BlackRock – IG Active Allocation Pool II

ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

management report

Management’s Responsibility for Financial Reporting

The accompanying financial statements have been prepared by I.G. Investment Management, Ltd., as Manager of BlackRock – IG Active Allocation Pool II (the “Fund”). The Manager is
responsible for the integrity, objectivity and reliability of the data presented. This responsibility includes selecting appropriate accounting principles and making judgments and estimates
consistent with IFRS Accounting Standards.
The Manager is also responsible for the development of internal controls over the financial reporting process, which are designed to provide reasonable assurance that relevant and reliable
financial information is produced.
The Board of Directors (the “Board”) of I.G. Investment Management, Ltd. is responsible for reviewing and approving the financial statements and overseeing the Manager’s performance of its
financial reporting responsibilities. The Board meets regularly with the Manager, internal auditors and external auditors to discuss internal controls over the financial reporting process, auditing
matters and financial reporting issues.
KPMG LLP is the external auditor of the Fund. It is appointed by the Board. The external auditor has audited the financial statements in accordance with Canadian generally accepted auditing
standards to enable it to express to the securityholders its opinion on the financial statements. Its report is set out below.
On behalf of I.G. Investment Management, Ltd.,
Manager of the Fund

Signed “Florence S. Narine” Signed “Terry Rountes”

Florence S. Narine Terry Rountes

President Chief Financial Officer, Funds
I.G. Investment Management, Ltd. I.G. Investment Management, Ltd.
June 5, 2025

Independent Auditor’s Report

To the Securityholders of BlackRock – IG Active Allocation Pool II (the “Fund”)
Opinion
We have audited the financial statements of the Fund, which comprise:
• the statements of financial position as at March 31, 2025 and March 31, 2024
• the statements of comprehensive income for the periods then ended as indicated in note 1
• the statements of changes in financial position for the periods then ended as indicated in note 1
• the statements of cash flows for the periods then ended as indicated in note 1 and
• notes to the financial statements, including a summary of material accounting policies
(Hereinafter referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as at March 31, 2025 and March 31, 2024, and its financial
performance and cash flows for the periods then ended as indicated in note 1 in accordance with IFRS Accounting Standards.
Basis for Opinion
We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the “Auditor’s Responsibilities
for the Audit of the Financial Statements” section of our auditor’s report.
We are independent of the Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

© Copyright Investors Group Inc. 2025

TM Trademarks, including IG Wealth Management, are owned by
IGM Financial Inc. and licensed to its subsidiary corporations.
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Independent Auditor’s Report (cont’d)

Other Information
Management is responsible for the other information. Other information comprises:
− the information included in the Annual Management Report of Fund Performance of the Fund filed with the relevant Canadian Securities Commissions.
Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the audit and remain alert for indications that the other information appears to be materially misstated.
We obtained the information included in the Annual Management Report of Fund Performance of the Fund filed with the relevant Canadian Securities Commissions as at the date of this auditor’s
report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the
auditor’s report.
We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards, and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Fund’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the financial reporting process of the Fund.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a
material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of the financial statements.
As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Fund’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the Fund to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.
• Communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants

Winnipeg, Canada
June 5, 2025
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Statements of Financial Position Statements of Comprehensive Income

at March 31 (in $ 000 except per security amounts) for the periods ended March 31 (in $ 000 except per security amounts)

2025 2024 2025 2024

$ $ $ $
ASSETS Income
Current assets Dividends 26,923 22,297
Investments at fair value 1,046,055 947,119 Interest income for distribution purposes 1,570 2,782
Cash and cash equivalents 13,004 48,328 Other changes in fair value of investments and other
Accounts receivable for investments sold – – net assets
Accounts receivable for securities issued – – Net realized gain (loss) 84,009 42,526
Derivative assets 704 7 Net unrealized gain (loss) (7,991) 59,303
Total assets 1,059,763 995,454 Securities lending income 469 398
Total income (loss) 104,980 127,306
LIABILITIES
Current liabilities Expenses (note 6)
Accounts payable for investments purchased – – Interest charges 13 3
Accounts payable for securities redeemed – 163 Commissions and other portfolio transaction costs 408 297
Derivative liabilities 9 1,284 Independent Review Committee fees 2 2
Total liabilities 9 1,447 Expenses before amounts absorbed by Manager 423 302
Net assets attributable to securityholders 1,059,754 994,007 Expenses absorbed by Manager – –
Net expenses 423 302
Increase (decrease) in net assets attributable to
securityholders from operations before tax 104,557 127,004
Foreign withholding tax expense (recovery) 2,656 2,270
Foreign income tax expense (recovery) – –
Increase (decrease) in net assets attributable to
securityholders from operations 101,901 124,734

Increase (decrease) in net assets attributable

Net assets attributable to securityholders (note 3) to securityholders from operations (note 3)
per security per series per security per series
2025 2024 2025 2024 2025 2024 2025 2024
Series P 11.44 11.44 1,059,754 994,007 Series P 1.15 1.35 101,901 124,734

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

BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Statements of Changes in Financial Position

for the periods ended March 31 (in $ 000 except per security amounts)

Series P
2025 2024
Net assets attributable to securityholders
Beginning of period 994,007 980,031
Increase (decrease) in net assets from operations 101,901 124,734
Distributions paid to securityholders:
Investment income (26,868) (29,351)
Capital gains (72,074) –
Total distributions paid to securityholders (98,942) (29,351)
Security transactions:
Proceeds from securities issued 9,385 142,609
Reinvested distributions 98,942 29,351
Payments on redemption of securities (45,539) (253,367)
Total security transactions 62,788 (81,407)
Increase (decrease) in net assets attributable to securityholders 65,747 13,976
End of period 1,059,754 994,007

Increase (decrease) in fund securities (in thousands) (note 7): Securities

Securities outstanding – beginning of period 86,855 94,401
Issued 811 13,616
Reinvested distributions 8,767 2,764
Redeemed (3,833) (23,926)
Securities outstanding – end of period 92,600 86,855

