MGI Funds plc. Annual Report and Audited Financial Statements For the financial year ended 30 June 2016

Transcription

1 (an umbrella fund with segregated liability between SubFunds) Annual Report and Audited Financial Statements For the financial year ended 30 June 2016

2 Contents Management and Administration 2 Investment Manager s Report 3 Report of the Directors 25 Report of the Custodian to the Shareholders of MGI Funds plc 29 Report of the Depositary to the Shareholders of MGI Funds plc 30 Independent Auditor s Report to the Shareholders of MGI Funds plc 31 Portfolio Statements 33 Statement of Financial Position 265 Comparative Statement of Financial Position as at 30 June Comparative Statement of Financial Position as at 1 July Statement of Comprehensive Income 274 Comparative Statement of Comprehensive Income for the financial year ended 30 June Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 280 Comparative Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the financial year ended 30 June Statement of Cash Flows 286 Comparative Statement of Cash Flows for the financial year ended 30 June Notes to the Financial Statements 292 Unaudited Information in Respect of Underlying Investments 424 Supplemental Unaudited Information 426 Unaudited Significant Portfolio Movements 441 MGI Funds plc 1

3 Management and Administration REGISTERED OFFICE 70 Sir John Rogerson s Quay Dublin 2 Ireland COMPANY REGISTRATION NUMBER MANAGER Mercer Global Investments Management Limited 70 Sir John Rogerson s Quay Dublin 2 Ireland DEPOSITARY*** State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson s Quay Dublin 2 Ireland FACILITIES AGENT (in the UK) Mercer Limited 1 Tower Place West Tower Place London EC3R 5 BU UK INVESTMENT MANAGER AND DISTRIBUTOR Mercer Global Investments Europe Limited Charlotte House Charlemont Street Dublin 2 Ireland ADMINISTRATOR, REGISTRAR & TRANSFER AGENT State Street Fund Services (Ireland) Limited 78 Sir John Rogerson s Quay Dublin 2 Ireland INDEPENDENT AUDITOR KPMG Chartered Accountants Statutory Audit Firm 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland LEGAL ADVISER IN IRELAND Matheson 70 Sir John Rogerson s Quay Dublin 2 Ireland SECRETARY Matsack Trust Limited 70 Sir John Rogerson s Quay Dublin 2 Ireland DIRECTORS* Michael Dempsey Tom Finlay** Tom Geraghty Paul Sullivan** For the SubFunds named hereafter, no notification for distribution has been made so no units of these SubFunds may be publicly distributed to investors within the scope of the German Investment Act: MGI DAM MultiManager Global Equity Fund, MGI Global Bond Fund, MGI Japanese Equity Fund, MGI Pacific Basin (Ex Japan) Equity Fund, MGI US Equity Fund, MGI UK Bond Fund, MGI UK Cash Fund, MGI UK Equity Fund, MGI UK Inflation Linked Bond Fund, MGI UK Long Gilt Fund, Mercer Diversified Retirement Fund, Mercer Passive Emerging Markets Equity Fund & Mercer Investment Fund 6. *Directors are nonexecutive Directors. **These Directors are independent Directors. ***On 18 March 2016, State Street Custodial Services (Ireland) Limited, was appointed Depositary, pursuant to the terms of a Depositary Agreement, in line with the requirements of UCITS V Directive. MGI Funds plc 2

4 Investment Manager s Report for the financial year ended 30 June 2016 The SubFunds of MGI Funds plc (the Company ) are managed using a proprietary multimanager investment strategy. This strategy involves allocating portions of the SubFunds to specialist third party managers or subadvisors ( SubInvestment Managers ), who are selected by Mercer Global Investments Europe Limited (the Investment Manager ) based on its view as to who are most likely to achieve the overall objectives of the Company. The year to 30 June 2016 has been a volatile time for investment markets. Fixed income markets have been strong as interest rates have fallen. In equities and other risky assets performance has been more mixed. Over the twelve months, in local terms many of these markets typically exhibited small falls, although this was a tale of two halves with weaker performance in the second half of 2015 being followed by stronger performance in the first half of That said currency effects were hugely important with Brexit and other factors leading to very strong performance when these assets were measured in. Asset prices remained very volatile over the one year period as sharp falls in commodity prices, concerns over the Chinese economy, market intervention by global central banks and the Brexit vote produced shockwaves throughout the period. The US Federal Reserve carried out its first interest rate increase in nine and a half years in December 2015, following years of speculation. It was expected that four further increases would be made in 2016 at that point. However, no interest rate hikes have been made yeartodate, due to concerns over external factors outside of the US; difficulties in the Chinese economy and Brexit were two cited factors. The US economy continues to perform well, buoyed by the reluctance to increase rates for now. The Brexit vote on 23 June 2016 took markets by surprise and led to significant volatility in financial markets, particularly amongst European equities and bond markets. European and UK stocks were hit badly, while sterling weakened dramatically. However, in the aftermath of Brexit, global markets have performed reasonably well with US stocks rising higher and in general not impacted materially by events in Europe. After a difficult final two quarters in 2015, emerging markets have reversed their fortunes and outperformed developed equity markets over 2016 yeartodate. After a solid first quarter, Brazil continued as one of the stronger markets, with local equities rallying due to the easing of political risk. In general, emerging markets also benefitted from the deferral of a US rate hike. Despite the interest rate increase in the US last December, global government bonds have posted spectacular returns over the year ending at 30 June Volatility in equity markets, fears of a global recession and the Brexit vote all resulted in a flight to quality assets, driving down bond yields and raising bond valuations over the period. Post Brexit, the German 10 year bond fell into negative territory for the first time, and is still trading below 0% yield over a month later. All performance figures shown below are calculated by the Investment Manager using pricing from State Street Fund Services (Ireland) Limited (the Administrator ). Figures shown are gross of the Investment Manager s and underlying managers fees and net of all other expenses including custody and administration costs depending on fund structure. Weightings shown in the below tables are the portfolio weightings at 30 June Investment Performance to 30 June 2016 (EUR) MGI Emerging Markets Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AQR Dimensional Mondrian MGI Emerging Markets Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Emerging Markets (NDR) Index. The MGI Emerging Markets Equity Fund outperformed the benchmark by 3.1% over the last year. Vontobel was terminated as SubInvestment Manager on 11 April MGI Funds plc 3

5 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) MGI Euro Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO Irish Life Investment Managers MGI Euro Bond Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Capital Euro Aggregate Index. The MGI Euro Bond Fund outperformed the benchmark by 1.0% over the last year. There were no SubInvestment Manager changes during the period. MGI Euro Cash Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers MGI Euro Cash Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is a composite of 50% 1 Month Euro LIBID and 50% 1 Month Euro LIBOR. The MGI Euro Cash Fund outperformed the composite benchmark by 0.1% over the last year. There were no SubInvestment Manager changes during the period. MGI Eurozone Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Acadian (a) Hermes TT International MGI Eurozone Equity Fund (b) Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI EMU (NDR) Index. (a) Performance shown since inception. Inception date taken as 30 April 2016 for performance measurement purposes. (b) Includes performance to termination for Linghor up to 1 April The MGI Eurozone Equity Fund outperformed the benchmark by 1.5% over the last year. Over the last year, Linghor was terminated as a SubInvestment Manager on 12 April Acadian was appointed as a Sub Investment Manager on 14 April MGI Funds plc 4

6 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) MGI Global Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO Irish Life Investment Managers MGI Global Bond Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Capital Aggregate Index. The MGI Global Bond Fund outperformed the benchmark by 2.0% over the last year. There were no SubInvestment Manager changes during the period. MGI Japanese Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) J.P.Morgan MGI Japanese Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the TOPIX Index. Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The MGI Japanese Equity Fund underperformed the benchmark by 2.9% over the last year. There were no SubInvestment Manager changes during the period. MGI Pacific Basin (ex Japan) Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Schroders MGI Pacific Basin (exjapan) Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Pacific (exjapan) (NDR) Index. Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The MGI Pacific Basin (exjapan) Equity Fund underperformed the benchmark by 1.0% over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 5

7 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) MGI UK Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock (Active) BlackRock (Passive) Lindsell Train MGI UK Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the FTSE AllShare Index. The MGI UK Equity Fund outperformed the benchmark by 1.7% over the last year. GMO was terminated as SubInvestment Manager on 18 January MGI U.S. Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Robeco Winslow MGI U.S. Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the S&P 500 (NDR) Index. The MGI U.S. Equity Fund underperformed the benchmark by 6.7% over the last year. There were no SubInvestment Manager changes during the period. MGI Emerging Markets Debt Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock Investec Wellington MGI Emerging Markets Debt Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan GBIEM Global Diversified Index. The MGI Emerging Markets Debt Fund underperformed the benchmark by 0.6% over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 6

8 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) Mercer Global Small Cap Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Allianz Arrowstreet Capital KBI Fidelity Mercer Global Small Cap Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World Small Cap (NDR) Index. The Mercer Global Small Cap Equity Fund underperformed the benchmark by 0.2% over the last year. There were no SubInvestment Manager changes during the period. Mercer Low Volatility Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Acadian First Eagle Magellan Veritas Mercer Low Volatility Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is a composite of 33.3% MSCI Minimum Variance (NDR) Index, 33.3% MSCI Quality (NDR) Index and 33.3% MSCI World (NDR) Index. The Mercer Low Volatility Equity Fund outperformed the composite benchmark by 0.2% over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 7

9 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) Mercer Diversified Growth Fund Fund Weight (%) Mercer Passive Global Equity 11.1 BlackRock Developed World Index Sub Fund 10.9 ILIM Indexed Minimum Volatility Global Equity Fund 4.0 RIC Acadian Global Managed Volatility Equity Fund 1.5 ILIM Indexed World Small Cap Equity Fund 10.0 Mercer Passive Emerging Markets Equity Fund 9.0 ishares J.P.Morgan Emerging Markets Bond Fund (USD) 10.1 BlackRock UK Corporate Bond Index Fund 0.0 BlackRock US Corporate Bond Index Fund 0.1 BlackRock Euro Corporate Bond Fund 4.7 ishares High Yield Corporate Bond 2.9 ishares High Yield Corporate Bond (USD) 15.7 BlackRock Developed Real Estate Index SubFund 10.4 Mercer Absolute Return Fixed Income Fund 5.5 ILIM Completion Portfolio 2.0 Liquidity Reserve 2.2 Mercer Diversified Growth Fund Figures may not sum to total due to rounding. Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Growth Fund Performance shown is in terms. The fund benchmark is the Citigroup 1 Month Euro Deposit Index The Mercer Diversified Growth Fund outperformed the benchmark by 1.2% over the last year. Over the last year, the SubFund disinvested from SSgA SPDR Thomson Reuters Global Convertible Bond Fund and from BlackRock Emerging Markets Index Fund. The SubFund invested in the Mercer Absolute Return Fixed Income and Mercer Passive Emerging Markets Equity Funds. MGI Funds plc 8

10 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) Mercer Global High Yield Bond (Hedged EUR) Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Franklin Templeton Wellington Mercer Global High Yield Bond (Hedged EUR) Fund (a)(b) Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the BofAML Global High Yield Constrained (Hedged EUR) Index. (a) The aggregate portfolio return is calculated using a EUR hedged share class, whereas the underlying managers are unhedged. (b) Includes performance to termination for DDJ up to 16 July The Mercer Global High Yield Bond (Hedged EUR) Fund underperformed the benchmark by 3.5% over the last year. DDJ was terminated as SubInvestment manager on 16 July Mercer Short Duration Global Bond Fund 1 Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Quoniam Mercer Short Duration Global Bond Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan Global Government Bond 13 Years Hedged Index. The Mercer Short Duration Global Bond Fund 1 outperformed the benchmark by 1.6% over the last year. There were no SubInvestment Manager changes during the period. Mercer Short Duration Global Bond Fund 2 Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO Mercer Short Duration Global Bond Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan Global Government Bond 13 Years Hedged Index. The Mercer Short Duration Global Bond Fund 2 outperformed the benchmark by 0.4% over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 9

11 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) Mercer Global Buy and Maintain Credit Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AXA Pramerica Mercer Global Buy and Maintain Credit Fund (a) Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Customised Global Diversified Credit (exsubordinated Financials) Index. (a) The aggregate portfolio return is calculated using a EUR hedged share class, whereas the underlying managers are unhedged. The Mercer Global Buy and Maintain Credit Fund outperformed the benchmark by 0.1% over the last year. There were no SubInvestment Manager changes during the period. Mercer Passive Global Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers Mercer Passive Global Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (NDR) Index. The Mercer Passive Global Equity Fund performed within acceptable tracking of its benchmark over the last year. There were no SubInvestment Manager changes during the period. Mercer Passive Global Equity (Hedged) Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers Mercer Passive Global Equity (Hedged) Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (Hedged) (NDR) Index. Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The Mercer Passive Global Equity (Hedged) Fund performed within acceptable tracking of its benchmark over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 10

12 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) Mercer Euro Over 5 Year Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers Mercer Euro Over 5 Year Bond Fund Performance shown is in terms. Figures may not sum to total due to rounding. The difference between the fund and benchmark performance over certain periods is a result of different pricing sources used by the custodian and fund manager for some of the bonds held, but when assessed on a likeforlike basis this difference is minimal. The fund benchmark is the chainlinked performance of the Barclays 5+ year GDP weighted and the BofAML 5+ year GDP weighted. The Mercer Euro Over 5 Year Bond Fund performed within acceptable tracking of its benchmark over the last year. There were no SubInvestment Manager changes during the period. Mercer Euro Nominal Bond Long Duration Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers Mercer Euro Nominal Bond Long Duration Fund Performance shown is in terms. Figures may not sum to total due to rounding. The difference between the fund and benchmark performance over certain periods is a result of different pricing sources used by the custodian and fund manager for some of the bonds held, but when assessed on a likeforlike basis this difference is minimal. The fund benchmark is a composite with overall duration of 1517 years. The Mercer Euro Nominal Bond Long Duration Fund performed within acceptable tracking of its benchmark over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 11

13 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) Mercer Diversified Retirement Fund Fund Weight (%) BlackRock UK Equity Index Fund 5.1 Mercer Passive Global Equity 12.8 ILIM MSCI World Minimum Volatility Index 8.0 BlackRock Gilt Track 8.8 BlackRock UK Credit Bond Fund 3.9 BlackRock US Corporate Bond Index Fund 1.5 BlackRock Euro Credit Bond Index Fund 3.0 ishares J.P.Morgan Emerging Markets Bond Fund (USD) 3.6 Mercer InflationLinked Bond 9.7 ishares High Yield Corporate Bond (USD) 13.2 BlackRock Developed Real Estate Fund 4.1 ishare Global Infrastructure 3.8 Mercer Absolute Return Fixed Income Fund 10.2 UK Cash Fund 3.1 ETF Cash Component 0.0 ILIM Completion Portfolio 2.0 Liquidity Reserve 7.3 Mercer Diversified Retirement Fund Figures may not sum to total due to rounding. Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Retirement Fund Performance shown is in terms. The fund benchmark is the Citigroup 1 Month Euro Deposit Index. The Mercer Diversified Retirement Fund underperformed the benchmark by 1.8% over the last year. Over the last year, the SubFund invested in the Mercer Absolute Return Fixed Income Fund and ILIM Completion Portfolio. Mercer Absolute Return Fixed Income Fund Manager Performance Since Inception Weight Fund Benchmark (%) (%) (%) GAM H2O Pioneer Mercer Absolute Return Fixed Income Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Citigroup 1 Month Euro Deposit Index. Inception date taken as 2 November 2015 for performance measurement purposes. The Mercer Absolute Fixed Income Fund underperformed the benchmark by 1.1% over the period since inception to 30 June There were no SubInvestment Manager changes during the period. MGI Funds plc 12

14 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) Mercer Passive Emerging Markets Equity Fund Manager Performance Since Inception Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers Mercer Passive Emerging Markets Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Emerging Markets (NDR) Index. Inception date taken as 31 January 2016 for performance measurement purposes. The Mercer Passive Emerging Markets Equity Fund underperformed the benchmark by 0.4% over the period since inception to 30 June Mercer UCITS Alternatives Strategies Fund Weight (%) Acadian 9.0 AQR 19.8 BlackRock 14.7 GAM 5.9 H2O 5.8 IPM 7.0 Lynx 5.9 Portland Hill 9.1 QCAM 7.3 Winton 6.8 Cash 8.8 Mercer UCITS Alternatives Strategies Fund Performance Since Inception Fund Benchmark (%) (%) Mercer UCITS Alternatives Strategies Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Citigroup 1 Month Euro Deposit Index. Inception date taken as 15 June 2016 for performance measurement purposes. The Mercer UCITS Alternative Strategies Fund outperformed its benchmark by 0.3% over the period since inception to 30 June MGI Funds plc 13

15 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (EUR) Mercer Investment Fund 6 Manager Performance Since Inception Weight Fund Benchmark (%) (%) (%) Alliance Bernstein Mercer Investment Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Capital Global Aggregate. Inception date taken as 30 April 2016 for performance measurement purposes. The Mercer Investment Fund 6 outperformed its benchmark by 0.3% over the period since inception to 30 June MGI Global Equity Fund Manager Performance over the last Financial Year Weight (a) Fund Benchmark (%) (%) (%) Arrowstreet Capital Baillie Gifford Hexavest Inc MGI Global Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (NDR) Index. (a) Plus 7.1% in a completion portfolio, which refers to the allocation to US assets (managed on a passive basis) to reduce the material underweighting held by managers in US assets at the total portfolio level. The MGI Global Equity Fund outperformed the benchmark by 2.8% over the last year. GTP was terminated as SubInvestment Manager on 11 February Investment Performance to 30 June 2016 (GBP) MGI Emerging Markets Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AQR Dimensional Mondrian MGI Emerging Markets Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Emerging Markets (NDR) Index. The MGI Emerging Markets Equity Fund outperformed the benchmark by 3.6% over the last year. Vontobel was terminated as SubInvestment Manager on 11 April MGI Funds plc 14

16 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (GBP) MGI Eurozone Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Acadian (a) Hermes TT International MGI Eurozone Equity Fund (b) Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI EMU (NDR) Index. (a) Performance shown since inception. Inception date taken as 30 April 2016 for performance measurement purposes. (b) Includes performance to termination of Linghor up to 1 April The MGI Eurozone Equity Fund outperformed the benchmark by 1.9% over the last year. Over the last year, Linghor was terminated as a SubInvestment manager on 12 April Acadian was appointed as a Sub Investment manager on 14 April MGI Global Equity Fund Manager Performance over the Financial Year Weight (a) Fund Benchmark (%) (%) (%) Arrowstreet Capital Baillie Gifford Hexavest Inc MGI Global Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (NDR) Index. (a) Plus 7.1% in a completion portfolio, which refers to the allocation to US assets (managed on a passive basis) to reduce the material underweighting held by managers in US assets at the total portfolio level. The MGI Global Equity Fund outperformed the benchmark by 3.3% over the last year. GTP was terminated as SubInvestment Manager on 11 February MGI Japanese Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) J.P.Morgan MGI Japanese Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the TOPIX Index. Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The MGI Japanese Equity Fund underperformed the benchmark by 3.5% over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 15

17 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (GBP) MGI Pacific Basin (exjapan) Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Schroders MGI Pacific Basin (exjapan) Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Pacific (exjapan) (NDR) Index. Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The MGI Pacific Basin (exjapan) Equity Fund underperformed the benchmark by 1.2% over the last year. There were no SubInvestment Manager changes during the period. MGI UK Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Insight MGI UK Bond Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is 50% Markit iboxx Sterling Gilts Index and 50% BofAML Sterling Corporate & Collateralised AllStocks (exsubordinated Financials) Index. The MGI UK Bond Fund outperformed the benchmark by 0.2% over the last year. There were no SubInvestment Manager changes during the period. MGI UK Cash Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock 20.0 Fidelity 20.0 Goldman Sachs 20.0 Insight 20.0 J.P.Morgan 20.0 MGI UK Cash Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Citigroup GBP 1 Month Euro Deposit Index. The MGI UK Cash Fund performed in line with the benchmark over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 16

18 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (GBP) MGI UK Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock (Active) BlackRock (Passive) Lindsell Train MGI UK Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the FTSE AllShare Index. The MGI UK Equity Fund outperformed the benchmark by 2.0% over the last year. GMO was terminated as SubInvestment Manager on 18 January MGI U.S. Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Robeco Winslow MGI U.S. Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the S&P 500 (NDR) Index. The MGI U.S. Equity Fund underperformed the benchmark by 7.8% over the last year. There were no SubInvestment Manager changes during the period. MGI UK InflationLinked Bond Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock MGI UK InflationLinked Bond Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the FTSE A Over 5 Year IndexLinked Gilt Index. The MGI UK InflationLinked Bond Fund performed within acceptable tracking of its benchmark over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 17

19 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (GBP) MGI UK Long Gilt Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock MGI UK Long Gilt Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the FTSE A Over 15 Year Gilt Index. The MGI UK Long Gilt Fund performed within acceptable tracking of its benchmark over the last year. There were no SubInvestment Manager changes during the period. MGI Emerging Markets Debt Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) BlackRock Investec Wellington MGI Emerging Markets Debt Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan GBIEM Global Diversified Index. The MGI Emerging Markets Debt Fund underperformed the benchmark by 0.6% over the last year. There were no SubInvestment Manager changes during the period. Mercer Global Small Cap Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Allianz Arrowstreet Capital KBI Pyramis Mercer Global Small Cap Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World Small Cap (NDR) Index. The Mercer Global Small Cap Equity Fund underperformed the benchmark by 0.2% over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 18

20 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (GBP) Mercer Low Volatility Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Acadian First Eagle Magellan Veritas Mercer Low Volatility Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is a composite of 33.3% MSCI Minimum Variance (NDR), 33.3% MSCI Quality (NDR) and 33.3% MSCI World (NDR) Index. The Mercer Low Volatility Equity Fund outperformed the benchmark by 0.2% over the last year. There were no SubInvestment Manager changes during the period. Mercer Diversified Growth Fund Fund Weight (%) Mercer Passive Global Equity 11.1 BlackRock Developed World Index Sub Fund 10.9 ILIM Indexed Minimum Volatility Global Equity Fund 4.0 RIC Acadian Global Managed Volatility Equity Fund 1.5 ILIM Indexed World Small Cap Equity Fund 10.0 Mercer Passive Emerging Markets Equity Fund 9.0 ishares J.P.Morgan Emerging Markets Bond Fund (USD) 10.1 BlackRock UK Corporate Bond Index Fund 0.0 BlackRock US Corporate Bond Index Fund 0.1 BlackRock Euro Corporate Bond Fund 4.7 ishares High Yield Corporate Bond 2.9 ishares High Yield Corporate Bond (USD) 15.7 BlackRock Developed Real Estate Index SubFund 10.4 Mercer Absolute Return Fixed Income Fund 5.5 ILIM Completion Portfolio 2.0 Liquidity Reserve 2.2 Mercer Diversified Growth Fund Figures may not sum to total due to rounding. Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Growth Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Citigroup 1 Month Euro Deposit Index. The Mercer Diversified Growth Fund outperformed the benchmark by 17.9% over the last year. Over the last year, the SubFund disinvested from SSgA SPDR Thomson Reuters Global Convertible Bond fund and from BlackRock Emerging Markets Index Fund. The SubFund invested in the Mercer Absolute Return Fixed Income and Mercer Passive Emerging Markets Equity Funds. MGI Funds plc 19

21 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (GBP) Mercer Global High Yield Bond (Hedged GBP) Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Franklin Templeton Wellington Mercer Global High Yield Bond (Hedged GBP) Fund (a)(b) Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the BofAML Global High Yield Constrained (Hedged GBP) Index. (a) The aggregate portfolio return is calculated using a GBP hedged share class, whereas the underlying managers are unhedged. (b) Includes performance to termination for DDJ up to 16 July The Mercer Global High Yield Bond (Hedged GBP) Fund underperformed the benchmark by 3.7% over the last year. DDJ was terminated as SubInvestment manager on 16 July Mercer Global Buy and Maintain Credit Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AXA Pramerica Mercer Global Buy and Maintain Credit Fund (a) Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Barclays Customised Global Diversified Credit (exsubordinated Financials) Index. (a) The aggregate portfolio return is calculated using a GBP hedged share class, whereas the underlying managers are unhedged. The Mercer Global Buy and Maintain Credit Fund outperformed the benchmark by 0.4% over the last year. There were no SubInvestment Manager changes during the period. Mercer Passive Global Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers Mercer Passive Global Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World (NDR) Index. The Mercer Passive Global Equity Fund performed within acceptable tracking of its benchmark over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 20

22 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (GBP) Mercer Passive Global Equity (Hedged) Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers Mercer Passive Global Equity (Hedged) Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI World Hedged (NDR) Index. Underlying manager returns may differ to the overall portfolio return due to a small cash allocation within the portfolio. The Mercer Passive Global Equity (Hedged) Fund performed within acceptable tracking of its benchmark over the last year. There were no SubInvestment Manager changes during the period. Mercer Diversified Retirement Fund Fund Weight (%) BlackRock UK Equity Index Fund 5.1 Mercer Passive Global Equity 12.8 ILIM MSCI World Minimum Volatility Index 8.0 BlackRock Gilt Track 8.8 BlackRock UK Credit Bond Fund 3.9 BlackRock US Corporate Bond Index Fund 1.5 BlackRock Euro Credit Bond Index Fund 3.0 ishares J.P.Morgan Emerging Markets Bond Fund (USD) 3.6 Mercer InflationLinked Bond 9.7 ishares High Yield Corporate Bond (USD) 13.2 BlackRock Developed Real Estate Fund 4.1 ishare Global Infrastructure 3.8 Mercer Absolute Return Fixed Income Fund 10.2 UK Cash Fund 3.1 ETF Cash Component 0.0 ILIM Completion Portfolio 2.0 Liquidity Reserve 7.3 Mercer Diversified Retirement Fund Figures may not sum to total due to rounding. Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Retirement Performance shown is in terms. The fund benchmark is the Citigroup 1 month Euro Deposit. The Mercer Diversified Retirement Fund outperformed the benchmark by 14.3% over the last year. Over the last year, the SubFund invested in the Mercer Absolute Return Fixed Income Fund and ILIM Completion Portfolio. MGI Funds plc 21

23 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (GBP) Mercer Absolute Return Fixed Income Fund Manager Performance Since Inception Weight Fund Benchmark (%) (%) (%) GAM H2O Pioneer Mercer Absolute Return Fixed Income Fund (a) Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the Citigroup GBP 1 Month Euro Deposit Index. Performance shown since inception. Inception date taken as 2 November (a) The aggregate portfolio returns are shown in GBP hedged terms whereas the underlying subinvestment managers are shown in EUR. The Mercer Absolute Fixed Income Fund underperformed the benchmark by 1.2% over the period since inception to 30 June There were no SubInvestment Manager changes during the period. Mercer Passive Emerging Markets Equity Fund Manager Performance Since Inception Weight Fund Benchmark (%) (%) (%) Irish Life Investment Managers Mercer Passive Emerging Markets Equity Fund Performance shown is in terms. Figures may not sum to total due to rounding. The fund benchmark is the MSCI Emerging Markets (NDR) Index. Inception date taken as 31 January 2016 for performance measurement purposes. The Mercer Passive Emerging Markets Equity Fund performed within acceptable tracking of its benchmark over the period since inception to 30 June Investment Performance to 30 June 2016 (NOK) Mercer Short Duration Global Bond Fund 1 Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Quoniam Mercer Short Duration Global Bond Fund Performance shown is in NOK terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan Global Government Bond 13 Years Hedged Index. The Mercer Short Duration Global Bond Fund 1 outperformed the benchmark by 1.6% over the last year. There were no Sub Investment Manager changes during the period. MGI Funds plc 22

24 Investment Manager s Report for the financial year ended 30 June 2016 Investment Performance to 30 June 2016 (NOK) Mercer Short Duration Global Bond Fund 2 Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO Mercer Short Duration Global Bond Fund Performance shown is in NOK terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan Global Government Bond 13 Years Hedged Index. The Mercer Short Duration Global Bond Fund 2 outperformed the benchmark by 0.4% over the last year. There were no Sub Investment Manager changes during the period. Investment Performance to 30 June 2016 (SEK) Mercer Short Duration Global Bond Fund 1 Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Quoniam Mercer Short Duration Global Bond Fund Performance shown is in SEK terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan Global Government Bond 13 Years Hedged Index. The Mercer Short Duration Global Bond Fund 1 outperformed the benchmark by 1.5% over the last year. There were no SubInvestment Manager changes during the period. Mercer Short Duration Global Bond Fund 2 Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) PIMCO Mercer Short Duration Global Bond Fund Performance shown is in SEK terms. Figures may not sum to total due to rounding. The fund benchmark is the J.P.Morgan Global Government Bond 13 Years Hedged Index. The Mercer Short Duration Global Bond Fund 2 outperformed the benchmark by 0.4% over the last year. There were no SubInvestment Manager changes during the period. MGI Funds plc 23

25 Investment Manager s Report for the financial year ended 30 June 2016 Market Outlook The outlook for global growth has weakened since the start of the year, but market sentiment is still good when compared with recent years. The market reaction to the unexpected Brexit referendum outcome suggests that much of its immediate direct economic impact will be felt largely in the UK, with some spillover to Europe, but with direct impact expected to be negligible elsewhere. This pattern is reflected in recent revisions to consensus growth forecasts, e.g. the consensus forecast for 2016 Euro area GDP growth has been revised down from 1.6% to 1.5%. Independently, GDP growth in Japan has continued to flag badly in mid 2016, with the forecast for the year more than halving. The United States faces heightened political uncertainty ahead of the November elections, with Republican presidential nominee Trump potentially offering a similar retreat from global integration. Nevertheless, while US GDP growth appears to have expanded by 2.0% 2.5% in the second quarter, after an annualised rate of just 1.4% over the preceding two quarters, consensus forecasts suggest growth is unlikely to strengthen too much further over the next eighteen months. The outlook for emerging markets is more positive, though macro risks remain, e.g. volatile commodity prices, exposure to US dollar exchange rate. Economic outlook for China has not changed significantly, with manufacturing indicators continuing to indicate a contraction. Finally, developed government bond yields remain close to their lowest levels ever; particularly in Europe in the aftermath of the Brexit vote. While the macro backdrop is weaker post Brexit, our central scenario and technical factors still point to higher yields over time. However, we note that more recent market behaviour has been dominated by risk off flows and ultraaccommodative central bank policy. Mercer Global Investments Europe Limited Charlotte House Charlemont Street Dublin 2 Ireland July 2016 MGI Funds plc 24

26 Report of the Directors The Directors have pleasure in submitting their Report to the Shareholders together with the audited financial statements for the financial year ended 30 June Principal Activities MGI Funds plc (the Company ) is an openended investment company with variable capital organised under the laws of Ireland. The Company is organised in the form of an umbrella fund insofar as the share capital of the Company will be divided into different series of shares with each series of shares representing a portfolio of assets which will comprise a separate fund (each a SubFund ). The Company is authorised and regulated by the Central Bank of Ireland (the Central Bank ) under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision And Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment In Transferable Securities) Regulations 2015 (together the Regulations ). As at 30 June 2016, the Company consisted of forty SubFunds (the SubFunds ) of which thirty are in operation at financial year end. Business Review, Results and Future Developments The business of the Company is reviewed in detail in the Investment Manager s Report. The results for the financial year are stated in the Statement of Comprehensive Income. The Company will continue to act as an investment vehicle as set out in its Prospectus. The analysis of the Company s key performance indicators ( KPI s ), such as the performance of the relevant Sub Fund against the benchmark that it follows, are contained in the Investment Manager s Report. Directors The Directors, who held office on 30 June 2016 as stated below, are not required to retire by rotation under the Memorandum and Articles of Association. The Directors are: Date of Appointment Michael Dempsey NonExecutive Irish 11 July 2011 Tom Finlay NonExecutive Irish 13 July 2006 Tom Geraghty NonExecutive Irish 24 October 2013 Paul Sullivan NonExecutive Irish 13 July 2006 All Directors served for the entire financial year. Directors fees (including expenses) for the financial year are stated in Note 10 to the financial statements. Transactions involving Directors: The Board of Directors (the Board ) are not aware of any contracts or arrangements of any significance in relation to the business of the Company in which the Directors had any interest as defined in the Companies Act, 2014 at anytime during the financial year ended 30 June 2016 (financial year ended 30 June 2015: Nil), other than those disclosed in Note 3, Related parties. Directors & Secretary s Interests None of the Directors or the Secretary who held office on 30 June 2016 or their families held any interest in the shares of the Company at any time during the financial year ended 30 June 2016 (2015: Nil). Employees There we no employees of the Company during the financial year under review or during the prior financial year. Segregated Liability of SubFunds The Company is an umbrella fund with segregated liability between SubFunds. Accounting records The Directors ensure compliance with the Company s obligation to maintain adequate accounting records by appointing competent persons to be responsible for them. The accounting records are kept by State Street Fund Services (Ireland) Limited, at 78 Sir John Rogerson s Quay, Dublin 2, Ireland. MGI Funds plc 25

27 Report of the Directors Dividends See Note 12 for details of dividends declared and paid during the financial year. Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company are market price risk, credit risk, currency risk, interest rate risk and liquidity risk, which are outlined in Note 6 to the financial statements. Share Capital The net assets under management were 13,796,761,883 at 30 June 2016 (30 June 2015: 12,102,844,147). Full details of the Company s share capital and changes during the year under review is disclosed in Note 9. Substantial holdings are disclosed in Note 9. The Company is not subject to the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations Connected Party Transactions Regulation 41 of the UCITS Regulations Restrictions of transactions with connected persons states that A responsible person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm s length, and b) in the best interest of the unitholders of the UCITS. As required under UCITS Regulation 78.4, the Directors, as responsible persons are satisfied that there are arrangements in place, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to all transactions with a connected party; and all transactions with connected parties that were entered into during the period to which the report relates, complied with the obligations that are prescribed by Regulation 41(1). Events during the financial year A decision has been made by the Investment Manager to delist the following share classes from the Irish Stock Exchange. The delisting was effective from 13 October SubFund MGI UK Equity Fund MGI Eurozone Equity Fund MGI UK Bond Fund MGI Euro Bond Fund MGI US Equity Fund MGI Japanese Equity Fund MGI Pacific Basin (ex Japan) Equity Fund MGI Emerging Markets Equity Fund MGI Global Bond Fund MGI Euro Cash Fund MGI UK Cash Fund MGI UK Inflation Linked Bond Fund Share M1, I1, Z1 M1, I1, Z1 (inactive class) I1, Z1 M1, M5, I1 M1, I1, Z1 M1, I1, Z1 I1, Z1 M1, I1 M1, I1, I1, I1$ M1, M5, I1, Z1 I1 M7 A revised Prospectus for the Company and supplements to the Prospectus for each of the SubFunds were issued on 3 December Included in the revised prospectus was the introduction of swing pricing in order to mitigate the possible cost of acquiring or disposing of assets on behalf of the relevant SubFund on any dealing day where there are net subscriptions or redemption, if required. The Prospectus revisions did not contain any further material changes to the Company, the SubFunds, the investment policies or objectives. On the 18 March 2016, State Street Custodial Services (Ireland) Limited, were appointed Depositary, pursuant to the terms of a Depositary Agreement, in line with the requirements of the UCITS V Directive. MGI DAM Multi Manager Global Equity Fund liquidated on 23 May Mercer Absolute Return Fixed Income Fund, Mercer Passive Emerging Markets Equity Fund, Mercer Investment Fund 6 and Mercer UCITS Alternatives Strategies Fund launched on 2 November 2015, 22 January 2016, 24 May 2016 and 15 June 2016 respectively. A Supplemental Prospectus was issued in respect of these new SubFunds. There have been no other significant events affecting the Company during the financial year. Subsequent events See Note 14 for events since the financial year end. MGI Funds plc 26

28 Report of the Directors Corporate Governance Code Statement of Compliance The Company has adopted in full the voluntary Code of Corporate Governance ("the Corporate Governance Code") for Collective Investment Schemes and Management Companies issued by the Irish Funds ( IF ), the text of which is available from the IF website, The Company has been in compliance with the Corporate Governance Code during the financial year ended 30 June Statement of Directors Responsibilities The Directors are responsible for preparing the Directors Report and financial statements, in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with International Financial Reporting Standards ( IFRS ) as adopted by the European Union ( EU ). Under Company law the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company s assets, liabilities and financial position as at the end of the financial year and of the changes in net assets attributable to holders of redeemable participating shares of the Company for the financial year. In preparing the financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with IFRS as adopted by the EU; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping adequate accounting records that are sufficient to: correctly record and explain the transactions of the Company; enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy; and enable the Directors to ensure that the financial statements comply with the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 and enable those financial statements to be audited. The Directors believe that they have complied with the requirement to maintain adequate accounting records by employing an experienced administrator, State Street Fund Services (Ireland) Limited, (the Administrator ) for the purpose of maintaining adequate accounting records. The Directors are responsible for safeguarding the assets of the Company. In this regard, up to 18 March 2016 they have entrusted the assets of the Company to the Custodian who was appointed as Custodian to the Company pursuant to the terms of a Custodian Agreement. From 18 March 2016, State Street Custodial Services (Ireland) Limited were appointed Depositary pursuant to the terms of the Depositary Agreement. The Directors have a general responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities. Statement of Directors Compliance We acknowledge that we are responsible for securing the Company s compliance with its relevant obligations. We confirm that: a compliance policy statement has been drawn up setting out the Company s policies; appropriate arrangements and structures that are, in our opinion, designed to secure material compliance with the Company s relevant obligations, have been put in place; and a review analysis has been conducted, during the financial year, of the arrangements and structures that have been put in place to secure the Company s compliance with its relevant obligations. MGI Funds plc 27

29 Funds pie Report or the Directors Audit Committee The Company has estabhshed an audit committee under Section 167 of the Companies Act 2014, Relevant audit intormation The Directors believe tnat they have :aken all steps necessary to make themselves aware of any relevant aucit information, and have established that the Company s statutory auditors are aware of that information. lr so far as they are aware, there is no retevan: audit inforna:ecr. of which the Company s statutory auditors are unaware. Independent Auditor KPMG, Chartered Accountants, have indicated their willingness to continue in offce ir accordance vth Section 383(2) of the Companies Act On behalf of the Board Tom Finlay Director Director 19 October Furd plc 28

30 Report at the Custodian lathe Shareholders ci MGI Funds plc We have enquired into the conduct of MGI Funds plc (the Company ) for the period from I capacity as Custodian to he Company July2015 to 18 Mardi in our This report including the opinion has been prepared for and solely for tire shareholders iii the Company as a body, in accordance with Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 20 f 1 ( Iho UCITS Regulations ), and for no other purpose. We do nol, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this reporl is shown Responsibilities of the Custodian Our duties and responsibilities are outlined in Parts of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders, Our report shall stato whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company s Memorandum and Articles of Association and the UCtTS Regulations. If is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Custodian must state why this is the case and outline the sfeps which we have taken to rectify the situation. Basis of Custodian Opinion The Custodian conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been nianaged (i) in accordance with the Hmit at ions imposed on its investment and borrowing powers by the provisions of the constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company s constitutional documentation and the appropriate regulations. Opinion In our opinion, the Company has been managed during the period, in all material respects (i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 ( the Centraf Bank UCITS Regulations ); and (u) otherwise in accordance with the provisions of the Memorandum & Artrcles of Association, the UCITS Regulations and the Central Bank UCITS Regulations. t)// 4 State Street Custodial Services (I land) Limited 76 Sir Jotnir Rogersoni s Cuny Dublin 2 Ire land 10 October 2Q16 mci FuP ds plc 20

31 Report of the Depositary to the Shareholders of MGI Funds plc We have enquired into the conduct of MGI Funds plc ( the Company ) tor the period from 18 March 2016 to 30 June 2015, in our capacity as Depositary to the Company This report including the opinion has been prepared for and solely tor the Shareholders in the Company as a body, in accordance with Regulation 34, (1), (3) and (4) in PartS of the European Communities (Undertakings for Cotfective Investment in Transferable Securities) Regulations 20 t 1 ( the UCITS Regulations ), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34, (I), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the Shareholders. Cur report shall state whether, in our opinion, the Company has heen managed in that period in accordance vjith the provisions oh the Company s Memorandum and Articles of Association and the UCITS Regulations. Ills the overall responsibility ot the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation. Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (I), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects! the Company has been managed (I) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Company s Memorandum and Articles of Association and the UCITS regulations and (ii) otherwise in accordance with the Company s constitutional documentation arid the appropriate regulations. Opinion In our opinion, the Company has been managed during the period, in all material respects. (i) in accordance with the limitations imposed on the investment and borrowing powers ot the Company by the Memorandum and Articles ot Association, the UCITS Regulations and the Central Bank (Supervision and Enforoement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 ( the Central Bank UCITS Regulations ), and (n) otherwise in accordance with the prov ions of the Memorandum and Articles of Association, the UCITS Regulations and Central Bank UCITS Regulations., ip State Street Custodial Services (Irela d) Limited 78 Sir John Rogersoir s Quay Dublin 2 Ireland 19 October 2016 Mci Funds plc 30

32 1 Our opinion on the financial statements is unmodified In our opinion the financial statements: Opinions and conclusions arising from our audit (UK and re and). (ERS) as adon:ed by the Eurooean Union. Our aud t was conaucted in accordance w th ln:ernationa Standards on Auc ng repcrir.g framewcrk :ba: has been aupt cc in tbe:r preparat on is irish taw ano ln:erra:io.nai Financial Repor:iro Standards Hotders of Redeemable Participating Shares, Statement of Cash Flows, Portfotto Statements and the related notes. The financial the Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to We have audited the financial statements of MGI Funds plc (the Company ) for the year ended 30 June 2016 which comprise give a true and at v ew cf the assets. iabii:ies ano finarcia pos ton o the Comoany as a: 3D June 2016 and of its y in have been procer creoared acccrdance with IFRS as aocpted oy the European Union, and have been property precared.n accordance w;th the reauremerts of :he Companies c: 201h, the European n cu opinien the accoun:ing recorus of the Ccmpany were su f.cien: to pern.l :he financia statements to be readi y and In our opinion the information given in the Directors Report is consistent with the financial stalements. In ado::on. the Ccmpanes Act 2014 requ res us Ic repcrt tc you if,.n cur cp;nion, the cisccsures of Drectors remuneration In adei::on, we read al the financial arid nonf nancial intormaticn n the Annual Reoort to cen:i y material i000nsistenc es with MGi Funds pic 31 areas of the accounting and reporting. most experenced memocrs of the audit team, in oariicular the engagement partner respcnsib e fcr the auci:. to subjective misslatements does not exceed materiality for the financial statements as a whole. This testing requires us to conduct signjican: auct wor on a broad range of assets, income and expense as well as cevoting signhcari: time c the testing needed to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected material misslalements or emissions it is not guaranteed to do so. Rather the auditor plans the audit to determine the extent of Whilst an audit conducted in accordance with ISAs (UK & Ireland) is designed to provide reasonable assurance of identifying materiai msstatements or inconsistencies we consider the implications for our report. inccnsisten: wth. the kno. iecge acquired oy us In the course of performing :he auei:. If we become aware of any apoarent the audited financial statements and to identfy any nermalion that is aeparently materially incorrect based on, cr mater!aly accounting estimates made by the Directors; and the overall presentation of the financial statements. Company s circumstances and have been consistently applied and adequately disclosed: the reasonableness of significant whether caused by fraud or error. This includes an assessment of: whether the accounling policies are appropriate to the the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, An audit undertaken in accordance with ISAs (UK & Ireland) involves obtaining evidence about the amounts and disclosures in Reoor:ing Couno is Ethical Standards or Aud:tors. law and lnierna:ionai Standards on Auditing (UK and lreiand). These standards require us to compiy with the Financai Companes Act Our responsio:li:y s :c audi: ano exoress an op nion on the 9nancal stalements in accordance with Irish orepa atior of the inancial statements and for bc:no satisf:ed that they give a true and fair view and ctherw se conp y w.th the As explained mere fully in the Statement of Directors Responsibilities set out en page 27, the Directors are responsible for the Basis of our report, responsibilities and restrictions on use and transactions required by sections 305 to 312 of the Act are not made. material m,sstatement of tact, or that is otherwse misleacing. :n orma:ion n he annual report :hat ccnta ns a mater a inccnss:cncy wth either that knowledge o the tinancia statements, a ISAs (UK & Ir&and) require that we reoorl to ycu 1, based on the knowledge we acquired durng cur audit. we have identifed 3 We have nothing to report in respect of matters on which we are required to report by exception orooer.y auoi:cd mo the financia s:a:ements are in agreement wlh the account ng records We have obtained al the infcrrratcn and exp anat:ons wh.ch we cons.der necessary for the ourposes of our auoi:. 2 Our conclusions on other matters on which we are required to report by the Companies Act 2014 are set out below Securities) Regulations Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective lnvestmenl in Transferable changes in net assets a:tributab,e to ho ders of redeemabe part.cipating shares Or the year then ended; to the Shareholders of MCI Funds plc MGI Funds plc Independent Auditor s Report

33 Brian Clavin this reoort, or for the odin cns we have crmeo. assume respons bit ty to anyone other than :he Company and the Company s shareholoers as a body, for cur aud: work, for to state to them in an auditor s report and for no other purpose. To the fultest extent permitted by law, we do not accept or Our audit work has been undertaken so that we might state to the Company s shareholders those matters we are required Our report is made solely to the Company s shareholders, as a body, in accordance with section 391 of the Companies Act Basis of our report, responsibilities and restrictions on use for on of and behalf KPMC 1 Harbcurmaster Place Dublin 1 19 October 2016 tretand interna:ona. Firanc;at Services Centre Chartered Accountants and Statutory Audit Firm MGI Funds plc Independent Auditor s Report to the Shareholders of MGI Funds plc ftlgi Fu dc plc 32

34 MGI Emerging Markets Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Brazil (2015: 7.84%) Aliansce Shopping Centers 43, , Ambev ADR 1,506,173 8,901, B2W Cia Digital 29,300 85, Banco ABC Brasil Pref 45, , Banco Bradesco 30, , Banco Bradesco ADR 424,271 3,313, Banco Bradesco Pref 114, , Banco Daycoval Pref 46, , Banco do Brasil 151, , Banco do Estado do Rio Grande do Sul Pref 127, , Banco Industrial e Comercial Pref 29,300 75, Banco Pan Pref 129,181 62, Banco Pine Pref 20,745 25,448 BM&FBovespa Bolsa de Valores Mercadorias e Futuros 121, , BR Malls Participacoes 63, , BrasilAgro Co Brasileira de Propriedades Agricolas 16,500 61, Braskem Pref 411,600 2,446, BRF 224,800 3,166, BTG Pactual Group 60, , CCR 1,794,100 9,408, Centrais Eletricas Brasileiras 236,500 1,299, Cia Brasileira de Distribuicao Pref 170,386 2,484, Cia de Saneamento Basico do Estado de Sao Paulo ADR 227,156 2,035, Cia Energetica de Minas Gerais ADR 138, , Cia Energetica de Sao Paulo Pref 62, , Cia Ferro Ligas da Bahia Ferbasa Pref 30,700 72, Cia Siderurgica Nacional 380, , Cielo 652,294 6,894, Cosan Industria e Comercio 24, , Cyrela Brazil Realty Empreendimentos e Participacoes 179, , Direcional Engenharia 49,900 85, Duratex 203, , Embraer 157, , Embraer ADR 56,247 1,221, Equatorial Energia 16, , Estacio Participacoes 96, , Even Construtora e Incorporadora 140, , Ez Tec Empreendimentos e Participacoes 24, , Fibria Celulose 13,519 90, Gerdau 109, , Gerdau ADR 105, , Gerdau Pref 440, , Guararapes Confeccoes 5, , Hypermarcas 17, , International Meal Alimentacao 70,800 89, Iochpe Maxion 33, , Itau Unibanco Holding 22, , Itau Unibanco Holding ADR 308,277 2,910, Itau Unibanco Holding Pref 14, , Itausa Investimentos Itau Pref 549,505 1,301, JBS 1,630,279 5,088, Klabin 47, , Kroton Educacional 390,208 1,656, Magnesita Refratarios 7,600 34,872 Nominal Fair value % of holdings US$ Net assets Brazil (2015: 7.84%) Marcopolo Pref 293, , Mills Estruturas e Servicos de Engenharia 54,300 72, MRV Engenharia e Participacoes 224, , Natura Cosmeticos 148,900 1,185, Petroleo Brasileiro 402,700 1,446, Petroleo Brasileiro ADR nonvoting 192,119 1,116, Petroleo Brasileiro ADR voting 114, , Petroleo Brasileiro Pref 783,200 2,302, Porto Seguro 116, , Qualicorp 110, , Randon Implementos e Participacoes Pref 18,419 18,685 Restoque Comercio e Confeccoes de Roupas 25,900 25,627 Santos Brasil Participacoes 16,700 64, Sao Carlos Empreendimentos e Participacoes 4,100 34,233 Sao Martinho 3,164 52,718 SLC Agricola 36, , Sul America 62, , Suzano Papel e Celulose Pref 1,892,380 6,692, Tereos Internacional 1,298 25,322 Totvs 14, , TPI Triunfo Participacoes e Investimentos 32,600 41,720 Usinas Siderurgicas de Minas Gerais Pref 24,854 15,283 Vale 273,209 1,387, Vale Pref 408,717 1,662, Via Varejo 65, , ,055, Channel Islands (2015: 0.19%) Etalon Group GDR 40,611 99, Chile (2015: 1.58%) Banco de Chile 6,726, , Banco de Credito e Inversiones 3, , Banco Santander Chile 1,337,807 64, Banco Santander Chile ADR 214,721 4,159, Besalco 87,353 30,758 CAP 17,200 58, Cencosud 775,631 2,209, Cia Cervecerias Unidas 328,343 3,845, Cia Cervecerias Unidas ADR 30, , Cia Sud Americana de Vapores 2,730,721 54,815 CocaCola Embonor Pref 27,074 49,481 Embotelladora Andina ADR 2,420 51,304 Embotelladora Andina Pref 5,841 20,568 Empresa Nacional de Telecomunicaciones 13, , Empresa Nacional de Telecomunicaciones Rights 3,835 3,707 Empresas CMPC 248, , Empresas COPEC 65, , Empresas Hites 54,453 23,019 Enersis Americas ADR 49, , Enersis Chile ADR 97, , Gas Natural Chile 17,177 89, Gasco 17,177 44,754 Grupo Security 442, , Inversiones Aguas Metropolitanas 93, , Inversiones La Construccion 8,797 96, Itau CorpBanca 16,832, , Latam Airlines Group 7,793 51,556 Latam Airlines Group ADR 161,472 1,065, Masisa 605,802 20,377 PAZ 101,493 51,968 MGI Funds plc 33

35 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Chile (2015: 1.58%) Ripley 493, , Salfacorp 188, , Sigdo Koppers 62,693 80, Sociedad Matriz SAAM 2,801, , Socovesa 168,002 32,227 Vina Concha y Toro 44,419 70, Vina Concha y Toro ADR 301 9,554 16,959, China (2015: 10.80%) 361 Degrees International 362, , Agile Property Holdings 894, , Agricultural Bank of China 3,677,000 1,341, Air China 1,150, , Alibaba Group Holding ADR 55,682 4,428, Angang Steel 356, , Anhui Conch Cement 36,500 87, Anta Sports Products 401, , Anton Oilfield Services Group 380,000 39,675 Asia Cement China Holdings 220,500 42,634 Asia Plastic Recycling Holding 65,958 37,621 AVIC International Holdings 140,000 79, BAIC Motor 18,500 12,996 Baidu ADR 15,158 2,503, Bank of China 19,393,541 7,749, Bank of Chongqing 197, , Bank of Communications 4,308,000 2,715, Baoye Group 84,000 55, BBMG 149,000 44,366 Beijing Capital International Airport 406, , Beijing Capital Land 466, , Beijing North Star 186,000 56, Belle International Holdings 11,632,000 6,822, Boer Power Holdings 70,000 30,498 Central China Real Estate 268,000 50,781 Central China Securities 32,000 13,736 Changshouhua Food 27,000 12,146 Chaowei Power Holdings 28,000 17,252 Chigo Holding 980,000 10,864 China Aoyuan Property Group 572, , China BlueChemical 8,838,000 1,549, China Cinda Asset Management 6,336,000 2,131, China CITIC Bank 5,232,338 3,169, China Coal Energy 621, , China Communications Construction 234, , China Communications Services 2,136,000 1,112, China Conch Venture Holdings 42,000 83, China Construction Bank 23,014,276 15,218, China Dongxiang Group 1,323, , China Dredging Environment Protection Holdings 154,000 19,851 China Everbright Bank 590, , China Galaxy Securities 2,956,500 2,644, China Great Star International 23,673 41,207 China Harmony New Energy Auto Holding 97,500 52,031 China Hongqiao Group 464, , China Huiyuan Juice Group 281,500 94, China ITS Holdings 295,372 23,606 Portfolio Statement Nominal Fair value % of holdings US$ Net assets China (2015: 10.80%) China Lesso Group Holdings 198, , China Machinery Engineering 74,000 47,979 China Merchants Bank 268, , China Minsheng Banking 321, , China Modern Dairy Holdings 486,000 70, China National Building Material 1,604, , China National Materials 537, , China Oilfield Services 166, , China Petroleum & Chemical 6,002,200 4,324, China Railway Construction 39,500 49,337 China Railway Group 57,000 42,320 China Rare Earth Holdings 568,400 40,297 China Sanjiang Fine Chemicals 126,000 17,866 China SCE Property Holdings 572, , China Shanshui Cement Group 234, , China Shenhua Energy 997,000 1,832, China Shineway Pharmaceutical Group 35,000 38,258 China Shipping Development 62,897 35,429 China Southern Airlines 38,000 21,454 China Telecom 756, , China Vanke 220, , China Yurun Food Group 621,239 93, China ZhengTong Auto Services Holdings 438, , China Zhongwang Holdings 910, , Chongqing Machinery & Electric 448,000 46,775 Chongqing Rural Commercial Bank 2,826,000 1,431, Chu Kong Petroleum & Natural Gas Steel Pipe Holdings 189,000 29,722 CIFI Holdings Group 1,238, , Comtec Solar Systems Group 272,000 17,530 Coolpad Group 1,224, , Country Garden Holdings 941, , Ctrip.com International ADR 13, , Dalian Wanda Commercial Properties 100, , Daphne International Holdings 348,000 53,829 Dongfang Electric 72,200 56, Dongfeng Motor Group 1,514,000 1,576, Dongyue Group 502,000 88, Evergrande Real Estate Group 656, , Fantasia Holdings Group 769,500 93, Forgame Holdings 13,800 17,966 Fufeng Group 362,000 99, Future Land Development Holdings 804, , Geely Automobile Holdings 5,130,000 2,764, Golden Eagle Retail Group 3,058,000 3,405, GOME Electrical Appliances Holding 23,181,644 2,719, Great Wall Motor 4,010,000 3,308, Greenland Hong Kong Holdings 268,000 92, Greentown China Holdings 304, , Guangshen Railway 102,000 48,515 Guangzhou R&F Properties 433, , Guodian Technology & Environment Group 163,000 8,719 Harbin Electric 318, , Hengan International Group 894,500 7,454, Hilong Holding 204,000 21,825 HNA Infrastructure Company 14,000 15,123 Honghua Group 401,000 18,608 Hopefluent Group Holdings 46,000 12,215 Huaneng Renewables 816, , Huishang Bank 233, , Hydoo International Holding 370,000 44,355 Industrial & Commercial Bank of China 16,475,000 9,110, MGI Funds plc 34

36 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) China (2015: 10.80%) Intime Retail Group 157, , JD.com ADR 16, , Jiangnan Group 398,000 63, Jiangsu Expressway 5,080,000 7,058, Jiangxi Copper 437, , Kaisa Group Holdings 978, , Kasen International Holdings 80,000 15,365 Kingcan Holdings 31,000 26,379 Kingsoft 86, , KWG Property Holding 628, , Labixiaoxin Snacks Group 79,000 6,517 Leoch International Technology 141,000 13,449 Lianhua Supermarket Holdings 186,000 72, Logan Property Holdings 160,000 57, Longfor Properties 343, , Lonking Holdings 896, , Maanshan Iron & Steel 560, , Maoye International Holdings 384,000 35,143 Metallurgical of China 195,000 59, NetEase ADR 3, , NVC Lighting Holding 383,000 40,482 Parkson Retail Group 449,000 39,356 Peak Sport Products 449, , People's Insurance Group of China 8,253,000 3,170, PetroChina 3,660,000 2,495, PICC Property & Casualty 1,950,000 3,051, Poly Culture Group 18,200 42,087 Powerlong Real Estate Holdings 644, , Qihoo 360 Technology ADR 4, , Qingling Motors 400, , Qinqin Foodstuffs Group Cayman 181, , Renhe Commercial Holdings 5,556, , Sany Heavy Equipment International Holdings 449,000 83, Semiconductor Manufacturing International 2,987, , Shandong Chenming Paper Holdings 134,000 98, Shanghai Pharmaceuticals Holding 17,900 39,409 Shanghai Prime Machinery 476,000 68, Shenguan Holdings Group 662,000 57, Shui On Land 1,188, , Shunfeng International Clean Energy 1,258, , Sihuan Pharmaceutical Holdings Group 315,000 59, Sinopec Engineering Group 220, , Sinopec Shanghai Petrochemical 3,360,000 1,541, Sinopharm Group 692,400 3,297, Sinotrans 2,352,000 1,039, SOHO China 503, , Sound Global 127,000 48,784 Springland International Holdings 276,000 35,576 SPT Energy Group 98,000 6,569 Sunac China Holdings 576, , Tencent Holdings 458,200 10,412, Tiangong International 628,000 38,451 TravelSky Technology 260, , Trigiant Group 184,000 29,410 Universal Health International Group Holding 345,000 19,789 V1 Group 1,312,000 65, Want Want China Holdings 8,806,000 6,220, Weichai Power 975, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets China (2015: 10.80%) Weiqiao Textile 175, , West China Cement 760, , Wuzhou International Holdings 348,000 35,886 Xiamen International Port 466,000 91, Xinchen China Power Holdings 136,000 16,479 Xingda International Holdings 439, , Xinhua Winshare Publishing and Media 72,000 77, Xinjiang Xinxin Mining Industry 376,000 36,834 Yanzhou Coal Mining 204, , Youyuan International Holdings 86,900 28,004 Yuanda China Holdings 1,080,000 32,715 Yuzhou Properties 636, , Zhengzhou Coal Mining Machinery Group 21,800 9,217 Zhong An Real Estate 418,000 37,177 Zhongsheng Group Holdings 273, , Zhuzhou CRRC Times Electric 96, , Zijin Mining Group 5,068,000 1,691, Zoomlion Heavy Industry Science and Technology 466, , ,612, Colombia (2015: 0.25%) Almacenes Exito 80, , Banco Davivienda Pref 1,720 15,893 Bancolombia 9,029 73, Bancolombia Pref 18, , Ecopetrol 267, , Grupo Argos 50, , Grupo Argos Pref 12,918 79, Grupo de Inversiones Suramericana 58, , Grupo de Inversiones Suramericana Pref 23, , Grupo Nutresa 2,694 23,245 2,261, Cyprus (2015: Nil) Globaltrans Investment GDR 726 2,846 Czech Republic (2015: 0.04%) CEZ 22, , Unipetrol 6,299 45, , Greece (2015: 0.08%) Alpha Bank 4,924 8,862 Bank of Greece 5,841 62, Ellaktor 84, , GEK Terna Holding Real Estate Construction 43,747 85, Hellenic Petroleum 4,913 20,577 Intralot Integrated Lottery Systems & Services 22,323 22,022 Marfin Investment Group Holdings 227,882 30,127 Mytilineos Holdings 10,546 44,170 National Bank of Greece 9,285 1,981 Piraeus Bank 2, Terna Energy 7,885 21, , Hong Kong (2015: 6.55%) Ajisen China Holdings 69,000 26,771 AMVIG Holdings 240,000 94, AnxinChina Holdings 1,316,000 65, Beijing Enterprises Holdings 1,430,000 8,101, Beijing Properties Holdings 228,000 14,548 MGI Funds plc 35

37 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Hong Kong (2015: 6.55%) Bosideng International Holdings 910,000 77, BYD Electronic International 434, , C C Land Holdings 680, , Carrianna Group Holdings 226,000 22,140 Cecep Costin New Materials Group 174,000 13,457 Century Sunshine Group Holdings 455,000 20,527 CGN Meiya Power Holdings 210,000 28,422 China Aerospace International Holdings 1,190, , China AgriIndustries Holdings 684, , China All Access Holdings 32,000 9,941 China Dynamics Holdings 670,000 23,750 China Energine International Holdings 240,000 16,087 China Everbright 486, , China Everbright International 183, , China Fiber Optic Network System Group 724,800 61, China Foods 72,000 23,852 China Glass Holdings 50,000 5,478 China High Speed Transmission Equipment Group 509, , China Jinmao Holdings Group 2,142, , China LotSynergy Holdings 640,000 21,861 China Lumena New Materials 1,112, , China Merchants Holdings International 581,670 1,544, China Merchants Land 190,000 26,695 China Metal Recycling Holdings 166,800 China Mobile 1,226,500 14,031, China Mobile ADR 169,376 9,806, China Ocean Resources 24,935 44,270 China Oil & Gas Group 1,264,000 96, China Overseas Grand Oceans Group 459, , China Overseas Land & Investment 902,000 2,848, China Overseas Property Holdings 34,666 5,049 China Precious Metal Resources Holdings 1,780,000 56,672 China Resources Cement Holdings 1,085, , China Resources Land 636,888 1,485, China Resources Power Holdings 4,786,408 7,132, China Singyes Solar Technologies Holdings 256,000 87, China Singyes Solar Technologies Holdings Rights 51,200 1,003 China South City Holdings 1,424, , China Taiping Insurance Holdings 973,400 1,811, China Travel International Investment Hong Kong 1,240, , China Unicom Hong Kong 1,020,000 1,057, China Unicom Hong Kong ADR 19, , China Water Industry Group 112,000 19,345 China Zenith Chemical Group 610,000 20,050 Chu Kong Shipping Enterprises Group 142,000 36,608 CIMC Enric Holdings 38,000 17,242 CITIC 717,000 1,044, CITIC Resources Holdings 528,000 49,003 Citychamp Watch & Jewellery Group 580, , CNOOC 4,208,000 5,223, CNOOC ADR 4, , Comba Telecom Systems Holdings 407,440 59,347 Concord New Energy Group 1,990, , COSCO International Holdings 238, , COSCO Pacific 595, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Hong Kong (2015: 6.55%) Coslight Technology International Group 12,000 5,785 CPMC Holdings 152,000 64, Dah Chong Hong Holdings 389, , Digital China Holdings 383, , EVA Precision Industrial Holdings 278,000 26,517 Far East Horizon 465, , Fosun International 88, , GCLPoly Energy Holdings 2,175, , Glorious Property Holdings 938,000 84, Golden Meditech Holdings 609,152 89, Goldlion Holdings 85,000 31,883 Guangdong Land Holdings 238,000 70, Hengdeli Holdings 760,000 87, Hi Sun Technology China 150,000 21,269 HKC Holdings 2,096,000 38,095 Hopson Development Holdings 320, , Hua Han Health Industry Holdings 2,146, , Huabao International Holdings 4,627,000 1,640, Ju Teng International Holdings 460, , Kai Yuan Holdings 1,460,000 9,410 Kingboard Chemical Holdings 386, , Kingboard Laminates Holdings 427, , Kunlun Energy 318, , Lai Fung Holdings 1,607,009 24,443 Landing International Development 2,245,000 51,220 Lee & Man Paper Manufacturing 174, , MIE Holdings 950,000 93, Mingfa Group International 410,000 99, Minmetals Land 586,000 68, MMG 488, , New World Department Store China 188,000 24,476 Nine Dragons Paper Holdings 3,728,601 2,840, North Mining Shares 4,590, , Overseas Chinese Town Asia Holdings 32,000 10,642 Phoenix Satellite Television Holdings 84,000 18,840 Poly Property Group 595, , Pou Sheng International Holdings 240,000 69, Prosperity International Holdings HK 480,000 11,879 Real Nutriceutical Group 297,000 28,330 REXLot Holdings 2,218,164 43,746 Rotam Global Agrosciences 15,708 19,891 Samson Holding 316,000 33,808 Shanghai Industrial Holdings 282, , Shanghai Industrial Urban Development Group 798, , Shenzhen International Holdings 137, , Shenzhen Investment 1,755, , Shimao Property Holdings 757, , Shougang Fushan Resources Group 918, , Silver Grant International Industries 370,000 40,062 Sino Biopharmaceutical 2,223,000 1,447, Sino Oil And Gas Holdings 2,680,000 69, SinoOcean Land Holdings 1,267, , Sinofert Holdings 1,264, , Sinolink Worldwide Holdings 620,000 65, Sinopec Kantons Holdings 208, , Sinotrans Shipping 647, , Sinotruk Hong Kong 351, , Skyworth Digital Holdings 386, , SRE Group 2,062,000 54,222 TCC International Holdings 805, , TCL Multimedia Technology Holdings 1, MGI Funds plc 36

38 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Hong Kong (2015: 6.55%) Tian An China Investment 117,000 61, Tianjin Port Development Holdings 876, , Tianyi Summi Holdings 52,000 5,764 Top Spring International Holdings 59,000 21,218 TPV Technology 380,369 72, Truly International Holdings 540, , United Energy Group 20, Wasion Group Holdings 280, , Welling Holding 232,000 42,764 WH Group 10,925,000 8,562, Xiwang Special Steel 105,000 8,662 Yanchang Petroleum International 2,550,000 68, Yingde Gases Group 596, , Yip's Chemical Holdings 101,155 32,598 Yuexiu Property 3,361, , Zhuhai Holdings Investment Group 124,000 19,180 86,422, Hungary (2015: 0.08%) FHB Mortgage Bank 6,962 13,917 MOL Hungarian Oil & Gas 4, , OTP Bank 16, , Richter Gedeon Nyrt 17, , , India (2015: 12.27%) Aarti Industries 9,500 73, Aban Offshore 10,377 32,640 ACC 3,144 75, Adani Enterprises 72,568 93, Adani Ports & Special Economic Zone 8,609 26,403 Adani Power 251, , Adani Transmission 6,096 3,522 Aditya Birla Fashion and Retail 90, , Aditya Birla Nuvo 17, , Advanta 1,964 16,880 AIA Engineering 5,753 87, Allahabad Bank 76,017 77, Allcargo Logistics 24,218 65, Alok Industries 244,911 15,966 Alstom India 4,405 40,464 Ambuja Cements 48, , Amtek Auto 58,818 31,110 Anant Raj 58,909 42,592 Andhra Bank 103,456 87, Apar Industries 5,128 40,704 Apollo Tyres 147, , Arvind 41, , Ashoka Buildcon 24,720 58,051 Atul 1,837 56,420 Axis Bank 974,736 7,704, Bajaj Auto 256,473 10,255, Bajaj Finserv 14, , Bajaj Hindusthan Sugar 102,504 32,120 Bajaj Holdings & Investment 16, , Balkrishna Industries 6,140 60,313 Ballarpur Industries 234,251 56,919 Balmer Lawrie 6,802 60,164 Portfolio Statement Nominal Fair value % of holdings US$ Net assets India (2015: 12.27%) Balrampur Chini Mills 90, , Bank of Baroda 102, , Bank of India 62,693 94, Bank of Maharashtra 89,934 43,505 BASF India ,569 BEML 10, , BGR Energy Systems Bharat Electronics 8, , Bharat Heavy Electricals 118, , Bharti Airtel 139, , Bharti Retail 57, , Biocon 17, , Birla 15, , Bombay Dyeing & Manufacturing 54,800 37,551 Brigade Enterprises 11,113 26,344 Cairn India 2,541,814 5,294, Canara Bank 43, , Ceat 9, , Century Textiles & Industries 4,852 47,456 Chambal Fertilizers & Chemicals 91,729 96, Chennai Super King Cricket 130,917 5,237 Cholamandalam Investment and Finance 7, , Cipla 22, , City Union Bank 66, , Clariant Chemicals India 187 1,959 Container of India 5, , Coromandel International 28, , Corp Bank 113,130 68, Cox & Kings 31,254 77, Crompton Greaves 59,363 64, Crompton Greaves Consumer Electricals 90, , Cyient 12,656 91, Dalmia Bharat 13, , DB Realty 56,733 43,288 DCB Bank 50,397 72, DCM Shriram 16,830 54,184 Deepak Fertilisers & Petrochemicals 21,907 54,366 Delta 35,837 51,052 Dena Bank 47,776 27,818 Dewan Housing Finance 70, , Dishman Pharmaceuticals & Chemicals 17,452 36,070 DLF 133, , Dr Reddy's Laboratories 4, , Dr Reddy's Laboratories ADR 126,671 6,489, Edelweiss Financial Services 131, , EID Parry India 36, , EIH 69, , Electrosteel Castings 53,647 14,744 Engineers India 27,245 82, Eros International Media 8,359 26,231 Escorts 30,542 99, Eveready Industries India 10,112 39,987 Exide Industries 24,804 62, FAG Bearings India 1,187 72, FDC 6,130 16,847 Federal Bank 652, , Finolex Cables 17,849 96, Finolex Industries 9,517 60,194 Firstsource Solutions 131,851 91, Fortis Healthcare 57, , Future Consumer Enterprise 107,381 37,785 Future Retail 57,815 21,372 MGI Funds plc 37

39 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) India (2015: 12.27%) GAIL India 76, , Gateway Distriparks 19,464 88, Gati 10,575 26,933 GIC Housing Finance 1,079 5,020 Godfrey Phillips India 2,820 36,322 Godrej Industries 8,228 48,451 Godrej Properties 9,672 52,183 Great Eastern Shipping 35, , Greaves Cotton 17,418 35,742 Gujarat Alkalies & Chemicals 12,979 44,084 Gujarat Fluorochemicals 11,170 86, Gujarat Mineral Development 43,439 50,843 Gujarat Narmada Valley Fertilizers & Chemicals 37,439 85, Gujarat State Fertilisers & Chemicals 62,697 72, Gujarat State Petronet 99, , Gulf Oil Lubricants India 12, , HCL Infosystems 13,322 7,737 HCL Technologies 418,284 4,522, HEG 4,570 10,684 HeidelbergCement India 43,883 77, Himachal Futuristic Communications 409, , Himatsingka Seide 18,300 62, Hindalco Industries 530, , Hinduja Global Solutions 5,403 31,860 Housing Development & Infrastructure 149, , Housing Development Finance 533,716 9,904, HSIL 12,461 50,752 HT Media 30,655 34,972 ICICI Bank 499,873 1,780, ICICI Bank ADR 385,803 2,770, IDBI Bank 173, , Idea Cellular 148, , IDFC 239, , IDFC Bank 239, , IFCI 357, , IIFL Holdings 104, , IL&FS Transportation Networks 64,090 69, India Cements 130, , Indiabulls Housing Finance 453,037 4,517, Indiabulls Real Estate 110, , Indian Bank 50, , Indian Hotels 111, , Indian Overseas Bank 142,526 57,754 IndusInd Bank 17, , Infosys 330,154 5,732, Infosys ADR 679,561 12,130, IngersollRand India 3,392 36,425 Intellect Design Arena 39, , Ipca Laboratories 8,433 60,997 Jagran Prakashan 19,615 52,369 Jain Irrigation Systems 164, , Jaiprakash Associates 446,273 59,177 Jammu & Kashmir Bank 152, , Jaypee Infratech 240,038 31,474 JB Chemicals & Pharmaceuticals 21,757 80, JBF Industries 8,726 27,815 Jindal Poly Films 9,985 64, Portfolio Statement Nominal Fair value % of holdings US$ Net assets India (2015: 12.27%) Jindal Saw 90,767 71, Jindal Steel & Power 156, , JK Cement 6,788 67, JK Lakshmi Cement 8,243 47,227 JK Tyre & Industries 45,545 60,394 JM Financial 140, , JSW Energy 155, , JSW Holdings ,794 JSW Steel 39, , Jubilant Life Sciences 9,398 43,589 Kalpataru Power Transmission 32, , Karnataka Bank 78, , Karur Vysya Bank 28, , KCP 2,567 3,602 KEC International 40,737 86, KoltePatil Developers 17,025 35,326 Kotak Mahindra Bank 24, , KPIT Technologies 57, , KRBL 20,928 89, KSK Energy Ventures 25,690 11,323 L&T Finance Holdings 271, , Lakshmi Machine Works ,369 Lakshmi Vilas Bank 34,865 50,829 Larsen & Toubro 305,447 6,779, LIC Housing Finance 37, , Magma Fincorp 31,807 51,460 Mahanagar Telephone Nigam 105,162 34,667 Maharashtra Seamless 11,365 39,730 Mahindra & Mahindra 18, , Mahindra & Mahindra Financial Services 133, , Mahindra Lifespace Developers 7,673 53,544 Manappuram Finance 43,881 44,859 Maruti Suzuki India ,249 Max Financial Services 34, , Max India 37,024 68, Max Ventures & Industries 7,404 6,933 McLeod Russel India 17,614 50,758 Merck 3,086 32,234 Mindtree 5,956 58,594 MOIL 23,934 84, Motilal Oswal Financial Services Mphasis 42, , MRF , Muthoot Finance 52, , National Aluminium 251, , NCC 183, , NIIT 32,694 41,827 NIIT Technologies 18, , Oberoi Realty 32, , OCL India 1,797 17,359 Omaxe 21,935 51,998 OnMobile Global 27,234 39,825 Oriental Bank of Commerce 44,804 71, Orissa Minerals Development ,697 Parsvnath Developers 36,618 10,715 PC Jeweller 16,257 92, Peninsula Land 45,072 13,389 Persistent Systems 6,759 69, Petronet LNG 48, , Pfizer 1,001 28,104 Piramal Enterprises 44, , Polaris Consulting & Services 1,631 4,735 MGI Funds plc 38

