must be at least 102% of the fair value of the securities loaned, sold or purchased. The value of securities loaned and collateral received from securities lending as of the end of the periods, if applicable, is disclosed in Note 12. Collateral received is comprised of debt obligations of the Government of Canada and other countries, Canadian provincial and municipal governments, and financial institutions. BlackRock – IG International Equity Pool NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

3. SIGNIFICANT ACCOUNTING POLICIES (continued) (c) Estimations of fair value (g) Redeemable securities The Fund may, from time to time, hold investments that are not quoted in active markets, such The Fund’s redeemable securities entitle securityholders the right to redeem their interest in the as unlisted securities or private securities. To estimate fair value, the Manager uses valuation Fund for cash equal to their proportionate share of the net asset value of the Fund, amongst other techniques that make use of observable data, to the extent practicable. The Fund categorizes the contractual rights. These redeemable securities involve multiple contractual obligations on the fair value of its assets and liabilities into three categories, which are differentiated based on the part of the Fund and therefore meet the criteria for classification as financial liabilities. The Fund’s observable nature of the inputs and extent of estimation required. obligation for net assets attributable to securityholders is measured at FVTPL, with fair value being Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. the redemption amount as of the reporting date. The fair value of net assets presented in the Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly financial statements is consistent with the net asset values calculated in accordance with securities or indirectly. Examples of Level 2 valuations include quoted prices for similar securities, regulations for the purchase and redemption of the Fund’s redeemable securities. quoted prices on inactive markets and from recognized investment dealers, and the (h) Commissions and other portfolio transaction costs application of factors derived from observable data to non-North American quoted prices Commissions and other portfolio transaction costs are costs incurred to acquire, dispose or in order to estimate the impact of differences in market closing times. The estimated fair otherwise transact financial assets or liabilities. They include fees and commissions paid to values for these securities may be different from the values that would have been used agents, exchanges, brokers and dealers, and other intermediaries. had a ready market for the investment existed. (i) Increase (decrease) in net assets attributable to securityholders from operations Level 3 – Inputs that are not based on observable market data. Various valuation techniques are utilized, depending on each situation. These methods and procedures may include, but Increase (decrease) in net assets attributable to securityholders from operations per security for are not limited to, performing comparisons with prices of comparable or similar securities, a series in the Statement of Comprehensive Income represents the weighted average increase obtaining relevant information from issuers and/or other analytical data relating to the (decrease) in net assets attributable to securityholders from operations for the series, per security investment, and recent arm’s length transactions. Key inputs and assumptions used are outstanding during the period. usually security specific and may include estimated discount rates, credit risk, volatility, (j) Offsetting correlations, and future cash flows. Changes in key inputs and assumptions could affect the reported fair value of these financial instruments held by the Fund. The estimated fair Financial assets and liabilities are offset and the net amount reported in the Statement of values for these securities may be significantly different from the values that would have Financial Position only when there is a legally enforceable right to offset the recognized amounts been used had a ready market for the investment existed. and there is an intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. In the normal course of business, the Fund enters into various master netting See Note 12 for the fair value classifications of the Fund. agreements or similar agreements that do not meet the criteria for offsetting in the Statement of (d) Structured entities Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts. In determining whether unlisted open-ended investment funds or ETFs in which the Fund invests, but that it does not consolidate, meet the definition of a structured entity, the Manager is required Note 12 presents the amounts, if any, subject to master netting arrangements or other similar to make significant judgments about whether the Underlying Funds or ETFs have the typical agreements and the net impact to the Statements of Financial Position if all such rights were exercised. characteristics of a structured entity. The Manager has assessed the characteristics of the (k) Future accounting changes Underlying Funds and ETFs and has concluded that they do not meet the definition of a structured entity because the Fund does not have contracts or financing arrangements with the Underlying The Fund has determined there are no material implications to the Fund’s financial statements Funds or ETFs and does not have an ability to influence the activities of the Underlying Funds or arising from IFRS issued but not yet effective. ETFs or the return it receives from its investment. 