iPro le TM International Equity Private Pool

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

© Copyright Investors Group Inc. 2020TM Trademarks, including IG Wealth Management, are owned by

IGM Financial Inc. and licensed to its subsidiary corporations.

iProfileTM International Equity Private Pool

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.

STATEMENTS OF FINANCIAL POSITION

at September 30, 2020 (unaudited) with comparative figures at March 31, 2020 (in $ 000 except per security amounts)

STATEMENTS OF COMPREHENSIVE INCOME

for the six-month periods ended September 30 (unaudited) (in $ 000 except per security amounts)

See accompanying notes.

iProfileTM International Equity Private Pool INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

Sep. 30 Mar. 31

2020 2020

Assets

Current assets:

Non-derivative investments 2,503,942 2,012,683

Cash and cash equivalents 49,983 43,156

Accrued interest receivable - -

Dividends receivable 4,825 8,754

Accounts receivable for investments sold 24,430 20,044

Accounts receivable for securities issued - -

Accounts receivable from the Manager - -

Margin on derivative contracts 2,481 1,770

Derivative assets - 2,184

Other assets - -

2,585,661 2,088,591

Non-current assets:

Taxes recoverable 21 21

Other assets - -

21 21

Total assets 2,585,682 2,088,612

Liabilities

Current liabilities:

Bank indebtedness - -

Accounts payable for investments purchased 22,804 20,072

Accounts payable for securities redeemed - -

Distributions payable - -

Accrued expenses and miscellaneous payables 49 40

Dividends payable on investments sold short - -

Derivative liabilities 522 -

Taxes payable - -

Other liabilities 159 393

Total liabilities 23,534 20,505

Net assets attributable to securityholders 2,562,148 2,068,107

2020 2019

Income:

Gains (losses) on derivative and non-derivative investments:

Dividends 28,274 41,365

Interest income 49 307

Net realized gain (loss) (5,615) 4,576

Net unrealized gain (loss) 328,937 6,377

Income (loss) from derivatives 7,009 1,238

Income (loss) from short selling - -

Other 42 51

Net gain (loss) on derivative and non-derivative investments 358,696 53,914

Securities lending income 150 118

Other - -

Total income 358,846 54,032

Expenses:

Pool advisory fees 2,709 2,079

Administration fees 2,709 2,079

Audit fees - 2

Custody fees 47 115

Registration fees and expenses 111 91

Trustee fees 542 416

Securityholder reporting 107 163

Commissions and other portfolio transaction costs 1,690 1,487

Independent Review Committee costs 2 3

Other 30 12

Expenses before amounts absorbed by Manager 7,947 6,447

Expenses absorbed by Manager - -

Net expenses 7,947 6,447

Increase (decrease) in net assets attributable to securityholders

from operations before tax 350,899 47,585

Foreign withholding taxes paid (recovered) 3,599 4,764

Foreign income taxes paid (recovered) - -

Income tax paid (recovered) - -

Increase (decrease) in net assets attributable to securityholders

from operations 347,300 42,821

Net assets attributable to securityholders

per security per series

Sep. 30 Mar. 31 Sep. 30 Mar. 31

2020 2020 2020 2020

Series I 10.79 9.27 2,085,126 1,686,035

Series P 15.22 13.04 470,046 376,228

Series Ti 8.59 7.73 6,976 5,844

2,562,148 2,068,107

Increase (decrease) in net assets attributable to securityholders from operations

per security per series

2020 2019 2020 2019

Series I 1.51 0.26 282,381 33,167

Series P 2.17 0.41 63,979 9,511

Series Ti 1.25 0.21 940 143

347,300 42,821


TOTAL SERIES I SERIES P SERIES Ti

a2020 b2019 a2020 b2019 a2020 b2019 a2020 b2019

Net assets attributable to securityholders, beginning of period 2,068,107 1,667,560 1,686,035 1,324,082 376,228 337,450 5,844 6,028

Increase (decrease) in net assets attributable to securityholders resulting from:

Operations 347,300 42,821 282,381 33,167 63,979 9,511 940 143

Distributions:

Income (49) (90) - - - - (49) (90)

Capital gains - - - - - - - -

Return of capital (250) (147) - - - - (250) (147)

Pool advisory fee rebates - - - - - - - -

Total distributions (299) (237) - - - - (299) (237)

Security transactions:

Proceeds from sale of securities 267,351 424,044 223,309 373,841 42,805 48,817 1,237 1,386

Proceeds from securities issued on merger - - - - - - - -

Reinvested from distributions 69 81 - - - - 69 81

Payment on redemption of securities (120,380) (86,225) (106,599) (82,556) (12,966) (2,708) (815) (961)

Total security transactions 147,040 337,900 116,710 291,285 29,839 46,109 491 506

Increase (decrease) in assets attributable to securityholders 494,041 380,484 399,091 324,452 93,818 55,620 1,132 412

Net assets attributable to securityholders, end of period 2,562,148 2,048,044 2,085,126 1,648,534 470,046 393,070 6,976 6,440

Increase (decrease) in securities outstanding (in thousands):

Securities outstanding, beginning of period 181,869 124,670 28,856 22,596 756 643

Add (deduct):

Securities sold 21,770 34,547 2,931 3,203 146 146

Securities issued on merger - - - - - -

Reinvested from distributions - - - - 8 9

Securities redeemed (10,320) (7,642) (897) (179) (98) (102)

Securities outstanding, end of period 193,319 151,575 30,890 25,620 812 696

STATEMENTS OF CHANGES IN FINANCIAL POSITION

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



STATEMENTS OF CASH FLOWS

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


a2020 b2019

Cash flows from operating activities

Increase (decrease) in net assets attributable to securityholders from operations 347,300 42,821

Less non-cash impact of:

Net realized (gain) loss 5,615 (4,576)

Change in net unrealized (gain) loss (328,937) (6,377)

Adjustments for:

Proceeds from sale and maturity of investments 1,164,965 685,992

Purchases of investments (1,331,863) (1,032,757)

(Increase) decrease in accounts receivable and other assets 3,218 333

Increase (decrease) in accounts payable and other liabilities (225) (29)

Net cash provided by (used in) operating activities (139,927) (314,593)

Cash flows from financing activities:

Proceeds from securities issued 267,154 425,342

Proceeds from securities issued on merger - -

Payments on redemption of securities (120,183) (86,009)

Distributions paid net of reinvestments (230) (156)

Net cash provided by (used in) financing activities 146,741 339,177

Increase (decrease) in cash and cash equivalents 6,814 24,584

Cash and cash equivalents at beginning of period 43,156 46,365

Effect of exchange rate fluctuations on cash and cash equivalents 13 (63)

Cash and cash equivalents, end of period 49,983 70,886

Cash 49,983 70,886

Cash equivalents - -

Bank indebtedness - -

49,983 70,886

Supplementary disclosures on cash flow from operating activities:

Dividends received net of withholding taxes 28,604 37,144

Interest received net of withholding taxes 49 307

Interest paid - -


1 This fund is managed by the Manager of the Fund.

MUTUAL FUNDS1 IG Mackenzie International Small Cap Fund Series F Multinational Mutual Funds 23,034,575 253,218 262,652

EXCHANGE TRADED FUNDSiShares Core MSCI EAFE ETF Multinational Exchange Traded Funds 16,596 1,323 1,332EQUITIESA.P. Moller – Maersk AS Class B Denmark Industrials 4,141 6,401 8,740Abcam PLC United Kingdom Health Care 19,970 459 420ABN AMRO Group NV Netherlands Financials 459,654 7,764 5,116Accor SA France Consumer Discretionary 130,959 7,544 4,876Adecco Group SA Switzerland Industrials 118,562 8,980 8,340Adidas AG Germany Consumer Discretionary 37,558 12,834 16,182Aena SA Spain Industrials 2,512 459 466Aeroports de Paris France Industrials 138 19 18Ageas Belgium Financials 77,944 5,252 4,234AIA Group Ltd. Hong Kong Financials 2,044,600 23,282 26,816AIB Group PLC Ireland Financials 1,110,696 3,017 1,517Air Liquide SA France Materials 24,115 5,255 5,094Airbus SE France Industrials 5,735 625 554Aisin Seiki Co. Ltd. Japan Consumer Discretionary 9,900 404 421Aker Carbon Capture AS Norway Industrials 11 - -Aker Offshore Wind Holding AS Norway Industrials 11 - -Aker Solutions ASA Norway Energy 15 - -Akzo Nobel NV Netherlands Materials 39,603 4,923 5,339Alcon Inc. Switzerland Health Care 23,151 1,728 1,750Alfa Laval AB Sweden Industrials 42,515 1,343 1,250Allianz SE Reg. Germany Financials 45,797 12,320 11,694Alstom SA France Industrials 15,102 1,081 1,001Alstria Office Real Estate Investment Trust-AG Germany Real Estate 60,492 1,189 1,120Altice NV Class A Netherlands Communication Services 6,537 33 42Amada Holdings Co. Ltd. Japan Industrials 48,800 496 609Amplifon SPA Italy Health Care 2,384 87 113Amundi SA France Financials 6,239 643 585Andritz AG Austria Industrials 685 31 28Anglo American PLC United Kingdom Materials 189,456 6,696 6,094Anheuser-Busch InBev NV Belgium Consumer Staples 4,048 296 291Anritsu Corp. Japan Information Technology 25,800 753 785Aozora Bank Ltd. Japan Financials 12,700 295 281ARC Resources Ltd. Canada Energy 154,652 1,053 920Argenx SE Netherlands Health Care 2,074 605 727Aristocrat Leisure Ltd. Australia Consumer Discretionary 133,797 3,499 3,843Asahi Group Holdings Ltd. Japan Consumer Staples 114,800 5,365 5,324Asahi Kasei Corp. Japan Materials 83,600 806 972Ascendas Real Estate Investment Trust Singapore Real Estate 189,800 597 603Ashmore Group PLC United Kingdom Financials 26,398 198 162ASML Holding NV Netherlands Information Technology 91,959 27,933 45,137Assa Abloy AB B Sweden Industrials 85,892 2,435 2,670Assicurazioni Generali SPA Italy Financials 475,072 11,067 8,906Astellas Pharma Inc. Japan Health Care 74,000 1,672 1,467AstraZeneca PLC United Kingdom Health Care 73,799 9,087 10,700ASX Ltd. Australia Financials 23,297 1,856 1,817Atlas Copco AB A Sweden Industrials 311,193 15,296 19,727Atlas Copco AB B Sweden Industrials 86,028 4,377 4,774Aurubis AG Germany Materials 893 83 81Australia and New Zealand Banking Group Ltd. Australia Financials 12,223 203 202Auto Trader Group PLC United Kingdom Communication Services 261,553 2,220 2,520AXA SA France Financials 520,026 14,891 12,779Azimut Holding SPA Italy Financials 5,338 140 128Babcock International Group PLC United Kingdom Industrials 540,836 4,165 2,316Baloise Holding AG Switzerland Financials 2,019 414 395Banca Generali SPA Italy Financials 5,945 243 240Banca Mediolanum SPA Italy Financials 29,601 290 284Banca Popolare dell’Emilia Romagna SC Italy Financials 280,503 1,610 869Banco Bilbao Vizcaya Argentaria SA Spain Financials 758,467 3,811 2,790Banco De Sabadell SA Spain Financials 523,487 259 241Banco Santander SA Spain Financials 42,052 102 104Bank Leumi Le-Israel Israel Financials 60,524 568 354Bank of Ireland Group PLC Ireland Financials 797,485 4,370 1,967Bankia SA Spain Financials 24,648 43 48Banque Cantonale Vaudoise Switzerland Financials 413 57 56Barrick Gold Corp. Canada Materials 212,281 6,107 7,939Barry Callebaut AG Switzerland Consumer Staples 8 23 24BASF SE Germany Materials 47,273 3,832 3,832Bayer AG Germany Health Care 25,670 2,724 2,136