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

BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Statements of Cash Flows

for the periods ended March 31 (in $ 000)

2025 2024
$ $
Cash flows from operating activities
Net increase (decrease) in net assets attributable to
securityholders from operations 101,901 124,734
Adjustments for:
Net realized loss (gain) on investments (104,377) (40,253)
Change in net unrealized loss (gain) on investments 7,991 (59,303)
Purchase of investments (1,210,201) (785,420)
Proceeds from sale and maturity of investments 1,205,675 884,106
Increase (decrease) in accounts payable and other liabilities – (9)
Net cash provided by (used in) operating activities 989 123,855

Cash flows from financing activities

Proceeds from securities issued 9,385 142,609
Payments on redemption of securities (45,702) (253,204)
Distributions paid net of reinvestments – –
Net cash provided by (used in) financing activities (36,317) (110,595)

Net increase (decrease) in cash and cash equivalents (35,328) 13,260

Cash and cash equivalents at beginning of period 48,328 35,074
Effect of exchange rate fluctuations on cash and cash
equivalents 4 (6)
Cash and cash equivalents at end of period 13,004 48,328

Cash 13,004 48,328

Cash equivalents – –
Cash and cash equivalents at end of period 13,004 48,328

Supplementary disclosures on cash flow from operating

activities:
Dividends received 26,923 22,297
Foreign taxes paid 2,656 2,270
Interest received 1,570 2,782
Interest paid 13 3

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

BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Schedule of Investments

as at March 31, 2025

Par Value/ Average Fair

Number of Cost Value
Investment Name Country Sector Shares/Units ($ 000) ($ 000)

EXCHANGE-TRADED FUNDS
Communication Services Select Sector SPDR Fund United States Exchange-Traded Funds 165,875 16,967 23,009
Consumer Discretionary Select Sector SPDR Fund United States Exchange-Traded Funds 54,186 13,191 15,388
Energy Select Sector SPDR Fund United States Exchange-Traded Funds 31,849 3,683 4,281
Financial Select Sector SPDR Fund United States Exchange-Traded Funds 180,420 12,251 12,925
Health Care Select Sector SPDR Fund United States Exchange-Traded Funds 130,992 26,192 27,507
Industrial Select Sector SPDR Fund United States Exchange-Traded Funds 104,792 18,295 19,754
1
iShares 7-10 Year Treasury Bond ETF United States Exchange-Traded Funds 34,828 4,662 4,777
1
iShares Core International Aggregate Bond ETF Multinational Exchange-Traded Funds 982,247 68,360 70,620
1
iShares Core MSCI EAFE ETF United States Exchange-Traded Funds 967,614 99,266 105,277
1
iShares Core S&P 500 ETF United States Exchange-Traded Funds 43,165 34,850 34,883
1
iShares Core S&P/TSX Capped Composite Index ETF Canada Exchange-Traded Funds 3,672,213 122,979 145,935
1
iShares Core U.S. Aggregate Bond ETF United States Exchange-Traded Funds 29,664 4,159 4,220
1
iShares ESG Aware MSCI Canada Index ETF Canada Exchange-Traded Funds 277,907 7,293 8,426
1
iShares ESG Aware MSCI USA ETF United States Exchange-Traded Funds 112,497 13,739 19,724
1
iShares Floating Rate Bond ETF United States Exchange-Traded Funds 82,015 5,982 6,022
1
iShares FTSE MIB UCITS ETF EUR Acc Italy Exchange-Traded Funds 44,787 10,524 12,337
1
iShares iBoxx $ Investment Grade Corporate Bond ETF United States Exchange-Traded Funds 10,808 1,663 1,689
1
iShares MSCI Australia ETF Australia Exchange-Traded Funds 67,483 2,276 2,275
1
iShares MSCI Denmark ETF Denmark Exchange-Traded Funds 43,078 7,287 6,435
1
iShares MSCI France ETF France Exchange-Traded Funds 119,937 6,503 6,865
1
iShares MSCI France UCITS ETF France Exchange-Traded Funds 179,999 14,454 16,306
1
iShares MSCI Germany ETF Germany Exchange-Traded Funds 412,590 18,472 22,003
1
iShares MSCI Hong Kong ETF Hong Kong Exchange-Traded Funds 189,532 4,816 4,773
1
iShares MSCI Japan ESG Screened UCITS ETF Japan Exchange-Traded Funds 2,187,424 17,166 21,270
1
iShares MSCI Japan ETF Japan Exchange-Traded Funds 745,392 69,483 73,498
1
iShares MSCI Netherlands Investable Market Index Fund ETF Netherlands Exchange-Traded Funds 106,691 6,874 7,170
1
iShares MSCI Singapore ETF Singapore Exchange-Traded Funds 156,412 5,203 5,345
1
iShares MSCI Spain ETF Spain Exchange-Traded Funds 262,097 12,313 14,347
1
iShares MSCI Sweden ETF Sweden Exchange-Traded Funds 136,847 8,193 8,282
1
iShares MSCI Switzerland ETF Switzerland Exchange-Traded Funds 480,558 30,615 35,794
1
iShares MSCI Taiwan ETF Taiwan Exchange-Traded Funds 148,745 10,191 10,157
1
iShares MSCI United Kingdom ETF United Kingdom Exchange-Traded Funds 958,740 48,501 51,666
1
iShares OMX Stockholm Capped UCITS ETF Sweden Exchange-Traded Funds 795,287 9,344 9,710
1
iShares S&P 500 Information Technology Sector UCITS ETF United States Exchange-Traded Funds 1,338,486 60,969 56,935
1
iShares Short Treasury Bond ETF United States Exchange-Traded Funds 1,085,416 168,998 172,435
Real Estate Select Sector SPDR Fund United States Exchange-Traded Funds 46,318 2,787 2,788
Utilities Select Sector SPDR Fund United States Exchange-Traded Funds 10,824 1,226 1,227
Total exchange-traded funds 969,727 1,046,055