4. USE OF ACCOUNTING JUDGMENTS AND ESTIMATES 5. FEES AND OTHER EXPENSES The preparation of financial statements in accordance with IFRS requires judgments, estimates (a) The Fund is responsible for the payment of certain expenses related to its operation including and assumptions that affect the application of accounting policies and reported amounts of assets taxes (including but not limited to GST/HST and income tax), transaction costs related to the and liabilities at the reporting date and the reported amounts of income and expenses during the purchase and sale of investments and derivatives, interest and borrowing costs, and Independent period. However, existing circumstances and assumptions may change due to market changes or Review Committee (IRC) costs. circumstances arising beyond the control of the Fund. Such changes are reflected in the assumptions when they occur. (b) The Manager provides or arranges for the provision of investment and advisory services, and The duration and long-term impact of the novel coronavirus (COVID-19) pandemic on businesses administrative services. The Trustee is responsible for the overall direction and management of and markets, and the extent of additional economic relief measures which may be offered by some the Fund. governments and central banks, are unknown at the reporting date. The Manager uses judgment (c) GST/HST paid by the Fund on its expenses is not recoverable. In these financial statements, in assessing the impact from such events on the assumptions and estimates applied in reporting reference to GST/HST includes QST (Quebec sales tax), as applicable. the assets and liabilities in the Fund’s financial statements at September 30, 2020. However, this (d) Other expenses are comprised of bank charges and other miscellaneous expenses. uncertainty means it is impossible to reliably estimate the impact on the financial results and position of the Fund in future periods. (e) The Manager may, at its discretion, pay certain expenses of a Fund so that the Fund’s performance remains competitive; however, there is no assurance that this will occur in the future. Any The following discusses the most significant accounting judgments and estimates made in preparing expenses absorbed by the Manager during the periods have been reported in the Statements of the financial statements: Comprehensive Income. (a) Functional currency (f) Investment in Underlying Funds will be in series that do not pay fees. The ETFs into which the The Fund’s functional and presentation currency is the Canadian dollar, which is the currency Fund may invest may have their own fees and expenses which reduce the value of the ETF. considered to most faithfully represent the economic effects of the Fund’s underlying transactions, Generally, the Manager has determined that fees paid by an ETF are not duplicative with the fees events and conditions taking into consideration the manner in which securities are issued and paid by the Fund. However, where the ETF is managed by Mackenzie Financial Corporation, the ETF redeemed and how returns and performance by the Fund are measured. may distribute a fee rebate to the Fund to offset fees paid within the ETF. There is no assurance (b) Classification of financial instruments that these distributions will continue in the future. In classifying and measuring financial instruments held by the Fund, the Manager is required to make significant judgments in determining the most appropriate classification in accordance with 6. INCOME TAXES IFRS 9. The Manager has assessed the Fund’s business model, the manner in which all financial As a unit trust, the Fund, under the provisions of the Income Tax Act (Canada), is subject to tax on its assets and financial liabilities are managed and performance evaluated as a group on a fair income including net realized capital gains, which is not paid or payable to its securityholders. The value basis, and concluded that FVTPL in accordance with IFRS 9 provides the most appropriate Fund maintains a December year-end for tax purposes. The Fund may be subject to withholding taxes measurement and presentation of the Fund’s financial assets and financial liabilities. on foreign income. In general, the Fund treats withholding tax as a charge against income for tax purposes. The Fund will distribute sufficient amounts from net income for tax purposes, as required, so that the Fund will not pay income taxes. See Note 12 for the losses that were available to offset future income for tax purposes as at the last taxation year-end. The net capital losses can be carried forward indefinitely to reduce future realized capital gains. The non-capital losses may be utilized to reduce taxable income of future years and expire in December of the years indicated. BlackRock – IG International Equity Pool NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

7. COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (d) Interest rate risk The total brokerage commissions incurred by the Fund in connection with portfolio transactions for Interest rate risk arises on interest-bearing financial instruments. The Fund is exposed to the the periods, together with other transaction charges, is disclosed in the Statements of Comprehensive risk that the value of interest-bearing financial instruments will fluctuate due to changes in Income. Brokerage business is allocated to brokers based on the best net result for the Fund. Subject the prevailing levels of market interest rates. Generally, these securities increase in value when to this criteria, commissions may be paid to brokerage firms which provide (or pay for) certain interest rates fall and decrease in value when interest rates rise. services, other than order execution, which may include investment research, analysis and reports, and If significant, Note 12 summarizes the Fund’s interest-bearing financial instruments by remaining databases or software in support of these services. Where applicable and ascertainable, the value of term to maturity and illustrates the potential impact to the Fund’s net assets had prevailing third-party services that were paid for by brokers during the periods is disclosed in Note 12. The value interest rates increased or decreased by 1%, assuming a parallel shift in the yield curve, all of certain proprietary services provided by brokers cannot be reasonably estimated. other variables held constant. The Fund’s sensitivity to interest rate changes was estimated using weighted average duration, and a valuation model that estimates the impact to the fair 8. GUARANTEES AND INDEMNITIES value of mortgages based on changes in prevailing interest rates in a manner consistent with Agreements between the individual members of the Fund’s IRC and the Trustee, on behalf of the Fund, the valuation policy for mortgages. In practice, the actual trading results may differ and the provides for the indemnification of each IRC member by the Fund from and against liabilities and costs difference could be material. in respect of any action or suit against the member by reason of being or having been a member of the The Fund’s sensitivity to interest rate risk illustrated in Note 12 includes potential indirect impacts IRC, provided that the member acted honestly and in good faith with a view to the best interest of the from Underlying Funds and ETFs in which the Fund invests, and/or derivative contracts. Cash Fund, or, in the case of a criminal or administrative action or proceeding that is enforced by a monetary and cash equivalents and other money market instruments are short term in nature and are not penalty, that they had reasonable grounds for believing that his/her conduct was lawful. No claims generally subject to significant amounts of interest rate risk. with respect to such occurrences have been made and, as such, no amount has been recorded in these financial statements with respect to these indemnifications. (e) Credit risk Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an 9. CAPITAL MANAGEMENT obligation or commitment that it has entered into with the Fund. Note 12 summarizes the Fund’s The capital structure of the Fund consists of redeemable securities. The net capital received by the exposure, if significant, to credit risk. Indirect exposure to credit risk may arise from fixed- Fund is managed in accordance with the investment objective and strategies of the Fund and to income securities, such as bonds, held by Underlying Funds and ETFs, if any. The fair value maintain adequate liquidity to meet securityholder redemption requests. The Fund is not subject to of fixed-income securities held by Underlying Funds and ETFs includes consideration of the externally imposed capital requirements and has no legal restrictions on the issue or redemption of creditworthiness of the issuer. securities beyond those included in the Fund’s prospectus. Securities issued, reinvested and redeemed All transactions in listed securities are settled/paid for upon delivery using approved third-party during the periods are reflected in the Statements of Changes in Financial Position. brokers. The risk of default is considered minimal, as delivery of investments sold by the Fund is only made once the broker has received payment. Payment is made by the Fund on a purchase only 10. FINANCIAL INSTRUMENT RISK once the investments have been received by the broker. The Fund’s investment activities expose it to a variety of financial risks. See the Schedule of The carrying amount of investments represents the maximum credit risk exposure. The carrying Investments for additional information about the securities, Underlying Funds and ETFs, if any, held amount of other assets also represents the maximum credit risk exposure, as they will be settled by the Fund as at the end of the period. Where significant, Note 12 presents the Fund’s exposure, in the short term. directly and, if applicable, indirectly through investments in Underlying Funds, ETFs and/or derivative The Fund may enter into securities lending transactions with counterparties whereby the Fund contracts, to financial instrument risks, as indicated below. temporarily exchanges securities for collateral with a commitment by the counterparty to deliver (a) Risk management the same securities on a future date. Credit risk associated with these transactions is considered The Manager seeks to minimize potential