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 (continued)

SCHEDULE OF INVESTMENTS (continued)



Bayerische Motoren Werke (BMW) AG Germany Consumer Discretionary 21,864 2,007 2,113Bayerische Motoren Werke (BMW) AG Pfd. Germany Consumer Discretionary 1,344 98 98Beiersdorf AG Germany Consumer Staples 43,676 6,593 6,611Bellway PLC United Kingdom Consumer Discretionary 13,012 580 524Bendigo and Adelaide Bank Ltd. Australia Financials 303,408 1,936 1,755Benesse Holdings Inc. Japan Consumer Discretionary 42,555 1,468 1,455The Berkeley Group Holdings PLC United Kingdom Consumer Discretionary 9,383 675 680BHP Billiton Ltd. Australia Materials 863,265 27,617 29,585BHP Group PLC Australia Materials 1,505 47 43BNP Paribas SA France Financials 127,390 9,408 6,143BOC Hong Kong (Holdings) Ltd. China Financials 600,000 3,143 2,119BP PLC United Kingdom Energy 2,965,641 20,410 11,470Brambles Ltd. Australia Industrials 439,839 4,622 4,410Bridgestone Corp. Japan Consumer Discretionary 20,400 873 858British American Tobacco PLC United Kingdom Consumer Staples 132,700 6,761 6,354The British Land Co. PLC United Kingdom Real Estate 313,084 2,967 1,813BT Group PLC United Kingdom Communication Services 2,696,385 6,547 4,565CaixaBank SA Spain Financials 1,878,874 7,089 5,303Cameco Corp. Canada Energy 107,176 1,293 1,441Canon Inc. Japan Information Technology 211,076 6,836 4,665Capgemini SE France Information Technology 73,134 11,723 12,468Carlsberg AS B Denmark Consumer Staples 54,332 10,413 9,739Ceconomy AG Germany Consumer Discretionary 241,006 1,665 1,583Cellnex Telecom S.A.U Spain Communication Services 85,566 6,917 6,922Central Japan Railway Co. Japan Industrials 1,900 396 363Centrica PLC United Kingdom Utilities 2,718,251 3,800 1,869China Mobile Ltd. China Communication Services 620,115 6,893 5,307China Telecom Corp. Ltd. H China Communication Services 11,544,138 6,122 4,610China Unicom (Hong Kong) Ltd. China Communication Services 7,023,062 7,502 6,130Chiyoda Corp. Japan Industrials 149,963 666 482Chr. Hansen Holding AS Denmark Materials 16,147 2,134 2,389Christian Dior SE France Consumer Discretionary 1,796 1,003 979Chugai Pharmaceutical Co. Ltd. Japan Health Care 40,600 1,920 2,426CIMB Group Holdings BHD Malaysia Financials 1,641,974 2,513 1,626Citizen Watch Co. Ltd. Japan Information Technology 396,166 2,316 1,479CK Asset Holdings Ltd. Hong Kong Real Estate 569,214 4,602 3,698CLP Holdings Ltd. Hong Kong Utilities 214,500 2,902 2,662CNH Industrial NV United Kingdom Industrials 43,475 431 450CNP Assurances SA France Financials 72,724 1,063 1,210Coca-Cola West Co. Ltd. Japan Consumer Staples 8,300 185 185Cochlear Ltd. Australia Health Care 3,002 579 568Commonwealth Bank of Australia Australia Financials 260,641 15,454 15,865Compagnie de Saint-Gobain France Industrials 255,285 12,599 14,268Compagnie Financiere Richemont SA Switzerland Consumer Discretionary 48,522 4,381 4,326Compass Group PLC United Kingdom Consumer Discretionary 17,795 453 356CompuGroup Medical SE & Co Kga Germany Health Care 4,029 463 496ConvaTec Group PLC United Kingdom Health Care 125,393 394 385Covestro AG Germany Materials 14,585 811 964Credit Suisse Group AG Switzerland Financials 55,521 726 740CSL Ltd. Australia Health Care 23,776 5,222 6,524Cyber Agent Ltd. Japan Communication Services 10,200 646 840Dah Sing Financial Group Hong Kong Financials 11,600 57 37Dai Nippon Printing Co. Ltd. Japan Industrials 17,000 498 458Daicel Chemical Industries Ltd. Japan Materials 4,200 40 40Daifuku Co. Ltd. Japan Industrials 2,100 245 281Dai-ichi Life Holdings Inc. Japan Financials 237,233 4,687 4,458Daiichi Sankyo Co. Ltd. Japan Health Care 87,000 2,822 3,560Daikin Industries Ltd. Japan Industrials 54,300 7,966 13,331Daimler AG Germany Consumer Discretionary 174,859 10,725 12,551Dainippon Pharmaceutical Co. Ltd. Japan Health Care 4,500 75 79Daito Trust Construction Co. Ltd. Japan Real Estate 200 24 24Daiwa House Industry Co. Ltd. Japan Real Estate 72,600 2,389 2,484Daiwa Securities Group Inc. Japan Financials 15,000 87 84Danone SA France Consumer Staples 15,484 1,362 1,333Dassault Aviation SA France Industrials 1,401 1,876 1,583Dassault Systemes SA France Information Technology 25,583 5,816 6,352DBS Group Holdings Ltd. Singapore Financials 490,700 11,266 9,610Delivery Hero AG Germany Consumer Discretionary 83,744 7,263 12,823DeNA Co. Ltd. Japan Communication Services 142,137 2,672 3,493Denso Corp. Japan Consumer Discretionary 60,300 3,191 3,517Dentsu Inc. Japan Communication Services 30,200 1,162 1,188Deutsche Boerse AG Germany Financials 81,424 15,559 19,035






Diageo PLC United Kingdom Consumer Staples 623,293 30,231 28,444Dialog Semiconductor PLC United Kingdom Information Technology 590 34 34DIC Corp. Japan Materials 22,200 812 738DIP Corp. Japan Communication Services 3,100 128 85Disco Corp. Japan Information Technology 300 97 97Dongfeng Motor Group Co. Ltd. China Consumer Discretionary 5,487,084 6,076 4,575Dowa Holdings Co. Ltd. Japan Materials 700 30 27The Drilling Co. of 1972 AS Denmark Energy 5,724 368 165Duerr AG Germany Industrials 1,817 74 74Dunelm Group PLC United Kingdom Consumer Discretionary 16,139 383 385DWS Group GmbH & Co. KGaA Germany Financials 1,883 97 86E.ON SE Germany Utilities 456,644 7,055 6,716East Japan Railway Co. Japan Industrials 28,900 3,048 2,371EDF SA (Electricite de France) France Utilities 61,057 903 860EDP Renovaveis SA Spain Utilities 18,451 383 407Eisai Co. Ltd. Japan Health Care 41,313 4,286 5,019The Electric Power Development Co. Ltd. Japan Utilities 21,000 603 431Electrolux AB B Sweden Consumer Discretionary 30,202 890 938Elekta AB B Sweden Health Care 1,834 24 31Elia System Operator SA/NV Belgium Utilities 1,092 147 145Enel SPA Italy Utilities 419,720 4,641 4,851Energias de Portugal SA Portugal Utilities 198,792 1,354 1,301Engie SA France Utilities 522,217 10,406 9,291Eni SPA Italy Energy 565,815 10,058 5,892Epiroc AB Class A Sweden Industrials 156,431 2,981 3,024Epiroc AB Class B Sweden Industrials 25,150 464 466EQT AB Sweden Financials 18,948 459 488Equinor ASA Norway Energy 136,678 2,816 2,568Erste Group Bank AG Austria Financials 327,534 12,806 9,118ESR Cayman Ltd. China Real Estate 8,600 33 36EssilorLuxottica France Consumer Discretionary 7,894 1,552 1,429Eutelsat Communications SA France Communication Services 44,085 630 570Evolution Gaming Group AB Sweden Consumer Discretionary 12,966 1,204 1,142EXOR SPA Netherlands Financials 7,930 612 574Experian PLC United Kingdom Industrials 155,523 6,019 7,753Fabege AB Sweden Real Estate 40,283 675 744Fanuc Corp. Japan Industrials 56,200 13,137 14,355Fast Retailing Co. Ltd. Japan Consumer Discretionary 4,000 3,262 3,342Faurecia France Consumer Discretionary 10,931 600 628Ferguson PLC Switzerland Industrials 110,017 10,928 14,746Ferrari NV Italy Consumer Discretionary 1,126 281 274Fiat Chrysler Automobiles NV United Kingdom Consumer Discretionary 41,684 677 679Fielmann AG Germany Consumer Discretionary 900 91 96Fisher & Paykel Healthcare Corp. Ltd. New Zealand Health Care 37,563 877 1,101Flutter Entertainment PLC Ireland Consumer Discretionary 253 52 53Fuji Media Holdings Inc. Japan Communication Services 131,648 2,208 1,692FUJIFILM Holdings Corp. Japan Information Technology 23,900 1,571 1,568Fujitsu Ltd. Japan Information Technology 15,754 2,343 2,872Galapagos NV Belgium Health Care 1,891 515 358Gas Natural SDG SA Spain Utilities 29,594 750 790Gazprom OAO ADR Russia Energy 540,012 4,987 3,128Gecina SA France Real Estate 1,040 178 183Genmab AS Denmark Health Care 3,017 978 1,458Givaudan SA Switzerland Materials 1,267 6,162 7,269Gjensidige Forsikring ASA Norway Financials 63,747 1,753 1,723GlaxoSmithKline PLC United Kingdom Health Care 937,900 25,223 23,403Glencore PLC Switzerland Materials 239,146 739 660Glory Ltd. Japan Industrials 14,000 534 416GMO Internet Inc. Japan Information Technology 900 35 31Gold Fields Ltd. ADR South Africa Materials 245,820 2,483 4,022Goodman Group Australia Real Estate 40,974 714 702Gree Inc. Japan Communication Services 326,582 1,777 2,125Grifols SA Spain Health Care 13,865 585 532Groupe Bruxelles Lambert SA Belgium Financials 2,347 319 282GVC Holdings PLC United Kingdom Consumer Discretionary 65,196 850 1,093Hamamatsu Photonics K.K. Japan Information Technology 1,000 64 67Hang Seng Bank Ltd. Hong Kong Financials 32,300 708 638Hankook Tire Co. Ltd. South Korea Consumer Discretionary 80,552 2,048 2,870Hannover Rueckversicherung SE Reg. Germany Financials 1,284 302 265Hella KGaA Hueck & Co. Germany Consumer Discretionary 6,308 355 423HelloFresh SE Germany Consumer Discretionary 9,041 640 674Henderson Land Development Co. Ltd. Hong Kong Real Estate 131,870 774 648