Transaction costs (155) –

Total investments 969,572 1,046,055

Derivative instruments
(see schedule of derivative instruments) 695
Cash and cash equivalents 13,004
Other assets less liabilities –
Net assets attributable to securityholders 1,059,754

1
This fund is managed by the sub-advisor of the Fund.
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Summary of Investment Portfolio

March 31, 2025 March 31, 2024

Effective PORTFOLIO ALLOCATION % of NAV Effective Portfolio Allocation % of NAV

Equities 73.9 Equities 74.4
Cash and cash equivalents 16.8 Bonds 20.5
Bonds 9.2 Cash and cash equivalents 5.3
Other assets (liabilities) 0.1 Other assets (liabilities) (0.2)

EFFECTIVE REGIONAL ALLOCATION % of NAV EFFECTIVE REGIONAL ALLOCATION % of NAV

United States 23.1 United States 33.7
Cash and cash equivalents 16.8 Canada 15.4
Canada 14.9 Japan 14.0
Japan 12.0 France 5.4
United Kingdom 6.9 Cash and cash equivalents 5.3
Switzerland 4.4 Other 3.4
Other 4.0 United Kingdom 3.4
France 3.8 Germany 3.4
Germany 3.6 Switzerland 3.2
Sweden 2.0 Spain 3.0
Spain 2.0 Taiwan 2.4
Italy 1.8 Italy 2.1
China 1.3 China 1.9
Netherlands 1.2 Netherlands 1.4
Australia 1.1 Australia 1.1
Taiwan 1.0 Brazil 1.1
Other assets (liabilities) 0.1 Other assets (liabilities) (0.2)

EFFECTIVE SECTOR ALLOCATION % of NAV EFFECTIVE SECTOR ALLOCATION % of NAV

Cash and cash equivalents 16.8 Foreign government bonds 14.8
Financials 14.9 Financials 14.0
Information technology 11.7 Information technology 13.5
Industrials 11.4 Industrials 10.1
Health care 7.7 Consumer discretionary 8.4
Consumer discretionary 6.9 Health care 6.1
Foreign government bonds 6.7 Cash and cash equivalents 5.3
Communication services 4.9 Energy 5.3
Energy 4.5 Communication services 4.6
Materials 4.2 Corporate bonds 4.2
Consumer staples 3.9 Materials 4.2
Utilities 2.2 Consumer staples 4.1
Corporate bonds 1.8 Utilities 3.1
Real estate 1.6 Real estate 1.0
Supranational bonds 0.4 Other 0.8
Other 0.3 Federal bonds 0.7
Other assets (liabilities) 0.1 Other assets (liabilities) (0.2)

The effective allocation shows the portfolio, regional or sector exposure of the Fund calculated by combining its direct and indirect investments.
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Schedule of Derivative Instruments

as at March 31, 2025

Schedule of Forward Currency Contracts

Contract Current Unrealized Unrealized
Counterparty Currency to be Currency to be Settlement Cost Fair Value Gains Losses
Credit Rating Received ($ 000) Delivered ($ 000) Date ($ 000) ($ 000) ($ 000) ($ 000)
A – CAD – AUD Jun. 18, 2025 – – – –
A 11 CAD (7) EUR Jun. 18, 2025 (11) (11) – –
A – GBP (1) CAD Jun. 18, 2025 1 1 – –
A 4,975 JPY (49) CAD Jun. 18, 2025 49 48 – (1)
A – CAD – JPY Jun. 18, 2025 – – – –
A 57 CAD (40) USD Jun. 18, 2025 (57) (57) – –
A 322,121 CAD (224,232) USD Jun. 18, 2025 (322,121) (321,458) 663 –
A 2,010 CAD (1,408) USD Jun. 18, 2025 (2,010) (2,018) – (8)
A 4,000 USD (5,694) CAD Jun. 18, 2025 5,694 5,735 41 –
Total forward currency contracts 704 (9)

Total Derivative assets 704

Total Derivative liabilities (9)
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

1. Organization of the Fund, Fiscal Periods and General Information

The Fund is organized as an open-ended mutual fund trust established under the laws of the Province of Manitoba and governed by a Declaration of Trust as amended
and restated from time to time. The address of the Fund’s registered office is 447 Portage Avenue, Winnipeg, Manitoba, Canada. The Fund is authorized to issue
an unlimited number of units (referred to as “security” or “securities”) of multiple series. Series P securities are only available for purchase by other IG Wealth
Management Funds or other qualified investors.
The information provided in these financial statements and notes thereto is for the periods ended or as at March 31, 2025 and 2024. In the year a Fund or series
is established or reinstated, ‘period’ represents the period from inception or reinstatement. Where a Fund or series of a Fund was established during either period,
the information for the Fund or series is provided from inception date. Where a series of a Fund was terminated during either period, the information for the series is
provided up to close of business on the termination date. Refer to Note 10 (a) for the formation date of the Fund and the inception date of each series.
I.G. Investment Management, Ltd. is the Manager, Portfolio Advisor and Trustee of the Fund. The Fund 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 Fund 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 Fund. 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 audited annual financial statements (“financial statements”) have been prepared in accordance with IFRS Accounting Standards (“IFRS”). A summary of the
Fund’s material accounting policies under IFRS is presented in Note 3.
These financial statements are presented in Canadian dollars, which is the Fund’s functional and presentation 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 instruments that have been
measured at fair value.
These financial statements were authorized for issue by the Board of Directors of the Manager on June 5, 2025.