40 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) India (2015: 12.27%) Power Finance 104, , Praj Industries 21,146 29,701 Prism Cement 42,827 70, PTC India 126, , PTC India Financial Services 101,517 57,155 Punj Lloyd 89,861 28,225 Puravankara Projects 27,004 19,984 Radico Khaitan 14,477 19,969 Rain Industries 61,917 33,621 Rajesh Exports 22, , Ramco Cements 9,444 77, Ratnamani Metals & Tubes 10,651 78, RattanIndia Power 172,801 29,186 Raymond 21, , Redington India 108, , Reliance Capital 51, , Reliance Communications 436, , Reliance Defence and Engineering 38,677 36,273 Reliance Industries 239,053 3,431, Reliance Industries GDR 61,713 1,761, Reliance Power 260, , Repco Home Finance 5,801 65, Rolta India 41,208 39,135 Ruchi Soya Industries 70,065 23,149 Rural Electrification 147, , Sadbhav Engineering 6,204 26,794 Sanghvi Movers 1,799 7,250 SE Investments 1,213 3,019 Shipping of India 82,647 81, Shriram City Union Finance 2,571 63, Shriram Transport Finance 49, , Simplex Infrastructures 4,950 19,438 Sintex Industries 97, , SKF India 3,720 76, Sobha 27, , South Indian Bank 296,962 85, Srei Infrastructure Finance 129, , SRF 4,377 85, State Bank of Bikaner & Jaipur 7,962 77, State Bank of India 308,412 1,002, State Bank of India GDR 50,011 1,585, State Bank of Travancore 8,991 68, Sterlite Power Transmission 11,633 16,029 Sterlite Technologies 58,165 76, Sun Pharmaceutical Industries 4,049 45,862 Sun TV Network 8,661 47,081 Sundaram Finance 3,516 79, Sundram Fasteners 11,270 31,224 Syndicate Bank 79,010 85, Tamil Nadu Newsprint & Papers 17,181 70, Tata Chemicals 40, , Tata Global Beverages 207, , Tata Motors 129, , Tata Motors ADR 105,342 3,652, Tata Steel 106, , Tech Mahindra 25, , Techno Electric & Engineering 5,408 46,072 Time Technoplast 21,482 15,627 Portfolio Statement Nominal Fair value % of holdings US$ Net assets India (2015: 12.27%) Titagarh Wagons 24,484 32,611 Tube Investments of India 14, , TV18 Broadcast 305, , UCO Bank 116,102 75, Uflex 18,348 62, Ultratech Cement 1,218 61, Unichem Laboratories 11,847 50,340 Union Bank of India 90, , Unitech 903,608 86, UPL 46, , VA Tech Wabag 5,561 48,693 Vardhman Textiles 11, , Vedanta 140, , Vedanta ADR 27, , Videocon Industries 50,527 77, Vijaya Bank 104,465 58,118 Voltas 10,357 49,502 Welspun 31,856 37,476 Welspun Enterprises 19,104 16,643 Wipro 32, , Wipro ADR 309,609 3,826, Wockhardt 5,014 69, Yes Bank 75,883 1,238, Zensar Technologies 2,944 42, ,201, Indonesia (2015: 3.58%) Adaro Energy 7,121, , Adhi Karya Persero 488, , Agung Podomoro Land 4,497,700 88, AKR Corporindo 354, , Alam Sutera Realty 7,662, , Aneka Tambang Persero 6,126, , Astra Agro Lestari 58,422 64,999 Astra International 395, , Astra Otoparts 514,400 72, Bakrie and Brothers 26,919, , Bakrieland Development 7,237,500 27,389 Bank Bukopin 2,232,200 96, Bank Central Asia 1,809,100 1,824, Bank Danamon Indonesia 760, , Bank Mandiri Persero 8,654,400 6,239, Bank Negara Indonesia Persero 3,368,400 1,325, Bank Pan Indonesia 1,994, , Bank Pembangunan Daerah Jawa Barat Dan Banten 1,540, , Bank Pembangunan Daerah Jawa Timur 2,196,800 84, Bank Rakyat Indonesia Persero 9,454,300 7,728, Bank Tabungan Negara Persero 2,783, , Bank Tabungan Pensiunan Nasional 76,500 14,301 Bekasi Fajar Industrial Estate 1,774,700 35,729 Benakat Integra 16,996,700 64,321 Bumi Serpong Damai 1,971, , Central Omega Resources 110,000 1,765 Ciputra Development 1,543, , Ciputra Property 2,077,955 96, Ciputra Surya 590, , Dharma Satya Nusantara 94,000 3,358 Eagle High Plantations 4,509,100 72, Elnusa 2,431,400 94, Energi Mega Persada 24,279,200 91, Erajaya Swasembada 727,900 32,229 MGI Funds plc 39

41 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Indonesia (2015: 3.58%) Eureka Prima Jakarta 1,164,800 24,685 Gajah Tunggal 1,324,400 97, Garuda Indonesia Persero 2,294,546 82, Global Mediacom 3,759, , Gudang Garam 153, , Hanson International 1,984, , Harum Energy 668,000 41,458 Holcim Indonesia 1,028,600 82, Indah Kiat Pulp & Paper 1,896, , Indo Tambangraya Megah 196, , Indocement Tunggal Prakarsa 43,600 55,686 Indofood Sukses Makmur 2,769,200 1,519, Intiland Development 4,779, , Japfa Comfeed Indonesia 2,328, , Kalbe Farma 2,365, , Kawasan Industri Jababeka 7,895, , Krakatau Steel Persero 1,944,600 89, Lippo Cikarang 137,200 80, Lippo Karawaci 8,346, , Malindo Feedmill 341,600 42,013 Matahari Department Store 895,900 1,356, Medco Energi Internasional 1,206, , Media Nusantara Citra 99,400 16,551 Mitra Adiperkasa 70,200 22,050 MNC Investama 17,046, , MNC Land 655,000 73, Modernland Realty 5,848, , Multipolar 5,076, , Nirvana Development 5,110,800 40,616 Nusantara Infrastructure 6,022,200 53,784 Pan Brothers 2,868, , Panin Financial 9,945, , Paninvest 509,000 24,463 Perusahaan Perkebunan London Sumatra Indonesia 1,918, , Ramayana Lestari Sentosa 2,376, , Salim Ivomas Pratama 3,063, , Sampoerna Agro 578,800 85, Sekawan Intipratama 4,158,500 26,123 Semen Baturaja Persero 1,268,600 57,609 Semen Indonesia Persero 1,054, , Sentul City 2,520,200 16,785 Sigmagold Inti Perkasa 397,000 12,139 Sinar Mas Multiartha 500, , Sri Rejeki Isman 2,763,900 54,389 Sugih Energy 4,816, , Surya Semesta Internusa 2,608, , Tambang Batubara Bukit Asam Persero 443, , Telekomunikasi Indonesia Persero ADR 50,281 3,090, Tempo Scan Pacific 283,300 37,202 Tiga Pilar Sejahtera Food 963, , Timah Persero 2,318, , Tiphone Mobile Indonesia 638,900 32,640 Tunas Baru Lampung 1,270,100 54,793 Tunas Ridean 504,900 49,105 Unilever Indonesia 192, , United Tractors 2,093,179 2,344, Vale Indonesia 1,144, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Indonesia (2015: 3.58%) Visi Media Asia 1,371,700 32,391 XL Axiata 416, , ,941, Isle of Man (2015: Nil) New Europe Property Investments 22, , Kazakhstan (2015: 0.14%) KazMunaiGas Exploration Production GDR 222,683 1,601, Korea (2015: 10.22%) Amorepacific Group 2, , Asia Cement 1,007 68, ASIA Holdings ,427 Asia Paper Manufacturing 2,913 51,844 Asiana Airlines 12,327 46,767 BGF Retail 1, , BNK Financial Group 123, , Busan City Gas ,484 BYC 47 19,667 Capro 15,153 47,096 Chinyang Holdings 15,685 48,613 Chosun Refractories ,229 CJ 9,255 1,623, CJ CheilJedang 6,300 2,124, CJ E&M 2, , Coway 17,331 1,572, Dae Dong Industrial 3,151 20,791 Dae Han Flour Mills , Dae Won Kang Up 3,159 12,808 Daeduck Electronics 14,460 90, Daeduck GDS 11, , Daegu Department Store 4,154 48,145 Daehan Steel 3,948 27,900 Daelim Industrial 12, , Daewoo Engineering & Construction 10,666 51,948 Daishin Securities 23, , DGB Financial Group 91, , Dong Ah Tire & Rubber 3,374 78, DongIl 128 6,712 Dongbu Insurance 9, , Dongbu Securities 15,792 46,752 Dongkuk Industries 16,127 70, Dongkuk Steel Mill 35, , Dongwha Pharm 3,788 33,215 Doosan 2, , Doosan Engine 17,380 54,470 Doosan Heavy Industries & Construction 8, , Doosan Infracore 43, , DRB Holding 3,684 41,738 DY 10,756 55,281 elitecom 2,916 30,759 EMart 8,242 1,237, Eugene 24, , Eugene Investment & Securities 38,849 84, Golfzon Yuwon Holdings 6,047 40,056 GS Engineering & Construction 6, , GS Global 16,866 34,776 GS Holdings 17, , Gwangju Shinsegae ,549 Halla 11,346 53,290 Halla Holdings 4, , MGI Funds plc 40

42 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Korea (2015: 10.22%) Han Kuk Carbon 4,182 22,547 Hana Financial Group 97,669 1,971, Handsome 1,106 37,736 Hanil Cement 1, , Hanjin Heavy Industries & Construction 41, , Hanjin Heavy Industries & Construction Holdings 10,880 49,401 Hanjin Shipping 20,446 35,590 Hanjin Transportation 3, , Hankuk Paper Manufacturing ,998 Hansol Holdings 23, , Hansol Paper 1,505 28,157 Hansol Paper Rights Hanwha 139,092 4,274, Hanwha Chemical 172,268 3,551, Hanwha General Insurance 11,932 75, Hanwha Investment & Securities 34,051 79, Hanwha Life Insurance 156, , Hanwha Techwin 3, , Heungkuk Fire & Marine Insurance 14,139 42,103 Hitejinro Holdings 3,456 40,205 HMC Investment Securities 9,119 77, HS R&A ,390 Humax 8,275 97, Huvis 3,618 24,531 Hwa Shin 9,802 62, HwaSung Industrial 2,679 26,398 Hyundai 3,060 61, Hyundai BNG Steel 2,816 22,907 Hyundai C&F ,693 Hyundai Department Store 1, , Hyundai Development CoEngineering & Construction 46,519 1,597, Hyundai Engineering & Construction 43,016 1,245, Hyundai Glovis , Hyundai Heavy Industries 1, , Hyundai Home Shopping Network ,757 Hyundai Hy Communications & Network 7,278 23,568 Hyundai Marine & Fire Insurance 22, , Hyundai Mipo Dockyard 5, , Hyundai Mobis 58,522 12,803, Hyundai Motor 30,700 3,611, Hyundai Motor Pref 28,410 2,375, Hyundai Rotem 4,129 63, Hyundai Securities 64, , Hyundai Steel 17, , Hyundai Wia 6, , Iljin Electric 6,243 26,910 Ilshin Spinning , Industrial Bank of Korea 59, , INTOPS ,323 ISU Chemical 1,852 26,851 Jahwa Electronics 3,228 34,330 JB Financial Group 60, , Kangwon Land 63,868 2,312, KB Capital 2,314 45,503 KB Financial Group 98,190 2,779, KB Financial Group ADR 18, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Korea (2015: 10.22%) KB Insurance 4, , KCC 2, , KCC Engineering & Construction 4,483 43,980 KG Chemical 2,639 30,930 Kia Motors 80,885 3,033, KISCO 1,907 61, KISCO Holdings ,976 KISWIRE 3, , Kolon Global 1,269 15,204 Kolon Industries 2, , Korea Circuit 9,216 72, Korea Electric Power 42,575 2,232, Korea Investment Holdings 17, , Korea Line 6,411 95, Korean Air Lines 40, , Korean Reinsurance 45, , KPX Chemical ,278 KSS LINE 1,410 20,810 KT&G 9,910 1,174, KTB Investment & Securities 10,167 22,331 Kukdo Chemical ,107 Kumho Tire 5,773 47,864 Kunsul Chemical Industrial 1,264 38,463 Kwangju Bank 12,735 96, Kyobo Securities 11,926 97, Kyungbang , LF 9, , LG 22,181 1,226, LG Chem 12,796 2,888, LG Display 49,614 1,137, LG Electronics 22,347 1,045, LG Innotek 1,284 87, LG International 2,189 71, LG Uplus 43, , Lotte Chemical 11,461 2,815, Lotte Chilsung Beverage 58 89, Lotte Confectionery 60 10,184 Lotte Fine Chemical 10, , Lotte Himart 5, , Lotte NonLife Insurance 7,932 17,526 Lotte Shopping 2, , LS 8, , Lumens 19,002 62, Mando ,704 MegaStudy ,403 MegaStudyEdu ,544 Meritz Financial Group 1,972 20,116 Meritz Securities 26,072 72, Mirae Asset Daewoo 80, , Mirae Asset Securities 26, , MK Electron 2,301 21,175 Moorim P&P 19,260 68, Motonic 1,054 7,677 Namhae Chemical 1,918 14,520 Namyang Dairy Products , NCSoft 1, , Nexen 7,810 53,158 NH Investment & Securities 62, , NHN Entertainment 2, , Nong Shim Holdings , NOROO Paint & Coatings 2,163 19,717 OCI 3, , MGI Funds plc 41

43 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Korea (2015: 10.22%) Orion , Pan Ocean 33, , Poongsan 12, , Poongsan Holdings 2,126 75, POSCO 8,683 1,518, POSCO ADR 22, , Posco Daewoo 75,944 1,648, Pyeong Hwa Automotive 7,638 80, S&T Dynamics 14, , S&T Holdings 3,595 64, SOil 6, , Sam Young Electronics 7,511 78, SAMHWA Paints Industrial 840 8,277 Samsung Card 19, , Samsung ElectroMechanics 5, , Samsung Electronics 16,928 20,942, Samsung Electronics GDR 21,152 13,135, Samsung Heavy Industries 16, , Samsung Life Insurance 1, , Samsung SDI 3, , Samsung Securities 21, , Samyang Holdings ,563 Samyang Tongsang 77 3,326 SAVEZONE I&C 10,690 49,930 SBS Media Holdings 21,676 57, Seah Besteel 7, , SeAH Holdings ,251 SeAH Steel 1,573 92, Sebang 5,554 79, Sebang Global Battery 3, , Sejong Industrial 6,078 51,448 Seohee Construction 44,312 47,126 Seoyon 4,495 42,146 Sewon Precision Industry 2,532 41,216 Shinhan Financial Group 119,333 3,936, Shinhan Financial Group ADR 16, , Shinsegae 14,796 2,504, Shinyoung Securities 2,243 97, Silla 1,680 22,242 SIMPAC 2,239 10,011 Sindoh 2,125 92, SK Gas 2, , SK Hynix 221,724 6,236, SK Innovation 45,334 5,529, SK Networks 226,240 1,166, SK Securities 69,530 64, SK Telecom 66,680 12,475, SKC 11, , SL 6,621 82, Ssangyong Cement Industrial 3,120 50,652 Ssangyong Cement Industrial Rights Sunchang 865 8,223 Sung Kwang Bend 9,469 75, Sungchang Enterprise Holdings 6,050 17,596 Sungshin Cement 4,468 41,505 Sungwoo Hitech 20, , Taekwang Industrial , Taewoong 5,928 93, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Korea (2015: 10.22%) Taeyoung Engineering & Construction 19, , Tailim Packaging 8,685 23,977 TK 5,790 41,269 TK Chemical 11,649 19,671 Tongyang 34,063 95, Tongyang Cement & Energy 8,873 33,471 Tongyang Life Insurance 25, , TS 2,160 43,693 Unid 2,532 97, Woongjin 21,691 55, Woori Bank 179,596 1,484, Y G1 3,545 31,854 YESCO 1,150 40,185 Young Poong , Youngone Holdings ,902 Yuanta Securities Korea 36, , ,697, Luxembourg (2015: 0.03%) Kernel Holding 17, , Pegas Nonwovens 1,821 59, , Macau (2015: 0.52%) Sands China 1,463,600 4,886, Malaysia (2015: 4.03%) Affin Holdings 229, , AirAsia 5,190,185 3,347, Alliance Financial Group 127, , Allianz Malaysia 17,800 44,417 AMMB Holdings 5,505,800 6,063, APM Automotive Holdings 31,400 28,662 Axiata Group 457, , Batu Kawan 14,600 64, Benalec Holdings 210,500 25,846 Berjaya 1,706, , BIMB Holdings 32,500 31,440 Boustead Holdings 202, , Boustead Plantations 35,000 12,849 British American Tobacco Malaysia 78,100 1,020, Bumi Armada 1,317, , CanOne 6,100 5,205 CB Industrial Product Holding 38,800 19,633 CIMB Group Holdings 1,306,166 1,415, Coastal Contracts 101,900 39,178 Crescendo 42,200 15,178 Daiman Development 80,900 44,147 Dayang Enterprise Holdings 128,500 34,424 DRBHicom 545, , Eastern & Oriental 118,001 48,588 Eco World Development Group 550, , Evergreen Fibreboard 165,800 43,594 Felda Global Ventures Holdings 609, , Gamuda 44,700 53, Genting 985,600 2,004, Genting Malaysia 5,674,000 6,263, Glomac 274,500 51,747 Goldis 19,308 12,644 GuocoLand Malaysia 187,900 58, Hap Seng Plantations Holdings 81,800 48,697 Hong Leong Bank 135, , MGI Funds plc 42

44 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Malaysia (2015: 4.03%) Hong Leong Financial Group 43, , Hong Leong Industries 13,800 28,514 Hua Yang 87,900 37,938 Hwang Capital Malaysia 39,900 25,732 IHH Healthcare 512, , IJM 298, , IJM Plantations 21,000 17,711 Insas 209,900 33,582 IOI 197, , IOI Properties Group 528, , Iris 712,400 24,739 Jaya Tiasa Holdings 272,000 77, JCY International 140,000 20,836 K&N Kenanga Holdings 115,600 14,194 Keck Seng Malaysia 106, , Kian JOO CAN Factory 123,900 92, Kimlun 15,900 7,139 KNM Group 924,780 94, Kretam Holdings 163,400 23,508 KSL Holdings 251,478 69, Kuala Lumpur Kepong 89, , Kumpulan Perangsang Selangor 139,100 34,503 Land & General 126,700 12,100 Landmarks 154,700 29,739 LBS Bina Group 122,500 47,706 Magnum 156,900 89, Mah Sing Group 588, , Malayan Banking 4,389,308 8,862, Malayan Flour Mills 169,800 53, Malaysia Airports Holdings 231, , Malaysia Building Society 341,858 61, Malaysia Building Society Rights 341,858 7,632 Malaysia Marine and Heavy Engineering Holdings 28,600 8,016 Malaysian Bulk Carriers 247,700 52, Malaysian Pacific Industries 2,100 3,907 Malaysian Resources 498, , Matrix Concepts Holdings 28,933 17,798 MBM Resources 110,100 54, Media Prima 415, , Mega First 35,100 15,323 MISC 732,800 1,355, Mitrajaya Holdings 121,950 39,324 MKH 111,480 70, MMC 358, , MNRB Holdings 47,900 29,466 MPHB Capital 117,300 38,698 Mudajaya Group 132,500 35,495 Muhibbah Engineering 75,700 41,310 Mulpha International 753,100 43,899 Naim Holdings 73,700 32,906 Oriental Holdings 71, , OSK Holdings 335, , Paramount 21,400 7,007 Parkson Holdings 302,000 60, Petronas Chemicals Group 822,900 1,349, Pos Malaysia 54,800 38,196 PPB Group 81, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Malaysia (2015: 4.03%) Press Metal 26,300 24,007 Public Bank 690,600 3,323, RHB Capital 174, , Rimbunan Sawit 356,000 44,594 Salcon 182,400 26,241 SapuraKencana Petroleum 1,229, , Sarawak Oil Palms 17,600 17,462 Scomi Energy Services 273,800 13,923 Selangor Dredging 14,100 3,235 Selangor Properties 99, , Sime Darby 141, , SP Setia Group 110,969 79, Star Media Group 52,200 33,794 Sumatec Resources 1,028,600 25,514 Sunway 267, , Sunway Construction Group 26,736 10,611 Supermax 52,300 27,892 Suria Capital Holdings 55,700 28,185 Ta Ann Holdings 47,640 38,996 TA Enterprise 734,100 91, TA Global 891,900 50,884 Taliworks 43,250 15,234 Tan Chong Motor Holdings 37,200 17,716 TDM 440,400 75, Tenaga Nasional 2,503,700 8,756, TH Plantations 90,280 24,409 TIME dotcom 57, , Tropicana 294,073 75, UEM Sunrise 685, , UMW Holdings 45,300 64, UMW Oil & Gas 414,700 96, Unisem M 71,700 42,684 UOA Development 311, , VS Industry Bhd 115,500 33,806 Wah Seong 253,623 44,666 WCT Holdings 520, , WTK Holdings 128,700 33,839 Yinson Holdings BHD 30,500 20,654 YNH Property 190,826 88, YTL 1,639, , YTL Land & Development 78,400 11,668 56,077, Malta (2015: 0.08%) Brait 83, , Tiso Blackstar Group 20,975 12, , Mexico (2015: 5.76%) Alfa 1,163,119 1,981, Alpek 237, , America Movil ADR 101,059 1,238, Arca Continental 388,835 2,765, Axtel 508, , Banregio Grupo Financiero 39, , Bio Pappel 9,632 13,031 Bolsa Mexicana de Valores 66, , Cemex 2,262,270 1,386, Cemex ADR 252,226 1,556, Cia Minera Autlan 38,149 14,681 CocaCola Femsa 22, , Consorcio ARA 471, , MGI Funds plc 43

45 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Mexico (2015: 5.76%) Corp Actinver 76,783 58,141 Credito Real 55, , Empresas ICA 302,035 53,861 Empresas ICA ADR 16,826 11,178 Fibra Uno Administracion REIT 5,419,300 11,441, Fomento Economico Mexicano 99, , Fomento Economico Mexicano ADR 20,885 1,931, Genomma Lab Internacional 86,949 88, Gentera 1,754,000 3,113, Gruma 285,545 4,070, Grupo Aeromexico 191, , Grupo Aeroportuario del Pacifico 14, , Grupo Aeroportuario del Pacifico ADR 21,643 2,221, Grupo Aeroportuario del Sureste 20, , Grupo Carso 35, , Grupo Cementos de Chihuahua 30,900 81, Grupo Comercial Chedraui 161, , Grupo Elektra 26, , Grupo Famsa 83,628 32,183 Grupo Financiero Banorte 695,457 3,851, Grupo Financiero Inbursa 144, , Grupo Financiero Interacciones 45, , Grupo Financiero Santander Mexico 376, , Grupo Financiero Santander Mexico ADR 542,500 4,931, Grupo Gigante 62, , Grupo Herdez 53, , Grupo Industrial Maseca 6,900 7,630 Grupo Industrial Saltillo 107, , Grupo KUO 68, , Grupo Lala 410, , Grupo Mexico 765,432 1,777, Grupo Sanborns 129, , Grupo Simec 37, , Grupo Televisa 18,790 97, Grupo Televisa ADR 57,032 1,485, Industrias Bachoco 100, , Industrias Bachoco ADR ,735 Industrias CH 103, , Industrias Penoles 54,296 1,284, KimberlyClark de Mexico 1,968,000 4,607, La Comer 218, , Megacable Holdings 20,062 80, Mexichem 425, , Minera Frisco 233, , OHL Mexico 1,052,133 1,277, Organizacion Cultiba 99, , Organizacion Soriana 241, , Qualitas Controladora 31,614 44,467 Rassini 12,200 53,074 TV Azteca 485,359 62, Vitro 22,117 70, WalMart de Mexico 346, , ,204, Netherlands (2015: 0.04%) Steinhoff International Holdings 222,318 1,279, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Panama (2015: Nil) Avianca Holdings Pref 204, , Peru (2015: 0.49%) Credicorp 60,217 9,293, Philippines (2015: 1.23%) ACR Mining 2, Alliance Global Group 635, , Alsons Consolidated Resources 525,000 22,318 Asia United Bank 29,370 29,559 Atlas Consolidated Mining & Development 552,500 51,671 Ayala 20, , Ayala Land 666, , Bank of the Philippine Islands 44,710 92, BDO Unibank 331, , Belle 1,894, , Bloomberry Resorts 887, , Cebu Air 77, , Century Properties Group 2,865,722 31,065 China Banking 183, , Cosco Capital 1,552, , DMCI Holdings 91,600 24,532 East West Banking 287, , EEI 246,500 40,291 Emperador 150,800 23,238 Energy Development 1,086, , Filinvest Land 5,341, , First Philippine Holdings 174, , Globe Telecom 3, , GT Capital Holdings 1,840 56, Integrated MicroElectronics 99,700 11,931 JG Summit Holdings 167, , Jollibee Foods 39, , Lopez Holdings 1,482, , LT Group 607, , Megawide Construction 81,026 11,298 Megaworld 5,167, , Melco Crown Philippines Resorts 258,600 20,722 Metropolitan Bank & Trust 71, , Nickel Asia 354,000 37,622 PepsiCola Products Philippines 564,900 39,623 Petron 1,427, , Philippine Long Distance Telephone 5, , Philippine Long Distance Telephone ADR 208,200 9,279, Philippine National Bank 197, , Phoenix Petroleum Philippines 118,400 15,603 Premium Leisure 2,565,000 63, Puregold Price Club 41,700 37,359 RFM 387,000 34,384 Rizal Commercial Banking 199, , Robinsons Land 876, , Robinsons Retail Holdings 44,830 81, San Miguel 106, , San Miguel Pure Foods 24, , Security Bank 198, , SM Investments 5, , SM Prime Holdings 688, , Top Frontier Investment Holdings 13,009 53,919 Trans Asia Oil & Energy Development 754,000 38,944 Travellers International Hotel Group 397,900 28,671 MGI Funds plc 44

46 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Philippines (2015: 1.23%) Union Bank of the Philippines 177, , Universal Robina 51, , Vista Land & Lifescapes 2,864, , ,288, Poland (2015: 1.15%) Agora 11,679 37,000 Alior Bank 16, , Asseco Poland 52, , Bank Millennium 92, , Bioton 4,876 9,983 Ciech 12, , ComArch 1,350 49,756 Cyfrowy Polsat 1,247 6,925 Emperia Holding 2,309 32,292 Enea 114, , Energa 187, , Eurocash 161,518 1,879, Farmacol 1,688 18,042 Getin Holding 103,399 22,187 Getin Noble Bank 191,564 20,794 Grupa Azoty 8, , Grupa Lotos 53, , Impexmetal 51,998 32,160 ING Bank Slaski 1,222 38,082 Jastrzebska Spolka Weglowa 16,499 71, KGHM Polska Miedz 77,988 1,299, LC 133,466 66, Lubelski Wegiel Bogdanka 1,821 16,613 mbank 1,131 88, MCI Capital 20,838 56, Netia 179, , Orange Polska 278, , Orbis 10, , Pelion 1,417 17,653 PGE Polska Grupa Energetyczna 686,560 2,048, PKP Cargo 10,820 90, Polski Koncern Naftowy Orlen 15, , Polskie Gornictwo Naftowe i Gazownictwo 1,359,618 1,922, Powszechna Kasa Oszczednosci Bank Polski 183,174 1,076, Tauron Polska Energia 488, , Trakcja 9,009 22,515 12,710, Qatar (2015: 0.80%) Qatar Electricity & Water 133,960 7,652, Qatar National Bank 117,445 4,515, ,167, Romania (2015: 0.13%) Societatea Nationala de Gaze Naturale ROMGAZ GDR 275,511 1,680, Russia (2015: 1.70%) Gazprom ADR UK listing 1,568,733 6,761, Gazprom ADR US listing 1,509,727 6,537, Lukoil ADR UK listing 59,112 2,469, Lukoil ADR US listing 14, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Russia (2015: 1.70%) Mechel 4,780 8,030 MMC Norilsk Nickel ADR 31, , Mobile Telesystems ADR 207,984 1,722, Novatek GDR 8, , Novolipetsk Steel 2,591 33,683 Rosneft GDR 103, , RusHydro ADR 184, , Sberbank of Russia 24, , Severstal GDR 66, , Sistema GDR 240,920 1,814, Surgutneftegas ADR 115, , Tatneft ADR 43,827 1,346, TMK GDR 4,219 11,518 24,856, Singapore (2015: 0.19%) China XLX Fertiliser 53,000 17,353 South Africa (2015: 6.16%) Adcock Ingram Holdings 13,040 39,436 Adcorp Holdings 71,194 90, AECI 63, , African Bank Investments 619,730 13,118 African Oxygen 28,080 32,595 African Rainbow Minerals 45, , Alexander Forbes Group Holdings 394, , Anglo American Platinum 52,555 1,317, AngloGold Ashanti 20, , AngloGold Ashanti ADR 272,686 4,924, ArcelorMittal South Africa 140,496 80, Ascendis Health 7,912 12,966 Astral Foods 9,880 85, Aveng 239,038 57,291 Barclays Africa Group 64, , Barloworld 191, , Bid 17, , Bidvest Group 263,797 2,498, Blue Label Telecoms 219, , Cashbuild 1,506 36,506 Caxton and CTP Publishers and Printers 45,466 42,315 Clover Industries 115, , Consolidated Infrastructure Group 33,802 62, DataTec 141, , Discovery 28, , Distell Group ,440 Exxaro Resources 187, , FirstRand 162, , Fortress Income Fund 94, , Foschini Group 20, , Gold Fields 100, , Gold Fields ADR 1,013,454 4,965, Grand Parade Investments 229,432 54,832 Grindrod 322, , Group Five 84, , Growthpoint Properties REIT 2,691,720 4,719, Harmony Gold Mining 79, , Harmony Gold Mining ADR 157, , Holdsport 1,252 5,046 Hudaco Industries 7,416 53,940 Hulamin 117,076 45,168 Hyprop Investments REIT 43, , Impala Platinum Holdings 84, , MGI Funds plc 45

47 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) South Africa (2015: 6.16%) Imperial Holdings 113,167 1,155, Investec 314,857 1,938, Invicta Holdings 14,083 51,591 KAP Industrial Holdings 285, , Kumba Iron Ore 24, , Lewis Group 68, , Liberty Holdings 48, , Merafe Resources 765,505 51,225 Metair Investments 74, , MMI Holdings 854,623 1,321, Mondi 74,440 1,362, Mpact 62, , Mr Price Group 37, , MTN Group 873,382 8,523, Murray & Roberts Holdings 273, , Nampak 99, , Naspers 33,995 5,199, Nedbank Group 41, , Northam Platinum 125, , Omnia Holdings 41, , Peregrine Holdings 45,294 90, Pick n Pay Stores 77, , Pinnacle Holdings 26,550 26,269 PPC 12,422 6,786 PSG Group 6,878 91, Raubex Group 81, , RCL Foods 90,031 85, Redefine Properties REIT 5,818,230 4,497, Remgro 35, , Resilient REIT 26, , Reunert 65, , RMB Holdings 197, , Royal Bafokeng Platinum 48, , Sanlam 92, , Santam 4,706 73, Sappi 134, , Sasol 35, , Sasol ADR 71,206 1,931, Sibanye Gold 121, , Sibanye Gold ADR 15, , SPAR Group 14, , Standard Bank Group 282,644 2,466, Super Group 85, , Telkom SOC 590,341 2,671, Tongaat Hulett 82, , Transaction Capital 52,866 41,513 Trencor 95, , Truworths International 72, , Tsogo Sun Holdings 41,484 75, Wilson Bayly HolmesOvcon 34, , Woolworths Holdings 1,836,092 10,533, ,241, Switzerland (2015: Nil) Cie Financiere Richemont 883,148 5,109, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan (2015: 11.97%) ADATA Technology 63,153 82, Ability Enterprise 149,371 77, AcBel Polytech 120,000 91, Acer 822, , Achem Technology 94,718 33,326 Advancetek Enterprise 50,000 32,782 ALI 76,000 39,344 Alpha Networks 114,300 65, Altek 137,500 91, Ambassador Hotel 125, , AmTRAN Technology 262, , Arcadyan Technology 37,219 68, Ardentec 161,493 94, Arima Communications 88,000 16,340 Asia Cement 362, , Asia Optical 138, , Asia Polymer 41,000 21,733 Asia Vital Components 118,000 88, Asustek Computer 730,000 6,008, AU Optronics 2,078, , Audix 47,400 50,693 AVY Precision Technology 20,710 36,337 Bank of Kaohsiung 237,544 65, BES Engineering 795, , Capital Securities 920, , Career Technology MFG 93,000 48,001 Casetek Holdings 60, , Catcher Technology 11,000 80, Cathay Financial Holding 2,226,497 2,415, Cathay Real Estate Development 259, , Central Reinsurance 79,000 33,428 Chailease Holding 50,000 80, Champion Building Materials 86,000 17,275 Chang Hwa Commercial Bank 882, , Charoen Pokphand Enterprise 91, , Cheng Loong 463, , Cheng Uei Precision Industry 232, , Chia Hsin Cement 299,000 77, Chien Kuo Construction 66,000 17,391 Chimei Materials Technology 115,000 52,404 ChinPoon Industrial 64, , China Airlines 4,455,000 1,338, China Bills Finance 515, , China Chemical & Pharmaceutical 141,000 80, China Development Financial Holding 3,184, , China General Plastics 150,216 72, China Life Insurance 3,066,617 2,367, China ManMade Fiber 599, , China Metal Products 127, , China Motor 228, , China Petrochemical Development 683, , China Steel 1,684,509 1,091, China Steel Structure 28,000 18,010 China Synthetic Rubber 224, , China Wire & Cable 23,200 9,277 Chinese Maritime Transport 71,000 48,090 Chipbond Technology 204, , ChipMOS TECHNOLOGIES 20,526 21,856 Chong Hong Construction 15,750 31,003 Chun Yuan Steel 234,000 75, Chung Hsin Electric & Machinery Manufacturing 190, , MGI Funds plc 46

48 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Taiwan (2015: 11.97%) Chung Hung Steel 327,000 55,549 Chung Hwa Pulp 231,788 68, Chunghwa Telecom 79, , Clevo 158, , CMC Magnetics 1,135, , Compal Electronics 3,934,000 2,469, Compeq Manufacturing 445, , Concord Securities 321,000 61, Continental Holdings 226,800 74, Coretronic 316, , Coxon Precise Industrial 31,000 39,112 CSBC Taiwan 206,000 97, CTBC Financial Holding 11,757,567 6,141, Cyberlink 8,000 17,037 CyberTAN Technology 58,000 33,712 DLink 356, , Darfon Electronics 144,000 89, Darwin Precisions 205,000 75, Depo Auto Parts Ind 21,000 63, Dynapack International Technology 53,000 78, E Ink Holdings 428, , ETon Solar Tech 96,000 35,265 E.Sun Financial Holding 2,761,326 1,626, Eastern Media International 246,701 39,844 Eclat Textile 13, , Elite Semiconductor Memory Technology 104,000 94, Elitegroup Computer Systems 178, , EnTie Commercial Bank 89,000 37,935 Epistar 245, , Eternal Materials 66,000 68, Etron Technology 89,000 34,762 Eva Airways 2,001, , Everest Textile 23,000 11,016 Evergreen International Storage & Transport 298, , Evergreen Marine Taiwan 483, , Everlight Chemical Industrial 111,650 73, Everlight Electronics 98, , Excelsior Medical 50,390 80, Far Eastern Department Stores 353, , Far Eastern International Bank 1,139, , Far Eastern New Century 399, , Far EasTone Telecommunications 139, , Faraday Technology 24,000 25,109 Farglory Land Development 167, , Federal 252, , Feng Hsin Steel 49,000 61, Feng TAY Enterprise 273,820 1,128, First Financial Holding 3,113,839 1,631, First Hotel 60,224 34,071 First Insurance 15,000 5,278 First Steamship 170,000 42,686 Flexium Interconnect 31,000 79, FocalTech Systems 55,389 46,188 Formosa Advanced Technologies 87,000 61, Formosa Chemicals & Fibre 13,850 34,776 Formosa Plastics 15,000 36,176 Formosa Taffeta 288, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan (2015: 11.97%) Formosan Rubber Group 175,000 81, Formosan Union Chemical 84,000 45,569 Founding Construction & Development 90,509 48,539 Foxconn Technology 709,224 1,657, FSP Technology 81,180 57,628 Fubon Financial Holding 5,303,000 6,189, Fulltech Fiber Glass 168,000 58,588 Fwusow Industry 66,170 31,178 G Shank Enterprise 58,229 41,245 Gemtek Technology 179, , Genius Electronic Optical 21,000 34,307 Getac Technology 192, , Giantplus Technology 89,000 53,799 Gigabyte Technology 307, , Gigastorage 78,000 60, Gintech Energy 171, , Global Brands Manufacture 207,000 48,704 Global Lighting Technologies 29,000 65, Global Mixed Mode Technology 9,000 18,469 Globe Union Industrial 135,450 60,253 Gloria Material Technology 253, , Gold Circuit Electronics 82,000 21,708 Goldsun Building Materials 655, , Grand Ocean Retail Group 33,000 25,677 Grand Pacific Petrochemical 473, , Great China Metal Industry 27,000 21,678 Great Wall Enterprise 181, , Greatek Electronics 82,000 96, Green Energy Technology 79,000 54,121 Hannstar Board 172,000 48,946 HannStar Display 1,622, , HannsTouch Solution 233,923 46,772 Hey Song 145, , Highwealth Construction 76, , Hiroca Holdings 11,728 41,446 Ho Tung Chemical 426,825 90, Holy Stone Enterprise 121, , Hon Hai Precision Industry 2,453,290 6,274, Hsin Kuang Steel 118,000 55,417 HTC 50, , HUA ENG Wire & Cable 215,000 42,322 Hua Nan Financial Holdings 1,032, , Huaku Development 42,000 71, Huang Hsiang Construction 67,000 83, Hung Poo Real Estate Development 146, , Hung Sheng Construction 130,000 66, Hwa Fong Rubber 38,368 13,678 ISheng Electric Wire & Cable 15,000 19,390 Ichia Technologies 170,000 79, IEI Integration 15,000 17,832 Infortrend Technology 55,000 27,279 Innolux 8,852,522 2,963, Inotera Memories 371, , Inventec 724, , ITEQ 56,000 56,158 JessLink Products 17,000 14,334 Jih Sun Financial Holdings 827, , Kaulin Manufacturing 46,000 23,528 KEE TAI Properties 183,000 82, Kindom Construction 174,000 96, King Yuan Electronics 176, , King's Town Bank 395, , MGI Funds plc 47

49 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Taiwan (2015: 11.97%) King's Town Construction 67,320 37,772 Kinpo Electronics 439, , Kinsus Interconnect Technology 102, , Kung Sing Engineering 83,000 25,858 Kuo Toong International 68,341 47,137 Kuoyang Construction 223,925 80, Kwong Fong Industries 90,720 53,714 L&K Engineering 58,000 44,589 LCY Chemical 41,000 51,347 Lealea Enterprise 365,434 99, Lextar Electronics 136,000 68, Li Peng Enterprise 305,626 65, Lien Hwa Industrial 347, , Lingsen Precision Industries 185,000 50,352 LiteOn Semiconductor 105,819 71, LiteOn Technology 1,078,400 1,474, Long Chen Paper 210, , Lotes 18,000 51,056 Lumax International 25,000 36,036 Macronix International 2,056, , Masterlink Securities 436, , MediaTek 1,130,000 8,547, Mega Financial Holding 11,388,619 8,578, Meiloon Industrial 38,000 15,549 Mercuries & Associates Holding 118,320 67, Mercuries Life Insurance 298, , Merry Electronics 16,000 34,521 MicroStar International 93, , Microbio 28,000 20,831 Mirle Automation 49,350 64, Mitac Holdings 267, , Motech Industries 145, , Nan Ya Plastics 200, , Nan Ya Printed Circuit Board 80,000 72, Nantex Industry 52,316 42,247 Neo Solar Power 409, , Nien Hsing Textile 124,675 92, Novatek Microelectronics 1,219,000 4,515, Ocean Plastics 48,000 37,348 OptoTech 268, , Oriental Union Chemical 119,000 72, Pan Jit International 199, , PanInternational Industrial 190,537 72, Pegatron 354, , Pou Chen 2,123,000 2,833, Powertech Technology 1,201,616 2,663, President Securities 454, , Primax Electronics 35,000 45,623 Prince Housing & Development 417, , Qisda 884, , Quanta Computer 2,197,000 4,154, Quanta Storage 113,000 77, Radiant OptoElectronics 547, , Radium Life Tech 314, , Realtek Semiconductor 13,000 40,259 Rechi Precision 50,000 40,609 Rich Development 353, , Ritek 1,391, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan (2015: 11.97%) Sampo 221,000 93, Sanyang Industry 110,000 70, SDI 17,000 17,759 Sheng Yu Steel 26,000 17,087 Shih Wei Navigation 89,249 27,805 Shihlin Electric & Engineering 148, , Shin Kong Financial Holding 3,707, , Shin Zu Shing 24,000 78, Shining Building Business 91,960 31,357 Shinkong Insurance 99,000 73, Shinkong Synthetic Fibers 713, , Sigurd Microelectronics 138, , Silicon Integrated Systems 254,000 48,975 Siliconware Precision Industries 977 1,483 Sincere Navigation 160,000 95, SinoAmerican Silicon Products 261, , Sinon 204,000 88, SinoPac Financial Holdings 1,464, , Sirtec International 54,000 71, SoftWorld International 25,000 52,233 Solar Applied Materials Technology 201,000 54,520 Solartech Energy 184, , Southeast Cement 60,000 28,271 Sunonwealth Electric Machine Industry 20,000 12,989 Sunplus Technology 242,000 90, Sunrex Technology 77,670 39,005 Sunspring Metal 33,000 42,556 Syncmold Enterprise 16,000 26,238 Synnex Technology International 196, , Systex 79, , TA Chen Stainless Pipe 150,213 75, Tah Hsin Industrial 22,500 17,158 Taichung Commercial Bank 968, , Taiflex Scientific 60,000 66, Tainan Spinning 623, , Tainergy Tech 67,000 37,593 Taishin Financial Holding 1,234, , Taisun Enterprise 55,000 22,505 Taiwan Business Bank 1,656, , Taiwan Cement 495, , Taiwan Chinsan Electronic Industrial 4,000 5,605 Taiwan Cogeneration 128,000 98, Taiwan Cooperative Financial Holding 1,996, , Taiwan Fertilizer 679, , Taiwan Fire & Marine Insurance 87,000 51,242 Taiwan FU Hsing Industrial 20,000 31,867 Taiwan Glass Industry 368, , Taiwan Hon Chuan Enterprise 81, , Taiwan Land Development 340, , Taiwan Mobile 3,116,000 10,866, Taiwan Navigation 76,000 28,507 Taiwan PCB Techvest 138, , Taiwan Prosperity Chemical 73,000 28,174 Taiwan Pulp & Paper 100,000 33,324 Taiwan Sakura 67,000 57,427 Taiwan Semiconductor 25,000 29,953 Taiwan Semiconductor Manufacturing 696,000 3,505, Taiwan Semiconductor Manufacturing ADR 987,557 25,903, Taiwan Shin Kong Security 39,390 49,392 Taiwan Styrene Monomer 122,000 59,376 Taiwan Surface Mounting Technology 133, , Taiwan TEA 313, , MGI Funds plc 48

50 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Taiwan (2015: 11.97%) Taiwan Union Technology 104, , Taiyen Biotech 70,479 68, Tatung 1,032, , Teco Electric and Machinery 6,504,000 5,463, TestRite International 67,000 41,539 Thinking Electronic Industrial 16,000 24,601 Thye Ming Industrial 25,625 23,950 Ton Yi Industrial 50,000 22,242 Tong Hsing Electronic Industries 41, , Tong Yang Industry 71, , TongTai Machine & Tool 65,457 49,307 Topco Scientific 27,858 57,428 TPK Holding 75, , Transasia Airways 122,207 24,321 Tripod Technology 190, , TSRC 210, , Tung Ho Steel Enterprise 439, , TXC 97, , TYC Brother Industrial 49,000 39,949 UMing Marine Transport 69,000 53,153 UniPresident Enterprises 850,000 1,673, Unimicron Technology 509, , Union Bank Of Taiwan 764, , Unitech Printed Circuit Board 317, , United Integrated Services 39,000 58,091 United Microelectronics 1,803, , Unity Opto Technology 119,000 58,653 Universal Cement 201, , Unizyx Holding 217, , UPC Technology 391, , USI 421, , Ve Wong 21,000 14,126 Wafer Works 199,525 61, Wah Lee Industrial 71, , Walsin Lihwa 1,295, , Walsin Technology 197, , Walton Advanced Engineering 138,000 38,886 Wan Hai Lines 203, , Waterland Financial Holdings 961, , Wei Chuan Foods 61,000 39,899 Weikeng Industrial 68,000 40,156 Well Shin Technology 21,000 34,632 Winbond Electronics 992, , Wintek 48,000 2,723 Wisdom Marine Lines 107, , Wistron 933, , WPG Holdings 244, , WT Microelectronics 168, , WUS Printed Circuit 86,000 76, Yageo 74, , Yang Ming Marine Transport 505, , YC 218,469 94, YC INOX 72,000 51,893 YFY 658, , Yieh Phui Enterprise 541, , Youngtek Electronics 23,460 34,980 Yuanta Financial Holding 1,907, , Yulon Motor 292, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan (2015: 11.97%) Yung Chi Paint & Varnish Manufacturing 16,000 37,447 Yungtay Engineering 26,000 36,672 Zhen Ding Technology Holding 369, , Zig Sheng Industrial 230,280 57, ,058, Thailand (2015: 2.54%) AAPICO Hitech 23,100 7,823 AEON Thana Sinsap Thailand NVDR 13,700 37,525 Amata 226,800 82, Ananda Development 337,300 38,203 AP Thailand 537, , Asia Aviation 373,400 66, Bangchak Petroleum 198, , Bangkok Bank 67, , Bangkok Bank NVDR 168, , Bangkok Expressway & Metro 700, , Bangkok Insurance 12, , Bangkok Land 3,121, , Banpu 559, , Bumrungrad Hospital NVDR 67, , CalComp Electronics Thailand 1,070,516 81, Central Pattana NVDR 142, , CH Karnchang 60,100 49,599 Charoen Pokphand Foods 125, , Charoen Pokphand Foods NVDR 1,608,200 1,315, Charoong Thai Wire & Cable 7,300 2,077 Delta Electronics Thailand NVDR 142, , Eastern Water Resources Development and Management 67,200 24,669 Esso Thailand 385,900 66, GFPT 146,700 45,505 Golden Land Property Development 169,900 29,251 Hana Microelectronics 128, , Home Product Center 724, , Indorama Ventures 87,900 72, IRPC 528,600 71, Jasmine International 143,000 22,992 Kang Yong Electric 3,300 30,051 Kasikornbank 56, , KGI Securities Thailand 323,300 29,993 Khon Kaen Sugar Industry 366,388 42,332 Khonburi Sugar 71,700 17,343 Kiatnakin Bank 135, , Krung Thai Bank 841, , Laguna Resorts & Hotels 25,000 17,964 Land & Houses NVDR 142,200 36,622 Lanna Resources 58,600 15,676 LH Financial Group 1,283,165 63, Loxley 248,400 18,662 LPN Development 107,500 39,464 MBK 201,300 81, MCOT 69,400 17,281 Nation Multimedia Group 118,000 3,996 Polyplex Thailand 249,637 68, Precious Shipping 346,650 62, Property Perfect 1,731,100 44,829 Pruksa Real Estate 70,900 50,946 PTT 170,600 1,519, PTT Exploration & Production 249, , PTT Exploration & Production NVDR 767,000 1,828, PTT Global Chemical 276, , MGI Funds plc 49

51 MGI Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Transferable securities (2015: 95.84%) Equities (2015: 95.84%) Thailand (2015: 2.54%) PTT Global Chemical NVDR 1,775,800 2,994, Quality Houses 2,346, , Regional Container Lines 175,300 29,183 Rojana Industrial Park 393,230 58,190 SahaUnion 66,300 69, Sansiri 3,061, , SC Asset 1,012,443 94, Siam Cement NVDR 9, , Siam Commercial Bank 55, , Siam Future Development 226,664 38,379 Siamgas & Petrochemicals 164,679 69, Somboon Advance Technology 58,800 22,255 Sri Ayudhya Capital 13,300 12,206 Sri Trang AgroIndustry 327, , Srithai Superware 403,800 22,408 STP & I 116,200 33,068 Supalai 68,300 46,453 SVI 49,700 7,284 Tata Steel Thailand 1,749,800 33,363 Thai Airways International 284, , Thai Oil 43,300 73, Thai Oil NVDR 987,882 1,686, Thai Stanley Electric 3,500 17,580 Thai Union Group 10,340,700 6,473, Thai Union Group NVDR 5,665,765 3,547, Thaicom 95,600 58,492 Thanachart Capital 263, , Thitikorn 79,400 25,985 Thoresen Thai Agencies 406, , TICON Industrial Connection 90,720 34,336 Tisco Financial Group 20,300 28,596 TMB Bank 1,912, , TPI Polene 2,712, , True 320,000 65, TTCL 22,300 13,898 U City 15,105,300 12,896 Univentures 87,000 14,855 Vinythai 230,200 64, ,499, Turkey (2015: 1.95%) Adana Cimento Sanayii 8,701 17,398 Akbank 457,186 1,308, Akenerji Elektrik Uretim 129,267 42,705 Aksa Akrilik Kimya Sanayii 14,883 39,800 Alarko Holding 33,655 38,738 Albaraka Turk Katilim Bankasi 149,670 69, Anadolu Anonim Turk Sigorta Sirketi 143,556 85, Anadolu Cam Sanayii 83,353 59, Arcelik 261,772 1,723, Aygaz 9,406 36,569 Baticim Bati Anadolu Cimento Sanayii 17,387 36,278 BIM Birlesik Magazalar 59,556 1,160, Borusan Mannesmann Boru Sanayi ve Ticaret 19,618 50,347 Dogan Sirketler Grubu Holding 338,712 54, Eczacibasi Yatirim Holding Ortakligi 12,738 54, EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret 100, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Turkey (2015: 1.95%) Enka Insaat ve Sanayi 11,337 17,307 Eregli Demir ve Celik Fabrikalari 837,402 1,182, Ford Otomotiv Sanayi 10, , GSD Holding 105,016 35,058 Ipek Dogal Enerji Kaynaklari ve Uretim 45,595 15,221 Is Finansal Kiralama 172,452 61, Kardemir Karabuk Demir Celik Sanayi ve Ticaret A 33,039 15,970 Kardemir Karabuk Demir Celik Sanayi ve Ticaret D 218,123 97, KOC Holding 8,916 40,679 Koza Altin Isletmeleri 3,908 17,300 Koza Anadolu Metal Madencilik Isletmeleri 81,342 27,438 NET Holding 103, , Net Turizm Ticaret ve Sanayi 51,957 29,270 Park Elektrik Uretim Madencilik Sanayi ve Ticaret 33,043 23,786 Petkim Petrokimya Holding 797,590 1,065, Pinar Entegre Et ve Un Sanayi 2,261 8,295 Sekerbank 301, , Selcuk Ecza Deposu Ticaret ve Sanayi 65,400 62, Soda Sanayii 28,172 44,575 TAV Havalimanlari Holding 165, , Tekfen Holding 68, , Tofas Turk Otomobil Fabrikasi 142,230 1,169, Trakya Cam Sanayii 180, , Tupras Turkiye Petrol Rafinerileri 80,678 1,788, Turcas Petrol 61,820 31,387 Turk Hava Yollari 153, , Turk Telekomunikasyon 2,687,756 5,654, Turkiye Garanti Bankasi 497,094 1,310, Turkiye Halk Bankasi 275, , Turkiye Is Bankasi 281, , Turkiye Sinai Kalkinma Bankasi 359, , Turkiye Sise ve Cam Fabrikalari 655, , Turkiye Vakiflar Bankasi 304, , Vestel Elektronik Sanayi ve Ticaret 13,597 30,545 Yapi ve Kredi Bankasi 146, , ,228, United Arab Emirates (2015: 0.45%) First Gulf Bank 1,827,005 6,267, United Kingdom (2015: 2.30%) Unilever 171,516 8,206, United States of America (2015: 0.61%) Abbott Laboratories 225,328 8,857, Net 1 UEPS Technologies 850 8,414 Southern Copper 17, , Yum! Brands 55,117 4,570, ,903, Total equities 1,214,197, Total transferable securities 1,214,197, MGI Funds plc 50

52 MGI Emerging Markets Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Financial derivative instruments (2015: 0.20%) Warrants (2015: Nil) Malaysia (2015: Nil) Taliworksrp 8, Thailand (2015: Nil) Banpu 186,350 48,788 Total warrants 49,239 Open forward foreign currency contracts (2015: 0.18%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets BRL 2* 140,876,000 USD 38,375,157 21/09/2016 4,586, CLP 2* 5,879,784,000 USD 8,467,754 21/09/ , COP 2* 69,100,000,000 USD 21,907,731 21/09/2016 1,458, HKD 2* 208,090,000 USD 26,831,225 21/09/ ,656 IDR 2* 62,888,158,414 USD 4,605,620 21/09/ , INR 2* 1,988,378,000 USD 29,008,604 21/09/ ,283 KRW 2* 6,000,000,000 USD 5,173,006 21/09/ ,923 MYR 2* 109,146,000 USD 26,475,297 21/09/ , PEN 2* 3,435,000 USD 1,016,591 21/09/ ,999 SGD 2* 25,100,000 USD 18,540,096 21/09/ , THB 2* 64,000,000 USD 1,812,793 21/09/2016 6,176 TRY 2* 94,576,000 USD 31,220,444 21/09/2016 1,056, TWD 2* 276,000,000 USD 8,530,190 21/09/ ,334 USD 2* 13,032,179 CZK 312,000,000 21/09/ , USD 2* 2,999,621 HUF 830,000,000 21/09/ , USD 2* 19,941,458 ILS 76,500,000 21/09/ ,813 USD 2* 20,719,034 PHP 973,048,000 21/09/ , USD 2* 13,471,378 PLN 53,273,000 21/09/ ,280 ZAR 2* 283,598,000 USD 18,148,288 21/09/ , Unrealised gain on open forward foreign currency contracts 9,667, Futures contracts (2015: 0.02%) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain US$ Net assets FTSE KLCI Index Futures 1* 82,029 29/07/2016 MYR 4 1,026 FTSE TOP 40 Index Futures 1* (14,842,423) 15/09/2016 ZAR (468) 81, HShares Index Futures 5* 50,328,212 28/07/2016 HKD 895 2,154, Mexican Bolsa Index Futures 4* (149,957) 15/09/2016 MXN (6) 145 MSCI Singapore Index Futures 1* 4,715,061 28/07/2016 SGD , SET 50 Index Futures 1* 1,315,260 29/09/2016 THB ,027 Tel Aviv 25 Index Futures 5* 5,699,072 27/07/2016 ILS , Unrealised gain on futures contracts 2,541, MGI Funds plc 51

53 MGI Emerging Markets Equity Fund Portfolio Statement Notional Fund Fund Termination Fair value % of Currency amount pays Receives date US$ Net assets Financial assets at fair value through profit or loss (2015: 96.04%) Financial derivative instruments (2015: 0.20%) Total return swaps (2015: Nil) SGD 3* 772,527 6 month SIBOR MSCI Singapore Index 16/09/2021 5,615 ZAR 3* 14,351,708 1 month JIBAR MSCI South Africa Index 16/09/ ,026 Total return swaps at positive fair value 16,641 Total financial derivative instruments at positive fair value 12,274, Total financial assets at fair value through profit or loss 1,226,472, Financial liabilities at fair value through profit or loss (2015: (0.22)%) Financial derivative instruments (2015: (0.22)%) Open forward foreign currency contracts (2015: (0.15)%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets CZK 2* 304,700,000 USD 12,640,881 21/09/2016 (114,353) (0.01) HUF 2* 2,715,207,000 USD 9,675,021 21/09/2016 (121,213) (0.01) ILS 2* 17,700,000 USD 4,627,923 21/09/2016 (23,692) PHP 2* 195,000,000 USD 4,209,118 21/09/2016 (78,446) (0.01) PLN 2* 39,285,000 USD 10,119,343 21/09/2016 (220,038) (0.02) USD 2* 5,117,553 BRL 18,300,000 21/09/2016 (463,225) (0.04) USD 2* 4,132,183 COP 12,800,000,000 21/09/2016 (196,138) (0.02) USD 2* 1,328,298 HKD 10,300,000 21/09/2016 (613) USD 2* 28,661,972 KRW 33,945,936,000 21/09/2016 (785,726) (0.05) USD 2* 28,292,483 MXN 530,347,000 21/09/2016 (234,627) (0.02) USD 2* 4,195,709 MYR 17,300,000 21/09/2016 (73,218) (0.01) USD 2* 383,331 PEN 1,300,000 21/09/2016 (8,974) USD 2* 44,889,529 SGD 61,851,000 21/09/2016 (1,033,425) (0.07) USD 2* 3,626,754 THB 129,690,000 21/09/2016 (59,218) USD 2* 27,591,239 TWD 899,753,000 21/09/2016 (348,454) (0.03) USD 2* 563,576 ZAR 9,000,000 21/09/2016 (41,375) Unrealised loss on open forward foreign currency contracts (3,802,735) (0.29) Futures contracts (2015: (0.07)%) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss US$ Net assets BIST 30 Index Futures 3* 43,308 31/08/2016 TRY 13 (120) Bovespa Index Futures 3* (4,734,140) 17/08/2016 BRL (290) (114,584) (0.01) KOSPI2 Index Futures 5* 47,605,225 08/09/2016 KRW 449 (383,280) (0.03) MSCI Taiwan Index Futures 1* (2,476,500) 28/07/2016 USD (78) (77,220) (0.01) SGX CNX Nifty Index Futures 1* (21,272,196) 28/07/2016 USD (1,276) (523,336) (0.04) TAIEX Index Futures 3* (2,640,813) 20/07/2016 TWD (50) (45,593) WIG20 Index Futures 3* (8,820) 16/09/2016 PLN (1) (23) Unrealised loss on futures contracts (1,144,156) (0.09) MGI Funds plc 52

54 MGI Emerging Markets Equity Fund Portfolio Statement Notional Fund Fund Termination Fair value % of Currency amount pays Receives date US$ Net assets Financial liabilities at fair value through profit or loss (2015: (0.22)%) Financial derivative instruments (2015: (0.22)%) Total return swaps (2015: Nil) MXN 3* 38,235,572 Mexican TIIE MSCI Mexican Index 16/09/2021 (29,640) PLN 3* 1,259,496 1 month WIBD MSCI Poland Index 16/09/2021 (3,402) Total return swaps at negative fair value (33,042) Total financial derivative instruments at negative fair value (4,979,933) (0.38) Total financial liabilities at fair value through profit or loss (4,979,933) (0.38) Total financial derivative instruments 7,295, Total investments at fair value through profit and loss 1,221,492, Cash (2015: 3.73%) 78,268, Net current assets (2015: 0.45%) 3,553, Total net assets attributable to holders of redeemable participating shares 1,303,314, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Convertible securities India Equities Spain Pakistan 0.09% Warrants Hong Kong Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Financial derivative instruments dealt in on a regulated market; 0.19 OTC financial derivative instruments; 0.71 Other current assets The following is a list of counterparties for the financial derivative instruments: Reference Counterparty 1* Barclays Bank 2* Citibank 3* Goldman Sachs 4* JP Morgan 5* Merrill Lynch 6* State Street Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 53

55 MGI Emerging Markets Equity Fund Portfolio Statement Concentration Risk MGI Emerging Markets Equity Fund 's exposure to industries above 5% was as follows: 30 June June 2015 % of NAV % of NAV Consumer Discretionary Consumer Staples Energy Financials Industrials Information Technology Materials Telecommunication Services Utilities 5.29 MGI Funds plc 54

56 MGI Euro Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss (2015: 98.32%) Transferable securities (2015: 82.35%) Government bonds (2015: 82.35%) Austria (2015: 3.23%) Austria (Government of) /09/2017 EUR 50,000 52, Austria (Government of) /01/2018 EUR 60,000 64, Austria (Government of) /10/2018 EUR 40,000 41, Austria (Government of) /03/2019 EUR 80,000 90, Austria (Government of) /06/2019 EUR 50,000 53, Austria (Government of) /10/2019 EUR 50,000 51, Austria (Government of) /07/2020 EUR 100, , Austria (Government of) /09/2021 EUR 110, , Austria (Government of) /04/2022 EUR 60,000 73, Austria (Government of) /11/2022 EUR 70,000 86, Austria (Government of) /10/2023 EUR 60,000 68, Austria (Government of) /10/2024 EUR 70,000 80, Austria (Government of) /10/2025 EUR 70,000 77, Austria (Government of) /03/2026 EUR 90, , Austria (Government of) /10/2026 EUR 40,000 42, Austria (Government of) /07/2027 EUR 50,000 83, Austria (Government of) /05/2034 EUR 40,000 52, Austria (Government of) /03/2037 EUR 85, , Austria (Government of) /06/2044 EUR 50,000 80, Austria (Government of) /02/2047 EUR 10,000 11, Austria (Government of) /01/2062 EUR 20,000 40, ,577, Belgium (2015: 5.23%) Belgium (Government of) /06/2017 EUR 90,000 93, Belgium (Government of) /09/2017 EUR 60,000 64, Belgium (Government of) /03/2018 EUR 80,000 86, Belgium (Government of) /06/2018 EUR 80,000 82, Belgium (Government of) /03/2019 EUR 100, , Belgium (Government of) /09/2019 EUR 90, , Belgium (Government of) /09/2020 EUR 135, , Belgium (Government of) /09/2021 EUR 120, , Belgium (Government of) /03/2022 EUR 95, , Belgium (Government of) /09/2022 EUR 110, , Belgium (Government of) /06/2023 EUR 90, , Belgium (Government of) /10/2023 EUR 20,000 20, Belgium (Government of) /06/2024 EUR 110, , Belgium (Government of) /06/2025 EUR 110, , Belgium (Government of) /03/2026 EUR 60,000 85, Belgium (Government of) /06/2026 EUR 50,000 53, Belgium (Government of) /03/2028 EUR 130, , Belgium (Government of) /06/2031 EUR 40,000 42, Belgium (Government of) /03/2032 EUR 60,000 91, Belgium (Government of) /06/2034 EUR 40,000 56, Belgium (Government of) /03/2035 EUR 140, , Belgium (Government of) /06/2038 EUR 30,000 36, Belgium (Government of) /03/2041 EUR 115, , Belgium (Government of) /06/2045 EUR 60, , Belgium (Government of) /06/2047 EUR 20,000 22, Belgium (Government of) /06/2066 EUR 20,000 25, ,665, Finland (2015: 1.18%) Finland (Government of) /09/2017 EUR 60,000 63, Finland (Government of) /09/2018 EUR 20,000 20, Finland (Government of) /07/2019 EUR 30,000 34, Finland (Government of) /04/2020 EUR 50,000 57, Finland (Government of) /09/2020 EUR 40,000 41, Finland (Government of) /04/2021 EUR 40,000 47, MGI Funds plc 55

57 MGI Euro Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities (2015: 82.35%) Government bonds (2015: 82.35%) Finland (2015: 1.18%) Finland (Government of) /09/2022 EUR 40,000 44, Finland (Government of) /04/2023 EUR 30,000 33, Finland (Government of) /04/2024 EUR 30,000 34, Finland (Government of) /07/2025 EUR 50,000 68, Finland (Government of) /09/2025 EUR 30,000 32, Finland (Government of) /04/2026 EUR 30,000 31, Finland (Government of) /07/2028 EUR 30,000 39, Finland (Government of) /04/2031 EUR 20,000 21, Finland (Government of) /07/2042 EUR 30,000 45, , France (2015: 19.37%) France (Government of) /07/2017 EUR 150, , France (Government of) /10/2017 EUR 240, , France (Government of) 25/02/2018 EUR 140, , France (Government of) /04/2018 EUR 230, , France (Government of) /05/2018 EUR 160, , France (Government of) /10/2018 EUR 220, , France (Government of) /11/2018 EUR 150, , France (Government of) 25/02/2019 EUR 90,000 91, France (Government of) /04/2019 EUR 220, , France (Government of) /05/2019 EUR 160, , France (Government of) /10/2019 EUR 250,00 285, France (Government of) /10/2019 EUR 60,000 78, France (Government of) /11/2019 EUR 180, , France (Government of) /04/2020 EUR 260, , France (Government of) 25/05/2020 EUR 160, , France (Government of) /10/2020 EUR 250, , France (Government of) /11/2020 EUR 170, , France (Government of) /04/2021 EUR 260, , France (Government of) 25/05/2021 EUR 60,000 61, France (Government of) /10/2021 EUR 280, , France (Government of) /04/2022 EUR 280, , France (Government of) /04/2022 EUR 20,000 30, France (Government of) /10/2022 EUR 210, , France (Government of) /04/2023 EUR 70, , France (Government of) /05/2023 EUR 240, , France (Government of) /10/2023 EUR 280, , France (Government of) /05/2024 EUR 210, , France (Government of) /11/2024 EUR 210, , France (Government of) /05/2025 EUR 230, , France (Government of) /10/2025 EUR 180, , France (Government of) /11/2025 EUR 180, , France (Government of) /04/2026 EUR 250, , France (Government of) /05/2026 EUR 100, , France (Government of) /10/2027 EUR 240, , France (Government of) /04/2029 EUR 200, , France (Government of) /05/2030 EUR 220, , France (Government of) /05/2031 EUR 110, , France (Government of) /10/2032 EUR 200, , France (Government of) /04/2035 EUR 170, , France (Government of) /05/2036 EUR 70,000 76, France (Government of) /10/2038 EUR 180, , France (Government of) /04/2041 EUR 190, , France (Government of) /05/2045 EUR 120, , France (Government of) /04/2055 EUR 100, , France (Government of) /04/2060 EUR 80, , France (Government of) /05/2066 EUR 20,000 23, ,039, MGI Funds plc 56

58 MGI Euro Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities (2015: 82.35%) Government bonds (2015: 82.35%) Germany (2015: 15.51%) Bundesrepublik Deutschland /07/2017 EUR 120, , Bundesrepublik Deutschland 16/06/2017 EUR 80,000 80, Bundesrepublik Deutschland 15/09/2017 EUR 90,000 90, Bundesrepublik Deutschland /10/2017 EUR 110, , Bundesrepublik Deutschland 15/12/2017 EUR 90,000 90, Bundesrepublik Deutschland /01/2018 EUR 140, , Bundesrepublik Deutschland /02/2018 EUR 120, , Bundesrepublik Deutschland 16/03/2018 EUR 90,000 91, Bundesrepublik Deutschland /04/2018 EUR 120, , Bundesrepublik Deutschland 15/06/2018 EUR 30,000 30, Bundesrepublik Deutschland /07/2018 EUR 150, , Bundesrepublik Deutschland /10/2018 EUR 120, , Bundesrepublik Deutschland /01/2019 EUR 170, , Bundesrepublik Deutschland /02/2019 EUR 110, , Bundesrepublik Deutschland /04/2019 EUR 110, , Bundesrepublik Deutschland /07/2019 EUR 170, , Bundesrepublik Deutschland /10/2019 EUR 110, , Bundesrepublik Deutschland /01/2020 EUR 150, , Bundesrepublik Deutschland 17/04/2020 EUR 140, , Bundesrepublik Deutschland /07/2020 EUR 150, , Bundesrepublik Deutschland /09/2020 EUR 110, , Bundesrepublik Deutschland /10/2020 EUR 130, , Bundesrepublik Deutschland /01/2021 EUR 130, , Bundesrepublik Deutschland 09/04/2021 EUR 120, , Bundesrepublik Deutschland /07/2021 EUR 130, , Bundesrepublik Deutschland /09/2021 EUR 110, , Bundesrepublik Deutschland /01/2022 EUR 140, , Bundesrepublik Deutschland /07/2022 EUR 170, , Bundesrepublik Deutschland /09/2022 EUR 130, , Bundesrepublik Deutschland /02/2023 EUR 130, , Bundesrepublik Deutschland /05/2023 EUR 130, , Bundesrepublik Deutschland /08/2023 EUR 130, , Bundesrepublik Deutschland /01/2024 EUR 70, , Bundesrepublik Deutschland /02/2024 EUR 130, , Bundesrepublik Deutschland /05/2024 EUR 130, , Bundesrepublik Deutschland /08/2024 EUR 130, , Bundesrepublik Deutschland /02/2025 EUR 160, , Bundesrepublik Deutschland /08/2025 EUR 160, , Bundesrepublik Deutschland /02/2026 EUR 150, , Bundesrepublik Deutschland /07/2027 EUR 80, , Bundesrepublik Deutschland /01/2028 EUR 100, , Bundesrepublik Deutschland /07/2028 EUR 80, , Bundesrepublik Deutschland /01/2030 EUR 60, , Bundesrepublik Deutschland /01/2031 EUR 120, , Bundesrepublik Deutschland /07/2034 EUR 140, , Bundesrepublik Deutschland /01/2037 EUR 160, , Bundesrepublik Deutschland /07/2039 EUR 100, , Bundesrepublik Deutschland /07/2040 EUR 110, , Bundesrepublik Deutschland /07/2042 EUR 100, , Bundesrepublik Deutschland /07/2044 EUR 130, , Bundesrepublik Deutschland /08/2046 EUR 100, , ,583, Ireland (2015: 1.58%) Ireland (Government of) /10/2017 EUR 40,000 43, Ireland (Government of) /10/2018 EUR 50,000 55, Ireland (Government of) /06/2019 EUR 60,000 68, Ireland (Government of) /10/2019 EUR 50,000 60, Ireland (Government of) /04/2020 EUR 80,000 94, MGI Funds plc 57