Hermes International France Consumer Discretionary 5,885 6,582 6,753Hino Motors Ltd. Japan Industrials 482,603 4,294 4,164Hitachi Capital Corp. Japan Financials 200 6 6Hitachi Ltd. Japan Information Technology 30,500 1,399 1,372Hitachi Transport System Ltd. Japan Industrials 700 31 30HKT Trust and HKT Ltd. Hong Kong Communication Services 27,000 47 48Hochtief AG Germany Industrials 1,253 149 130HomeServe PLC United Kingdom Industrials 68,139 1,317 1,442Honda Motor Co. Ltd. Japan Consumer Discretionary 436,936 15,499 13,726The Hong Kong and China Gas Co. Ltd. Hong Kong Utilities 42,000 93 80Hong Kong Exchanges and Clearing Ltd. Hong Kong Financials 186,200 8,450 11,652Hongkong Land Holdings Ltd. Hong Kong Real Estate 59,800 297 297Horiba Ltd. Japan Information Technology 300 21 21House Foods Corp. Japan Consumer Staples 3,800 168 180Howden Joinery Group PLC United Kingdom Industrials 223,759 2,151 2,255Hoya Corp. Japan Health Care 98,700 12,056 14,813HSBC Holdings PLC United Kingdom Financials 395,466 3,601 2,047Hugo Boss AG Germany Consumer Discretionary 22,434 788 748Hulic Co. Ltd. Japan Real Estate 3,100 37 39Husqvarna AB-B Sweden Consumer Discretionary 12,309 168 181Iberdrola SA Spain Utilities 1,141,098 17,387 18,695IDP Education Ltd. Australia Consumer Discretionary 21,867 338 398IG Group Holdings PLC United Kingdom Financials 73,566 886 999Iluka Resources Ltd. Australia Materials 58,248 523 502Impala Platinum Holdings Ltd. South Africa Materials 83,207 1,163 963Independence Group NL Australia Materials 72,880 331 292Industria de Diseno Textil SA (Inditex) Spain Consumer Discretionary 512,359 20,617 18,962Industrivarden AB Class C Sweden Financials 2,570 89 91Infineon Technologies AG Germany Information Technology 69,427 2,430 2,614Informa PLC United Kingdom Communication Services 362,139 2,720 2,339ING Groep NV Netherlands Financials 1,767,201 25,938 16,657Innolux Corp. Taiwan Information Technology 6,410,403 2,412 2,787INPEX Corp. Japan Energy 518,060 6,363 3,690Insurance Australia Group Ltd. Australia Financials 554,128 2,726 2,323Interpump Group SPA Italy Industrials 24,113 1,013 1,192Intertek Group PLC United Kingdom Industrials 82,927 7,522 8,986Investor AB Sweden Financials 376 33 33ISS AS Denmark Industrials 3,572 71 63Isuzu Motors Ltd. Japan Consumer Discretionary 363,373 4,164 4,239ITOCHU Corp. Japan Industrials 63,100 1,965 2,148ITV PLC United Kingdom Communication Services 474,206 727 548J Sainsbury PLC United Kingdom Consumer Staples 1,748,281 6,285 5,725J. Front Retailing Co. Ltd. Japan Consumer Discretionary 2,000 18 19Japan Post Bank Co. Ltd. Japan Financials 49,500 511 515Japan Post Holdings Co. Ltd. Japan Financials 496,400 4,817 4,508Japan Post Insurance Co. Ltd. Japan Financials 7,600 156 159Japan Tobacco Inc. Japan Consumer Staples 115,500 2,909 2,808Jardine Cycle & Carriage Ltd. Singapore Consumer Discretionary 34,600 633 611JCDecaux SA France Communication Services 9,475 216 219JCR Pharmaceuticals Co. Ltd. Japan Health Care 800 28 31JD Sports Fashion PLC United Kingdom Consumer Discretionary 52,056 649 726JGC Corp. Japan Industrials 281,842 5,094 3,898Johnson Matthey PLC United Kingdom Materials 21,144 846 852JSR Corp. Japan Materials 45,197 1,163 1,427JTEKT Corp. Japan Consumer Discretionary 28,700 419 299Julius Baer Group Ltd. Switzerland Financials 48,221 3,094 2,736Just Eat Takeaway Netherlands Consumer Discretionary 10,321 1,511 1,539JXTG Holdings Inc. Japan Energy 241,500 1,396 1,148Kajima Corp. Japan Industrials 82,000 1,306 1,308Kakaku.com Inc. Japan Communication Services 10,300 347 363Kaken Pharmaceutical Co. Ltd. Japan Health Care 800 50 49Kamigumi Co. Ltd. Japan Industrials 4,300 116 113Kaneka Corp. Japan Materials 15,400 664 576Kansai Paint Co. Ltd. Japan Materials 19,400 619 642Kao Corp. Japan Consumer Staples 153,200 15,434 15,307Kasikornbank PCL NVDR Thailand Financials 1,091,206 5,424 3,549Kawasaki Heavy Industries Ltd. Japan Industrials 3,300 63 59KAZ Minerals PLC Kazakhstan Materials 1,965 20 18KB Financial Group Inc. South Korea Financials 133,006 5,848 5,729KBC Groep NV Belgium Financials 89,275 8,271 5,951KDDI Corp. Japan Communication Services 199,800 7,389 6,729Kering France Consumer Discretionary 14,342 11,430 12,684






Kerry Group PLC A Ireland Consumer Staples 1,426 223 244Kerry Properties Ltd. Hong Kong Real Estate 82,500 443 281Kesko OYJ Finland Consumer Staples 57,209 1,519 1,964Keyence Corp. Japan Information Technology 57,700 22,549 35,804Kingfisher PLC United Kingdom Consumer Discretionary 1,761,456 6,798 8,968Kingspan Group PLC Ireland Industrials 11,382 924 1,378Kinnevik AB Class B Sweden Financials 25,148 876 1,356Kinross Gold Corp. Canada Materials 338,851 2,675 3,979Kirin Holdings Co. Ltd. Japan Consumer Staples 19,300 488 483Klepierre France Real Estate 7,209 165 135Knorr-Bremse AG Germany Industrials 6,599 1,034 1,038Koito Manufacturing Co. Ltd. Japan Consumer Discretionary 800 46 54Kojamo OYJ Finland Real Estate 4,250 130 121Kokuyo Co. Ltd. Japan Industrials 2,700 44 45Komatsu Ltd. Japan Industrials 312,300 9,917 9,154Konami Corp. Japan Communication Services 12,900 570 745Kone OYJ B Finland Industrials 149,249 12,686 17,466Konica Minolta Inc. Japan Information Technology 175,500 1,379 660Koninklijke Philips NV Netherlands Health Care 142,608 9,347 8,943KT Corp. ADR South Korea Communication Services 395,173 5,320 5,056Kubota Corp. Japan Industrials 481,100 9,512 11,459Kuehne + Nagel International AG Switzerland Industrials 12,802 3,099 3,304Kyocera Corp. Japan Information Technology 20,600 1,554 1,567Kyushu Railway Co. Japan Industrials 40,400 1,161 1,149L E Lundbergforetagen AB Class B Sweden Financials 18,772 1,132 1,237La Francaise des Jeux SAEM France Consumer Discretionary 8,619 418 421LafargeHolcim Ltd. Switzerland Materials 329,484 21,321 19,992Land Securities Group PLC United Kingdom Real Estate 209,688 3,317 1,881LEG Immobilien GmbH Germany Real Estate 15,899 2,932 3,021Legal & General Group PLC United Kingdom Financials 2,797,141 12,777 9,030Legrand SA France Industrials 123,504 12,011 13,125Leroy Seafood Group ASA Netherlands Consumer Staples 5,944 44 45Lifco AB Sweden Industrials 207 21 21Linde PLC Ireland Materials 35,038 7,315 11,039Line Corp. Japan Communication Services 3,200 216 217The Link Real Estate Investment Trust Hong Kong Real Estate 143,600 1,699 1,563LINTEC Corp. Japan Materials 12,000 349 372Lloyds Banking Group PLC United Kingdom Financials 5,666,177 3,691 2,561London Stock Exchange Group PLC United Kingdom Financials 97,616 8,610 14,876Lonza Group AG Switzerland Health Care 15,117 10,030 12,421L’Oreal SA France Consumer Staples 56,764 20,353 24,588Lukoil PJSC – Sponsored ADR Russia Energy 14,188 1,836 1,092LVMH Moet Hennessy Louis Vuitton SE France Consumer Discretionary 47,775 23,091 29,731M&G PLC United Kingdom Financials 51,714 131 141Macquarie Group Ltd. Australia Financials 23,196 2,743 2,654Makita Corp. Japan Industrials 151,100 7,156 9,596Man Wah Holdings Ltd. Hong Kong Consumer Discretionary 15,200 22 27Marks & Spencer Group PLC United Kingdom Consumer Discretionary 1,240,955 3,430 2,070Mazda Motor Corp. Japan Consumer Discretionary 20,800 172 162Mediaset SPA Italy Communication Services 6 - -Meggitt PLC United Kingdom Industrials 118,164 689 522Metro Wholesale & Food Specialist Germany Consumer Staples 82,285 1,395 1,094MGM China Holdings Ltd. Macau Consumer Discretionary 54,000 97 89Micro Focus International PLC United Kingdom Information Technology 91,820 739 387Mirvac Group Stapled Securities Australia Real Estate 574,423 1,211 1,198Mitsubishi Chemical Holdings Corp. Japan Materials 14,800 121 114Mitsubishi Estate Co. Ltd. Japan Real Estate 233,903 5,695 4,707Mitsubishi Heavy Industries Ltd. Japan Industrials 60,865 2,697 1,800Mitsubishi Materials Corp. Japan Materials 1,600 45 42Mitsubishi Motors Corp. Japan Consumer Discretionary 538,044 2,727 1,581Mitsubishi UFJ Financial Group Inc. Japan Financials 1,392,605 9,363 7,358Mitsubishi UFJ Lease & Finance Co. Ltd. Japan Financials 96,100 611 592Mitsui Fudosan Co. Ltd. Japan Real Estate 39,900 918 925Mizuho Financial Group Inc. Japan Financials 60,270 1,023 1,002MS&AD Insurance Group Holdings Inc. Japan Financials 49,500 1,958 1,785MTN Group Ltd. South Africa Communication Services 320,746 2,379 1,439MTR Corp. Ltd. Hong Kong Industrials 35,000 264 231Muenchener Rueckversicherungs – Gesellschaft AG (MunichRe) Germany Financials 28,198 8,847 9,530Murata Manufacturing Co. Ltd. Japan Information Technology 52,900 3,964 4,545Nankai Electric Railway Co. Ltd. Japan Industrials 700 21 21National Australia Bank Ltd. Australia Financials 422,817 7,166 7,185NEL ASA Norway Industrials 179,035 471 431