3. Material Accounting Policies

(a) Financial instruments
Financial instruments include financial assets and liabilities such as debt and equity securities, investment funds and derivatives. The Fund 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 Fund 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 Fund has
transferred substantially all risks and rewards of ownership. Financial liabilities are derecognized when the obligation is discharged, cancelled and expires. 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 – Other changes in fair
value of investments and other net assets – Net unrealized gain (loss). The cost of investments is determined on a weighted average cost basis.
Realized and unrealized gains and losses on investments are calculated based on the weighted average cost of investments and exclude commissions and other
portfolio transaction costs, which are separately reported in the Statement of Comprehensive Income – Commissions and other portfolio transaction costs.
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.
The Fund accounts for its holdings in unlisted open-ended investment funds, private funds (“Underlying Funds”) and Exchange-Traded Funds (“ETFs”), if any, at
FVTPL. For private funds, the Manager will rely on the valuations provided by the managers of the private funds, which represents the Fund’s proportionate share of
the net assets of these private funds. The Fund’s 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’s redeemable securities contain multiple dissimilar contractual obligations and entitle securityholders to the right to redeem their interest in the Fund
for cash equal to their proportionate share of the net asset value of the Fund and therefore meet the criteria for classification as financial liabilities under IAS 32,
Financial Instruments: Presentation. The Fund’s obligation for net assets attributable to securityholders is presented at the redemption amount.
IAS 7, Statement of Cash Flows, requires disclosures related to changes in liabilities and assets, such as the securities of the Fund, arising from financing activities.
Changes in securities of the Fund, including both changes from cash flows and non-cash changes, are included in the Statement of Changes in Financial Position.
Any changes in the securities not settled in cash as at the end of the period are presented as either Accounts receivable for securities issued or Accounts payable for
securities redeemed in the Statement of Financial Position. These accounts receivable and accounts payable amounts typically settle shortly after period-end.
(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.
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

3. Material Accounting Policies (cont’d)

(b) Fair value measurement (cont’d)
Investments listed on a public securities exchange or traded on an over-the-counter market, including ETFs, are valued on the basis of the last traded market price or
closing price recorded by the security exchange on which the security is principally traded, where this price falls within the quoted bid-ask spread for the investment. In
circumstances where this price is not within the bid-ask spread, Mackenzie Financial Corporation (“Mackenzie”) determines the point within the bid-ask spread that is most
representative of fair value based on the specific facts and circumstances. Mutual fund securities of an underlying fund are valued on a business day at the price calculated
by the manager of such underlying fund in accordance with the constating documents of such underlying fund. Unlisted or non-exchange traded investments, or investments
where a last sale or close price is unavailable or investments for which market quotations are, in Mackenzie’s opinion, inaccurate, unreliable, or not reflective of all available
material information, are valued at their fair value as determined by Mackenzie using appropriate and accepted industry valuation techniques including valuation models. The
fair value 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 fair value may be determined using valuation techniques that are not supported by observable market data.
Cash and cash equivalents which includes cash on deposit with financial institutions 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 Fund in the management of short-term commitments. Cash and cash equivalents and short-term
investments 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 under current liabilities as bank indebtedness in the Statement of Financial Position. Short-term investments that are not
considered cash equivalents are separately disclosed in the Schedule of Investments.
The Fund may use derivatives (such as written options, futures, forward contracts, swaps or customized derivatives) to hedge against losses caused by changes in
securities prices, interest rates or exchange rates. The Fund may also use derivatives for non-hedging purposes in order to invest indirectly in securities or financial
markets, to gain exposure to other currencies, to seek to generate additional income, and/or for any other purpose considered appropriate by the Fund’s portfolio
manager(s), provided that the use of the derivative is consistent with the Fund’s investment objectives. Any use of derivatives will comply with Canadian mutual fund
laws, subject to the regulatory exemptions granted to the Fund, as applicable.
Valuations of derivative instruments are carried out daily, using normal exchange reporting sources for exchange-traded derivatives and specific broker enquiry for
over-the-counter derivatives.
The value of forward contracts is the gain or loss that would be realized if, on the valuation date, the positions were to be closed out. The change in value of forward
contracts is included in the Statement of Comprehensive Income – Other changes in fair value of investments and other net assets – Net unrealized gain (loss).
The daily fluctuation of futures contracts or swaps, along with daily cash settlements made by the Fund, where applicable, are equal to the change in unrealized gains
or losses that are best determined at the settlement price. These unrealized gains or losses are recorded and reported as such until the Fund closes out the contract
or the contract expires. Margin paid or deposited in respect of futures contracts or swaps is reflected as a receivable in the Statement of Financial Position – Margin
on derivatives. Any change in the variation margin requirement is settled daily.
Premiums paid for purchasing an option are recorded in the Statement of Financial Position – Investments at fair value.
Premiums received from writing options are included in the Statement of Financial Position as a liability and subsequently adjusted daily to fair value. If a written
option expires unexercised, the premium received is recognized as a realized gain. If a written call option is exercised, the difference between the proceeds of the
sale plus the value of the premium, and the cost of the security is recognized as a realized gain or loss. If a written put option is exercised, the cost of the security
acquired is the exercise price of the option less the premium received.
Refer to the Schedule of Derivative Instruments and Schedule of Options Purchased/Written, as applicable, included in the Schedule of Investments for a listing of
derivative and options positions as at March 31, 2025.
The Fund 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.
Financial instruments classified as Level 2 investments are valued based on the prices provided by an independent reputable pricing services company who prices the
securities based on recent transactions and quotes received from market participants and through incorporating observable market data and using standard market
convention practices. Short-term investments classified as Level 2 investments are valued based on amortized cost plus accrued interest which closely approximates
fair value.
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; and
Level 3 – Inputs that are not based on observable market data.
The inputs are considered observable if they are developed using market data, such as publicly available information about actual events or transactions, and that
reflect the assumption that market participants would use when pricing the asset or liability.
See Note 10 for the fair value classifications of the Fund.
(c) Income recognition
Interest income for distribution purposes represents the coupon interest received by the Fund which is accounted for on an accrual basis. The Fund does not amortize
premiums paid or discounts received on the purchase of fixed income securities except for zero coupon bonds, which are amortized on a straight-line basis. Dividends
are accrued as of the ex-dividend date. Unrealized gains or losses on investments, realized gains or losses on the sale of investments, including foreign exchange
gains or losses on such investments, are calculated on a weighted average cost basis. Distributions received from an underlying fund are included in Interest income
for distribution purposes, Dividends income, Net realized gains (losses) or Fee rebate income, as appropriate, on the ex-dividend or distribution date.
Income, realized gains (losses) and unrealized gains (losses) are allocated daily among the series on a pro-rata basis.
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