59 MGI Euro Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities (2015: 82.35%) Government bonds (2015: 82.35%) Ireland (2015: 1.58%) Ireland (Government of) /10/2020 EUR 60,000 73, Ireland (Government of) /03/2022 EUR 40,000 41, Ireland (Government of) /03/2023 EUR 40,000 49, Ireland (Government of) /03/2024 EUR 60,000 74, Ireland (Government of) /03/2025 EUR 80, , Ireland (Government of) /05/2026 EUR 30,000 31, Ireland (Government of) /05/2030 EUR 40,000 48, Ireland (Government of) /02/2045 EUR 50,000 59, , Italy (2015: 19.85%) Italy Buoni Poliennali Del Tesoro /06/2017 EUR 80,000 83, Italy Buoni Poliennali Del Tesoro /08/2017 EUR 145, , Italy Buoni Poliennali Del Tesoro /11/2017 EUR 100, , Italy Buoni Poliennali Del Tesoro /01/2018 EUR 110, , Italy Buoni Poliennali Del Tesoro /02/2018 EUR 170, , Italy Buoni Poliennali Del Tesoro /05/2018 EUR 100, , Italy Buoni Poliennali Del Tesoro /06/2018 EUR 140, , Italy Buoni Poliennali Del Tesoro /08/2018 EUR 180, , Italy Buoni Poliennali Del Tesoro /10/2018 EUR 100, , Italy Buoni Poliennali Del Tesoro /12/2018 EUR 140, , Italy Buoni Poliennali Del Tesoro /02/2019 EUR 170, , Italy Buoni Poliennali Del Tesoro /03/2019 EUR 165, , Italy Buoni Poliennali Del Tesoro /04/2019 EUR 60,000 60, Italy Buoni Poliennali Del Tesoro /05/2019 EUR 130, , Italy Buoni Poliennali Del Tesoro /08/2019 EUR 110, , Italy Buoni Poliennali Del Tesoro /09/2019 EUR 170, , Italy Buoni Poliennali Del Tesoro /12/2019 EUR 110, , Italy Buoni Poliennali Del Tesoro /02/2020 EUR 160, , Italy Buoni Poliennali Del Tesoro /03/2020 EUR 170, , Italy Buoni Poliennali Del Tesoro /05/2020 EUR 110, , Italy Buoni Poliennali Del Tesoro /09/2020 EUR 170, , Italy Buoni Poliennali Del Tesoro /11/2020 EUR 110, , Italy Buoni Poliennali Del Tesoro /03/2021 EUR 170, , Italy Buoni Poliennali Del Tesoro /05/2021 EUR 130, , Italy Buoni Poliennali Del Tesoro /06/2021 EUR 50,000 50, Italy Buoni Poliennali Del Tesoro /08/2021 EUR 200, , Italy Buoni Poliennali Del Tesoro /09/2021 EUR 170, , Italy Buoni Poliennali Del Tesoro /12/2021 EUR 120, , Italy Buoni Poliennali Del Tesoro /03/2022 EUR 140, , Italy Buoni Poliennali Del Tesoro /04/2022 EUR 120, , Italy Buoni Poliennali Del Tesoro /09/2022 EUR 135, , Italy Buoni Poliennali Del Tesoro /09/2022 EUR 120, , Italy Buoni Poliennali Del Tesoro /11/2022 EUR 150, , Italy Buoni Poliennali Del Tesoro /03/2023 EUR 70,000 70, Italy Buoni Poliennali Del Tesoro /05/2023 EUR 130, , Italy Buoni Poliennali Del Tesoro /08/2023 EUR 170, , Italy Buoni Poliennali Del Tesoro /11/2023 EUR 80, , Italy Buoni Poliennali Del Tesoro /03/2024 EUR 180, , Italy Buoni Poliennali Del Tesoro /09/2024 EUR 140, , Italy Buoni Poliennali Del Tesoro /12/2024 EUR 140, , Italy Buoni Poliennali Del Tesoro /03/2025 EUR 170, , Italy Buoni Poliennali Del Tesoro /06/2025 EUR 140, , Italy Buoni Poliennali Del Tesoro /12/2025 EUR 120, , Italy Buoni Poliennali Del Tesoro /03/2026 EUR 140, , Italy Buoni Poliennali Del Tesoro /06/2026 EUR 80,000 82, Italy Buoni Poliennali Del Tesoro /11/2026 EUR 70, , Italy Buoni Poliennali Del Tesoro /11/2027 EUR 180, , Italy Buoni Poliennali Del Tesoro /09/2028 EUR 140, , MGI Funds plc 58

60 MGI Euro Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities (2015: 82.35%) Government bonds (2015: 82.35%) Italy (2015: 19.85%) Italy Buoni Poliennali Del Tesoro /11/2029 EUR 200, , Italy Buoni Poliennali Del Tesoro /03/2030 EUR 150, , Italy Buoni Poliennali Del Tesoro /05/2031 EUR 210, , Italy Buoni Poliennali Del Tesoro /03/2032 EUR 120, , Italy Buoni Poliennali Del Tesoro /02/2033 EUR 110, , Italy Buoni Poliennali Del Tesoro /08/2034 EUR 190, , Italy Buoni Poliennali Del Tesoro /09/2036 EUR 60,000 62, Italy Buoni Poliennali Del Tesoro /02/2037 EUR 180, , Italy Buoni Poliennali Del Tesoro /08/2039 EUR 130, , Italy Buoni Poliennali Del Tesoro /09/2040 EUR 150, , Italy Buoni Poliennali Del Tesoro /09/2044 EUR 100, , Italy Buoni Poliennali Del Tesoro /09/2046 EUR 80,000 96, Italy Buoni Poliennali Del Tesoro /03/2047 EUR 70,000 75, Italy Certificati di Credito del Tesoro 30/08/2017 EUR 90,000 90, Italy Certificati di Credito del Tesoro 28/03/2018 EUR 40,000 40, ,910, Lithuania (2015: Nil) Lithuania (Government of) /02/2018 EUR 10,000 10, Luxembourg (2015: 0.07%) Luxembourg (Government of) /07/2023 EUR 10,000 11, Luxembourg (Government of) /05/2020 EUR 20,000 23, , Netherlands (2015: 5.22%) Netherlands (Kingdom of) /07/2017 EUR 50,000 52, Netherlands (Kingdom of) /01/2018 EUR 120, , Netherlands (Kingdom of) 15/04/2018 EUR 100, , Netherlands (Kingdom of) /07/2018 EUR 100, , Netherlands (Kingdom of) /01/2019 EUR 110, , Netherlands (Kingdom of) /07/2019 EUR 100, , Netherlands (Kingdom of) /01/2020 EUR 110, , Netherlands (Kingdom of) /07/2020 EUR 100, , Netherlands (Kingdom of) /07/2021 EUR 110, , Netherlands (Kingdom of) /07/2022 EUR 110, , Netherlands (Kingdom of) /01/2023 EUR 40,000 50, Netherlands (Kingdom of) /01/2023 EUR 60,000 91, Netherlands (Kingdom of) /07/2023 EUR 110, , Netherlands (Kingdom of) /07/2024 EUR 110, , Netherlands (Kingdom of) /07/2025 EUR 110, , Netherlands (Kingdom of) /07/2026 EUR 60,000 62, Netherlands (Kingdom of) /01/2028 EUR 95, , Netherlands (Kingdom of) /01/2033 EUR 90, , Netherlands (Kingdom of) /01/2037 EUR 100, , Netherlands (Kingdom of) /01/2042 EUR 105, , Netherlands (Kingdom of) /01/2047 EUR 70, , ,433, Slovakia (2015: 0.41%) Slovakia (Government of) /11/2024 EUR 50,000 63, Slovakia (Government of) /10/2025 EUR 90, , Slovakia (Government of) /02/2033 EUR 20,000 28, , Slovenia (2015: 0.17%) Slovenia (Government of) /01/2020 EUR 45,000 51, Slovenia (Government of) /04/2021 EUR 50,000 56, Slovenia (Government of) /09/2024 EUR 20,000 26, , MGI Funds plc 59

61 MGI Euro Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities (2015: 82.35%) Government bonds (2015: 82.35%) Spain (2015: 10.53%) Spain (Kingdom of) /07/2017 EUR 140, , Spain (Kingdom of) /10/2017 EUR 90,000 90, Spain (Kingdom of) /01/2018 EUR 140, , Spain (Kingdom of) /04/2018 EUR 120, , Spain (Kingdom of) /07/2018 EUR 140, , Spain (Kingdom of) /10/2018 EUR 140, , Spain (Kingdom of) /01/2019 EUR 50,000 50, Spain (Kingdom of) /04/2019 EUR 160, , Spain (Kingdom of) /07/2019 EUR 140, , Spain (Kingdom of) /10/2019 EUR 150, , Spain (Kingdom of) /01/2020 EUR 150, , Spain (Kingdom of) /04/2020 EUR 160, , Spain (Kingdom of) /07/2020 EUR 120, , Spain (Kingdom of) /10/2020 EUR 130, , Spain (Kingdom of) /04/2021 EUR 170, , Spain (Kingdom of) /07/2021 EUR 30,000 30, Spain (Kingdom of) /01/2022 EUR 155, , Spain (Kingdom of) /01/2023 EUR 150, , Spain (Kingdom of) /10/2023 EUR 140, , Spain (Kingdom of) /01/2024 EUR 120, , Spain (Kingdom of) /04/2024 EUR 150, , Spain (Kingdom of) /10/2024 EUR 160, , Spain (Kingdom of) /04/2025 EUR 140, , Spain (Kingdom of) /07/2025 EUR 140, , Spain (Kingdom of) /10/2025 EUR 140, , Spain (Kingdom of) /04/2026 EUR 110, , Spain (Kingdom of) /07/2026 EUR 110, , Spain (Kingdom of) /10/2028 EUR 100, , Spain (Kingdom of) /01/2029 EUR 120, , Spain (Kingdom of) /07/2030 EUR 100, , Spain (Kingdom of) /07/2032 EUR 130, , Spain (Kingdom of) /01/2037 EUR 120, , Spain (Kingdom of) /07/2040 EUR 100, , Spain (Kingdom of) /07/2041 EUR 110, , Spain (Kingdom of) /10/2044 EUR 90, , Spain (Kingdom of) /10/2046 EUR 60,000 67, Spain (Kingdom of) /07/2066 EUR 10,000 11, ,430, Total government bonds 41,464, Total transferable securities 41,464, MGI Funds plc 60

62 MGI Euro Bond Fund Portfolio Statement Fair value % of Currency Shares Net assets Investment funds (2015: 15.97%) Ireland PIMCO Euro Credit Fund Accumulation EUR 657,650 10,081, Total investment funds 10,081, Total financial assets at fair value through profit or loss 51,546, Total investments at fair value through profit and loss 51,546, Cash (2015: 0.28%) 229, Net current assets (2015: 1.40%) 467, Net assets attributable to holders of redeemable participating shares 52,242, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; UCITS and NONUCITS CIS; Other current assets Country classifications are based upon country of incorporation and/or domicile. Credit Risk The following table outlines the credit exposures of MGI Euro Bond Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 MGI Euro Bond Fund % Holding AAA ,050,917 AA ,192,471 AA ,039,698 AA ,665,101 A ,030,096 A ,545 A ,795 BBB ,430,540 BBB ,910, ,464,714 MGI Euro Bond Fund % Holding AAA ,967,390 AA ,056,324 AA ,230 AA ,100 A ,179 A ,727 A ,895 BBB ,436,640 Not rated , ,202,163 Concentration Risk MGI Euro Bond Fund's exposure to industries above 5% was as follows: 30 June June 2015 % of NAV % of NAV Sovereign Debt MGI Funds plc 61

63 MGI Euro Cash Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate* date Currency holdings Net assets Financial assets at amortised cost (2015: 98.25%) Deposits with credit institutions (2015: 98.25%) Bank of TokyoMitsubishi UJF (0.44) 27/07/2016 EUR 30,992,568 30,992, Bank of TokyoMitsubishi UJF (0.35) 19/08/2016 EUR 13,990,166 13,990, Bank of TokyoMitsubishi UJF (0.25) 21/10/2016 EUR 10,990,000 10,990, BNP Paribas (0.44) 07/07/2016 EUR 7,993,743 7,993, BNP Paribas (0.14) 04/11/2016 EUR 19,990,289 19,990, Calyon Corporate and Investment Bank (0.33) 11/07/2016 EUR 15,000,000 15,000, Commonwealth Bank of Australia (0.35) 15/07/2016 EUR 21,989,522 21,989, Credit Agricole (0.30) 19/08/2016 EUR 8,002,019 8,002, Credit Industrail et Commercia (0.10) 26/08/2016 EUR 5,996,685 5,996, Credit Industrail et Commercia (0.12) 13/01/2017 EUR 5,000,000 5,000, Credit Industrail et Commercia (0.32) 05/09/2016 EUR 14,982,052 14,982, Nordea Bank (0.48) 30/09/2016 EUR 20,000,000 20,000, Nordea Bank (0.27) 02/08/2016 EUR 14,981,592 14,981, Pohjola Bank (0.35) 29/07/2016 EUR 10,000,000 10,000, Rabobank International (0.40) 01/09/2016 EUR 18,500,000 18,500, Societe Generale (0.11) 12/04/2017 EUR 5,994,966 5,994, Societe Generale (0.36) 13/07/2016 EUR 9,000,000 9,000, Standard Chartered /03/2017 EUR 10,001,522 10,001, Standard Chartered (0.50) 29/07/2016 EUR 28,988,240 28,988, Sumitommo Mitsui Banking Group (0.16) 11/10/2016 EUR 19,000,000 19,000, Sumitommo Mitsui Banking Group (0.04) 11/04/2017 EUR 10,000,000 10,000, Svenska Handelsbanken (0.35) 29/07/2016 EUR 21,989,251 21,989, Svenska Handelsbanken (0.43) 31/08/2016 EUR 19,988,009 19,988, ,370, Total deposits with credit institutions 343,370, Total financial assets at amortised cost 343,370, Cash (2015: 1.62%) 5,238, Net current assets (2015: 0.13%) 270, Net assets attributable to holders of redeemable participating shares 348,879, Total assets comprised as follows: % of total assets Deposits; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. *Negative coupon rates charged by certain institutions are driven by current market conditions. MGI Funds plc 62

64 MGI Eurozone Equity Fund Portfolio Statement Nominal Fair value % of holdings Net assets Financial assets at fair value through profit or loss (2015: 98.78%) Transferable securities (2015: 98.78%) Equities (2015: 98.78%) Austria (2015: 1.27%) CQUADRAT Investment 1,008 60, CA Immobilien Anlagen 7, , Erste Group Bank 41, , Immofinanz* 236, Immofinanz Anspr 340, , Lenzing 1, , OMV 20, , Palfinger 2,593 67, Voestalpine 10, , Wienerberger 5,224 65, ,773, Belgium (2015: 5.85%) AnheuserBusch InBev 60,597 7,126, Bekaert 26,829 1,045, Cie du Bois Sauvage 75 19, D'ieteren 3, , Financiere de Tubize 8, , Groupe Bruxelles Lambert 19,310 1,418, KBC Group 39,348 1,728, UCB 22,032 1,480, Umicore 43,842 2,028, ,456, Bermuda (2015: Nil) HAL Trust 1, , Cyprus (2015: Nil) Aroundtown Property Holdings 271,753 1,236, Denmark (2015: Nil) Columbus 81,862 92, Finland (2015: 3.08%) FSecure 32,644 87, Kone 22, , Neste 40,211 1,291, Nokia 809,605 4,133, Orion , Ponsse Oy , Stora Enso 83, , UPMKymmene 56, , ,014, France (2015: 24.88%) ABC arbitrage 42, , Air FranceKLM 88, , Amundi 19, , Argan 1,762 40, Arkema 5, , AtoS 20,814 1,551, Aubay , AXA 179,554 3,196, Caisse Regionale de Credit Agricole Mutuel de Paris et d'iledefrance , Caisse Regionale de Credit Agricole Mutuel Nord de France 4,302 68, Nominal Fair value % of holdings Net assets France (2015: 24.88%) CapGemini 3, , Christian Dior 6, , Cie de SaintGobain 25, , Cie des Alpes 6, , Cie Generale des Etablissements Michelin 21,478 1,830, Criteo ADR 13, , Danone 37,908 2,403, Dassault Systemes 7, , Eiffage 28,727 1,844, Essilor International 20,534 2,440, Eurazeo 2, , Faurecia 17, , Flamel Technologies ADR 74, , Focus Home Interactive 2,434 62, Gecina REIT 8,831 1,081, Groupe Open 7, , Groupe Partouche , Havas 125, , HighCo 1,706 15, Iliad 3, , Immobiliere Dassault , Ingenico Group 6, , IPSOS 29, , Kaufman & Broad 34,760 1,181, Klepierre REIT 17, , Le Belier , Le Noble Age 1,546 44, Legrand 45,030 2,085, Linedata Services 1,638 67, Manitou BF 1,378 19, Nexans 18, , Nexity 28,221 1,289, Orange 101,855 1,492, Pernod Ricard 15,012 1,502, Peugeot 132,181 1,429, Pierre & Vacances 1,501 58, PSB Industries , Publicis Groupe , Renault 35,212 2,409, Rexel 36, , Sanofi 80,112 6,001, Savencia , Sodexo 21,386 2,069, Thales 32,645 2,448, Total 17, , UBISOFT Entertainment 27, , Valeo 100,140 4,018, Vinci 10, , ,529, Gabon (2015: Nil) Total Gabon , Germany (2015: 26.35%) Adidas 28,461 3,655, Allianz 22,139 2,829, Alstria Office REIT 56, , Aurelius 8, , MGI Funds plc 63

65 MGI Eurozone Equity Fund Nominal Fair value % of holdings Net assets Financial assets at fair value through profit or loss (2015: 98.78%) Transferable securities (2015: 98.78%) Equities (2015: 98.78%) Germany (2015: 26.35%) BASF 44,081 3,025, Bayer 62,286 5,605, Biotest Pref 13, , Cewe Stiftung 2, , Commerzbank 90, , Constantin Medien 24,431 68, Continental 12,237 2,071, Daimler 35,429 1,896, Deutsche Bank 40, , Deutsche Boerse 29,069 2,137, Deutsche Telekom 99,085 1,514, Draegerwerk Pref , Duerr 23,784 1,617, E.ON 6,316 57, Energiekontor 1,266 16, Evonik Industries 47,742 1,276, Fresenius 39,443 2,596, GFK 1,742 62, H&R 4,650 56, Hannover Rueck 6, , HeidelbergCement 7, , Heidelberger Druckmaschinen 56, , Hella KGaA Hueck 10, , Hochtief 10,310 1,192, Hypoport , Infineon Technologies 195,710 2,539, KION Group 38,705 1,681, Kloeckner 89, , KSB Pref 49 15, Mensch und Maschine Software 1,886 25, Merck 37,526 3,416, METRO 47,031 1,291, MTU Aero Engines 19,114 1,601, OSRAM Licht 11, , PATRIZIA Immobilien 21, , ProSiebenSat.1 Media 32,532 1,275, Rheinmetall 20,228 1,076, Rocket Internet 36, , Salzgitter 16, , SAP 87,063 5,847, Sartorius Pref 20,336 1,349, Schaeffler Pref 21, , SHW , Siemens 37,808 3,471, SLM Solutions Group 18, , Software 9, , STRATEC Biomedical 1,469 76, Suess MicroTec 15, , Surteco 1,793 36, ThyssenKrupp 104,712 1,885, VERBIO Vereinigte BioEnergie 40, , Washtec , Wirecard 48,537 1,915, Zalando 61,745 1,463, ,031, Ireland (2015: 2.92%) Bank of Ireland 6,265,453 1,159, Portfolio Statement Nominal Fair value % of holdings Net assets Ireland (2015: 2.92%) Cairn Homes 712, , CRH 79,990 2,079, Dalata Hotel Group 161, , Irish Continental Group 235, , Kerry Group 37,365 2,983, Paddy Power Betfair 12,826 1,212, Ryanair Holdings 102,165 1,156, Smurfit Kappa Group 76,095 1,506, ,359, Italy (2015: 8.84%) Anima Holding 139, , Brembo 18, , Cofide 38,907 13, Danieli & C Officine Meccaniche 2,280 28, DeA Capital 25,082 26, DiaSorin 4, , Enel 287,525 1,144, Eni 66, , Intesa Sanpaolo Pref 575, , Italcementi 13, , Juventus Football Club 94,406 23, Mediaset 33, , OVS 99, , Prysmian 51,941 1,020, Recordati 25, , SAES Getters 7,062 79, Salini Impregilo 77, , Telecom Italia 1,694,410 1,245, ,860, Luxembourg (2015: 0.29%) APERAM 25, , Eurofins Scientific 3,750 1,251, Stabilus , Subsea 7 67, , ,685, Netherlands (2015: 9.81%) Akzo Nobel 23,120 1,303, AMG Advanced Metallurgical Group 9, , ASM International 75,231 2,621, ASML Holding 27,580 2,437, ASR Nederland 31, , BasicFit 29, , BinckBank 11,503 51, CNH Industrial 114, , Heineken 18,716 1,549, Hunter Douglas 1,057 45, IMCD Group 45,887 1,632, ING Groep 362,406 3,326, Intertrust 40, , Koninklijke Ahold 94,384 1,878, Koninklijke Philips 28, , Koninklijke Vopak 12, , NN Group 48,814 1,210, Ordina 40,529 62, Randstad Holding 13, , RELX 95,415 1,489, STMicroelectronics 181, , TKH Group 76,090 2,313, TomTom 91, , MGI Funds plc 64

66 MGI Eurozone Equity Fund Portfolio Statement Nominal Fair value % of holdings Net assets Financial assets at fair value through profit or loss (2015: 98.78%) Transferable securities (2015: 98.78%) Equities (2015: 98.78%) Netherlands (2015: 9.81%) Unilever 79,674 3,339, Wolters Kluwer 12, , ,683, Norway (2015: Nil) Fred Olsen Energy 19,807 53, Statoil 3,805 58, , Portugal (2015: 1.38%) Galp Energia 98,296 1,228, Jeronimo Martins 80,143 1,134, Sonae Capital SGPS 109,762 59, ,423, Russia (2015: Nil) Gazprom ADR 39, , Gazprom ADR US listing 146, , Lukoil ADR UK listing 15, , Lukoil ADR US listing 9, , Magnitogorsk Iron & Steel Works GDR 15,072 65, Novolipetsk Steel GDR 3,767 44, Rosneft GDR 41, , Rosneft GDR Germany listing 140, , Sberbank of Russia ADR 17, , Sberbank of Russia ADR US Listing 84, , Severstal GDR 26, , ,679, Spain (2015: 10.87%) Abertis Infraestructuras 45, , ACS Actividades de Construccion y Servicios 56,103 1,368, ACS Actividades de Construccion y Servicios Rights 56,103 35, Aena 18,147 2,145, Almirall 70, , Amadeus IT Holding 98,378 3,863, Banco de Sabadell 411, , Banco Popular Espanol 925,427 1,065, Banco Santander 569,125 1,951, Bankinter 267,387 1,542, Cellnex Telecom 43, , Euskaltel 63, , Faes Farma 68, , Ferrovial 93,596 1,631, Gamesa Tecnologica 177,258 3,136, Hispania Activos Inmobiliarios 90, , Iberdrola 401,181 2,441, Industria de Diseno Textil 84,447 2,525, Inmobiliaria Colonial 997, , Let's GOWEX 16, Mapfre 363, , Mediaset Espana Comunicacion 29, , Melia Hotels International 97, , Prosegur Cia de Seguridad 164, , ,495, MGI Funds plc 65

67 MGI Eurozone Equity Fund Portfolio Statement Nominal Fair value % of holdings Net assets Financial assets at fair value through profit or loss (2015: 98.78%) Transferable securities (2015: 98.78%) Sweden (2015: Nil) B&B Tools 2,978 53, Biotage 8,337 26, Granges 11,997 93, KappAhl 9,490 37, , Switzerland (2015: 0.40%) Bachem Holding 1, , Goldbach Group 1,257 31, Transocean 63, , , Turkey (2015: Nil) Dogan Sirketler Grubu Holding 407,675 58, Haci Omer Sabanci Holding 36, , KOC Holding 40, , Koza Altin Isletmeleri 23,227 92, Turkiye Halk Bankasi 313, , Turkiye Is Bankasi 841,011 1,200, Turkiye Vakiflar Bankasi 541, , ,223, United Kingdom (2015: 2.66%) BP ADR 8, , Indivior 61, , Royal Dutch Shell 157,273 3,879, ,338, Total equities 247,259, Total transferable securities 247,259, Financial derivative instruments (2015: Nil) Open forward foreign currency contracts (2015: Nil) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain Net assets EUR 1* 16,821,678 GBP 13,669,740 05/07/ , Unrealised gain on open forward foreign currency contracts 363, Total financial derivative instruments at positive fair value 363, Total financial assets at fair value through profit or loss 247,622, MGI Funds plc 66

68 MGI Eurozone Equity Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss Net assets Financial liabilities at fair value through profit or loss (2015: Nil) Financial derivative instruments (2015:Nil) Open forward foreign currency contracts (2015: Nil) GBP 1* 103,942,173 EUR 135,573,711 05/07/2016 (10,503,259) (4.35) Unrealised loss on open forward foreign currency contracts (10,503,259) (4.35) Total financial derivative instruments at negative fair value (10,503,259) (4.35) Total financial liabilities at fair value through profit or loss (10,503,259) (4.35) Total financial derivative instruments (10,139,919) (4.20) Total investments at fair value through profit or loss 237,119, Cash (2015: 0.98%) 5,308, Net current liabilities (2015: 0.24%) (797,402) (0.33) Net assets attributable to holders of redeemable participating shares 241,630, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Equities Israel 0.18% Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; OTC financial derivative instruments; 0.15 Other current assets The following is a list of counterparties for the open forward foreign currency contracts and futures: Reference Counterparty 1* State Street Bank and Trust Country classifications are based upon country of incorporation and/or country of domicile. Concentration Risk MGI Eurozone Equity Fund's exposure to industries above 5% was as follows: 30 June June 2015 % of NAV % of NAV Consumer Discretionary Consumer Staples Energy 5.64 Financials Health Care Industrials Information Technology Materials MGI Funds plc 67

69 MGI Global Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.25%) Transferable securities (2015: 83.03%) Government bonds (2015: 83.03%) Austria (2015: 0.48%) Austria (Government of) /09/2021 EUR 20,000 26, Belgium (2015: 048%) Belgium (Government of) /09/2020 EUR 20,000 26, Belgium (Government of) /03/2028 EUR 10,000 17, Belgium (Government of) /06/2047 EUR 20,000 25, , France (2015: 4.97%) France (Government of) /04/2019 EUR 90, , France (Government of) /10/2021 EUR 40,000 52, France (Government of) /10/2032 EUR 40,000 81, France (Government of) /04/2055 EUR 20,000 42, , Germany (2015: 5.94%) Bundesrepublik Deutschland /07/2019 EUR 35,000 43, Bundesrepublik Deutschland /01/2031 EUR 100, , , Italy (2015: 4.78%) Italy Buoni Poliennali Del Tesoro /08/2018 EUR 20,000 24, Italy Buoni Poliennali Del Tesoro /08/2021 EUR 50,000 65, Italy Buoni Poliennali Del Tesoro /08/2023 EUR 30,000 42, Italy Buoni Poliennali Del Tesoro /05/2031 EUR 40,000 69, Italy Buoni Poliennali Del Tesoro /02/2037 EUR 40,000 59, , Japan (2015: 21.36%) Japan Government Ten Year Bond /12/2017 JPY 58,000, , Japan Government Ten Year Bond /09/2018 JPY 64,450, , Japan Government Thirty Year Bond /09/2040 JPY 11,000, , ,388, Netherlands (2015: 3.18%) Netherlands (Kingdom of) /07/2019 EUR 20,000 25, Netherlands (Kingdom of) /01/2028 EUR 50,000 90, , Spain (2015: 2.26%) Spain (Kingdom of) /07/2017 EUR 20,000 23, Spain (Kingdom of) /04/2021 EUR 30,000 41, Spain (Kingdom of) /01/2029 EUR 30,000 50, Spain (Kingdom of) /01/2037 EUR 20,000 30, , United Kingdom (2015: 7.40%) United Kingdom (Government of) /03/2020 GBP 120, , United Kingdom (Government of) /12/2038 GBP 50, , United Kingdom (Government of) /01/2060 GBP 20,000 47, , United States of America (2015: 32.18%) United States Treasury Bond /02/2019 USD 100, , United States Treasury Bond /11/2027 USD 110, , United States Treasury Bond /02/2039 USD 120, , United States Treasury Bond /05/2040 USD 140, , United States Treasury Bond /02/2042 USD 80,000 94, MGI Funds plc 68

70 MGI Global Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.25%) Transferable securities (2015: 83.03%) Government bonds (2015: 83.03%) United States of America (2015: 32.18%) United States Treasury Bond /08/2043 USD 60,000 77, United States Treasury Note /11/2018 USD 100, , United States Treasury Note /05/2019 USD 200, , United States Treasury Note /05/2020 USD 70,000 76, United States Treasury Note /02/2021 USD 80,000 89, United States Treasury Note /11/2021 USD 120, , United States Treasury Note /02/2022 USD 100, , United States Treasury Note /08/2023 USD 60,000 65, United States Treasury Note /02/2025 USD 60,000 62, ,652, Total government bonds 4,534, Total transferable securities 4,534, Investment funds (2015: 15.22%) Ireland (2015: 15.22%) Fair value % of Currency Shares US$ Net assets PIMCO Global Investment Grade Credit Fund Accumulation USD 44, , Total investment funds 780, Total financial assets at fair value through profit or loss 5,315, Total investments at fair value through profit or loss 5,315, Cash (2015: 1.07%) 32, Net current assets (2015: 0.68%) 34, Net assets attributable to holders of redeemable participating shares 5,382, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; UCITS and NONUCITS CIS; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 69

71 MGI Global Bond Fund Portfolio Statement Credit Risk The following table outlines the credit exposures of MGI Global Bond Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 MGI Global Bond Fund % Holding US$ AAA ,011,863 AA ,058 AA ,270 AA ,616 A ,388,859 BBB ,628 BBB , ,534,571 MGI Global Bond Fund % Holding US$ AAA ,155,600 AA ,207 AA AA ,237 A ,166,559 BBB+ BBB , ,534,864 Concentration Risk MGI Global Bond Fund's exposure to industries above 5% was as follows: 30 June June 2015 % of NAV % of NAV Sovereign Debt MGI Funds plc 70

72 MGI Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 86.75%) Transferable securities (2015: 86.02%) Equities (2015: 86.02%) Australia (2015: 0.77%) AGL Energy 18, , Amcor 26, , Australia & New Zealand Banking Group 6, , Australian Pharmaceutical Industries 130, , BHP Billiton 19, , BHP Billiton ADR 29, , Brambles 158,712 1,464, Caltex Australia 13, , CocaCola Amatil 47, , Commonwealth Bank of Australia 5, , Costa Group Holdings 96, , CSL , DuluxGroup 27, , Fortescue Metals Group 12,211 31, Goodman Group REIT 45, , GPT Group REIT 55, , Insurance Australia Group 62, , Japara Healthcare 75, , LendLease Group 13, , Metals X 105, , Metcash 377, , Mirvac Group REIT 186, , National Australia Bank 7, , Newcrest Mining 17, , QBE Insurance Group 7,804 60, Regis Healthcare 24,371 85, Rio Tinto 3, , Sandfire Resources 136, , Stockland REIT 110, , Technology One 63, , Telstra 135, , Treasury Wine Estates 13,416 92, Vicinity Centres REIT 61, , Wesfarmers 48,071 1,435, Westpac Banking 9, , Woodside Petroleum 19, , Woolworths 38, , ,011, Belgium (2015: 0.35%) AnheuserBusch InBev ADR 11,445 1,507, KBC Group 5, , ,762, Bermuda (2015: 0.18%) Argo Group International Holdings 4, , Brazil (2015: 0.89%) BM&FBovespa 174, , Petroleo Brasileiro ADR 72, , ,504, Canada (2015: 1.73%) Agnico Eagle Mines (Canada listing) 11, , Agnico Eagle Mines (US listing) 21,923 1,172, AGT Food & Ingredients 8, , Barrick Gold (Canada listing) 73,167 1,553, Barrick Gold (US listing) 75,685 1,615, Dorel Industries 2,023 53, Nominal Fair value % of holdings US$ Net assets Canada (2015: 1.73%) Eldorado Gold (Canada listing) 154, , Eldorado Gold (US listing) 13,789 62, Enbridge 4, , Fairfax Financial Holdings 3,094 1,657, FirstService 3, , FrancoNevada 9, , Goldcorp (Canada listing) 55,965 1,065, Goldcorp (US listing) 37, , IAMGOLD (Canada listing) 134, , IAMGOLD (US listing) 119, , Kinross Gold (Canada listing) 89, , Kinross Gold (US listing) 417,415 2,041, Loblaw 6, , New Gold 48, , Osisko Gold Royalties 2,658 34, Potash Corp of Saskatchewan 60, , Ritchie Bros Auctioneers 34,182 1,154, Rogers Communications 7, , Silver Wheaton 8, , Sun Life Financial 13, , Teck Resources(Canada listing) 26, , Teck Resources (US Listing) 30, , Torex Gold Resources 125, , TransCanada 3, , Ultra Petroleum 384, , Valeant Pharmaceuticals International 35, , Western Forest Products 147, , Yamana Gold (Canada listing) 428,752 2,218, Yamana Gold (Germany listing) 17,481 90, ,750, Channel Islands (2015: 0.06%) Randgold Resources , Randgold Resources ADR 1, , , Chile (2015: nil) Empresa Nacional de Electricidad ADR 9, , Endesa Americas ADR 9, , , China (2015: 1.73%) Alibaba Group Holding ADR 28,821 2,292, Autohome ADR 14, , Baidu ADR 11,015 1,819, Hengan International Group 29, , Qinqin Foodstuffs Group Cayman 5,800 7, Tencent Holdings 13, , Tsingtao Brewery 86, , ,266, Denmark (2015: 1.14%) Carlsberg 14,444 1,368, Danske Bank 7, , Novo Nordisk 39,309 2,101, TDC 80, , William Demant Holding 21, , ,473, Finland (2015: 0.53%) HKScan 19,272 66, Kone 6, , MGI Funds plc 71

73 MGI Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 86.75%) Transferable securities (2015: 86.02%) Equities (2015: 86.02%) Finland (2015: 0.53%) UPMKymmene 22, , , France (2015: 1.95%) AXA 12, , BNP Paribas 16, , Bureau Veritas 49,236 1,039, Cie de SaintGobain 15, , Cie Generale des Etablissements Michelin 2, , Orange ADR 25, , Sanofi 9, , Schneider Electric 2, , Societe Generale 21, , Thales 5, , Total 15, , Total ADR 32,097 1,543, Veolia Environnement 10, , Vivendi 3,845 72, ,863, Germany (2015: 4.39%) Allianz 2, , BASF 2, , Bayerische Motoren Werke 3, , Commerzbank 34, , Daimler 5, , Deutsche Boerse 14,140 1,155, Deutsche Post 14, , Deutsche Telekom 36, , E.ON 56, , Hugo Boss 4, , Merck 4, , Muenchener Rueckversicherungs 1, , SAP 63,694 4,752, SAP ADR 8, , Siemens 2, , VTG 4, , ,898, Hong Kong (2015: 1.11%) AIA Group 494,691 2,949, China Mobile 41, , CK Hutchison Holdings 37, , CLP Holdings 30, , Guangdong Investment 176, , Hong Kong & China Gas 90, , Jardine Matheson Holdings 18,600 1,084, Li & Fung 90,000 43, MTR 36, , Sun Hung Kai Properties 12, , Swire Pacific 7,413 83, ,115, India (2015: 0.60%) HDFC Bank ADR 11, , ICICI Bank ADR 243,835 1,750, Infosys ADR 17, , Nominal Fair value % of holdings US$ Net assets India (2015: 0.60%) Tata Motors ADR 16, , ,369, Indonesia (2015: nil) Telekomunikasi Indonesia Persero ADR 4, , Ireland (2015: 1.75%) Allergan 5,844 1,350, Bank of Ireland 4,066, , CRH 136,918 3,999, Eaton 3, , Endo International 26, , Kerry Group 3, , Medtronic 15,200 1,318, Ryanair Holdings 192,986 2,426, ,823, Israel (2015: 0.32%) Bank Leumi LeIsrael 76, , Bezeq The Israeli Telecommunication 2,625 5, Mizrahi Tefahot Bank 19, , Teva Pharmaceutical Industries 11, , ,049, Italy (2015: 0.48%) Assicurazioni Generali 15, , Enel 203, , Intesa Sanpaolo 23,112 43, Italmobiliare 3, , Reply , Telecom Italia 250, , UniCredit 106, , ,790, Japan (2015: 8.92%) Aeon 4,000 61, Ajinomoto 11, , Alfresa Holdings 31, , Alps Electric 4,700 87, Ariake Japan 3, , Asahi Group Holdings 12, , Asahi Kasei 19, , Astellas Pharma 16, , Bridgestone 10, , Canon 9, , Central Japan Railway 1, , Chubu Electric Power 21, , CyberAgent 21,100 1,269, Daihatsu Motor 9, , Daiichi Sankyo 3,000 72, Daiwa House Industry 4, , Denso 5, , East Japan Railway 6, , Electric Power Development 5, , FamilyMart 5, , FANUC 2, , Fuji Heavy Industries 8, , Hitachi 132, , Honda Motor 16, , ITOCHU 19, , Japan Exchange Group 56, , Japan Tobacco 24, , MGI Funds plc 72

74 MGI Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 86.75%) Transferable securities (2015: 86.02%) Equities (2015: 86.02%) Japan (2015: 8.92%) Kajima 56, , Kansai Electric Power 12, , Kansai Paint 32, , Kao 11, , KDDI 47,300 1,435, Keyence , Kirin Holdings 4,000 67, Komatsu 10, , Kyushu Electric Power 5,800 57, Lawson 5, , Mazda Motor 15, , Megmilk Snow Brand 19, , Mitsubishi 15, , Mitsubishi Electric 6,000 70, Mitsubishi Estate 23, , Mitsubishi UFJ Financial Group 132, , Mitsui Fudosan 15, , Mizuho Financial Group 259, , MS&AD Insurance Group Holdings 93,700 2,394, Murata Manufacturing 3, , Nikon 12, , Nippon Telegraph & Telephone 50,400 2,358, Nippon Telegraph & Telephone ADR 15, , Nissan Motor 37, , NTT DoCoMo 73,500 1,982, Obayashi 36, , Olympus 34,400 1,272, Osaka Gas 96, , Otsuka Holdings 13, , Panasonic 29, , Rohm 15, , Seven & I Holdings 14, , ShinEtsu Chemical 4, , SMC 6,400 1,553, SoftBank Group 9, , Sony 6, , Sumitomo 16, , Sumitomo Metal Mining 20, , Sumitomo Mitsui Financial Group 11, , Sumitomo Mitsui Trust Holdings 54, , Sumitomo Realty & Development 2,000 53, Suntory Beverage & Food , Taisei 49, , Takeda Pharmaceutical 8, , Terumo 4, , THK 53, , Tokio Marine Holdings 10, , Tokyo Electric Power Holdings 32, , Tokyo Gas 88, , Tokyu Fudosan Holdings 15,300 94, Toray Industries 9,000 76, Toyota Motor 25,600 1,260, Unicharm 5, , ,919, Korea (2015: 0.94%) Hanon Systems 32, , Hyundai Marine & Fire Insurance 13, , Nominal Fair value % of holdings US$ Net assets Korea (2015: 0.94%) Hyundai Motor 2, , Korea Electric Power 6, , Korea Electric Power ADR 10, , KT&G 2, , LG 2, , LG Uplus 49, , Samsung Electronics , Samsung Electronics GDR 3,599 2,234, Shinhan Financial Group 9, , SK Telecom ADR 19, , ,958, Luxembourg (2015: 0.45%) Tenaris 33, , Tenaris ADR 10, , , Macau (2015: 0.04%) Sands China 177, , Malaysia (2015: nil) Malayan Banking Bhd ADR 146, , Tenaga Nasional Bhd ADR 22, , , Mexico (2015: nil) CocaCola Femsa ADR 1, , Fomento Economico Mexicano 26, , Fomento Economico Mexicano ADR 11,099 1,026, Grupo Aeroportuario del Pacifico ADR 4, , Grupo Financiero Banorte ADR 14, , WalMart de Mexico 388, , WalMart de Mexico ADR 9, , ,473, Netherlands (2015: 1.75%) Airbus Group 7, , Ferrari 7, , Fiat Chrysler Automobiles 73, , Heineken 2, , ING Groep 42, , Koninklijke Philips 21, , LyondellBasell Industries 6, , Mylan 29,911 1,293, QIAGEN 33, , Unilever 19, , Unilever ADR 14, , Yandex 67,497 1,474, ,955, New Zealand (2015: nil) Trade Me 10,426 34, Norway (2015: 0.34%) Norsk Hydro 29, , Schibsted A Shares 32, , Schibsted B Shares 28, , Telenor 28, , ,360, MGI Funds plc 73

75 MGI Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 86.75%) Transferable securities (2015: 86.02%) Equities (2015: 86.02%) Peru (2015: 0.14%) Cia de Minas Buenaventura ADR 25, , Philippines (2015: 0.07%) Philippine Long Distance Telephone ADR 7, , Portugal (2015: 0.01%) Jeronimo Martins 10, , Russia (2015: 0.47%) Gazprom ADR 263,480 1,135, Lukoil ADR 41,644 1,739, MegaFon GDR 28, , Novatek GDR 7, , Rosneft GDR 25, , Sberbank of Russia ADR 92, , ,833, Singapore (2015: 0.25%) Broadcom 10,700 1,662, ComfortDelGro 97, , DBS Group Holdings 24, , OverseaChinese Banking 27, , Singapore Press Holdings 13,000 38, Singapore Telecommunications 246, , United Overseas Bank 11, , ,271, South Africa (2015: 1.04%) MTN Group 41, , Naspers 31,524 4,821, ,226, Spain (2015: 0.83%) Aena 1, , Banco Bilbao Vizcaya Argentaria 39, , Banco Santander 42, , Distribuidora Internacional de Alimentacion 153, , Endesa 12, , Gas Natural 27, , Iberdrola 192,653 1,302, Telefonica 48, , ,015, Sweden (2015: 2.23%) Atlas Copco A Shares 24, , Atlas Copco B Shares 67,479 1,578, Hennes & Mauritz 18, , ICA Gruppen 13, , Investor 7, , Nordea Bank 63, , Sandvik 15, , Securitas 35, , Svenska Cellulosa 24, , Svenska Handelsbanken 143,627 1,725, Swedbank 12, , Tele2 37, , Nominal Fair value % of holdings US$ Net assets Sweden (2015: 2.23%) Telefonaktiebolaget LM Ericsson 27, , Volvo 76, , ,725, Switzerland (2015: 3.78%) ABB 7, , ABB ADR 15, , Actelion 2, , Adecco 1,253 62, Chubb 14,100 1,843, Cie Financiere Richemont 12, , Credit Suisse Group 19, , Geberit , Kudelski 23, , Kuehne & Nagel International 2, , Nestle 53,030 4,090, Nestle ADR 25,500 1,971, Novartis 18,139 1,492, OC Oerlikon 59, , Roche Holding 6,073 1,596, Schindler Holding 11,682 2,110, Swiss Re 1, , Swisscom , Syngenta , UBS Group 18, , Wolseley 36,110 1,868, Zurich Insurance Group 1, , ,985, Taiwan (2015: 0.50%) Chunghwa Telecom 211, , HTC 92, , Nan Ya Plastics 189, , Taiwan Semiconductor Manufacturing 76, , Taiwan Semiconductor Manufacturing ADR 151,209 3,966, ,763, Thailand (2015: nil) Airports of Thailand 22, , Turkey (2015: 0.13%) Dogan Sirketler Grubu Holding 97,922 15, Eregli Demir ve Celik Fabrikalari 145, , Petkim Petrokimya Holding 315, , , United Kingdom (2015: 4.14%) Aggreko 21, , ARM Holdings ADR 4, , Associated British Foods 7, , AstraZeneca 8, , AstraZeneca ADR 37,419 1,129, Auto Trader Group 41, , Berkeley Group Holdings 2,141 72, BHP Billiton 31, , BHP Billiton ADR 27, , BP 326,160 1,910, BP ADR 32,800 1,164, British American Tobacco 47,917 3,102, BT Group 173, , MGI Funds plc 74

76 MGI Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 86.75%) Transferable securities (2015: 86.02%) Equities (2015: 86.02%) United Kingdom (2015: 4.14%) Centrica 121, , Compass Group 105,898 2,013, Dart Group 12,604 88, De La Rue 20, , Diageo 66,589 1,857, Diageo ADR 1, , Domino's Pizza Group 119, , GlaxoSmithKline 52,346 1,122, GlaxoSmithKline ADR 22, , Greggs 11, , Hays 378, , HomeServe 37, , HSBC Holdings 50, , Imperial Tobacco Group 9, , Kingfisher 45, , Land Securities Group REIT 17, , Lloyds Banking Group 661, , London Stock Exchange Group 1,694 57, National Grid 118,215 1,732, Next 4, , Persimmon 6, , Prudential 236,458 3,973, Reckitt Benckiser Group 14,991 1,500, Reckitt Benckiser Group ADR 3,985 80, Rio Tinto 32,955 1,010, Rio Tinto ADR 15, , RollsRoyce Holdings 114,780 1,091, Royal Dutch Shell 15, , Royal Dutch Shell ADR 6, , Royal Mail 41, , SABMiller 6, , Sage Group 112, , Segro REIT 36, , Sky 17, , SSE 18, , STERIS 10, , Tate & Lyle 104, , Transocean Partners 6,759 85, Unilever 33,443 1,600, Vodafone Group 169, , William Hill 70, , WPP ADR 4, , ,994, United States of America (2015: 41.82%) AAR 6, , Abbott Laboratories 15, , Activision Blizzard 19, , Adobe Systems 14,100 1,350, AES 10, , Air Products & Chemicals 14,200 2,016, Allstate 5, , Alnylam Pharmaceuticals 9, , Alphabet A Shares 2,600 1,829, Alphabet C Shares 5,569 3,854, Altria Group 41,930 2,891, Amazon.com 8,760 6,268, Ameren 21,484 1,151, Nominal Fair value % of holdings US$ Net assets United States of America (2015: 41.82%) American Electric Power 19,339 1,355, American Express 45,210 2,746, American International Group 48,107 2,544, American Woodmark 7, , Ameriprise Financial 4, , AmerisourceBergen 13,112 1,040, Amgen 10,100 1,536, Anthem 25,781 3,386, Apache 36,059 2,007, Apple 52,394 5,008, Applied Materials 36, , ArcherDanielsMidland 26,354 1,130, Ascent Capital Group 14, , AT&T 81,677 3,529, Atwood Oceanics 9, , Automatic Data Processing , AvalonBay Communities REIT 3, , Bank of America 216,236 2,869, Bank of New York Mellon 68,200 2,649, Bankrate 35, , Barnes & Noble 4,273 43, Barrett Business Services 4, , Baxter International 22,400 1,012, BB&T 30,303 1,079, CalAtlantic Group 40,035 1,469, Capital One Financial 22,463 1,426, Cardinal Health 20,231 1,578, CarMax 36,937 1,811, CenterPoint Energy 42,932 1,030, CEVA 14, , CH Robinson Worldwide 21,486 1,595, Chesapeake Energy 34, , China Biologic Products 5, , Cisco Systems 173,803 4,986, Citigroup 92,546 3,923, Citrix Systems 3, , Cliffs Natural Resources 30, , CocaCola 88,909 4,030, ColgatePalmolive 37,634 2,754, Comcast 66,418 4,329, Comtech Telecommunications 10, , Consolidated Edison 16,057 1,291, Constellation Brands 2, , Costco Wholesale 9,535 1,497, CVR Energy 19, , CVS Health 22,552 2,159, DaVita HealthCare Partners 7, , Delta Air Lines 9, , Denny's 5,000 53, Dime Community Bancshares 6, , Discover Financial Services 9, , Dolby Laboratories 23,422 1,120, Dollar General 15,423 1,449, Dollar Tree 22,258 2,097, Dominion Resources 10, , Domtar 10, , DR Horton 25, , Dr Pepper Snapple Group 12,800 1,236, DTE Energy 4, , Duke Energy 21,703 1,861, Ecolab 3, , Edison International 8, , MGI Funds plc 75

77 MGI Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 86.75%) Transferable securities (2015: 86.02%) Equities (2015: 86.02%) United States of America (2015: 41.82%) Edwards Lifesciences 16,600 1,655, Eli Lilly 30,178 2,376, Encore Wire 1,901 70, Ennis 9, , Entercom Communications 10, , Entergy 8, , EOG Resources 22,682 1,892, Exelon 60,050 2,183, Expedia 5, , Facebook 72,789 8,318, Fifth Third Bancorp 84,641 1,488, Financial Engines 22, , First Republic Bank 43,493 3,044, FirstEnergy 48,230 1,683, Flagstar Bancorp 8, , Ford Motor 72, , Frontier Communications 163, , GameStop 11, , General Motors 29, , Genworth Financial 93, , Goldman Sachs Group 3, , GrubHub 25, , Hartford Financial Services Group 23,471 1,041, Haverty Furniture 5, , HCA Holdings 6, , HCP REIT 32,363 1,145, Hertz Global Holdings 40, , Hewlett Packard 41, , Home Depot 5, , Hormel Foods 3, , Howard Hughes 7, , IIVI 8, , Intel 79,711 2,614, Interactive Brokers Group 17, , International Business Machines 6,691 1,015, Intuit 5, , Intuitive Surgical 1, , Johnson & Johnson 31,557 3,827, Kaiser Aluminum 5, , Kansas City Life Insurance 3, , Kirby 14, , Kraft Heinz 1, , Kroger 34,735 1,277, Leucadia National 31, , Liberty SiriusXM Group 8, , Lincoln Electric Holdings 22,447 1,326, Lincoln National 22, , Lockheed Martin 4,092 1,015, Loews 16, , Lowe's 3, , Macy's 15, , Markel 3,538 3,370, MarketAxess Holdings 4, , Martin Marietta Materials 11,858 2,276, Masco 15, , MasterCard 32,442 2,856, McDonald's 21,522 2,589, McKesson 8,493 1,585, Nominal Fair value % of holdings US$ Net assets United States of America (2015: 41.82%) Mead Johnson Nutrition 12,750 1,157, Merck 43,623 2,513, Merit Medical Systems 15, , MetLife 60,913 2,426, Micron Technology 64, , Microsoft 90,050 4,607, Mondelez International 26,300 1,196, Monsanto 12,634 1,306, Moody's 31,633 2,964, Morgan Stanley 26, , Myriad Genetics 45,932 1,405, Nanometrics 8, , National CineMedia 19, , Newmont Mining 52,658 2,059, NextEra Energy 19,327 2,520, Northern Oil and Gas 72, , NOW 40, , NVIDIA 22,095 1,038, OGE Energy 25, , Oracle 41,762 1,709, Patrick Industries 4, , Patterson 12, , Paychex 16, , PayPal Holdings 10, , PepsiCo 52,102 5,519, Pfizer 127,826 4,500, PG&E 15, , Philip Morris International 81,376 8,277, Pinnacle West Capital 9, , PNC Financial Services Group 15,412 1,254, PPG Industries 5, , PPL 53,491 2,019, Principal Financial Group 14, , Procter & Gamble 46,906 3,971, Prudential Financial 31,173 2,223, Public Service Enterprise Group 35,862 1,671, PulteGroup 39, , QEP Resources 36, , Qualcomm 22,935 1,228, RealPage 4, , Realty Income REIT 26,120 1,811, Reynolds American 38,645 2,084, Royal Caribbean Cruises 61,645 4,139, Royal Gold 1,343 96, Ruth's Hospitality Group 5,800 92, salesforce.com 20,600 1,635, Sanderson Farms 2, , Seattle Genetics 30,420 1,229, SherwinWilliams 2, , Shire 9, , Shire ADR 4, , Shoe Carnival 6, , Southern 30,259 1,622, Standard Motor Products 3, , Starbucks 41,400 2,364, Stericycle 12,400 1,291, Stone Energy 20, , SunTrust Banks 10, , Synchrony Financial 13, , Sysco 42,961 2,179, TD Ameritrade Holding 79,729 2,270, TeleNav 9,900 50, MGI Funds plc 76

78 MGI Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 86.75%) Transferable securities (2015: 86.02%) Equities (2015: 86.02%) United States of America (2015: 41.82%) Tenneco 6, , Teradyne 71,760 1,412, Tesla Motors 5,885 1,249, Time Warner 11, , TJX 10, , Towne Bank 11, , Travelers 13,751 1,636, TripAdvisor 14, , Tyson Foods 12, , United Fire Group 5, , United Technologies 5, , Unum Group 12, , US Concrete 2, , Vail Resorts 1, , Vantiv , VeriSign 9, , Verizon Communications 46,970 2,622, Visa 58,746 4,357, Voya Financial 6, , Wabtec 18,468 1,297, Walgreens Boots Alliance 7, , WalMart Stores 51,741 3,778, Waters 11,672 1,641, Weis Markets 3, , Welltower REIT 18,157 1,383, Weyerhaeuser REIT 32, , WGL Holdings 5, , Whiting Petroleum 12, , Xcel Energy 17, , Xerox 72, , Zillow Group A Shares 5, , Zillow Group C Shares 17, , Press Ganey Holdings 4, , ,292, Total equities 538,491, Total transferable securities 538,491, Financial derivative instruments (2015: 0.73%) Open forward foreign currency contracts (2015: 0.73%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets AUD 3* 338,523 EUR 221,435 05/07/2016 6,062 CAD 3* 423,138 EUR 293,124 05/07/ CHF 3* 315,116 EUR 288,760 05/07/2016 2,663 EUR 3* 842,473 DKK 6,267,110 05/07/ EUR 3* 230 DKK 1,708 03/08/2016 EUR 3* 8,199,392 GBP 6,277,475 05/07/ , EUR 3* 2,056 GBP 1,690 03/08/ EUR 3* 362 HKD 3,123 03/08/2016 EUR 3* 1,189,145 SEK 11,056,567 05/07/ ,116 EUR 3* 29,361 USD 32,636 03/08/ HKD 3* 1,345,516 EUR 154,097 05/07/2016 2,243 HKD 3* 157,972 GBP 13,997 05/07/2016 1,651 MGI Funds plc 77

79 MGI Global Equity Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial assets at fair value through profit or loss (2015: 86.75) Financial derivative instruments (2015: 0.73%) Open forward foreign currency contracts (2015: 0.73%) ILS 3* 125,952 EUR 29,032 05/07/ ILS 3* 7,417 GBP 1,326 05/07/ JPY 3* 87,300,239 EUR 727,078 05/07/ , JPY 4* 57,097,605 USD 557,493 21/09/ NOK 3* 178,644 EUR 19,167 05/07/ NZD 3* 9,174 EUR 5,730 05/07/ SGD 3* 90,412 EUR 58,999 05/07/2016 1,631 SGD 3* 8,247 GBP 4,117 05/07/ USD 4* 19,410,973 CAD 24,899,873 21/09/ , USD 4* 2,874,055 CNY 19,069,928 28/09/ ,034 USD 3* 9,312,263 EUR 8,236,869 05/07/ , USD 3* 230,718 GBP 164,003 05/07/ ,479 USD 4* 939,163 ILS 3,581,309 21/09/2016 7,571 USD 4* 1,076,097 INR 73,658,823 28/09/ USD 4* 480,399 NOK 3,928,995 21/09/ ,941 Unrealised gain on open forward foreign currency contracts 1,232, Futures contracts (2015: nil) No. of Maturity contractors Unrealised % of Nominals date Currency long/(short) gain US$ Net assets Euro Stoxx 50 Index Futures 2* 2,791,149 16/09/2016 EUR , FTSE 100 Index Futures 2* 2,833,248 16/09/2016 GBP , Mini MSCI Emerging Market Index Futures 2* 6,677,600 16/09/2016 USD , Swiss Market Index Futures 2* 1,474,441 16/09/2016 CHF 18 58, Unrealised gain on futures contracts 584, Total financial derivative instruments at positive fair value 1,817, Total financial assets at fair value through profit or loss 540,309, Financial liabilities at fair value through profit or loss (2015: (0.49)%) Financial derivative instruments (2015: (0.49)%) Open forward foreign currency contracts (2015: (0.23)%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets CAD 4* 1,821,368 USD 1,410,074 21/09/2016 (7,419) CHF 4* 266,860 USD 276,024 21/09/2016 (877) DKK 3* 470,385 EUR 63,261 05/07/2016 (39) DKK 4* 8,076,001 USD 1,238,917 21/09/2016 (29,488) EUR 3* 2,928,037 AUD 4,510,268 05/07/2016 (105,445) (0.02) EUR 3* 821 AUD 1,229 03/08/2016 (1) EUR 3* 3,866,507 CAD 5,637,615 05/07/2016 (45,474) (0.01) EUR 3* 1,064 CAD 1,537 03/08/2016 EUR 3* 3,794,676 CHF 4,198,407 05/07/2016 (93,902) (0.02) EUR 3* 1,052 CHF 1,144 03/08/2016 (7) EUR 3* 1,379,728 HKD 11,941,051 05/07/2016 (6,394) EUR 3* 287,474 ILS 1,233,567 05/07/2016 (947) EUR 3* 76 ILS /08/2016 EUR 3* 9,420,520 JPY 1,163,132,768 05/07/2016 (871,961) (0.15) EUR 3* 2,781 JPY 317,052 03/08/2016 EUR 3* 245,499 NOK 2,288,563 05/07/2016 (754) EUR 3* 67 NOK /08/2016 EUR 3* 74,068 NZD 122,229 05/07/2016 (4,766) MGI Funds plc 78

80 MGI Global Equity Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (0.49)%) Financial derivative instruments (2015: (0.49)%) Open forward foreign currency contracts (2015: (0.23)%) EUR 3* 21 NZD 33 03/08/2016 EUR 3* 315 SEK 2,974 03/08/2016 (1) EUR 3* 546,831 SGD 839,564 05/07/2016 (16,293) EUR 3* 147 SGD /08/2016 EUR 3* 69,244,288 USD 77,235,006 05/07/2016 (308,105) (0.05) EUR 4* 15,109,010 USD 17,235,528 21/09/2016 (403,006) (0.07) GBP 3* 1,424,403 AUD 2,864,946 05/07/2016 (229,097) (0.04) GBP 3* 1,880,811 CAD 3,581,043 05/07/2016 (243,137) (0.04) GBP 3* 1,846,255 CHF 2,666,850 05/07/2016 (269,404) (0.04) GBP 3* 409,829 DKK 3,980,901 05/07/2016 (46,589) (0.01) GBP 3* 6,681,138 EUR 8,704,653 05/07/2016 (739,084) (0.12) GBP 3* 657,808 HKD 7,434,456 05/07/2016 (78,944) (0.01) GBP 3* 137,060 ILS 768,072 05/07/2016 (16,221) GBP 3* 4,584,699 JPY 738,828,061 05/07/2016 (1,072,929) (0.18) GBP 3* 119,020 NOK 1,448,987 05/07/2016 (14,053) GBP 3* 36,039 NZD 77,641 05/07/2016 (7,119) GBP 3* 570,819 SEK 6,931,177 05/07/2016 (54,989) (0.01) GBP 3* 260,748 SGD 522,727 05/07/2016 (39,817) (0.01) GBP 3* 32,182,932 USD 46,834,377 05/07/2016 (3,812,230) (0.65) GBP 4* 1,872,603 USD 2,711,732 21/09/2016 (206,943) (0.03) SEK 3* 963,846 EUR 103,653 05/07/2016 (1,394) USD 4* 6,359,601 AUD 8,649,518 21/09/2016 (62,724) (0.01) USD 4* 1,502,394 CHF 1,468,767 21/09/2016 (11,984) USD 3* 13,724 EUR 12,347 03/08/2016 (7) USD 4* 8,381,239 EUR 7,570,349 21/09/2016 (52,673) (0.01) USD 4* 3,372,499 GBP 2,559,261 21/09/2016 (50,761) (0.01) USD 4* 1,076,070 HKD 8,344,280 21/09/2016 (513) USD 4* 1,372,398 JPY 146,747,743 21/09/2016 (61,804) (0.01) USD 4* 2,806,515 KRW 3,314,073,513 28/09/2016 (68,284) (0.01) USD 4* 902,000 MXN 16,917,131 21/09/2016 (7,964) USD 4* 876,104 MYR 3,605,254 28/09/2016 (13,090) USD 4* 722,843 SGD 982,850 21/09/2016 (6,900) USD 4* 1,834,588 TWD 59,460,837 28/09/2016 (12,111) Unrealised loss on open forward foreign currency contracts (9,075,644) (1.51) Futures contracts (2015: (0.26)%) No. of Maturity contractors Unrealised % of Nominals date Currency long/(short) loss US$ Net assets S&P 500 E Mini Index Futures 2* 209,020 16/09/2016 USD 2 (1,490) S&P 500 E Mini Index Futures 1* 42,326,550 16/09/2016 USD 405 (303,412) (0.05) Yen Denom Nikkei Index Futures 2* 4,449,361 08/09/2016 JPY 58 (154,060) (0.03) Unrealised loss on futures contracts (458,962) (0.08) Total financial derivative instruments at negative fair value (9,534,606) (1.59) Total financial liabilities at fair value through profit or loss (9,534,606) (1.59) Total financial derivative instruments (7,717,225) (1.29) Total investment at fair value through profit and loss 530,774, MGI Funds plc 79

81 MGI Global Equity Fund Portfolio Statement Coupon Maturity Nominal Fair Value % of rate date Currency holdings US$ Net assets Financial assets at amortised cost (2015: 9.13%) Deposits with credit institutions (2015: 9.13%) Commonwealth Bank of Australia /07/2016 USD 4,000,000 4,000, Commonwealth Bank of Australia /07/2016 USD 3,003,197 3,003, Rabobank International /07/2016 USD 7,008,102 7,008, Royal Bank of Canada /07/2016 USD 7,502,631 7,502, Svenska Handelsbanken /07/2016 USD 2,501,903 2,501, Svenska Handelsbanken /07/2016 USD 5,006,937 5,006, Total deposits with credit institutions 29,022, Total financial assets at amortised cost 29,022, Cash (2015: 5.45%) 34,862, Net current assets (2015: (0.84)%) 4,691, Total net assets attributable to holders of redeemable participating shares 599,351, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Equities Argentina 0.04 Austria 0.04 Bahamas 0.06 Egypt 0.03 Puerto Rico 0.02 Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Deposits; 4.60 Financial derivative instruments dealt in on a regulated market; 0.09 OTC financial derivative instruments; 0.20 Other current assets The following is a list of counterparties for the financial derivative instruments. Reference Counterparty 1* Goldman Sachs 2* Newedge Canada 3* State Street Bank and Trust Company 4* State Street Trust Canada Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 80

82 MGI Global Equity Fund Portfolio Statement Concentration Risk MGI Global Equity Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Consumer Discretionary Consumer Staples Financials Health Care Industrials Information Technology Materials Utilities 5.81 MGI Funds plc 81

83 MGI Japanese Equity Fund Portfolio Statement Nominal Fair value % of holdings Net assets Financial assets at fair value through profit or loss (2015: 98.81%) Transferable securities (2015: 98.81%) Equities (2015: 98.81%) Japan (2015: 98.81%) Basic Materials (2015: 6.55%) Air Water 1,000 1,497, DIC 2,000 4,252, JFE Holdings 5,500 7,232, Kobe Steel 10, , Mitsubishi Tanabe Pharma 2,400 4,423, Mitsui Chemicals 14,000 5,208, Nippon Shokubai 800 4,664, Nippon Steel & Sumitomo Metal 1,000 1,958, Nisshin Steel 2,600 3,380, ShinEtsu Chemical 1,400 8,346, Sumitomo Bakelite 13,000 6,149, Sumitomo Metal Mining 7,000 7,199, Topy Industries 3, , Zeon 6,000 3,954, ,721, Communications (2015: 6.90%) Dentsu 3,200 15,264, KDDI 2,800 8,716, M3 2,000 7,100, Nippon Telegraph & Telephone 5,700 27,360, SoftBank 2,700 15,630, ,070, Consumer, Cyclical (2015: 27.01%) Bandai Namco Holdings 800 2,106, Bridgestone 800 2,615, Citizen Holdings 3,400 1,686, Daiwa House Industry 4,300 12,822, H2O Retailing 2,500 3,442, Haseko 4,700 4,798, Honda Motor 6,500 16,721, Izumi 1,100 4,372, J Front Retailing 2,800 2,954, Japan Airlines 3,100 10,205, Kirin Holdings 1,200 2,067, Marui Group 5,400 7,408, Mazda Motor 6,100 8,289, Mitsubishi 8,500 15,198, Mitsui 3,100 3,761, NGK Spark Plug 3,900 5,963, Nissan Motor 9,900 9,087, Nitori Holdings 800 9,872, Oriental Land 1,100 7,286, Sekisui Chemical , Sony 7,000 20,916, Sumitomo Electric Industries 5,500 7,372, Sundrug 600 5,736, Suzuki Motor 3,100 8,535, Toyota Motor 6,300 31,827, Yamada Denki 5,300 2,862, Yamaha Motor 3,300 5,085, ,747, Consumer, NonCyclical (2015: 14.97%) Ajinomoto 5,900 14,195, CYBERDYNE 3,400 7,799, Nominal Fair value % of holdings Net assets Consumer, NonCyclical (2015: 14.97%) Ezaki Glico 600 3,582, Hisamitsu Pharmaceutical 200 1,176, Japan Tobacco 4,800 19,694, JCR Pharmaceuticals 3,500 10,552, Kewpie 2,400 7,800, Kyowa Hakko Kirin 6,100 10,589, NH Foods 4,000 9,972, Olympus 2,700 10,246, Otsuka Holdings 3,000 14,157, Recruit Holdings , Seven & I Holdings 1,500 6,421, Shimadzu 6,000 9,144, Sumitomo Forestry 1,300 1,794, Suntory Beverage & Food 2,900 13,398, Suzuken 2,600 8,346, Sysmex 200 1,398, Toppan Printing 6,000 5,268, Unicharm 2,500 5,712, ,620, Energy (2015: 0.69%) JX Holdings 14,500 5,781, Financial (2015: 17.99%) Chiba Bank 4,000 1,924, Concordia Financial Group 6,000 2,392, Daiichi Life Insurance 4,400 4,958, Mitsubishi UFJ Financial Group 68,000 31,001, Mitsubishi UFJ Lease & Finance 7,600 2,964, Mitsui Fudosan 4,000 9,326, NishiNippon City Bank 19,000 3,401, Nomura Holdings 5,200 1,899, ORIX 9,000 11,772, Sompo Japan Nipponkoa Holdings 2,300 6,206, Sumitomo Mitsui Financial Group 4,500 13,167, Sumitomo Mitsui Trust Holdings 28,000 9,234, Sumitomo Realty & Development 3,000 8,263, Tokio Marine Holdings 3,000 10,101, Tokyo Tatemono 2,000 2,444, Tokyu Fudosan Holdings 2,800 1,775, ,830, Industrial (2015: 19.74%) Amada Holdings 9,000 9,288, Central Japan Railway 300 5,437, Daikin Industries 2,800 23,839, DMG Mori 8,300 8,067, East Japan Railway 1,600 15,092, Hitachi 28,000 11,869, Kajima 10,000 7,080, Kawasaki Heavy Industries 33,000 9,405, Keyence ,742, LIXIL Group 1,000 1,685, Mabuchi Motor 1,800 7,704, Marubeni 14,300 6,570, Mitsui OSK Lines 18,000 3,888, NGK Insulators 1,000 2,047, Nidec 2,000 15,444, Omron 1,800 5,958, Rinnai , MGI Funds plc 82

84 MGI Japanese Equity Fund Portfolio Statement Nominal Fair value % of holdings Net assets Financial assets at fair value through profit or loss (2015: 98.81%) Transferable securities (2015: 98.81%) Equities (2015: 98.81%) Japan (2015: 98.81%) Industrial (2015: 19.74%) Shimizu 7,000 6,692, West Japan Railway , Yamato Holdings 5,500 12,872, ,229, Technology (2015: 3.14%) Alps Electric 1,800 3,436, COLOPL 1,600 3,224, Dena 2,400 5,707, Fujitsu 7,000 2,618, Otsuka 800 3,820, Ricoh , Seiko Epson 5,800 9,471, ,630, Utilities (2015: 1.82%) Electric Power Development 2,300 5,471, Kyushu Electric Power 3,000 3,066, Shikoku Electric Power 2,300 2,773, Tokyo Gas 7,000 2,942, ,254, Total equities 853,885, Total transferable securities 853,885, Total financial assets at fair value through profit or loss 853,885, Cash (2015: 1.20%) 11,943, Net current assets (2015: (0.01%) 421, Total net assets attributable to holders of redeemable participating shares 866,249, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets MGI Funds plc 83

85 MGI Japanese Equity Fund Portfolio Statement Concentration Risk MGI Japanese Equity Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Consumer Discretionary Consumer Staples Financials Health Care Industrials Information Technology Materials Telecommunication services 5.97 MGI Funds plc 84

86 MGI Pacific Basin (Ex Japan) Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.23%) Transferable securities (2015: 97.23%) Equities (2015: 97.23%) Australia (2015: 54.54%) AGL Energy 7, , ASX 3, , Australia & New Zealand Banking Group 8, , BHP Billiton 15, , Brambles 24, , Commonwealth Bank of Australia 4, , Computershare 9,005 61, CSL 2, , DuluxGroup 10,527 49, Incitec Pivot 38,536 85, LendLease Group 5,932 55, Medibank Private 42,687 93, National Australia Bank 13, , Orica 6,339 58, QBE Insurance Group 8,689 67, Rio Tinto 3, , Telstra 21,556 89, Wesfarmers 4, , Westpac Banking 8, , Woodside Petroleum 3,366 67, Woolworths 7, , ,730, China (2015: 0.52%) China Pacific Insurance Group 15,400 51, Tencent Holdings 3,700 84, , Hong Kong (2015: 26.59%) AIA Group 57, , BOC Hong Kong Holdings 26,000 77, Cheung Kong Property Holdings 13,364 83, CK Hutchison Holdings 9, , Galaxy Entertainment Group 26,000 77, HKT Trust & HKT 62,000 89, Hongkong Land Holdings 15,500 94, Jardine Strategic Holdings 3, , Kerry Properties 15,000 37, Swire Properties 26,450 70, Techtronic Industries 25, , ,196, Ireland (2015: 2.76%) James Hardie Industries 10, , Singapore (2015: 10.31%) City Developments 10,800 65, ComfortDelGro 40,000 81, DBS Group Holdings 4,200 49, Singapore Telecommunications 48, , United Overseas Bank 8, , Venture 12,400 76, , United Kingdom (2015: 0.87%) HSBC Holdings 6,800 41, Nominal Fair value % of holdings US$ Net assets United States of America (2015: 1.64%) Iron Mountain 2, , ResMed 14,930 92, , Total equities 4,996, Total transferable securities 4,996, Total financial assets at fair value through profit or loss 4,996, Cash (2015: 2.32%) 78, Net current assets (2015: 0.45%) 20, Net assets attributable to holders of redeemable participating shares 5,095, MGI Funds plc 85

87 MGI Pacific Basin (Ex Japan) Equity Fund Portfolio Statement Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets Concentration Risk MGI Pacific Basin (exjapan) Equity Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Consumer Staples 5.02 Financials Health Care Industrials Materials Telecommunication services MGI Funds plc 86

88 MGI UK Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings GB Net assets Financial assets at fair value through profit or loss (2015: %) Transferable securities (2015: %) Bonds (2015: %) Asset backed securities (2015: 1.03%) Ireland (2015: 0.18%) Carlyle Global Market Strategies Euro CLO /04/2027 EUR 167, , Netherlands (2015: 0.27%) Chapel /07/2066 EUR 191, , Total asset backed securities 284, Corporate bonds (2015: 50.27%) Australia (2015: 1.40%) BHP Billiton Finance /09/2042 GBP 139, , Commonwealth Bank of Australia /09/2026 GBP 470, , National Australia Bank /09/2026 GBP 100, , Scentre Group Trust /07/2026 GBP 100, , , Cayman Islands (2015: 1.11%) Southern Water Services Finance /03/2038 GBP 500, , Channel Islands (2015: 3.48%) AA Bond /07/2043 GBP 350, , CPUK Finance /02/2042 GBP 171, , Credit Suisse Group Funding Guernsey /05/2022 GBP 447, , Gatwick Funding /01/2037 GBP 100, , Porterbrook Rail Finance /04/2019 GBP 100, , ,298, France (2015: 3.37%) Electricite de France /03/2037 GBP 300, , Electricite de France /01/2114 USD 227, , , Japan (2015: Nil) Japan Tobacco /04/2021 USD 245, , Luxembourg (2015: Nil) European Investment Bank /10/2018 GBP 50,000 54, Netherlands (2015: 4.90%) Enel Finance International /09/2040 GBP 311, , ING Bank /04/2021 GBP 100, , Koninklijke KPN /09/2029 GBP 200, , RWE Finance /06/2030 GBP 50,000 58, RWE Finance /01/2034 GBP 100,000 99, Volkswagen Financial Services /12/2016 GBP 100,000 99, ,039, United Kingdom (2015: 25.90%) ABP Finance /12/2026 GBP 100, , Affinity Sutton Capital Markets /10/2042 GBP 100, , Anglian Water Services Financing /02/2026 GBP 100, , Annington Finance No 4 07/12/2022 GBP 300, , Aster Treasury /12/2043 GBP 100, , MGI Funds plc 87