2 The issuer of this security is related to the Manager of the Fund.






Nemetschek SE Germany Information Technology 1,424 140 139Neste Oil OYJ Finland Energy 31,033 2,184 2,172Nestle SA Reg. Switzerland Consumer Staples 384,222 47,662 60,678Nexans SA France Industrials 5,789 416 445Nexon Co. Ltd. Japan Communication Services 121,300 3,663 4,011NICE-Systems Ltd. Israel Information Technology 2,515 604 758Nidec Corp. Japan Industrials 170,600 14,406 21,125Nihon Kohden Corp. Japan Health Care 12,900 536 565Nihon M&A Center Inc. Japan Industrials 1,700 126 129Nikon Corp. Japan Consumer Discretionary 299,563 4,268 2,695Nintendo Co. Ltd. Japan Communication Services 4,600 2,696 3,482Nippon Kayaku Co. Ltd. Japan Materials 1,600 20 19Nippon Paint Holdings Co. Ltd. Japan Materials 1,000 139 137Nippon Shinyaku Co. Ltd. Japan Health Care 6,100 614 670Nippon Shokubai Co. Ltd. Japan Materials 7,200 569 512Nippon Telegraph & Telephone Corp. Japan Communication Services 2,100 60 57Nippon Television Holdings Inc. Japan Communication Services 181,704 3,106 2,601Nissan Motor Co. Ltd. Japan Consumer Discretionary 640,023 4,095 3,029Nisshin Seifun Group Inc. Japan Consumer Staples 39,600 846 841Nitori Holdings Co. Ltd. Japan Consumer Discretionary 8,500 1,879 2,354Nitto Denko Corp. Japan Materials 67,160 4,700 5,830Nokia OYJ Finland Information Technology 1,220,025 6,626 6,366Nomura Holdings Inc. Japan Financials 574,806 3,803 3,491Nomura Real Estate Master Fund Inc. Japan Real Estate 89 152 149Nordea Bank ABP Sweden Financials 506,185 5,247 5,136Norsk Hydro ASA Norway Materials 1,242,970 5,215 4,554Novartis AG Reg. Switzerland Health Care 273,308 30,665 31,615Novo Nordisk AS B Denmark Health Care 360,855 24,135 33,367NS Solutions Corp. Japan Information Technology 3,100 120 127NTT Data Corp. Japan Information Technology 38,800 629 662NTT DoCoMo Inc. Japan Communication Services 72,200 2,710 3,565NWS Holdings Ltd. Hong Kong Industrials 166,000 297 169OBIC Co. Ltd. Japan Information Technology 7,600 1,773 1,781Ocado Group PLC United Kingdom Consumer Discretionary 34,577 1,612 1,628OMRON Corp. Japan Information Technology 17,800 1,623 1,846Oracle Corp. Japan Japan Information Technology 3,600 568 520Orange SA France Communication Services 200,854 2,997 2,782Orica Ltd. Australia Materials 10,164 165 150Oriental Land Co. Ltd. Japan Consumer Discretionary 17,200 3,121 3,208Orsted A/S Denmark Utilities 58,476 8,822 10,737Otsuka Holdings Co. Ltd. Japan Health Care 5,900 306 333Oversea-Chinese Banking Corp. Ltd. Singapore Financials 38,700 364 320Ovintiv Inc. United States Energy 101,343 2,012 1,104Panasonic Corp. Japan Consumer Discretionary 24,400 281 275PeptiDream Inc. Japan Health Care 7,000 416 438

2 Pernod Ricard SA France Consumer Staples 69,164 14,180 14,693Perpetual Trustees Australia Ltd. Australia Financials 28,826 861 772Persimmon PLC United Kingdom Consumer Discretionary 227,449 10,918 9,623Persol Holdings Co. Ltd. Japan Industrials 1,500 30 32Petrofac Ltd. United Kingdom Energy 15 - -Pets at Home Group PLC United Kingdom Consumer Discretionary 39,339 261 286Philips Lighting NV Netherlands Industrials 8,722 337 430Pola Orbis Holdings Inc. Japan Consumer Staples 46,900 1,526 1,179PostNL NV Netherlands Industrials 703,720 1,646 2,849Prosus NV Netherlands Consumer Discretionary 103,193 13,011 12,667Proximus SA Belgium Communication Services 15,237 411 370Prudential PLC United Kingdom Financials 477,591 12,539 9,083Prysmian SPA Italy Industrials 22,361 802 866PSA Peugeot Citroen France Consumer Discretionary 27,384 860 657PT Bank Mandiri (Persero) TBK Indonesia Financials 2,639,716 1,076 1,179Puma AG Rudolf Dassler Sport Germany Consumer Discretionary 13,916 1,553 1,669QIAGEN NV United States Health Care 18,062 1,182 1,249Raiffeisen International Bank-Holding AG Austria Financials 37,044 868 754Rakuten Inc. Japan Consumer Discretionary 111,600 1,468 1,605Ramsay Health Care Ltd. Australia Health Care 14,876 944 940Rea Group Ltd. Australia Communication Services 261 27 27Reckitt Benckiser Group PLC United Kingdom Consumer Staples 63,137 7,784 8,200Recordati SPA Italy Health Care 591 42 40Recruit Holdings Co. Ltd. Japan Industrials 311,500 14,708 16,456Relo Holdings Inc. Japan Real Estate 800 20 26RELX NV United Kingdom Industrials 394,501 11,182 11,712RELX PLC United Kingdom Industrials 40,729 1,260 1,201