adverse effects of financial instrument risks on the minimal as all counterparties have a sufficient, approved credit rating and the value of cash or Fund’s performance by employing professional, experienced portfolio advisors, daily monitoring securities held as collateral must be at least 102% of the fair value of the investments loaned. of the Fund’s positions and market events, and diversifying the investment portfolio within the (f) Other price risk constraints of the investment objective. To assist in managing risk, the Manager also uses internal guidelines that identify the target exposures for each type of risk, maintains a governance Other price risk is the risk that the value of financial instruments will fluctuate as a result of structure that oversees the Fund’s investment activities and monitors compliance with the Fund’s changes in market prices (other than those arising from interest rate or currency risk), whether stated investment strategy, internal guidelines and securities regulations. caused by factors specific to an individual investment, its issuer or other factors affecting all instruments traded in a market or market segment. All investments present a risk of loss of (b) Liquidity risk capital. The Manager moderates this risk through a careful selection of securities and other Liquidity risk arises when the Fund encounters difficulty in meeting its financial obligations as they financial instruments within the parameters of the investment strategies. Except for certain come due. The Fund is exposed to liquidity risk due to potential daily cash redemptions of redeemable derivative contracts, the maximum risk resulting from financial instruments is equivalent to their securities. In order to monitor the liquidity of its assets, the Fund utilizes a liquidity risk management fair value. The maximum risk of loss on certain derivative contracts such as forwards, swaps and program that calculates the number of days to convert the investments held by the Fund into cash futures contracts is equal to their notional values. In the case of written call (put) options and using a multi-day liquidation approach. This liquidity risk analysis assesses the Fund’s liquidity futures contracts sold short, the maximum loss to the Fund increases, theoretically without limit, against predetermined minimum liquidity percentages, established for different time periods, and as the fair value of the underlying security increases (decreases). However, these instruments are is monitored quarterly. In addition, the Fund has the ability to borrow up to 5% of its net assets for generally used within the overall investment management process to manage the risk from the the purposes of funding redemptions. In order to comply with securities regulations, the Fund must underlying investments and do not typically increase the overall risk of loss to the Fund. maintain at least 90% of its assets in liquid investments (i.e., investments that can be readily sold). Other price risk typically arises from exposure to equity and commodity securities. If significant, (c) Currency risk Note 12 illustrates the potential increase or decrease in the Fund’s net assets, had the prices on the respective exchanges for these securities increased or decreased by 10%, all other variables held Currency risk is the risk that financial instruments which are denominated or exchanged in a constant. In practice, the actual trading results may differ and the difference could be material. currency other than the Canadian dollar, which is the Fund’s functional currency, will fluctuate due to changes in exchange rates. Generally, foreign denominated investments increase in value The Fund’s sensitivity to other price risk illustrated in Note 12 includes potential indirect impacts when the value of the Canadian dollar (relative to foreign currencies) falls. Conversely, when the from Underlying Funds and ETFs in which the Fund invests, and/or derivative contracts. value of the Canadian dollar rises relative to foreign currencies, the values of foreign denominated In addition, if the Fund invests in Investors Real Property Fund, the Fund is exposed to the risk that the investments fall. value of the Underlying Fund could change as a result of changes in the valuation of real properties. Note 12 indicates the foreign currencies, if applicable, to which the Fund had significant exposure, Valuations of real properties are sensitive to changes in capitalization rates. Note 12 also indicates the including both monetary and non-monetary financial instruments, and illustrates the potential Fund’s sensitivity, if any, to a 25 basis point change in the weighted average capitalization rates. impact, in Canadian dollar terms, to the Fund’s net assets had the Canadian dollar strengthened or weakened by 5% relative to all foreign currencies, all other variables held constant. In practice, the actual trading results may differ, and the difference could be material. The Fund’s sensitivity to currency risk illustrated in Note 12 includes potential indirect impacts from Underlying Funds and ETFs in which the Fund invests, and/or derivative contracts including forward currency contracts. Other financial assets and liabilities (including dividends and interest receivable, and receivables/payables for investments sold/purchased) that are denominated in foreign currencies do not expose the Fund to significant currency risk. BlackRock – IG International Equity Pool NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