89 MGI UK Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings GB Net assets Financial assets at fair value through profit or loss (2015: %) Transferable securities (2015: %) Bonds (2015: %) Corporate bonds (2015: 50.27%) United Kingdom (2015: 25.90%) BAT International Finance /11/2055 GBP 203, , British Telecommunications /03/2021 EUR 100,000 83, Broadgate Financing /04/2033 GBP 100, , Channel Link Enterprises Finance /06/2050 EUR 490, , Eastern Power Networks /11/2036 GBP 100, , Eversholt Funding /12/2020 GBP 100, , Greene King Finance /03/2034 GBP 210, , Heathrow Funding /02/2024 GBP 160, , Heathrow Funding /10/2046 GBP 213, , Imperial Brands Finance /09/2026 GBP 349, , Intu SGS Finance /03/2033 GBP 410, , Kennedy Wilson Europe Real Estate /06/2022 GBP 460, , Land Securities Capital Markets /07/2032 GBP 200, , Lloyds Bank /09/2040 GBP 292, , London & Quadrant Housing Trust /01/2040 GBP 60,000 86, Longstone Finance /04/2036 GBP 34,849 40, Meadowhall Finance /07/2037 GBP 82, , Moat Homes Finance /09/2041 GBP 179, , Nationwide Building Society /01/2026 GBP 410, , Northumbrian Water Finance /01/2042 GBP 100, , Sanctuary Capital /04/2047 GBP 100, , Santander /10/2029 GBP 300, , Sky Group Finance /10/2017 GBP 100, , Telereal Secured Finance /12/2033 GBP 348, , Telereal Securitisation /12/2033 GBP 200, , Telereal Securitisation /12/2033 GBP 283, , Tesco Property Finance /10/2040 GBP 394, , Wales & West Utilities Finance /12/2023 GBP 100, , Western Power Distribution South West /03/2040 GBP 150, , White City Property Finance /04/2035 GBP 94, , Yorkshire Water Services Bradford Finance /08/2039 GBP 170, , ,380, United States of America (2015: 8.79%) Altria Group /02/2039 USD 41,000 57, American International Group /04/2023 GBP 450, , AnheuserBusch InBev Finance /02/2046 USD 234, , AT&T /09/2029 GBP 350, , AT&T /06/2044 GBP 100, , Bank of America /04/2018 GBP 100, , Glencore Funding /05/2023 USD 208, , Goldman Sachs Group /01/2026 GBP 130, , JPMorgan Chase /01/2017 GBP 100, , Kraft Heinz Foods /07/2027 GBP 400, , Mondelez International /03/2045 GBP 240, , Morgan Stanley /02/2017 GBP 100, , Time Warner Cable /07/2042 GBP 150, , WalMart Stores /01/2039 GBP 295, , ,136, Total corporate bonds 16,094, MGI Funds plc 88

90 MGI UK Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings GB Net assets Financial assets at fair value through profit or loss (2015: %) Transferable securities (2015: %) Bonds (2015: %) Government bonds (2015: 50.09%) United Kingdom (2015: 50.09%) United Kingdom (Government of) /09/2016 GBP 645, , United Kingdom (Government of) /07/2018 GBP 1,482,000 1,515, United Kingdom (Government of) /09/2021 GBP 398, , United Kingdom (Government of) /07/2026 GBP 2,703,000 2,822, United Kingdom (Government of) /06/2032 GBP 233, , United Kingdom (Government of) /03/2036 GBP 1,708,000 2,466, United Kingdom (Government of) /12/2042 GBP 740,000 1,179, United Kingdom (Government of) /01/2044 GBP 412, , United Kingdom (Government of) /01/2045 GBP 68,000 94, United Kingdom (Government of) /07/2052 GBP 406, , ,714, United States of America (2015: Nil) United States Treasury Inflation Indexed Bonds /02/2045 USD 3,812,127 2,870, Total government bonds 13,585, Mortgage backed securities (2015: 1.33%) Ireland (2015: 0.22%) Deco 2014BONN /11/2024 EUR 192, , United Kingdom (2015: 0.80%) Canary Wharf Finance II /10/2033 GBP 132, , Slate No /01/2051 GBP 100,000 96, , Total mortgage backed securities 459, Total bonds 30,423, Total transferable securities 30,423, Investment Funds (2015: 5.09%) Fair value % of Shares GB Net assets Ireland (2015: 5.09%) Insight Global Funds II Insight Emerging Markets Debt Fund 71,653 1,002, Insight Global Funds II Short High Yield Bond Fund 27, , Insight Liquidity Funds GBP Liquidity Fund 130, , Total Investment Funds 1,459, MGI Funds plc 89

91 MGI UK Bond Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain GB Net assets Financial assets at fair value through profit or loss (2015: %) Financial derivative instruments (2015: 0.30%) Open forward foreign currency contracts (2015: 0.13%) EUR 7* 141,000 GBP 112,233 08/07/2016 4, GBP 8* 771,472 USD 1,024,000 17/08/2016 5, Unrealised gain on open forward foreign currency contracts 10, Credit default swaps (2015: 0.01%) Protection Premium (Bought)/ (Paid)/ Maturity Notional Fair value % of Sold Received date Currency holding GB Net assets Tesco 4* Bought (1.00%) 20/06/2021 EUR 450,000 30, Credit default swaps at positive fair value 30, Futures contracts (2015: 0.05%) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain GB Net assets 2 Year US Treasury Notes Futures 5* 2,132,904 30/09/2016 USD 13 15, Year Euro Buxl Futures 5* 163,019 08/09/2016 EUR 1 15, UK Long Gilt Bond Futures 5* 4,240,170 28/09/2016 GBP , Unrealised gain on futures contracts 193, Total financial derivative instruments at positive fair value 234, Total financial assets at fair value through profit or loss 32,117, Financial liabilities at fair value through profit or loss (2015: (0.13)%) Financial derivative instruments (2015: (0.13)%) Open forward foreign currency contracts (2015: (0.01)%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss GB Net assets GBP 5* 225,302 EUR 285,000 08/07/2016 (11,575) (0.03) GBP 9* 438,960 EUR 568,000 22/07/2016 (33,322) (0.10) GBP 5* 1,276,414 USD 1,871,000 13/07/2016 (123,145) (0.35) GBP 5* 285,086 USD 415,000 03/08/2016 (25,292) (0.07) GBP 8* 633,250 USD 945,000 03/08/2016 (73,515) (0.22) Unrealised loss on open forward foreign currency contracts (266,849) (0.77) Credit default swaps (2015: (0.08)%) Protection Premium (Bought)/ (Paid)/ Maturity Notional Fair value % of Sold Received date Currency holding GB Net assets itraxx Europe Crossover 2* (Bought) (5.00%) 20/06/2021 EUR 600,000 (28,357) (0.09) itraxx Europe Crossover 3* (Bought) (5.00%) 20/06/2021 EUR 400,000 (18,585) (0.07) itraxx Europe 3* (Bought) (1.00%) 20/12/2020 EUR 1,900,000 (11,208) (0.03) itraxx Europe Crossover 3* (Bought) (5.00%) 20/06/2021 EUR 200,000 (9,293) (0.03) itraxx Europe 3* (Bought) (1.00%) 20/06/2021 EUR 1,400,000 (8,396) (0.02) itraxx Europe Crossover 3* (Bought) (5.00%) 20/06/2021 EUR 150,000 (6,969) (0.02) itraxx Europe 3* (Bought) (1.00%) 20/06/2021 EUR 700,000 (4,198) (0.01) Koninklijke DSM 2* (Bought) (1.00%) 20/12/2020 EUR 150,000 (3,552) (0.01) MGI Funds plc 90

92 MGI UK Bond Fund Portfolio Statement Protection Premium (Bought)/ (Paid)/ Maturity Notional Fair value % of Sold Received date Currency holding GB Net assets Financial liabilities at fair value through profit or loss (2015: (0.13)%) Financial derivative instruments (2015: (0.13)%) Credit default swaps (2015: (0.08)%) itraxx Europe 3* (Bought) (1.00%) 20/06/2021 EUR 550,000 (3,298) (0.01) LVMH Moet Hennessy Louis Vuitton 3* (Bought) (1.00%) 20/12/2020 EUR 100,000 (2,288) (0.01) itraxx Europe 6* (Bought) (1.00%) 20/06/2021 EUR 250,000 (1,506) LVMH Moet Hennessy Louis Vuitton 3* (Bought) (1.00%) 20/12/2020 EUR 50,000 (1,144) LVMH Moet Hennessy Louis Vuitton 3* (Bought) (1.00%) 20/12/2020 EUR 50,000 (1,144) LVMH Moet Hennessy Louis Vuitton 3* (Bought) (1.00%) 20/12/2020 EUR 50,000 (1,144) CDX.NA.IG.26 3* Sold Fixed 1.00% 20/06/2026 USD 1,000,000 (14,102) (0.04) General Mills 4* (Bought) (1.00%) 20/12/2020 USD 400,000 (8,336) (0.02) CDX.NA.IG.26 3* Sold Fixed 1.00% 20/06/2026 USD 500,000 (7,051) (0.02) Omnicom Group 2* (Bought) (1.00%) 20/12/2020 USD 150,000 (3,131) (0.01) Omnicom Group 2* (Bought) (1.00%) 20/12/2020 USD 150,000 (3,131) (0.01) McDonald's Corporation 4* (Bought) (1.00%) 20/12/2020 USD 150,000 (3,131) (0.01) General Mills 4* (Bought) (1.00%) 20/12/2020 USD 150,000 (3,125) (0.01) American Express Company 2* (Bought) (1.00%) 20/06/2021 USD 150,000 (2,694) (0.01) Omnicom Group 2* (Bought) (1.00%) 20/12/2020 USD 100,000 (2,088) (0.01) American Express Company 2* (Bought) (1.00%) 20/06/2021 USD 50,000 (898) American Express Company 2* (Bought) (1.00%) 20/06/2021 EUR 50,000 (898) Credit default swaps at negative fair value (149,667) (0.44) Fund Fund Maturity Notional Fair value % of receives pays date Currency holding GB Net assets Interest rate swaps (2015: Nil) USD 3 Month Libor 1* Fixed 2.572% 05/05/2045 USD 800,000 (108,556) (0.34) Interest rate swaps at negative fair value (108,556) (0.34) Futures contracts (2015: (0.04)%) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss GB Net assets 5 Year US Treasury Notes Futures 5* (91,385) 30/09/2016 USD (1) (1,724) (0.01) 10 Year US Treasury Notes Futures 5* (298,439) 21/09/2016 USD (3) (7,924) (0.02) Euro Bund Futures 5* (555,541) 08/09/2016 EUR (4) (12,549) (0.04) US Long Bond Futures 5* (257,845) 21/09/2016 USD (2) (14,465) (0.04) US Ultra Bond Futures 5* (1,673,026) 21/09/2016 USD (12) (108,674) (0.32) Unrealised loss on futures contracts (145,336) (0.43) Total financial derivative instruments at negative fair value (670,408) (1.98) Total financial liabilities at fair value through profit or loss (670,408) (1.98) Total financial derivative instruments (436,376) (1.29) Total investments at fair value through profit and loss 31,446, Cash (2015: 1.32%) 1,980, Net current assets (2015: (9.30)%) 395, Total net assets attributable to holders of redeemable participating shares 33,823, MGI Funds plc 91

93 MGI UK Bond Fund Portfolio Statement The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Asset backed securities Channel Islands 0.58% Corporate bonds Ireland 1.14% Mexico 0.18% Mortgage backed securities Netherlands 0.31% Total assets comprised as follows: % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; UCITS and NONUCITS CIS; 3.47 Financial derivative instruments dealt in on a regulated market; 0.46 OTC financial derivative instruments; 0.10 Other current assets The following is a list of counterparties for the financial derivative instruments. Reference Counterparty 1* Barclays 2* BNP Paribas 3* Citibank 4* Credit Suisse 5* Goldman Sachs 6* HSBC 7* JPMorgan Chase 8* Toronto Dominion Bank 9* UBS Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 92

94 MGI UK Bond Fund Portfolio Statement Credit Risk The following table outlines the credit exposures of MGI UK Bond Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 MGI UK Bond Fund % Holding GB AAA ,602,762 AA ,714,988 AA ,882 AA ,348 A ,157 A ,806,357 A ,354,256 BBB ,230,065 BBB ,363,998 BBB ,421,362 BB , ,423,652 MGI UK Bond Fund % Holding GB AAA ,730,303 AA ,011,133 AA ,032,640 AA ,051,881 A ,794,502 A ,080,465 A ,565,533 BBB ,195,110 BBB ,173,095 BBB ,344,660 B , ,538,163 Concentration Risk MGI UK Bond Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Consumer Communications 5.86 Financial Sovereign Utilities MGI Funds plc 93

95 MGI UK Cash Fund Portfolio Statement Fair value % of Shares GB Net assets Financial assets at fair value through profit or loss (2015: 93.04%) Investment funds (2015: 93.04%) Ireland (2015: 74.43%) Fidelity Institutional Liquidity Fund Plc The Sterling Fund ,987, Goldman Sachs Funds Plc Sterling Liquid Reserves Fund ,006, Insight Liquidity Funds Plc GBP Liquidity Fund 11,008,067 11,008, Institutional Cash Series Plc Institutional Sterling Liquidity Fund 107,195 10,995, ,997, Luxembourg (2015: 18.61%) JPMorgan Liquidity Funds Sterling Liquidity Fund ,987, Total investment funds 54,985, Total financial assets at fair value through profit or loss 54,985, Cash (2015: 7.05%) 1,576, Net current liabilities (2015: (0.09)%) (42,075) (0.08) Net assets attributable to holders of redeemable participating shares 56,519, Total assets comprised as follows: % of total assets UCITS and NONUCITS CIS; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 94

96 MGI UK Equity Fund Portfolio Statement Nominal Fair value % of holdings GB Net assets Financial assets at fair value through profit or loss (2015: %) Transferable securities (2015: %) Equities (2015: %) Jersey (2015: 0.02) Shire 27,296 1,266, Switzerland (2015: 1.91%) Wolseley 6, , United Kingdom (2015: 96.35%) 3i Group 38, , A.G.Barr 61, , Accesso Technology Group 9, , Admiral Group 2,505 50, Ashtead Group 26, , Associated British Foods 5, , AstraZeneca 25,739 1,149, Auto Trader Group 125, , Aviva 57, , Barclays 238, , Berkeley Group Holdings 3,068 77, BHP Billiton 30, , Booker Group 284, , BP 336,553 1,474, Bradford Bingley* 65, British American Tobacco 48,678 2,357, BT Group 118, , Burberry Group 63, , Capital & Counties Properties 182, , Carnival 8, , Compass Group 21, , CVS Group 25, , Daily Mail & General Trust 105, , Diageo 95,404 1,990, Dixons Carphone 38, , Euromoney Institutional Investor 10,507 98, Fevertree Drinks 34, , Fidessa Group 23, , Foxtons Group 97, , GlaxoSmithKline 69,111 1,108, Great Portland Estates REIT 44, , Greene King 38, , Hargreaves Lansdown 107,950 1,341, Howden Joinery Group 18,983 72, HSBC Holdings 350,978 1,635, Imperial Tobacco Group 33,740 1,367, ITV 30,300 54, Just Eat 129, , Lloyds Banking Group 1,405, , London Stock Exchange Group 38, , Micro Focus International 19, , National Grid 53, , Next 8, , Patisserie Holdings 69, , Pearson 89, , Prudential 36, , Rathbone Brothers 27, , Reckitt Benckiser Group 17,102 1,280, RELX 148,350 2,041, Rightmove 12, , Rio Tinto 29, , Royal Bank of Scotland Group 46,683 80, Royal Dutch Shell A Shares 59,879 1,226, Nominal Fair value % of holdings GB Net assets United Kingdom (2015: 96.35%) Royal Dutch Shell B Shares 91,073 1,877, SABMiller 13, , Sage Group 166,176 1,072, Schroders 33, , SSP Group 77, , Standard Chartered 38, , Unilever 73,692 2,637, Vodafone Group 377, , Worldpay Group 9,387 25, Young & Co's Brewery 12, , ,071, Total equities 41,598, Total transferable securities 41,598, Total financial assets at fair value through profit or loss 41,598, Cash (2015: 1.28%) 544, Net current assets (2015: (3.30)%) 177, Net assets attributable to holders of redeemable participating shares 42,319, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Equities % of total assets Bermuda 0.08 Ireland 3.60 Isle of Man 0.06 *Bradford Bingley is valued at fair value in accordance with the fair value measurement policy in the accounting policies. All of the other securities are listed on a recognised stock exchange or traded on a regulated market unless otherwise stated and are valued at fair value. Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 95

97 MGI UK Equity Fund Portfolio Statement Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets Concentration Risk MGI UK Equity Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Consumer Discretionary Consumer Staples Energy Financials Health Care Information Technology 8.07 Materials 6.56 MGI Funds plc 96

98 MGI U.S. Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.77%) Transferable securities (2015: 98.77%) Equities (2015: 98.77%) Canada (2015: 1.37%) Barrick Gold 12, , Canadian Natural Resources 10, , Methanex 5, , PrairieSky Royalty 216 4, , France (2015: Nil) Sanofi ADR 4, , Ireland (2015: 2.90%) Allergan , CRH ADR 7, , , Netherlands (2015: 1.15%) LyondellBasell Industries 3, , Mobileye 5, , NXP Semiconductors , , Singapore (2015: 0.21%) Broadcom 1, , Flextronics International 28, , , Switzerland (2015: 1.48%) Chubb 3, , TE Connectivity 5, , , United Kingdom (2015: 2.32%) Aon 2, , Liberty Global 8, , Liberty Global LiLAC 5, , , United States of America (2015: 86.94%) Activision Blizzard 4, , Adobe Systems 2, , AES 30, , Allstate 4, , Ally Financial 12, , Alphabet A Shares 1, , Alphabet C Shares , Amazon.com 1, , American Homes 4 Rent REIT 7, , American Tower REIT 2, , Amgen , Anthem , Apple 6, , Applied Materials 4, , Bank of America 48, , Berkshire Hathaway 9,760 1,413, Best Buy 3, , Boston Scientific 7, , BristolMyers Squibb 4, , Brocade Communications Systems 9,634 88, Capital One Financial 2, , Nominal Fair value % of holdings US$ Net assets United States of America (2015: 86.94%) CBS 7, , Celgene 3, , Centene 2, , Charter Communications 1, , Cigna 2, , Citigroup 12, , Comcast 7, , Computer Sciences 7, , CoStar Group , Costco Wholesale 1, , Crown Castle International 2, , Crown Holdings 2, , CVS Health 3, , Danaher 4, , Delta Air Lines 7, , Diamondback Energy 5, , Discover Financial Services 11, , Dollar Tree 2, , Dow Chemical 10, , DR Horton 6, , ebay 12, , Ecolab 1, , Electronic Arts 2, , EOG Resources 5, , EQT 2, , Express Scripts Holding 5, , Facebook 4, , Fidelity National Information Services 3, , Fifth Third Bancorp 9, , FleetCor Technologies 1, , General Dynamics 3, , Gilead Sciences 4, , Harris 3, , Hewlett Packard 16, , Home Depot 2, , Honeywell International 4, , Huntsman 7,377 99, Intuit 2, , Intuitive Surgical , Jacobs Engineering Group 3, , Johnson & Johnson 11,459 1,389, JPMorgan Chase & Co 21,539 1,338, Kansas City Southern 1, , Laboratory of America Holdings 1, , Lear 2, , Lockheed Martin 2, , Lululemon Athletica 2, , Marathon Petroleum 5, , Marriott International 50, MasterCard 3, , McKesson 3, , Merck 13, , MetLife 4, , Microsoft 13, , Moody's 1, , Navient 11, , Netflix 1, , Newfield Exploration 1,566 69, NIKE 7, , O'Reilly Automotive , Occidental Petroleum 9, , Omnicom Group 2, , MGI Funds plc 97

99 MGI U.S. Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.77%) Transferable securities (2015: 98.77%) Equities (2015: 98.77%) United States of America (2015: 86.94%) Oracle 10, , PayPal Holdings 4, , PepsiCo 2, , Phillips 66 7, , Pioneer Natural Resources 1, , PPG Industries 4, , Priceline Group , PulteGroup 17, , QEP Resources 8, , Quintiles Transnational Holdings 2, , Raytheon 5, , Regeneron Pharmaceuticals , salesforce.com 3, , Sealed Air 3, , ServiceNow 2, , SherwinWilliams , Six Flags Entertainment 1, , Splunk 2, , St Jude Medical 2, , Starbucks 6, , Steel Dynamics 5, , Stryker , Target 2, , Texas Instruments 5, , Textron 5, , Time Warner 7, , Travelers 1, , Tyson Foods 3, , Under Armour A 2, , Under Armour C 2,316 84, United Continental Holdings 2, , United Parcel Service 1, , United Technologies 2, , UnitedHealth Group 6, , Valero Energy 2, , Verizon Communications 11, , Visa 8, , Walgreens Boots Alliance 2, , WestRock 3, , Zimmer Biomet Holdings 3, , Zoetis 6, , ,799, Nominal Fair value % of holdings US$ Net assets Total equities 44,840, Total transferable securities 44,840, Total financial assets at fair value through profit or loss 44,840, Cash (2015: 1.50%) 1,716, Net current liabilities (2015: (0.27)%) (478,211) (1.04) Net assets attributable to holders of redeemable participating shares 46,077, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Equities China 1.68 Israel 0.72 MGI Funds plc 98

100 MGI U.S. Equity Fund Portfolio Statement Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. Concentration Risk MGI U.S. Equity Fund's exposure to industries above 5% was as follows: 30 June June 2015 % of NAV % of NAV Consumer Discretionary Energy Financials Health Care Industrials Information Technology Materials 6.19 MGI Funds plc 99

101 MGI UK Inflation Linked Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings GB Net assets Financial assets at fair value through profit or loss (2015: 99.71%) Transferable securities (2015: 99.71%) Government bonds (2015: 99.71%) United Kingdom (2015: 99.71%) United Kingdom Gilt Inflation Linked /11/2022 GBP 32,923,175 41,371, United Kingdom Gilt Inflation Linked /03/2024 GBP 27,357,628 31,387, United Kingdom Gilt Inflation Linked /07/2024 GBP 11,349,078 40,492, United Kingdom Gilt Inflation Linked /03/2026 GBP 9,863,792 11,528, United Kingdom Gilt Inflation Linked /11/2027 GBP 31,778,528 42,417, United Kingdom Gilt Inflation Linked /03/2029 GBP 26,066,220 31,542, United Kingdom Gilt Inflation Linked /07/2030 GBP 8,046,330 28,420, United Kingdom Gilt Inflation Linked /11/2032 GBP 26,974,219 40,151, United Kingdom Gilt Inflation Linked /03/2034 GBP 27,271,339 38,837, United Kingdom Gilt Inflation Linked /01/2035 GBP 15,117,533 38,153, United Kingdom Gilt Inflation Linked /11/2036 GBP 3,488,287 4,713, United Kingdom Gilt Inflation Linked /11/2037 GBP 27,912,864 45,163, United Kingdom Gilt Inflation Linked /03/2040 GBP 27,381,507 42,435, United Kingdom Gilt Inflation Linked /11/2042 GBP 24,379,609 39,546, United Kingdom Gilt Inflation Linked /03/2044 GBP 28,098,509 41,526, United Kingdom Gilt Inflation Linked /03/2046 GBP 18,545,328 28,111, United Kingdom Gilt Inflation Linked /11/2047 GBP 24,461,137 44,186, United Kingdom Gilt Inflation Linked /03/2050 GBP 24,881,508 44,216, United Kingdom Gilt Inflation Linked /03/2052 GBP 21,499,653 37,183, United Kingdom Gilt Inflation Linked /11/2055 GBP 23,008,686 54,611, United Kingdom Gilt Inflation Linked /03/2058 GBP 18,617,020 34,664, United Kingdom Gilt Inflation Linked /03/2062 GBP 23,014,443 50,028, United Kingdom Gilt Inflation Linked /11/2065 GBP 4,584,765 9,729, United Kingdom Gilt Inflation Linked /03/2068 GBP 21,955,326 48,797, Total government bonds 869,217, Total transferable securities 869,217, Total financial assets at fair value through profit or loss 869,217, Total investments at fair value through profit and loss 869,217, Cash (2015: 0.11%) 1,378, Net current assets (2015: 0.18%) 924, Net assets attributable to holders of redeemable participating shares 871,520, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 100

102 MGI UK Inflation Linked Bond Fund Portfolio Statement Credit Risk The following table outlines the credit exposures of MGI UK Inflation Linked Bond Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 MGI UK Inflation Linked Bond Fund % Holding GB AA ,217, ,217,939 MGI UK Inflation Linked Bond Fund % Holding GB AAA ,558, ,558,516 Concentration Risk MGI UK Inflation Linked Bond Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Sovereign Debt MGI Funds plc 101

103 MGI UK Long Gilt Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings GB Net assets Financial assets at fair value through profit or loss (2015: 98.98%) Transferable securities (2015: 98.98%) Government bonds (2015: 98.98%) United Kingdom (2015: 98.98%) United Kingdom (Government of) /06/2032 GBP 10,892,499 15,224, United Kingdom (Government of) /09/2034 GBP 9,796,585 14,358, United Kingdom (Government of) /03/2036 GBP 9,175,874 13,249, United Kingdom (Government of) /12/2038 GBP 7,766,235 12,226, United Kingdom (Government of) /09/2039 GBP 6,553,420 9,750, United Kingdom (Government of) /12/2040 GBP 7,659,000 11,552, United Kingdom (Government of) /12/2042 GBP 8,208,715 13,078, United Kingdom (Government of) /01/2044 GBP 8,431,000 11,209, United Kingdom (Government of) /01/2045 GBP 8,515,000 11,888, United Kingdom (Government of) /12/2046 GBP 7,124,521 11,396, United Kingdom (Government of) /12/2049 GBP 6,094,337 10,190, United Kingdom (Government of) /07/2052 GBP 7,270,000 11,566, United Kingdom (Government of) /12/2055 GBP 7,626,969 13,778, United Kingdom (Government of) /01/2060 GBP 7,001,563 12,565, United Kingdom (Government of) /07/2065 GBP 2,958,000 3,965, United Kingdom (Government of) /07/2068 GBP 6,006,000 10,270, Total government bonds 186,271, Total transferable securities 186,271, Total financial assets at fair value through profit or loss 186,271, Cash (2015: 0.42%) 163, Net current liabilities (2015: 0.60%) (3,651,719) (2.00) Total net assets attributable to holders of redeemable participating shares 182,783, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 102

104 MGI UK Long Gilt Fund Portfolio Statement Credit Risk The following table outlines the credit exposures of MGI UK Long Gilt Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 MGI UK Long Gilt Fund % Holding GB AA ,271, ,271,820 MGI UK Long Gilt Fund % Holding GB AA ,519, ,519,280 Concentration Risk MGI UK Long Gilt Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Sovereign Debt MGI Funds plc 103

105 MGI Emerging Markets Debt Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Transferable securities (2015: 93.74%) Bonds (2015: 93.74%) Government bonds (30 Jun 2015: 92.14%) Brazil (2015: 9.95%) Brazil Letras do Tesouro Nacional 01/01/2018 BRL 62,927,000 16,387, Brazil Letras do Tesouro Nacional 01/01/2019 BRL 27,825,000 6,494, Brazil Letras do Tesouro Nacional 01/07/2019 BRL 8,880,000 1,960, Brazil Letras do Tesouro Nacional 01/01/2020 BRL 86,417,000 18,046, Brazil Notas do Tesouro Nacional /01/2017 BRL 4,391,000 1,349, Brazil Notas do Tesouro Nacional /01/2018 BRL 10,580,000 3,194, Brazil Notas do Tesouro Nacional /01/2019 BRL 2,356, , Brazil Notas do Tesouro Nacional /01/2021 BRL 81,504,000 23,786, Brazil Notas do Tesouro Nacional /01/2021 USD 2,710,000 2,861, Brazil Notas do Tesouro Nacional /01/2023 BRL 75,790,000 21,707, Brazil Notas do Tesouro Nacional /01/2025 BRL 46,489,000 13,039, Brazil Notas do Tesouro Nacional /01/2027 BRL 6,867,000 1,906, Brazil Notas do Tesouro Nacional /05/2035 BRL 3,000,000 2,736, ,175, Bulgaria (2015: 0.78%) Bulgaria (Government of) /03/2023 EUR 1,730,000 1,916, Bulgaria (Government of) /09/2024 EUR 743, , Bulgaria (Government of) /03/2027 EUR 675, , Bulgaria (Government of) /03/2028 EUR 3,170,000 3,581, Bulgaria (Government of) /03/2035 EUR 3,365,000 3,534, ,657, Chile (2015: 0.08%) Chile (Government of) /08/2020 CLP 694,000,000 1,111, Chile (Government of) /08/2020 CLP 113,000, , Chile (Government of) /02/2021 CLP 1,005,000,000 1,677, Chile (Government of) /01/2022 CLP 1,555,000,000 2,634, Chile (Government of) /03/2022 CLP 1,425,000,000 2,402, ,007, Colombia (2015: 5.31%) Colombia (Government of) /11/2018 COP 29,208,500,000 9,724, Colombia (Government of) /07/2020 COP 20,340,800,000 8,037, Colombia (Government of) /05/2022 COP 9,004,800,000 3,104, Colombia (Government of) /03/2023 COP 1,389,000, , Colombia (Government of) /07/2024 COP 44,223,500,000 17,710, Colombia (Government of) /08/2026 COP 6,535,500,000 2,242, Colombia (Government of) /06/2027 COP 4,719,000,000 1,949, Colombia (Government of) /04/2028 COP 28,230,300,000 8,545, Colombia (Government of) /09/2030 COP 26,250,600,000 9,132, Empresa de Telecomunicaciones de Bogota /01/2023 COP 726,000, , ,034, Hungary (2015: 4.89%) Hungary (Government of) /01/2020 USD 2,350,000 2,610, Hungary (Government of) /06/2018 HUF 360,810,000 1,293, Hungary (Government of) /12/2018 HUF 1,926,260,000 7,417, Hungary (Government of) /06/2019 HUF 282,930,000 1,131, Hungary (Government of) /06/2020 HUF 491,250,000 1,828, Hungary (Government of) /11/2020 HUF 2,389,300,000 10,298, Hungary (Government of) /03/2021 USD 1,800,000 2,051, Hungary (Government of) /06/2022 HUF 72,690, , Hungary (Government of) /02/2023 USD 4,100,000 4,549, Hungary (Government of) /11/2023 HUF 606,570,000 2,593, Hungary (Government of) /03/2024 USD 1,750,000 1,957, Hungary (Government of) /06/2024 HUF 1,786,780,000 6,328, Hungary (Government of) /06/2024 HUF 72,470, , MGI Funds plc 104

106 MGI Emerging Markets Debt Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Transferable securities (2015: 93.74%) Bonds (2015: 93.74%) Government bonds (2015: 92.14%) Hungary (2015: 4.89%) Hungary (Government of) /06/2025 HUF 490,690,000 2,060, Hungary (Government of) /10/2027 HUF 451,940,000 1,566, ,265, Indonesia (2015: 9.14%) Indonesia (Government of) /09/2016 IDR 14,000,000,000 1,062, Indonesia (Government of) /04/2019 IDR 4,249,000, , Indonesia (Government of) /06/2021 IDR 470,000,000 43,432 Indonesia (Government of) /07/2021 IDR 99,065,000,000 7,825, Indonesia (Government of) /05/2022 IDR 167,302,000,000 12,275, Indonesia (Government of) /05/2023 IDR 15,505,000,000 1,044, Indonesia (Government of) /03/2024 IDR 243,403,000,000 19,495, Indonesia (Government of) /09/2025 IDR 48,900,000,000 4,469, Indonesia (Government of) /09/2026 IDR 227,969,000,000 18,303, Indonesia (Government of) /05/2027 IDR 66,773,000,000 4,749, Indonesia (Government of) /05/2028 IDR 39,833,000,000 2,610, Indonesia (Government of) /03/2029 IDR 249,104,000,000 20,871, Indonesia (Government of) /05/2031 IDR 58,418,000,000 4,859, Indonesia (Government of) /07/2031 IDR 95,568,000,000 8,361, Indonesia (Government of) /06/2032 IDR 109,122,000,000 8,455, Indonesia (Government of) /05/2033 IDR 20,086,000,000 1,329, Indonesia (Government of) /03/2034 IDR 220,028,000,000 17,735, Indonesia (Government of) /05/2036 IDR 33,779,000,000 2,712, ,531, Malaysia (2015: 8.84%) Malaysia (Government of) /02/2018 MYR 41,290,000 10,487, Malaysia (Government of) /03/2019 MYR 6,325,000 1,593, Malaysia (Government of) /10/2019 MYR 10,225,000 2,566, Malaysia (Government of) /11/2019 MYR 8,705,000 2,229, Malaysia (Government of) /03/2020 MYR 14,275,000 3,550, Malaysia (Government of) /07/2020 MYR 4,765,000 1,206, Malaysia (Government of) /07/2021 MYR 8,975,000 2,300, Malaysia (Government of) /09/2021 MYR 17,835,000 4,552, Malaysia (Government of) /08/2022 MYR 74,456,000 18,182, Malaysia (Government of) /09/2022 MYR 5,575,000 1,391, Malaysia (Government of) /03/2023 MYR 6,528,000 1,607, Malaysia (Government of) /08/2023 MYR 2,500, , Malaysia (Government of) /07/2024 MYR 16,454,000 4,214, Malaysia (Government of) /09/2025 MYR 33,020,000 8,280, Malaysia (Government of) /04/2026 MYR 16,585,000 4,305, Malaysia (Government of) /03/2027 MYR 1,700, , Malaysia (Government of) /06/2028 MYR 1,959, , Malaysia (Government of) /04/2030 MYR 30,985,000 7,993, Malaysia (Government of) /04/2033 MYR 10,445,000 2,467, ,448, Mexico (2015: 12.36%) Mexican (Government of) /06/2018 MXN 46,802,700 2,533, Mexican (Government of) /12/2018 MXN 198,010,000 11,603, Mexican (Government of) /12/2019 MXN 32,655,400 1,759, Mexican (Government of) /06/2020 MXN 79,984,300 4,751, Mexican (Government of) /06/2021 MXN 295,061,500 16,730, Mexican (Government of) /06/2022 MXN 23,450,000 1,330, Mexican (Government of) /06/2022 MXN 6,598, , Mexican (Government of) /12/2024 MXN 182,402,100 12,696, Mexican (Government of) /12/2025 MXN 119,840,150 7,419, Mexican (Government of) /03/2026 MXN 69,584,100 3,747, MGI Funds plc 105

107 MGI Emerging Markets Debt Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Transferable securities (2015: 93.74%) Bonds (2015: 93.74%) Government bonds (2015: 92.14%) Mexico (2015: 12.36%) Mexican (Government of) /06/2027 MXN 32,830,900 1,993, Mexican (Government of) /05/2029 MXN 22,715,500 1,485, Mexican (Government of) /05/2031 MXN 172,030,700 10,649, Mexican (Government of) /11/2034 MXN 37,956,700 2,360, Mexican (Government of) /11/2035 MXN 28,018,281 1,768, Mexican (Government of) /11/2036 MXN 40,264,800 3,073, Mexican (Government of) /11/2038 MXN 78,226,500 5,289, Mexican (Government of) /11/2042 MXN 55,340,700 3,497, ,038, Peru (2015: 2.66%) Peruvian (Republic of) /08/2024 PEN 240,000 73, Peruvian (Republic of) /08/2024 PEN 20,168,000 6,161, Peruvian (Republic of) /07/2025 USD 817,000 1,113, Peruvian (Republic of) /08/2026 PEN 21,425,000 7,613, Peruvian (Republic of) /08/2031 PEN 10,380,000 3,378, Peruvian (Republic of) /08/2031 PEN 15,103,000 4,915, Peruvian (Republic of) /08/2037 PEN 2,545, , Peruvian (Republic of) /02/2042 PEN 555, , ,248, Philippines (2015: 0.17%) Philippine (Government of) /01/2021 PHP 11,000, , Philippine (Government of) /01/2021 PHP 43,000, , Philippine (Government of) /01/2036 PHP 86,000,000 2,063, ,266, Poland (2015: 7.63%) Poland (Government of) /10/2017 PLN 1,138, , Poland (Government of) /10/2019 PLN 39,743,000 11,211, Poland (Government of) /04/2020 PLN 32,873,000 8,179, Poland (Government of) /10/2020 PLN 34,462,000 9,856, Poland (Government of) /04/2021 PLN 9,900,000 2,490, Poland (Government of) /07/2021 PLN 10,369,000 2,563, Poland (Government of) /10/2021 PLN 2,510, , Poland (Government of) /09/2022 PLN 10,930,000 3,295, Poland (Government of) /08/2023 PLN 3,422, , Poland (Government of) /10/2023 PLN 35,773,000 9,878, Poland (Government of) /01/2024 PLN 22,950,000 5,567, Poland (Government of) /07/2025 PLN 29,528,000 7,712, Poland (Government of) /07/2026 PLN 32,375,000 7,900, ,664, Romania (2015: 1.76%) Romania (Government of) /04/2023 RON 7,250,000 2,092, Romania (Government of) /02/2025 RON 10,900,000 2,954, Romania (Government of) /12/2022 RON 7,015,000 1,781, ,828, Russia (2015: 5.94%) Russia (Government of) /01/2018 RUB 172,894,000 2,588, Russia (Government of) /03/2018 RUB 35,000, , Russia (Government of) /03/2018 RUB 32,385, , Russia (Government of) /02/2019 RUB 159,515,000 2,421, Russia (Government of) /05/2019 RUB 304,353,000 4,527, Russia (Government of) /12/2019 RUB 18,145, , Russia (Government of) /04/2020 USD 2,800,000 3,027, Russia (Government of) /05/2020 RUB 617,083,000 9,015, MGI Funds plc 106

108 MGI Emerging Markets Debt Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Transferable securities (2015: 93.74%) Bonds (2015: 93.74%) Government bonds (2015: 92.14%) Russia (2015: 5.94%) Russia (Government of) /04/2021 RUB 443,819,000 6,741, Russia (Government of) /07/2022 RUB 214,730,000 3,250, Russia (Government of) /01/2023 RUB 167,624,000 2,466, Russia (Government of) /08/2023 RUB 689,600,000 10,137, Russia (Government of) /08/2023 RUB 636,692,000 9,359, Russia (Government of) /02/2027 RUB 377,060,000 5,930, Russia (Government of) /01/2028 RUB 342,400,000 4,936, Russia (Government of) /08/2021 RUB 388,735,000 5,738, Russia (Government of) /09/2031 RUB 413,030,000 6,156, ,599, South Africa (2015: 9.75%) South Africa (Government of) /12/2018 ZAR 58,091,285 3,974, South Africa (Government of) /01/2020 ZAR 127,797,938 8,501, South Africa (Government of) /03/2021 ZAR 224,486,935 14,415, South Africa (Government of) /02/2023 ZAR 40,845,000 2,679, South Africa (Government of) /12/2026 ZAR 6,185, , South Africa (Government of) /12/2026 ZAR 274,214,995 20,848, South Africa (Government of) /01/2030 ZAR 263,166,638 16,312, South Africa (Government of) /02/2031 ZAR 109,358,400 6,130, South Africa (Government of) /03/2032 ZAR 108,850,000 6,772, South Africa (Government of) /02/2035 ZAR 37,421,496 2,443, South Africa (Government of) /03/2036 ZAR 123,770,000 6,091, South Africa (Government of) /01/2037 ZAR 177,009,341 10,995, South Africa (Government of) /01/2040 ZAR 25,725,000 1,668, South Africa (Government of) /02/2041 ZAR 35,465,000 1,718, South Africa (Government of) /01/2044 ZAR 62,888,945 3,938, South Africa (Government of) /02/2048 ZAR 78,125,000 4,876, ,836, Thailand (2015: 3.11%) Thailand (Government of) /07/2021 THB 73,242,078 2,059, Thailand (Government of) /12/2021 THB 62,439,000 1,956, Thailand (Government of) /06/2023 THB 167,011,000 5,313, Thailand (Government of) /12/2025 THB 18,110, , Thailand (Government of) /12/2027 THB 63,445,000 2,067, Thailand (Government of) /03/2028 THB 170,797,704 4,604, Thailand (Government of) /06/2029 THB 153,133,000 5,672, Thailand (Government of) /06/2044 THB 3,649, , ,418, Turkey (2015: 7.97%) Turkey (Government of) /02/2018 TRY 20,700,000 6,975, Turkey (Government of) /11/2018 TRY 9,044,907 3,161, Turkey (Government of) /07/2019 TRY 10,496,167 3,639, Turkey (Government of) /01/2020 TRY 13,832,050 5,095, Turkey (Government of) /02/2020 TRY 4,685,000 1,566, Turkey (Government of) /02/2021 TRY 54,942,741 20,491, Turkey (Government of) /01/2022 TRY 8,538,743 3,052, Turkey (Government of) /09/2022 TRY 26,450,000 9,011, Turkey (Government of) /03/2023 TRY 23,340,280 7,390, Turkey (Government of) /03/2024 TRY 17,047,354 6,384, Turkey (Government of) /03/2024 USD 1,240,000 1,385, Turkey (Government of) /07/2024 TRY 4,028,456 1,405, MGI Funds plc 107

109 MGI Emerging Markets Debt Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Transferable securities (2015: 93.74%) Bonds (2015: 93.74%) Government bonds (2015: 92.14%) Turkey (2015: 7.97%) Turkey (Government of) /03/2025 TRY 35,227,397 11,533, Turkey (Government of) /02/2026 TRY 7,233,676 2,777, ,870, Total government bonds 948,891, Corporate bonds (2015: 1.60%) Colombia (2015: 0.29%) Emgesa ESP /01/2021 COP 3,585,000,000 1,176, Empresas Publicas de Medellin ESP /02/2021 COP 1,244,000, , Financiera de Desarrollo Territorial Findeter /08/2024 COP 1,789,000, , ,121, Luxembourg (2015: 0.27%) European Investment Bank 31/12/2018 ZAR 3,035, , European Investment Bank /02/2020 IDR 10,590,000, , European Investment Bank /09/2024 ZAR 22,450,000 1,515, ,457, Mexico (2015: 0.72%) America Movil SAB de CV /12/2024 MXN 27,720,000 1,469, Petroleos Mexicanos /03/2019 EUR 1,825,000 2,121, Petroleos Mexicanos /09/2024 MXN 63,990,000 3,124, Petroleos Mexicanos /11/2026 MXN 170,000,000 8,222, ,937, South Africa (2015: 0.17%) Transnet SOC /05/2021 ZAR 42,040,000 2,687, United Kingdom (2015: 0.02%) European Bank for Reconstruction & Development 31/12/2020 ZAR 3,750, , United States of America (2015: 0.13%) InterAmerican Development Bank /09/2018 IDR 24,530,000,000 1,825, Total corporate bonds 24,210, Total bonds 973,102, Total transferable securities 973,102, Investment funds (2015: 0.86%) Fair value % of Shares US$ Net assets Luxembourg (2015: 0.86%) Investec Global Strategy Fund Emerging Markets Investment Grade Corporate Debt 304,196 6,223, Onshore Renminbi Bond Fund 270,259 5,218, ,442, Total investment funds 11,442, MGI Funds plc 108

110 MGI Emerging Markets Debt Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Financial derivative instruments (2015: 0.91%) Open forward foreign currency contracts (2015: 0.83%) ARS 1* 12,940,000 USD 821,587 05/07/ ,761 ARS 3* 2,055,000 USD 130,725 21/09/2016 1,429 ARS 1* 12,940,000 USD 788,063 03/10/ ,245 ARS 3* 19,093,720 USD 1,070,995 09/01/ , BRL 3* 1,341,060 USD 390,934 28/07/ ,733 BRL 8* 27,403,790 USD 7,974,169 28/07/ , BRL 2* 4,415,000 USD 1,278,524 02/09/ , BRL 8* 4,860,000 USD 1,386,006 02/09/ , BRL 4* 17,818,000 USD 5,033,409 02/09/ , BRL 9* 54,749,349 USD 15,041,856 02/09/2016 1,748, BRL 13* 155,978,000 USD 42,272,782 02/09/2016 5,562, CLP 10* 4,625,839,430 USD 6,864,930 28/07/ , CLP 8* 3,649,844,310 USD 5,342,188 28/07/ , CLP 1* 2,333,179,540 USD 3,357,576 28/07/ , CLP 7* 5,707,737,970 USD 8,184,545 28/07/ , CLP 9* 4,354,157,000 USD 6,314,949 21/09/ , CNY 13* 26,593,400 USD 3,979,856 28/07/ ,686 CNY 10* 106,948,660 USD 16,052,416 28/07/ ,242 CNY 9* 45,750,000 USD 6,832,437 21/09/ ,540 CNY 4* 21,686,000 USD 3,228,765 15/02/ ,250 COP 8* 12,637,001,470 USD 4,172,693 28/07/ , COP 10* 19,782,191,630 USD 6,537,745 28/07/ , COP 8* 9,662,078,218 USD 3,256,514 21/09/ ,718 COP 18* 7,648,600,000 USD 2,561,058 21/09/ ,316 COP 1* 4,183,600,000 USD 1,378,451 21/09/ ,233 COP 3* 7,336,000,000 USD 2,405,078 21/09/ , COP 9* 8,168,561,404 USD 2,638,526 21/09/ , COP 10* 15,773,463,428 USD 5,141,930 21/09/ , COP 4* 80,807,567,929 USD 26,053,661 21/09/2016 1,271, COP 13* 1,506,067,000 USD 482,482 30/09/ ,890 EUR 9* 8,437,260 CZK 228,214,388 21/09/ ,587 GHS 17* 8,188,051 USD 2,063,781 11/07/ GHS 4* 1,965,751 USD 463,621 22/09/2016 9,299 GHS 17* 25,860,341 USD 6,179,895 22/09/ ,570 HUF 9* 2,122,838,366 EUR 6,677,433 21/09/ ,342 HUF 8* 566,858,600 USD 1,949,207 28/07/ ,579 IDR 17* 9,980,405,500 USD 740,936 28/07/ ,838 IDR 10* 39,466,674,890 USD 2,944,522 28/07/ ,260 IDR 2* 17,950,000,000 USD 1,336,560 21/09/2016 3,544 IDR 4* 87,064,721,041 USD 6,416,523 21/09/ , IDR 17* 113,223,586,959 USD 8,325,264 21/09/ , INR 13* 113,940,520 USD 1,671,050 28/07/ ,336 KES 2* 64,632,000 USD 625,985 21/09/2016 2,931 KES 4* 1,397,107,791 USD 13,387,703 21/09/ , KRW 9* 1,642,990,000 USD 1,404,565 21/09/ ,709 KRW 4* 2,233,073,000 USD 1,909,225 21/09/ ,939 MXN 15* 18,576,540 USD 992,742 28/07/ ,056 MXN 13* 66,478,440 USD 3,560,110 28/07/ ,684 MXN 8* 36,208,067 USD 1,903,114 28/07/ , MXN 8* 39,610,000 USD 2,127,465 21/09/2016 3,138 MXN 7* 5,930,000 USD 314,566 21/09/2016 4,406 MXN 9* 231,530,000 USD 12,447,105 21/09/2016 6,782 MXN 4* 32,000,000 USD 1,670,229 21/09/ ,035 MXN 8* 52,508,000 USD 2,725,565 30/12/ , MXN 8* 30,430,000 USD 1,593,044 31/05/2017 2,580 MXN 9* 63,065,000 USD 3,270,328 08/06/ ,827 MYR 20* 3,903,110 USD 962,424 28/07/2016 4,239 MYR 2* 2,743,980 USD 669,672 28/07/2016 9,915 MYR 10* 14,337,490 USD 3,513,571 28/07/ ,319 MYR 13* 8,008,810 USD 1,942,707 28/07/ ,793 MGI Funds plc 109

111 MGI Emerging Markets Debt Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Financial derivative instruments (2015: 0.91%) Open forward foreign currency contracts (2015: 0.83%) MYR 17* 8,383,380 USD 2,033,814 28/07/ ,454 MYR 2* 5,170,000 USD 1,272,772 21/09/2016 2,971 MYR 10* 10,309,070 USD 2,522,650 21/09/ ,203 MYR 17* 33,135,000 USD 8,153,297 21/09/ ,054 MYR 4* 63,893,147 USD 15,595,227 21/09/ , PEN 2* 3,808,709 USD 1,132,701 21/09/ ,664 PEN 4* 17,217,775 USD 5,124,138 21/09/ , PEN 9* 27,927,840 USD 8,281,378 27/09/ , PHP 13* 295,231,280 USD 6,180,524 28/07/ , PLN 9* 20,915,000 EUR 4,697,303 21/09/ ,173 PLN 16* 20,326,347 USD 5,042,124 28/07/ , PLN 7* 940,000 USD 235,374 21/09/2016 1,494 RON 2* 5,530,000 USD 1,358,563 21/09/2016 1,558 RUB 9* 37,961,420 USD 587,820 28/07/2016 2,858 RUB 7* 245,167,310 USD 3,794,729 28/07/ ,066 RUB 1* 39,290,000 USD 598,933 21/09/2016 3,874 RUB 8* 45,560,000 USD 692,612 21/09/2016 6,393 RUB 2* 69,290,000 USD 1,037,275 21/09/ ,807 RUB 4* 224,997,797 USD 3,392,904 21/09/ , RUB 9* 806,183,030 USD 11,976,576 21/09/ , SGD 4* 7,430,000 USD 5,453,657 21/09/ , THB 1* 12,530,000 USD 355,915 21/09/ THB 2* 29,570,000 USD 839,532 21/09/ THB 17* 1,058,660,728 USD 30,045,880 21/09/ ,744 THB 8* 469,334,974 USD 13,285,928 21/09/ ,231 THB 4* 868,910,908 USD 24,498,715 21/09/ , TRY 4* 1,381,300 USD 470,392 28/07/2016 6,835 TRY 8* 4,772,290 USD 1,633,675 28/07/ ,111 TRY 7* 1,495,000 USD 506,434 21/09/2016 3,788 TRY 1* 5,125,000 USD 1,734,916 21/09/ ,171 TRY 8* 30,228,660 USD 10,234,486 21/09/ , TRY 9* 25,740,000 USD 8,673,383 21/09/ , TRY 4* 139,669,393 USD 47,001,215 21/09/ , TRY 8* 126,000 USD 35,019 20/02/2018 3,453 TRY 1* 475,000 USD 132,106 20/02/ ,930 TRY 10* 2,014,000 USD 559,678 20/02/ , TWD 20* 65,294,000 USD 2,026,505 21/09/2016 1,045 TWD 9* 69,460,000 USD 2,148,801 21/09/2016 8,114 USD 13* 756,954 ARS 10,885,000 05/07/ ,190 USD 3* 717,915 ARS 10,840,510 17/08/2016 7,585 USD 3* 416,774 ARS 6,264,110 23/08/2016 7,722 USD 13* 4,821,675 CAD 6,130,000 21/09/ , USD 2* 446,862 CNY 2,947,950 28/07/2016 3,502 USD 10* 1,022,289 CNY 6,748,810 28/07/2016 7,295 USD 4* 902,853 CNY 5,946,640 28/07/2016 8,502 USD 13* 37,555,783 CNY 247,304,660 28/07/ , USD 17* 5,605,694 CNY 37,020,000 21/09/ ,261 USD 2* 193,917 CZK 4,620,669 21/09/2016 3,956 USD 4* 1,129,424 EGP 10,786,000 21/09/ ,945 USD 4* 1,336,585 EGP 13,152,000 16/11/ ,423 USD 4* 1,429,612 EGP 14,725,000 15/02/ , USD 13* 3,192,463 EUR 2,824,000 26/07/ ,794 USD 8* 19,621,518 EUR 17,395,040 28/07/ , USD 8* 1,164,284 EUR 1,025,000 21/09/ ,361 USD 5* 8,306,036 EUR 7,315,000 21/09/ , USD 4* 8,091,594 EUR 7,120,609 21/09/ , USD 9* 23,647,666 EUR 20,727,391 21/09/ , USD 4* 10,126,803 GBP 7,549,150 28/07/ ,489 USD 4* 2,067,690 GHS 8,188,051 11/07/2016 3,329 USD 9* 1,351,154 GHS 5,560,000 21/09/ ,669 MGI Funds plc 110

112 MGI Emerging Markets Debt Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Financial derivative instruments (2015: 0.91%) Open forward foreign currency contracts (2015: 0.83%) USD 17* 5,043,796 GHS 20,730,000 21/09/ ,365 USD 10* 1,751,622 HUF 487,458,840 28/07/ ,245 USD 8* 550,321 HUF 151,574,779 21/09/ ,985 USD 9* 3,652,039 HUF 1,010,720,000 21/09/ , USD 4* 13,091,787 HUF 3,620,168,025 21/09/ , USD 17* 11,961,106 HUF 3,289,065,000 21/09/ , USD 8* 234,555 IDR 3,136,000,000 21/09/ USD 4* 1,100,053 IDR 14,626,400,000 21/09/2016 8,081 USD 20* 1,920,609 INR 129,564,310 28/07/2016 8,668 USD 2* 1,257,399 MXN 23,124,190 28/07/2016 6,620 USD 8* 1,054,425 MXN 19,897,000 21/02/ USD 9* 3,220,734 MXN 56,730,000 10/03/ , USD 8* 2,095,601 MYR 8,419,260 28/07/ ,447 USD 13* 2,747,076 MYR 11,020,760 28/07/ ,623 USD 11* 2,776,385 NGN 775,217,071 10/08/ , USD 4* 1,025,715 NGN 263,608,745 10/08/ , USD 9* 3,197,134 NGN 762,809,776 10/08/ , USD 9* 8,949,288 NGN 2,098,158,609 10/08/2016 1,600, USD 4* 3,797,736 NGN 930,635,246 17/08/ , USD 2* 449,483 PHP 20,775,980 28/07/2016 8,393 USD 13* 3,029,736 PHP 139,914,760 28/07/ , USD 10* 6,702,902 PHP 312,887,330 28/07/ , USD 17* 133,694 PHP 6,180,000 21/09/2016 2,783 USD 4* 1,136,718 PHP 52,613,000 21/09/ ,220 USD 2* 2,702,105 PLN 10,660,000 21/07/ ,270 USD 2* 927,998 PLN 3,654,000 26/07/2016 6,104 USD 21* 6,695,630 PLN 26,206,000 21/09/ , USD 8* 3,702,895 PLN 14,226,000 21/09/ , USD 4* 15,905,392 PLN 62,571,178 21/09/ , USD 4* 2,115,918 RON 8,583,087 21/09/2016 4,880 USD 2* 2,295,474 RON 9,133,000 21/09/ ,183 USD 4* 2,309,878 UGX 8,037,717,000 21/09/ ,061 ZAR 7* 7,384,030 USD 479,222 28/07/ ,631 ZAR 13* 14,493,675 USD 942,807 28/07/ ,250 ZAR 11* 61,658,960 USD 4,021,455 28/07/ , ZAR 9* 114,138,520 USD 7,476,682 28/07/ , ZAR 7* 6,590,000 USD 432,086 21/09/ ,873 ZAR 1* 26,860,000 USD 1,786,612 21/09/ ,830 ZAR 17* 29,937,000 USD 1,978,194 21/09/ ,074 ZAR 8* 31,550,000 USD 2,037,675 21/09/ , ZAR 9* 47,566,344 USD 3,057,069 21/09/ , ZAR 4* 345,482,656 USD 22,313,822 21/09/ , ZAR 4* 15,620,000 USD 1,022,486 13/10/ ,766 Unrealised gain on open forward foreign currency contracts 23,921, MGI Funds plc 111

113 MGI Emerging Markets Debt Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Financial derivative instruments (2015: 0.91%) Interest rate swaps (2015: 0.08%) Fixed 15.72% 4* BRL 12 Month BZDIO 02/01/2019 BRL 43,367,985 1,407, Fixed 15.71% 9* BRL 1 Month BZDIO 02/01/2019 BRL 48,258,054 1,546, Fixed 15.65% 12* BRL Less than 04/01/2021 BRL 24,312,549 1,548, Month BRCDI Fixed 0.96% 9* CLP 6 Month CLICP 16/03/2021 CLP 388,045,000 16,394 COP 3 Month CLNI 4* Fixed 7.04% 12/05/2017 COP 13,356,072,094 2,295 Fixed 6.82% 13* COP 3 Month CLNI 27/06/2018 COP 21,100,890,000 49,418 Fixed 6.74% 9* COP 3 Month CLNI 29/06/2018 COP 13,046,290,000 24,284 COP 3 Month Libor 11* Fixed 5.25% 16/12/2019 COP 3,773,890,000 46,758 COP 3 Month Libor 11* Fixed 5.24% 18/12/2019 COP 3,640,724,986 45,220 Fixed 7.41% 13* COP 3 Month CLNI 27/06/2026 COP 5,508,545,000 62, Fixed 7.30% 9* COP 3 Month CLNI 29/06/2026 COP 3,069,715,000 29,014 Fixed 1.54% 2* KRW 3 Month KSDA 16/12/2017 KRW 13,329,755,000 53, Fixed 1.33% 8* KRW 3 Month KSDA 21/09/2021 KRW 3,400,020,000 19,137 Fixed 1.33% 9* KRW 3 Month KSDA 21/09/2021 KRW 7,123,190,000 41,595 Fixed 1.33% 3* KRW 3 Month KSDA 21/09/2021 KRW 10,496,665,000 59, MXN 1 Month TIIE 11* Fixed 4.28% 22/11/2017 MXN 321,375, , Fixed 4.95% 10* MXN 1 Month TIIE 28/05/2018 MXN 85,910,000 4,216 Fixed 5.01% 10* MXN 1 Month TIIE 30/05/2018 MXN 61,925,000 6,540 Fixed 5.01% 9* MXN 1 Month TIIE 31/05/2018 MXN 92,886,875 13,241 Fixed 4.95% 10* MXN 1 Month TIIE 11/06/2018 MXN 92,878,125 6,025 MXN 1 Month TIIE 4* Fixed 5.36% 19/04/2021 MXN 146,600,000 43,474 Fixed 6.65% 1* MXN 1 Month TIIE 06/12/2023 MXN 23,250,000 62, Fixed 6.12% 4* MXN 1 Month TIIE 13/04/2026 MXN 42,660,000 5,326 Fixed 6.12% 9* MXN 1 Month TIIE 15/04/2026 MXN 59,400, Fixed 6.14% 1* MXN 1 Month TIIE 16/04/2026 MXN 42,575,000 5,827 Fixed 6.29% 10* MXN 1 Month TIIE 18/05/2026 MXN 21,560,000 15,823 Fixed 6.33% 10* MXN 1 Month TIIE 20/05/2026 MXN 15,540,000 13,618 Fixed 6.34% 9* MXN 1 Month TIIE 21/05/2026 MXN 23,310,000 24,019 Fixed 6.31% 9* MXN 1 Month TIIE 25/05/2026 MXN 71,850,000 60, Fixed 6.15% 10* MXN 1 Month TIIE 01/06/2026 MXN 23,315,000 3,225 Fixed 7.04% 9* MXN 1 Month TIIE 09/05/2036 MXN 29,925,000 50,299 Fixed 6.99% 9* MXN 1 Month TIIE 29/05/2036 MXN 26,275,000 36,924 Fixed 4.40% 4* MYR 3 Month KLIBO 20/10/2020 MYR 5,141,294 48,111 Fixed 0.96% 9* USD 3 Month Libor 03/12/2017 USD 23,525,000 86, Fixed 1.3% 9* USD 3 Month Libor 26/04/2021 USD 15,675, , Fixed 1.32% 9* USD 3 Month Libor 03/06/2021 USD 3,900,000 65, Fixed 1.13% 9* USD 3 Month Libor 14/06/2021 USD 3,900,000 28,780 Fixed 1.89% 9* USD 3 Month Libor 29/07/2026 USD 2,685, , Interest rate swaps at positive fair value 6,049, Cross currency swaps (2015: Nil) Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets USD 3 Month Libor 11* RUB 0.08% 21/09/2021 USD 4,895,168 17,258 Cross currency swaps at positive fair value 17,258 MGI Funds plc 112

114 MGI Emerging Markets Debt Fund Portfolio Statement No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain US$ Net assets Financial assets at fair value through profit or loss (2015: 95.51%) Financial derivative instruments (2015: 0.91%) Futures contracts (2015: Nil%) 10 Year Korea Government Bond Futures 9* 6,339,631 20/09/2016 KRW 55 65, Year US Treasury Notes Futures 9* (3,723,563) 21/09/2016 USD (28) 5,906 R186 Bond Futures 14* 1,798,172 04/08/2016 ZAR ,066 R2035 Bond Futures 14* 1,322,440 04/08/2016 ZAR ,054 R2037 Bond Futures 14* 9,050,824 04/08/2016 ZAR 1, , R207 Bond Futures 14* 1,844,649 04/08/2016 ZAR ,158 Unrealised gain on futures contracts 377, Expiry Notional Fair value % of Currency date amount US$ Net assets Options purchased (2015: Nil) Call at USD put MXN 8* USD 28/12/2016 5,896,000 75, Call at USD put MXN 9* USD 06/06/2017 7,604, , Call at 3.95 USD put TRY 10* USD 19/02/2018 3,535,000 93, Call at 45, EUR put PLN 13* EUR 22/07/2016 6,310,000 28,181 Put at USD call ZAR 2* USD 11/10/2016 3,530,000 59, Put at USD call MXN 9* USD 08/03/2017 7,053,000 41,958 Put at USD call MXN 9* USD 20/10/2016 3,636,000 7,959 Put at USD call MXN 11* USD 16/02/2017 3,489,000 54, Put at USD call MXN 9* USD 13/07/ ,800, , Put at 187, USD call MXN 9* USD 20/12/2016 3,904, , Put at USD call MXN 11* USD 14/12/2016 3,846, , Put at 2, USD call COP 11* USD 28/09/2016 6,883, , Put at 2.90 USD call TRY 20* USD 19/07/ ,000, , Put at 4, EUR call PLN 2* EUR 19/07/ ,215, , Put at USD call RUB 8* USD 20/03/2017 7,241,000 78, Put at USD call RUB 9* USD 28/12/2016 3,931,000 80, Put at USD call RUB 9* USD 06/06/2017 3,802, , Put at USD call INR 9* USD 26/10/2016 3,574,000 19,082 Unrealised gain on options purchased 1,792, Swaptions (2015: Nil) Expiry Notional Fair value % of Currency date amount US$ Net assets Put at 2.25 USD 10 Years 9* USD 27/07/ ,995, Unrealised gain on swaptions 75 Total financial derivative instruments at positive fair value 32,158, Total financial assets at fair value through profit or loss 1,016,703, Financial liabilities at fair value through profit or loss (2015: (1.36)%) Financial derivative instruments (2015: (1.36)%) Open forward foreign currency contracts (2015: (1.11)%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets ARS 3* 24,280,000 USD 1,622,820 11/07/2016 (1,865) CNY 4* 16,609,000 USD 2,514,420 21/09/2016 (21,081) CZK 2* 17,191,000 USD 723,075 21/09/2016 (16,335) EGP 9* 10,786,000 USD 1,151,121 21/09/2016 (55,641) (0.01) EGP 9* 13,152,000 USD 1,311,266 16/11/2016 (28,104) MGI Funds plc 113

115 MGI Emerging Markets Debt Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (1.36)%) Financial derivative instruments (2015: (1.36)%) Open forward foreign currency contracts (2015: (1.11)%) EGP 9* 14,725,000 USD 1,399,715 15/02/2017 (39,082) EUR 9* 2,755,142 HUF 875,970,000 21/09/2016 (12,787) EUR 9* 3,244,405 PLN 14,423,995 21/09/2016 (20,158) EUR 2* 2,400,000 USD 2,709,000 21/07/2016 (41,215) EUR 2* 822,000 USD 928,529 26/07/2016 (14,645) EUR 8* 17,395,040 USD 19,345,720 28/07/2016 (4,826) EUR 4* 13,621,055 USD 15,497,283 21/09/2016 (322,450) (0.03) EUR 9* 7,980,123 USD 9,105,593 21/09/2016 (215,164) (0.02) GHS 4* 3,856,949 USD 973,977 18/07/2016 (5,678) GHS 4* 8,188,051 USD 2,027,147 14/09/2016 (47,049) GHS 2* 1,978,908 USD 479,735 21/09/2016 (3,343) HUF 16* 4,791,128,370 USD 17,156,347 28/07/2016 (296,275) (0.03) HUF 10* 67,838,240 USD 242,643 28/07/2016 (3,919) HUF 4* 2,792,440,000 USD 10,111,952 21/09/2016 (286,390) (0.03) HUF 1* 1,176,840,000 USD 4,208,406 21/09/2016 (67,542) (0.01) HUF 8* 119,200,000 USD 429,759 21/09/2016 (10,338) HUF 9* 106,160,000 USD 383,401 21/09/2016 (9,864) IDR 8* 5,879,000,000 USD 443,196 21/09/2016 (4,284) ILS 9* 68,700,000 USD 18,275,651 21/09/2016 (404,989) (0.04) ILS 8* 4,048,000 USD 1,056,175 21/09/2016 (3,184) INR 17* 141,320,000 USD 2,086,828 21/09/2016 (20,957) JPY 20* 823,453,376 USD 8,092,709 28/07/2016 (60,368) (0.01) KZT 8* 137,500,000 USD 399,709 19/08/2016 (1,423) KZT 1* 146,400,000 USD 414,731 07/11/2016 (3,386) KZT 8* 158,112,000 USD 446,644 07/11/2016 (2,391) KZT 4* 132,111,000 USD 378,000 14/11/2016 (7,694) KZT 4* 148,977,000 USD 432,444 18/11/2016 (15,434) MXN 15* 319,747,000 USD 17,299,228 21/09/2016 (100,191) (0.01) MXN 8* 91,614,000 USD 4,897,756 10/02/2017 (39,687) MXN 11* 162,446,000 USD 8,642,354 10/02/2017 (28,235) MYR 8* 5,160,000 USD 1,283,327 21/09/2016 (10,052) MYR 8* 5,476,500 USD 1,352,222 21/09/2016 (848) NGN 4* 1,740,540,409 USD 7,260,393 10/08/2016 (1,163,864) (0.12) NGN 17* 1,112,242,126 USD 4,637,678 10/08/2016 (741,866) (0.08) NGN 9* 666,162,299 USD 2,777,109 10/08/2016 (443,766) (0.04) NGN 9* 380,849,366 USD 1,612,061 10/08/2016 (278,073) (0.03) NGN 9* 930,635,246 USD 4,104,235 17/08/2016 (850,037) (0.09) NGN 9* 529,414,000 USD 1,975,425 20/04/2017 (237,362) (0.02) NGN 4* 221,542,321 USD 728,758 20/04/2017 (1,435) PHP 11* 33,960,520 USD 726,817 28/07/2016 (5,810) PHP 4* 245,606,596 USD 5,244,804 21/09/2016 (42,136) PHP 9* 34,334,404 USD 731,280 21/09/2016 (3,977) PLN 13* 12,154,000 USD 3,139,425 26/07/2016 (73,004) (0.01) PLN 13* 62,271,690 USD 15,749,594 28/07/2016 (39,429) PLN 11* 1,281,699 USD 327,528 28/07/2016 (4,176) PLN 7* 299,678 USD 76,583 28/07/2016 (979) PLN 8* 226,713 USD 57,915 28/07/2016 (719) PLN 4* 55,420,000 USD 14,193,671 21/09/2016 (228,557) (0.02) PLN 9* 17,950,000 USD 4,628,786 21/09/2016 (105,622) (0.01) PLN 2* 18,391,000 USD 4,731,546 21/09/2016 (97,255) (0.01) PLN 18* 45,351,000 USD 11,520,201 21/09/2016 (92,344) (0.01) PLN 1* 6,550,000 USD 1,685,581 21/09/2016 (35,067) PLN 8* 1,960,000 USD 510,815 21/09/2016 (16,921) RON 4* 45,075,000 USD 11,327,869 21/09/2016 (241,529) (0.02) RON 9* 4,800,000 USD 1,202,031 21/09/2016 (21,456) UGX 4* 21,502,911,000 USD 6,210,256 21/09/2016 (84,421) (0.01) USD 3* 137,091 ARS 2,055,000 05/07/2016 (493) USD 3* 1,967,399 ARS 29,609,360 20/07/2016 (955) USD 21* 4,785,019 AUD 6,460,000 21/09/2016 (11,574) USD 8* 33,360,329 BRL 116,170,850 28/07/2016 (2,647,312) (0.26) MGI Funds plc 114

116 MGI Emerging Markets Debt Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (1.36)%) Financial derivative instruments (2015: (1.36)%) Open forward foreign currency contracts (2015: (1.11)%) USD 4* 2,328,367 BRL 7,855,910 28/07/2016 (106,605) (0.01) USD 9* 1,869,403 BRL 6,359,710 28/07/2016 (101,815) (0.01) USD 10* 476,016 BRL 1,628,500 28/07/2016 (28,744) USD 11* 1,993,320 BRL 6,517,160 28/07/2016 (26,701) USD 1* 637,889 BRL 2,094,510 28/07/2016 (11,313) USD 10* 28,977,321 BRL 107,792,737 02/09/2016 (4,080,648) (0.39) USD 4* 2,998,348 BRL 11,064,332 02/09/2016 (394,870) (0.04) USD 9* 3,203,898 BRL 10,850,000 02/09/2016 (123,589) (0.01) USD 8* 350,464 BRL 1,305,339 02/09/2016 (49,858) USD 2* 202,446 BRL 720,000 02/09/2016 (18,364) USD 13* 23,753,770 BRL 96,470,000 03/11/2017 (2,869,319) (0.28) USD 9* 2,877,015 CLP 1,953,722,420 28/07/2016 (67,348) (0.01) USD 10* 3,657,590 CLP 2,467,688,330 28/07/2016 (61,347) (0.01) USD 7* 770,470 CLP 520,375,290 28/07/2016 (13,763) USD 9* 3,876,561 CLP 2,655,444,000 21/09/2016 (107,754) (0.01) USD 4* 2,063,804 CLP 1,425,578,000 21/09/2016 (75,180) (0.01) USD 9* 1,046,706 CLP 711,760,000 21/09/2016 (21,242) USD 4* 25,080,454 CNY 169,945,000 15/02/2017 (318,160) (0.03) USD 8* 2,212,608 COP 6,536,045,190 28/07/2016 (24,581) USD 4* 12,256,629 COP 37,157,203,000 21/09/2016 (308,080) (0.03) USD 9* 5,530,143 COP 16,983,070,000 21/09/2016 (212,682) (0.02) USD 17* 6,138,575 COP 18,503,200,000 21/09/2016 (118,283) (0.01) USD 6* 3,649,869 COP 11,049,100,000 21/09/2016 (86,384) (0.01) USD 3* 1,962,579 COP 5,936,800,000 21/09/2016 (44,951) USD 11* 272,721 COP 846,800,000 30/09/2016 (13,116) USD 2* 748,918 EUR 680,000 21/09/2016 (8,651) USD 19* 9,459,563 GBP 7,138,350 28/07/2016 (84,507) (0.01) USD 1* 3,662,742 HUF 1,055,602,150 28/07/2016 (51,942) USD 8* 1,959,849 HUF 566,237,560 28/07/2016 (32,752) USD 11* 1,887,945 HUF 539,092,760 28/07/2016 (9,133) USD 1* 2,944,252 HUF 838,317,000 21/09/2016 (5,475) USD 20* 26,372,925 IDR 351,474,984,000 28/07/2016 (137,149) (0.01) USD 10* 3,803,308 IDR 50,839,949,010 28/07/2016 (31,306) USD 17* 2,213,811 IDR 29,706,292,340 28/07/2016 (26,792) USD 13* 1,195,124 IDR 16,007,860,900 28/07/2016 (12,273) USD 2* 383,913 IDR 5,117,565,280 28/07/2016 (2,080) USD 10* 8,475,021 IDR 113,946,060,000 21/09/2016 (31,919) USD 17* 9,041,432 IDR 121,520,639,000 21/09/2016 (31,008) USD 6* 860,764 IDR 11,715,000,000 21/09/2016 (13,850) USD 9* 7,482,285 IDR 100,327,574,000 21/09/2016 (7,931) USD 2* 2,676,063 IDR 35,886,000,000 21/09/2016 (3,100) USD 8* 18,927,412 ILS 72,880,000 21/09/2016 (30,577) USD 10* 9,605,150 INR 651,177,750 28/07/2016 (4,084) USD 2* 2,397,752 INR 164,270,000 21/09/2016 (3,611) USD 17* 5,297,229 KES 637,981,900 21/09/2016 (910,800) (0.10) USD 9* 1,512,365 KES 182,618,100 21/09/2016 (264,642) (0.02) USD 4* 3,789,611 KES 431,826,120 21/12/2016 (362,330) (0.03) USD 2* 1,951,367 KES 222,455,880 21/12/2016 (187,511) (0.02) USD 4* 17,152,886 KRW 19,800,206,772 21/09/2016 (23,559) USD 8* 54,947 KRW 63,676,240 21/09/2016 (292) USD 9* 2,109 KRW 2,443,304 21/09/2016 (11) USD 9* 862,857 MXN 16,027,560 28/07/2016 (4,068) USD 8* 392,073 MXN 7,300,831 28/07/2016 (2,826) USD 4* 18,696,570 MXN 350,406,000 21/09/2016 (151,600) (0.01) USD 2* 1,538,625 MXN 28,999,000 21/09/2016 (21,218) USD 1* 1,430,738 MXN 26,694,000 21/09/2016 (5,119) USD 11* 13,265,455 MXN 254,060,000 10/02/2017 (206,733) (0.02) USD 9* 1,398,618 MXN 27,722,000 31/05/2017 (55,010) (0.01) USD 20* 9,865,682 MYR 40,128,040 28/07/2016 (72,618) (0.01) MGI Funds plc 115