Renault SA France Consumer Discretionary 167,707 6,722 5,762Rentokil Initial PLC United Kingdom Industrials 70,427 354 646Repsol SA Spain Energy 115,663 1,223 1,028Resona Holdings Inc. Japan Financials 1,068,190 5,662 4,847Rexel SA France Industrials 480,096 8,468 8,017Ricoh Co. Ltd. Japan Information Technology 19,200 183 172Rightmove PLC United Kingdom Communication Services 104,795 926 1,124Rio Tinto Ltd. Australia Materials 9,556 922 862Rio Tinto PLC United Kingdom Materials 150,021 9,535 12,058Roche Holding AG Genusscheine Switzerland Health Care 85,471 31,192 38,925Rockwool International AS Class B Denmark Industrials 846 371 432ROHM Co. Ltd. Japan Information Technology 23,500 2,088 2,416Royal Dutch Shell PLC Class A Netherlands Energy 186,230 7,376 3,070Royal Dutch Shell PLC Class B Netherlands Energy 755,300 21,863 12,171RTL Group SA Luxembourg Communication Services 61,722 3,337 3,228Rubis SCA France Utilities 431 24 23RWE AG Germany Utilities 38,936 2,037 1,943Safran SA France Industrials 72,662 10,439 9,518Saipem SPA Italy Energy 677,260 3,520 1,545Salvatore Ferragamo Italia SPA Italy Consumer Discretionary 1,347 26 26Salzgitter AG Germany Materials 29,945 687 658Samhallsbyggnadsbolaget i Norden AB Sweden Real Estate 18,182 67 73Sampo OYJ A Finland Financials 46,571 2,476 2,453Sands China Ltd. Hong Kong Consumer Discretionary 1,940,000 12,315 10,051Sankyu Inc. Japan Industrials 300 14 16Sanofi France Health Care 53,544 6,852 7,147Santen Pharmaceutical Co. Ltd. Japan Health Care 1,800 44 49Sanwa Holdings Corp. Japan Industrials 42,500 583 600SAP AG Germany Information Technology 175,221 27,668 36,322Sartorius AG Pref. Germany Health Care 2,171 1,006 1,187Sberbank of Russia ADR Russia Financials 156,600 3,232 2,432Scentre Group Australia Real Estate 351,079 740 740Schindler Holding AG Switzerland Industrials 131 47 47Schneider Electric SE France Industrials 113,241 12,608 18,709Schroders PLC United Kingdom Financials 11,147 549 517SCOR SE France Financials 60,289 2,072 2,224Scout24 AG Germany Communication Services 16,142 1,907 1,875SCSK Corp. Japan Information Technology 6,600 465 492Seek Ltd. Australia Communication Services 72,482 1,413 1,477Sega Sammy Holdings Inc. Japan Consumer Discretionary 11,100 187 180Seiko Epson Corp. Japan Information Technology 77,900 1,162 1,192Seven & I Holdings Co. Ltd. Japan Consumer Staples 201,000 8,750 8,273Sharp Corp. Japan Consumer Discretionary 8,300 140 137Shimadzu Corp. Japan Information Technology 23,400 929 950Shimamura Co. Ltd. Japan Consumer Discretionary 48,536 4,506 6,317Shimano Inc. Japan Consumer Discretionary 3,200 873 839Shin Kong Financial Holding Co. Ltd. Taiwan Financials 4,816,541 2,059 1,790Shin-Etsu Chemical Co. Ltd. Japan Materials 78,100 9,005 13,573Shinhan Financial Group Co. Ltd. South Korea Financials 150,736 5,589 4,682Shionogi & Co. Ltd. Japan Health Care 28,700 2,201 2,044The Shizuoka Bank Ltd. Japan Financials 10,100 93 93Siemens AG Germany Industrials 34,345 5,017 5,781Siemens Energy AG Germany Industrials 19,078 632 685Siemens Gamesa Renewable Energy SA Spain Industrials 23,287 733 836Siemens Healthineers AG Germany Health Care 46,119 2,753 2,757SIG Combibloc Group AG Switzerland Materials 7,697 201 206Sika AG Switzerland Materials 28,934 7,044 9,462Sinch AB Sweden Information Technology 1,287 142 140Singapore Post Ltd. Singapore Industrials 35,300 21 22Singapore Technologies Engineering Ltd. (ST Engg) Singapore Industrials 364,900 1,195 1,238Sino Land Co. Ltd. Hong Kong Real Estate 48,000 83 74SKY Perfect JSAT Holdings Inc. Japan Communication Services 12,600 69 73SMC Corp. Japan Industrials 14,142 6,883 10,480Smith & Nephew PLC United Kingdom Health Care 333,361 8,754 8,653Smiths Group PLC United Kingdom Industrials 125,726 2,362 2,944Smurfit Kappa Group PLC Ireland Materials 3,645 201 190Societe BIC SA France Industrials 658 51 46Societe Generale France Financials 379,732 12,266 6,689Sofina SA Belgium Financials 465 170 169Softbank Corp. Japan Communication Services 142,900 2,397 2,132SoftBank Group Corp. Japan Communication Services 72,900 5,054 5,993Sojitz Corp. Japan Industrials 28,600 87 86






Sonic Healthcare Ltd. Australia Health Care 698 20 22Sonova Holding AG Switzerland Health Care 120 35 41Sony Corp. Japan Consumer Discretionary 264,900 20,834 26,977South32 Ltd. Australia Materials 414,097 862 809Spirax-Sarco Engineering PLC United Kingdom Industrials 1,089 158 206SSAB AB Class A Sweden Materials 94,951 381 420SSE PLC United Kingdom Utilities 79,561 1,769 1,650Standard Chartered PLC United Kingdom Financials 864,704 8,645 5,281STMicroelectronics NV Switzerland Information Technology 40,379 1,617 1,643Stroer SE & Co. KGaA Germany Communication Services 710 78 74Sugi Holdings Co. Ltd. Japan Consumer Staples 4,300 409 405Sumitomo Chemical Co. Ltd. Japan Materials 403,400 2,016 1,778Sumitomo Corp. Japan Industrials 98,300 1,637 1,569Sumitomo Heavy Industries Ltd. Japan Industrials 900 30 28Sumitomo Mitsui Financial Group Inc. Japan Financials 354,323 15,890 13,128Sumitomo Mitsui Trust Holdings Inc. Japan Financials 181,400 8,241 6,427Sumitomo Rubber Industries Ltd. Japan Consumer Discretionary 131,200 1,726 1,620Sun Hung Kai Properties Ltd. Hong Kong Real Estate 76,000 1,291 1,297Suncorp Group Ltd. Australia Financials 44,626 375 361Suntory Beverage & Food Ltd. Japan Consumer Staples 43,400 2,387 2,172Svenska Cellulosa AB (SCA) B Sweden Materials 41,776 740 763Svenska Handelsbanken AB A Sweden Financials 749,548 10,640 8,385Sweco AB Sweden Industrials 441 33 33Swedbank AB Sweden Financials 18,672 387 389Swire Pacific Ltd. Class A Hong Kong Real Estate 93,500 1,174 604Swire Properties Ltd. Hong Kong Real Estate 633,800 2,417 2,230Swiss Re Ltd. Switzerland Financials 33,781 3,407 3,328Symrise AG Germany Materials 57,671 7,517 10,620Sysmex Corp. Japan Health Care 59,300 7,068 7,535T&D Holdings Inc. Japan Financials 606,625 8,669 7,988Tabcorp Holdings Ltd. Australia Consumer Discretionary 508,799 1,679 1,626Takeda Pharmaceutical Co. Ltd. Japan Health Care 329,188 16,359 15,613Taylor Wimpey PLC United Kingdom Consumer Discretionary 110,464 261 205TDK Corp. Japan Information Technology 500 70 73Techtronic Industries Co. Ltd. Hong Kong Industrials 170,000 1,908 2,976Teijin Ltd. Japan Materials 12,800 281 264Tele2 AB Sweden Communication Services 23,446 444 441Telefonaktiebolaget LM Ericsson B Sweden Information Technology 10,302 149 150Teleperformance France Industrials 5,916 2,080 2,425Telstra Corp. Ltd. Australia Communication Services 621,445 1,947 1,651Terna SPA Italy Utilities 91,304 822 852Terumo Corp. Japan Health Care 1,300 69 69Tesco PLC United Kingdom Consumer Staples 557,810 2,107 2,037Thales SA France Industrials 7,087 740 706THK Co. Ltd. Japan Industrials 111,215 3,617 3,715ThyssenKrupp AG Germany Materials 81,688 794 550Tokio Marine Holdings Inc. Japan Financials 37,500 2,336 2,187Tokyo Electron Ltd. Japan Information Technology 23,400 7,856 8,155Tokyo Gas Co. Ltd. Japan Utilities 1,200 36 37Tokyu Corp. Japan Industrials 5,300 85 92TOPCON Corp. Japan Information Technology 13,100 196 160Toray Industries Inc. Japan Materials 47,000 302 286Toshiba Corp. Japan Industrials 1,200 49 41Total SA France Energy 437,927 31,076 20,014Tourmaline Oil Corp. Canada Energy 56,785 708 924Toyo Seikan Kaisha Ltd. Japan Materials 3,900 59 52Toyota Motor Corp. Japan Consumer Discretionary 135,700 11,444 11,950Toyota Tsusho Corp. Japan Industrials 600 24 22Transurban Group Stapled Securities Australia Industrials 16,702 215 225Travis Perkins PLC United Kingdom Industrials 13,816 282 256Treasury Wine Estates Ltd. Australia Consumer Staples 17 - -Tryg AS Denmark Financials 26,287 1,062 1,103Ube Industries Ltd. Japan Materials 20,900 558 470Ubisoft Entertainment SA France Communication Services 5,640 589 678UBS Group AG Switzerland Financials 620,120 10,566 9,215UCB SA Belgium Health Care 7,222 1,226 1,092Unibail-Rodamco SE & WFD Unibail-Rodamco NV Netherlands Real Estate 36,685 3,487 1,802Unicharm Corp. Japan Consumer Staples 48,300 2,506 2,873UniCredit SPA Italy Financials 460,641 8,516 5,057Unilever NV CVA United Kingdom Consumer Staples 112,990 8,562 9,080Unilever PLC United Kingdom Consumer Staples 306,045 22,192 25,120Unipol Gruppo SPA Italy Financials 52,491 324 305






United Overseas Bank Ltd. Singapore Financials 21,700 488 406Valeo SA France Consumer Discretionary 20,275 747 825Valmet OYJ Finland Industrials 1,542 55 51VEON Ltd. Netherlands Communication Services 814,778 2,466 1,367Vestas Wind Systems AS Denmark Industrials 11,252 2,006 2,424Vienna Insurance Group AG Austria Financials 3,199 112 95Vinci SA France Industrials 29,626 3,697 3,289Vodafone Group PLC United Kingdom Communication Services 1,006,926 2,928 1,779Volkswagen AG Germany Consumer Discretionary 1,317 301 306Volkswagen AG Pfd. Germany Consumer Discretionary 13,208 2,929 2,830Volvo AB Class B Sweden Industrials 119,437 3,044 3,056Vonovia SE Germany Real Estate 108,797 7,566 9,952Wacker Chemie AG Germany Materials 3,581 456 463Wartsila OYJ Finland Industrials 219,134 2,244 2,295Wendel France Financials 1,918 244 232West Japan Railway Co. Japan Industrials 33,400 2,456 2,198Westpac Banking Corp. Australia Financials 13,565 210 218WH Group Ltd. Hong Kong Consumer Staples 240,500 273 261Wharf Real Estate Investment Co. Ltd. Hong Kong Real Estate 55,000 300 300Wienerberger AG Austria Materials 1,016 37 36William Morrison Supermarkets PLC United Kingdom Consumer Staples 213,403 689 624Wilmar International Ltd. Singapore Consumer Staples 328,900 1,395 1,419WiseTech Global Ltd. Australia Information Technology 9,671 236 242WPP PLC United Kingdom Communication Services 492,344 4,549 5,122Wynn Macau Ltd. Macau Consumer Discretionary 47,600 118 101Xero Ltd. Australia Information Technology 9,085 844 885Xinyi Glass Holdings Ltd. Hong Kong Consumer Discretionary 50,000 93 135Yakult Hansha Co. Ltd. Japan Consumer Staples 33,500 2,473 2,475Yamada Denki Co. Ltd. Japan Consumer Discretionary 292,700 1,939 1,943Yamaha Corp. Japan Consumer Discretionary 5,300 340 338Yaoko Co. Ltd. Japan Consumer Staples 500 49 50Yaskawa Electric Corp. Japan Industrials 44,700 2,174 2,324Yokogawa Electric Corp. Japan Information Technology 33,300 672 704YPF SA ADR Argentina Energy 166,413 2,016 791Z Holdings Corp. Japan Communication Services 549,367 3,028 4,887Zalando SE Germany Consumer Discretionary 118,267 7,065 14,736 2,185,491 2,239,958COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS (2,580) -TOTAL NON-DERIVATIVE INVESTMENTS 2,437,452 2,503,942