11. OTHER INFORMATION (a) Abbreviations Foreign currencies, if any, are presented in these financial statements using the following abbreviated currency codes:

Currency Currency Code Description Code Description

AUD Australian dollars MXN Mexican peso BRL Brazilian real MYR Malaysian ringgit CAD Canadian dollars NGN Nigerian naira CHF Swiss franc NOK Norwegian krona CKZ Czech koruna NTD New Taiwan dollar CLP Chilean peso NZD New Zealand dollars CNY Chinese yuan PEN Peruvian nuevo sol COP Colombian peso PHP Philippine peso DKK Danish krone PLN Polish zloty EUR Euro RON Romanian leu GBP United Kingdom pounds RUB Russian ruble HKD Hong Kong dollars SEK Swedish krona HUF Hungarian forint SGD Singapore dollars IDR Indonesian rupiah THB Thailand baht ILS Israeli sheqel TRL Turkish lira INR Indian rupee USD United States dollars JPY Japanese yen ZAR South African rand KOR South Korean won ZMW Zambian kwacha

(b) Additional information available A copy of the Fund’s current Simplified Prospectus, Annual Information Form and/or Management Report of Fund Performance, will be provided, without charge, by writing to: Investors Group Financial Services Inc., 447 Portage Avenue, Winnipeg, Manitoba, R3B 3H5 or, in Quebec, 2001, Robert-Bourassa Boulevard, Bureau 2000, Montreal, Quebec, H3A 2A6, or by calling toll-free 1-888-746-6344 (in Quebec 1-800-661-4578), or by visiting the IG Wealth Management website at www.ig.ca or SEDAR at www.sedar.com. Copies of financial statements for all IG Wealth Management Funds are also available upon request or by visiting the IG Wealth Management website at www.ig.ca or SEDAR at www.sedar.com. BlackRock – IG International Equity Pool NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

12. FUND SPECIFIC INFORMATION (a) Fund and series information

Date Formation operations Management Service Administration Trustee Series date commenced fee (%) fee (%) fee (%) fee (%) Series P October 9, 2018 September 12, 2019 - - - -

The fee rates in the table above are rounded to two decimals. Date operations commenced are shown if within 10½ years.

The Fund aims to provide long-term capital growth by investing primarily in a diversified selection of large capitalization equity securities from Europe, Australia, Asia and the Far East. The Manager has engaged BlackRock Asset Management Canada Limited as sub-advisor to assist in investment management and trade execution for the Fund.

(b) Income tax losses ($ 000)

Total Total Expiration year for non-capital losses capital loss non-capital loss 2026 2027 2028 2029 2030 after 2030 ------

(c) Commissions

for the six-month periods ended ($ 000)

September 30, 2020 9

September 30, 2019 -

(d) Securities lending

Value of Value of securities collateral loaned received as at ($ 000) ($ 000)

September 30, 2020 18,518 19,728

March 31, 2020 1,465 1,619

September 30, 2020 September 30, 2019 for the six-month period ended ($ 000) (%) ($ 000) (%) Gross securities lending income 16 100.0 - - Tax withheld - (1.2) - - 16 98.8 - - Payments to securities lending agents (3) (17.8) - - Securities lending income 13 81.0 - -

(e) Financial instrument risk i) Currency risk The tables below summarize the Fund’s exposure to currency risk.