117 MGI Emerging Markets Debt Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (1.36)%) Financial derivative instruments (2015: (1.36)%) Open forward foreign currency contracts (2015: (1.11)%) USD 11* 7,788,225 MYR 31,542,310 28/07/2016 (23,693) USD 17* 2,237,517 MYR 9,075,560 28/07/2016 (10,179) USD 2* 871,932 MYR 3,551,380 28/07/2016 (7,619) USD 10* 725,185 MYR 2,950,300 28/07/2016 (5,500) USD 9* 3,414,275 MYR 13,920,000 21/09/2016 (20,607) USD 4* 825,443 MYR 3,400,000 21/09/2016 (13,537) USD 20* 2,065,764 MYR 8,387,000 21/09/2016 (3,802) USD 4* 1,220,762 NGN 396,442,613 20/04/2017 (80,756) (0.01) USD 2* 1,094,178 NGN 354,513,708 20/04/2017 (69,688) (0.01) USD 4* 4,877,094 NZD 6,880,000 21/09/2016 (3,627) USD 4* 6,278,107 PEN 21,220,000 21/09/2016 (125,518) (0.01) USD 6* 2,250,000 PEN 7,542,000 21/09/2016 (25,973) USD 17* 2,251,007 PEN 7,542,000 21/09/2016 (24,965) USD 9* 928,144 PEN 3,100,000 21/09/2016 (7,353) USD 9* 721,107 PHP 34,130,000 21/09/2016 (1,866) USD 16* 4,216,546 PLN 17,002,590 28/07/2016 (72,939) (0.01) USD 8* 2,950,211 PLN 11,740,400 28/07/2016 (11,707) USD 1* 2,985,115 PLN 11,921,000 21/09/2016 (18,820) USD 3* 182,692 PLN 728,000 21/09/2016 (754) USD 13* 17,207,677 RUB 1,131,748,930 28/07/2016 (402,296) (0.04) USD 9* 1,981,570 RUB 130,247,710 28/07/2016 (45,080) USD 11* 1,900,592 RUB 124,545,810 28/07/2016 (37,336) USD 2* 1,057,277 RUB 69,026,010 28/07/2016 (16,765) USD 9* 1,138,552 RUB 75,190,000 08/08/2016 (28,057) USD 9* 5,138,380 RUB 353,000,000 21/09/2016 (277,528) (0.03) USD 4* 15,099,292 RUB 997,196,000 21/09/2016 (200,203) (0.02) USD 9* 3,486,008 RUB 230,460,000 21/09/2016 (49,828) USD 8* 437,826 RUB 28,717,000 21/09/2016 (2,765) USD 9* 1,715,133 RUB 115,943,000 29/12/2016 (21,071) USD 9* 1,528,608 RUB 108,791,000 07/06/2017 (46,484) USD 4* 18,101,611 SGD 24,651,679 21/09/2016 (201,698) (0.02) USD 4* 10,591,780 THB 375,632,350 21/09/2016 (84,219) (0.01) USD 9* 2,385,793 THB 85,196,650 21/09/2016 (35,616) USD 2* 5,043,107 THB 177,709,000 21/09/2016 (7,632) USD 8* 13,656,657 TRY 40,431,450 28/07/2016 (312,068) (0.03) USD 4* 4,255,552 TRY 12,571,780 28/07/2016 (87,892) (0.01) USD 2* 3,130,924 TRY 9,160,389 28/07/2016 (33,914) USD 11* 1,325,413 TRY 3,924,050 28/07/2016 (30,313) USD 3* 1,366,959 TRY 3,991,110 28/07/2016 (11,936) USD 9* 321,401 TRY 948,938 28/07/2016 (6,449) USD 13* 774,990 TRY 2,243,223 28/07/2016 (25) USD 4* 14,231,957 TRY 43,015,458 21/09/2016 (448,586) (0.04) USD 9* 10,777,285 TRY 32,623,000 21/09/2016 (356,464) (0.03) USD 3* 8,558,655 TRY 25,407,000 21/09/2016 (112,380) (0.01) USD 8* 2,778,240 TRY 8,315,000 21/09/2016 (59,547) (0.01) USD 2* 3,647,845 TRY 10,826,000 21/09/2016 (46,910) USD 8* 733,171 TRY 2,615,000 20/02/2018 (65,292) (0.01) USD 4* 15,422,301 TWD 504,000,000 21/09/2016 (228,222) (0.02) USD 20* 15,769,733 ZAR 241,240,800 28/07/2016 (626,100) (0.07) USD 10* 3,326,898 ZAR 50,183,410 28/07/2016 (83,797) (0.01) USD 2* 2,237,588 ZAR 33,074,130 28/07/2016 (10,282) USD 8* 1,059,522 ZAR 15,620,873 28/07/2016 (2,144) USD 9* 13,645,275 ZAR 215,400,124 21/09/2016 (833,222) (0.09) USD 17* 16,401,483 ZAR 252,435,230 21/09/2016 (566,394) (0.06) USD 4* 5,419,848 ZAR 85,330,608 21/09/2016 (315,798) (0.03) USD 8* 2,291,541 ZAR 36,292,365 21/09/2016 (147,914) (0.01) USD 2* 3,806,679 ZAR 57,927,000 21/09/2016 (86,986) (0.01) MGI Funds plc 116

118 MGI Emerging Markets Debt Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (1.36)%) Financial derivative instruments (2015: (1.36)%) Open forward foreign currency contracts (2015: (1.11)%) USD 10* 1,193,443 ZAR 18,980,000 21/09/2016 (82,331) (0.01) USD 11* 2,853,020 ZAR 43,169,000 21/09/2016 (48,660) Unrealised loss on open forward foreign currency contracts (28,367,294) (2.65) Interest rate swaps (2015: (0.25)%) Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets Fixed 12.01% 1* BRL Less than 02/01/2018 BRL 15,815,697 (183,641) (0.02) 1 Month BRCDI Fixed 12.32% 1* BRL Less than 02/01/2018 BRL 17,537,548 (144,135) (0.01) 1 Month BRCDI Fixed 9.03% 9* BRL 12 Month 02/01/2018 BRL 2,295,132 (119,871) (0.01) BZDIO BRL 1 Month BZDIO 9* Fixed 15.55% 04/01/2021 BRL 14,859,484 (953,482) (0.10) BRL 12 Month BZDIO 4* Fixed 15.56% 04/01/2021 BRL 11,629,161 (760,743) (0.08) BRL Less than 1 Month BSCW 4* Fixed 15.19% 02/01/2023 BRL 8,254,000 (724,161) (0.08) BRL Less than 1 Month BSCW 9* Fixed 15.15% 02/01/2023 BRL 8,254,000 (695,414) (0.06) CLP 6 Month CLICP 9* Fixed 4.88% 16/03/2026 CLP 218,105,000 (14,445) Fixed 2.30% 9* CNY 3 Month 13/04/2018 CNY 140,342,487 (37,589) Libor Fixed 2.29% 4* CNY 3 Month 13/04/2018 CNY 58,725,513 (17,045) Libor CNY 3 Month Libor 9* Fixed 2.64% 13/04/2021 CNY 60,338,332 (19,040) CNY 3 Month Libor 4* Fixed 2.62% 13/04/2021 CNY 16,162,668 (4,716) COP Less than 1 Month CLOIS 9* Fixed 7.35% 28/06/2017 COP 23,603,565,000 (26,414) COP 3 Month CLNI 4* Fixed 6.90% 11/05/2018 COP 6,872,743,465 (4,629) COP 3 Month COOVB 9* Fixed 6.63% 11/05/2019 COP 4,713,089,927 (10,167) COP 3 Month CLNI 13* Fixed 1.00% 27/06/2021 COP 18,584,375,000 (120,702) (0.01) COP 3 Month CLNI 9* Fixed 6.79% 29/06/2021 COP 10,744,005,000 (52,603) EUR 6 Month Euribor 9* Fixed 0.25% 15/06/2019 EUR 1,670,000 (25,583) EUR 6 Month Euribor 13* Fixed 1.25% 16/09/2025 EUR 5,050,000 (555,233) (0.06) EUR 6 Month Euribor 9* Fixed 1.25% 16/09/2025 EUR 1,025,000 (112,525) (0.01) EUR 6 Month Euribor 9* Fixed 1.75% 16/09/2045 EUR 1,350,000 (410,159) (0.04) HUF 6 Month BUBOR 10* Fixed 2.47% 13/03/2020 HUF 835,825,000 (160,449) (0.01) KRW 3 Month KSDA 2* Fixed 1.98% 16/12/2025 KRW 4,516,825,000 (248,479) (0.02) KRW 3 Month KSDA 8* Fixed 1.47% 21/09/2026 KRW 5,259,790,000 (80,701) (0.01) KRW 3 Month KSDA 8* Fixed 1.47% 21/09/2026 KRW 3,300,110,000 (50,633) MXN 1 Month TIIE 8* Fixed 4.81% 15/06/2017 MXN 162,295,000 (14,619) Fixed 4.65% 4* MXN 1 Month TIIE 23/04/2018 MXN 170,875,000 (36,439) MXN 1 Month TIIE 10* Fixed 5.61% 24/05/2021 MXN 73,895,000 (17,311) MXN 1 Month TIIE 10* Fixed 5.66% 26/05/2021 MXN 53,265,000 (19,206) MXN 1 Month TIIE 9* Fixed 5.67% 27/05/2021 MXN 79,895,000 (33,797) MXN 1 Month TIIE 10* Fixed 5.51% 07/06/2021 MXN 79,895,000 (1,629) USD 3 Month Libor 9* Fixed 0.95% 26/04/2018 USD 20,825,000 (91,943) (0.01) USD 3 Month Libor 9* Fixed 1.00% 03/06/2018 USD 5,400,000 (27,401) USD 3 Month Libor 9* Fixed 0.88% 14/06/2018 USD 5,450,000 (14,153) USD 3 Month Libor 11* Fixed 2.02% 03/12/2025 USD 2,600,000 (165,701) (0.02) USD 3 Month Libor 9* Fixed 1.72% 26/04/2026 USD 4,025,000 (148,650) (0.01) USD 3 Month Libor 9* Fixed 1.68% 03/06/2026 USD 1,050,000 (33,177) USD 3 Month Libor 9* Fixed 1.57% 07/06/2026 USD 3,175,000 (67,214) (0.01) USD 3 Month Libor 9* Fixed 1.5% 14/06/2026 USD 1,050,000 (14,675) ZAR 3 Month JIBAR 9* Fixed 9.32% 14/01/2046 ZAR 11,200,000 (112,268) (0.01) ZAR 3 Month JIBAR 9* Fixed 9.31% 15/01/2046 ZAR 17,900,000 (178,284) (0.02) ZAR 3 Month JIBAR 9* Fixed 9.37% 19/01/2046 ZAR 18,500,000 (192,137) (0.02) MGI Funds plc 117

119 MGI Emerging Markets Debt Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets Financial liabilities at fair value through profit or loss (2015: (1.36)%) Financial derivative instruments (2015: (1.36)%) Interest rate swaps (2015: (0.25)%) ZAR 3 Month JIBAR 9* Fixed 9.37% 20/01/2046 ZAR 18,900,000 (195,774) (0.02) Interest rate swaps at negative fair value (6,896,937) (0.64) Cross currency swaps (2015: Nil) Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets RUB 0.08% 11* USD 3 Month 21/09/2018 USD 8,703,137 (61,696) (0.01) Libor Cross currency swaps at negative fair value (61,696) (0.01) Futures contracts (2015: Nil) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss US$ Net assets 5 Year US Treasury Notes Futures 9* (14,659,688) 30/09/2016 USD (120) (27,305) US Long Bond Futures 9* (1,034,063) 21/09/2016 USD (6) (60,750) (0.01) Unrealised loss on futures contracts (88,055) (0.01) Options written (2015: Nil) Expiry Notional Fair value % of Currency date amount US$ Net assets Call at USD put MXN 8* USD 16/02/2017 (7,071,000) (123,602) (0.01) Call at 4, EUR put PLN 2* EUR 22/07/2016 (6,310,000) (7,718) Call at 6.05 USD put TRY 10* USD 19/02/2018 (3,535,000) (14,087) Call at USD put RUB 9* USD 28/12/2016 (3,931,000) (86,517) (0.01) Call at USD put RUB 9* USD 06/06/2017 (3,802,000) (112,513) (0.01) Put at USD call ZAR 4* USD 11/10/2016 (7,060,000) (48,792) Put at USD call MXN 9* USD 08/03/2017 (14,106,000) (16,913) Put at USD call MXN 9* USD 20/10/2016 (7,271,000) (3,926) Put at USD call MXN 9* USD 06/06/2017 (7,604,000) (148,643) (0.01) Put at USD call MXN 8* USD 28/12/2016 (5,896,000) (111,747) (0.01) Put at 187, USD call MXN 9* USD 20/07/2016 (3,904,000) (80,469) (0.01) Put at USD call MXN 11* USD 14/07/2016 (3,846,000) (113,926) (0.01) Put at 2, USD call COP 13* USD 28/09/2016 (6,882,000) (53,026) Put at 4, EUR call PLN 2* EUR 19/12/2016 (6,790,000) (184,231) (0.03) Put at 4.27 EUR call PLN 13* EUR 22/07/2016 (6,310,000) (4,430) Put at USD call RUB 9* USD 05/08/2016 (7,241,000) (83,474) (0.01) Put at USD call INR 9* USD 26/10/2016 (7,149,000) (8,421) Unrealised loss on options written (1,202,435) (0.11) MGI Funds plc 118

120 MGI Emerging Markets Debt Fund Portfolio Statement Expiry Notional Fair value % of Currency date amount US$ Net assets Swaptions (2015: Nil) Put at 2.25 USD 10 Years 9* USD 27/07/2016 (19,995,000) (11) Unrealised loss on swaptions (11) Total financial derivative instruments at negative fair value (36,616,428) (3.42) Total financial liabilities at fair value through profit or loss (36,616,428) (3.42) Total financial derivative instruments (4,458,399) (0.42) Total investments at fair value through profit and loss 980,086, Cash (2015: 2.84%) 71,703, Net current assets (2015: 3.01%) 19,138, Net assets attributable to holders of redeemable participating shares 1,070,928, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Government bonds Nigeria 1.40 Slovenia 0.03 Uruguay 0.37 Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; UCITS and NONUCITS CIS; 0.95 Financial derivative instruments dealt in on a regulated market; 0.03 OTC financial derivative instruments; 2.64 Other current assets MGI Funds plc 119

121 MGI Emerging Markets Debt Fund Portfolio Statement The following is a list of counterparties for the financial derivative instruments: Reference Counterparty 1* Bank of America 2* Barclays Bank 3* BNP Paribas 4* Citibank 5* Commonwealth Bank of Australia 6* Credit Agricole 7* Credit Suisse 8* Deutsche Bank 9* Goldman Sachs 10* HSBC Bank 11* JPMorgan Chase 12* Merrill Lynch 13* Morgan Stanley 14* Rand Merchant Bank 15* Royal Bank of Canada 16* Societe Generale 17* Standard Chartered Bank 18* State Street Bank 19* State Street Bank London 20* UBS 21* Westpac Banking Corporation All options and swaptions purchased and options and swaptions written are covered. Country classifications are based upon country of incorporation and/or country of domicile. Credit Risk The following table outlines the credit exposures of MGI Emerging Markets Debt Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 MGI Emerging Markets Debt Fund % Holding US$ AAA ,463,655 AA ,292,536 A ,592,148 A ,113,456 BBB ,028,919 BBB ,989,978 BBB ,558,088 BB ,606,341 BB ,129,158 Not rated ,328, ,102,486 MGI Emerging Markets Debt Fund % Holding US$ AAA ,734,775 AA ,059,675 A ,294,732 A ,700,596 BBB ,030,180 BBB ,482,908 BBB ,819,593 BB ,912,097 Not rated ,205, ,288,240,427 Concentration Risk MGI Emerging Markets Debt Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Sovereign Debt MGI Funds plc 120

122 Mercer Global Small Cap Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) Australia (2015: 0.74%) Adelaide Brighton 296,055 1,227, ALS 390,968 1,423, Australian Pharmaceutical Industries 110, , Blackmores 3, , BlueScope Steel 179, , Brickworks 39, , BWP Trust REIT 278, , carsales.com 55, , Challenger 136, , Cromwell Property Group REIT 635, , CSR 731,512 1,982, DuluxGroup 45, , Evolution Mining 819,242 1,421, Fairfax Media 303, , InvoCare 107,282 1,049, JB HiFi 26, , LendLease Group 52, , Mantra Group 276, , McMillan Shakespeare 27, , Metals X 428, , Millennium Services Group 93,290 73, Mineral Resources 62, , Northern Star Resources 480,091 1,765, Nufarm 290,943 1,596, Orora 875,577 1,799, OZ Minerals 163, , OzForex Group 135, , Pact Group Holdings 151, , Premier Investments 15, , Resolute Mining 458, , Sirtex Medical 33, , Spark Infrastructure Group 1,991,621 3,618, Spotless Group Holdings 1,002, , St Barbara 223, , Super Retail Group 69, , Syrah Resources 53, , Technology One 220, , Tox Free Solutions 263, , Virtus Health 84, , ,187, Austria (2015: 0.64%) Ams 34, , Lenzing 5, , SchoellerBleckmann Oilfield Equipment 15, , Wienerberger 68, , ,328, Belgium (2015: 0.80%) Ablynx 40, , AGFAGevaert 112, , Befimmo REIT 31,464 2,023, Bekaert 3, , bpost 64,458 1,638, D'ieteren 16, , Elia System Operator 27,887 1,558, Melexis 10, , Ontex Group 56,050 1,759, Nominal Fair value % of holdings US$ Net assets Belgium (2015: 0.80%) Van de Velde 5, , ,727, Bermuda (2015: 0.47%) Aspen Insurance Holdings 61,906 2,871, Assured Guaranty 135,198 3,429, Validus Holdings 31,000 1,506, ,807, Brazil (2015: 0.04%) Cia de Transmissao de Energia Eletrica Paulista Pref 40, , Cosan 135, , Iguatemi Empresa de Shopping Centers 76, , Metalurgica Gerdau Pref 151,500 94, ,438, Canada (2015: 1.71%) Alamos Gold 156,000 1,334, Asanko Gold 43, , B2Gold 219, , Canadian Western Bank 58,270 1,105, Celestica 45, , Cominar REIT 114,657 1,486, Concordia International 35, , Constellation Software 2,900 1,116, Cott 49, , Descartes Systems Group 8, , Detour Gold 94,800 2,359, Dominion Diamond Canada listing 2,000 17, Dominion Diamond US listing 99, , Dream Industrial REIT 211,430 1,421, Endeavour Silver 109, , Enghouse Systems 33,087 1,395, Exco Technologies 67, , First Majestic Silver 130,856 1,777, Firstservice Canada listing 23,300 1,060, FirstService US listing 4, , Fortuna Silver Mines 100, , Gluskin Sheff + Associates 61, , Guyana Goldfields 82, , High Liner Foods 45, , HudBay Minerals 208, , IAMGOLD 95, , Intertape Polymer Group 31, , Jean Coutu Group 102,800 1,583, Kinaxis 15, , Lucara Diamond 47, , Lundin Mining 548,600 1,841, Maple Leaf Foods 49,100 1,043, Milestone Apartments REIT 79,358 1,154, MTY Food Group 39,414 1,317, New Gold 232,600 1,011, Norbord 91,123 1,772, North West 15, , Northview Apartment REIT 82,282 1,421, Novagold Resources 94, , OceanaGold 162, , Pan American Silver 78,075 1,279, Parex Resources 40, , Premium Brands Holdings 16, , MGI Funds plc 121

123 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) Canada (2015: 1.71%) Pure Industrial Real Estate Trust REIT 378,193 1,499, Raging River Exploration 26, , Richmont Mines 69, , Ritchie Bros Auctioneers 48,863 1,642, Sandstorm Gold 41, , Seabridge Gold 11, , Tahoe Resources 296,150 4,412, Transcontinental 67, , TransForce 58,914 1,088, Whistler Blackcomb Holdings 5, , Winpak 17, , ,896, China (2015: 0.42%) CNinsure ADR 19, , Shenzhen Expressway 1,234,000 1,121, Sunny Optical Technology Group 192, , ,933, Cyprus (2015: 0.05%) Ocean Rig UDW 89, , Denmark (2015: 0.96%) GN Store Nord 104,031 1,868, SimCorp 51,443 2,516, Spar Nord Bank 118, , Sydbank 26, , ,998, Faeroe Islands (2015: Nil) Bakkafrost 12, , Finland (2015: 2.20%) Amer Sports 172,773 4,714, Caverion 35, , Huhtamaki 91,926 3,797, Kemira 2,677 31, Kesko 13, , Metsa Board 117, , Ramirent 213,600 1,634, Sponda 446,241 1,933, Valmet 70, , ,454, France (2015: 2.36%) Alten 14, , Euler Hermes Group 33,858 2,830, Gaztransport Et Technigaz 26, , Guerbet 4, , Ipsen 12, , IPSOS 56,828 1,613, Korian 47,338 1,530, Nexity 29,530 1,499, Sartorius Stedim Biotech 43,662 2,957, Sopra Steria Group 3, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets France (2015: 2.36%) UBISOFT Entertainment 27, , Vallourec 233, , Virbac 6,988 1,269, ,599, Germany (2015: 2.76%) Aareal Bank 39,970 1,255, Bechtle 24,807 2,602, Bertrandt 1, , Cancom 34,791 1,714, Deutz 46, , Krones 2, , Leoni 11, , Rational , Rhoen Klinikum 61,200 1,790, Sixt Pref 10, , Software 47,709 1,618, Stada Arzneimittel 24,316 1,254, Wacker Chemie 12,832 1,118, ,088, Gibraltar (2015: Nil) 888 Holdings 98, , Greece (2015: Nil) Jumbo* 0.00 Hong Kong (2015: 0.88%) China Everbright International 620, , China State Construction International Holdings 376, , Far East Consortium International 2,206, , Haitong International Securities Group 480, , Hopewell Holdings 109, , NewOcean Energy Holdings 1,564, , Orient Overseas International 131, , PAX Global Technology 402, , Sitoy Group Holdings 799, , SmarTone Telecommunications Holdings 1,377,000 2,460, Sun Hung Kai 1,544, , Techtronic Industries 1,148,000 4,772, Truly International Holdings 726, , VST Holdings 1,272, , Xinyi Automobile Glass Hong Kong Enterprises 54,000 19, Xinyi Glass Holdings 432, , ,321, India (2015: 0.17%) WNS Holdings ADR 21, , Ireland (2015: 0.96%) Glanbia 20, , Kingspan Group 112,553 2,438, Smurfit Kappa Group 91,821 2,019, UDG Healthcare 454,644 3,597, ,443, MGI Funds plc 122

124 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) Isle Of Man (2015: 0.26%) Playtech 211,003 2,246, Israel (2015: 0.70%) Frutarom Industries 66,000 3,040, Nice ADR 33,600 2,145, ,185, Italy (2015: 2.25%) Amplifon 66, , ASTM 60, , Azimut Holding 38, , Banca Mediolanum 74, , Cofide 838, , Datalogic 12, , De'Longhi 53,699 1,275, DiaSorin 6, , ENNOCONN Rights 1,113 1, FinecoBank Banca Fineco 189,499 1,231, Hera 165, , Iren 295, , Recordati 153,797 4,613, Reply 1, , Yoox NetAPorter Group 43,750 1,010, ,616, Japan (2015: 14.19%) ABCMart 21,600 1,442, Aeon Delight 67,800 1,840, AEON Financial Service 51,200 1,095, Aica Kogyo 23, , Ain Holdings 10, , Aoyama Trading 39,900 1,462, Arcs 65,800 1,562, Ariake Japan 16, , As One 17, , Asahi Intecc 37,100 1,799, Bandai Namco Holdings 70,100 1,799, Capcom 53,500 1,228, Chiyoda Integre 71,500 1,315, Ci:z Holdings 24, , CocaCola East Japan 189,900 3,622, CocaCola West 56,100 1,581, Cocokara fine 16, , COMSYS Holdings 35, , CONEXIO 96,400 1,203, Create SD Holdings 21, , Daiichikosho 14, , Denka 79, , DIC 28, , Disco 11, , Don Quijote Holdings 18, , Ebara 146, , Eiken Chemical 22, , Exedy 38, , Fuji Oil 45, , Fujitsu General 53,000 1,169, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 14.19%) GLP JREIT , Godo Steel 302, , Hanwa 140, , Heiwa 61,400 1,238, Hitachi Capital 22, , Hogy Medical 33,100 2,300, Hokuetsu Bank 322, , Hoshizaki 15,700 1,528, House Foods Group 29, , Hulic 77, , Idec 57, , Japan Hotel REIT Investment , Japan Logistics Fund REIT 696 1,626, K's Holdings 24, , Kagome 19, , Kaken Pharmaceutical 5, , Kato Sangyo 3,700 86, Keiyo Bank 186, , Kenedix Office Investment REIT 185 1,105, Kenedix Residential Investment REIT , Kewpie 41,700 1,321, Kintetsu World Express 100,200 1,206, Kissei Pharmaceutical 25, , Kobayashi Pharmaceutical 25,800 1,140, Koei Tecmo Holdings 38, , Konoike Transport 36, , Kuroda Electric 35, , Kusuri No Aoki 30,400 1,970, Kyowa Exeo 57, , Lion 263,000 4,319, Marudai Food 67, , Maruha Nichiro 19, , Matsumotokiyoshi Holdings 8, , Max 54, , Meitec 27, , Milbon 5, , MISUMI Group 103,400 1,847, Mitsui Sugar 167, , Mochida Pharmaceutical 2, , Morinaga Milk Industry 144, , NEC Networks & System Integration 33, , Nichii Gakkan 7,500 50, Nichirei 146,000 1,336, Nihon Parkerizing 265,100 2,762, Nihon Unisys 34, , Nippon Flour Mills 98, , Nippon Light Metal Holdings 300, , Nippon Paper Industries 63,200 1,100, Nippon Parking Development 342, , Nippon Road 107, , Nippon Suisan Kaisha 113, , Nipro 82,300 1,015, Nishimatsu Construction 144, , Nisshin Oillio Group 373,000 1,712, Nissin Kogyo 52, , Nittetsu Mining 41, , Noevir Holdings 14, , North Pacific Bank 224, , NSD 47, , NuFlare Technology 29,300 1,390, Obayashi 188,800 1,996, MGI Funds plc 123

125 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) Japan (2015: 14.19%) Obic 46,500 2,542, Okinawa Electric Power 45, , PeptiDream 29,100 1,724, Plenus 70,500 1,144, Ricoh Leasing 57,600 1,462, Ryohin Keikaku 8,800 2,134, Ryosan 23, , S Foods 7, , SanAi Oil 268,000 1,515, Sangetsu 27, , Sanwa Holdings 150,000 1,349, Sanyo Chemical Industries 65, , Showa 123, , Sohgo Security Services 41,600 2,047, Sojitz 439,800 1,033, Start Today 33,100 1,735, Sugi Holdings 36,400 2,018, Sumitomo Warehouse 95, , Takara Holdings 71, , Takara Leben 357,900 2,717, Takeuchi Manufacturing 90,200 1,150, Teijin 492,000 1,616, Temp Holdings 90,700 1,557, THK 108,100 1,826, Tokai Tokyo Financial Holdings 168, , Tosoh 99, , Toyo Ink SC Holdings 156, , TS Tech 21, , Tsugami 89, , Tsumura 35, , UBE Industries 319, , Unipres 73,400 1,171, United Arrows 22, , United Super Markets Holdings 26, , Valor Holdings 36, , Wacoal Holdings 49, , Wowow 29, , Yamaha Motor 79,200 1,189, Yamazen 229,000 1,814, Yokohama Reito 27, , Yuasa Trading 16, , ,096, Korea (2015: 0.06%) Able C&C 5, , Dongbu Insurance 8, , Hanil Cement 2, , Hite Jinro 38, , ISU Chemical 11, , Korea District Heating 3, , Korea Kolmar 12,055 1,046, LIG Nex1 6, , Maeil Dairy Industry 4, , Nong Shim Holdings 1, , NongShim 1, , Poongsan 14, , Samyang 2, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Korea (2015: 0.06%) Samyang Holdings , ,116, Luxembourg (2015: 0.70%) Altisource Portfolio Solutions 26, , Grand City Properties 135,195 2,773, Regus 1,075,206 4,153, SAFHolland 59, , Ternium ADR 52,802 1,006, Trinseo 8, , ,668, Malta (2015: 0.05%) Unibet Group 36, , Mexico (2015: Nil) Alpek 973,245 1,582, Alsea 84, , Controladora Vuela Cia de Aviacion 255, , Credito Real 148, , Grupo Aeroportuario del Centro Norte 109, , Industrias Bachoco 121, , ,800, Netherlands (2015: 0.71%) Aalberts Industries 58,204 1,749, AerCap Holdings 68,092 2,287, Arcadis 127,190 1,918, Atrium European Real Estate 253,369 1,085, BE Semiconductor Industries 14, , Centamin 883,833 1,558, Euronext 45,033 1,657, Flow Traders 19, , Orthofix International 19, , Refresco Gerber 28, , SNS REAAL 133, TKH Group 24, , ,375, New Zealand (2015: 0.23%) a2 Milk 137, , Air New Zealand 668, , Chorus 143, , Fisher & Paykel Healthcare 88, , Freightways 114, , Metlifecare 113, , Sky City Entertainment Group 95, , Trade Me Group 95, , Z Energy 71, , ,260, Norway (2015: 0.42%) Det Norske Oljeselskap 29, , Leroy Seafood Group 33,035 1,551, Salmar 16, , Selvaag Bolig 207, , SpareBank 1 SMN 92, , SpareBank 1 SRBank 190, , Storebrand 252, , ,605, MGI Funds plc 124

126 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) Panama (2015: Nil) Banco Latinoamericano de Comercio Exterior 26, , Philippines (2015: 0.09%) Cosco Capital 4,662, , Portugal (2015: 0.08%) Sonae 1,034, , Puerto Rico (2015: 0.14%) TripleS Management 18, , Russia (2015: Nil) Magnitogorsk Iron & Steel GDR 30, , Singapore (2015: 0.22%) Asian Pay Television Trust 843, , Fortune REIT 1,869,000 2,230, Mapletree Logistics Trust REIT 999, , QAF 625, , SATS 74, , Starhill Global REIT 1,107, , ,671, South Africa (2015: 0.11%) Nampak 420, , Spain (2015: 1.01%) Faes Farma 448,446 1,462, Gamesa Tecnologica 103,621 2,037, Let's GOWEX 24, Mediaset Espana Comunicacion 38, , Melia Hotels International 325,220 3,491, Merlin Properties Socimi REIT 200,900 2,100, Viscofan 21,691 1,195, ,717, Sweden (2015: 2.63%) AAK 29,960 2,119, Axfood 61,628 1,173, Betsson 141,045 1,166, Bilia 28, , BillerudKorsnas 78,355 1,158, Castellum 272,967 3,862, Cloetta 244, , Hemfosa Fastigheter 135,197 1,380, Hexpol 40, , Hufvudstaden 41, , Indutrade 23, , Intrum Justitia 76,194 2,366, JM 31, , Lindab International 29, , Meda 28, , NetEnt 308,232 3,019, Nibe Industrier 390,909 3,220, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Sweden (2015: 2.63%) Rezidor Hotel Group 217, , Scandi Standard 11,920 84, Trelleborg 69,200 1,214, ,199, Switzerland (2015: 1.13%) Allied World Assurance Holdings 47,001 1,651, Allreal Holding 13,194 1,828, Autoneum Holding 2, , Belimo Holding , Bucher Industries 3, , Burckhardt Compression Holding 2, , Cembra Money Bank 11, , Emmi 2,792 1,700, Flughafen Zurich 8,945 1,581, Georg Fischer 4,262 3,399, Interroll Holding 1,963 1,839, Kaba Holding , Komax Holding 4, , OC Oerlikon 93, , Straumann Holding 6,415 2,526, Tecan Group 2, , Temenos Group 30,652 1,525, Transocean 112,939 1,342, ,756, Taiwan (2015: 0.25%) Ennoconn 22, , Sinbon Electronics 306, , Tung Thih Electronic 59, , ,921, Thailand (2015: 0.07%) Fabrinet 20, , Turkey (2015: 0.15%) Albaraka Turk Katilim Bankasi 518, , Anadolu Cam Sanayii 263, , Bizim Toptan Satis Magazalari 29, , Borusan Mannesmann Boru Sanayi ve Ticaret 87, , CocaCola Icecek 60, , EGE Endustri VE Ticaret 1, , Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret 224, , Koza Altin Isletmeleri 100, , ,599, United Kingdom (2015: 5.27%) Abcam 157,970 1,626, AMEC 115, , Ashmore Group 284,639 1,130, ASOS 27,788 1,481, Auto Trader Group 325,256 1,536, BBA Aviation 1,144,341 3,377, Berendsen 39, , Big Yellow Group REIT 80, , Bodycote 158,100 1,088, MGI Funds plc 125

127 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) United Kingdom (2015: 5.27%) Booker Group 223, , Bovis Homes Group 86, , Britvic 422,030 3,300, BTG 49, , Cairn Energy 668,106 1,854, Carillion 415,083 1,297, Chemring Group 98, , Crest Nicholson Holdings 375,880 1,788, Daily Mail & General Trust 120, , Dart Group 34, , Derwent London REIT 32,044 1,119, Domino's Pizza Group 320,775 1,424, DS Smith 103, , Elementis 232, , Ensco 93, , Evraz 437, , Fevertree Drinks 100, , Filtrona 79, , Galliford Try 75, , GoAhead Group 16, , Greene King 218,665 2,280, Greggs 75, , Halma 38, , Hansteen Holdings REIT 993,607 1,354, Hays 423, , Henderson Group 372,905 1,051, HomeServe 106, , Inchcape 127,189 1,067, Indivior 156, , Intermediate Capital Group 185,364 1,214, John Wood Group 493,937 4,542, Jupiter Fund Management 243,813 1,191, Kcom Group 490, , Laird 167, , Micro Focus International 36, , Mitie Group 227, , Moneysupermarket.com Group 307,057 1,112, OneSavings Bank 433,280 1,226, Oxford Instruments 100, , Pets at Home Group 373,202 1,162, Premier Oil 245, , QinetiQ Group 33,306 99, Restaurant Group 101, , Rightmove 72,117 3,516, Rotork 325, , Rowan 24, , Seadrill 338,200 1,095, Senior 137, , SIG 260, , Sophos Group 51, , Spectris 132,372 3,229, Sports Direct International 13,105 55, St James's Place 227,100 2,383, Steris 31,803 2,186, SThree 77, , SVG Capital 52, , Travelport Worldwide 201,462 2,596, Travis Perkins 45, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United Kingdom (2015: 5.27%) Tullow Oil 384,078 1,346, UBM 156,215 1,338, WH Smith 54,483 1,146, WS Atkins 103,332 1,830, ,942, United States of America (2015: 52.11%) AAR 37, , Aaron's 27, , Abaxis 17, , Abercrombie & Fitch 39, , ABIOMED 26,365 2,881, ABM Industries 42,431 1,547, Acadia Healthcare 18,286 1,013, Acuity Brands 6,433 1,595, ADTRAN 52, , Advanced Energy Industries 30,391 1,153, Advisory Board 46,200 1,635, AECOM 7, , Air Methods 57,800 2,070, AK Steel Holding 88, , Alder Biopharmaceuticals 34, , Alexandria Real Estate Equities REIT 22,562 2,335, Align Technology 34,600 2,787, Allegiant Travel 7,286 1,103, Allete 27,870 1,801, Allscripts Healthcare Solutions 58, , Alpha & Omega Semiconductor 20, , AMC Networks 24,700 1,492, American Eagle Outfitters 53, , American Financial Group 3, , American National Insurance 4, , American States Water 4, , American Woodmark 30,300 2,011, Ameris Bancorp 57,697 1,713, AMERISAFE 18,955 1,160, Amkor Technology 66, , AMN Healthcare Services 47,659 1,904, Amsurg 78,727 6,104, AO Smith 23,469 2,067, AptarGroup 14,665 1,160, Aqua America 77,032 2,746, Arcbest 48, , Ashford Hospitality Trust REIT 215,465 1,157, Aspen Technology 29,700 1,195, Associated Banc 76,310 1,308, Atlas Air Worldwide Holdings 19, , Atwood Oceanics 87,111 1,090, Avista 72,552 3,250, Avon Products 155, , Babcock & Wilcox Enterprises 73,841 1,084, Badger Meter 19,739 1,441, Banc of California 106,678 1,930, BankUnited 39,898 1,225, Barnes & Noble Education 33, , BBCN Bancorp 76,303 1,138, Benchmark Electronics 48,355 1,022, Beneficial Bancorp 78, , Berry Plastics Group 75,503 2,933, BioTechne 34,305 3,868, BioMarin Pharmaceutical 8, , BJ's Restaurants 29,753 1,304, MGI Funds plc 126

128 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) United States of America (2015: 52.11%) Blue Buffalo Pet Products 5, , BofI Holding 74,700 1,322, Booz Allen Hamilton Holding 18, , Boston Private Financial Holdings 249,100 2,934, Brinker International 38,465 1,751, Brocade Communications Systems 268,204 2,462, Brown & Brown 80,319 3,009, Bruker 158,200 3,597, Brunswick 85,797 3,888, Buckle 32, , Buffalo Wild Wings 13,752 1,910, Builders FirstSource 146,296 1,645, Burlington Stores 51,000 3,402, BWX Technologies 14, , Cabela's 6, , Cabot 31,032 1,416, CalMaine Foods 9, , CalAtlantic Group 65,035 2,387, Calavo Growers 2, , California Water Service Group 4, , Calix 84, , Cambrex 35,723 1,847, Cantel Medical 26,588 1,827, Capitol Federal Financial 105,219 1,467, Cardinal Financial 55,879 1,225, Cardtronics 15, , Carlisle 37,372 3,949, Carrizo Oil & Gas 66,300 2,376, Carrols Restaurant Group 37, , Carter's 14,811 1,576, Casey's General Stores 1, , Cash America International 42,565 1,814, Catalent 83,400 1,917, Cathay General Bancorp 40,651 1,146, Cavium 53,300 2,057, CBL & Associates Properties REIT 153,527 1,429, Central Garden and Pet 7, , CEVA 16, , Chart Industries 28, , Cheesecake Factory 48,616 2,340, Chemed 10,699 1,458, Chesapeake Energy 234,291 1,002, Chico's FAS 77, , Cincinnati Bell 248,696 1,136, Clearwater Paper 5, , Cliffs Natural Resources 245,700 1,393, Clifton Bancorp 46, , Cogent Communications Holdings 110,800 4,438, Cognex 29,944 1,290, Comfort Systems USA 26, , Commerce Bancshares 31,537 1,510, CommVault Systems 35,140 1,517, Compass Minerals International 39,666 2,942, Computer Sciences 73,011 3,624, CONSOL Energy 92,400 1,486, Convergys 76,838 1,920, Cooper 6,454 1,107, Cooper Tire & Rubber 23, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 52.11%) CooperStandard Holding 27,869 2,201, CoreMark Holding 41,314 1,935, CoreLogic 23, , Cornerstone OnDemand 48,800 1,857, CorVel 17, , CoStar Group 5,568 1,217, Covisint Cowen Group 326, , CubeSmart REIT 109,823 3,391, Cullen/Frost Bankers 20,317 1,294, CVB Financial 124,900 2,047, Cynosure 33,485 1,628, CyrusOne REIT 43,460 2,418, Dana Holding 100,670 1,063, Dave & Buster's Entertainment 32,474 1,519, Dean Foods 78,785 1,425, Deluxe 23,530 1,561, Denny's 108,376 1,162, DeVry Education Group 43, , DHI Group 29, , Diamond Offshore Drilling 183,729 4,470, Diamondback Energy 35,100 3,201, DiamondRock Hospitality REIT 115,162 1,039, Dick's Sporting Goods 23,023 1,037, Dime Community Bancshares 48, , Domtar 29,512 1,033, DrilQuip 17,200 1,004, DST Systems 13,236 1,541, DSW 31, , Dunkin' Brands Group 24,100 1,051, DuPont Fabros Technology REIT 33,397 1,587, Dycom Industries 22,699 2,037, Eagle Bancorp 31,081 1,495, Eastman Kodak 20, , El Paso Electric 16, , Eldorado Resorts 38, , Electro Scientific Industries 47, , Electronics For Imaging 70,380 3,029, EMCOR Group 34,116 1,680, Emergent Biosolutions 28, , Employers Holdings 43,928 1,274, Energen 29,828 1,438, Energizer Holdings 57,540 2,962, Engility Holdings 25, , Ensign Group 54,744 1,150, Envestnet 10, , EPAM Systems 17,096 1,099, EPR Properties REIT 22,069 1,780, Equity LifeStyle Properties 30,067 2,406, Essent Group 30, , Ethan Allen Interiors 9, , Euronet Worldwide 33,590 2,324, EverBank Financial 123,100 1,829, Exactech 7, , ExlService Holdings 51,900 2,720, FactSet Research Systems 10,324 1,666, Federated Investors 43,168 1,242, FEI 16,810 1,796, Finisar 50, , Finish Line 73,352 1,480, First American Financial 57,615 2,317, First Busey 25, , MGI Funds plc 127

129 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) United States of America (2015: 52.11%) FirstMerit 65,415 1,325, Five9 103,249 1,228, Flagstar Bancorp 17, , Flowers Foods 71,800 1,346, Flushing Financial 56,152 1,116, FormFactor 19, , Fortinet 22, , Forward Air 24,030 1,070, Fresh Del Monte Produce 26,835 1,460, FTI Consulting 11, , GameStop 12, , Gaming & Leisure Propertie REIT 31,104 1,072, Gannett 76,504 1,056, GATX 6, , Genpact 76,900 2,063, Gentex 90,493 1,398, Genworth Financial 605,478 1,562, Gibraltar Industries 64,674 2,041, Gigamon 29,226 1,092, Global Payments 11, , GNC Holdings 56,073 1,362, GoDaddy 56,990 1,777, Gogo 129,100 1,083, Government Properties Income Trust REIT 92,369 2,130, Graco 17,610 1,391, Grand Canyon Education 7, , Granite Construction 37,382 1,702, Great Plains Energy 150,874 4,586, Green Dot 58,231 1,338, Greenbrier 30, , Group 1 Automotive 12, , Guidewire Software 34,819 2,150, Hanger 36, , Hanover Insurance Group 35,458 3,000, Harmonic 98, , Haverty Furniture 19, , Hawaiian Electric Industries 28, , HD Supply Holdings 56,884 1,980, HealthSouth 38,804 1,506, Helix Energy Solutions Group 166,238 1,123, Herbalife 60,778 3,557, Herman Miller 22, , Hospitality Properties Trust REIT 81,586 2,349, Howard Hughes 22,479 2,569, HRG Group 58, , Hub Group 51,700 1,983, Hubbell 13,546 1,428, Huntington Ingalls Industries 12,700 2,133, Huntsman 201,486 2,709, IAC/InterActive 14, , IDACORP 8, , IDEX 19,632 1,611, IDEXX Laboratories 10, , IIVI 27, , Imperva 34,600 1,488, Ingredion 13,810 1,787, Innophos Holdings 9, , Innoviva 25, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 52.11%) Inphi 52,914 1,694, Insight Enterprises 31, , Installed Building Products 42,295 1,534, Integra LifeSciences Holdings 13,300 1,061, Integrated Device Technology 97,800 1,968, Interactive Brokers Group 20, , InterDigital 16, , International Bancshares 32, , Interval Leisure Group 91,500 1,454, Investors Bancorp 80, , irobot 48,461 1,700, Isle of Capri Casinos 4,640 85, Itron 20, , ITT 41,049 1,312, Ixia 89, , IXYS 36, , j2 Global 41,420 2,616, Jabil Circuit 28, , Jack Henry & Associates 27,130 2,367, Janus Capital Group 64, , JetBlue Airways 45, , John Bean Technologies 28,241 1,728, John Wiley & Sons 32,887 1,716, Jones Lang LaSalle 23,707 2,310, Joy Global 52,681 1,113, K12 35, , Kaiser Aluminum 49,354 4,462, KAR Auction Services 82,001 3,422, Kate Spade & Co 38, , KCG Holdings 59, , Kearny Financial 177,300 2,230, Kemper 33,179 1,027, Keysight Technology 25, , Kilroy Realty REIT 29,665 1,966, Knoll 14, , Koppers Holdings 16, , LaZBoy 47,033 1,308, Lancaster Colony 8,123 1,036, Lexicon Pharmaceuticals 56, , Lexington Realty Trust REIT 165,081 1,668, Lexmark International 34,236 1,292, Liberty Media 19, , Ligand Pharmaceuticals 10,324 1,231, Lincoln Electric Holdings 26,229 1,549, Littelfuse 12,326 1,456, LPL Financial Holdings 35, , Lumentum Holdings 21, , Luminex 39, , Macquarie Infrastructure 31,728 2,349, Magellan Health Services 15,800 1,039, Manhattan Associates 44,290 2,840, Manitowoc 86, , Manitowoc Foodservice 50, , MarketAxess Holdings 16,877 2,453, Masimo 25,422 1,335, MasTec 75,233 1,679, Matador Resources 67,761 1,341, MaxLinear 78,900 1,418, MBIA 132, , MDU Resources Group 252,130 6,051, Medifast 4, , Medivation 37,288 2,248, MGI Funds plc 128

130 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) United States of America (2015: 52.11%) Mentor Graphics 56,733 1,206, MercadoLibre 9,200 1,294, Merit Medical Systems 11, , MGE Energy 22,130 1,250, Michaels 39,200 1,114, Microsemi 35,346 1,155, Middleby 12,370 1,425, Middlesex Water 11, , Mitek Systems 30, , MKS Instruments 24,700 1,063, Mobile Mini 31,470 1,090, Modine Manufacturing 57, , Moelis 27, , Monolithic Power Systems 61,991 4,235, Monro Muffler Brake 15,753 1,001, Moog 23,327 1,257, Motorcar Parts of America 28, , Movado Group 19, , MRC Global 138,604 1,969, MSC Industrial Direct 20,292 1,431, Mueller Water Products 23, , Murphy USA 3, , National Beverage 14, , National CineMedia 54, , National General Holdings 70,093 1,501, National Instruments 12, , Natural Grocers by Vitamin Cottage 82,000 1,070, NCR 34, , Nelnet 43,678 1,517, Net 1 UEPS Technologies 29, , NETGEAR 14, , Nevro 11, , New York Times 11, , Newfield Exploration 26,504 1,170, Nexteer Automotive Group 1,026, , Nordson 19,417 1,623, Northstar Asset Managment 111,960 1,143, NorthWestern 23,975 1,512, NVR 1,146 2,040, Oasis Petroleum 126,224 1,178, Old National Bancorp 98,039 1,228, Old Republic International 186,700 3,601, Olin 61,770 1,534, Omega Healthcare Investors REIT 40,412 1,371, Omega Protein 36, , ON Semiconductor 159,104 1,403, One Gas 29,388 1,956, Orbital ATK 14,700 1,251, Orchids Paper Products 11, , Oritani Financial 52, , Oshkosh 26,385 1,258, Otter Tail 9, , Overstock.com 33, , Owens Corning 29,379 1,513, OwensIllinois 83,707 1,507, Oxford Industries 13, , Papa John's International 43,900 2,985, PattersonUTI Energy 42, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 52.11%) Paylocity Holding 28,857 1,246, PBF Energy 192,640 4,580, PDC Energy 26,600 1,532, Pegasystems 40,987 1,104, PerkinElmer 105,541 5,532, Photronics 93, , Physycians Realty REIT 90,800 1,907, Piedmont Office Realty Trust REIT 146,200 3,149, Pilgrim's Pride 62,400 1,589, Pinnacle Foods 116,053 5,372, PNM Resources 37,600 1,332, Polycom 69, , Portland General Electric 28,800 1,270, Post Holdings 20,583 1,702, Powell Industries 21, , Power Integrations 19, , Press Ganey Holdings 19, , PrivateBancorp 32,822 1,445, Progress Software 109,833 3,016, PTC 32,979 1,239, QEP Resources 102,200 1,801, Quanta Services 54,000 1,248, Questar 57,366 1,455, Radius Health 44,700 1,642, Raymond James Financial 19, , RealPage 28, , Redwood Trust REIT 151,000 2,085, RegalBeloit 28,300 1,557, Regis 19, , Reinsurance Group of America 72,795 7,060, Reliance Steel & Aluminum 20,819 1,600, Resolute Forest Products 64, , Rollins 23, , Rovi 43, , RPM International 30,087 1,502, Ruby Tuesday 111, , Ruth's Hospitality Group 34, , Ryder System 43,826 2,679, Sabre 53,448 1,431, Sally Beauty Holdings 35,725 1,050, Sanchez Energy 124, , Sanderson Farms 9, , Sanmina 81,222 2,177, Science Applications International 24,308 1,418, Select Comfort 37, , Select Income REIT 64,054 1,664, Selective Insurance Group 103,130 3,940, Senior Housing Properties Trust REIT 138,513 2,885, Seres Therapeutics 1,700 49, ServiceMaster Global Holdings 92,525 3,682, Silicon Laboratories 33,976 1,655, Simpson Manufacturing 8, , Sims Metal Management 102, , Six Flags Entertainment 84,344 4,887, SJW 20, , SkyWest 40,518 1,072, Smith & Wesson Holding 78,799 2,141, SnydersLance 123,254 4,177, Sonus Networks 83, , South Jersey Industries 91,900 2,905, Southwest Gas 26,414 2,079, SpartanNash 73,954 2,261, MGI Funds plc 129

131 Mercer Global Small Cap Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.01%) Transferable securities (2015: 98.01%) Equities (2015: 98.01%) United States of America (2015: 52.11%) Spire 9, , Spirit Realty Capital REIT 296,734 3,789, Stamps.com 17,553 1,534, Starz 82,400 2,465, State Bank Financial 55,210 1,123, Steel Dynamics 58,984 1,445, Steelcase 40, , Summit Materials 54,761 1,120, Sun Hydraulics 32, , Superior Energy Services 68,842 1,267, Supervalu 157, , Swift Transportation 53, , Sykes Enterprises 23, , Synchronoss Technologies 63,400 2,019, Tableau Software 13, , Tahoe Resources 29, , TakeTwo Interactive Software 66,425 2,518, Targa Resources 34,200 1,441, Team 66,366 1,647, Tech Data 8, , Teleflex 18,192 3,225, Telephone & Data Systems 32, , Tenneco 26,700 1,244, Teradata 32, , Teradyne 81,995 1,614, Tessera Technologies 37,319 1,143, Texas Roadhouse 22,267 1,015, Tile Shop Holdings 54,100 1,075, Time 87,927 1,447, Timken 132,772 4,070, TreeHouse Foods 34,400 3,531, Trinity Industries 155,675 2,890, Tyler Technologies 15,296 2,549, Ultimate Software Group 13,452 2,828, United Fire Group 34,406 1,459, United States Steel 51, , Universal 26,843 1,549, Universal Forest Products 18,550 1,719, Urban Outfitters 30, , US Concrete 23,542 1,433, Vail Resorts 8,700 1,202, VCA 35,780 2,419, Vector Group 161,089 3,611, Vectren 37,101 1,954, Veeva Systems 14, , Vishay Intertechnology 115,013 1,425, Visteon 16,222 1,067, WageWorks 10, , Washington Federal 59,570 1,445, Web.com Group 38, , WebMD Health 20,900 1,214, Weis Markets 4, , WESCO International 36,553 1,882, West Pharmaceutical Services 53,429 4,054, Western Alliance Bancorp 96,722 3,157, WEX 5, , WGL Holdings 24,435 1,729, Whiting Petroleum 147,944 1,369, United States of America (2015: 52.11%) Portfolio Statement Nominal Fair value % of holdings US$ Net assets William Lyon Homes 94,156 1,517, WilliamsSonoma 23,273 1,213, World Acceptance 6, , WP Glimcher REIT 111,491 1,247, WPX Energy 155,715 1,449, Xenia Hotels & Resorts REIT 62,220 1,044, Zions Bancorporation 25, , ,975, Total equities 1,220,009, Total transferable securities 1,220,009, Total investments at fair value through profit and loss 1,220,009, Cash (2015: 1.64%) 26,975, Net current liabilities (2015: 0.35%) (2,044,364) (0.16) Total net assets attributable to holders of redeemable participating shares 1,244,940, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Equities Channel Islands 0.02% MGI Funds plc 130

132 Mercer Global Small Cap Equity Fund Portfolio Statement Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. Concentration Risk MGI Global Small Cap Equity Fund's exposure to industries above 5% was as follows: 30 June June 2015 % of NAV % of NAV Consumer Discretionary Consumer Staples 8.79 Financials Health Care Industrials Information Technology Materials MGI Funds plc 131

133 Mercer Low Volatility Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 91.15%) Transferable securities (2015: 88.65%) Equities (2015: 88.41%) Australia (2015: 2.41%) Newcrest Mining 237,959 4,075, Sonic Healthcare 400,000 6,418, Woolworths 241,967 3,763, WorleyParsons 311,000 1,667, ,924, Austria (2015: 0.43%) BUWOG 21, , EVN 28, , Flughafen Wien 32, , Mayr Melnhof Karton 1, , Oesterreichische Post 25, , Telekom Austria 267,958 1,553, Voestalpine 25, , ,115, Belgium (2015: 0.39%) Colruyt 6, , Elia System Operator 22,899 1,280, Groupe Bruxelles Lambert 39,298 3,207, Sofina 2, , ,237, Bermuda (2015: Nil) Everest Re Group 4, , Brazil (2015: 0.13%) Cia de Saneamento de Minas Gerais COPASA 307,300 2,839, Cia de Saneamento de Minas Gerais COPASA Receipt 9,845 90, Cielo 15, , ,089, Canada (2015: 3.97%) Agnico Eagle Mines 60,246 3,207, Atco 43,800 1,528, Bank of Montreal 60,000 3,786, Barrick Gold 184,413 3,937, BCE 78,950 3,735, Canadian Imperial Bank of Commerce 29,500 2,204, Canadian Natural Resources 21, , Cenovus Energy 83,019 1,147, Cineplex 6, , Emera 94,100 3,522, Empire 7, , First Capital Realty 149,100 2,544, Fortis 35,500 1,193, FrancoNevada 26,392 1,996, George Weston 37,600 3,237, Goldcorp 160,482 3,070, Imperial Oil 15, , Killam Apartment REIT 14, , Lassonde Industries , Manitoba Telecom Services 20, , Maple Leaf Foods 28, , Potash Corp of Saskatchewan 116,613 1,893, Nominal Fair value % of holdings US$ Net assets Canada (2015: 3.97%) PrairieSky Royalty 423 7, Pure Industrial Real Estate Trust REIT 92, , Rogers Communications 91,700 3,692, Royal Bank of Canada 26,740 1,571, Shaw Communications 21, , Suncor Energy 28, , TorontoDominion Bank 28,300 1,208, Valener 32, , ,488, Channel Islands (2015: Nil) Randgold Resources ADR 3, , China (2015: Nil) Baidu ADR 25,000 4,128, Denmark (2015: 0.52%) ALKAbello 4, , ISS 25, , Schouw 4, , ,962, Faroe Islands (2015: 0.02%) Bakkafrost 1,776 66, France (2015: 3.83%) Bouygues 95,208 2,742, Carrefour 87,180 2,151, Cie de SaintGobain 55,256 2,108, Danone 62,788 4,423, Legrand 16, , LVMH Moet Hennessy Louis Vuitton , Neopost 15, , Rexel 93,490 1,175, Safran 109,762 7,428, Sanofi 98,953 8,236, Sodexo 16,585 1,782, Total 31,600 1,522, Wendel 5, , ,400, Germany (2015: 1.85%) Alba 1, , Celesio 67,164 1,895, Fraport Frankfurt Airport Services Worldwide 5, , HeidelbergCement 60,467 4,532, Henkel Pref , Hornbach Baumarkt 6, , Hornbach Holding 3, , Linde 4, , Merck , Rhoen Klinikum 63,477 1,856, Stada Arzneimittel 28,966 1,494, ,455, Hong Kong (2015: 0.90%) Aeon Stores Hong Kong 4,000 3,094 CLP Holdings 413,000 4,210, Guoco Group 43, , Hang Lung Properties 994,609 2,007, MGI Funds plc 132

134 Mercer Low Volatility Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 91.15%) Transferable securities (2015: 88.65%) Equities (2015: 88.41%) Hong Kong (2015: 0.90%) Hysan Development 183, , Jardine Matheson Holdings 50,800 2,962, Jardine Strategic Holdings 2,300 69, Regal REIT 265,000 67, ,595, Ireland (2015: 0.35%) Allergan 29,900 6,909, CRH 37,965 1,108, Kerry Group 1, , UDG Healthcare 26, , ,343, Israel (2015: 0.87%) Amot Investments 135, , Bank Hapoalim 694,041 3,496, Bank Leumi LeIsrael 641,327 2,253, First International Bank of Israel 42, , Israel Chemicals 110, , Israel Discount Bank 80, , Teva Pharmaceutical Industries 12, , ,996, Italy (2015: 0.19%) Ascopiave 39, , DiaSorin 3, , Hera 370,189 1,010, Italcementi 107,354 1,259, Italmobiliare 14, , Parmalat 356, , Terna Rete Elettrica Nazionale 533,557 2,960, ,999, Japan (2015: 7.39%) Alpen 22, , Astellas Pharma 172,800 2,695, Canon 53,600 1,521, Chofu Seisakusho 10, , CocaCola West 34, , Daiichi Sankyo 42,800 1,031, Dydo Drinco 20,100 1,077, Earth Chemical 16, , FANUC 36,627 5,903, Fuji 7, , Fukuda Denshi 2, , Hirose Electric 19,700 2,402, Hoya 91,051 3,225, JOil Mills 22,000 72, KDDI 259,800 7,883, Keyence 7,139 4,811, KFC Holdings Japan 2,000 36, Kisoji 4, , Lion 140,000 2,299, Maruha Nichiro 5, , Ministop 31, , Mitsubishi Estate 177,962 3,249, MOS Food Services 19, , MS&AD Insurance Group Holdings 77,997 1,993, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 7.39%) Nippon Flour Mills 21, , Nisshin Oillio Group 170, , Nissin Foods Holdings 17, , NTT DOCOMO 11, , Okinawa Cellular Telephone 7, , Secom 73,315 5,397, Shimano 13,621 2,061, Shinkin Central Bank Pref , Showa Sangyo 67, , SMC 16,571 4,022, Sompo Japan Nipponkoa Holdings 129,703 3,411, Sumitomo Dainippon Pharma 16, , Takeda Pharmaceutical 72,900 3,143, Torii Pharmaceutical 9, , ,602, Korea (2015: 0.44%) Kia Motors 52,354 1,963, KT&G 26,905 3,188, Lotte Confectionery , Namyang Dairy Products , ,553, Luxembourg (2015: 1.11%) Atento 19, , Millicom International Cellular 65,200 3,963, SES 168,173 3,626, ,767, Mexico (2015: 0.49%) Grupo Televisa ADR 145,720 3,794, Industrias Penoles 36, , ,653, Netherlands (2015: 1.46%) Airbus Group 100,600 5,781, Atrium European Real Estate 16,445 70, Heineken Holding 8, , Orthofix International 3, , Sligro Food Group 13, , ,272, New Zealand (2015: 0.86%) Argosy Property 382, , Auckland International Airport 38, , Contact Energy 610,593 2,252, Ebos Group 44, , Fisher & Paykel Healthcare 288,613 2,065, Freightways 19,621 90, Genesis Energy 322, , Infratil 1,092,400 2,485, Kiwi Property Group 1,537,480 1,631, Mainfreight 50, , Metlifecare 55, , Port of Tauranga 51, , Precinct Properties New Zealand 586, , Ryman Healthcare 453,405 3,012, Summerset Group Holdings 99, , Vector 40,673 95, ,496, MGI Funds plc 133

135 Mercer Low Volatility Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 91.15%) Transferable securities (2015: 88.65%) Equities (2015: 88.41%) Norway (2015: 0.92%) AF Gruppen 198 3,455 DNB 27, , Leroy Seafood Group 2,072 97, Marine Harvest 76,685 1,278, Norsk Hydro 636,660 2,306, Orkla 472,542 4,170, Telenor 218,444 3,592, ,770, Portugal (2015: 0.23%) Energias de Portugal 50, , Redes Energeticas Nacionais 307, , Sonaecom 11,080 27,831 1,048, Russia (2015: 0.06%) Gazprom ADR 117, , Singapore (2015: 0.15%) Great Eastern Holdings 14, , Haw Par 33, , Hong Leong Finance 15,800 26,414 United Industrial 114, , , Spain (2015: 0.87%) Aena 27,370 3,595, Ebro Foods 30, , Endesa 16, , Iberdrola 523,138 3,537, Red Electrica 39,753 3,540, ,700, Sweden (2015: 0.72%) Axfood 21, , Clas Ohlson 5,333 90, Hennes & Mauritz 13, , Investor A Shares 27, , Investor B Shares 47,651 1,579, Svenska Cellulosa 79,282 2,517, Swedish Match 101,146 3,491, ,381, Switzerland (2015: 3.63%) Allreal Holding 10,686 1,480, Alpiq Holding , APG , Basler Kantonalbank 4, , Bell , Berner Kantonalbank , BKW 3, , Flughafen Zurich 2, , Galenica 2,600 3,498, Julius Baer Group 36,025 1,435, Luzerner Kantonalbank , Metall Zug 11 31, Mobimo Holding 5,264 1,197, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Switzerland (2015: 3.63%) Nestle 126,482 9,756, Novartis 66,126 5,440, Pargesa Holding 26,863 1,770, St Galler Kantonalbank 1, , Swiss Prime Site 7, , Swisscom 1, , Tamedia , Valora Holding 2, , Ypsomed Holding 11,915 2,247, ,384, Taiwan (2015: 0.62%) Taiwan Semiconductor Manufacturing ADR 281,800 7,391, Thailand (2015: 0.15%) Bangkok Bank 300 1,383 Bangkok Bank NVDR 390,284 1,760, ,761, United Kingdom (2015: 7.02%) Anglo American 15, , BCA Marketplace 24,713 55, Berkeley Group Holdings 48,757 1,644, British American Tobacco 71,750 4,645, Britvic 7,409 57, Capita 619,700 7,969, Dechra Pharmaceuticals 26, , Diageo 154,921 4,321, Fresnillo 143,575 3,155, Gamma Communications 2,292 11, GlaxoSmithKline 111,542 2,392, Greggs 126,211 1,636, Hansteen Holdings REIT 43,610 59, Hill & Smith Holdings 41, , Imperial Tobacco Group 56,710 3,072, Inchcape 52, , Indivior 229, , Kcom Group 61,173 86, Kennedy Wilson Europe Real Estate 50, , Liberty Global A Shares 3, , Liberty Global C Shares 67,010 1,919, Liberty Global LiLAC A Shares , Liberty Global LiLAC C Shares 10, , Lloyds Banking Group 6,338,779 4,580, London Stock Exchange Group 240,500 8,137, National Grid 148,576 2,176, Reckitt Benckiser Group 25,258 2,528, Rentokil Initial 57, , RollsRoyce Holdings 520,175 4,947, Segro REIT 320,165 1,774, SSE 138,647 2,880, StoltNielsen 10, , Tesco 2,207,592 5,161, Tritax Big Box REIT 1,626,488 2,841, Willis Towers Watson 16,393 2,037, WM Morrison Supermarkets 135, , ,085, United States of America (2015: 45.73%) 3M 24,729 4,330, Alleghany 2,989 1,642, MGI Funds plc 134

136 Mercer Low Volatility Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 91.15%) Transferable securities (2015: 88.65%) Equities (2015: 88.41%) United States of America (2015: 45.73%) Allscripts Healthcare Solutions 44, , Alphabet A Shares 14,294 10,056, Alphabet C Shares 11,400 7,889, Altria Group 76,513 5,276, Amdocs 69,081 3,987, American Capital Agency REIT 37, , American Electric Power 17,151 1,202, American Express 198,094 12,036, American International Group 49,159 2,600, AmerisourceBergen 46,549 3,692, Annaly Capital Management REIT 18, , Anthem 13,033 1,711, Apple 108,547 10,377, AT&T 97,543 4,214, Atrion , Automatic Data Processing 10, , Avnet 5, , Bank of New York Mellon 224,345 8,715, Baxter International 117,900 5,331, BB&T 88,938 3,167, Beneficial Bancorp 58, , Berkshire Hathaway 9 1,952, BristolMyers Squibb 44,157 3,247, Brown & Brown 38,229 1,432, Bunge 5, , CACI International 34,532 3,122, Campbell Soup 60,509 4,025, Capitol Federal Financial 262,232 3,658, Cardinal Health 30,871 2,408, Charter Communications 45,685 10,445, Chemed 25,047 3,414, Chimera Investment REIT 21, , Church & Dwight 49,517 5,094, Cincinnati Financial 23,115 1,731, Cintas 32,209 3,160, Clorox 34,509 4,775, CocaCola 78,876 3,575, ColgatePalmolive 78,883 5,774, Comcast 297,882 19,418, Commercial Metals 9, , CommVault Systems 7, , ConocoPhillips 47,329 2,063, Consolidated Edison 44,271 3,561, Costco Wholesale 21,589 3,390, CR Bard 16,810 3,953, CSG Systems International 13, , Cummins 10,946 1,230, CVS Health 140,379 13,439, DaVita HealthCare Partners 46,908 3,626, Deere 28,514 2,310, Deltic Timber 3, , Dentsply Sirona 72,568 4,502, Devon Energy 50,320 1,824, Dime Community Bancshares 16, , Dominion Resources , Duke Energy 26,840 2,302, ebay 300,021 7,023, Estee Lauder 1, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 45.73%) Express Scripts Holding 83,518 6,330, F5 Networks 8,880 1,010, Flowserve 68,534 3,095, FMC Technologies 90,307 2,408, Fresh Del Monte Produce 73,063 3,976, General Electric 115,309 3,629, General Mills 55,855 3,983, Great Plains Energy 5, , H&R Block 31, , Halliburton 124,000 5,615, HCA Holdings 45,647 3,515, Henry Schein 23,499 4,154, Ingredion 12,636 1,635, Intel 221,064 7,250, International Business Machines 24,542 3,724, Intershop Holding , Jack Henry & Associates 39,954 3,486, Johnson & Johnson 31,819 3,859, Kaiser Aluminum 29,855 2,699, Kellogg 47,158 3,850, KimberlyClark 31,974 4,395, Liberty Media 130,067 2,467, LifePoint Health 8, , Linear Technology 76,354 3,552, Lockheed Martin 5,039 1,250, Lowe's 98,565 7,803, ManTech International 4, , Martin Marietta Materials 5,696 1,093, Masimo 4, , MasterCard 63,111 5,557, McCormick 36,167 3,857, McKesson 4, , Meridian Bancorp 6,270 92, Meridian Bioscience 38, , MettlerToledo International 2, , Microsoft 459,470 23,511, National Healthcare 16,345 1,058, National Oilwell Varco 129,366 4,353, NII Holdings 119, , Northfield Bancorp 23, , Northrop Grumman 6,393 1,421, Northwest Bancshares 48, , Now 39, , Nucor 23,293 1,150, Omnicom Group 72,062 5,872, Oracle 607,272 24,855, Orbital ATK 27,076 2,305, Owens & Minor 82,093 3,068, PayPal Holdings 185,121 6,758, PepsiCo 38,614 4,090, Pfizer 103,043 3,628, Philip Morris International 35,237 3,584, Phillips 66 6, , Pinnacle West Capital 12,381 1,003, Praxair 8, , Procter & Gamble 43,270 3,663, Qualcomm 181,574 9,726, Quality Systems 25, , Quest Diagnostics 33,660 2,740, Reliance Steel & Aluminum 47,013 3,615, Republic Services 74,483 3,821, ResMed 23,422 1,480, MGI Funds plc 135

137 Mercer Low Volatility Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 91.15%) Transferable securities (2015: 88.65%) Equities (2015: 88.41%) United States of America (2015: 45.73%) Royal Gold 14,227 1,024, San Juan Basin Royalty Trust 3,100 22, Scotts MiracleGro 27,422 1,917, Southern 71,205 3,818, Spectrum Brands Holdings 21,855 2,607, Spirit Aerosystems Holdings 15, , Sykes Enterprises 9, , Synchrony Financial 92,431 2,336, Sysco 73,609 3,734, Target 88,588 6,185, Teleflex 22,107 3,919, Telephone & Data Systems 16, , Teradata 97,022 2,432, Texas Instruments 21,041 1,318, Tiffany 21,694 1,315, Timken 34,644 1,062, TriCo Bancshares 4, , TrustCo Bank NY 22, , UGI 37,899 1,714, Union Pacific 32,828 2,864, United Parcel Service 33,757 3,636, United States Cellular 10, , UnitedHealth Group 57,300 8,090, Unitil 4, , Universal 54,550 3,149, US Bancorp 69,747 2,812, Varian Medical Systems 108,034 8,883, Vector Group 3,226 72, Visa 127,428 9,451, Vista Outdoor 28,389 1,355, Voya Financial 7, , Vulcan Materials 7, , WalMart Stores 65,100 4,753, Walt Disney 2, , Waste Management 60,195 3,989, Waters 40,300 5,668, WD , Wells Fargo 140,504 6,650, Weyerhaeuser REIT 188,290 5,605, WR Berkley 48,431 2,901, WW Grainger 10,227 2,324, Xcel Energy 16, , Xilinx 65,712 3,031, Yum! Brands 101,243 8,395, ,908, Total equities 970,955, MGI Funds plc 136

138 Mercer Low Volatility Equity Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Government bonds (2015: 0.24) Indonesia (2015: Nil) Indonesia (Government of) /07/2021 IDR 2,739,000, , Mexico (2015: 0.07%) Mexican Bonos /06/2018 MXN 19,700,000 1,066, Mexican Bonos /12/2019 MXN 5,001, , ,335, Singapore (2015: 0.17%) Singapore (Government of) /04/2017 SGD 924, , Singapore (Government of) /04/2018 SGD 1,015, , Singapore (Government of) /09/2020 SGD 786, , ,072, Total government bonds 3,624, Total transferable securities 974,580, Investment funds (2015: 1.82%) Fair value % of Shares US$ Net assets Channel Islands (2015: 1.82%) ETFS Physical Gold 217,608 27,705, Total investment funds 27,705, Financial derivative instruments (2015: 0.68%) Warrants (2015: 0.05%) Nominal Fair value % of holdings US$ Net assets United States of America (2015: 0.05%) JPMorgan To Pur Co call expires 28/10/ , , Total warrants 304, Open forward foreign currency contracts (2015: 0.63%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets AUD 1* 4,136 EUR 2,672 05/07/ AUD 1* 187,644 GBP 100,714 05/07/2016 5,087 CAD 1* 5,170 EUR 3,528 05/07/ CAD 1* 234,546 GBP 131,340 05/07/2016 5,024 CHF 1* 3,850 EUR 3,489 05/07/ CHF 1* 174,670 GBP 130,717 05/07/2016 4,553 DKK 1* 260,736 GBP 28,267 05/07/2016 1,148 EUR 1* 621,369 DKK 4,622,318 05/07/ EUR 1* 6,577,552 GBP 5,057,956 05/07/ , EUR 1* 877,972 SEK 8,163,321 05/07/ ,897 HKD 1* 375,806 EUR 43,433 05/07/ HKD 1* 1,017,044 GBP 92,222 05/07/2016 7,815 ILS 1* 28,525 EUR 6,652 05/07/ ILS 1* 76,958 GBP 14,146 05/07/2016 1,073 JPY 1* 1,066,607 EUR 8,808 05/07/ JPY 1* 48,390,726 GBP 337,908 05/07/ ,975 MGI Funds plc 137