Net Assets (see asset composition):Total non-derivative investments 2,503,942Cash and cash equivalents 49,983Derivative liabilities (see schedule of derivative instruments) (522)Other net assets (liabilities) 8,745 2,562,148



% of net assets

PORTFOLIO ALLOCATION

Equities 88.2Mutual Funds 10.2Exchange Traded Funds 0.1Cash and cash equivalents 2.0Other net assets (liabilities) (0.5)Total 100.0

EQUITIES REGIONAL ALLOCATION

Europe ex U.K. 44.7Japan 21.3United Kingdom 11.6Pacific ex Japan 8.8United States 0.9Canada 0.6Middle East and Africa 0.3 88.2

SECTOR ALLOCATION

Financials 16.0Industrials 14.4Consumer Discretionary 12.3Health Care 9.9Consumer Staples 9.8Information Technology 7.5Materials 7.0Communication Services 4.2Energy 2.9Other 4.2 88.2

as at March 31, 2020

% of net assets

PORTFOLIO ALLOCATION

Equities 89.1 Mutual Funds 9.3 Exchange Traded Funds 0.1 Cash and cash equivalents 2.1 Other net assets (liabilities) (0.6)Total 100.0

EQUITIES REGIONAL ALLOCATION

Europe ex U.K. 45.4 Japan 20.3 United Kingdom 13.0 Pacific ex Japan 9.5 Canada 0.6 Middle East and Africa 0.3 89.1

SECTOR ALLOCATION

Financials 18.1 Industrials 12.6 Health Care 10.6 Consumer Discretionary 10.4 Consumer Staples 9.9 Materials 6.9 Information Technology 6.8 Energy 5.0 Communication Services 4.7 Other 4.1 89.1

Schedule of Asset Composition

Schedule of Derivative Instruments


TOTAL DERIVATIVE ASSETS -

TOTAL DERIVATIVE LIABILITIES (522)

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 168 December 2020 1,902.50 USD 20,725 - (522)

iProfileTM International Equity Private Pool NOTES TO THE INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2020

1. ORGANIZATION OF THE POOL, FISCAL PERIODS AND GENERAL INFORMATION

(a) Organization of the Pool

The Pool is organized as an open-ended mutual fund trust established under the laws of Manitoba and governed by a Declaration of Trust. The address of the Pool’s registered office is 447 Portage Avenue, Winnipeg, Manitoba, Canada. The Pool is authorized to issue an unlimited number of securities of multiple series. If issued, Series P securities are only available for purchase by other IG Wealth Management Funds or other qualified investors. All series generally share in the operations of the Pool on a pro rata basis except for items that can be specifically attributed to one or more series. Distributions for each series may vary, partly due to the differences in expenses between the series.

(b) Financial periods

The Statements of Financial Position are presented as at September 30, 2020 and March 31, 2020. The Statements of Comprehensive Income, Statements of Changes in Financial Position and Statements of Cash Flows are for the 6-month periods ended September 30, 2020 and 2019. The Schedule of Investments is presented as at September 30, 2020. Where a Pool or series of a Pool was established during either period, the information for the Pool or series is provided from inception date. Where a series of a Pool was terminated during either period, the information for the series is provided up to close of business on the termination date.

(c) General information

I.G. Investment Management, Ltd. is the Administrative Manager (or Manager), Portfolio Advisor and Trustee of the Pool. The Pool is distributed by Investors Group Financial Services Inc. and Investors Group Securities Inc. (collectively, the Distributors). These companies are, indirectly, wholly owned subsidiaries of IGM Financial Inc.

IGM Financial Inc. is a subsidiary of Power Corporation of Canada. Companies related to Power Corporation of Canada are therefore considered affiliates of the Trustee, the Manager and the Distributors. The Pool may invest in certain securities within the Power Group of Companies, subject to certain governance criteria, and these holdings, as at the end of the period, have been identified on the Schedule of Investments for the Pool. Any transactions during the periods, other than transactions with unlisted open-ended mutual funds, were executed through market intermediaries and under prevailing market terms and conditions.

2. BASIS OF PREPARATION AND PRESENTATION

These unaudited interim financial statements (financial statements) have been prepared in accordance with International Financial Reporting Standards (IFRS), including international Accounting Standard (IAS) 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB). These financial statements were prepared using the same accounting policies, critical accounting judgements and estimates as applied in the Pool’s most recent audited annual financial statements for the year ended March 31, 2020. A summary of the Pool’s significant accounting policies under IFRS is presented in Note 3.These financial statements are presented in Canadian dollars, which is the Pool’s functional currency, and rounded to the nearest thousand unless otherwise indicated. These financial statements are prepared on a going concern basis using the historical cost basis, except for financial assets and liabilities that have been measured at fair value.These financial statements were authorized for issue by the Manager on November 12, 2020.Standards issued but not yet effective for the current accounting year are described in Note 3.

3. SIGNIFICANT ACCOUNTING POLICIES

(a) Financial instruments

The Pool classifies and measures financial instruments in accordance with IFRS 9 Financial Instruments (IFRS 9). Upon initial recognition, financial instruments are classified as fair value through profit or loss (FVTPL). All financial assets and liabilities are recognized in the Statement of Financial Position when the Pool becomes a party to the contractual requirements of the instrument. Financial instruments are derecognized when the right to receive cash flows from the instrument has expired or the Pool has transferred substantially all risks and rewards of ownership. As such, investment purchase and sale transactions are recorded as of the trade date.

Financial instruments are subsequently measured at FVTPL with changes in fair value recognized in the Statement of Comprehensive Income.

The cost of investments (cost) is based on the weighted average cost of investments and excludes commissions and other portfolio transaction costs, which are separately reported in the Statement of Comprehensive Income. Realized gains and losses on disposition, including foreign exchange gains or losses on such investments, are determined based on the cost of investments. Gains and losses arising from changes in the fair value of the investments are included in the Statement of Comprehensive Income for the period in which they arise. Gains and losses realized on certain derivatives, including interest rate and currency swaps, and futures are reported as Income (loss) from derivatives within the Statement of Comprehensive Income.

The Pool accounts for its holdings in unlisted open-ended investment funds (Underlying Funds) and Exchange Traded Funds (ETFs) at FVTPL. The Pool has concluded that the Underlying Funds and ETFs in which it invests do not meet the definition of structured entities. The Pool’s investment in Underlying Funds and ETFs, if any, is presented in the Schedule of Investments at fair value which represents the Pool’s maximum exposure on these investments.

(b) Fair value measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Pool’s valuation policies are as follows:

(i) Equity securities, fixed-income securities and other investment funds

Fair value for securities listed on a public securities exchange or traded on an over-the-counter market is determined as the last traded market price or close price recorded by the security exchange on which the security is principally traded, where the close price falls within the bid-ask spread of the security. In situations where the last traded market price is not within the bid-ask spread, the Manager selects the point within the bid-ask spread that is most representative of fair value.

Fair value of fixed-income securities includes consideration of the creditworthiness of the issuer.

Investments in securities of another investment fund are valued at the net asset value per security calculated in accordance with the offering documents of such investment fund or as reported by that fund’s manager.

Unlisted or non-exchange traded securities, or securities for which a last traded market price is unavailable or securities for which market quotations are, in the Manager’s opinion, inaccurate, unreliable or not reflective of all available material information, are valued at their estimated fair value, determined by using appropriate and accepted industry valuation techniques including valuation models. The estimated fair value of a security determined using valuation models requires the use of inputs and assumptions based on observable market data including volatility and other applicable rates or prices. In limited circumstances, the estimated fair value of a security may be determined using valuation techniques that are not supported by observable market data.

(ii) Futures and swaps contracts

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 price established each day by the board of trade or exchange on which the contracts are traded.

Margin accounts represent margin deposits held with brokers in respect of open futures and swaps contracts. Any change in the variation margin requirement is settled daily. Margin paid or deposited in respect of futures contracts or swaps is reflected as a receivable at fair value in the Statement of Financial Position.

(iii) Forward contracts

Forward contracts, including forward currency contracts, are valued at the gain or loss that would arise as a result of closing the position at the reporting date.

(iv) Options contracts

Premiums paid for purchasing an option are recorded as an asset in the Statement of Financial Position and premiums received from writing options are included in the Statement of Financial Position as a liability. Subsequently, options contracts are adjusted daily to fair value.

(c) Cash and cash equivalents

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 used by the Pool in the management of short-term commitments. Cash and cash equivalents are reported at fair value which closely approximates their amortized cost due to their nature of being highly liquid and having short terms to maturity. Bank overdraft positions are presented as bank indebtedness in current liabilities in the Statement of Financial Position.

(d) Currency

All amounts are expressed in Canadian dollars. Foreign currency amounts have been expressed in Canadian dollars on the following bases:

(i) Fair value of investments and other assets and liabilities at the rate of exchange at the end of the periods.

(ii) Income, expenses, purchases and sales of investments at the rate of exchange on the dates of such transactions.

(e) Income recognition

Interest income from interest bearing investments is recognized using the effective interest method. Dividends are accrued as of the ex-dividend date. Dividend income and distributions from open-ended investment funds are recognized when the Pool’s right to receive payment is established which is typically on the ex-dividend or distribution date. Distributions received from income trusts and open-ended investment funds are included in interest income, dividend income or capital gains, as appropriate, based on the best information available to the Manager. Due to the nature of these investments, actual allocations could vary from this information.