September 30, 2020 Cash Margin on Impact on net assets and cash derivative Derivative Net Investments equivalents contracts instruments exposure Strengthened by 5% Weakened by 5% Currency ($ 000) ($ 000) ($ 000) ($ 000) ($ 000) ($ 000) (%) ($ 000) (%) Euro 69,129 (578) - - 68,551 Japanese yen 56,767 239 - - 57,006 United Kingdom pounds 26,140 (141) - - 25,999 Swiss franc 19,603 272 - - 19,875 Australian dollars 14,296 120 - - 14,416 Swedish krona 8,459 148 - - 8,607 Hong Kong dollars 5,382 13 - - 5,395 Danish krone 3,639 (29) - - 3,610 United States dollars 310 1,418 40 (53) 1,715 Other 3,312 139 - - 3,451 Total 207,037 1,601 40 (53) 208,625 As percent of net assets (%) 99.3 Total currency rate sensitivity on direct holdings (10,431) (5.0) 10,431 5.0 Currency rate sensitivity arising from Underlying Funds and ETFs - - - - Total sensitivity to currency rate changes (10,431) (5.0) 10,431 5.0 BlackRock – IG International Equity Pool NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

12. FUND SPECIFIC INFORMATION (e) Financial instrument risk i) Currency risk (continued)

March 31, 2020 Cash Margin on Impact on net assets and cash derivative Derivative Net Investments equivalents contracts instruments exposure Strengthened by 5% Weakened by 5% Currency ($ 000) ($ 000) ($ 000) ($ 000) ($ 000) ($ 000) (%) ($ 000) (%) Euro 52,088 568 58 235 52,949 Japanese yen 43,220 612 38 97 43,967 United Kingdom pounds 24,363 567 (98) 87 24,919 Swiss franc 18,093 (112) - - 17,981 Australian dollars 11,116 898 12 14 12,040 Hong Kong dollars 5,554 - - - 5,554 Swedish krona 5,027 (169) - - 4,858 Danish krone 3,639 (59) - - 3,580 Singapore dollars 1,590 344 - - 1,934 Other 2,647 1,673 - - 4,320 Total 167,337 4,322 10 433 172,102 As percent of net assets (%) 98.8 Total currency rate sensitivity on direct holdings (8,605) (4.9) 8,605 4.9 Currency rate sensitivity arising from Underlying Funds and ETFs - - - -

Total sensitivity to currency rate changes (8,605) (4.9) 8,605 4.9

ii) Interest rate risk As at September 30, 2020 and March 31, 2020, the Fund did not have a significant exposure to interest rate risk. iii) Credit risk As at September 30, 2020 and March 31, 2020, the Fund did not have a significant exposure to credit risk. iv) Other price risk The table below summarizes the Fund’s exposure to other price risk.

Increase by 10% Decrease by 10% Impact on net assets ($ 000) (%) ($ 000) (%)

September 30, 2020 20,950 10.0 (20,950) (10.0)

March 31, 2020 17,381 10.0 (17,381) (10.0)

(f) Fair value of investments The tables below summarize the fair value of the Fund’s investments using the fair value categories described in Note 4.

as at September 30, 2020 ($ 000) Level 1 Level 2 Level 3 Total Bonds - - - - Mutual funds - - - - Exchange Traded Funds - - - - Equities 166 206,871 - 207,037 Short-term investments - - - - Derivative assets - - - - Derivative liabilities (53) - - (53) Total 113 206,871 - 206,984

as at March 31, 2020 ($ 000) Level 1 Level 2 Level 3 Total Bonds - - - - Mutual funds - - - - Exchange Traded Funds - - - - Equities 290 167,047 - 167,337 Short-term investments - - - - Derivative assets 433 - - 433 Derivative liabilities - - - - Total 723 167,047 - 167,770

In accordance with the Fund’s valuation policy, the Fund applies fair value adjustment factors to the quoted market prices for non-North American equities when North American intraday stock market movements exceed predetermined tolerances. The adjustment factors are applied in order to estimate the impact on fair values of events occurring between the close of the non-North American stock markets and the close of business for the Fund. If fair value adjustment factors are applied, non-North American equities are classified as Level 2. Consequently, during the periods, non-North American equities frequently transferred between Level 1 (unadjusted quoted market prices) and Level 2 (adjusted market prices). As at September 30, 2020, these securities were classified as Level 2 (March 31, 2020 – Level 2). Other than as described above, there were no significant transfers between Level 1 and Level 2.