3. Material Accounting Policies (cont’d)

(d) Commissions and other portfolio transaction costs
Commissions and other portfolio transaction costs are costs incurred to acquire, issue or dispose of financial assets or liabilities. They include fees and commissions
paid to agents, exchanges, brokers, dealers and other intermediaries. The total brokerage commissions incurred by the Fund in connection with portfolio transactions
for the periods, together with other transaction charges, is disclosed in the Statement of Comprehensive Income. Brokerage business is allocated to brokers based
on the best net result for the Fund. 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 these services generated during the periods is disclosed in Note 10. The value of certain proprietary services provided by brokers cannot be reasonably
estimated.
(e) Securities lending and repurchase transactions
The Fund is 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 redeliver 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 included in the Statement of Comprehensive Income and recognized when earned. Securities lending
transactions are administered by The Bank of New York Mellon (the “Securities Lending Agent”). 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.
Note 10 summarizes the details of securities loaned and collateral received as at the end of period, as well as a reconciliation of securities lending income during
the period, if applicable. Collateral received is comprised of debt obligations of the Government of Canada and other countries, Canadian provincial and municipal
governments, and financial institutions.
(f) 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 Fund 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 10 summarizes the details of such
offsetting, if applicable, subject to master netting arrangements or other similar agreements and the net impact to the Statement of Financial Position if all such
rights were exercised.
Income and expenses are not offset in the Statement of Comprehensive Income unless required or permitted to by an accounting standard, as specifically disclosed
in the IFRS policies of the Fund.
(g) Currency
The functional and presentation currency of the Fund is Canadian dollars. Foreign currency purchases and sales of investments and foreign currency dividend and
interest income and expenses are translated to Canadian dollars at the rate of exchange prevailing at the time of the transactions.
Foreign exchange gains (losses) on purchases and sales of foreign currencies are included in the Statement of Comprehensive Income – Net realized gain (loss).
The fair value of investments and other assets and liabilities, denominated in foreign currencies, are translated to Canadian dollars at the rate of exchange prevailing
on each business day.
(h) Net assets attributable to securityholders per security
Net assets attributable to securityholders per security is computed by dividing the net assets attributable to securityholders of a series of securities on a business day
by the total number of securities of the series outstanding on that day.
(i) Net asset value per security
The daily Net Asset Value (“NAV”) of an investment fund may be calculated without reference to IFRS as per the Canadian Securities Administrators’ (“CSA”)
regulations. The difference between NAV and Net assets attributable to securityholders (as reported in the financial statements), if any, is mainly due to differences in
fair value of investments and other financial assets and liabilities and is disclosed in Note 10, if applicable.
(j) Increase (decrease) in net assets attributable to securityholders from operations per security
Increase (decrease) in net assets attributable to securityholders from operations per security in the Statement of Comprehensive Income represents the increase
(decrease) in net assets attributable to securityholders from operations for the period, divided by the weighted average number of securities outstanding during
the period.
(k) Future accounting changes
In April 2024, the International Accounting Standards Board (“IASB”) issued IFRS 18, Presentation and Disclosure in Financial Statements (“IFRS 18”). IFRS 18,
which replaces IAS 1, Presentation of financial statements, introduces new requirements to present specified categories and defined subtotals in the statement
of comprehensive income, new disclosure for management-defined performance measures, and additional requirements for aggregation and disaggregation of
information.
The standard is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Manager is assessing the impact
of the adoption of this standard.

4. Critical Accounting Estimates and Judgments

The preparation of these financial statements requires management to make estimates and assumptions that primarily affect the valuation of investments. Estimates
and assumptions are reviewed on an ongoing basis. Actual results may differ from these estimates.
The following discusses the most significant accounting judgments and estimates made in preparing the financial statements:
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

4. Critical Accounting Estimates and Judgments (cont’d)

Use of Estimates
Fair value of securities not quoted in an active market
The Fund may hold financial instruments that are not quoted in active markets and are valued using valuation techniques that make use of observable data, to the
extent practicable. Various valuation techniques are utilized, depending on a number of factors, including comparison with similar instruments for which observable
market prices exist and recent arm’s length market transactions. Key inputs and assumptions used are company specific and may include estimated discount rates
and expected price volatilities. Changes in key inputs, could affect the reported fair value of these financial instruments held by the Fund.
Use of Judgements
Classification and measurement of investments
In classifying and measuring financial instruments held by the Fund, the Manager is required to make significant judgments in order to determine the most
appropriate classification in accordance with IFRS 9. The Manager has assessed the Fund’s business model, the manner in which all financial instruments 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 Fund’s financial instruments.
Functional currency
The Fund’s functional and presentation currency is the Canadian dollar, which is the currency considered to best represent the economic effects of the Fund’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 Fund are measured.
Interest in unconsolidated structured entities
In determining whether an Underlying Fund or an ETF in which the Fund invests, but that it does not consolidate, meets the definition of a structured entity, the
Manager is required to make significant judgments about whether these underlying funds have the typical characteristics of a structured entity. These Underlying
Funds do meet the definition of a structured entity because:
I. The voting rights in the Underlying Funds are not dominant factors in deciding who controls them;
II. the activities of the Underlying Funds are restricted by their offering documents; and
III. the Underlying Funds have narrow and well-defined investment objectives to provide investment opportunities for investors while passing on the associated risks
and rewards.
As a result, such investments are accounted for at FVTPL. Note 10 summarizes the details of the Fund’s interest in these Underlying Funds, if applicable.