139 Mercer Low Volatility Equity Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Open forward foreign currency contracts (2015: 0.63%) NOK 1* 9,490 EUR 1,018 05/07/ NOK 1* 94,904 GBP 8,153 05/07/ NZD 1* 112 EUR 68 05/07/ NZD 1* 5,085 GBP 2,604 05/07/ SEK 1* 453,969 GBP 39,093 05/07/2016 1,322 SGD 1* 23,114 EUR 15,051 05/07/ SGD 1* 62,476 GBP 32,369 05/07/2016 3,149 USD 1* 473,689 EUR 420,313 05/07/2016 6,028 USD 1* 11,219,104 GBP 7,873,729 05/07/ , USD 1* 30,573 GBP 22,603 03/08/ Unrealised gain on open forward foreign currency contracts 1,309, Total financial derivative instruments at positive fair value 1,614, Total financial assets at fair value through profit or loss 1,003,900, Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (0.16)%) Financial derivative instruments (2015: (0.16)%) Open forward foreign currency contracts (2015: (0.16)%) DKK 1* 5,747 EUR /07/2016 EUR 1* 2,159,777 AUD 3,326,557 05/07/2016 (77,551) (0.01) EUR 1* 2,852,004 CAD 4,158,033 05/07/2016 (33,257) EUR 1* 2,799,181 CHF 3,096,543 05/07/2016 (68,801) (0.01) EUR 1* 1,018,315 HKD 8,814,199 05/07/2016 (4,854) EUR 1* 212,189 ILS 910,641 05/07/2016 (731) EUR 1* 6,950,122 JPY 857,870,755 05/07/2016 (640,895) (0.06) EUR 1* 181,272 NOK 1,689,851 05/07/2016 (559) EUR 1* 54,645 NZD 90,150 05/07/2016 (3,497) EUR 1* 403,677 SGD 619,746 05/07/2016 (12,005) EUR 1* 48,938,422 USD 54,558,925 05/07/2016 (190,814) (0.02) GBP 1* 4,853,704 AUD 9,751,703 05/07/2016 (772,686) (0.07) GBP 1* 1,503 AUD 2,739 03/08/2016 (27) GBP 1* 6,407,275 CAD 12,189,152 05/07/2016 (820,411) (0.07) GBP 1* 1,948 CAD 3,423 03/08/2016 (32) GBP 1* 6,292,400 CHF 9,077,413 05/07/2016 (906,132) (0.08) GBP 1* 1,926 CHF 2,549 03/08/2016 (46) GBP 1* 1,395,699 DKK 13,550,190 05/07/2016 (157,613) (0.01) GBP 1* 420 DKK 3,806 03/08/2016 (7) GBP 1* 20,969,701 EUR 27,369,542 05/07/2016 (2,373,878) (0.22) GBP 1* 6,297 EUR 7,662 03/08/2016 (102) GBP 1* 2,238,944 HKD 25,308,154 05/07/2016 (269,201) (0.02) GBP 1* 663 HKD 6,956 03/08/2016 (10) GBP 1* 466,756 ILS 2,616,254 05/07/2016 (55,392) (0.01) GBP 1* 140 ILS /08/2016 (2) GBP 1* 15,639,522 JPY 2,514,822,829 05/07/2016 (3,606,419) (0.33) GBP 1* 5,092 JPY 706,284 03/08/2016 (83) GBP 1* 405,283 NOK 4,932,061 05/07/2016 (47,617) GBP 1* 122 NOK 1,385 03/08/2016 (2) GBP 1* 122,921 NZD 264,273 05/07/2016 (23,894) GBP 1* 39 NZD 74 03/08/2016 (1) GBP 1* 1,943,871 SEK 23,592,340 05/07/2016 (185,946) (0.02) GBP 1* 577 SEK 6,626 03/08/2016 (11) GBP 1* 888,627 SGD 1,779,968 05/07/2016 (134,594) (0.01) GBP 1* 270 SGD /08/2016 (5) GBP 1* 114,847,781 USD 167,087,490 05/07/2016 (13,559,036) (1.24) GBP 1* 49,911 USD 67,521 03/08/2016 (786) MGI Funds plc 138

140 Mercer Low Volatility Equity Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (0.16)%) Financial derivative instruments (2015: (0.16)%) Open forward foreign currency contracts (2015: (0.16)%) SEK 1* 125,373 EUR 13,511 05/07/2016 (212) Unrealised loss on open forward foreign currency contracts (23,947,109) (2.18) Total financial derivative instruments at negative fair value (23,947,109) (2.18) Total financial liabilities at fair value through profit or loss (23,947,109) (2.18) Total financial derivative instruments (22,332,441) (2.03) Total investments at fair value through profit and loss 979,953, Cash (2015: 9.05%) 116,922, Net current assets (2015: (0.04)%) 1,735, Total net assets attributable to holders of redeemable participating shares 1,098,611, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Equities South Africa 0.70% Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; UCITS and NONUCITS CIS; 2.46 Financial derivative instruments dealt in on a regulated market; 0.03 OTC financial derivative instruments; 0.12 Other current assets The following is a list of counterparties for the open forward foreign currency contracts: Reference Counterparty 1* State Street Bank and Trust Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 139

141 Mercer Low Volatility Equity Fund Portfolio Statement Credit Risk The following table outlines the credit exposures of Mercer Low Volatility Equity Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 Mercer Low Volatility Equity Fund % Holding US$ AAA ,072,098 A ,335,680 BBB , ,624,134 Mercer Low Volatility Equity Fund % Holding US$ AAA ,770,756 A , ,454,318 Concentration Risk Mercer Low Volatility Equity Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Cyclical Services Financials General Industrials 5.68 Information Technology 6.63 NonCyclical Consumer Goods NonCyclical Services 6.39 MGI Funds plc 140

142 Mercer Diversified Growth Fund Portfolio Statement Fair value % of Shares US$ Net assets Financial assets at fair value through profit or loss (2015: 95.89%) Investment funds (2015: 95.80%) Ireland (2015: 95.80%) Acadian Global Managed Volatility Equity 2,251,963 35,918, BlackRock Euro Credit Bond Index Fund 4,588, ,880, BlackRock UK Credit Bond Index Fund 16, , BlackRock US Corporate Bond Index Fund 51,893 1,302, BlackRock Developed Real Estate Index SubFund 20,616, ,437, BlackRock Developed World Index SubFund 16,185, ,229, Irish Life Investment Managers Indexed Minimum Volatility Global Equity Fund 5,453, ,270, Irish Life Investment Managers Indexed World Small Cap Equity Fund 14,923, ,089, ishares Global High Yield Bond 769,268 72,483, ishares $ High Yield Corporate Bond 3,919, ,152, ishares J.P. Morgan $ Emerging Markets Bond Fund 2,253, ,819, Mercer Absolute Return Fixed Income Fund 14, ,870, Mercer Passive Global Equity Fund (MGI Funds Plc) 964, ,413, Mercer Passive Global Equity Fund (MGI Funds plc) 124, ,161, Mercer Passive Emerging Markets Equity Fund 19, ,504, Total investment funds 2,414,149, Financial derivative instruments (2015: 0.09%) Open forward foreign currency contracts (2015: 0.09%) Currency Buy Currency Sell Contract Unrealised % of buy Counterparty amount sell amount date gain US$ Net assets AUD 1* 383,779 EUR 252,022 05/07/2016 5,778 AUD 1* 137,991 GBP 72,144 05/07/2016 6,306 CAD 1* 293,667 EUR 201,859 05/07/2016 1,868 CAD 1* 109,648 GBP 59,931 05/07/2016 4,313 CHF 1* 154,625 EUR 141,876 05/07/2016 1,102 CHF 1* 43,702 GBP 32,091 05/07/2016 1,960 EUR 1* 23,670,320 GBP 18,456,652 05/07/2016 1,623, EUR 1* 1,559,033 SEK 14,573,522 05/07/ ,950 JPY 1* 84,966,204 EUR 725,747 05/07/ ,944 JPY 1* 43,143,951 GBP 294,753 05/07/ ,521 NOK 1* 210,130 EUR 22,500 05/07/ NOK 1* 51,503 GBP 4,379 05/07/ NZD 1* 4,596 EUR 2,874 05/07/ NZD 1* 129 GBP 64 05/07/ SEK 1* 237,317 GBP 20,166 05/07/2016 1,051 USD 1* 59,298,231 EUR 52,717,995 05/07/ , USD 1* 7,326,759 GBP 5,075,858 05/07/ , Unrealised gain on open forward foreign currency contracts 2,979, Total financial derivative instruments at positive fair value 2,979, Total financial assets at fair value through profit or loss 2,417,128, Financial liabilities at fair value through profit or loss (2015: (0.09)%) Financial derivative instruments (2015: (0.09)%) Open forward foreign currency contracts (2015: (0.04)%) Currency Buy Currency Sell Contract Unrealised % of buy Counterparty amount sell amount date loss US$ Net assets EUR 1* 5,467,298 AUD 8,368,814 05/07/2016 (157,528) (0.01) EUR 1* 5,484,457 CAD 7,966,834 05/07/2016 (41,514) EUR 1* 2,785,547 CHF 3,039,906 05/07/2016 (25,810) EUR 1* 11,261,780 JPY 1,348,450,916 05/07/2016 (632,788) (0.02) MGI Funds plc 141

143 Mercer Diversified Growth Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy Counterparty amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (0.09)%) Financial derivative instruments (2015: (0.09)%) Open forward foreign currency contracts (2015: (0.04)%) EUR 1* 325,589 NOK 3,059,642 05/07/2016 (3,926) EUR 1* 185,953 NZD 300,631 05/07/2016 (7,525) EUR 1* 221,339,172 USD 248,407,886 05/07/2016 (2,511,265) (0.10) EUR 1* 35,888,705 USD 40,813,898 18/08/2016 (881,376) (0.03) GBP 1* 1,250,249 AUD 2,488,929 05/07/2016 (181,924) (0.01) GBP 1* 1,251,532 CAD 2,361,052 05/07/2016 (144,964) (0.01) GBP 1* 601,997 CHF 860,888 05/07/2016 (78,936) GBP 1* 8,204,880 EUR 10,634,766 05/07/2016 (846,403) (0.03) GBP 1* 2,543,418 JPY 405,017,282 05/07/2016 (547,880) (0.02) GBP 1* 72,023 NOK 869,454 05/07/2016 (7,622) GBP 1* 41,114 NZD 87,202 05/07/2016 (7,144) GBP 1* 357,964 SEK 4,299,330 05/07/2016 (28,907) GBP 1* 42,286,090 USD 61,384,212 05/07/2016 (4,856,163) (0.20) SEK 1* 856,355 EUR 91,799 05/07/2016 (911) USD 1* 2,635,214 EUR 2,373,270 18/08/2016 (5,468) Unrealised loss on open forward foreign currency contracts (10,968,054) (0.43) Futures contracts (2015: (0.05)%) Maturity No. of Unrealised % of Nominals date Currency contracts loss US$ Net assets Euro Stoxx 50 Index Futures 2* 45,356,176 16/09/2016 EUR 1430 (50,363) Unrealised loss on futures contracts (50,363) Total financial derivative instruments at negative fair value (11,018,417) (0.43) Total financial liabilities at fair value through profit or loss (11,018,417) (0.43) Total financial derivative instruments (8,038,888) (0.31) Total investments at fair value through profit or loss 2,406,110, Financial assets at amortised cost (2015: 1.80%) Deposits with credit institutions (2015: 1.80%) Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets CBA London /07/2016 USD 4,503,778 4,503, CBA London /07/2016 USD 4,006,324 4,006, Rabobank International /07/2016 USD 7,008,131 7,008, Royal Bank of Canada /07/2016 USD 3,001,383 3,001, Royal Bank of Canada /07/2016 USD 4,002,013 4,002, Svenska Handelsbanken /07/2016 USD 8,010,103 8,010, ,531, Total deposits with credit institutions 30,531, Total financial assets at amortised cost 30,531, Cash (2015: 1.83%) 51,673, Net current assets (2015: 0.57%) 79,921, Net assets attributable to holders of redeemable participating shares 2,568,236, MGI Funds plc 142

144 Mercer Diversified Growth Fund Portfolio Statement Total assets comprised as follows: % of Net assets UCITS and NONUCITS CIS; Deposits; 1.18 OTC financial derivative instruments; 0.11 Other current assets The following is a list of counterparties for the financial derivative instruments. Reference Counterparty 1* State Street Bank and Trust 2* Goldman Sachs Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 143

145 MGI DAM MultiManager Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.36%) Transferable securities (2015: 98.36%) Equities (2015: 98.36%) Hong Kong (2015: 0.91%) China Lumena New Materials* 256,000 Total equities Total transferable securities Financial derivative instruments (2015: 0.00%) Total financial assets at fair value through profit or loss Cash (2015: 1.63%) 69,481 Net current liabilities (2015: 0.01) (69,481) Net assets attributable to holders of redeemable participating shares The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Equities Australia 0.83 Austria 0.17 Belgium 0.55 Bermuda 0.53 Brazil 1.52 Canada 0.63 Channel Islands 0.01 China 1.24 Czech Republic 0.04 Denmark 0.79 Finland 1.64 France 2.57 Germany 4.99 India 0.57 Indonesia 0.30 Ireland 1.05 Isle of Man 0.06 Israel 0.30 Italy 0.89 Japan 8.65 Korea 1.01 Luxembourg 0.52 Macau 0.06 Malaysia 0.04 Malta 0.06 Mexico 0.20 Netherlands 2.53 Norway 0.39 Panama 0.04 Peru 0.24 Philippines 0.12 Poland 0.03 Russia 0.43 Singapore 0.26 Nominal Fair value % of holdings US$ Net assets Equities South Africa 1.30 Spain 0.21 Sweden 1.88 Switzerland 3.74 Taiwan 0.31 Thailand 0.30 Turkey 0.15 United Kingdom 6.48 United States of America Concentration Risk MGI DAM MultiManager Global Equity Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Consumer Discretionary Consumer Staples 7.20 Financials Health Care Industrials Information Technology Materials 8.13 *DAM MultiManager Fund was fully redeemed on 23 May 2016 and all of the assets in the SubFund were liquidated with the exception of the above security for which there is not an active market. This security has been held at fair value of US$ Nil since January The fair value pricing committee does not foresee an active market for this security in the near future and will continue to hold this security at US$ Nil. MGI Funds plc 144

146 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Convertible securities (2015: 0.16%) United States of America (2015: 0.16%) Cobalt International Energy /12/2019 USD 1,735, , M/I Homes /03/2018 USD 219, , MGIC Investment /04/2020 USD 1,010,000 1,126, Total convertible securities 1,999, Corporate bonds (2015: 88.19%) Argentina (2015: Nil) Cablevision /06/2021 USD 2,275,000 2,326, Australia (2015: 1.09%) Barminco Finance /06/2018 USD 900, , FMG Resources August /03/2022 USD 900, , ,803, Bermuda (2015: 0.07%) Weatherford International /06/2021 USD 700, , Weatherford International /06/2023 USD 900, , ,541, British Virgin Islands (2015: Nil) Gerdau Trade /04/2023 USD 1,450,000 1,250, Canada (2015: 3.48%) Bombardier /01/2023 USD 3,570,000 3,061, Bombardier /03/2025 USD 400, , Concordia Healthcare /04/2023 USD 1,500,000 1,286, Eldorado Gold /12/2020 USD 1,500,000 1,507, First Quantum Minerals /02/2020 USD 1,000, , First Quantum Minerals /02/2021 USD 2,000,000 1,617, MEG Energy /03/2024 USD 2,045,000 1,584, New Gold /11/2022 USD 115, , Teck Resources /06/2021 USD 530, , Teck Resources /06/2024 USD 950, , Tembec Industries /12/2019 USD 2,295,000 1,790, Ultra Petroleum /10/2024 USD 1,300, , Valeant Pharmaceuticals International /12/2021 USD 1,000, , Valeant Pharmaceuticals International /03/2023 USD 2,075,000 1,676, Valeant Pharmaceuticals International /05/2023 EUR 1,816,000 1,534, Valeant Pharmaceuticals International /05/2023 USD 5,600,000 4,550, Valeant Pharmaceuticals International /04/2025 USD 410, , Videotron /07/2022 USD 3,000,000 3,116, ,641, Cayman Islands (2015: 0.53%) UPCB Finance IV /01/2027 EUR 1,000,000 1,079, UPCB Finance VI /01/2022 USD 2,070,000 2,160, ,240, Channel Islands (2015: Nil) Lincoln Finance /04/2021 EUR 485, , France (2015: 1.00%) Areva /03/2023 EUR 2,000,000 1,745, BNP Paribas /12/2049 USD 1,505,000 1,508, CGG /06/2021 USD 1,800, , Credit Agricole /12/2049 USD 2,375,000 2,370, Crown European Holdings /05/2025 EUR 2,975,000 3,317, Faurecia /06/2023 EUR 2,165,000 2,440, MGI Funds plc 145

147 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Corporate bonds (2015: 88.19%) France (2015: 1.00%) Kerneos Corporate /03/2021 EUR 1,945,000 2,232, NumericableSFR /05/2026 USD 3,040,000 3,009, ,426, Germany (2015: 1.51%) Deutsche Bank /05/2028 USD 2,500,000 2,189, HeidelbergCement /03/2023 EUR 1,150,000 1,305, Unitymedia Hessen & Co /09/2022 EUR 1,113,750 1,307, Unitymedia Hessen & Co /01/2023 EUR 3,134,700 3,687, Unitymedia Hessen & Co /04/2023 EUR 1,200,000 1,412, ,902, Ireland (2015: 2.54%) AerCap Ireland Capital /05/2021 USD 2,225,000 2,285, AerCap Ireland Capital /10/2021 USD 3,000,000 3,127, AerCap Ireland Capital /07/2022 USD 450, , Ardagh Packaging Finance /11/2020 USD 72,664 71, Ardagh Packaging Finance /01/2021 USD 1,170,000 1,183, Ardagh Packaging Finance /06/2021 USD 3,900,000 3,890, Ardagh Packaging Finance /05/2024 EUR 1,950,000 2,209, Bank of Ireland /12/2049 EUR 1,075,000 1,112, Borets Finance /09/2018 USD 2,615,000 2,458, Endo Finance /07/2023 USD 755, , Endo Finance /02/2025 USD 6,276,000 5,475, ,940, Italy (2015: 0.36%) Intesa Sanpaolo /10/2049 EUR 1,050,000 1,326, Intesa Sanpaolo /12/2049 USD 200, , Intesa Sanpaolo /12/2049 EUR 705, , ,231, Jamaica (2015: 0.34%) Digicel /04/2021 USD 2,000,000 1,724, Digicel /03/2023 USD 300, , ,980, Luxembourg (2015: 8.07%) Altice Financing /05/2026 USD 5,205,000 5,113, ArcelorMittal /03/2021 USD 2,500,000 2,581, ArcelorMittal /03/2021 USD 1,390,000 1,435, ArcelorMittal /02/2022 USD 1,030,000 1,089, Ardagh Finance Holdings /06/2019 EUR 1,702,813 1,938, Beverage Packaging Holdings Luxembourg II /06/2017 USD 210, , CHC Helicopter /10/2020 USD 1,800, , Cirsa Funding Luxembourg /05/2021 EUR 545, , Cirsa Funding Luxembourg /05/2023 EUR 2,510,000 2,817, Dufry Finance /08/2023 EUR 2,746,000 3,196, Galapagos /06/2021 EUR 500, , Galapagos Holding /06/2022 EUR 500, , Gazprom Neft OAO Via GPN Capital /09/2022 USD 2,680,000 2,653, Gazprom OAO Via Gaz Capital /02/2020 USD 1,000,000 1,011, Gazprom OAO Via Gaz Capital /07/2022 USD 3,460,000 3,593, Hansebrands Finance Lux /06/2024 EUR 2,000,000 2,248, INEOS Group Holdings /08/2018 EUR 1,920,000 2,165, INEOS Group Holdings /02/2019 EUR 445, , Intelsat Jackson Holdings /10/2020 USD 1,000, , Intelsat Jackson Holdings /08/2023 USD 1,500, , Matterhorn Telecom /05/2022 EUR 2,000,000 2,149, MGI Funds plc 146

148 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Corporate bonds (2015: 88.19%) Luxembourg (2015: 8.07%) Millicom International Cellular /10/2021 USD 2,000,000 2,060, Sberbank of Russia Via SB Capital /02/2022 USD 1,295,000 1,434, Sberbank of Russia Via SB Capital /10/2022 USD 1,350,000 1,372, Stena International /03/2024 USD 1,000, , VTB Bank OJSC Via VTB Capital /10/2022 USD 2,510,000 2,628, Wind Acquisition Finance /04/2020 USD 286, , Wind Acquisition Finance /07/2020 EUR 1,700,000 1,870, Wind Acquisition Finance /07/2020 EUR 3,730,000 4,107, Wind Acquisition Finance /07/2020 USD 1,430,000 1,408, Wind Acquisition Finance /04/2021 EUR 500, , ,316, Macau (2015: 0.13%) Wynn Macau /10/2021 USD 800, , Mexico (2015: 1.07%) Cemex /03/2019 USD 3,580,000 3,696, Cemex /01/2021 USD 3,415,000 3,612, Cemex /01/2022 EUR 1,830,000 2,044, Nemak /02/2023 USD 2,155,000 2,241, ,594, Netherlands (2015: 2.65%) Constellium /04/2021 USD 1,900,000 1,964, Fiat Chrysler Automobiles /04/2020 USD 2,500,000 2,534, InterGen /06/2023 USD 2,500,000 1,781, Petrobras Global Finance /01/2021 USD 1,000, , Petrobras Global Finance /05/2023 USD 7,875,000 6,415, Petrobras Global Finance /05/2043 USD 3,195,000 2,284, Sensata Technologies /10/2025 USD 2,210,000 2,230, VimpelCom Holdings /02/2019 USD 4,310,000 4,451, VTR Finance /01/2024 USD 2,750,000 2,748, ,328, South Africa (2015: 0.19%) Edcon /03/2018 EUR 1,200, , Spain (2015: 2.15%) Banco Bilbao Vizcaya Argentaria /05/2049 USD 3,800,000 3,801, Banco Bilbao Vizcaya Argentaria /12/2049 EUR 1,800,000 1,984, Banco Bilbao Vizcaya Argentaria /12/2049 EUR 600, , Banco Bilbao Vizcaya Argentaria /12/2049 EUR 600, , Banco Santander /03/2049 EUR 500, , Banco Santander /09/2049 EUR 2,200,000 2,075, Campofrio Food Group /03/2022 EUR 806, , NH Hotel Group /11/2019 EUR 2,050,000 2,475, ,872, Switzerland (2015: Nil) Credit Suisse Group /12/2049 USD 4,650,000 4,396, United Kingdom (2015: 6.09%) Anglo American Capital /04/2019 USD 585, , Anglo American Capital /04/2021 USD 385, , Anglo American Capital /09/2022 USD 355, , Anglo American Capital /05/2025 USD 1,280,000 1,228, Barclays /12/2049 EUR 2,060,000 2,145, Barclays Bank /11/2049 GBP 100, , MGI Funds plc 147

149 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Corporate bonds (2015: 88.19%) United Kingdom (2015: 6.09%) EnQuest /04/2022 USD 1,500, , International Game Technology /02/2022 USD 1,000,000 1,021, International Game Technology /02/2025 USD 1,000,000 1,012, Lloyds Banking Group /12/2049 GBP 1,665,000 2,106, Nationwide Building Society /12/2049 GBP 1,625,000 2,037, New Look Secured Issuer /07/2022 GBP 1,825,000 2,249, Royal Bank of Scotland Group /10/2049 USD 300, , Royal Bank of Scotland Group /12/2049 USD 2,500,000 2,387, TA MFG /04/2023 EUR 1,186,000 1,244, Tesco /02/2022 GBP 1,500,000 2,203, Tullow Oil /11/2020 USD 2,715,000 2,205, Tullow Oil /04/2022 USD 1,675,000 1,348, Virgin Media Finance /04/2023 GBP 1,500,000 2,051, Vougeot Bidco /07/2020 GBP 480, , Worldpay Finance /11/2022 EUR 965,000 1,099, ,795, United States of America (2015: 55.58%) 24 Hour Holdings III /06/2022 USD 1,200, , Activision Blizzard /09/2023 USD 3,410,000 3,725, AK Steel /05/2020 USD 2,660,000 2,553, AK Steel /10/2021 USD 280, , AlcatelLucent /01/2028 USD 270, , AlcatelLucent /03/2029 USD 5,520,000 5,782, Alere /06/2020 USD 3,330,000 3,330, Alere /07/2023 USD 2,675,000 2,802, Altice US Finance I /05/2026 USD 1,200,000 1,203, American Builders & Contractors Supply /04/2021 USD 600, , American Builders & Contractors Supply /12/2023 USD 840, , Amsurg /07/2022 USD 3,240,000 3,341, Anadarko Petroleum /03/2021 USD 185, , Anadarko Petroleum /03/2026 USD 125, , Anadarko Petroleum /07/2044 USD 1,520,000 1,401, Anadarko Petroleum /03/2046 USD 210, , Antero Resources /12/2020 USD 525, , Antero Resources /06/2023 USD 1,580,000 1,540, APX Group /12/2022 USD 1,585,000 1,602, Aramark Services /01/2024 USD 1,680,000 1,717, Ball /12/2020 EUR 210, , Ball /12/2023 EUR 2,955,000 3,553, Berry Plastics /10/2022 USD 2,940,000 3,053, Blackboard /11/2019 USD 1,000, , Blue Racer Midstream /11/2022 USD 2,885,000 2,747, BMC Software Finance /07/2021 USD 2,500,000 1,887, Bonanza Creek Energy /04/2021 USD 1,645, , Boyd Gaming /04/2026 USD 1,210,000 1,270, BreitBurn Energy Partners /04/2022 USD 3,000, , Builders FirstSource /06/2021 USD 1,961,000 2,059, California Resources /09/2021 USD 230, , California Resources /12/2022 USD 7,088,000 5,041, California Resources /11/2024 USD 460, , Calpine /01/2023 USD 1,000, , Calpine /01/2024 USD 1,000,000 1,045, Calumet Specialty Products Partners /01/2021 USD 900,000 1,014, CCO Holdings /02/2026 USD 2,670,000 2,756, CCO Holdings Capital /09/2022 USD 3,560,000 3,662, CCO Holdings Capital /02/2023 USD 2,180,000 2,219, CCO Holdings Capital /05/2023 USD 1,755,000 1,769, CCO Holdings Capital /01/2024 USD 55,000 58, MGI Funds plc 148

150 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Corporate bonds (2015: 88.19%) United States of America (2015: 55.58%) CDW Finance /08/2022 USD 3,140,000 3,293, CDW Finance /09/2023 USD 2,115,000 2,135, CEC Entertainment /02/2022 USD 2,790,000 2,713, Cemex Finance /04/2024 USD 2,500,000 2,431, CenturyLink /12/2023 USD 3,000,000 2,958, Cequel Communications Holdings /12/2021 USD 6,330,000 6,053, Charter Communications Operating /07/2025 USD 695, , Chemours /05/2023 EUR 2,000,000 1,776, Chemours /05/2023 USD 1,295,000 1,107, Chemours /05/2025 USD 445, , Cheniere Corpus Christi Holdings /06/2024 USD 800, , Chesapeake Energy /12/2022 USD 1,630,000 1,383, Chinos Intermediate Holdings A /05/2019 USD 1,704, , Cinemark USA /06/2023 USD 1,230,000 1,223, CIT Group /08/2022 USD 3,000,000 3,060, Clean Harbors /06/2021 USD 1,110,000 1,141, CNH Industrial Capital /11/2020 USD 3,955,000 4,004, CNO Financial Group /05/2020 USD 200, , CNO Financial Group /05/2025 USD 1,090,000 1,128, CommScope Technologies Finance /06/2025 USD 2,000,000 2,060, Community Health Systems /07/2020 USD 4,635,000 4,320, Community Health Systems /02/2022 USD 7,270,000 6,397, Concho Resources /10/2022 USD 1,675,000 1,691, CONSOL Energy /04/2023 USD 2,500,000 2,225, Continental Resources /09/2022 USD 795, , Continental Resources /04/2023 USD 195, , Continental Resources /06/2024 USD 245, , Continental Resources /06/2044 USD 2,050,000 1,701, Crestwood Midstream Partners /04/2023 USD 2,000,000 1,850, CSC Holdings /11/2021 USD 1,500,000 1,533, DaVita HealthCare Partners /07/2024 USD 2,000,000 2,025, Denbury Resources /05/2021 USD 2,710,000 2,723, Diamond 1 Finance / Diamond 2 Finance /06/2021 USD 200, , Diamond 1 Finance / Diamond 2 Finance /06/2024 USD 200, , Diamondback Energy /10/2021 USD 2,975,000 3,157, DISH DBS /06/2021 USD 5,970,000 6,201, DISH DBS /03/2023 USD 3,175,000 2,897, Dollar Tree /03/2020 USD 350, , Dollar Tree /03/2023 USD 2,156,000 2,301, DR Horton /09/2022 USD 1,070,000 1,107, DR Horton /08/2023 USD 110, , Dynegy /06/2023 USD 565, , Emdeon /12/2019 USD 955,000 1,016, Emdeon /02/2021 USD 1,835,000 1,956, Energen /09/2021 USD 1,470,000 1,383, Energy Transfer Equity /10/2020 USD 2,000,000 2,130, Energy Transfer Equity /06/2027 USD 5,770,000 5,452, Energy XXI Gulf Coast /03/2020 USD 2,000, , Energy XXI Gulf Coast /12/2021 USD 500,000 57, Energy XXI Gulf Coast /03/2024 USD 500,000 57, Entegris /04/2022 USD 3,150,000 3,236, Equinix /01/2026 USD 1,470,000 1,535, FelCor Lodging /06/2025 USD 1,705,000 1,726, Ferrellgas /06/2023 USD 2,000,000 1,765, First Data /08/2023 USD 3,110,000 3,169, First Data /12/2023 USD 2,680,000 2,723, First Data /01/2024 USD 5,765,000 5,743, Frontier Communications /09/2022 USD 680, , Frontier Communications /09/2025 USD 1,755,000 1,823, MGI Funds plc 149

151 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Corporate bonds (2015: 88.19%) United States of America (2015: 55.58%) GenOn Americas Generation /10/2021 USD 3,111,000 2,488, GenOn Americas Generation /05/2031 USD 485, , GLP Capital /04/2026 USD 1,800,000 1,858, GLP Capital / GLP Financing II /04/2021 USD 105, , Goodrich Petroleum /03/2018 USD 700,000 87, Goodrich Petroleum /03/2018 USD 500,000 62, Goodyear Tire & Rubber /05/2026 USD 700, , Gray Television /10/2020 USD 1,430,000 1,497, Gray Television /07/2026 USD 290, , Halcon Resources /07/2020 USD 300,000 69, Halcon Resources /05/2021 USD 600, , Halcon Resources /02/2022 USD 1,000, , HCA /05/2023 USD 3,000,000 3,202, HCA /02/2025 USD 3,380,000 3,472, HCA /11/2095 USD 1,540,000 1,509, HCA Holdings /02/2021 USD 6,290,000 6,730, HD Supply /04/2024 USD 400, , Hologic /07/2022 USD 1,260,000 1,321, Horizon Pharma /05/2023 USD 1,200,000 1,122, Huntington Ingalls Industries /11/2025 USD 610, , iheartcommunications /12/2019 USD 1,500,000 1,130, iheartcommunications /03/2021 USD 1,000, , IMS Health /04/2023 EUR 3,060,000 3,465, Infor Software Parent /05/2021 USD 560, , Infor US /05/2022 EUR 3,490,000 3,344, International Lease Finance /05/2019 USD 4,680,000 5,025, International Lease Finance /08/2022 USD 1,010,000 1,097, JBS USA Finance /06/2021 USD 1,000,000 1,040, JBS USA Finance /06/2025 USD 1,000, , Kaiser Aluminum /05/2024 USD 1,335,000 1,375, KB Home /05/2019 USD 1,000,000 1,007, KB Home /03/2020 USD 3,140,000 3,375, KB Home /12/2021 USD 4,245,000 4,287, KFC Holding/Pizza Hut Holdings/Taco Bell of America /06/2024 USD 700, , KFC Holding/Pizza Hut Holdings/Taco Bell of America /06/2026 USD 700, , L Brands /02/2022 USD 575, , L Brands /11/2035 USD 2,495,000 2,538, Lamar Media /02/2026 USD 115, , Laredo Petroleum /01/2022 USD 765, , Laredo Petroleum /05/2022 USD 110, , Laredo Petroleum /03/2023 USD 2,085,000 1,991, Lennar /12/2017 USD 390, , Lennar /04/2021 USD 1,575,000 1,645, Lennar /11/2022 USD 2,215,000 2,262, Lennar /12/2023 USD 155, , Level 3 Financing /01/2021 USD 695, , Level 3 Financing /08/2022 USD 5,085,000 5,154, Level 3 Financing /03/2026 USD 1,080,000 1,061, Liberty Interactive /02/2030 USD 3,580,000 3,732, LifePoint Health /12/2023 USD 2,505,000 2,611, LIN Television /01/2021 USD 2,095,000 2,194, Linn Energy /12/2020 USD 1,500, , M/I Homes /01/2021 USD 3,100,000 3,100, Martin Midstream Partners /02/2021 USD 1,500,000 1,395, Matador Resources /04/2023 USD 1,025,000 1,050, MEDNAX /12/2023 USD 1,260,000 1,278, MGM Growth Properties Operating Partnership /05/2024 USD 775, , Michaels Stores /12/2020 USD 3,177,000 3,300, Midstates Petroleum /06/2021 USD 1,000,000 10, MGI Funds plc 150

152 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Corporate bonds (2015: 88.19%) United States of America (2015: 55.58%) MPH Acquisition Holdings /06/2024 USD 840, , MSCI /11/2024 USD 95,000 97, MSCI /08/2025 USD 820, , Murray Energy /04/2021 USD 1,000, , Nationstar Mortgage /08/2018 USD 1,385,000 1,345, Nationstar Mortgage /07/2021 USD 3,220,000 2,769, Navient /06/2019 USD 500, , Navient /10/2020 USD 1,000, , Navient /03/2021 USD 1,500,000 1,422, NBCUniversal Enterprise /12/2049 USD 1,625,000 1,679, Neptune Finco /01/2023 USD 1,005,000 1,128, Neptune Finco /10/2025 USD 990,000 1,134, Netflix /02/2025 USD 2,000,000 2,107, NewPage /12/2014 USD 698, Nortek /04/2021 USD 1,630,000 1,691, OneMain Financial Holdings /12/2019 USD 365, , OwensBrockway Glass Container /01/2022 USD 2,000,000 2,010, OwensBrockway Glass Container /08/2023 USD 3,480,000 3,661, OwensBrockway Glass Container /08/2025 USD 2,590,000 2,711, Party City Holdings /08/2023 USD 2,170,000 2,256, Peabody Energy /03/2022 USD 2,500, , Penn Virginia /05/2020 USD 1,000, , Pinnacle Entertainment /05/2024 USD 690, , Pinnacle Foods Finance /01/2024 USD 630, , Ply Gem Industries /02/2022 USD 2,490,000 2,461, Post Holdings /02/2022 USD 695, , Post Holdings /12/2022 USD 3,295,000 3,389, PRA Holdings /10/2023 USD 1,920,000 2,140, PSPC Escrow /02/2023 EUR 2,200,000 2,085, QEP Resources /03/2020 USD 125, , QEP Resources /10/2022 USD 2,070,000 1,940, QEP Resources /05/2023 USD 2,035,000 1,882, Quad /05/2022 USD 1,510,000 1,340, Quintiles Transnational /05/2023 USD 2,755,000 2,810, Radian Group /03/2021 USD 2,330,000 2,500, Radio One /02/2020 USD 1,500,000 1,335, Rain CII Carbon /01/2021 EUR 1,400,000 1,197, Reynolds Group Issuer /02/2021 USD 2,090,000 2,186, Reynolds Group Issuer /07/2023 USD 1,295,000 1,312, Reynolds Group Issuer /07/2024 USD 1,275,000 1,315, Rice Energy /05/2022 USD 450, , Rice Energy /05/2023 USD 840, , RSP Permian /10/2022 USD 45,000 46, Sabine Pass Liquefaction /04/2023 USD 2,000,000 2,017, Sabine Pass Liquefaction /03/2025 USD 500, , Sanchez Energy /01/2023 USD 1,000, , Signode Industrial Group Lux /05/2022 USD 750, , Sinclair Television Group /10/2022 USD 3,130,000 3,247, Sinclair Television Group /03/2026 USD 410, , Sirius XM Radio /04/2025 USD 2,000,000 1,996, SM Energy /11/2021 USD 140, , SM Energy /11/2022 USD 285, , SM Energy /01/2024 USD 1,955,000 1,681, SM Energy /06/2025 USD 20,000 17, Springleaf Finance /12/2019 USD 645, , Springleaf Finance /12/2020 USD 2,140,000 2,150, Springleaf Finance /10/2021 USD 870, , Sprint /09/2021 USD 1,265,000 1,084, Sprint /09/2023 USD 475, , MGI Funds plc 151

153 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Corporate bonds (2015: 88.19%) United States of America (2015: 55.58%) Sprint /06/2024 USD 4,360,000 3,498, Sprint Communications /03/2020 USD 3,230,000 3,397, Sprint Communications /11/2022 USD 3,500,000 2,771, SS&C Technologies Holdings /07/2023 USD 845, , Standard Industries /02/2021 USD 390, , Standard Industries /11/2024 USD 2,355,000 2,407, Standard Industries /10/2025 USD 2,010,000 2,110, Steel Dynamics /10/2021 USD 2,410,000 2,479, SterigenicsNordion Holdings /05/2023 USD 3,370,000 3,420, Sun Products /03/2021 USD 2,295,000 2,389, Syniverse Holdings /01/2019 USD 455, , TMobile USA /04/2019 USD 560, , TMobile USA /11/2020 USD 980,000 1,014, TMobile USA /01/2022 USD 1,000,000 1,052, TMobile USA /01/2024 USD 500, , Talen Energy Supply /06/2025 USD 2,000,000 1,670, Targa Resources Partners /03/2024 USD 770, , Taylor Morrison Communities /03/2024 USD 2,000,000 1,960, Tegna /10/2019 USD 1,030,000 1,062, Tegna /09/2021 USD 3,820,000 3,925, Tegna /10/2023 USD 505, , Tegna /09/2024 USD 135, , Tegna /09/2024 USD 2,530,000 2,615, Tenet Healthcare /03/2019 USD 8,795,000 8,553, Tenet Healthcare /04/2022 USD 805, , Tenet Healthcare /06/2023 USD 1,915,000 1,840, Texas Competitive Electric /10/2020 USD 5,915,000 2,025, Toll Brothers Finance /11/2025 USD 655, , TransDigm /05/2025 USD 2,000,000 2,012, TreeHouse Foods /03/2022 USD 1,985,000 2,034, TreeHouse Foods /02/2024 USD 2,530,000 2,694, Tribune Media /07/2022 USD 4,415,000 4,415, United Rentals North America /09/2026 USD 700, , United States Steel /04/2020 USD 1,056, , United States Steel /04/2021 USD 417, , United States Steel /07/2021 USD 2,530,000 2,662, United States Steel /03/2022 USD 330, , Verso Paper Holdings /01/2019 USD 126,000 21, Vizient /03/2024 USD 875, , WellCare Health Plans /11/2020 USD 2,100,000 2,178, Western Digital /04/2024 USD 2,100,000 2,252, WPX Energy /01/2022 USD 2,026,000 1,894, WPX Energy /08/2023 USD 2,620,000 2,639, WPX Energy /09/2024 USD 2,024,000 1,791, Wynn Las Vegas /03/2025 USD 700, , XPO Logistics /06/2021 EUR 2,000,000 2,102, Zayo Group /04/2023 USD 3,730,000 3,804, Zayo Group /05/2025 USD 715, , ZF North America Capital /04/2022 USD 1,355,000 1,378, ,238, Venezuela (2015: 0.11%) Petroleos de Venezuela /11/2026 USD 3,490,000 1,225, Total Corporate Bonds 675,818, MGI Funds plc 152

154 Mercer Global High Yield Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 89.41%) Transferable securities (2015: 88.35%) Government bonds (2015: Nil) Argentina (2015: Nil) Argentine Republic Government International Bond /04/2021 USD 930, , Argentine Republic Government International Bond /04/2026 USD 2,775,000 3,006, ,000, Total government bonds 4,000, Total transferable securities 681,819, Financial derivative instruments (2015: 0.83%) Open forward foreign currency contracts (2015: 0.83%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets AUD 4* 846,921 CAD 801,672 05/07/ , AUD 4* 35,204,184 EUR 22,854,052 05/07/ , AUD 4* 7,066,155 GBP 3,512,847 05/07/ , AUD 4* 168,503,490 USD 121,931,250 05/07/2016 3,536, CAD 4* 46,164 EUR 31,594 05/07/ CAD 4* 167,318 GBP 88,959 05/07/2016 9, EUR 4* 3,443,333 GBP 2,663,167 05/07/ , EUR 2* 21,520,000 USD 23,740,003 29/07/ , GBP 1* 5,884,000 USD 7,751,287 29/07/ , USD 2* 4,813,125 EUR 4,300,000 20/10/ , USD 2* 402,062 EUR 352,297 18/08/ , USD 4* 1,274,746 EUR 1,144,063 05/07/2016 3, USD 4* 246,776 GBP 182,447 03/08/2016 2, USD 4* 8,241,997 GBP 5,809,963 05/07/ , Unrealised gain on open forward foreign currency contracts 6,027, Credit default swaps (2015: 0.23%) Total financial assets at fair value through profit or loss 687,846, Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (0.23)%) Financial derivative instruments (2015: (0.23)%) Open forward foreign currency contracts (2015: (0.23)%) CAD 4* 101,221 AUD 106,899 05/07/2016 (1,657) 0.00 CAD 5* 2,439,000 USD 1,902,058 29/07/2016 (23,860) 0.00 EUR 4* 1,195,353 AUD 1,842,799 05/07/2016 (44,172) (0.01) EUR 4* 294,906 CAD 429,991 05/07/2016 (3,467) 0.00 EUR 2* 7,330,546 USD 8,314,974 20/10/2016 (138,767) (0.02) EUR 2* 352,297 USD 399,170 18/08/2016 (7,177) 0.00 EUR 3* 2,405,000 USD 2,711,517 29/07/2016 (37,390) (0.01) EUR 4* 57,950,122 USD 64,591,386 05/07/2016 (211,733) (0.03) GBP 4* 154,326 AUD 310,343 05/07/2016 (24,778) 0.00 GBP 4* 3,330 CAD 5,852 03/08/2016 (55) 0.00 GBP 4* 873,606 CAD 1,662,667 05/07/2016 (112,419) (0.02) GBP 4* 148,720 EUR 180,965 03/08/2016 (2,402) 0.00 GBP 4* 36,214,882 EUR 47,277,629 05/07/2016 (4,110,995) (0.58) GBP 2* 557,857 USD 815,419 20/10/2016 (68,991) (0.01) MGI Funds plc 153

155 Mercer Global High Yield Bond Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (0.23)%) Financial derivative instruments (2015: (0.23)%) Open forward foreign currency contracts (2015: (0.23)%) GBP 2* 1,700,000 USD 2,450,720 18/08/2016 (177,456) (0.03) GBP 4* 826,843 USD 1,118,578 03/08/2016 (13,024) 0.00 GBP 4* 175,260,394 USD 255,059,834 05/07/2016 (20,771,721) (3.00) USD 4* 6,383,499 AUD 8,832,639 05/07/2016 (193,284) (0.03) Unrealised loss on open forward foreign currency contracts (25,943,348) (3.74) Total financial liabilities at fair value through profit or loss (25,943,348) (3.74) Total investments at fair value through profit and loss 661,902, Cash (2015: 10.58%) 19,723, Net current assets (2015: 0.24%) 11,528, Net assets attributable to holders of redeemable participating shares 693,155, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Corporate bonds Brazil 0.36% Cyprus 0.21% Japan 0.34% Sweden 0.32% Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; OTC financial derivative instruments; 0.84 Other current assets The following is a list of counterparties for the open forward foreign currency contracts: Reference Counterparty 1* BNP Paribas 2* Deutsche Bank 3* Goldman Sachs 4* State Street Bank and Trust 5* USB Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 154

156 Mercer Global High Yield Bond Fund Portfolio Statement Credit Risk The following table outlines the credit exposures of Mercer Global High Yield Bond Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 Mercer Global High Yield Bond Fund % Holding US$ BBB ,431,610 BBB ,682,236 BB ,184,966 BB ,867,371 BB ,038,112 B ,243,063 B ,786,254 B ,871,857 CCC ,517,187 CCC ,331,286 CCC ,300 CC ,675 D ,565,481 Not rated ,957, ,819,070 Mercer Global High Yield Bond Fund % Holding US$ BBB 0.11% 559,781 BBB 1.73% 8,722,107 BB % 62,673,779 BB 15.69% 78,899,657 BB 11.72% 58,897,627 B % 100,074,424 B 12.36% 62,152,280 B 11.91% 59,868,040 CCC % 53,368,354 CCC 2.10% 10,555,972 CCC 0.35% 1,747,216 D 0.24% 1,210,000 Not rated 0.80% 4,019, % 502,748,717 Concentration Risk Mercer Global High Yield Bond Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Materials Communications Consumer, Cyclical Consumer, Noncyclical Energy Financial Industrial Technology MGI Funds plc 155

157 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.78%) Transferable securities (2015: 96.88%) Corporate bonds (2015: 96.88%) Australia (2015: 5.10%) Amcor /03/2023 EUR 600, , APT Pipelines /03/2022 EUR 2,700,000 2,978, AusNet Services Holdings /07/2020 EUR 1,400,000 1,680, Australia & New Zealand Banking Group /10/2017 USD 1,000,000 1,009, Australia & New Zealand Banking Group /05/2018 USD 1,200,000 1,202, Commonwealth Bank of Australia /11/2016 EUR 200, , Commonwealth Bank of Australia /04/2018 EUR 300, , Macquarie Group /08/2019 USD 600, , National Australia Bank /07/2016 EUR 400, , National Australia Bank /03/2017 USD 3,800,000 3,844, National Australia Bank /07/2018 USD 700, , Stockland Trust /11/2021 EUR 500, , Telstra /03/2017 EUR 500, , Telstra /03/2021 EUR 500, , Telstra /05/2022 EUR 1,200,000 1,589, Telstra /09/2022 EUR 400, , Westpac Banking /09/2016 EUR 100, , Westpac Banking /11/2019 USD 1,600,000 1,770, Westpac Banking /02/2021 EUR 2,900,000 3,312, ,990, Bahamas (2015: 0.80%) Competition Team Technologies /12/2017 USD 3,600,000 3,616, Belgium (2015: 0.42%) AnheuserBusch InBev /01/2017 EUR 1,500,000 1,749, Bermuda (2015: 1.09%) CBQ Finance /04/2017 USD 1,900,000 1,925, Novartis Securities Investment /02/2019 USD 2,600,000 2,870, ,796, Brazil (2015: 0.83%) Embraer /06/2022 USD 4,100,000 4,228, British Virgin Islands (2015: 0.69%) IFC Development Corporate Treasury /05/2019 USD 1,000,000 1,015, State Grid Overseas Investment /05/2018 USD 2,100,000 2,109, ,124, Canada (2015: 1.46%) Bank of Montreal /01/2017 USD 800, , Canadian Pacific Railway /02/2025 USD 2,000,000 2,034, GreatWest Lifeco /04/2023 EUR 400, , Royal Bank of Canada /06/2017 USD 1,100,000 1,101, Royal Bank of Canada /01/2018 USD 1,800,000 1,807, Royal Bank of Canada /07/2018 USD 2,200,000 2,224, Royal Bank of Canada /12/2018 USD 300, , Thomson Reuters /02/2017 USD 1,000,000 1,000, TorontoDominion Bank /07/2016 USD 1,600,000 1,600, TorontoDominion Bank /10/2016 USD 1,000,000 1,004, TorontoDominion Bank /05/2017 USD 2,000,000 2,001, TorontoDominion Bank /03/2021 EUR 1,900,000 2,143, ,519, Cayman Islands (2015: 2.15%) DIB Sukuk /05/2017 USD 2,000,000 2,050, Doha Finance /03/2017 USD 1,900,000 1,930, Embraer Overseas /01/2017 USD 300, , MGI Funds plc 156

158 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.78%) Transferable securities (2015: 96.88%) Corporate bonds (2015: 96.88%) Cayman Islands (2015: 2.15%) Hongkong Land Finance Cayman Islands /01/2024 USD 300, , Hutchison Whampoa International 09/ /09/2019 USD 1,800,000 2,022, MAF Global Securities /07/2019 USD 2,500,000 2,679, ,329, Chile (2015: 0.25%) Itau CorpBanca /01/2018 USD 1,100,000 1,118, China (2015: 5.18%) Alibaba Group Holding /11/2021 USD 1,200,000 1,229, Alibaba Group Holding /11/2024 USD 4,300,000 4,402, Baidu /11/2017 USD 3,100,000 3,131, Baidu /08/2018 USD 1,800,000 1,847, China Mengniu Dairy /11/2018 USD 3,000,000 3,094, China Merchants Finance /05/2022 USD 2,000,000 2,219, Tencent Holdings /03/2018 USD 1,700,000 1,743, Tencent Holdings /05/2019 USD 3,000,000 3,114, Tingyi Cayman Islands Holding /06/2017 USD 3,900,000 3,974, ,756, Denmark (2015: Nil) ISS Global /01/2021 EUR 600, , Finland (2015: 0.27%) Citycon /06/2020 EUR 400, , France (2015: 1.78%) Air Liquide /10/2018 EUR 700, , BNP Paribas /01/2019 EUR 200, , Danone /09/2016 EUR 400, , Eutelsat /03/2017 EUR 600, , UnibailRodamco /03/2019 EUR 62,000 74, ,271, Hong Kong (2015: 1.87%) AIA Group /03/2018 USD 900, , AIA Group /03/2023 USD 1,500,000 1,558, Baotrans Enterprises /12/2018 USD 2,000,000 2,052, China State Construction Finance Cayman I /04/2018 USD 500, , ,022, India (2015: 0.34%) HDFC Bank /03/2018 USD 1,500,000 1,523, Ireland (2015: 0.24%) GE Capital European Funding /03/2017 EUR 300, , GE Capital European Funding /01/2020 EUR 100, , GE Capital International Funding /11/2020 USD 579, , Kerry Group Financial Services /09/2025 EUR 2,600,000 3,242, ,314, Isle Of Man (2015: 0.68%) Sasol Financing International /11/2022 USD 3,000,000 3,012, Italy (2015: 2.08%) Luxottica Group /03/2019 EUR 600, , Snam /07/2016 EUR 246, , Snam /06/2017 EUR 325, , Snam /03/2018 EUR 303, , MGI Funds plc 157

159 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.78%) Transferable securities (2015: 96.88%) Corporate bonds (2015: 96.88%) Italy (2015: 2.08%) Snam /01/2021 EUR 300, , Snam /09/2022 EUR 800,000 1,149, Snam /04/2023 EUR 300, , Snam /11/2023 EUR 1,100,000 1,291, Snam /01/2024 EUR 1,100,000 1,459, Terna Rete Elettrica Nazionale /02/2017 EUR 88, , ,469, Luxembourg (2015: 0.74%) DH Europe Finance /07/2019 EUR 1,300,000 1,484, DH Europe Finance /01/2022 EUR 1,900,000 2,251, DH Europe Finance /07/2025 EUR 1,500,000 1,889, Prologis International Funding II /04/2022 EUR 500, , SES /03/2020 EUR 800,000 1,028, Tyco International Finance /02/2025 EUR 1,100,000 1,211, ,480, Malaysia (2015: 1.36%) CIMB Bank /07/2017 USD 1,200,000 1,210, Malayan Banking /02/2017 USD 1,700,000 1,715, RHB Bank /05/2017 USD 800, , ,738, Mexico (2015: 0.50%) Grupo Televisa /05/2018 USD 2,000,000 2,158, Netherlands (2015: 4.81%) ABB Finance /03/2019 EUR 800, , Adecco International Financial Services /11/2019 EUR 1,800,000 2,159, Bharti Airtel International Netherlands /12/2018 EUR 2,200,000 2,622, Bharti Airtel International Netherlands /03/2023 USD 3,000,000 3,251, ContiGummi Finance /03/2017 EUR 1,900,000 2,149, Cooperatieve Rabobank /01/2021 USD 1,600,000 1,778, Enel Finance International /09/2017 USD 300, , Enel Finance International /06/2026 EUR 199, , Gas Natural Fenosa Finance /01/2025 EUR 700, , Heineken /03/2019 EUR 600, , Iberdrola International /01/2023 EUR 2,600,000 2,995, Iberdrola International /09/2023 EUR 1,300,000 1,561, LyondellBasell Industries /04/2019 USD 1,200,000 1,299, LyondellBasell Industries /04/2024 USD 2,200,000 2,622, Schlumberger Finance /03/2019 EUR 1,000,000 1,157, Shell International Finance /05/2020 USD 2,500,000 2,552, ,169, New Zealand (2015: 0.13%) Westpac Securities /03/2017 EUR 500, , South Africa (2015: 0.34%) Investec Bank /07/2017 USD 1,500,000 1,520, Spain (2015: 2.08%) Gas Natural Capital Markets /04/2017 EUR 700, , Gas Natural Capital Markets /02/2018 EUR 1,300,000 1,561, Iberdrola Finanzas /04/2017 EUR 100, , Red Electrica Financiaciones /07/2023 EUR 500, , Red Electrica Financiaciones /04/2025 EUR 900,000 1,041, Telefonica Emisiones /04/2020 USD 900, , Telefonica Emisiones /12/2022 GBP 500, , ,920, MGI Funds plc 158

160 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.78%) Transferable securities (2015: 96.88%) Corporate bonds (2015: 96.88%) Sweden (2015: 1.92%) Atlas Copco /03/2019 EUR 100, , Nordea Bank /02/2017 EUR 600, , Securitas /02/2017 EUR 600, , Skandinaviska Enskilda Banken /04/2017 EUR 200, , Telefonaktiebolaget LM Ericsson /05/2022 USD 4,000,000 4,333, ,043, Switzerland (2015: Nil) UBS /08/2019 USD 4,800,000 4,911, United Kingdom (2015: 7.59%) 3i Group /03/2017 EUR 300, , British Telecommunications /12/2016 GBP 200, , British Telecommunications /06/2017 GBP 700, , Bupa Finance /07/2016 GBP 600, , Centrica /09/2018 GBP 1,100,000 1,651, Compass Group /02/2019 EUR 1,600,000 1,920, Compass Group /01/2023 EUR 500, , DS Smith /09/2022 EUR 1,700,000 1,959, EE Finance /03/2019 GBP 200, , Experian Finance /02/2020 EUR 600, , Glaxosmithkline Capital /05/2017 USD 1,900,000 1,909, GlaxoSmithKline Capital /05/2022 USD 1,600,000 1,684, Global Switch Holdings /04/2018 EUR 1,000,000 1,214, ITV /09/2022 EUR 4,200,000 4,811, Leeds Building Society /04/2021 EUR 2,800,000 3,228, Lloyds Bank /02/2017 EUR 800, , Marks & Spencer /12/2017 USD 1,300,000 1,374, Mondi Finance /04/2017 EUR 1,900,000 2,200, National Grid /07/2018 EUR 900,000 1,098, Next /10/2021 GBP 100, , Northern Powergrid Holdings /12/2022 GBP 400, , Northumbrian Water Finance /10/2017 GBP 400, , Santander UK /08/2018 USD 800, , Severn Trent Utilities Finance /01/2018 GBP 1,900,000 2,728, Severn Trent Utilities Finance /02/2024 GBP 600,000 1,028, SSE /06/2020 EUR 4,200,000 4,957, SSE /09/2023 EUR 500, , Trinity Acquisition /09/2021 USD 3,800,000 3,943, United Utilities Water /01/2020 EUR 1,300,000 1,646, United Utilities Water /03/2022 GBP 800,000 1,299, Virgin Money /04/2020 GBP 1,400,000 1,874, Vodafone Group /08/2023 EUR 4,200,000 4,904, WPP Finance /09/2024 USD 3,600,000 3,811, ,064, United States of America (2015: 51.79%) 3M /11/2021 EUR 4,000,000 4,847, AbbVie /11/2017 USD 3,700,000 3,723, AbbVie /11/2022 USD 2,000,000 2,042, Adobe Systems /02/2025 USD 2,000,000 2,109, Ahold Finance USA /03/2017 GBP 500, , Air Products & Chemicals /06/2021 EUR 1,300,000 1,455, Albemarle /12/2021 EUR 2,000,000 2,294, American Tower /06/2025 USD 3,600,000 3,835, Amgen /06/2017 USD 800, , Amgen /06/2018 USD 500, , Amgen /12/2018 EUR 300, , Amgen /10/2020 USD 500, , Amgen /11/2021 USD 1,100,000 1,200, MGI Funds plc 159

161 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.78%) Transferable securities (2015: 96.88%) Corporate bonds (2015: 96.88%) United States of America (2015: 51.79%) Amgen /02/2022 EUR 1,100,000 1,264, Amgen /05/2024 USD 800, , Amphenol /01/2019 USD 2,200,000 2,239, Anadarko Petroleum /06/2019 USD 500, , AnheuserBusch InBev Worldwide /07/2017 USD 700, , AnheuserBusch InBev Worldwide /01/2020 USD 1,000,000 1,123, Apple /02/2018 USD 2,000,000 2,014, Apple /05/2018 USD 2,500,000 2,506, Apple /02/2022 USD 2,000,000 2,039, AT&T /06/2017 USD 700, , AT&T /02/2018 USD 700, , AT&T /02/2019 USD 800, , AT&T /05/2021 USD 400, , Bank of America /10/2016 USD 300, , Bank of America /04/2018 USD 1,800,000 1,965, Bank of America /05/2018 USD 800, , Bank of America /06/2019 USD 600, , Bank of America /10/2020 USD 400, , Bear Stearns /02/2018 USD 300, , Becton Dickinson and Co /11/2021 USD 1,600,000 1,680, Berkshire Hathaway /08/2021 USD 2,400,000 2,650, Berkshire Hathaway /03/2023 EUR 1,400,000 1,564, Berkshire Hathaway Finance /05/2018 USD 300, , Block Financial /10/2020 USD 1,900,000 1,958, Block Financial /10/2025 USD 1,100,000 1,181, Boston Scientific /10/2018 USD 1,900,000 1,943, Boston Scientific /05/2020 USD 1,500,000 1,555, CC Holdings GS V /04/2023 USD 3,600,000 3,845, Celgene /08/2020 USD 800, , Celgene /10/2020 USD 600, , Celgene /08/2022 USD 2,600,000 2,689, Celgene /08/2022 USD 1,100,000 1,154, Charles Schwab /07/2020 USD 100, , Chubb INA Holdings /11/2022 USD 3,900,000 4,083, Chubb INA Holdings /05/2026 USD 700, , Citigroup /05/2018 USD 200, , Citigroup /12/2018 USD 3,200,000 3,227, Citigroup /08/2019 EUR 700, , Clorox /11/2021 USD 800, , CocaCola /03/2018 USD 800, , CocaCola /09/2021 USD 1,000,000 1,087, Comcast /02/2018 USD 200, , Comcast /03/2020 USD 2,400,000 2,713, ConAgra Foods /01/2023 USD 700, , CVS Health /07/2018 USD 2,500,000 2,539, CVS Health /12/2018 USD 2,400,000 2,456, Delphi /03/2024 USD 200, , DIRECTV Holdings /03/2017 USD 2,500,000 2,521, Dollar General /04/2023 USD 3,500,000 3,638, Dominion Gas Holdings /11/2020 USD 2,000,000 2,068, Dominion Resources /06/2018 USD 1,000,000 1,091, Dominion Resources /10/2025 USD 2,400,000 2,575, Dow Chemical /05/2019 USD 1,100,000 1,306, Dow Chemical /11/2020 USD 496, , EI du Pont de Nemours & Co /02/2023 USD 3,300,000 3,389, Eli Lilly & Co /06/2022 EUR 2,000,000 2,308, EMC /06/2020 USD 2,200,000 2,101, Energy Transfer Partners /10/2020 USD 600, , Energy Transfer Partners /02/2022 USD 1,900,000 2,004, MGI Funds plc 160

162 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.78%) Transferable securities (2015: 96.88%) Corporate bonds (2015: 96.88%) United States of America (2015: 51.79%) Enterprise Products Operating /01/2019 USD 800, , Enterprise Products Operating /02/2022 USD 1,200,000 1,296, EQT /11/2021 USD 1,300,000 1,383, Express Scripts Holding /02/2017 USD 1,000,000 1,010, Express Scripts Holding /06/2019 USD 1,200,000 1,220, Express Scripts Holding /11/2021 USD 500, , Express Scripts Holding /02/2022 USD 600, , Exxon Mobil /03/2018 USD 3,100,000 3,128, Exxon Mobil /03/2018 USD 1,500,000 1,512, FedEx /01/2023 EUR 2,700,000 3,042, Fidelity National Information Services /10/2022 USD 1,000,000 1,109, Fidelity National Information Services /04/2023 USD 3,500,000 3,639, Gap /04/2021 USD 2,700,000 2,818, General Electric /12/2017 USD 800, , General Electric /01/2020 USD 201, , General Electric /10/2021 USD 200, , General Mills /02/2019 USD 1,300,000 1,445, Gilead Sciences /02/2025 USD 1,000,000 1,067, GlaxoSmithKline Capital /05/2018 USD 1,900,000 2,062, Goldman Sachs Group /10/2019 EUR 200, , Illinois Tool Works /05/2022 EUR 4,700,000 5,610, International Paper /02/2022 USD 1,402,000 1,559, International Paper /06/2024 USD 2,300,000 2,436, Johnson & Johnson /08/2017 USD 2,300,000 2,423, Johnson & Johnson /12/2018 USD 1,200,000 1,222, Johnson & Johnson /11/2019 EUR 1,600,000 2,068, Johnson & Johnson /11/2024 GBP 1,200,000 2,113, JPMorgan Chase & Co /04/2019 USD 500, , JPMorgan Chase & Co /06/2020 USD 800, , JPMorgan Chase & Co /05/2021 USD 700, , JPMorgan Chase & Co /08/2021 USD 1,400,000 1,541, JPMorgan Chase & Co /01/2023 USD 300, , Kinder Morgan Energy Partners /02/2017 USD 450, , Kinder Morgan Energy Partners /02/2019 USD 200, , Kinder Morgan Energy Partners /03/2021 USD 2,700,000 2,711, Kinder Morgan Energy Partners /02/2023 USD 900, , KLATencor /11/2024 USD 5,600,000 6,119, Kraft Heinz Foods /06/2017 USD 1,300,000 1,312, Kraft Heinz Foods /06/2022 USD 1,500,000 1,597, Kroger /04/2022 USD 1,300,000 1,392, Magellan Midstream Partners /03/2026 USD 4,200,000 4,760, MasterCard /04/2019 USD 3,300,000 3,385, McDonald's /06/2023 EUR 600, , McKesson /03/2019 USD 2,775,000 2,839, McKesson /12/2022 USD 2,300,000 2,331, McKesson /03/2024 USD 300, , Mead Johnson Nutrition /11/2019 USD 1,750,000 1,930, Medtronic /03/2024 USD 1,000,000 1,101, Microsoft /02/2021 USD 1,853,000 2,073, Mohawk Industries /01/2022 EUR 800, , Mondelez International /01/2021 EUR 500, , Mondelez International /03/2022 EUR 3,300,000 3,712, Morgan Stanley /09/2017 EUR 3,800,000 4,413, Mylan /03/2019 USD 2,000,000 2,025, National Grid North America /02/2018 EUR 1,100,000 1,257, National Grid North America /02/2022 EUR 2,900,000 3,235, Newmont Mining /03/2022 USD 1,700,000 1,767, NiSource Finance /03/2022 USD 200, , Noble Energy /03/2019 USD 1,100,000 1,260, MGI Funds plc 161

163 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.78%) Transferable securities (2015: 96.88%) Corporate bonds (2015: 96.88%) United States of America (2015: 51.79%) Norfolk Southern /01/2024 USD 2,000,000 2,194, Novartis Capital /04/2020 USD 1,400,000 1,560, Omega Healthcare Investors /01/2026 USD 400, , PepsiCo /08/2017 USD 600, , PepsiCo /11/2018 USD 200, , PepsiCo /08/2021 USD 900, , PepsiCo /03/2022 USD 1,800,000 1,887, Pfizer /03/2019 USD 3,700,000 4,180, Pfizer /06/2021 EUR 800,000 1,129, Pitney Bowes /03/2024 USD 1,000,000 1,056, Plains All American Pipeline /02/2021 USD 200, , Plains All American Pipeline /01/2023 USD 100,000 92, PPG Industries /03/2022 EUR 2,900,000 3,302, Priceline Group /11/2022 EUR 1,600,000 1,876, Priceline Group /09/2024 EUR 3,300,000 3,855, Procter & Gamble /10/2017 EUR 1,900,000 2,258, Procter & Gamble /02/2019 USD 2,400,000 2,631, Qwest /12/2021 USD 1,200,000 1,301, RELX Capital /10/2022 USD 1,300,000 1,323, RELX Capital /05/2025 EUR 2,700,000 3,091, Spectra Energy Capital /04/2018 USD 1,400,000 1,490, Stryker /09/2016 USD 1,000,000 1,002, Sunoco Logistics Partners Operations /02/2022 USD 2,100,000 2,190, Synchrony Financial /08/2024 USD 4,000,000 4,146, Sysco /07/2021 USD 5,600,000 5,729, Thermo Fisher Scientific /01/2018 USD 1,900,000 1,913, Thermo Fisher Scientific /08/2021 USD 600, , Thermo Fisher Scientific /01/2023 USD 2,300,000 2,353, Thermo Fisher Scientific /04/2023 USD 300, , Time Warner Cable /05/2017 USD 200, , Time Warner Cable /09/2021 USD 4,200,000 4,469, Tyson Foods /08/2024 USD 2,000,000 2,162, United Parcel Service /04/2019 USD 1,200,000 1,329, United Parcel Service /10/2022 USD 2,200,000 2,289, United Parcel Service /11/2025 EUR 1,600,000 1,917, Verisk Analytics /06/2025 USD 2,700,000 2,841, Verizon Communications /06/2019 USD 500, , Verizon Communications /09/2020 USD 1,000,000 1,111, Verizon Communications /03/2021 USD 1,300,000 1,394, Verizon Communications /11/2021 USD 900, , Verizon Communications /06/2024 GBP 300, , Viacom /04/2017 USD 1,610,000 1,633, Wachovia /02/2018 USD 300, , Wells Fargo & Co /12/2020 USD 500, , Wells Fargo & Co /04/2021 USD 2,400,000 2,683, Wells Fargo & Co /04/2022 GBP 600, , Wells Fargo Bank /01/2018 USD 1,800,000 1,815, Western Union /10/2016 USD 2,400,000 2,423, Wyndham Worldwide /03/2022 USD 4,300,000 4,566, Xylem /03/2023 EUR 700, , Zimmer Biomet Holdings /04/2020 USD 700, , Zimmer Biomet Holdings /04/2025 USD 1,800,000 1,858, Zoetis /11/2020 USD 1,600,000 1,653, Zoetis /02/2023 USD 3,700,000 3,775, ,845, Total corporate bonds 546,454, Total transferable securities 546,454, MGI Funds plc 162

164 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial derivative instruments (2015: 0.90%) Open forward foreign currency contracts (2015: 0.83%) USD 2* 4,181,216 EUR 3,749,984 05/07/ , USD 3* 161,231,760 EUR 144,000,000 20/07/2016 1,170, USD 3* 20,917,728 GBP 14,800,000 20/07/2016 1,131, USD 2* 15,021,936 NOK 125,642,349 05/07/2016 7, USD 2* 647,862 SEK 5,404,508 05/07/2016 9, Unrealised gain on open forward foreign currency contracts 2,334, Futures contracts (2015: 0.07%) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain US$ Net assets 3 Month Euribor Interest Rate Futures 1* 5,852,606 19/12/2016 EUR 21 3, Month Euribor Interest Rate Futures 1* 1,115,060 19/06/2017 EUR Month Euribor Interest Rate Futures 1* 7,527,029 18/06/2018 EUR 27 9, Month Euribor Interest Rate Futures 1* 3,623,403 13/03/2017 EUR 13 1, Month Euribor Interest Rate Futures 1* 3,624,306 19/03/2018 EUR 13 4, Month Euribor Interest Rate Futures 1* 10,030,040 19/09/2016 EUR 36 3, Day Australia Bank Bill Futures 1* 1,681,924,749 08/12/2016 AUD 23 2, Day Australia Bank Bill Futures 1* 4,383,608,942 08/09/2016 AUD 60 11, Day Sterling Futures 1* 4,829,424 21/12/2016 GBP 29 5, Day Sterling Futures 1* 8,993,623 20/12/2017 GBP 54 13, Day Sterling Futures 1* 3,997,166 21/06/2017 GBP 24 2, Day Sterling Futures 1* 17,648,836 20/06/2018 GBP , Day Sterling Futures 1* 6,328,846 15/03/2017 GBP 38 6, Day Sterling Futures 1* 11,490,699 21/03/2018 GBP 69 18, Day Sterling Futures 1* 10,154,877 21/09/2016 GBP 61 17, Day Sterling Futures 1* 6,829,177 20/09/2017 GBP 41 9, Year Australian Treasury Bond Futures 1* 2,262,326 15/09/2016 AUD 31 28, Bank Accept Futures 1* 2,098,868 19/09/2016 CAD Year Canada Treasury Bond Futures 1* 2,279,818 21/09/2016 CAD 20 6, Year Japan Treasury Bond Futures 1* 8,943,558 12/09/2016 JPY 6 14, Long Gilt Futures 1* 3,435,309 28/09/2016 GBP 20 69, Unrealised gain on futures contracts 296, Total financial derivative instruments at positive fair value 2,630, Total financial assets at fair value through profit or loss 549,085, Financial Derivative Instruments (2015: (0.94)%) Open forward foreign currency contracts (2015: (0.86)%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets EUR 2* 140,316,535 USD 156,680,649 05/07/2016 (796,078) (0.14) NOK 2* 3,509,833,516 USD 419,655,811 05/07/2016 (218,133) (0.04) SEK 2* 132,963,059 USD 15,939,186 05/07/2016 (246,071) (0.04) Unrealised loss on open forward foreign currency contracts (1,260,282) (0.22) MGI Funds plc 163