(f) Securities lending and repurchase transactions

The Pool may be permitted to enter into securities lending, repurchase and reverse repurchase transactions as set out in the Pool’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 13. Collateral received is comprised of debt obligations of the Government of Canada and other countries, Canadian provincial and municipal governments, and financial institutions.


3. SIGNIFICANT ACCOUNTING POLICIES (continued)

(g) Redeemable securities

The Pool’s redeemable securities entitle securityholders the right to redeem their interest in the Pool for cash equal to their proportionate share of the net asset value of the Pool, amongst other contractual rights. These redeemable securities involve multiple contractual obligations on the part of the Pool and therefore meet the criteria for classification as financial liabilities. The Pool’s obligation for net assets attributable to securityholders is measured at FVTPL, with fair value being the redemption amount as of the reporting date. The fair value of net assets presented in the financial statements is consistent with the net asset values calculated in accordance with securities regulations for the purchase and redemption of the Pool’s redeemable securities.

(h) Commissions and other portfolio transaction costs

Commissions and other portfolio transaction costs are costs incurred to acquire, dispose or otherwise transact financial assets or liabilities. They include fees and commissions paid to agents, exchanges, brokers and dealers, and other intermediaries.

(i) Increase (decrease) in net assets attributable to securityholders from operations

Increase (decrease) in net assets attributable to securityholders from operations per security for a series in the Statement of Comprehensive Income represents the weighted average increase (decrease) in net assets attributable to securityholders from operations for the series, per security outstanding during the period.

(j) Offsetting

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position only when there is a legally enforceable right to offset the recognized amounts 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 Pool enters into various master netting agreements or similar agreements that do not meet the criteria for offsetting in the Statement of Financial Position but still allow for the related amounts to be set off in certain circumstances, such as bankruptcy or termination of the contracts.

Note 13 presents the amounts, if any, subject to master netting arrangements or other similar agreements and the net impact to the Statements of Financial Position if all such rights were exercised.

(k) Future accounting changes

The Pool has determined there are no material implications to the Pool’s financial statements arising from IFRS issued but not yet effective.

4. USE OF ACCOUNTING JUDGMENTS AND ESTIMATES

The preparation of financial statements in accordance with IFRS requires judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the reporting date and the reported amounts of income and expenses during the period. However, existing circumstances and assumptions may change due to market changes or circumstances arising beyond the control of the Pool. Such changes are reflected in the assumptions when they occur.The duration and long-term impact of the novel coronavirus (COVID-19) pandemic on businesses and markets, and the extent of additional economic relief measures which may be offered by some governments and central banks, are unknown at the reporting date. The Manager uses judgment in assessing the impact from such events on the assumptions and estimates applied in reporting the assets and liabilities in the Pool’s financial statements at September 30, 2020. However, this uncertainty means it is impossible to reliably estimate the impact on the financial results and position of the Pool in future periods..The following discusses the most significant accounting judgments and estimates made in preparing the financial statements:(a) Functional currency

The Pool’s functional and presentation currency is the Canadian dollar, which is the currency considered to most faithfully represent the economic effects of the Pool’s underlying transactions, events and conditions taking into consideration the manner in which securities are issued and redeemed and how returns and performance by the Pool are measured.

(b) Classification of financial instruments

In classifying and measuring financial instruments held by the Pool, the Manager is required to make significant judgments in determining the most appropriate classification in accordance with IFRS 9. The Manager has assessed the Pool’s business model, the manner in which all financial assets and financial liabilities are managed and performance evaluated as a group on a fair value basis, and concluded that FVTPL in accordance with IFRS 9 provides the most appropriate measurement and presentation of the Pool’s financial assets and financial liabilities.

(c) Estimations of fair value

The Pool may, from time to time, hold investments that are not quoted in active markets, such as unlisted securities or private securities. To estimate fair value, the Manager uses valuation techniques that make use of observable data, to the extent practicable. The Pool categorizes the fair value of its assets and liabilities into three categories, which are differentiated based on the observable nature of the inputs and extent of estimation required.

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly. Examples of Level 2 valuations include quoted prices for similar securities, quoted prices on inactive markets and from recognized investment dealers, and the application of factors derived from observable data to non-North American quoted prices in order to estimate the impact of differences in market closing times. The estimated fair values for these securities may be different from the values that would have been used had a ready market for the investment existed.

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 are not limited to, performing comparisons with prices of comparable or similar securities, obtaining relevant information from issuers and/or other analytical data relating to the investment, and recent arm’s length transactions. Key inputs and assumptions used are usually security specific and may include estimated discount rates, credit risk, volatility, correlations, and future cash flows. Changes in key inputs and assumptions could affect the reported fair value of these financial instruments held by the Pool. The estimated fair values for these securities may be significantly different from the values that would have been used had a ready market for the investment existed.

See Note 13 for the fair value classifications of the Pool.

(d) Structured entities

In determining whether unlisted open-ended investment funds or ETFs in which the Pool invests, but that it does not consolidate, meet the definition of a structured entity, the Manager is required to make significant judgments about whether the Underlying Funds or ETFs have the typical characteristics of a structured entity. The Manager has assessed the characteristics of the Underlying Funds and ETFs and has concluded that they do not meet the definition of a structured entity because the Pool does not have contracts or financing arrangements with the Underlying Funds or ETFs and does not have an ability to influence the activities of the Underlying Funds or ETFs or the return it receives from its investment.

5. FEES AND OTHER EXPENSES

(a) The Pool is responsible for the payment of all expenses related to its operation. Each series of the Pool will incur expenses that can be specifically attributed to that series. Common expenses of the Pool are allocated across the series of the Pool on a pro rata basis.

(b) The Portfolio Advisor provides or arranges for the provision of investment and advisory services for a Pool advisory fee. See Note 13 for the annual rates paid (as a percent of average assets) by the Pool.

(c) The Manager is paid an annual administration fee to compensate it for providing or arranging for the provision of services to the Pool such as transfer agency, fund accounting and other administrative services. See Note 13 for the annual rates paid (as a percent of average assets) by the Pool.

(d) The Trustee is responsible for overall direction and management of the affairs of the Pool. See Note 13 for the annual rates paid (as a percent of average assets) to the Trustee by the Pool.

(e) GST/HST paid by the Pool on its expenses is not recoverable. In these financial statements, reference to GST/HST includes QST (Quebec sales tax), as applicable.

(f) The Distributors are paid an advisory fee based on iProfile Program assets. This amount is paid directly by securityholders in the Program and not by the Pool.

(g) Other expenses are comprised of bank charges and other miscellaneous expenses.

(h) The Manager may, at its discretion, pay certain expenses of a Pool so that the Pool’s performance remains competitive; however, there is no assurance that this will occur in the future. Any expenses absorbed by the Manager during the periods have been reported in the Statements of Comprehensive Income.

(i) Investment, if any, in Underlying Funds will be in series that do not pay fees. The ETFs into which the Pool may invest may have their own fees and expenses which reduce the value of the ETF. Generally, the Manager has determined that fees paid by an ETF are not duplicative with the fees paid by the Pool. However, where the ETF is managed by Mackenzie Financial Corporation, the ETF may distribute a fee rebate to the Pool to offset fees paid within the ETF. There is no assurance that these distributions will continue in the future.

6. INCOME TAXES

The Pool qualifies as a mutual fund trust under the provisions of the Income Tax Act (Canada) and, accordingly, is subject to tax on its income including net realized capital gains, which is not paid or payable to its securityholders. The Pool maintains a December year-end for tax purposes. The Pool may be subject to withholding taxes on foreign income. In general, the Pool treats withholding tax as a charge against income for tax purposes. The Pool will distribute sufficient amounts from net income for tax purposes, as required, so that the Pool will not pay income taxes other than refundable tax on capital gains, if applicable.See Note 13 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.


7. COMMISSIONS AND OTHER PORTFOLIO TRANSACTION COSTS

The total brokerage commissions incurred by the Pool in connection with portfolio transactions for the periods, together with other transaction charges, is disclosed in the Statements of Comprehensive Income. Brokerage business is allocated to brokers based on the best net result for the Pool. Subject to this criteria, commissions may be paid to brokerage firms which provide (or pay for) certain services, other than order execution, which may include investment research, analysis and reports, and databases or software in support of these services. Where applicable and ascertainable, the value of third-party services that were paid for by brokers during the periods is disclosed in Note 13. The value of certain proprietary services provided by brokers cannot be reasonably estimated.

8. GUARANTEES AND INDEMNITIES

Agreements between the individual members of the Pool’s Independent Review Committee (IRC) and the Trustee, on behalf of the Pool, provides for the indemnification of each IRC member by the Pool from and against liabilities and costs in respect of any action or suit against the member by reason of being or having been a member of the IRC, provided that the member acted honestly and in good faith with a view to the best interest of the Pool, or, in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, that they had reasonable grounds for believing that his/her conduct was lawful. No claims 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.

9. CAPITAL MANAGEMENT

The capital structure of the Pool consists of redeemable securities in multiple series. The net capital received by the Pool is managed in accordance with the investment objective and strategies of the Pool and to maintain adequate liquidity to meet securityholder redemption requests. The Pool is not subject to externally imposed capital requirements and has no legal restrictions on the issue or redemption of securities beyond those included in the Pool’s prospectus. Securities issued, reinvested and redeemed during the periods are reflected in the Statements of Changes in Financial Position.

10. FINANCIAL INSTRUMENT RISK

The Pool’s investment activities expose it to a variety of financial risks. See the Schedule of Investments for additional information about the securities, Underlying Funds and ETFs, if any, held by the Pool as at the end of the period. Where significant, Note 13 presents the Pool’s exposure, directly and, if applicable, indirectly through investments in Underlying Funds, ETFs and/or derivative contracts, to financial instrument risks, as indicated below.(a) Risk management

The Manager seeks to minimize potential adverse effects of financial instrument risks on the Pool’s performance by employing professional, experienced portfolio advisors, daily monitoring of the Pool’s positions and market events, and diversifying the investment portfolio within the 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 structure that oversees the Pool’s investment activities and monitors compliance with the Pool’s stated investment strategy, internal guidelines and securities regulations.