5. Income Taxes
As a unit trust, the Fund, under the provisions of the Income Tax Act (Canada), is subject to tax on its income including net realized capital gains in the taxation
year, which is not paid or payable to its securityholders as at the end of the taxation year. The Fund maintains a December year-end for tax purposes. The Fund may
be subject to withholding taxes 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.
Losses of the Fund cannot be allocated to investors and are retained in the Fund for use in future years. Non-capital losses may be carried forward up to 20 years to
reduce taxable income and realized capital gains of future years. Capital losses may be carried forward indefinitely to reduce future realized capital gains. Refer to
Note 10 for the Fund’s loss carryforwards.

6. Fees and Other Expenses

(a) The Fund is responsible for the payment of certain expenses related to its operation including taxes (including but not limited to GST/HST and income tax), transaction
costs related to the purchase and sale of investments and derivatives, interest and borrowing costs, and Independent Review Committee (“IRC”) costs.
(b) The Manager provides or arranges for the provision of investment and advisory services, and administrative services. The Trustee is responsible for the overall
direction and management of the Fund.
(c) GST/HST paid by the Fund on its expenses is not recoverable. In these financial statements, reference to GST/HST includes QST (Quebec sales tax), as applicable.
(d) Other expenses are comprised of bank charges and other miscellaneous expenses.
(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 expenses absorbed by the Manager during the periods have been reported in the Statements of Comprehensive Income.
(f) Investment in Underlying Funds will be in series that do not pay fees. The ETFs into which the Fund 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 Fund. However, where the ETF is
managed by Mackenzie, the ETF may distribute a fee rebate to the Fund to offset fees paid within the ETF. There is no assurance that these distributions will continue
in the future.
(g) Agreements between the individual members of the Fund’s IRC and the Trustee, on behalf of the Fund, provides for the indemnification of each IRC member by the
Fund 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 Fund, 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.
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

7. Fund’s Capital
The capital of the Fund, which is comprised of the net assets attributable to securityholders, is divided into different series with each series having an unlimited
number of securities. The securities outstanding for the Fund as at March 31, 2025 and 2024 and securities issued, reinvested and redeemed for the periods are
presented in the Statement of Changes in Financial Position. The Manager manages the capital of the Fund in accordance with the investment objectives as discussed
in Note 10.

8. Financial Instruments Risk

(a) Risk management
The Fund’s investment activities expose it to a variety of financial risks, as defined in IFRS 7, Financial Instruments: Disclosures (“IFRS 7”). The Fund’s exposure to
financial risks is concentrated in its investments, which are presented in the Schedule of Investments, as at March 31, 2025, grouped by asset type, with geographic
and sector information.
The Manager seeks to minimize potential adverse effects of financial instrument risks on the Fund’s performance by employing professional, experienced portfolio
advisors, daily monitoring of the Fund’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 Fund’s investment activities and monitors compliance with the Fund’s stated investment strategy, internal guidelines and securities regulations.
(b) Liquidity risk
Liquidity risk arises when the Fund encounters difficulty in meeting its financial obligations as they become due. The Fund is exposed to liquidity risk due to potential
daily cash redemptions of redeemable securities. In order to monitor the liquidity of its assets, the Fund utilizes a liquidity risk management program that calculates
the number of days to convert the investments held by the Fund into cash using a multi-day liquidation approach. This liquidity risk analysis assesses the Fund’s
liquidity against predetermined minimum liquidity percentages, established for different time periods, and is monitored quarterly. In addition, the Fund 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 Fund must maintain at least 85% 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 Fund’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 10 indicates the foreign currencies, if applicable, to which the Fund had significant exposure, including both monetary and non-monetary financial instruments,
and illustrates the potential 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 10 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.
(d) Interest rate risk
Interest rate risk arises on interest-bearing financial instruments. The Fund 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 10 summarizes the Fund’s interest-bearing financial instruments by remaining term to maturity and illustrates the potential impact to the Fund’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 Fund’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 Fund’s sensitivity to interest rate risk illustrated in Note 10 includes potential indirect impacts from Underlying Funds and ETFs in which the Fund 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 Fund.
Note 10 summarizes the Fund’s exposure, if applicable and significant, to credit risk. If presented, credit ratings and rating categories are based on ratings issued by
a designated rating organization. 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 debt securities includes consideration of the creditworthiness of the debt issuer.
To minimize the possibility of settlement default, securities are exchanged for payment simultaneously, where market practices permit, through the facilities of a
central depository and/or clearing agency where customary. The carrying amount of other assets also represents the maximum credit risk exposure as at the date of
the Statement of Financial Position.
The Fund may enter into securities lending transactions with counterparties and it may also be exposed to credit risk from the counterparties to the derivative
instruments it may use. Credit risk associated with these transactions is considered minimal as all counterparties have a rating equivalent to a designated rating
organization’s credit rating of not less than A-1 (low) on their short-term debt and of A on their long-term debt, as applicable.
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

8. Financial Instruments Risk (cont’d)

(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 risk
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 manages 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 Fund 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 Fund. This risk is mitigated by ensuring that the Fund holds a combination of the
underlying interest, cash cover and/or margin that is equal to or greater than the value of the derivative contract.
Other price risk typically arises from exposure to equity and commodity securities. If significant, Note 10 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 constant. In practice, the actual
trading results may differ and the difference could be material.
The Fund’s sensitivity to other price risk illustrated in Note 10 includes potential indirect impacts from Underlying Funds and ETFs in which the Fund invests, and/or
derivative contracts.
In addition, if the Fund invests in IG Mackenzie Real Property Fund, the Fund is exposed to the risk that the value of IG Mackenzie Real Property 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 10 also indicates the Fund’s
sensitivity, if any, to a 25 basis point change in the weighted average capitalization rates.
(g) Underlying funds
The Fund may invest in underlying funds and may be indirectly exposed to currency risk, interest rate risk, other price risk and credit risk from fluctuations in the
value of financial instruments held by the underlying funds. Note 10 summarizes the Fund’s exposure, if applicable and significant, to these risks from underlying
funds.