165 Mercer Short Duration Global Bond Fund 1 Portfolio Statement No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss US$ Net assets Financial derivative instruments (2015: (0.94)%) Futures contracts (2015: 0.08%) 10 Year US Treasury Note Futures 1* (28,059,703) 21/09/2016 USD (211) (763,680) (0.13) 5 Year US Treasury Note Futures 1* (101,884,829) 30/09/2016 USD (834) (1,896,045) (0.33) 90 Day Australia Bank Bill Futures 1* (438,941,682) 09/03/2017 AUD (6) (109) Day Australia Bank Bill Futures 1* (951,330,705) 08/06/2017 AUD (13) (1,656) Day Australia Bank Bill Futures 1* (292,746,924) 07/09/2017 AUD (4) (364) Day Eurodollar Futures 1* (2,731,438) 19/12/2016 USD (11) (8,525) Day Eurodollar Futures 1* (10,909,250) 18/12/2017 USD (44) (52,363) (0.01) 90 Day Eurodollar Futures 1* (9,678,825) 19/06/2017 USD (39) (40,463) (0.01) 90 Day Eurodollar Futures 1* (10,156,725) 18/06/2018 USD (41) (50,625) (0.01) 90 Day Eurodollar Futures 1* (6,703,088) 13/03/2017 USD (27) (12,150) Day Eurodollar Futures 1* (10,904,850) 19/03/2018 USD (44) (31,975) (0.01) 90 Day Eurodollar Futures 1* 248,388 19/09/2016 USD 1 (13) Day Eurodollar Futures 1* (11,163,375) 18/09/2017 USD (45) (25,900) (0.01) Bank Accept Futures 1* (5,534,217) 19/12/2016 CAD (29) (5,121) 0.00 Bank Accept Futures 1* (6,679,564) 18/12/2017 CAD (35) (7,681) 0.00 Bank Accept Futures 1* (16,032,571) 19/06/2017 CAD (84) (22,908) 0.00 Bank Accept Futures 1* (11,260,405) 13/03/2017 CAD (59) (7,382) 0.00 Bank Accept Futures 1* (18,322,938) 18/09/2017 CAD (96) (23,447) 0.00 EuroBobl Futures 1* (62,337,593) 08/09/2016 EUR (420) (554,142) (0.10) EuroBund Futures 1* (5,198,532) 08/09/2016 EUR (28) (70,101) (0.01) Unrealised loss on futures contracts (3,574,650) (0.62) Total financial derivative instruments at negative fair value (4,834,932) (0.84) Total financial derivative instruments (2,204,322) (0.38) Fair value US$ % of Net assets Total investments at fair value through profit and loss 544,250, Cash (2015: 3.23%) 25,556, Net current assets (2015: (0.07)%) 4,894, Net assets attributable to holders of redeemable participating shares 574,701, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Corporate bonds Austria 0.39 MGI Funds plc 164

166 Mercer Short Duration Global Bond Fund 1 Portfolio Statement Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Financial derivative instruments dealt in on a regulated market; 0.05 OTC financial derivative instruments; 0.40 Other current assets The following is a list of counterparties for the open forward foreign currency contracts and futures contracts: Reference Counterparty 1* Citigroup Global Markets Limited 2* State Street Bank and Trust 3* State Street Bank London Country classifications are based upon country of incorporation and/or country of domicile. Held by broker as collateral for over the counter derivative instruments and/or country of domicile. Credit Risk The following table outlines the credit exposures of Mercer Short Duration Global Bond Fund 1. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 Mercer Short Duration Global Bond Fund 1 % Holding US$ AAA ,900,527 AA ,580,053 AA ,848,937 AA ,899,015 A ,648,887 A ,735,474 A ,473,682 BBB ,241,586 BBB ,577,357 BBB ,457,004 BB ,818,930 NR , ,454,975 Mercer Short Duration Global Bond Fund 1 % Holding US$ AAA ,268,994 AA ,153,674 AA ,026,052 AA ,060,663 A ,135,172 A ,163,716 A ,117,927 BBB ,876,781 BBB ,623,825 BBB ,319,845 BB ,019 NR ,527,668 Concentration Risk Mercer Short Duration Global Bond Fund 1's exposure to industries above 5% was as follows: % of NAV % of NAV Materials Communications Consumer, Cyclical 6.13 Consumer, NonCyclical Energy Financial Industrial Technology 5.10 Utilities MGI Funds plc 165

167 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Transferable securities (2015: 96.67%) Asset backed securities (2015: 4.56%) France (2015: 1.00%) Bee First Finance/Edelweiss /01/2022 EUR 1,145,569 1,272, Cars Alliance Auto Loans Germany V /12/2024 EUR 273, , Driver France Fct Compartment Driver France Two /03/2022 EUR 660, , Titrisocram /11/2035 EUR 1,300,000 1,447, ,758, Germany (2015: 0.49%) Driver Thirteen UG haftungsbeschraenkt /02/2021 EUR 1,313,664 1,456, Red & Black Auto Germany /09/2022 EUR 126, , SC Germany Auto /12/2023 EUR 781, , ,466, Ireland (2015: 0.51%) Bilkreditt /12/2027 EUR 104, , Bilkreditt /03/2028 EUR 386, , Bilkreditt /07/2029 EUR 488, , ,090, Luxembourg (2015: 1.34%) Bavarian Sky /08/2021 EUR 341, , Bavarian Sky /04/2024 EUR 1,021,939 1,136, Compartment VCL /06/2020 EUR 466, , Compartment VCL /08/2021 EUR 1,405,134 1,563, Driver UK /01/2023 GBP 553, , ECARAT /03/2022 GBP 899,200 1,199, Silver Arrow /10/2021 EUR 45,910 51, Silver Arrow /10/2023 EUR 627, , ,280, Netherlands (2015: Nil) Globaldrive Auto Receivables 2016A /01/2024 EUR 455, , United Kingdom (2015: 0.43%) Motor /08/2021 USD 116, , Motor /06/2022 GBP 1,215,897 1,619, ,736, United States of America (2015: 0.16%) SLM Private Credit Student Loan Trust 2006B /03/2024 USD 158, , SLM Private Education Loan Trust 2013B /07/2022 USD 188, , , Total asset backed securities 16,183, Mortgage backed securities (2015: 13.20%) Australia (2015: 0.63%) Apollo Trust /06/2044 AUD 470, , Puma Finance /05/2045 AUD 969, , Puma Finance /10/2045 AUD 1,042, , ,836, France (2015: 0.86%) Infinity ico /02/2024 EUR 3,061,886 3,325, Ireland (2015: 2.02%) Bluestep Mortgage Securities No /05/2063 SEK 13,976,724 1,651, German Residential Funding /08/2024 EUR 4,496,239 5,043, German Residential Funding /08/2024 EUR 539, , MGI Funds plc 166

168 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Transferable securities (2015: 96.67%) Mortgage backed securities (2015: 13.20%) Ireland (2015: 2.02%) German Residential Funding /11/2024 EUR 3,037,209 3,384, German Residential Funding /11/2024 EUR 216, , Mars /10/2050 EUR 864, , Uropa Securities /10/2040 EUR 507, , ,450, Italy (2015: 1.98%) Casa D'este Finance /09/2040 EUR 369, , Claris Abs 2011 Srl /10/2060 EUR 138, , Claris RMBS /12/2061 EUR 970,703 1,085, Creso /12/2060 EUR 734, , Giovecca Mortgages /04/2048 EUR 620, , Marche Mutui /01/2064 EUR 648, , Sunrise /05/2031 EUR 97, , Sunrise /08/2031 EUR 350, , Sunrise /12/2032 EUR 2,500,000 2,790, ,158, Netherlands (2015: 0.07%) Beluga Master Issuer /10/2099 EUR 1,600,000 1,777, United Kingdom (2015: 6.74%) Auburn Securities /08/2047 GBP 812,525 1,082, Business Mortgage Finance /02/2041 GBP 436, , Eurohome UK Mortgages /06/2044 GBP 832,543 1,027, EuroMASTR /06/2040 GBP 948,476 1,116, Eurosail /06/2044 GBP 184, , Eurosail 20062bl /12/2044 EUR 900, , Eurosail 20064np /12/2044 EUR 731, , EurosailUK 20076nc /09/2045 GBP 664, , Gosforth Funding /10/2056 GBP 526, , Great Hall Mortgages /03/2039 EUR 2,104,593 2,246, Great Hall Mortgages /03/2039 GBP 239, , Great Hall Mortgages No /06/2039 USD 465, , Landmark Mortgage Securities No /06/2039 GBP 162, , Leek Finance Number Eighteen /09/2038 USD 396, , MINT /02/2025 EUR 1,000,000 1,108, MINT /02/2025 GBP 2,300,000 3,041, Nemus II Arden /02/2020 GBP 730, , Newgate Funding /12/2050 EUR 755, , Newgate Funding /12/2050 EUR 1,340,302 1,366, Newgate Funding /12/2050 GBP 1,100,000 1,185, RMAC Securities No /06/2044 GBP 962,394 1,180, Taurus CMBS UK /05/2022 GBP 664, , Ulysses European Loan Conduit No /07/2017 GBP 500, , ,739, United States of America (2015: 0.90%) COBALT CMBS Commercial Mortgage Trust 2007C /05/2046 USD 699, , Credit Suisse Commercial Mortgage Trust Series 2006C /12/2039 USD 560, , Wachovia Bank Commercial Mortgage Trust Series 2007C /06/2049 USD 266, , ,547, Total mortgage backed securities 49,836, MGI Funds plc 167

169 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Transferable securities (2015: 96.67%) Corporate bonds (2015: 41.31%) Australia (2015: 0.84%) Commonwealth Bank of Australia /11/2021 EUR 1,500,000 1,732, Westpac Banking /04/2020 EUR 1,500,000 1,761, Woodside Finance /05/2021 USD 2,938,000 3,112, ,607, Belgium (2015: 0.90%) AnheuserBusch InBev /03/2020 EUR 700, , Belfius Bank /02/2025 EUR 1,000,000 1,157, Solvay /12/2017 EUR 600, , UCB /01/2021 EUR 1,827,000 2,290, ,904, Canada (2015: 0.20%) Bank of Montreal /01/2019 EUR 2,200,000 2,462, Royal Bank of Canada /09/2019 USD 500, , TorontoDominion Bank /09/2019 USD 500, , TorontoDominion Bank /03/2021 USD 1,300,000 1,335, TorontoDominion Bank /03/2021 USD 2,100,000 2,157, ,984, Cayman Islands (2015: 0.25%) Aircraft Finance /03/2020 USD 886, , Channel Islands (2015: 0.85%) AA Bond /07/2043 GBP 1,100,000 1,522, Atrium European Real Estate /04/2020 EUR 100, , ,644, China (2015: 0.70%) Baidu /08/2018 USD 1,400,000 1,437, Tencent Holdings /03/2018 USD 1,600,000 1,641, ,078, Denmark (2015: 6.18%) Nordea Kredit Realkreditaktieselskab /10/2016 DKK 47,700,000 7,170, Nordea Kredit Realkreditaktieselskab /01/2024 DKK 4,000, , Nordea Kredit Realkreditaktieselskab /10/2047 DKK 9,015,279 1,316, Nykredit Realkredit /10/2016 DKK 12,200,000 1,827, Nykredit Realkredit /10/2016 DKK 44,600,000 6,698, Nykredit Realkredit /10/2037 DKK 19,900,000 2,994, Nykredit Realkredit /10/2047 DKK 15,658,738 2,287, Nykredit Realkredit /10/2047 DKK 40,448,457 6,102, Nykredit Realkredit /10/2047 DKK 5,350, , Nykredit Realkredit /10/2047 DKK 12,231,305 1,887, Realkredit Danmark /04/2017 DKK 18,700,000 2,841, Realkredit Danmark /04/2021 DKK 2,500, , Realkredit Danmark /04/2023 DKK 13,500,000 2,209, Realkredit Danmark /10/2037 DKK 3,231, , Realkredit Danmark /10/2047 DKK 50,621,087 7,631, Realkredit Danmark /10/2047 DKK 18,863,440 2,897, ,240, France (2015: 2.40%) BPCE /03/2017 GBP 1,200,000 1,607, BPCE /06/2017 USD 900, , BPCE /07/2024 USD 800, , Carrefour /11/2016 EUR 2,500,000 2,817, Dexia Credit Local /07/2018 EUR 2,000,000 2,239, Dexia Credit Local /10/2018 EUR 3,000,000 3,473, MGI Funds plc 168

170 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Transferable securities (2015: 96.67%) Corporate bonds (2015: 41.31%) France (2015: 2.40%) Dexia Credit Local /12/2019 EUR 2,600,000 2,903, Dexia Credit Local /01/2021 EUR 2,100,000 2,546, Dexia Credit Local /03/2021 EUR 2,100,000 2,355, Dexia Credit Local /01/2023 EUR 2,800,000 3,215, RCI Banque /03/2019 EUR 100, , ,974, Germany (2015: 0.90%) Covestro /03/2018 EUR 800, , Deutsche Hypothekenbank /02/2023 EUR 1,700,000 1,924, Erste Abwicklungsanstalt /02/2018 USD 7,600,000 7,620, KFW /07/2018 USD 11,200,000 12,022, KFW /06/2019 USD 3,500,000 3,898, KFW /10/2019 USD 4,200,000 4,302, KFW /01/2021 SEK 5,000, , Landesbank HessenThueringen Girozentrale 23/11/2020 EUR 1,300,000 1,459, Landwirtschaftliche Rentenbank /01/2023 AUD 600, , ProSiebenSat.1 Media /04/2021 EUR 1,600,000 1,892, ,185, Ireland (2015: 3.62%) Depfa ACS Bank /11/2016 EUR 2,700,000 3,042, GE Capital European Funding /10/2016 EUR 900,000 1,013, ,056, Italy (2015: 2.04%) Banca Carige /11/2016 EUR 1,100,000 1,237, Banca Carige /10/2018 EUR 2,600,000 3,096, Banca Monte dei Paschi di Siena /02/2056 EUR 900,000 1,071, Banco Popolare SC /03/2017 EUR 1,100,000 1,254, Indesit /04/2018 EUR 1,800,000 2,143, Intesa Sanpaolo /01/2017 USD 1,200,000 1,204, ,007, Japan (2015: 0.07%) Bank of TokyoMitsubishi UFJ /09/2018 USD 700, , Central Nippon Expressway /05/2021 USD 1,000,000 1,017, Sumitomo Mitsui Banking /01/2018 USD 300, , ,019, Luxembourg (2015: 0.67%) DH Europe Finance /06/2017 EUR 1,300,000 1,447, European Financial Stability Facility /05/2026 EUR 400, , European Investment Bank /08/2023 AUD 1,600, , European Stability Mechanism /09/2025 EUR 100, , Gazprom OAO Via Gaz Capital /11/2018 CHF 1,100,000 1,166, ,182, Netherlands (2015: 2.59%) Bank Nederlandse Gemeenten /03/2019 GBP 400, , Bank Nederlandse Gemeenten /02/2023 EUR 2,700,000 3,056, Cooperatieve Rabobank /11/2016 EUR 100, , Cooperatieve Rabobank /01/2017 EUR 3,200,000 3,558, Cooperatieve Rabobank /01/2018 EUR 5,900,000 7,040, LeasePlan /09/2018 EUR 100, , LeasePlan /04/2020 EUR 300, , Nederlandse Waterschapsbank /10/2022 EUR 800, , Nederlandse Waterschapsbank /01/2023 EUR 2,300,000 2,644, MGI Funds plc 169

171 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Transferable securities (2015: 96.67%) Corporate bonds (2015: 41.31%) Netherlands (2015: 2.59%) Volkswagen International Finance /05/2017 EUR 300, , Vonovia Finance /10/2017 USD 1,800,000 1,835, ,497, Norway (2015: Nil) Eksportfinans ASA /06/2017 USD 3,100,000 3,212, Singapore (2015: Nil) United Overseas Bank /03/2021 EUR 400, , Spain (2015: 0.75%) ACS Actividades de Construccion y Servicios /04/2020 EUR 2,000,000 2,202, Sweden (2015: 1.30%) Stadshypotek /10/2017 AUD 500, , Stadshypotek /10/2019 USD 3,100,000 3,147, Svensk Exportkredit /04/2018 USD 1,000,000 1,003, Volvo Treasury /09/2017 EUR 3,900,000 4,333, ,857, Switzerland (2015: 1.80%) Credit Suisse /07/2016 GBP 1,900,000 2,540, Credit Suisse /08/2023 USD 1,400,000 1,470, EUROFIMA /12/2018 AUD 200, , ,173, Tunisia (2015: 0.29%) African Development Bank /03/2022 AUD 1,500,000 1,273, United Kingdom (2015: 2.85%) British Telecommunications /12/2016 GBP 1,900,000 2,618, HBOS /05/2018 USD 2,000,000 2,150, HSBC Holdings /03/2021 USD 400, , HSBC Holdings /03/2022 EUR 1,000,000 1,141, Royal Bank of Scotland /03/2022 USD 2,000,000 2,084, Vodafone Group /02/2019 EUR 400, , ,854, United States of America (2015: 11.69%) AbbVie /11/2018 USD 600, , American Honda Finance /03/2019 EUR 600, , AnheuserBusch InBev Finance /02/2019 USD 300, , AnheuserBusch InBev Finance /02/2021 USD 300, , Bank of America /11/2016 USD 900, , Bank of America /03/2017 USD 800, , Bank of America /04/2017 EUR 4,100,000 4,718, Bank of America /08/2017 USD 200, , Bank of America /08/2017 USD 600, , Bank of America /12/2017 USD 400, , Bank of America /01/2019 USD 1,200,000 1,228, Bear Stearns /10/2017 USD 600, , Burlington Northernnta Fe /05/2017 USD 1,200,000 1,246, CocaCola /09/2019 EUR 1,500,000 1,663, Ford Motor Credit /01/2018 USD 1,600,000 1,620, Goldman Sachs Group /09/2020 USD 900, , Goldmanchs Group /01/2018 USD 1,000,000 1,065, Goldmanchs Group /04/2018 USD 1,400,000 1,509, HSBC USA /03/2017 USD 800, , JPMorgan Chase & Co /02/2017 USD 1,300,000 1,301, MGI Funds plc 170

172 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Transferable securities (2015: 96.67%) Corporate bonds (2015: 41.31%) United States of America (2015: 11.69%) JPMorgan Chase & Co /01/2020 USD 1,600,000 1,604, JPMorgan Chase & Co /01/2020 EUR 1,400,000 1,561, JPMorgan Chase Bank /09/2016 GBP 200, , JPMorgan Chase Bank /11/2021 EUR 500, , Morgan Stanley /08/2017 USD 1,400,000 1,476, Morgan Stanley /01/2019 USD 500, , Navient /01/2017 USD 1,100,000 1,115, Republic Services /06/2022 USD 3,100,000 3,351, Verizon Communications /03/2021 USD 3,100,000 3,325, Wells Fargo & Co /04/2019 USD 2,400,000 2,452, WM Covered Bond Program /11/2016 EUR 5,700,000 6,393, ,140, Total corporate bonds 244,430, Government bonds (2015: 37.22%) Belgium (2015: Nil) Belgium (Government of) /03/2017 EUR 8,500,000 9,759, Canada (2015: 1.43%) Province of Ontario Canada /06/2024 CAD 2,400,000 2,095, Province of Ontario Canada /06/2045 CAD 200, , Province of Quebec Canada /03/2025 AUD 1,300,000 1,051, ,322, Czech Republic (2015: Nil) Czech Republic Ministry of Finance Bill 02/09/2016 CZK 9,000, , Czech Republic Ministry of Finance Bill 30/09/2016 CZK 40,000,000 1,641, ,011, Finland (2015: Nil) Finnvera /09/2022 EUR 1,000,000 1,157, France (2015: 1.57%) Caisse Francaise de Financement Local /02/2017 USD 600, , Germany (2015: 0.39%) Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond /04/2018 EUR 1,486,618 1,695, State of North RhineWestphalia /03/2018 GBP 1,500,000 2,013, ,708, Italy (2015: 6.20%) Italy Buoni Poliennali Del Tesoro /01/2018 EUR 4,700,000 5,289, Italy Buoni Poliennali Del Tesoro /10/2018 EUR 400, , Italy Certificati di Credito del Tesoro /04/2018 EUR 7,000,000 7,901, Italy Certificati di Credito del Tesoro /11/2018 EUR 12,500,000 14,415, ,053, Norway (2015: 0.88%) Kommunalbanken /04/2026 EUR 1,000,000 1,134, Slovakia (2015: 0.18%) Slovakia (Government of) /11/2016 EUR 700, , Slovenia (2015: 6.42%) Slovenia (Government of) /11/2016 EUR 2,800,000 3,157, Slovenia (Government of) /02/2019 USD 10,800,000 11,382, Slovenia (Government of) /02/2019 USD 14,600,000 15,387, MGI Funds plc 171

173 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Transferable securities (2015: 96.67%) Government bonds (2015: 37.22%) Slovenia (2015: 6.42%) Slovenia (Government of) /01/2020 EUR 300, , Slovenia (Government of) /01/2021 EUR 2,000,000 2,655, Slovenia (Government of) /10/2022 USD 3,900,000 4,436, Slovenia (Government of) /05/2023 USD 7,000,000 8,139, Slovenia (Government of) /02/2024 USD 1,800,000 2,032, ,573, Spain (2015: 2.49%) Autonomous Community of Andalusia Spain /03/2020 EUR 400, , Autonomous Community of Catalonia /11/2016 EUR 200, , Autonomous Community of Catalonia /06/2018 EUR 1,600,000 1,810, Autonomous Community of Catalonia /02/2020 EUR 300, , Autonomous Community of Madrid Spain /03/2020 EUR 10,000 12, Autonomous Community of Madrid Spain /05/2024 EUR 800,000 1,085, Autonomous Community of Madrid Spain /04/2025 EUR 100, , Autonomous Community of Madrid Spain /09/2026 EUR 1,400,000 1,956, Autonomous Community of Valencia Spain /03/2020 EUR 900,000 1,155, FADE Fondo de Amortizacion del Deficit Electrico /09/2019 EUR 3,300,000 3,750, Instituto de Credito Oficial /11/2016 USD 600, , Instituto de Credito Oficial /04/2017 USD 900, , Junta Comunidades de CastillaLa Mancha /11/2016 CAD 2,600,000 2,035, Junta de Castilla y Leon /06/2021 EUR 2,600,000 2,923, Spain (Kingdom of) /04/2018 EUR 4,700,000 5,261, ,725, United Kingdom (2015: 0.46%) United Kingdom (Government of) /01/2044 GBP 2,200,000 3,910, United Kingdom (Government of) /01/2045 GBP 2,100,000 3,919, ,829, United States of America (2015: 17.19%) United States Treasury Inflation Indexed Bonds /04/2018 USD 9,934,848 10,085, United States Treasury Inflation Indexed Bonds /07/2022 USD 104, , United States Treasury Inflation Indexed Bonds /01/2023 USD 1,347,320 1,366, United States Treasury Inflation Indexed Bonds /01/2025 USD 3,131,000 3,181, United States Treasury Inflation Indexed Bonds /01/2025 USD 3,172,775 3,792, United States Treasury Inflation Indexed Bonds /01/2027 USD 593, , United States Treasury Inflation Indexed Bonds /01/2028 USD 799, , United States Treasury Inflation Indexed Bonds /01/2029 USD 2,228,440 2,827, United States Treasury Inflation Indexed Bonds /02/2044 USD 1,847,610 2,140, United States Treasury Note /02/2021 USD 2,000,000 2,014, ,178, Total government bonds 155,849, Municipal bonds (2015: 0.38%) United States of America (2015: 0.38%) Municipal Electric Authority of Georgia /04/2057 USD 700, , State of California /11/2040 USD 600, , ,901, Total municipal bonds 1,901, Total bonds 468,199, Total transferable securities 468,199, MGI Funds plc 172

174 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Financial derivative instruments (2015: 1.21%) Open forward foreign currency contracts (2015: 0.84%) AUD 1* 8,321,773 USD 6,153,119 05/07/ , CAD 10* 2,043,000 USD 1,561,711 05/07/ ,400 EUR 2* 144,873,570 USD 159,650,675 05/07/2016 1,296, EUR 5* 3,967,000 USD 4,403,490 02/08/2016 8,079 MXN 5* 1,992,000 USD 104,218 25/08/2016 3,227 USD 5* 613,536 CZK 14,674,556 02/09/ ,589 USD 8* 1,129,639 CZK 27,101,160 30/09/ ,183 USD 10* 352,953 CZK 8,469,112 30/09/2016 4,686 USD 2* 21,286,412 DKK 139,426,000 01/07/ , USD 5* 5,190,621 DKK 34,060,000 05/07/ , USD 2* 14,092,175 DKK 93,885,000 05/07/ , USD 10* 457,995 DKK 3,020,000 08/07/2016 6,986 USD 11* 6,898,000 DKK 44,780,000 03/10/ , USD 17* 1,086,571 DKK 7,104,000 03/10/ ,169 USD 4* 1,490,271 DKK 9,803,000 03/10/ ,474 USD 2* 2,906,769 DKK 19,094,000 03/04/ ,396 USD 7* 163,295,028 EUR 146,377,585 05/07/ , USD 15* 47,020,448 EUR 41,999,043 05/07/ , USD 17* 6,371,771 EUR 5,623,000 05/07/ , USD 13* 1,237,084 EUR 1,092,000 05/07/ ,927 USD 5* 1,952,694 EUR 1,741,000 05/07/ ,531 USD 16* 2,584,496 EUR 2,317,783 05/07/2016 9,556 USD 4* 1,688,732 EUR 1,512,000 05/07/2016 8,976 USD 2* 40,661,522 GBP 27,731,000 05/07/2016 3,590, USD 9* 443,793 GBP 313,000 05/07/ ,375 USD 17* 293,009 GBP 211,000 05/07/ ,945 USD 15* 253,456 JPY 25,800,000 02/08/2016 1,751 USD 16* 14,827,723 NOK 124,017,963 05/07/2016 7,132 USD 8* 2,467,378 SEK 20,465,000 05/07/ , USD 16* 527,618 SEK 4,401,423 05/07/2016 8,135 Unrealised gain on open forward foreign currency contracts 7,220, Interest rate swaps (2015: 0.16%) Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets Fixed 1.250% 6* GBP 6 Month Libor 21/09/2021 GBP 30,500,000 1,187, Fixed 0.300% 6* JPY 6 Month Libor 18/03/2026 JPY 970,000, , Interest rate swaps at positive fair value 1,537, Credit default swaps (2015: 0.00%) Protection Premium Reference (Bought)/ (Paid)/ Maturity Notional Fair value % of Entity Sold Received date Currency holding US$ Net assets BMW Finance 6* Sold Fixed 1.000% 20/12/2016 EUR 1,200,000 5, Volkswagen 2* Sold Fixed 1.000% 20/12/2016 EUR 1,700,000 6, Volkswagen 6* Sold Fixed 1.000% 20/03/2017 EUR 400,000 2, Volkswagen 3* Sold Fixed 1.000% 20/03/2017 EUR 300,000 1, Volkswagen 5* Sold Fixed 1.000% 20/03/2017 EUR 300,000 1, Goldman Sachs Group 2* Sold Fixed 1.000% 20/09/2020 USD 600, Goldman Sachs Group 6* Sold Fixed 1.000% 20/09/2020 USD 200, Goldman Sachs Group 5* Sold Fixed 1.000% 20/09/2020 USD 100, Credit default swaps at positive fair value 17, MGI Funds plc 173

175 Mercer Short Duration Global Bond Fund 2 Portfolio Statement No. of Maturity contracts Unrealised % of Notional date Currency long/(short) gain US$ Net assets Financial assets at fair value through profit or loss (2015: 97.88%) Financial derivative instruments (2015: 1.21%) Futures contracts (2015: 0.19%) Long Gilt Futures 6* 5,324,729 28/09/2016 GBP , Year US Treasury Notes Futures 6* 30,541,016 30/09/2016 USD , Year US Treasury Notes Futures 6* 99,355,641 30/09/2016 USD , Unrealised gain on futures contracts 1,210, Options purchased (2015: 0.02%) Expiry Notional Fair value % of Currency date amount US$ Net assets Call at 1.20 on IRO EUR 20 Year 8* EUR 01/12/2016 3,800, , Put at 2.16 on IRO GBP 30 Year 10* GBP 12/01/2017 2,600,000 12, Unrealised gain on options purchased 362, Total financial derivative instruments at positive fair value 10,347, Total financial assets at fair value through profit or loss 478,547, Financial assets at amortised cost (2015: 1.97%) Reverse repurchased agreements (2015: 0.18%) Par Value/ Carrying value % of Shares Currency Description US$ Net assets 17,045,000 USD Repurchase agreement with Toronto Dominion Bank, 0.77%, dated 01/07/2016 (collateral: United States Treasury Note, 3.00% due 15/05/2045), to be repurchased on demand at face value plus accrued interest with a stated maturity date of 30/06/ ,200, Total reverse repurchase agreements 19,200, Total investments at amortised cost 19,200, Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (2.51)%) Financial derivative instruments (2015: (2.51)%) Open forward foreign currency contracts (2015: (2.38)%) DKK 5* 30,330,000 USD 4,588,191 03/10/2016 (43,806) (0.01) EUR 7* 2,610,000 USD 2,930,746 05/07/2016 (31,169) EUR 4* 4,380,000 USD 4,918,714 05/07/2016 (52,755) (0.01) EUR 1* 2,100,000 USD 2,389,281 05/07/2016 (56,288) (0.01) EUR 5* 7,522,000 USD 8,510,941 05/07/2016 (154,379) (0.03) EUR 16* 78,306,499 USD 87,479,512 05/07/2016 (484,953) (0.10) GBP 7* 730,000 USD 1,060,300 05/07/2016 (84,436) (0.02) NOK 16* 3,349,485,492 USD 400,483,648 05/07/2016 (208,133) (0.05) SEK 16* 108,257,343 USD 12,977,541 05/07/2016 (200,346) (0.04) USD 15* 5,979,402 AUD 8,321,773 05/07/2016 (216,990) (0.04) USD 10* 5,821,281 CAD 7,632,788 05/07/2016 (55,972) (0.01) USD 10* 1,079,691 CHF 1,067,000 05/07/2016 (15,567) USD 11* 250,526 JPY 25,800,000 05/07/2016 (960) USD 1* 6,146,961 AUD 8,321,773 02/08/2016 (43,033) (0.01) USD 14* 4,280,492 CAD 5,589,788 02/08/2016 (24,096) USD 3* 1,093,089 CHF 1,067,000 02/08/2016 (4,170) MGI Funds plc 174

176 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (2.51)%) Financial derivative instruments (2015: (2.51)%) Open forward foreign currency contracts (2015: (2.38)%) USD 3* 40,808,174 EUR 36,859,057 02/08/2016 (181,561) (0.04) USD 2* 159,821,625 EUR 144,873,570 02/08/2016 (1,287,463) (0.28) USD 4* 2,413,938 SEK 20,465,000 02/08/2016 (4,388) USD 5* 5,773 SGD 8,000 18/08/2016 (169) Unrealised loss on open forward foreign currency contracts (3,150,634) (0.65) Interest rate swaps (2015: (0.06)%) Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets EUR 6 Month Euribor 6* Fixed 1.250% 15/03/2047 EUR 1,800,000 (233,569) (0.05) GBP 6 Month Libor 6* Fixed 1.750% 15/03/2047 GBP 6,600,000 (1,221,359) (0.26) USD 3 Month Libor 6* Fixed 2.250% 15/06/2026 USD 3,300,000 (275,957) (0.06) USD 3 Month Libor 6* Fixed 1.750% 21/12/2026 USD 23,200,000 (664,754) (0.14) USD 3 Month Libor 6* Fixed 2.500% 15/06/2046 USD 6,300,000 (1,024,964) (0.20) Interest rate swaps at negative fair value (3,420,603) (0.71) Credit default swaps (2015: Nil) Reference Protection Premium Maturity Notional Fair value % of Entity (Bought)/Sold (Paid)/Received date Currency holding US$ Net assets Renault 12* Sold Fixed 1.000% 20/12/2020 EUR 900,000 (6,096) Italy (Republic of) 9* Sold Fixed 1.000% 20/12/2020 USD 2,200,000 (38,748) (0.01) Russian Federation 9* Sold Fixed 1.000% 20/12/2020 USD 5,500,000 (90,175) (0.02) France Government Bond 2* Sold Fixed 0.250% 20/12/2022 USD 8,400,000 (143,908) (0.03) Credit default swaps at negative fair value (278,927) (0.06) Futures contracts (2015: (0.01)%) No. of Maturity contracts Unrealised % of Notional date Currency long/(short) loss US$ Net assets Euro Schatz Futures 6* (45,068,473) 08/09/2016 EUR (362) (109,590) (0.01) EuroBtp Futures 6* (6,337,300) 08/09/2016 EUR (40) (91,986) (0.10) 30 Year Euro Buxl Futures 6* (12,857,506) 08/09/2016 EUR (59) (832,257) (0.10) Unrealised loss on futures contracts (1,033,833) (0.21) MGI Funds plc 175

177 Mercer Short Duration Global Bond Fund 2 Portfolio Statement Expiry Notional Fair value % of Currency date amount US$ Net assets Financial liabilities at fair value through profit or loss (2015: (2.51)%) Financial derivative instruments (2015: (2.51)%) Options written (2015: (0.06)%) Put at 1.40 on IRO USD 5 Year 9* USD 19/07/ ,000,000 (1,115) Unrealised loss on options written (1,115) Total financial derivative instruments at negative fair value (7,885,112) (1.63) Total financial liabilities at fair value through profit or loss (7,885,112) (1.63) Total financial derivative instruments 2,462, Total financial assets at amortised cost 19,200, Total investments at fair value through profit and loss 489,862, Cash (2015: 2.43%) 490, Net current liabilities (2015: 0.24%) (6,697,225) (1.38) Net assets attributable to holders of redeemable participating shares 483,655, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Asset Backed Securities Italy 0.63 Corporate bonds Korea 0.09 Philippines 0.33 Government bonds Mexico 0.01 Total assets comprised as follows: % of Total Assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Financial derivative instruments dealt in on a regulated market; 0.24 OTC financial derivative instruments; 1.78 Other current assets MGI Funds plc 176

178 Mercer Short Duration Global Bond Fund 2 Portfolio Statement The following is a list of counterparties for the financial derivative instruments. Reference Counterparty 1* Australia & New Zealand Banking Group 2* Bank of America 3* Barclays 4* BNP Paribas 5* Citibank 6* Credit Suisse 7* Goldman Sachs 8* HSBC 9* JP Morgan 10* JPMorgan Chase 11* Morgan Stanley 12* Morgan Stanley Bank 13* Royal Bank of Canada 14* Societe Generale 15* Standard Chartered 16* State Street 17* UBS All options purchased and written are covered. Country classifications are based upon country of incorporation and/or country of domicile. United States Treasury Note 3.00% due 15/05/2045 (Principal Amount 17,045,000) is pledged by Toronto Dominion Bank and held by the SubFund in respect of reverse repurchase agreements. Credit Risk The following table outlines the credit exposures of Mercer Short Bond Duration Global Bond Fund 2. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 Mercer Short Duration Global Bond Fund 2 % Holding US$ AAA ,619,657 AA ,683,680 AA ,387,070 AA ,454,012 A ,682,786 A ,555,236 A ,307,658 BBB ,037,439 BBB ,897,115 BBB ,121,740 BB ,477,159 BB ,190,467 BB ,115,263 B ,034,836 NR ,635, ,199,908 Mercer Short Duration Global Bond Fund 2 % Holding US$ AAA ,299,213 AA ,824,129 AA ,958,704 AA ,585,405 A ,940,491 A ,634,557 A ,042,641 BBB ,531,078 BBB ,395,348 BBB ,081,276 BB ,126,803 BB ,873,218 BB ,890 NR ,922, ,439,089 Concentration Risk Mercer Short Duration Global Bond Fund 2's exposure to industries above 5% was as follows: % of NAV % of NAV Financial Sovereign MGI Funds plc 177

179 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Transferable securities (2015: 96.22%) Corporate bonds (92.11%) Australia (2015: 3.21%) APT Pipelines /03/2022 EUR 1,750,000 1,930, Aurizon Network /06/2026 EUR 400, , BHP Billiton Finance /11/2021 USD 1,200,000 1,269, BHP Billiton Finance /09/2023 USD 250, , BHP Billiton Finance /02/2042 USD 3,450,000 3,565, Brambles Finance /06/2024 EUR 1,250,000 1,529, Rio Tinto Finance /05/2019 USD 710, , Rio Tinto Finance /06/2025 USD 3,000,000 3,144, Scentre Group Trust /07/2024 EUR 2,000,000 2,447, Scentre Group Trust /07/2026 GBP 1,947,000 2,948, SGSP Australia Assets /06/2022 EUR 1,900,000 2,234, Sydney Airport Finance /04/2025 USD 2,800,000 2,851, Telstra /10/2021 USD 820, , Telstra /04/2025 USD 2,000,000 2,091, Telstra /04/2026 EUR 1,850,000 2,113, Wesfarmers /08/2022 EUR 1,590,000 1,968, ,608, Belgium (2015: 0.61%) AnheuserBusch InBev /07/2024 GBP 175, , AnheuserBusch InBev /03/2036 EUR 1,000,000 1,288, Eandis System Operator /10/2023 EUR 1,000,000 1,301, Solvay /12/2027 EUR 1,000,000 1,258, ,213, Bermuda (2015: 0.72%) Ooredoo International Finance /02/2021 USD 2,550,000 2,811, Ooredoo International Finance /06/2026 USD 380, , ,196, British Virgin Islands (2015: 0.41%) CNOOC Finance /01/2021 USD 2,800,000 2,965, Canada (2015: 1.10%) Agrium /06/2043 USD 3,000,000 3,120, Alimentation CoucheTard /05/2026 EUR 1,300,000 1,498, Canadian National Railway /03/2019 USD 1,200,000 1,333, Cenovus Energy /08/2022 USD 1,700,000 1,553, Glencore Canada Financial /05/2020 GBP 1,700,000 2,431, Husky Energy /04/2022 USD 900, , Husky Energy /04/2024 USD 736, , ,618, Channel Islands (2015: 1.34%) Credit Suisse Group Funding Guernsey /03/2025 USD 1,600,000 1,568, Gatwick Funding /03/2034 GBP 1,000,000 1,621, Porterbrook Rail Finance /04/2019 GBP 1,660,000 2,453, UBS Group Funding Jersey /09/2025 USD 2,900,000 3,011, ,655, Chile (2015: Nil) Corporación Nacional de Colbre de Chile /11/2020 USD 2,800,000 3,005, China (2015: 0.85%) Alibaba Group Holding /11/2021 USD 3,000,000 3,074, Tencent Holdings /12/2016 USD 2,550,000 2,587, ,661, MGI Funds plc 178

180 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Transferable securities (2015: 96.22%) Corporate bonds (92.11%) Denmark (2015: 0.19%) Danfoss /02/2022 EUR 1,200,000 1,382, ISS Global /01/2021 EUR 1,000,000 1,136, ,519, Finland (2015:0.29%) Elenia Finance /12/2020 EUR 1,750,000 2,104, France (2015: 5.22%) BNP Paribas /01/2021 USD 1,910,000 2,146, BNP Paribas /03/2023 USD 800, , Casino Guichard Perrachon /08/2019 EUR 1,100,000 1,317, Danone /06/2022 USD 2,700,000 2,826, Electricite de France /07/2031 GBP 1,625,000 2,779, Electricite de France /01/2039 USD 2,500,000 3,342, Eutelsat /10/2022 EUR 700, , Holding d'infrastructures de Transport /03/2025 EUR 900,000 1,099, Klepierre /03/2021 EUR 1,800,000 2,431, Klepierre /02/2026 EUR 2,200,000 2,657, Societe Des Autoroutes ParisRhinRhone /01/2025 EUR 1,700,000 2,065, Total Capital /12/2021 USD 1,680,000 1,888, UnibailRodamco SE /04/2036 EUR 1,000,000 1,229, Valeo /03/2026 EUR 2,400,000 2,831, ,326, Germany (2015: 1.04%) Daimler /09/2019 EUR 1,300,000 1,467, Daimler /12/2021 GBP 1,800,000 2,497, Eurogrid /11/2023 EUR 300, , Eurogrid /04/2028 EUR 2,700,000 3,137, Vier Gas Transport /07/2023 EUR 1,950,000 2,571, ,035, Hong Kong (2015: 0.42%) Li & Fung /05/2017 USD 2,360,000 2,435, Ireland (2015: 1.30%) ESB Finance /06/2027 EUR 1,578,000 1,942, GE Capital International Funding /11/2020 USD 365, , GE Capital International Funding /11/2035 USD 1,410,000 1,584, GE Capital UK Funding /09/2023 GBP 200, , Kerry Group Financial Services /09/2025 EUR 1,300,000 1,621, Russian Railways via RZD Capital /04/2017 USD 2,650,000 2,717, Willow No.2 Ireland for Zurich Insurance /06/2022 EUR 1,500,000 1,940, ,495, Italy (2015: 2.10%) Atlantia /06/2022 GBP 1,610,000 2,660, Intesa Sanpaolo /11/2017 EUR 1,930,000 2,252, Intesa Sanpaolo /01/2019 EUR 550, , Snam /04/2023 EUR 1,127,000 1,333, Snam /11/2023 EUR 332, , UniCredit /03/2023 EUR 1,000,000 1,132, ,417, Japan (2015: 0.06%) Nomura Holdings /09/2016 USD 400, , Korea (2015: 1.27%) Korea Gas /07/2017 USD 869, , MGI Funds plc 179

181 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Transferable securities (2015: 96.22%) Corporate bonds (92.11%) Luxembourg (2015: 2.01%) Actavis Funding SCS /03/2025 USD 2,500,000 2,609, DH Europe Finance /07/2025 EUR 2,500,000 3,149, Gazprom OAO Via Gaz Capital /02/2020 USD 1,400,000 1,416, Pentair Finance /09/2019 EUR 750, , Schlumberger Investment /09/2021 USD 1,700,000 1,802, Schlumberger Investment /12/2023 USD 1,300,000 1,396, SES /03/2020 EUR 1,900,000 2,442, SES /04/2023 USD 500, , ,188, Mexico (2015: 1.54%) America Movil /10/2019 USD 2,020,000 2,227, Grupo Bimbo /01/2022 USD 2,750,000 2,985, Petroleos Mexicanos /03/2018 USD 500, , Petroleos Mexicanos /05/2019 USD 300, , Petroleos Mexicanos /07/2020 USD 1,400,000 1,402, Petroleos Mexicanos /11/2020 EUR 364, , ,890, Netherlands (2015: 6.00%) Achmea /11/2020 EUR 3,387,000 4,122, BMW Finance /02/2022 EUR 1,250,000 1,447, Cooperatieve Rabobank /05/2041 USD 2,600,000 3,242, EDP Finance /10/2019 USD 2,700,000 2,875, Enel Finance International /10/2019 USD 2,500,000 2,763, General Motors Financial International /05/2020 EUR 800, , LYB International Finance /03/2022 EUR 500, , LYB International Finance /03/2044 USD 2,450,000 2,600, Shell International Finance /11/2018 USD 1,210,000 1,231, Shell International Finance /05/2025 USD 3,000,000 3,150, Shell International Finance /12/2038 USD 810,000 1,102, Siemens Financieringsmaatschappij /08/2026 USD 3,370,000 4,467, Urenco Finance /02/2021 EUR 2,500,000 2,979, Urenco Finance /08/2022 EUR 395, , Vonovia Finance /12/2020 EUR 500, , Vonovia Finance /10/2021 EUR 1,300,000 1,676, ,196, Norway (2015: 0.37%) Santander Consumer Bank /02/2019 EUR 600, , Statoil /11/2043 USD 1,000,000 1,168, ,840, Singapore (2015: 0.42%) PSA International Pte /02/2021 USD 2,440,000 2,659, Spain (2015: 0.84%) Banco Bilbao Vizcaya Argentaria /10/2020 USD 2,500,000 2,548, Enagas Financiaciones /04/2022 EUR 1,300,000 1,622, Mapfre /05/2026 EUR 2,800,000 3,128, Red Electrica Financiaciones /04/2026 EUR 400, , Telefonica Emisiones /02/2018 GBP 550, , Telefonica Emisiones /03/2020 GBP 1,300,000 1,968, ,502, Sweden (2015: 0.66%) Swedish Match /04/2019 EUR 1,200,000 1,437, MGI Funds plc 180

182 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Transferable securities (2015: 96.22%) Corporate bonds (92.11%) Switzerland (2015: 0.34%) Credit Suisse /09/2024 USD 1,000,000 1,035, United Arab Emirates (2015: 0.39%) Dolphin Energy /12/2021 USD 2,510,000 2,852, United Kingdom (2015: 14.40%) Babcock International Group /10/2022 EUR 1,000,000 1,131, Barclays Bank /05/2019 USD 2,440,000 2,741, BAT International Finance /03/2024 GBP 775,000 1,406, BAT International Finance /09/2026 GBP 350, , BP Capital Markets /10/2020 USD 1,000,000 1,108, British Telecommunications /03/2026 EUR 1,500,000 1,741, British Telecommunications /12/2030 USD 600, , BUPA Finance /06/2021 GBP 600, , Diageo Finance /05/2026 EUR 2,000,000 2,532, DS Smith /09/2022 EUR 900,000 1,037, FCE Bank /11/2020 EUR 900,000 1,031, GlaxoSmithKline Capital /12/2027 GBP 500, , Great Rolling Stock /07/2020 GBP 1,530,000 2,386, Greene King Finance /09/2031 GBP 1,530,807 2,364, Hammerson /09/2019 EUR 900,000 1,065, Heathrow Funding /02/2023 GBP 500, , Heathrow Funding /10/2046 GBP 600,000 1,019, HSBC Bank /01/2021 USD 880, , HSBC Holdings /05/2024 GBP 1,000,000 1,654, HSBC Holdings /01/2042 USD 2,660,000 3,448, Imperial Brands Finance /03/2024 GBP 300, , Imperial Brands Finance /06/2032 GBP 600, , InterContinental Hotels Group /08/2025 GBP 1,000,000 1,428, Leeds Building Society /05/2022 EUR 1,000,000 1,082, Lloyds Bank /11/2018 USD 200, , Lloyds Bank /04/2024 GBP 1,440,000 2,620, Lloyds Bank /05/2025 USD 2,500,000 2,571, Metropolitan Funding /04/2048 GBP 300, , Places for People Homes /07/2024 GBP 1,710,000 2,716, Royal Bank of Scotland Group /10/2019 USD 2,530,000 2,793, Santander UK Group Holdings /01/2026 GBP 900,000 1,225, Scotland Gas Networks /03/2027 GBP 1,450,000 2,064, Sky /09/2024 USD 2,800,000 2,914, Southern Gas Networks /02/2025 GBP 2,221,000 3,038, SSE /02/2022 EUR 1,500,000 1,809, SSE /09/2023 EUR 900,000 1,053, Stagecoach Group /09/2025 GBP 1,775,000 2,544, State Grid Europe Development /01/2022 EUR 2,650,000 3,000, Tesco /02/2022 GBP 2,340,000 3,437, Tesco /03/2023 GBP 900,000 1,246, Tesco Property Finance /07/2044 GBP 247, , Vodafone Group /02/2030 USD 1,970,000 2,543, Western Power Distribution /11/2023 GBP 700, , WPP Finance /11/2021 USD 2,550,000 2,832, WPP Finance /09/2024 USD 350, , Yorkshire Building Society /03/2019 EUR 1,200,000 1,371, Yorkshire Building Society /03/2022 EUR 1,300,000 1,403, ,046, United States of America (2015: 43.74%) 21st Century Fox America /03/2019 USD 1,470,000 1,673, st Century Fox America /10/2025 USD 2,766,000 3,001, AbbVie /05/2023 USD 500, , MGI Funds plc 181

183 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Transferable securities (2015: 96.22%) Corporate bonds (92.11%) United States of America (2015: 43.74%) AbbVie /05/2025 USD 2,413,000 2,533, AbbVie /05/2026 USD 2,000,000 2,030, Adobe Systems /02/2025 USD 3,050,000 3,217, Aetna /06/2026 USD 2,435,000 2,510, Alabama Power /12/2023 USD 1,685,000 1,842, Altria Group /01/2024 USD 2,800,000 3,137, Ameriprise Financial /03/2020 USD 2,450,000 2,746, Amgen /05/2024 USD 1,000,000 1,074, Amgen /09/2029 GBP 1,500,000 2,290, Anadarko Petroleum /09/2036 USD 1,400,000 1,617, AnheuserBusch InBev Finance /02/2026 USD 2,000,000 2,146, AnheuserBusch InBev Finance /02/2036 USD 870, , AnheuserBusch InBev Worldwide /02/2021 USD 450, , AnheuserBusch InBev Worldwide /01/2039 USD 540, , Anthem /02/2019 USD 840, , Apache /02/2021 USD 1,000,000 1,046, Apache /01/2023 USD 2,990,000 2,966, Apple /02/2023 USD 2,800,000 2,944, ArcherDanielsMidland /06/2023 EUR 750, , AT&T /12/2022 USD 2,440,000 2,446, AT&T /05/2025 USD 1,200,000 1,229, AT&T /09/2040 USD 1,000,000 1,097, AT&T /06/2044 USD 600, , AvalonBay Communities /09/2022 USD 2,700,000 2,782, Bank of America /04/2018 GBP 1,500,000 2,224, Bank of America /07/2020 EUR 400, , Bank of America /09/2021 GBP 200, , Bank of America /09/2022 EUR 250, , Bank of America /02/2042 USD 700, , Bank of America /04/2044 USD 1,050,000 1,201, Berkshire Hathaway /03/2027 EUR 800, , Berkshire Hathaway /02/2043 USD 800, , Berkshire Hathaway Energy /11/2023 USD 2,850,000 3,119, BMW US Capital /11/2019 GBP 1,800,000 2,474, BMW US Capital /04/2021 USD 243, , Boston Properties /02/2023 USD 2,880,000 3,086, Burlington Northern Santa Fe /10/2019 USD 370, , Capital One Financial /07/2021 USD 3,170,000 3,532, Capital One Financial /06/2023 USD 500, , Carnival /02/2021 EUR 1,250,000 1,437, Celgene /08/2025 USD 1,000,000 1,068, CF Industries /06/2023 USD 650, , CF Industries /03/2044 USD 1,000, , Chevron /11/2025 USD 1,300,000 1,391, Chubb INA Holdings /03/2023 USD 1,680,000 1,728, Chubb INA Holdings /05/2026 USD 1,650,000 1,760, Cigna /02/2022 USD 1,100,000 1,186, Cigna /02/2042 USD 800, , Cisco Systems /02/2021 USD 1,675,000 1,727, Cisco Systems /02/2039 USD 600, , Citigroup /05/2026 GBP 1,700,000 2,750, Citigroup /07/2039 USD 150, , Citigroup /11/2043 USD 2,690,000 3,060, Comcast /03/2026 USD 2,510,000 2,674, Comcast /08/2037 USD 320, , Comcast /03/2044 USD 1,700,000 1,987, Commonwealth Edison /06/2026 USD 1,150,000 1,170, Commonwealth Edison /03/2045 USD 355, , Continental Airlines A Pass Through Trust /04/2022 USD 579, , MGI Funds plc 182

184 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Transferable securities (2015: 96.22%) Corporate bonds (92.11%) United States of America (2015: 43.74%) CVS Health /05/2021 USD 1,190,000 1,307, CVS Health /09/2039 USD 2,200,000 3,032, Delta Air Lines A Pass Through Trust /08/2022 USD 415, , Devon Energy /04/2032 USD 2,000,000 2,297, Discovery Communications /08/2019 USD 1,540,000 1,698, Dow Chemical /05/2019 USD 820, , Dow Chemical /11/2021 USD 1,000,000 1,098, Dow Chemical /10/2044 USD 1,400,000 1,488, Duke Energy Carolinas /12/2041 USD 500, , Duke Energy Indiana /05/2046 USD 3,150,000 3,278, Eastman Chemical /08/2022 USD 1,740,000 1,830, Eastman Chemical /09/2042 USD 400, , Eastman Chemical /10/2044 USD 1,250,000 1,283, Ecolab /07/2025 EUR 2,500,000 3,121, EI du Pont de Nemours /03/2019 USD 1,340,000 1,487, EMC /06/2018 USD 1,600,000 1,568, EMD Finance /03/2025 USD 3,000,000 3,079, Enterprise Products Operating /01/2020 USD 965,000 1,073, Enterprise Products Operating /02/2045 USD 1,700,000 1,867, EOG Resources /06/2019 USD 1,105,000 1,221, EOG Resources /04/2035 USD 1,200,000 1,207, ERP Operating /12/2021 USD 1,620,000 1,831, Express Scripts Holding /02/2021 USD 1,425,000 1,495, Exxon Mobil /03/2026 USD 2,300,000 2,444, FedEx /04/2023 USD 755, , FedEx /01/2024 USD 1,000,000 1,094, FedEx /01/2027 EUR 820, , Ford Motor Credit /10/2018 USD 2,800,000 2,853, Ford Motor Credit /05/2019 USD 220, , Ford Motor Credit /01/2020 USD 750, , General Electric /01/2021 USD 129, , General Electric /03/2032 USD 144, , General Electric /01/2038 USD 1,287,000 1,744, General Motors Financial /03/2026 USD 1,425,000 1,551, Genzyme /06/2020 USD 860, , GeorgiaPacific /11/2020 USD 1,400,000 1,587, Gilead Sciences /12/2021 USD 2,000,000 2,259, Goldman Sachs Group /02/2033 USD 1,935,000 2,419, Goldman Sachs Group /07/2044 USD 1,000,000 1,111, Halliburton /09/2038 USD 650, , Halliburton /11/2041 USD 900, , Halliburton /08/2043 USD 500, , Home Depot /12/2036 USD 2,390,000 3,270, Home Depot /02/2044 USD 950,000 1,173, Honeywell International /02/2023 EUR 4,700,000 5,447, International Business Machines /08/2023 USD 630, , International Paper /06/2018 USD 400, , Jabil Circuit /09/2022 USD 400, , Johns Hopkins University /07/2053 USD 350, , Johnson & Johnson /08/2037 USD 2,300,000 3,410, JPMorgan Chase & Co /01/2022 USD 2,640,000 2,940, JPMorgan Chase & Co /02/2044 USD 1,280,000 1,539, KeyCorp /03/2021 USD 2,480,000 2,792, KimberlyClark /08/2037 USD 2,300,000 3,413, Kinder Morgan Energy Partners /02/2019 USD 1,415,000 1,415, Kinder Morgan Energy Partners /02/2020 USD 220, , Kraft Heinz Foods /06/2023 EUR 2,200,000 2,612, Kroger /01/2019 USD 230, , Kroger /01/2021 USD 1,200,000 1,276, MGI Funds plc 183

185 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Transferable securities (2015: 96.22%) Corporate bonds (92.11%) United States of America (2015: 43.74%) Laboratory of America Holdings /08/2022 USD 2,190,000 2,308, LG&E and KU Energy /11/2020 USD 1,200,000 1,289, Liberty Mutual Group /05/2026 EUR 1,350,000 1,535, Lincoln National /02/2020 USD 1,070,000 1,203, Lowe's /09/2024 USD 2,942,000 3,161, Magellan Midstream Partners /10/2043 USD 1,700,000 1,820, Markel /07/2022 USD 1,000,000 1,111, Marriott International /01/2022 USD 1,380,000 1,390, MasterCard /12/2030 EUR 1,000,000 1,271, Maxim Integrated Products /11/2018 USD 1,295,000 1,318, Medtronic /03/2045 USD 2,500,000 2,947, MetLife /02/2019 USD 1,030,000 1,196, MetLife /09/2023 USD 1,200,000 1,329, Metropolitan Life Global Funding I /12/2022 GBP 1,941,000 2,725, Microsoft /06/2039 USD 2,600,000 3,214, Monsanto /04/2025 USD 845, , Morgan Stanley /04/2018 USD 2,400,000 2,602, Morgan Stanley /10/2024 USD 605, , Morgan Stanley /07/2042 USD 1,900,000 2,582, National Oilwell Varco /12/2017 USD 1,700,000 1,688, NBCUniversal Media /01/2023 USD 1,250,000 1,316, Newell Brands /04/2026 USD 1,000,000 1,085, NIKE /11/2045 USD 2,800,000 3,112, NiSource Finance /09/2020 USD 1,000,000 1,133, NiSource Finance /02/2044 USD 195, , Novartis Capital /05/2024 USD 1,600,000 1,750, Novartis Capital /05/2044 USD 2,700,000 3,262, NYU Hospitals Center /07/2043 USD 1,450,000 1,907, ONEOK Partners /10/2022 USD 2,400,000 2,351, Oracle /10/2022 USD 500, , Oracle /07/2024 USD 2,664,000 2,867, Pfizer /06/2023 USD 1,000,000 1,067, Philip Morris International /05/2024 EUR 2,050,000 2,626, Pioneer Natural Resources /03/2017 USD 1,000,000 1,035, Prologis /05/2021 EUR 1,600,000 1,829, Qwest /12/2021 USD 590, , Realty Income /09/2016 USD 1,050,000 1,059, Realty Income /01/2021 USD 300, , Reliance Holding /10/2020 USD 2,880,000 3,120, Roche Holdings /03/2039 USD 2,100,000 3,328, Roper Technologies /10/2018 USD 1,700,000 1,721, Ryder System /03/2020 USD 2,782,000 2,819, Schlumberger Holdings /12/2020 USD 2,100,000 2,191, Simon Property Group /02/2024 USD 1,900,000 2,074, State Street /11/2023 USD 2,000,000 2,204, SunTrust Bank /05/2023 USD 1,700,000 1,713, Target /07/2042 USD 3,000,000 3,250, Time Warner /07/2045 USD 3,000,000 3,274, Union Pacific /03/2026 USD 995,000 1,038, Union Pacific /01/2045 USD 500, , United Technologies /12/2021 EUR 1,700,000 1,951, United Technologies /07/2038 USD 2,350,000 3,225, United Technologies /06/2042 USD 950,000 1,090, UnitedHealth Group /03/2043 USD 1,000,000 1,097, Verizon Communications /04/2021 USD 1,070,000 1,200, Verizon Communications /11/2034 USD 500, , Verizon Communications /09/2043 USD 2,600,000 3,516, Verizon Communications /08/2046 USD 169, , Verizon Communications /09/2048 USD 259, , MGI Funds plc 184

186 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Transferable securities (2015: 96.22%) Corporate bonds (92.11%) United States of America (2015: 43.74%) Verizon Communications /08/2054 USD 472, , Verizon Communications /03/2055 USD 558, , Viacom /09/2018 USD 1,900,000 1,927, Viacom /09/2019 USD 1,000,000 1,103, Viacom /06/2022 USD 750, , Visa /12/2025 USD 1,400,000 1,498, WalMart Stores /02/2030 USD 690,000 1,054, WalMart Stores /08/2037 USD 2,240,000 3,252, Wells Fargo /04/2021 USD 1,810,000 2,023, Westar Energy /07/2026 USD 2,000,000 2,004, Wisconsin Public Service /11/2044 USD 1,000,000 1,208, WR Berkley /03/2022 USD 1,000,000 1,093, Xerox /02/2017 USD 800, , Xylem /03/2023 EUR 1,300,000 1,545, ,098, Total corporate bonds 603,287, Mortgage backed securities (2015: 3.08%) United States of America (2015: 3.08%) CD 2007CD4 Commercial Mortgage Trust /12/2049 USD 1,143,096 1,155, Citigroup Commercial Mortgage Trust 2007C /12/2049 USD 2,300,000 2,367, Citigroup Commercial Mortgage Trust 2013GC /11/2046 USD 1,300,000 1,342, COMM 2013CCRE11 Mortgage Trust /10/2046 USD 2,300,000 2,556, JP Morgan Chase Commercial Mortgage Securities Trust 2006LDP /05/2045 USD 154, , JP Morgan Chase Commercial Mortgage Securities Trust 2012CIBX /06/2045 USD 461, , JP Morgan Chase Commercial Mortgage Securities Trust 2013C /12/2046 USD 1,118,030 1,156, MLCFC Commercial Mortgage Trust /07/2046 USD 91,054 91, MLCFC Commercial Mortgage Trust /12/2049 USD 1,012,899 1,018, Morgan Stanley Bank of America Merrill Lynch Trust 2013C /12/2048 USD 800, , Total mortgage backed securities 11,154, Municipal bonds (2015: 0.86%) United States of America (2015: 0.86%) Bay Area Toll Authority /04/2040 USD 500, , Los Angeles Department of Water & Power /07/2045 USD 500, , Maryland State Transportation Authority /07/2043 USD 560, , Missouri Highway & Transportation Commission /05/2033 USD 300, , New Jersey Turnpike Authority /01/2040 USD 500, , Port Authority of New York & New Jersey /11/2040 USD 600, , Port Authority of New York & New Jersey /08/2046 USD 750, , Port Authority of New York & New Jersey /10/2051 USD 800,000 1,018, State of California /03/2040 USD 500, , Total municipal bonds 6,983, Total bonds 621,425, Total transferable securities 621,425, MGI Funds plc 185

187 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial assets at fair value through profit or loss (2015: 99.06%) Financial derivative instruments (2015: 2.84%) Open forward foreign currency contracts (2015: 2.49%) EUR 10* 13,151,392 GBP 10,086,800 05/07/2016 1,126, EUR 10* 2,628 GBP 2,160 03/08/ EUR 2* 19,622,334 GBP 15,400,000 09/09/2016 1,253, EUR 10* 48,563 USD 53,980 03/08/ USD 10* 15,653,968 EUR 13,913,113 05/07/ , USD 1* 1,494,924 EUR 1,328,399 20/07/ ,360 USD 3* 17,043,331 EUR 14,922,203 20/07/ , USD 6* 877,331 EUR 773,388 20/07/ ,683 USD 2* 4,565,240 EUR 4,000,000 09/09/ , USD 10* 1,029,784 GBP 715,130 05/07/ , USD 1* 632,510 GBP 434,432 20/07/ , USD 3* 7,564,790 GBP 5,216,028 20/07/ , USD 6* 1,072,310 GBP 753,000 20/07/ , USD 7* 26,055 GBP 18,000 20/07/2016 1,990 USD 2* 10,230,669 GBP 7,025,000 09/09/ , Unrealised gain on open forward foreign currency contracts 4,801, Futures contracts (2015: Nil) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain US$ Net assets 2 Year US Treasury Notes Futures 8* 13,159,688 30/09/2016 USD 60 77, Year US Treasury Notes Futures 8* 12,827,227 30/09/2016 USD , Euro Bobl Future 9* 5,046,377 08/09/2016 EUR 34 41, Euro Bund Future 9* 6,498,164 08/09/2016 EUR , EuroSchatz Future 8* 1,618,481 08/09/2016 EUR 13 3,972 US Long Bond Futures 9* 4,308,594 21/09/2016 USD , US Ultra Bond Futures 8* 2,422,875 21/09/2016 USD 13 88, Unrealised gain on futures contracts 728, Interest rate swaps (2015: 0.35%) Fund Fund Maturity Notional Fair value % of recives pays date Currency holding US$ Net assets Fixed 0.65% 4* EUR 6 Month Libor 30/01/2017 EUR 1,500,000 13,178 Fixed 0.76% 5* EUR 6 Month Libor 04/10/2016 EUR 2,700,000 24,873 Fixed 0.78% 5* USD 3 Month Libor 03/10/2016 USD 11,500,000 7,574 Fixed 0.82% 5* USD 3 Month Libor 04/03/2017 USD 4,000,000 12,458 Fixed 0.83% 5* USD 3 Month Libor 07/03/2017 USD 1,600,000 5,123 Fixed 0.85% 4* USD 3 Month Libor 30/01/2017 USD 2,500,000 8,858 Fixed 0.96% 5* USD 3 Month Libor 12/05/2017 USD 1,000,000 2,870 Fixed 1.02% 5* USD 3 Month Libor 07/07/2017 USD 3,900,000 26,804 Fixed 1.07% 7* EUR 6 Month Euribor 11/02/2018 EUR 1,190,000 33, Fixed 1.11% 5* USD 3 Month Libor 09/07/2017 USD 2,620,000 21,162 Fixed 1.13% 7* EUR 6 Month Euribor 10/07/2018 EUR 1,000,000 43, Fixed 1.15% 4* EUR 6 Month Euribor 05/02/2018 EUR 1,500,000 44, Fixed 1.15% 5* EUR 6 Month Euribor 07/02/2018 EUR 1,300,000 38, Fixed 1.15% 5* USD 3 Month Libor 05/05/2018 USD 1,500,000 12,430 Fixed 1.16% 5* GBP 6 Month Libor 22/09/2018 GBP 1,300,000 24,948 Fixed 1.18% 5* USD 3 Month Libor 30/03/2018 USD 2,400,000 21,977 Fixed 1.43% 5* GBP 6 Month Libor 14/06/2041 GBP 370,000 22,455 Fixed 1.52% 5* EUR 6 Month Euribor 06/01/2036 EUR 550,000 94, Fixed 1.55% 5* USD 3 Month Libor 24/04/2020 USD 4,400, , Fixed 1.56% 4* USD 3 Month Libor 26/07/2018 USD 600,000 13,297 MGI Funds plc 186

188 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of recives pays date Currency holding US$ Net assets Interest rate swaps (2015: 0.35%) Fixed 2.03% 5* GBP 6 Month Libor 06/01/2046 GBP 600, , Fixed 2.69% 4* EUR 6 Month Libor 13/11/2038 EUR 100,000 48, Fixed 3.24% 4* GBP 6 Month Libor 05/03/2034 GBP 200,000 91, Fixed 3.25% 4* GBP 6 Month Libor 25/11/2033 GBP 300, , Fixed 3.31% 4* GBP 6 Month Libor 11/11/2033 GBP 100,000 45, Fixed 3.36% 4* GBP 6 Month Libor 08/01/2034 GBP 170,000 82, Interest rate swap at positive fair value 1,172, Total financial derivative instruments at positive fair value 6,702, Total financial assets at fair value through profit or loss 628,128, Financial liabilities at fair value through profit or loss (2015: (0.99)%) Financial derivative instruments (2015: (0.99)%) Open forward foreign currency contracts (2015: (0.63)%) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets EUR 10* 162,671,418 USD 181,627,053 05/07/2016 (907,338) (0.15) EUR 1* 669,045 USD 746,030 20/07/2016 (2,362) EUR 3* 1,028,440 USD 1,173,455 20/07/2016 (30,307) (0.01) EUR 2* 4,287,339 USD 4,900,000 09/09/2016 (125,937) (0.02) GBP 10* 59,516,128 EUR 77,727,480 05/07/2016 (6,790,132) (1.12) GBP 10* 200,437,903 USD 291,816,018 05/07/2016 (23,870,609) (3.96) GBP 3* 248,911 USD 362,295 20/07/2016 (29,519) GBP 7* 221,313 USD 318,988 20/07/2016 (23,108) GBP 2* 2,562,939 USD 3,636,012 09/09/2016 (208,278) (0.03) USD 10* 14,490 EUR 13,036 03/08/2016 (7) Unrealised loss on open forward foreign currency contracts (31,987,597) (5.29) Futures contracts (2015: (0.01)%) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss US$ Net assets 10 Year US Treasury Notes Futures 9* (21,676,453) 21/09/2016 USD (163) (434,154) (0.07) Euro Bobl Future 9* (8,014,834) 08/09/2016 EUR (54) (63,613) (0.01) Euro Bund Future 9* (12,068,021) 08/09/2016 EUR (65) (227,489) (0.04) Long Gilt Futures 9* (11,164,754) 28/09/2016 GBP (65) (513,959) (0.08) US Long Bond Futures 9* (2,068,125) 21/09/2016 USD (12) (110,156) (0.02) Total futures contracts (1,349,371) (0.22) Interest rate swaps (2015: (0.35)%) Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets EUR 6 Month Euribor 4* Fixed 1.74% 04/07/2021 EUR 300,000 (36,824) (0.01) EUR 6 Month Euribor 5* Fixed 1.43% 10/07/2024 EUR 2,700,000 (354,934) (0.06) EUR 6 Month Euribor 5* Fixed 1.18% 18/03/2036 EUR 360,000 (32,710) (0.01) EUR 6 Month Euribor 5* Fixed 1.14% 25/04/2036 EUR 1,300,000 (102,954) (0.02) EUR 6 Month Libor 4* Fixed 1.57% 14/11/2020 EUR 1,000,000 (95,117) (0.02) EUR 6 Month Libor 4* Fixed 1.84% 05/12/2022 EUR 600,000 (85,718) (0.01) GBP 6 Month Libor 7* Fixed 2.11% 04/02/2023 GBP 1,000,000 (124,479) (0.02) GBP 6 Month Libor 4* Fixed 2.2% 13/02/2023 GBP 750,000 (100,602) (0.02) GBP 6 Month Libor 4* Fixed 1.12% 02/10/2016 GBP 300,000 (754) GBP 6 Month Libor 4* Fixed 3.28% 24/10/2043 GBP 530,000 (355,927) (0.06) MGI Funds plc 187

189 Mercer Global Buy & Maintain Credit Fund Portfolio Statement Interest rate swaps (2015: (0.35)%) Fund Fund Maturity Notional Fair value % of receives pays date Currency holding US$ Net assets GBP 6 Month Libor 4* Fixed 3.21% 10/01/2029 GBP 660,000 (232,496) (0.04) GBP 6 Month Libor 4* Fixed 2.6% 21/02/2022 GBP 200,000 (30,455) (0.01) GBP 6 Month Libor 5* Fixed 2.81% 13/06/2024 GBP 1,600,000 (330,044) (0.05) GBP 6 Month Libor 4* Fixed 2.06% 03/08/2025 GBP 600,000 (84,178) (0.01) GBP 6 Month Libor 4* Fixed 2.00% 07/08/2025 GBP 900,000 (119,582) (0.02) GBP 6 Month Libor 5* Fixed 2.06% 29/10/2030 GBP 400,000 (65,953) (0.01) GBP 6 Month Libor 5* Fixed 2.07% 06/01/2036 GBP 1,250,000 (264,610) (0.04) USD 3 Month Libor 4* Fixed 1.54% 12/11/2018 USD 1,500,000 (28,826) USD 3 Month Libor 4* Fixed 1.57% 14/11/2018 USD 1,200,000 (23,835) USD 3 Month Libor 4* Fixed 1.64% 31/01/2019 USD 1,800,000 (49,490) (0.01) USD 3 Month Libor 5* Fixed 3.05% 07/11/2044 USD 5,350,000 (1,602,083) (0.26) USD 3 Month Libor 5* Fixed 1.75% 18/03/2026 USD 500,000 (21,462) Total Interest rate swaps (4,143,033) (0.68) Total financial derivative instruments at negative fair value (37,480,001) (6.19) Total financial liabilities at fair value through profit or loss (37,480,001) (6.19) Total financial derivative instruments (30,777,308) (5.08) Total investments at fair value through profit and loss 590,648, Cash (2015: 1.12%) 8,233, Net current assets (2015: 0.81%) 6,251, Net assets attributable to holders of redeemable participating shares 605,132, The following table outlines the geographic concentrations of financial assets at fair value through profit or loss at 30 June 2015 where the SubFund is no longer invested in at 30 June 2016: Financial assets at fair value through profit or loss Transferable securities Corporate bonds Brazil 0.38% Czech Republic 0.53% Turkey 0.36% Government bonds United States of America 0.17% Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Financial derivative instruments dealt in on a regulated market; 0.11 OTC financial derivative instruments; 0.93 Other current assets MGI Funds plc 188

190 Mercer Global Buy & Maintain Credit Fund Portfolio Statement The following is a list of counterparties for the financial derivative instruments. Reference Counterparty 1* Barclays Bank 2* BNP Paribas 3* Citibank 4* Credit Suisse 5* Deutsche Bank 6* Goldman Sachs 7* HSBC Bank 8* JP Morgan 9* Royal Bank of Scotland 10* State Street Bank and Trust Company Country classifications are based upon country of incorporation and/or country of domicile. Held by broker as collateral for over the counter derivative instruments. Credit Risk The following table outlines the credit exposures of Mercer Global Buy & Maintain Credit Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 Mercer Global Buy & Maintain Credit Fund % Holding US$ AAA ,411,469 AA ,137,185 AA ,526,295 AA ,744,255 A ,127,106 A ,408,453 A ,198,299 BBB ,026,360 BBB ,065,572 BBB ,463,951 BB ,316,491 BB ,425,436 Mercer Global Buy & Maintain Credit Fund % Holding US$ AAA ,969,079 AA ,903,581 AA ,536,246 AA ,605,243 A ,632,537 A ,412,776 A ,274,942 BBB ,320,573 BBB ,267,924 BBB ,935,722 BB ,491,816 BB ,112, ,463,050 Concentration Risk Mercer Global Buy & Maintain Credit Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Communications Cyclical Services Energy Financials Industrials NonCyclical Consumer Goods Utilities MGI Funds plc 189