(b) Liquidity risk

Liquidity risk arises when the Pool encounters difficulty in meeting its financial obligations as they come due. The Pool is exposed to liquidity risk due to potential daily cash redemptions of redeemable securities. In order to monitor the liquidity of its assets, the Pool utilizes a liquidity risk management program that calculates the number of days to convert the investments held by the Pool into cash using a multi-day liquidation approach. This liquidity risk analysis assesses the Pool’s liquidity against predetermined minimum liquidity percentages, established for different time periods, and is monitored quarterly. In addition, the Pool has the ability to borrow up to 5% of its net assets for the purposes of funding redemptions. In order to comply with securities regulations, the Pool must maintain at least 90% of its assets in liquid investments (i.e., investments that can be readily sold

(c) Currency risk

Currency risk is the risk that financial instruments which are denominated or exchanged in a currency other than the Canadian dollar, which is the Pool’s functional currency, will fluctuate due to changes in exchange rates. Generally, foreign denominated investments increase in value when the value of the Canadian dollar (relative to foreign currencies) falls. Conversely, when the value of the Canadian dollar rises relative to foreign currencies, the values of foreign denominated investments fall.

Note 13 indicates the foreign currencies, if applicable, to which the Pool had significant exposure, including both monetary and non-monetary financial instruments, and illustrates the potential impact, in Canadian dollar terms, to the Pool’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 Pool’s sensitivity to currency risk illustrated in Note 13 includes potential indirect impacts from Underlying Funds and ETFs in which the Pool 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 Pool to significant currency risk.

(d) Interest rate risk

Interest rate risk arises on interest-bearing financial instruments. The Pool is exposed to the risk that the value of interest-bearing financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. Generally, these securities increase in value when interest rates fall and decrease in value when interest rates rise.

If significant, Note 13 summarizes the Pool’s interest-bearing financial instruments by remaining term to maturity and illustrates the potential impact to the Pool’s net assets had prevailing interest rates increased or decreased by 1%, assuming a parallel shift in the yield curve, all other variables held constant. The Pool’s sensitivity to interest rate changes was estimated using weighted average duration, and a valuation model that estimates the impact to the fair value of mortgages based on changes in prevailing interest rates in a manner consistent with the valuation policy for mortgages. In practice, the actual trading results may differ and the difference could be material.

The Pool’s sensitivity to interest rate risk illustrated in Note 13 includes potential indirect impacts from Underlying Funds and ETFs in which the Pool invests, and/or derivative contracts. Cash and cash equivalents and other money market instruments are short term in nature and are not generally subject to significant amounts of interest rate risk.

(e) Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Pool. Note 13 summarizes the Pool’s exposure, if significant, to credit risk. Indirect exposure to credit risk may arise from fixed-income securities, such as bonds, held by Underlying Funds and ETFs, if any. The fair value of fixed-income securities held by Underlying Funds and ETFs includes consideration of the creditworthiness of the issuer.

All transactions in listed securities are settled/paid for upon delivery using approved third-party brokers. The risk of default is considered minimal, as delivery of investments sold by the Pool is only made once the broker has received payment. Payment is made by the Pool on a purchase only once the investments have been received by the broker.

The carrying amount of investments represents the maximum credit risk exposure. The carrying amount of other assets also represents the maximum credit risk exposure, as they will be settled in the short term.

The Pool may enter into securities lending transactions with counterparties whereby the Pool temporarily exchanges securities for collateral with a commitment by the counterparty to deliver the same securities on a future date. Credit risk associated with these transactions is considered minimal as all counterparties have a sufficient, approved credit rating and the value of cash or securities held as collateral must be at least 102% of the fair value of the investments loaned.

(f) Other price risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate or currency risk), whether 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 capital. The Manager moderates this risk through a careful selection of securities and other financial instruments within the parameters of the investment strategies. Except for certain derivative contracts, the maximum risk resulting from financial instruments is equivalent to their fair value. The maximum risk of loss on certain derivative contracts such as forwards, swaps and futures contracts is equal to their notional values. In the case of written call (put) options and futures contracts sold short, the maximum loss to the Pool increases, theoretically without limit, as the fair value of the underlying security increases (decreases). However, these instruments are generally used within the overall investment management process to manage the risk from the underlying investments and do not typically increase the overall risk of loss to the Pool.

Other price risk typically arises from exposure to equity and commodity securities. If significant, Note 13 illustrates the potential increase or decrease in the Pool’s net assets, had the prices on the respective exchanges for these securities increased or decreased by 10%, all other variables held constant. In practice, the actual trading results may differ and the difference could be material.

The Pool’s sensitivity to other price risk illustrated in Note 13 includes potential indirect impacts from Underlying Funds and ETFs in which the Pool invests, and/or derivative contracts.

In addition, if the Pool invests in Investors Real Property Fund, the Pool is exposed to the risk that the value of the Underlying Fund could change as a result of changes in the valuation of real properties. Valuations of real properties are sensitive to changes in capitalization rates. Note 13 also indicates the Pool’s sensitivity, if any, to a 25 basis point change in the weighted average capitalization rates.

11. INVESTMENT MANDATES

As described in the Simplified Prospectus, to achieve the investment objective of the Pool, the Manager may allocate the assets of the Pool into multiple investment mandates, each of which is separately managed by an investment sub-advisor. The Manager may change the investment mandates and the allocation of investments in the Pool among these mandates at any time. Managing the investment mandates and assets of the Pool does not involve or result in segments reportable in accordance with IFRS. The results of operations and net assets for the Pool are presented in these financial statements; for comparative purposes, the total of reportable segments presented in prior periods is presented in Note 13.


12. OTHER INFORMATION

(a) Abbreviations

Foreign currencies, if any, are presented in these financial statements using the following abbreviated currency codes:

Currency Code Description

Currency 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 Pool’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.

13. POOL SPECIFIC INFORMATION

(a) Pool and series information

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

The Pool aims to provide long-term capital growth by investing primarily in international equities, excluding North American equities and equities from emerging markets.

Until October 21, 2019, investments were made by allocating assets to target weightings of specific mandates, including 50% International Large Cap Value and 50% International Large Cap Growth.

Effective October 21, 2019, the Pool has more flexibility in its asset allocation decisions.

Each mandate is separately managed.

The Manager has engaged the following sub-advisors to assist in investment management and trade execution for the Pool:

• JPMorgan Asset Management (Canada) Inc.

• BlackRock Asset Management Canada Limited.

• Wellington Management Canada ULC (effective January 20, 2020).

Effective June 30, 2019, the name of the Pool changed from iProfileTM International Equity Pool to iProfileTM International Equity Private Pool.

(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

968 - - - - - - -

(c) Commissions

for the six-month periods ended ($ 000)

September 30, 2020 52

September 30, 2019 234

(d) Securities lending

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

September 30, 2020 261,789 280,276

March 31, 2020 60,554 75,313

September 30, 2020 September 30, 2019

for the six-month period ended ($ 000) (%) ($ 000) (%)

Gross securities lending income 184 100.0 159 100.0 Tax withheld (1) (0.6) (2) (1.2)

183 99.4 157 98.8 Payments to securities lending agents (33) (17.9) (39) (24.7)

Securities lending income 150 81.5 118 74.1


Date operations Pool advisory Administration Trustee Series commenced fee (%) fee (%) fee (%)Series I n/a 0.25 up to 0.25 0.05Series P n/a - - -Series Ti March 1, 2013 0.25 up to 0.25 0.05

i) Currency risk

The tables below summarize the Pool’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 768,882 (1,914) - - 766,968 Japanese yen 546,485 648 - - 547,133 United Kingdom pounds 297,858 385 - - 298,243 Swiss franc 231,920 1,328 - - 233,248 Australian dollars 90,872 991 - - 91,863 Other 288,738 21,745 2,481 (522) 312,442

Total 2,224,755 23,183 2,481 (522) 2,249,897

As percent of net assets (%) 87.8

Total currency rate sensitivity on direct holdings (112,495) (4.4) 112,495 4.4

Currency rate sensitivity arising from Underlying Funds and ETFs (13,231) (0.5) 13,231 0.5

Total sensitivity to currency rate changes (125,726) (4.9) 125,726 4.9

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 600,927 7,921 944 1,386 611,178 Japanese yen 411,356 (2,840) 463 324 409,303 United Kingdom pounds 263,947 1,132 153 420 265,652 Swiss franc 208,735 (602) - - 208,133 Australian dollars 65,466 6,668 210 54 72,398 Other 255,196 15,995 - - 271,191

Total 1,805,627 28,274 1,770 2,184 1,837,855

As percent of net assets (%) 88.9

Total currency rate sensitivity on direct holdings (91,893) (4.4) 91,893 4.4

Currency rate sensitivity arising from Underlying Funds and ETFs (9,752) (0.5) 9,752 0.5

Total sensitivity to currency rate changes (101,645) (4.9) 101,645 4.9

ii) Interest rate risk

As at September 30, 2020 and March 31, 2020, the Pool did not have a significant exposure to interest rate risk.

iii) Credit risk

As at September 30, 2020 and March 31, 2020, the Pool did not have a significant exposure to credit risk.

iv) Other price risk

The table below summarizes the Pool’s exposure to other price risk.

Increase by 10% Decrease by 10%

Impact on net assets ($ 000) (%) ($ 000) (%)

September 30, 2020 251,970 9.8 (251,970) (9.8)

March 31, 2020 203,648 9.8 (203,648) (9.8)


13. POOL SPECIFIC INFORMATION (continued)

(e) Financial instrument risk

The tables below summarize the fair value of the Pool’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 262,652 - - 262,652 Exchange Traded Funds 1,332 - - 1,332 Equities 32,253 2,207,705 - 2,239,958 Short-term investments - - - - Derivative assets - - - - Derivative liabilities (522) - - (522)

Total 295,715 2,207,705 - 2,503,420

as at March 31, 2020 ($ 000) Level 1 Level 2 Level 3 Total

Bonds - - - - Mutual funds 192,604 - - 192,604 Exchange Traded Funds 2,947 - - 2,947 Equities 24,879 1,792,253 - 1,817,132 Short-term investments - - - - Derivative assets 2,184 - - 2,184 Derivative liabilities - - - -

Total 222,614 1,792,253 - 2,014,867

In accordance with the Pool’s valuation policy, the Pool 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 Pool. 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.


13. POOL SPECIFIC INFORMATION (continued)

(f) Fair value of investments

iPro le TM International Equity Private Pool

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