9. Other Information
(a) Abbreviations
Foreign currencies, if any, are presented in these financial statements using the following abbreviated currency codes:
Currency Description Currency Description Currency Description
Code Code Code
AED United Arab Emirates Dirham HUF Hungarian forint PHP Philippine peso
AUD Australian dollars IDR Indonesian rupiah PKR Pakistani rupee
BRL Brazilian real ILS Israeli sheqel PLN Polish zloty
CAD Canadian dollars INR Indian rupee RON Romanian leu
CHF Swiss franc JPY Japanese yen RUB Russian ruble
CZK Czech koruna KOR South Korean won SAR Saudi riyal
CLP Chilean peso MXN Mexican peso SEK Swedish krona
CNY Chinese yuan MYR Malaysian ringgit SGD Singapore dollars
COP Colombian peso NGN Nigerian naira THB Thailand baht
DKK Danish krone NOK Norwegian krona TRL Turkish lira
EUR Euro NTD New Taiwan dollar USD United States dollars
GBP United Kingdom pounds NZD New Zealand dollars ZAR South African rand
HKD Hong Kong dollars PEN Peruvian nuevo sol 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.sedarplus.ca. 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.sedarplus.ca.
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

10. Fund Specific Information (in ’000, except for (a))

(a) Fund Formation and Series Information
Date of Formation: November 19, 2018
The Fund may issue an unlimited number of securities of each series. The number of issued and outstanding securities of each series is disclosed in the Statements of
Changes in Financial Position.
Series P securities are offered exclusively to mutual funds managed by IGIM (or its affiliates) and certain institutional investors in connection with fund-of-fund
arrangements.

Inception/ Management Service Administration Trustee

Series Reinstatement Date fee (%) fee (%) fee (%) fee (%)
Series P November 30, 2018 – – – –
The fee rates in the table above are rounded to two decimals.
(b) Tax Loss Carryforwards
As at the last taxation year-end, there were no capital and non-capital losses available to carry forward for tax purposes.
(c) Securities Lending
March 31, 2025 March 31, 2024
($) ($)
Value of securities loaned 267,629 121,590
Value of collateral received 281,294 128,458

March 31, 2025 March 31, 2024

($) (%) ($) (%)
Gross securities lending income 594 100.0 487 100.0
Tax withheld (22) (3.7) (4) (0.8)
572 96.3 483 99.2
Payments to securities lending agent (103) (17.3) (85) (17.5)
Securities lending income 469 79.0 398 81.7
(d) Commissions
For the periods ended March 31, 2025 and 2024, commissions paid by the Fund did not generate any third-party services that were provided or paid for by the
brokers.
(e) Risks Associated with Financial Instruments
i. Risk exposure and management
The Fund aims to provide long-term capital appreciation by primarily investing in, or gaining exposure to a portfolio of fixed income and/or equity securities with no
geographic restrictions by investing primarily in exchange-traded funds. The Fund will target a neutral mix of 30% fixed income and 70% equity, but has full flexibility
to invest up to 100% in any asset class. The Fund may invest up to 100% of its assets in exchange-traded funds managed by the sub-advisor or its affiliates.
ii. Currency risk
The table below summarizes the Fund’s exposure to currency risk.
Strengthened by 5% Weakened by 5%
Impact on net assets ($) (%) ($) (%)
March 31, 2025 (28,725) (2.7) 28,725 2.7
March 31, 2024 (29,817) (3.0) 29,817 3.0

iii. Interest rate risk

The table below summarizes the Fund’s exposure to interest rate risk.
Increased by 1% Decreased by 1%
Impact on net assets ($) (%) ($) (%)
March 31, 2025 (6,239) (0.6) 6,239 0.6
March 31, 2024 (12,852) (1.3) 12,852 1.3
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

10. Fund Specific Information (in ’000, except for (a)) (cont’d)
(e) Risks Associated with Financial Instruments (cont’d)
iv. Other price risk
The table below summarizes the Fund’s exposure to other price risk.
Increased by 10% Decreased by 10%
Impact on net assets ($) (%) ($) (%)
March 31, 2025 78,629 7.4 (78,629) (7.4)
March 31, 2024 74,127 7.5 (74,127) (7.5)
v. Credit risk
As at March 31, 2025 and 2024, the Fund did not have a significant exposure to credit risk.
(f) Fair Value Classification
The table below summarizes the fair value of the Fund’s financial instruments using the fair value hierarchy described in note 3.
March 31, 2025 March 31, 2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
($) ($) ($) ($) ($) ($) ($) ($)
Exchange-traded funds/notes 929,497 116,558 – 1,046,055 947,119 – – 947,119
Derivative assets – 704 – 704 – 7 – 7
Derivative liabilities – (9) – (9) – (1,284) – (1,284)
Total 929,497 117,253 – 1,046,750 947,119 (1,277) – 945,842
The Fund’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the
transfer.
During the period ended March 31, 2025, non-North American equities frequently transferred between Level 1 (unadjusted quoted market prices) and Level 2
(adjusted market prices). As at March 31, 2025, these securities were classified as Level 2 (2024 – Level 1).
(g) Manager’s Investment in the Fund
The investments held by the Manager and other funds managed by the Manager, investing in series P, R or S of the Fund, as applicable (as described in Fund
Formation and Series Information in note 10), were as follows:
March 31, 2025 March 31, 2024
($) ($)
The Manager – –
Other funds managed by the Manager 1,059,754 994,007
(h) Offsetting of Financial Assets and Liabilities
The tables below present financial assets and financial liabilities that are subject to master netting arrangements or other similar agreements and the net impact on
the Fund’s Statements of Financial Position if all set-off rights were exercised as part of future events such as bankruptcy or termination of contracts. No amounts
were offset in the financial statements.
March 31, 2025
Gross amount of Amount available
assets/liabilities ($) for offset ($) Margin ($) Net amount ($)
Unrealized gains on derivative contracts 704 – – 704
Unrealized losses on derivative contracts (9) – – (9)
Liability for options written – – – –
Total 695 – – 695

March 31, 2024

Gross amount of Amount available
assets/liabilities ($) for offset ($) Margin ($) Net amount ($)
Unrealized gains on derivative contracts 7 – – 7
Unrealized losses on derivative contracts (1,284) – – (1,284)
Liability for options written – – – –
Total (1,277) – – (1,277)
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

10. Fund Specific Information (in ’000, except for (a)) (cont’d)
(i) Interest in Unconsolidated Structured Entities
The Fund’s investment details in the Underlying Funds as at March 31, 2025 and 2024 are as follows:
% of Underlying Fund’s Fair Value of Fund’s
March 31, 2025 Net Assets Investment ($)
Communication Services Select Sector SPDR Fund 0.1 23,009
Consumer Discretionary Select Sector SPDR Fund 0.1 15,388
Energy Select Sector SPDR Fund 0.0 4,281
Financial Select Sector SPDR Fund 0.0 12,925
Health Care Select Sector SPDR Fund 0.0 27,507
Industrial Select Sector SPDR Fund 0.1 19,754
iShares 7-10 Year Treasury Bond ETF 0.0 4,777
iShares Core International Aggregate Bond ETF 0.7 70,620
iShares Core MSCI EAFE ETF 0.2 105,277
iShares Core S&P 500 ETF 0.0 34,883
iShares Core S&P/TSX Capped Composite Index ETF 1.0 145,935
iShares Core U.S. Aggregate Bond ETF 0.0 4,220
iShares ESG Aware MSCI Canada Index ETF 1.8 8,426
iShares ESG Aware MSCI USA ETF 0.1 19,724
iShares Floating Rate Bond ETF 0.0 6,022
iShares FTSE MIB UCITS ETF EUR Acc 3.3 12,337
iShares iBoxx $ Investment Grade Corporate Bond ETF 0.0 1,689
iShares MSCI Australia ETF 0.1 2,275
iShares MSCI Denmark ETF 2.1 6,435
iShares MSCI France ETF 1.0 6,865
iShares MSCI France UCITS ETF 6.7 16,306
iShares MSCI Germany ETF 0.8 22,003
iShares MSCI Hong Kong ETF 0.6 4,773
iShares MSCI Japan ESG Screened UCITS ETF 0.8 21,270
iShares MSCI Japan ETF 0.4 73,498
iShares MSCI Netherlands Investable Market Index Fund ETF 2.1 7,170
iShares MSCI Singapore ETF 0.5 5,345
iShares MSCI Spain ETF 1.1 14,347
iShares MSCI Sweden ETF 1.6 8,282
iShares MSCI Switzerland ETF 2.2 35,794
iShares MSCI Taiwan ETF 0.2 10,157
iShares MSCI United Kingdom ETF 1.1 51,666
iShares OMX Stockholm Capped UCITS ETF 4.0 9,710
iShares S&P 500 Information Technology Sector UCITS ETF 0.4 56,935
iShares Short Treasury Bond ETF 0.6 172,435
Real Estate Select Sector SPDR Fund 0.0 2,788
Utilities Select Sector SPDR Fund 0.0 1,227
BlackRock – IG Active Allocation Pool II
ANNUAL AUDITED FINANCIAL STATEMENTS | March 31, 2025

Notes to Financial Statements

10. Fund Specific Information (in ’000, except for (a)) (cont’d)
(i) Interest in Unconsolidated Structured Entities (cont’d)
% of Underlying Fund’s Fair Value of Fund’s
March 31, 2024 Net Assets Investment ($)
Communication Services Select Sector SPDR Fund 0.1 20,029
Consumer Discretionary Select Sector SPDR Fund 0.1 24,567
Consumer Staples Select Sector SPDR Fund 0.0 4,781
Energy Select Sector SPDR Fund 0.0 10,142
Financial Select Sector SPDR Fund 0.0 20,316
Health Care Select Sector SPDR Fund 0.0 23,388
Industrial Select Sector SPDR Fund 0.1 16,239
iShares 3-7 Year Treasury Bond ETF 0.0 8,797
iShares Core FTSE 100 UCITS ETF 0.1 24,848
iShares Core International Aggregate Bond ETF 1.3 101,925
iShares Core S&P/TSX Capped Composite Index ETF 1.2 142,547
iShares Core U.S. Aggregate Bond ETF 0.1 87,340
iShares ESG Aware MSCI Canada Index ETF 1.2 4,604
iShares ESG Aware MSCI USA ETF 0.3 48,521
iShares Floating Rate Bond ETF 0.1 7,791
iShares FTSE MIB UCITS ETF EUR Acc 3.4 10,307
iShares MSCI Australia ETF 0.2 5,428
iShares MSCI Australia UCITS ETF 0.4 2,052
IShares MSCI Brazil ETF 0.2 10,841
iShares MSCI Eurozone ETF 0.6 67,321
iShares MSCI France ETF 2.2 19,951
iShares MSCI Germany ETF 0.5 7,178
iShares MSCI Japan ESG Screened UCITS ETF 1.6 47,347
iShares MSCI Japan ETF 0.4 80,145
iShares MSCI Poland ETF 1.6 6,690
iShares MSCI Spain ETF 1.4 19,702
iShares MSCI Switzerland ETF 2.0 29,568
iShares MSCI Taiwan ETF 0.4 24,207
Materials Select Sector SPDR Fund 0.0 3,038
Technology Select Sector SPDR Fund ETF 0.1 57,236
Utilities Select Sector SPDR Fund 0.1 10,273
(j) Investments in ETFs Managed by the Sub-advisor
In accordance with the investment objectives and strategies, the Fund held investments in ETFs managed by the sub-advisor (iShares ETFs) during the period. The
sub-advisor earns management and other fees in connection with the management of the iShares ETFs. The Fund indirectly pays these fees through its investment in
the iShares ETFs.
(k) Subsequent Event
Subject to regulatory approval, on July 1, 2025, the Distributors, Investors Group Financial Services Inc. and Investors Group Securities Inc., will merge into a single,
dual-registered dealer named IG Wealth Management Inc. that will operate as an investment dealer with a dedicated mutual fund division.