191 Mercer Passive Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) Australia (2015: 2.59%) AGL Energy 14, , Alumina 79,670 76, Amcor 35, , AMP 70, , APA Group 33, , Aristocrat Leisure 21, , Asciano 15, , ASX 6, , Aurizon Holdings 45, , AusNet Services 8,492 10,370 Australia & New Zealand Banking Group 82,301 1,478, Bank of Queensland 14, , Bendigo & Adelaide Bank 7,063 50, BHP Billiton 88,515 1,229, Boral 22, , Brambles 37, , Caltex Australia 8, , Challenger 15, , CIMIC 4, , CocaCola Amatil 23, , Cochlear 1, , Commonwealth Bank of Australia 49,827 2,759, Computershare 6,526 44,559 Crown Resorts 4,859 45, CSL 12,662 1,057, Dexus Property Group REIT 34, , Domino's Pizza Enterprises 1,742 88, DUET Group 56, , Flight Centre Travel Group 1,584 37,247 Fortescue Metals Group 18,377 47, Goodman Group REIT 45, , GPT Group REIT 66, , Harvey Norman Holdings 36, , Healthscope 53, , Incitec Pivot 26,392 58, Insurance Australia Group 72, , LendLease Group 19, , Macquarie Group 7, , Medibank Private 80, , Mirvac Group REIT 125, , National Australia Bank 77,810 1,473, Newcrest Mining 28, , Oil Search 31, , Orica 4,686 43,022 Origin Energy 46, , Platinum Asset Management 17,942 76, Qantas Airways 41,645 87, QBE Insurance Group 41, , Ramsay Health Care 4, , REA Group 223 9,878 Rio Tinto 12, , Santos 58, , Scentre Group REIT 154, , Seek 5,164 58, Sonic Healthcare 12, , South32 260, , Stockland REIT 48, , Suncorp Group 35, , Sydney Airport 36, , Nominal Fair value % of holdings US$ Net assets Australia (2015: 2.59%) Tabcorp Holdings 33, , Tatts Group 24,369 69, Telstra 109, , TPG Telecom 20, , Transurban Group 56, , Treasury Wine Estates 24, , Vicinity Centres REIT 92, , Vocus Communications 16, , Wesfarmers 30, , Westfield REIT 53, , Westpac Banking 94,096 2,059, Woodside Petroleum 21, , Woolworths 34, , ,098, Austria (2015: 0.05%) ANDRITZ 1,194 56, Erste Group Bank 8, , OMV 5, , Raiffeisen Bank International 464 5,812 Voestalpine 1,896 63, , Belgium (2015: 0.48%) Ageas 6, , AnheuserBusch InBev 22,559 2,947, Colruyt 1,311 72, Delhaize Group 2, , Groupe Bruxelles Lambert 1, , KBC Groep 7, , Proximus 5, , Solvay 2, , Telenet Group Holding 2,151 97, UCB 3, , Umicore 3, , ,925, Bermuda (2015: 0.15%) Arch Capital Group 3, , Axis Capital Holdings 1,718 94, Everest Re Group , Marvell Technology Group 16, , RenaissanceRe Holdings 1, , , Canada (2015: 3.55%) Agnico Eagle Mines 5, , Agrium 3, , Alimentation CoucheTard 11, , AltaGas 2,515 60, ARC Resources 13, , Atco ,050 Bank of Montreal 18,539 1,169, Bank of Nova Scotia 33,169 1,616, Barrick Gold 30, , BCE 4, , BlackBerry 11,136 74, Bombardier 18,486 27,614 Brookfield Asset Management 25, , CAE 13, , Cameco 13, , Canadian Imperial Bank of Commerce 11, , MGI Funds plc 190

192 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) Canada (2015: 3.55%) Canadian National Railway 22,103 1,298, Canadian Natural Resources 32, , Canadian Pacific Railway 4, , Canadian Tire 2, , Canadian Utilities 5, , CCL Industries , Cenovus Energy 25, , CGI Group 6, , CI Financial 8, , Constellation Software , Crescent Point Energy 14, , Dollarama 3, , Eldorado Gold 11,229 50, Element Financial 8,807 92, Empire 2,796 41,358 Enbridge 25,476 1,073, Encana 17, , Fairfax Financial Holdings , Finning International 4,019 65, First Capital Realty 452 7,713 First Quantum Minerals 15, , Fortis 8, , FrancoNevada 3, , George Weston , Gildan Activewear 6, , Goldcorp 23, , GreatWest Lifeco 8, , H&R REIT ,365 Husky Energy 8, , Hydro One 5, , IGM Financial 1,633 44,223 Imperial Oil 8, , Industrial Alliance Insurance & Financial Services 2,163 67, Intact Financial 3, , Inter Pipeline 8, , Jean Coutu Group 5,863 90, Keyera 5, , Kinross Gold 36, , Linamar 1,773 62, Loblaw 5, , Magna International 11, , Manulife Financial 55, , Methanex 1,179 34,125 Metro 7, , National Bank of Canada 9, , Onex 2, , Open Text 3, , Pembina Pipeline 10, , Peyto Exploration & Development 2,250 60, Potash of Saskatchewan 23, , Power Financial 8, , Power of Canada 8, , PrairieSky Royalty 3,889 73, Restaurant Brands International 7, , RioCan REIT 6, , Rogers Communications 10, , Royal Bank of Canada 41,797 2,456, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Canada (2015: 3.55%) Saputo 6, , Seven Generations Energy 8, , Shaw Communications 9, , Silver Wheaton 14, , Smart REIT 3, , SNCLavalin Group 6, , Sun Life Financial 16, , Suncor Energy 44,331 1,223, Teck Resources 20, , Telus (Canada listing) 3, , Telus (US listing) 2,095 67, Thomson Reuters 10, , TorontoDominion Bank 53,883 2,301, Tourmaline Oil 4, , TransCanada 21, , Turquoise Hill Resources 54, , Valeant Pharmaceuticals International 8, , Veresen 11,158 94, Vermilion Energy 4, , Waste Connections 3, , Waste Connections 1,313 94, West Fraser Timber 1,838 53, Yamana Gold 38, , ,474, Channel Islands (2015: 0.01%) Randgold Resources 2, , Denmark (2015: 066%) AP Moeller Maersk A , AP Moeller Maersk B , Carlsberg 3, , Chr Hansen Holding 2, , Coloplast 3, , Danske Bank 19, , DSV 4, , Genmab 1, , ISS 2, , Novo Nordisk 54,855 2,933, Novozymes 6, , Pandora 3, , TDC 15,723 76, Tryg 5,028 89, Vestas Wind Systems 6, , William Demant Holding 6, , ,595, Finland (2015: 0.33%) Elisa 3, , Fortum 9, , Kone 10, , Metso 2,121 49, Neste 4, , Nokia 163, , Nokian Renkaat 1,740 61, Orion 3, , Sampo 12, , Stora Enso 16, , UPMKymmene 13, , Wartsila 4, , ,145, MGI Funds plc 191

193 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) France (2015: 3.46%) Accor 6, , Aeroports de Paris , Air Liquide 9,980 1,042, Alstom 5, , Arkema 2, , AtoS 2, , AXA 55,125 1,090, BNP Paribas 29,930 1,321, Bollore 19,108 64, Bouygues 6, , Bureau Veritas 9, , CapGemini 4, , Carrefour 15, , Casino Guichard Perrachon ,878 Christian Dior 1, , Cie de SaintGobain 12, , Cie Generale des Etablissements Michelin 5, , CNP Assurances 3,711 54, Credit Agricole 36, , Danone 17,185 1,210, Dassault Systemes 3, , Edenred 8, , Eiffage 1, , Electricite de France 10, , Engie 39, , Essilor International 6, , Eurazeo 1,609 95, Eutelsat Communications 6, , Fonciere Des Regions REIT 1, , Gecina REIT 1, , Groupe Eurotunnel 16, , Hermes International , ICADE REIT 1, , Iliad , Imerys 1, , Ingenico Group 1, , JCDecaux 1,358 45, Kering 2, , Klepierre REIT 5, , L'Oreal 6,948 1,327, Lagardere 1,926 42, Legrand 7, , LVMH Moet Hennessy Louis Vuitton 7,579 1,145, Natixis 32, , Numericable 2,405 60, Orange 58, , Pernod Ricard 5, , Peugeot 14, , Publicis Groupe 5, , Remy Cointreau 82 7,057 Renault 5, , Rexel 10, , Safran 8, , Sanofi 33,565 2,793, Schneider Electric 14, , SCOR 4, , Societe BIC , Societe Generale 20, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets France (2015: 3.46%) Sodexo 2, , Suez 10, , Technip 3, , Thales 2, , Total 63,724 3,071, UnibailRodamco REIT 2, , Valeo 6, , Veolia Environnement 13, , Vinci 14,475 1,024, Vivendi 34, , Wendel , Zodiac Aerospace 3,738 87, ,604, Germany (2015: 3.36%) Adidas 6, , Allianz 13,213 1,875, Axel Springer 1,854 97, BASF 26,266 2,002, Bayer 23,285 2,328, Bayerische Motoren Werke 9, , Bayerische Motoren Werke Pref 2, , Beiersdorf 3, , Brenntag 3, , Commerzbank 31, , Continental 2, , Covestro AG 2,012 89, Daimler 28,024 1,666, Deutsche Bank 38, , Deutsche Boerse 5, , Deutsche Lufthansa 2,589 30,287 Deutsche Post 28, , Deutsche Telekom 94,417 1,602, Deutsche Wohnen 8, , E.ON 56, , Evonik Industries 3, , Fraport Frankfurt Airport Services Worldwide 1,837 98, Fresenius 11, , Fresenius Medical Care 5, , Fuchs Petrolub Pref 1,414 55, GEA Group 5, , Hannover Rueck 1, , HeidelbergCement 4, , Henkel 3, , Henkel Pref 4, , Hochtief , Hugo Boss 2, , Infineon Technologies 30, , K&S 6, , LANXESS 3, , Linde 5, , MAN , Merck 3, , METRO 6, , Muenchener Rueckversicherungs 4, , OSRAM Licht 3, , Porsche Automobil Holding Pref 4, , ProSiebenSat.1 Media 5, , RWE 9, , SAP 27,393 2,043, Schaeffler Pref 4,712 62, Siemens 22,606 2,305, MGI Funds plc 192

194 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) Germany (2015: 3.36%) Symrise 3, , Telefonica Deutschland Holding 22,660 92, ThyssenKrupp 7, , TUI 14, , United Internet 3, , Volkswagen , Volkswagen Pref 5, , Vonovia 12, , Zalando 3,099 81, ,862, Hong Kong (2015: 1.23%) AIA Group 345,800 2,061, ASM Pacific Technology 1,000 7,160 Bank of East Asia 17,854 68, BOC Hong Kong Holdings 113, , Cathay Pacific Airways 34,000 49, Cheung Kong Infrastructure Holdings 21, , Cheung Kong Property Holdings 76, , CK Hutchison Holdings 74, , CLP Holdings 51, , First Pacific 8,000 5,764 Galaxy Entertainment Group 72, , Hang Lung Properties 80, , Hang Seng Bank 17, , Henderson Land Development 36, , HK Electric Investments & HK Electric Investments 106,000 98, HKT Trust & HKT 67,260 97, Hong Kong & China Gas 187, , Hong Kong Exchanges and Clearing 31, , Hongkong Land Holdings 31, , Hysan Development 40, , Jardine Matheson Holdings 6, , Kerry Properties 2,000 4,939 Li & Fung 204,000 98, Link REIT 63, , Melco Crown Entertainment ADR 5,900 74, MTR 50, , New World Development 197, , Noble Group 81,663 12,135 Noble Group Rights 81,663 5,461 NWS Holdings 67, , PCCW 170, , Power Assets Holdings 38, , ShangriLa Asia 38,000 37,961 Sino Land 54,167 88, SJM Holdings 21,000 12,804 Sun Hung Kai Properties 50, , Swire Pacific 19, , Swire Properties 31,400 83, Techtronic Industries 32, , WH Group 219, , Wharf Holdings 44, , Wheelock 16,000 75, Yue Yuen Industrial Holdings 40, , ,941, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Ireland (2015: 1.79%) Accenture 17,432 1,974, Alkermes 4, , Allergan 11,107 2,566, Bank of Ireland 909, , CRH 23, , DCC 2, , Eaton 13, , Endo International 4,661 72, Experian 26, , IngersollRand 7, , James Hardie Industries 13, , Jazz Pharmaceuticals 1, , Kerry Group 4, , Mallinckrodt 3, , Medtronic 39,448 3,422, Paddy Power Betfair 1, , Pentair 4, , Perrigo 3, , Ryanair Holdings 7,550 94, Seagate Technology 8, , Tyco International 11, , Weatherford International 23, , Willis Towers Watson 3, , XL Group 8, , ,642, Israel (2015: 0.20%) Azrieli Group 2,262 96, Bank Hapoalim 30, , Bank Leumi LeIsrael 22,168 77, Bezeq The Israeli Telecommunication 71, , Check Point Software Technologies 3, , Israel Chemicals 6,425 24,892 Mizrahi Tefahot Bank 8, , Nice 1,600 99, Taro Pharmaceutical Industries , Teva Pharmaceutical Industries 25,143 1,263, ,343, Italy (2015: 0.82%) Assicurazioni Generali 32, , Atlantia 12, , Enel 227,171 1,004, Eni 69,619 1,123, EXOR 4, , Intesa Sanpaolo 344, , Intesa Sanpaolo Pref 30,555 54, LeonardoFinmeccanica 7,454 75, Luxottica Group 5, , Mediobanca 21, , Poste Italiane 14,830 98, Prysmian 4, , Saipem 68,494 27,280 Snam 73, , Telecom Italia 351, , Telecom Italia Pref 193, , Terna Rete Elettrica Nazionale 33, , UniCredit 151, , Unione di Banche Italiane 24,261 66, UnipolSai 48,214 72, ,865, MGI Funds plc 193

195 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) Japan (2015: 8.73%) ABCMart 100 6,677 Acom 1,400 6,714 Aeon 16, , AEON Financial Service 4, , Aeon Mall 2,200 28,607 Air Water 1,000 14,592 Aisin Seiki 5, , Ajinomoto 14, , Alfresa Holdings 5, , Alps Electric 4,900 91, Amada Holdings 12, , ANA Holdings 49, , Aozora Bank 46, , Asahi Glass 33, , Asahi Group Holdings 11, , Asahi Kasei 28, , Asics 5,900 98, Astellas Pharma 60, , Bandai Namco Holdings 2,900 74, Bank of Kyoto 8,000 48, Benesse Holdings 3,200 74, Bridgestone 20, , Brother Industries 4,800 50, Calbee 2, , Canon 30, , Casio Computer 7, , Central Japan Railway 3, , Chiba Bank 31, , Chubu Electric Power 16, , Chugai Pharmaceutical 7, , Chugoku Bank 600 6,071 Chugoku Electric Power 5,100 64, Concordia Financial Group 30, , Credit Saison 2,500 41,744 CYBERDYNE 2,900 64, Dai Nippon Printing 18, , Daiichi Life Insurance 32, , Daicel 12, , Daihatsu Motor 4,600 59, Daiichi Sankyo 17, , Daikin Industries 6, , Daito Trust Construction 1, , Daiwa House Industry 17, , Daiwa Securities Group 42, , Denso 13, , Dentsu 6, , Don Quijote Holdings 4, , East Japan Railway 9, , Eisai 6, , Electric Power Development 2,200 51, FamilyMart ,277 FANUC 5, , Fast Retailing 1, , Fuji Electric 25, , Fuji Heavy Industries 17, , FUJIFILM Holdings 11, , Fujitsu 48, , Fukuoka Financial Group 22,000 71, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 8.73%) GungHo Online Entertainment 40, , Hachijuni Bank 16,000 69, Hakuhodo DY Holdings 400 4,765 Hamamatsu Photonics 4, , Hankyu Hanshin Holdings 38, , Hikari Tsushin 1, , Hino Motors 5,000 49, Hirose Electric , Hiroshima Bank 26,000 86, Hisamitsu Pharmaceutical 2, , Hitachi 129, , Hitachi Chemical 500 9,226 Hitachi Construction Machinery 7, , Hitachi HighTechnologies 4, , Hitachi Metals 3,000 30,091 Hokuriku Electric Power 10, , Honda Motor 46,200 1,158, Hoshizaki 1, , Hoya 11, , Hulic 5,500 57, Idemitsu Kosan 5, , IHI 49, , Iida Group Holdings ,182 Inpex 29, , Isetan Mitsukoshi Holdings 6,200 54, Isuzu Motors 20, , ITOCHU 41, , Iyo Bank 8,200 49, J Front Retailing 5,000 51, Japan Airlines 5, , Japan Airport Terminal 2,300 82, Japan Exchange Group 14, , Japan Post Bank 10, , Japan Post Holdings 10, , Japan Prime Realty Investment REIT , Japan Real Estate Investment REIT , Japan Retail Fund Investment REIT , Japan Tobacco 31,200 1,247, JFE Holdings 11, , JGC 3,000 42,490 Joyo Bank 14,000 51, JSR 8, , JTEKT 9, , JX Holdings 46, , Kajima 31, , Kakaku.com 500 9,869 Kamigumi 1,000 9,182 Kaneka 1,000 6,609 Kansai Electric Power 19, , Kansai Paint 6, , Kao 14, , Kawasaki Heavy Industries 20,000 55, KDDI 54,300 1,647, Keihan Holdings 16, , Keikyu 8,000 80, Keio 10,000 93, Keisei Electric Railway 14, , Keyence 1, , Kikkoman 4, , Kintetsu Group Holdings 62, , Kirin Holdings 25, , Kobe Steel 47,000 38,025 MGI Funds plc 194

196 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) Japan (2015: 8.73%) Koito Manufacturing 3, , Komatsu 26, , Konami Holdings 3, , Konica Minolta 7,700 55, Kose 1,000 83, Kubota 34, , Kuraray 6,100 72, Kurita Water Industries 400 8,882 Kyocera 9, , Kyowa Hakko Kirin 7, , Kyushu Electric Power 15, , Kyushu Financial Group 20,000 98, Lawson 2, , LIXIL Group 8, , M3 6, , Mabuchi Motor 2, , Makita 3, , Marubeni 34, , Marui Group 11, , Maruichi Steel Tube 3, , Mazda Motor 16, , McDonald's Holdings Japan 200 5,449 Medipal Holdings 5,900 96, MEIJI Holdings 3, , Minebea 8,000 53, Miraca Holdings 2,000 86, Mitsubishi 42, , Mitsubishi Chemical Holdings 38, , Mitsubishi Electric 58, , Mitsubishi Estate 36, , Mitsubishi Gas Chemical 1,000 5,176 Mitsubishi Heavy Industries 99, , Mitsubishi Logistics 6,000 83, Mitsubishi Materials 19,000 45,004 Mitsubishi Motors 21,300 97, Mitsubishi Tanabe Pharma 4,600 82, Mitsubishi UFJ Financial Group 368,000 1,635, Mitsubishi UFJ Lease & Finance 26, , Mitsui 47, , Mitsui Chemicals 35, , Mitsui Fudosan 27, , Mitsui OSK Lines 18,000 37,898 Mixi 2, , Mizuho Financial Group 692,200 1,000, MS&AD Insurance Group Holdings 14, , Murata Manufacturing 5, , Nabtesco 5, , Nagoya Railroad 24, , NEC 70, , Nexon 6,500 95, NGK Insulators 9, , NGK Spark Plug 4,000 59, NH Foods 5, , NHK Spring 8,900 71, Nidec 6, , Nikon 5,000 67, Nintendo 3, , Nippon Building Fund REIT , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 8.73%) Nippon Electric Glass 1,000 4,143 Nippon Express 15,000 68, Nippon Paint Holdings 5, , Nippon Prologis REIT , Nippon Steel & Sumitomo Metal 23, , Nippon Telegraph & Telephone 18, , Nippon Yusen KK 26,000 45,365 Nissan Motor 67, , Nisshin Seifun Group 7, , Nissin Foods Holdings 1,200 65, Nitori Holdings 1, , Nitto Denko 5, , NOK 5,200 87, Nomura Holdings 102, , Nomura Real Estate Holdings 500 8,670 Nomura Real Estate Master Fund REIT , Nomura Research Institute 2,400 87, NSK 8,000 58, NTT Data 3, , NTT DOCOMO 39,000 1,051, NTT Urban Development 10, , Obayashi 12, , Obic 1, , Odakyu Electric Railway 19, , Oji Holdings 14,000 53, Olympus 7, , Omron 6, , Ono Pharmaceutical 12, , Oracle 2, , Oriental Land 5, , ORIX 34, , Osaka Gas 54, , Otsuka 2, , Otsuka Holdings 10, , Panasonic 60, , Park24 3, , Pola Orbis Holdings , Rakuten 26, , Recruit Holdings 8, , Resona Holdings 73, , Ricoh 20, , Rinnai 1, , Rohm 1,500 58, Ryohin Keikaku , Sankyo 200 7,467 Santen Pharmaceutical 7, , SBI Holdings 9,800 96, Secom 6, , Sega Sammy Holdings 2,700 28,924 Seibu Holdings 3,700 62, Seiko Epson 4,400 70, Sekisui Chemical 13, , Sekisui House 15, , Seven & I Holdings 20, , Seven Bank 2,300 7,085 Shikoku Electric Power 700 8,229 Shimadzu 10, , Shimamura , Shimano 2, , Shimizu 17, , ShinEtsu Chemical 11, , Shinsei Bank 34,000 49, MGI Funds plc 195

197 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) Japan (2015: 8.73%) Shionogi 7, , Shiseido 11, , Shizuoka Bank 23, , Showa Shell Sekiyu KK 14, , SMC 1, , SoftBank Group 26,600 1,500, Sohgo Security Services 2, , Sompo Japan Nipponkoa Holdings 10, , Sony 37,700 1,098, Sony Financial Holdings 5,900 65, Stanley Electric 3,500 73, Start Today 1,700 89, Sumitomo 38, , Sumitomo Chemical 48, , Sumitomo Dainippon Pharma ,057 Sumitomo Electric Industries 18, , Sumitomo Heavy Industries 16,000 69, Sumitomo Metal Mining 17, , Sumitomo Mitsui Financial Group 39,000 1,112, Sumitomo Mitsui Trust Holdings 95, , Sumitomo Realty & Development 10, , Sumitomo Rubber Industries 6,700 89, Sundrug 1,000 93, Suntory Beverage & Food 4, , Suruga Bank 3,000 67, Suzuken 3, , Suzuki Motor 11, , Sysmex 4, , T&D Holdings 16, , Taiheiyo Cement 19,000 44,634 Taisei 33, , Taisho Pharmaceutical Holdings , Taiyo Nippon Sanso 8,300 75, Takashimaya 16, , Takeda Pharmaceutical 23, , TDK 2, , Teijin 39, , Terumo 8, , THK 400 6,757 Tobu Railway 16,000 87, Toho 4, , Toho Gas 17, , Tohoku Electric Power 14, , Tokio Marine Holdings 20, , Tokyo Electric Power 36, , Tokyo Electron 4, , Tokyo Gas 67, , Tokyo Tatemono 4,000 47, Tokyu 32, , Tokyu Fudosan Holdings 8,800 54, TonenGeneral Sekiyu KK 8,000 72, Toppan Printing 10,000 85, Toray Industries 38, , Toshiba 115, , TOTO 2,000 79, Toyo Seikan Group Holdings 6, , Toyo Suisan Kaisha 2, , Toyoda Gosei 4,900 86, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 8.73%) Toyota Industries 3, , Toyota Motor 76,200 3,752, Toyota Tsusho 7, , Trend Micro 2,100 74, Tsuruha Holdings 1, , Unicharm 11, , United Urban Investment REIT 46 82, USS 5,500 90, West Japan Railway 4, , Yahoo Japan 40, , Yakult Honsha 1,700 87, Yamada Denki 17,100 90, Yamaguchi Financial Group 1,000 9,406 Yamaha 6, , Yamaha Motor 5,200 78, Yamato Holdings 8, , Yamazaki Baking 5, , Yaskawa Electric 13, , Yokogawa Electric 4,200 46, Yokohama Rubber 500 6,199 77,410, Luxembourg (2015: 0.15%) ArcelorMittal 56, , Millicom International Cellular 2, , RTL Group ,368 SES 7, , Tenaris 10, , , Macau (2015: 0.02%) MGM China Holdings 3,600 4,659 Sands China 66, , Wynn Macau 15,200 21, , Netherlands (2015: 1.55%) ABN AMRO Group 6, , Aegon 51, , AerCap Holdings 4, , Airbus Group 17, , Akzo Nobel 6, , Altice A 14, , Altice B 1,323 19,879 ASML Holding 10,454 1,026, Boskalis Westminster 2,735 93, CNH Industrial 34, , Core Laboratories 1, , Ferrari 2, , Fiat Chrysler Automobiles 26, , Gemalto 2, , Heineken 6, , Heineken Holding 2, , ING Groep 109,323 1,114, Koninklijke Ahold 22, , Koninklijke DSM 5, , Koninklijke KPN 86, , Koninklijke Philips 28, , Koninklijke Vopak 2, , LyondellBasell Industries 9, , Mobileye 5, , Mylan 12, , MGI Funds plc 196

198 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) Netherlands (2015: 1.55%) NN Group 7, , NXP Semiconductors 8, , OCI 1,330 18,093 QIAGEN 5, , Randstad Holding 4, , RELX 27, , Sensata Technologies Holding 4, , STMicroelectronics 24, , Unilever 46,136 2,148, Wolters Kluwer 7, , ,892, New Zealand (2015: 0.03%) Auckland International Airport 41, , Contact Energy 41, , Fletcher Building 10,162 62, Meridian Energy 52,506 98, Mighty River Power 47, , Ryman Healthcare 1,323 8,791 Spark New Zealand 35,289 89, , Norway (2015: 0.24%) DNB 25, , Gjensidige Forsikring 3,123 51, Marine Harvest 10, , Norsk Hydro 40, , Orkla 19, , Schibsted A Shares 2,733 81, Schibsted B Shares 2,829 80, Statoil 33, , Telenor 20, , Yara International 5, , ,093, Portugal (2015: 0.07%) Banco Espirito Santo 7,996 Energias de Portugal 74, , Galp Energia 12, , Jeronimo Martins 4,437 69, , Singapore (2015: 0.63%) Ascendas REIT 84, , Broadcom 10,857 1,687, CapitaLand 97, , CapitaLand Commercial Trust REIT 5,000 5,480 CapitaMall Trust REIT 47,000 74, City Developments 16, , ComfortDelGro 52, , DBS Group Holdings 49, , Flextronics International 18, , Genting Singapore 76,000 40,939 Global Logistic Properties 129, , Golden AgriResources 445, , Hutchison Port Holdings Trust 147,000 66, Jardine Cycle & Carriage 2,222 60, Keppel 24,000 98, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Singapore (2015: 0.63%) OverseaChinese Banking 85, , Sembcorp Industries 14,000 29,333 Sembcorp Marine 104, , Singapore Airlines 20, , Singapore Exchange 14,000 79, Singapore Press Holdings 51, , Singapore Technologies Engineering 27,000 63, Singapore Telecommunications 228, , StarHub 3,000 8,448 Suntec REIT 104, , United Overseas Bank 35, , UOL Group 2,000 8,114 Wilmar International 32,000 77, Yangzijiang Shipbuilding Holdings 112,000 74, ,353, Spain (2015: 1.34%) Abertis Infraestructuras 13, , ACS Actividades de Construccion y Servicios 6, , ACS Actividades de Construccion y Servicios Rights 6,348 4,464 Aena 1, , Amadeus IT Holding 11, , Banco Bilbao Vizcaya Argentaria 182,516 1,026, Banco de Sabadell 143, , Banco Popular Espanol 70,132 89, Banco Santander 410,760 1,564, Bankia 146, , Bankinter 25, , CaixaBank 64, , Distribuidora Internacional de Alimentacion 25, , Enagas 5, , Endesa 12, , Ferrovial 11, , Gas Natural SDG 9, , Grifols 8, , Iberdrola 160,038 1,082, Industria de Diseno Textil 31,459 1,045, International Consolidated Airlines Group 23, , Mapfre 15,126 32,903 Red Electrica 2, , Repsol 30, , Repsol Rights 30,945 10,073 Telefonica 129,750 1,219, Zardoya Otis 516 4,821 9,695, Sweden (2015: 1.13%) Alfa Laval 4,284 66, Assa Abloy 30, , Atlas Copco A Shares 19, , Atlas Copco B Shares 8, , Boliden 8, , Electrolux 6, , Getinge 5, , Hennes & Mauritz 27, , Hexagon 7, , Husqvarna 19, , ICA Gruppen 4, , Industrivarden 6, , Investor 11, , MGI Funds plc 197

199 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) Sweden (2015: 1.13%) Kinnevik 6, , Lundin Petroleum 3,649 65, Nordea Bank 90, , Sandvik 33, , Securitas 6,338 96, Skandinaviska Enskilda Banken 40, , Skanska 11, , SKF 13, , Svenska Cellulosa 16, , Svenska Handelsbanken 40, , Swedbank 24, , Swedish Match 5, , Tele2 5,849 50, Telefonaktiebolaget LM Ericsson 90, , Telia 71, , Volvo 42, , ,097, Switzerland (2015: 3.88%) ABB 58,834 1,154, Actelion 2, , Adecco 3, , Aryzta 2, , Baloise Holding 1, , Barry Callebaut , Chocoladefabriken Lindt & Spruengli , Chocoladefabriken Lindt & Sprunegli Reg 3 214, Chubb 12,946 1,692, Cie Financiere Richemont 14, , CocaCola HBC 7, , Credit Suisse Group 53, , Dufry 1, , EMSChemie Holding , Galenica , Garmin 3, , Geberit 1, , Givaudan , Glencore 325, , Julius Baer Group 6, , Kuehne & Nagel International 1, , LafargeHolcim 13, , Lonza Group 1, , Nestle 90,624 6,990, Novartis 64,706 5,323, Pargesa Holding 1, , Partners Group Holding , Roche Holding 19,993 5,255, Schindler Holding , Schindler Holding (Nonvoting rights) 1, , SGS , Sika , Sonova Holding 1, , Swatch Group , Swatch Group BR , Swiss Life Holding , Swiss Prime Site 2, , Swiss Re 9, , Swisscom , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Switzerland (2015: 3.88%) Syngenta 2,733 1,049, TE Connectivity 10, , UBS Group 100,403 1,295, Wolseley 7, , Zurich Insurance Group 4,359 1,071, ,649, United Kingdom (2015: 7.55%) 3i Group 33, , Aberdeen Asset Management 27, , Admiral Group 7, , Aggreko 9, , Anglo American 43, , Antofagasta 5,268 32,789 Aon 7, , ARM Holdings 37, , Ashtead Group 16, , Associated British Foods 9, , AstraZeneca 35,311 2,108, Auto Trader Group 34, , Aviva 117, , Babcock International Group 6,903 83, BAE Systems 85, , Barclays 460, , Barratt Developments 29, , Berkeley Group Holdings 3, , BHP Billiton 61, , BP 525,806 3,079, British American Tobacco 52,460 3,396, British Land REIT 23, , BT Group 238,680 1,308, Bunzl 10, , Burberry Group 10, , Capita 18, , Carnival 5, , Centrica 150, , Cobham 22,297 46, CocaCola European Partners 6, , Compass Group 47, , Croda International 4, , Delphi Automotive 7, , Diageo 71,454 1,993, Direct Line Insurance Group 36, , Dixons Carphone 33, , easyjet 2,585 37,528 Fresnillo 5, , G4S 49, , GKN 43, , GlaxoSmithKline 141,710 3,039, Hammerson REIT 28, , Hargreaves Lansdown 7, , Hikma Pharmaceuticals 4, , HSBC Holdings 564,071 3,513, ICAP 10,207 57, IMI 3,499 45,231 Imperial Tobacco Group 26,977 1,461, Inmarsat 12, , InterContinental Hotels Group 6, , Intertek Group 5, , Intu Properties REIT 17,972 69, Investec 23, , ITV 104, , MGI Funds plc 198

200 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) United Kingdom (2015: 7.55%) J Sainsbury 44, , Johnson Matthey 4, , Kingfisher 72, , Land Securities Group REIT 21, , Legal & General Group 159, , Liberty Global 19, , Liberty Global A Shares 7, , Liberty Global LiLAC 2,417 78, Liberty Global LiLAC A Shares ,518 Lloyds Banking Group 1,834,541 1,325, London Stock Exchange Group 9, , Marks & Spencer Group 47, , Mediclinic International 10, , Meggitt 25, , Merlin Entertainments 14,944 87, Michael Kors Holdings 5, , Mondi 11, , National Grid 105,883 1,551, Next 4, , Nielsen Holdings 10, , Old Mutual 132, , Pearson 24, , Persimmon 7, , Petrofac 3,329 34,534 Provident Financial 3, , Prudential 73,566 1,236, Reckitt Benckiser Group 18,466 1,848, RELX 29, , Rexam 20, , Rio Tinto 36,043 1,105, RollsRoyce Holdings 57, , Royal Bank of Scotland Group 94, , Royal Dutch Shell A Shares 119,772 3,278, Royal Dutch Shell B Shares 107,166 2,954, Royal Mail 25, , RSA Insurance Group 28, , SABMiller 27,932 1,631, Sage Group 33, , Schroders 2,854 89, Segro REIT 12,441 68, Severn Trent 5, , Sky 26, , Smith & Nephew 26, , Smiths Group 11, , SSE 31, , St James's Place 16, , Standard Chartered 97, , Standard Life 59, , Tate & Lyle 16, , Taylor Wimpey 105, , Tesco 253, , Travis Perkins 6, , Unilever 35,044 1,676, United Utilities Group 20, , Vodafone Group 756,366 2,301, Weir Group 8, , Whitbread 5, , William Hill 28,157 96, Portfolio Statement Nominal Fair value % of holdings US$ Net assets United Kingdom (2015: 7.55%) WM Morrison Supermarkets 61, , Worldpay Group 27,446 99, WPP 36, , ,551, United States of America (2015: 53.85%) 3M 17,426 3,051, Abbott Laboratories 41,065 1,614, AbbVie 45,797 2,835, Activision Blizzard 16, , Acuity Brands 1, , Adobe Systems 14,063 1,347, Advance Auto Parts 2, , AES 17, , Aetna 10,134 1,237, Affiliated Managers Group 1, , Aflac 12, , AGCO 1,482 69, Agilent Technologies 9, , AGL Resources 2, , Air Products & Chemicals 5, , Akamai Technologies 5, , Albemarle 2, , Alcoa 37, , Alexandria Real Estate Equities REIT 2, , Alexion Pharmaceuticals 6, , Alleghany , Alliance Data Systems 1, , Alliant Energy 5, , Allstate 10, , Ally Financial 11, , Alnylam Pharmaceuticals 2, , Alphabet A Shares 8,397 5,907, Alphabet C Shares 8,765 6,066, Altria Group 56,112 3,869, Amazon.com 11,382 8,145, AMERCO , Ameren 6, , American Airlines Group 5, , American Capital Agency REIT 8, , American Electric Power 14, , American Express 23,722 1,441, American International Group 33,610 1,777, American Tower 11,942 1,356, American Water Works 5, , Ameriprise Financial 4, , AmerisourceBergen 5, , AMETEK 7, , Amgen 21,058 3,203, Amphenol 8, , Anadarko Petroleum 14, , Analog Devices 8, , Annaly Capital Management REIT 22, , ANSYS 2, , Antero Resources 3,098 80, Anthem 7,753 1,018, AO Smith 2, , Apache 11, , Apple 157,512 15,058, Applied Materials 32, , Aramark 7, , ArcherDanielsMidland 16, , MGI Funds plc 199

201 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) United States of America (2015: 53.85%) Arrow Electronics 3, , Arthur J Gallagher 5, , Ashland 1, , Assurant 2, , AT&T 174,632 7,545, Atmos Energy 2, , Autodesk 6, , Autoliv 2, , Automatic Data Processing 13,488 1,239, AutoNation 1,741 81, AutoZone , AvalonBay Communities REIT 4, , Avery Dennison 2, , Avnet 4, , Axalta Coating Systems 4, , B/E Aerospace 3, , Baker Hughes 11, , Ball 4, , Bank of America 296,255 3,931, Bank of New York Mellon 30,503 1,185, Baxter International 14, , BB&T 21, , Becton Dickinson 5, , Bed Bath & Beyond 5, , Berkshire Hathaway 33,827 4,897, Best Buy 9, , Biogen 6,118 1,479, BioMarin Pharmaceutical 4, , BlackRock 3,475 1,190, Boeing 17,929 2,328, BorgWarner 7, , Boston Properties REIT 4, , Boston Scientific 39, , BristolMyers Squibb 48,089 3,536, Brixmor Property Group REIT 5, , Broadridge Financial Solutions 3, , BrownForman 3, , Bunge 4, , CA 9, , Cabot Oil & Gas 12, , Cadence Design Systems 8, , Calpine 13, , Camden Property Trust REIT 2, , Campbell Soup 5, , Capital One Financial 14, , Cardinal Health 9, , CarMax 6, , Carnival 11, , Caterpillar 16,794 1,273, CBRE Group 9, , CBS 11, , CDK Global 4, , CDW 3, , Celanese 4, , Celgene 22,544 2,223, Centene 5, , CenterPoint Energy 13, , CenturyLink 15, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 53.85%) Cerner 8, , CF Industries Holdings 6, , CH Robinson Worldwide 3, , Charles Schwab 32, , Charter Communications 5,927 1,355, Cheniere Energy 5, , Chevron 53,472 5,605, Chipotle Mexican Grill , Church & Dwight 3, , Cigna 7, , Cimarex Energy 2, , Cincinnati Financial 4, , Cintas 2, , Cisco Systems 141,494 4,059, CIT Group 4, , Citigroup 83,191 3,526, Citizens Financial Group 15, , Citrix Systems 4, , Clorox 3, , CME Group 9, , CMS Energy 6, , Coach 8, , CocaCola 117,500 5,326, Cognizant Technology Solutions 17,808 1,019, ColgatePalmolive 24,711 1,808, Columbia Pipeline Group 12, , Comcast 68,932 4,493, Comerica 5, , ConAgra Foods 12, , Concho Resources 3, , ConocoPhillips 34,003 1,482, Consolidated Edison 9, , Constellation Brands 5, , Continental Resources 3, , Cooper 1, , Corning 30, , Costco Wholesale 12,611 1,980, CR Bard 2, , Crown Castle International 9, , Crown Holdings 3, , CSX 24, , Cummins 4, , CVS Health 30,855 2,954, Danaher 17,756 1,793, Darden Restaurants 3, , DaVita HealthCare Partners 5, , Deere 8, , Delta Air Lines 4, , Dentsply Sirona 6, , Devon Energy 13, , Dick's Sporting Goods 1,463 65, Digital Realty Trust REIT 4, , Discover Financial Services 11, , Discovery Communications 2,337 58, Discovery Communications (Nonvoting rights) 8, , DISH Network 6, , Dollar General 7, , Dollar Tree 6, , Dominion Resources 16,957 1,321, Domino's Pizza 1, , Dover 3, , Dow Chemical 31,426 1,562, MGI Funds plc 200

202 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) United States of America (2015: 53.85%) DR Horton 11, , Dr Pepper Snapple Group 5, , DTE Energy 4, , Duke Energy 19,695 1,689, Duke Realty REIT 8, , Dun & Bradstreet , E*TRADE Financial 9, , Eastman Chemical 3, , Eaton Vance 1,787 63, ebay 31, , Ecolab 7, , Edgewell Personal Care 2, , Edison International 9, , Edwards Lifesciences 5, , EI du Pont de Nemours 25,003 1,620, Electronic Arts 8, , Eli Lilly 28,278 2,226, EMC 55,833 1,516, Emerson Electric 18, , Entergy 5, , Envision Healthcare Holdings 3,540 89, EOG Resources 15,426 1,286, EQT 4, , Equifax 3, , Equinix REIT 1, , Equity Residential REIT 10, , Essex Property Trust REIT 1, , Estee Lauder 6, , Eversource Energy 8, , Exelon 25, , Expedia 3, , Expeditors International of Washington 5, , Express Scripts Holding 18,932 1,435, Extra Space Storage REIT 3, , Exxon Mobil 117,944 11,056, F5 Networks 1, , Facebook 65,251 7,456, Fastenal 8, , Federal REIT 2, , FedEx 7,678 1,165, Fidelity National Information Services 8, , Fifth Third Bancorp 23, , First Republic Bank 3, , FirstEnergy 12, , Fiserv 6, , FleetCor Technologies 2, , FLIR Systems 2,225 68, Flowserve 4, , Fluor 3, , FMC 4, , FMC Technologies 7, , FNF Group 7, , Foot Locker 4, , Ford Motor 103,011 1,294, Fortinet 3, , Fortune Brands Home & Security 4, , Franklin Resources 11, , FreeportMcMoRan 29, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 53.85%) Frontier Communications 38, , Gap 6, , Gartner 2, , General Dynamics 7,387 1,028, General Electric 266,955 8,403, General Growth Properties REIT 15, , General Mills 17,664 1,259, General Motors 40,091 1,134, Genuine Parts 3, , Gilead Sciences 40,152 3,349, Global Payments 4, , Goldman Sachs Group 10,634 1,580, Goodyear Tire & Rubber 6, , H&R Block 5, , Halliburton 23,704 1,073, Hanesbrands 9, , HarleyDavidson 5, , Harman International Industries 2, , Harris 3, , Hartford Financial Services Group 11, , Hasbro 2, , HCA Holdings 9, , HCP REIT 12, , Helmerich & Payne 3, , Henry Schein 2, , Hershey 4, , Hess 8, , Hewlett Packard 48, , Hilton Worldwide Holdings 13, , HollyFrontier 4, , Hologic 6, , Home Depot 36,135 4,614, Honeywell International 20,952 2,437, Hormel Foods 7, , Host Hotels & Resorts REIT 17, , HP 49, , Humana 4, , Huntington Bancshares 24, , IDEXX Laboratories 2, , IHS 2, , Illinois Tool Works 8, , Illumina 3, , IMS Health Holdings 3,767 95, Incyte 4, , Ingredion 2, , Intel 134,314 4,405, Intercontinental Exchange 3, , International Business Machines 25,734 3,905, International Flavors & Fragrances 2, , International Paper 10, , Interpublic Group 13, , Intuit 6, , Intuitive Surgical 1, , Invesco 11, , Ionis Pharmaceuticals 2,188 50, Iron Mountain REIT 6, , Jacobs Engineering Group 4, , JB Hunt Transport Services 1, , JM Smucker 3, , Johnson & Johnson 78,508 9,523, Johnson Controls 18, , Jones Lang LaSalle , MGI Funds plc 201

203 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) United States of America (2015: 53.85%) JPMorgan Chase & Co 104,631 6,501, Juniper Networks 8, , Kansas City Southern 3, , Kellogg 7, , KeyCorp 27, , KimberlyClark 10,395 1,429, Kimco Realty REIT 11, , Kinder Morgan 53,841 1,007, KLATencor 4, , Kohl's 4, , Kraft Heinz 17,769 1,572, Kroger 25, , L Brands 6, , L3 Communications Holdings 2, , Laboratory of America Holdings 2, , Lam Research 4, , Las Vegas Sands 12, , Lear 1, , Leggett & Platt 4, , Lennar 4, , Leucadia National 6, , Level 3 Communications 9, , Liberty Interactive 13, , Liberty Property Trust REIT 5, , Liberty SiriusXM Group A 1,332 41,772 Liberty SiriusXM Group C 6, , Lincoln National 7, , Linear Technology 6, , LinkedIn 2, , LKQ 8, , Lockheed Martin 7,784 1,931, Loews 8, , Lowe's 25,738 2,037, Lululemon Athletica 3, , M&T Bank 4, , Macerich REIT 3, , Macy's 8, , ManpowerGroup 2, , Marathon Oil 26, , Marathon Petroleum 13, , Markel , Marriott International 5, , Marsh & McLennan 14,763 1,010, Martin Marietta Materials 1, , Masco 8, , MasterCard 28,163 2,480, Mattel 10, , Maxim Integrated Products 8, , McCormick 3, , McDonald's 25,522 3,071, McKesson 6,574 1,227, Mead Johnson Nutrition 5, , Medivation 5, , MEDNAX 2, , Merck 79,600 4,585, MetLife 26,810 1,067, MettlerToledo International , MGM Resorts International 11, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 53.85%) Microchip Technology 4, , Micron Technology 33, , Microsoft 213,677 10,933, MidAmerica Apartment Communities 1, , Mohawk Industries 1, , Molson Coors Brewing 5, , Mondelez International 44,150 2,009, Monsanto 12,393 1,281, Monster Beverage 4, , Moody's 4, , Morgan Stanley 41,210 1,070, Mosaic 9, , Motorola Solutions 4, , MSCI 2, , Murphy Oil 3, , Nasdaq 3, , National Oilwell Varco 9, , Navient 14, , NetApp 9, , Netflix 11,642 1,065, NetSuite 1,213 88, New York Community Bancorp 15, , Newell Brands 13, , Newfield Exploration 5, , Newmont Mining 15, , News 12, , NextEra Energy 13,519 1,762, NIKE 39,009 2,153, NiSource 9, , Noble Energy 11, , Nordstrom 3, , Norfolk Southern 8, , Northern Trust 6, , Northrop Grumman 4,663 1,036, Norwegian Cruise Line Holdings 4, , NRG Energy 6,165 92, Nuance Communications 4,484 70, Nucor 9, , NVIDIA 14, , O'Reilly Automotive 2, , Occidental Petroleum 21,141 1,597, OGE Energy 7, , Omnicom Group 6, , ONEOK 6, , Oracle 89,444 3,660, PACCAR 9, , Packaging of America 2, , Palo Alto Networks 2, , ParkerHannifin 3, , Patterson 2, , Paychex 8, , PayPal Holdings 31,285 1,142, People's United Financial 4,985 73, PepsiCo 40,686 4,310, Pfizer 175,422 6,176, PG&E 13, , Philip Morris International 43,853 4,460, Phillips 66 15,147 1,201, Pinnacle West Capital 2, , Pioneer Natural Resources 4, , Plains GP Holdings 8,621 89, PNC Financial Services Group 14,245 1,159, MGI Funds plc 202

204 Mercer Passive Global Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) United States of America (2015: 53.85%) Polaris Industries 1, , PPG Industries 7, , PPL 17, , Praxair 8, , Priceline Group 1,416 1,767, Principal Financial Group 8, , Procter & Gamble 77,071 6,525, Progressive 15, , Prologis REIT 14, , Prudential Financial 11, , Public Service Enterprise Group 13, , Public Storage REIT 4,023 1,028, PulteGroup 8, , PVH 2, , Qorvo 5, , Qualcomm 42,770 2,291, Quest Diagnostics 3, , Quintiles Transnational Holdings 3, , Ralph Lauren 1, , Range Resources 3, , Raymond James Financial 3, , Raytheon 8,117 1,103, Realogy Holdings 4, , Realty Income REIT 7, , Red Hat 5, , Regency Centers REIT 2, , Regeneron Pharmaceuticals 2, , Regions Financial 31, , Republic Services 7, , ResMed 3, , Reynolds American 24,844 1,339, Rite Aid 30, , Robert Half International 3, , Rockwell Automation 3, , Rockwell Collins 4, , Roper Technologies 2, , Ross Stores 10, , Royal Caribbean Cruises 5, , S&P Global 7, , Sabre 4, , salesforce.com 18,484 1,467, SBA Communications 3, , SCANA 3, , Schlumberger 40,071 3,168, Scripps Networks Interactive 2, , Sealed Air 6, , SEI Investments 3, , Sempra Energy 7, , ServiceNow 4, , SherwinWilliams 2, , Shire 17,197 1,066, Shire 2, , Signature Bank 1, , Signet Jewelers 1, , Simon Property Group REIT 8,863 1,922, Sirius XM Holdings 69, , Skyworks Solutions 5, , SL Green Realty REIT 3, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 53.85%) Snapon 1, , Southern 25,820 1,384, Southwest Airlines 5, , Southwestern Energy 10, , Spectra Energy 18, , Splunk 4, , Sprint 9,545 43,239 St Jude Medical 7, , Stanley Black & Decker 4, , Staples 21, , Starbucks 42,204 2,410, Starwood Hotels & Resorts Worldwide 4, , State Street 12, , Stericycle 2, , Stryker 9,243 1,107, SunTrust Banks 14, , Symantec 18, , Synchrony Financial 22, , Synopsys 3, , Sysco 15, , T Rowe Price Group 6, , TMobile US 7, , Target 16,458 1,149, TD Ameritrade Holding 8, , TECO Energy 5, , Tegna 4, , Tesla Motors 2, , Tesoro 3, , Texas Instruments 27,667 1,733, Textron 6, , Thermo Fisher Scientific 11,046 1,632, Tiffany 3, , Time Warner 22,143 1,628, TJX 19,236 1,485, Toll Brothers 5, , Torchmark 3, , Total System Services 4, , Tractor Supply 3, , TransDigm Group 1, , Travelers 8,475 1,008, Trimble Navigation 8, , TripAdvisor 3, , TwentyFirst Century Fox A 33, , TwentyFirst Century Fox B 12, , Twitter 15, , Tyson Foods 7, , UDR REIT 6, , UGI 4, , Ulta Salon Cosmetics & Fragrance 1, , Under Armour 5, , Under Armour 5, , Union Pacific 23,785 2,075, United Continental Holdings 3, , United Parcel Service 19,827 2,135, United Rentals 2, , United Technologies 22,555 2,313, United Therapeutics 1, , UnitedHealth Group 27,282 3,852, Universal Health Services 2, , Unum Group 7, , US Bancorp 48,755 1,966, Valero Energy 12, , MGI Funds plc 203

205 Mercer Passive Global Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss (2015: 98.31%) Transferable securities (2015: 97.85%) Equities (2015: 97.85%) United States of America (2015: 53.85%) Valspar 2, , Vantiv 5, , Varian Medical Systems 3, , Ventas REIT 9, , VEREIT REIT 28, , VeriSign 2, , Verisk Analytics 4, , Verizon Communications 115,603 6,455, Vertex Pharmaceuticals 7, , VF 9, , Viacom 10, , Visa 54,371 4,032, VMware 2, , Vornado Realty Trust REIT 4, , Voya Financial 5, , Vulcan Materials 4, , WABCO Holdings 1, , Wabtec 3, , WalMart Stores 44,923 3,280, Walgreens Boots Alliance 26,090 2,172, Walt Disney 43,690 4,273, Waste Management 11, , Waters 2, , WEC Energy Group 9, , Wells Fargo 137,692 6,516, Welltower REIT 10, , Westar Energy 4, , Western Digital 8, , Western Union 14, , WestRock 7, , Weyerhaeuser REIT 21, , Whirlpool 2, , WhiteWave Foods 5, , Whole Foods Market 10, , Williams 21, , Workday 3, , WR Berkley 3, , WR Grace & Co 1, , WW Grainger 1, , Wyndham Worldwide 2, , Wynn Resorts 2, , Xcel Energy 15, , Xerox 29, , Xilinx 7, , Xylem 5, , Yahoo! 24, , Yum! Brands 11, , Zillow Group 2,614 94, Zimmer Biomet Holdings 5, , Zoetis 12, , ,125, Total equities 909,100, Total transferable securities 909,100, MGI Funds plc 204

206 Mercer Passive Global Equity Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial derivative instruments (2015: 0.46%) Open forward foreign currency contracts (2015: 0.46%) AUD 2* 20 GBP 10 05/07/ AUD 2* 156,654 EUR 102,258 05/07/2016 3,042 AUD 2* 2,476,237 USD 1,808,889 18/08/ ,956 CAD 2* 25 GBP 13 05/07/ CAD 2* 195,810 EUR 135,311 05/07/ CHF 2* 19 GBP 13 05/07/ CHF 2* 145,822 EUR 133,376 05/07/2016 1,510 DKK 2* 28 GBP 3 05/07/2016 EUR 2* 145 DKK 1,079 03/08/2016 EUR 2* 229 HKD 1,972 03/08/2016 EUR 2* 17,877 USD 19,871 03/08/ EUR 2* 1,298 GBP 1,067 03/08/ EUR 2* 2,215,060 DKK 16,477,205 05/07/ EUR 2* 3,122,361 SEK 29,051,146 05/07/ ,991 EUR 2* 21,500,067 GBP 16,494,879 05/07/2016 1,835, HKD 2* 1,587,453 EUR 182,867 05/07/2016 1,467 HKD 2* 305,372 GBP 27,058 05/07/2016 3,192 ILS 2* 130,302 EUR 30,243 05/07/ ILS 2* 14,544 GBP 2,600 05/07/ JPY 2* 5,153 GBP 34 05/07/ JPY 3* 40,398,773 EUR 335,825 05/07/ ,704 JPY 3* 637,914,760 USD 5,939,120 18/08/ , NOK 2* 10 GBP 1 05/07/2016 NOK 2* 99,593 EUR 10,685 05/07/ NZD 2* 1 GBP 05/07/2016 NZD 2* 4,245 EUR 2,641 05/07/ SEK 2* 48 GBP 4 05/07/2016 SGD 2* 16,007 GBP 7,991 05/07/2016 1,211 SGD 2* 100,800 EUR 65,680 05/07/2016 1,927 USD 3* 804 GBP /07/ USD 2* 3,116 GBP 2,092 02/08/ USD 3* 5,310 GBP 3,566 08/07/ USD 3* 1,446,493 CAD 1,876,780 18/08/2016 1,191 USD 2* 12,024 GBP 8,075 22/07/2016 1,228 USD 3* 26,066 GBP 17,506 15/07/2016 2,663 USD 3* 38,749 GBP 26,023 14/07/2016 3,959 USD 3* 44,683 GBP 30,007 10/08/2016 4,559 USD 3* 55,577 GBP 37,326 06/07/2016 5,680 USD 3* 87,510 GBP 58,770 03/08/2016 8,931 USD 3* 5,015,542 EUR 4,466,450 18/08/ ,827 USD 2* 3,331,018 GBP 2,353,155 05/07/ , USD 3* 2,914,900 GBP 2,013,515 18/08/ , USD 2* 16,263,708 EUR 14,430,291 05/07/ , Unrealised gain on open forward foreign currency contracts 2,944, Futures contracts (2015: 0.00%) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain US$ Net assets Euro Stoxx 50 Index Futures 1* 2,981,455 16/09/2016 EUR 94 4,268 FTSE 100 Index Futures 1* 1,974,688 16/09/2016 GBP , S&P 60 Index Futures 1* 1,003,219 16/09/2016 CAD 8 4,503 S&P 500 E Mini Index Futures 1* 16,408,070 16/09/2016 USD , SPI 200 Futures 1* 578,107 16/09/2016 AUD Swiss Market Index Futrures 1* 901,047 16/09/2016 CHF 11 22,634 Unrealised gain on futures contracts 252, Total financial derivative instruments at positive fair value 3,196, Total financial assets at fair value through profit or loss 912,297, MGI Funds plc 205

207 Mercer Passive Global Equity Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Financial liabilities at fair value through profit or loss (2015: (0.31)%) Financial derivative instruments (2015: (0.31)%) Open forward foreign currency contracts (2015: (0.27)%) CAD 3* 3,089,924 USD 2,394,583 18/08/2016 (15,042) CHF 3* 2,244,187 USD 2,311,278 18/08/2016 (1,551) DKK 2* 217,674 EUR 29,274 05/07/2016 (18) EUR 2* 24,869,800 JPY 3,058,056,715 05/07/2016 (2,179,436) (0.25) EUR 2* 184,771,264 USD 206,237,907 05/07/2016 (966,381) (0.10) EUR 2* 7,704,286 AUD 11,858,195 05/07/2016 (270,541) (0.03) EUR 2* 9,994,941 CHF 11,038,264 05/07/2016 (226,720) (0.02) EUR 3* 6,953,185 USD 7,874,612 18/08/2016 (137,966) (0.01) EUR 2* 10,170,510 CAD 14,822,165 05/07/2016 (114,156) (0.01) EUR 2* 1,435,400 SGD 2,202,136 05/07/2016 (41,525) EUR 2* 3,614,956 HKD 31,307,412 05/07/2016 (19,494) EUR 2* 195,253 NZD 321,360 05/07/2016 (11,956) EUR 2* 753,559 ILS 3,237,108 05/07/2016 (3,401) EUR 2* 644,871 NOK 6,017,813 05/07/2016 (2,731) EUR 2* 665 CHF /08/2016 (1) EUR 2* 519 AUD /08/2016 (1) EUR 2* 199 SEK 1,879 03/08/2016 (1) EUR 2* 672 CAD /08/2016 EUR 2* 42 NOK /08/2016 EUR 2* 93 SGD /08/2016 EUR 2* 48 ILS /08/2016 EUR 2* 1,757 JPY 200,238 03/08/2016 EUR 2* 13 NZD 21 03/08/2016 GBP 2* 66,189,779 USD 96,144,814 05/07/2016 (7,662,311) (0.84) GBP 2* 9,205,427 JPY 1,477,863,098 05/07/2016 (2,099,713) (0.24) GBP 2* 12,706,694 EUR 16,560,871 05/07/2016 (1,411,980) (0.15) GBP 2* 3,702,439 CHF 5,334,448 05/07/2016 (526,300) (0.06) GBP 2* 3,768,853 CAD 7,163,088 05/07/2016 (477,380) (0.05) GBP 2* 2,854,533 AUD 5,730,695 05/07/2016 (451,135) (0.05) GBP 3* 3,388,439 USD 4,861,131 18/08/2016 (330,063) (0.04) GBP 2* 1,316,461 HKD 14,860,328 05/07/2016 (155,652) (0.02) GBP 2* 1,143,084 SEK 13,864,296 05/07/2016 (108,275) (0.01) GBP 2* 821,004 DKK 7,962,917 05/07/2016 (91,545) (0.01) GBP 2* 522,343 SGD 1,045,109 05/07/2016 (78,246) (0.01) GBP 2* 274,359 ILS 1,536,061 05/07/2016 (32,100) GBP 2* 238,356 NOK 2,898,380 05/07/2016 (27,732) GBP 2* 72,302 NZD 155,303 05/07/2016 (13,954) SEK 2* 741,553 EUR 79,831 05/07/2016 (1,165) USD 3* 3,821,954 JPY 413,525,000 18/08/2016 (214,370) (0.02) USD 3* 1,065,510 AUD 1,466,050 18/08/2016 (24,358) USD 3* 1,369,642 CHF 1,342,300 18/08/2016 (11,858) USD 2* 8,668 EUR 7,798 03/08/2016 (4) Unrealised loss on open forward foreign currency contracts (17,709,062) (1.92) MGI Funds plc 206

208 Mercer Passive Global Equity Fund Portfolio Statement No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss US$ Net assets Futures contracts (2015: (0.04)%) TOPIX Index Futres 1* 1,942,489 16/09/2016 JPY 16 (94,083) (0.01) Unrealised loss on futures contracts (94,083) (0.01) Total financial derivative instruments at negative fair value (17,803,145) (1.93) Total financial liabilities at fair value through profit or loss (17,803,145) (1.93) Total investments at fair value through profit and loss 894,494, Cash (2015: 1.94%) 21,934, Net current assets (2015: 0.06%) 5,432, Total net assets attributable to holders of redeemable participating shares 921,861, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Financial derivative instruments dealt in on a regulated market; 0.03 OTC financial derivative instruments; 0.31 Other current assets The following is a list of counterparties for the financial derivative instruments. Reference Counterparty 1* Goldman Sachs 2* State Street Bank and Trust Company 3* State Street Bank London Country classifications are based upon country of incorporation and/or country of domicile. Concentration Risk Mercer Passive Global Equity Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Sovereign MGI Funds plc 207

209 Mercer Euro Over 5 Year Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss (2015: 98.12%) Transferable securities (2015: 98.12%) Government bonds (2015: 98.12%) Austria (2015: 3.33%) Austria (Government of) /09/2021 EUR 950,000 1,143, Austria (Government of) /04/2022 EUR 500, , Austria (Government of) /11/2022 EUR 710, , Austria (Government of) /10/2023 EUR 620, , Austria (Government of) /10/2024 EUR 720, , Austria (Government of) /10/2025 EUR 500, , Austria (Government of) /03/2026 EUR 580, , Austria (Government of) /10/2026 EUR 150, , Austria (Government of) /07/2027 EUR 480, , Austria (Government of) /05/2034 EUR 320, , Austria (Government of) /03/2037 EUR 800,000 1,350, Austria (Government of) /06/2044 EUR 420, , Austria (Government of) /02/2047 EUR 50,000 58, Austria (Government of) /01/2062 EUR 230, , ,499, Belgium (2015: 4.06%) Belgium (Government of) /09/2021 EUR 680, , Belgium (Government of) /03/2022 EUR 610, , Belgium (Government of) /09/2022 EUR 510, , Belgium (Government of) /06/2023 EUR 550, , Belgium (Government of) /06/2024 EUR 720, , Belgium (Government of) /06/2025 EUR 720, , Belgium (Government of) /03/2026 EUR 390, , Belgium (Government of) /06/2026 EUR 200, , Belgium (Government of) /03/2028 EUR 830,000 1,330, Belgium (Government of) /06/2031 EUR 200, , Belgium (Government of) /03/2032 EUR 400, , Belgium (Government of) /06/2034 EUR 290, , Belgium (Government of) /03/2035 EUR 810,000 1,436, Belgium (Government of) /06/2038 EUR 200, , Belgium (Government of) /03/2041 EUR 700,000 1,239, Belgium (Government of) /06/2045 EUR 360, , Belgium (Government of) /06/2047 EUR 100, , Belgium (Government of) /06/2066 EUR 60,000 75, ,616, Finland (2015: 2.09%) Finland (Government of) /09/2022 EUR 580, , Finland (Government of) /04/2023 EUR 620, , Finland (Government of) /04/2024 EUR 520, , Finland (Government of) /07/2025 EUR 750,000 1,020, Finland (Government of) /09/2025 EUR 420, , Finland (Government of) /04/2026 EUR 500, , Finland (Government of) /07/2028 EUR 560, , Finland (Government of) /04/2031 EUR 350, , Finland (Government of) /07/2042 EUR 500, , ,790, France (2015: 21.62%) France (Government of) /10/2021 EUR 2,680,000 3,195, France (Government of) /04/2022 EUR 2,870,000 3,424, France (Government of) /04/2022 EUR 60,000 90, France (Government of) /10/2022 EUR 2,140,000 2,478, France (Government of) /04/2023 EUR 690,000 1,102, France (Government of) /05/2023 EUR 2,280,000 2,587, France (Government of) /10/2023 EUR 2,820,000 3,738, France (Government of) /05/2024 EUR 1,960,000 2,322, France (Government of) /11/2024 EUR 2,080,000 2,385, MGI Funds plc 208

210 Mercer Euro Over 5 Year Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss (2015: 98.12%) Transferable securities (2015: 98.12%) Government bonds (2015: 98.12%) France (2015: 21.62%) France (Government of) /05/2025 EUR 2,210,000 2,295, France (Government of) /10/2025 EUR 1,690,000 2,622, France (Government of) /11/2025 EUR 1,800,000 1,946, France (Government of) /04/2026 EUR 2,540,000 3,373, France (Government of) /05/2026 EUR 890, , France (Government of) /10/2027 EUR 2,490,000 3,173, France (Government of) /04/2029 EUR 2,020,000 3,335, France (Government of) /05/2030 EUR 2,090,000 2,677, France (Government of) /05/2031 EUR 1,030,000 1,177, France (Government of) /10/2032 EUR 1,950,000 3,558, France (Government of) /04/2035 EUR 1,730,000 2,999, France (Government of) /05/2036 EUR 450, , France (Government of) /10/2038 EUR 1,840,000 3,068, France (Government of) /04/2041 EUR 1,920,000 3,518, France (Government of) /05/2045 EUR 1,240,000 1,971, France (Government of) /04/2055 EUR 1,000,000 1,920, France (Government of) /04/2060 EUR 830,000 1,640, France (Government of) /05/2066 EUR 200, , ,247, Germany (2015: 29.39%) Bundesrepublik Deutschland /07/2021 EUR 2,490,000 2,973, Bundesrepublik Deutschland /09/2021 EUR 2,070,000 2,376, Bundesrepublik Deutschland /01/2022 EUR 2,690,000 3,071, Bundesrepublik Deutschland /07/2022 EUR 3,230,000 3,674, Bundesrepublik Deutschland /09/2022 EUR 2,410,000 2,711, Bundesrepublik Deutschland /02/2023 EUR 2,350,000 2,658, Bundesrepublik Deutschland /05/2023 EUR 2,470,000 2,805, Bundesrepublik Deutschland /08/2023 EUR 2,350,000 2,764, Bundesrepublik Deutschland /01/2024 EUR 1,360,000 2,051, Bundesrepublik Deutschland /02/2024 EUR 2,430,000 2,831, Bundesrepublik Deutschland /05/2024 EUR 2,330,000 2,675, Bundesrepublik Deutschland /08/2024 EUR 2,450,000 2,716, Bundesrepublik Deutschland /02/2025 EUR 2,980,000 3,179, Bundesrepublik Deutschland /08/2025 EUR 3,150,000 3,498, Bundesrepublik Deutschland /02/2026 EUR 2,430,000 2,579, Bundesrepublik Deutschland /07/2027 EUR 1,490,000 2,596, Bundesrepublik Deutschland /01/2028 EUR 1,950,000 3,259, Bundesrepublik Deutschland /07/2028 EUR 1,470,000 2,337, Bundesrepublik Deutschland /01/2030 EUR 1,220,000 2,271, Bundesrepublik Deutschland /01/2031 EUR 2,290,000 4,116, Bundesrepublik Deutschland /07/2034 EUR 2,630,000 4,807, Bundesrepublik Deutschland /01/2037 EUR 3,050,000 5,385, Bundesrepublik Deutschland /07/2039 EUR 1,890,000 3,582, Bundesrepublik Deutschland /07/2040 EUR 2,090,000 4,270, Bundesrepublik Deutschland /07/2042 EUR 1,990,000 3,455, Bundesrepublik Deutschland /07/2044 EUR 2,450,000 3,860, Bundesrepublik Deutschland /08/2046 EUR 2,020,000 3,245, ,758, Ireland (2015: 1.89%) Ireland (Government of) /03/2022 EUR 450, , Ireland (Government of) /03/2023 EUR 640, , Ireland (Government of) /03/2024 EUR 790, , Ireland (Government of) /03/2025 EUR 1,130,000 1,604, Ireland (Government of) /05/2026 EUR 630, , Ireland (Government of) /05/2030 EUR 750, , Ireland (Government of) /02/2045 EUR 530, , ,041, MGI Funds plc 209

211 Mercer Euro Over 5 Year Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss (2015: 98.12%) Transferable securities (2015: 98.12%) Government bonds (2015: 98.12%) Italy (2015: 16.42%) Italy Buoni Poliennali Del Tesoro /08/2021 EUR 1,430,000 1,673, Italy Buoni Poliennali Del Tesoro /09/2021 EUR 1,210,000 1,479, Italy Buoni Poliennali Del Tesoro /12/2021 EUR 970,000 1,058, Italy Buoni Poliennali Del Tesoro /03/2022 EUR 1,020,000 1,274, Italy Buoni Poliennali Del Tesoro /04/2022 EUR 850, , Italy Buoni Poliennali Del Tesoro /09/2022 EUR 1,010,000 1,308, Italy Buoni Poliennali Del Tesoro /09/2022 EUR 950, , Italy Buoni Poliennali Del Tesoro /11/2022 EUR 1,030,000 1,338, Italy Buoni Poliennali Del Tesoro /03/2023 EUR 650, , Italy Buoni Poliennali Del Tesoro /05/2023 EUR 900,000 1,124, Italy Buoni Poliennali Del Tesoro /08/2023 EUR 1,220,000 1,555, Italy Buoni Poliennali Del Tesoro /11/2023 EUR 610, , Italy Buoni Poliennali Del Tesoro /03/2024 EUR 1,250,000 1,576, Italy Buoni Poliennali Del Tesoro /09/2024 EUR 1,070,000 1,294, Italy Buoni Poliennali Del Tesoro /12/2024 EUR 970,000 1,080, Italy Buoni Poliennali Del Tesoro /03/2025 EUR 1,160,000 1,529, Italy Buoni Poliennali Del Tesoro /06/2025 EUR 950, , Italy Buoni Poliennali Del Tesoro /12/2025 EUR 900, , Italy Buoni Poliennali Del Tesoro /03/2026 EUR 1,100,000 1,420, Italy Buoni Poliennali Del Tesoro /06/2026 EUR 680, , Italy Buoni Poliennali Del Tesoro /11/2026 EUR 460, , Italy Buoni Poliennali Del Tesoro /11/2027 EUR 1,310,000 1,992, Italy Buoni Poliennali Del Tesoro /09/2028 EUR 980,000 1,327, Italy Buoni Poliennali Del Tesoro /11/2029 EUR 1,370,000 1,963, Italy Buoni Poliennali Del Tesoro /03/2030 EUR 1,190,000 1,463, Italy Buoni Poliennali Del Tesoro /05/2031 EUR 1,480,000 2,311, Italy Buoni Poliennali Del Tesoro /03/2032 EUR 830, , Italy Buoni Poliennali Del Tesoro /02/2033 EUR 890,000 1,388, Italy Buoni Poliennali Del Tesoro /08/2034 EUR 1,300,000 1,909, Italy Buoni Poliennali Del Tesoro /09/2036 EUR 340, , Italy Buoni Poliennali Del Tesoro /02/2037 EUR 1,310,000 1,740, Italy Buoni Poliennali Del Tesoro /08/2039 EUR 960,000 1,459, Italy Buoni Poliennali Del Tesoro /09/2040 EUR 1,030,000 1,565, Italy Buoni Poliennali Del Tesoro /09/2044 EUR 770,000 1,162, Italy Buoni Poliennali Del Tesoro /09/2046 EUR 650, , Italy Buoni Poliennali Del Tesoro /03/2047 EUR 480, , ,342, Latvia (2015: 0.20%) Latvia (Government of) /04/2024 EUR 500, , Lithuania (2015: 0.35%) Lithuania (Government of) /10/2026 EUR 870,000 1,001, Luxembourg (2015: 0.44%) Luxembourg (Government of) /07/2023 EUR 700, , Luxembourg (Government of) /03/2022 EUR 490, , ,386, Netherlands (2015: 6.62%) Netherlands (Kingdom of) /07/2021 EUR 1,430,000 1,701, Netherlands (Kingdom of) /07/2022 EUR 1,280,000 1,487, Netherlands (Kingdom of) /01/2023 EUR 760, , Netherlands (Kingdom of) /01/2023 EUR 400, , Netherlands (Kingdom of) /07/2023 EUR 1,380,000 1,579, Netherlands (Kingdom of) /07/2024 EUR 1,360,000 1,598, Netherlands (Kingdom of) /07/2025 EUR 1,380,000 1,415, Netherlands (Kingdom of) /07/2026 EUR 300, , Netherlands (Kingdom of) /01/2028 EUR 1,150,000 1,868, MGI Funds plc 210

212 Mercer Euro Over 5 Year Bond Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss (2015: 98.12%) Transferable securities (2015: 98.12%) Government bonds (2015: 98.12%) Netherlands (2015: 6.62%) Netherlands (Kingdom of) /01/2033 EUR 1,150,000 1,569, Netherlands (Kingdom of) /01/2037 EUR 1,170,000 2,029, Netherlands (Kingdom of) /01/2042 EUR 1,400,000 2,544, Netherlands (Kingdom of) /01/2047 EUR 970,000 1,589, ,270, Slovakia (2015: 0.69%) Slovakia (Government of) /02/2023 EUR 330, , Slovakia (Government of) /11/2024 EUR 300, , Slovakia (Government of) /10/2025 EUR 300, , Slovakia (Government of) /05/2026 EUR 66,388 93, Slovakia (Government of) /01/2027 EUR 160, , Slovakia (Government of) /01/2029 EUR 260, , Slovakia (Government of) /01/2031 EUR 150, , Slovakia (Government of) /02/2033 EUR 100, , ,115, Slovenia (2015: 0.35%) Slovenia (Government of) /03/2022 EUR 100, , Slovenia (Government of) /09/2024 EUR 140, , Slovenia (Government of) /07/2025 EUR 200, , Slovenia (Government of) /03/2026 EUR 150, , Slovenia (Government of) /03/2032 EUR 200, , Slovenia (Government of) /03/2035 EUR 100,000 95, ,026, Spain (2015: 10.67%) Spain (Kingdom of) /07/2021 EUR 100, , Spain (Kingdom of) /01/2022 EUR 1,650,000 2,154, Spain (Kingdom of) /01/2023 EUR 1,350,000 1,773, Spain (Kingdom of) /10/2023 EUR 1,230,000 1,551, Spain (Kingdom of) /01/2024 EUR 1,230,000 1,590, Spain (Kingdom of) /04/2024 EUR 1,360,000 1,656, Spain (Kingdom of) /10/2024 EUR 1,510,000 1,721, Spain (Kingdom of) /04/2025 EUR 1,360,000 1,422, Spain (Kingdom of) /07/2025 EUR 1,270,000 1,659, Spain (Kingdom of) /10/2025 EUR 1,310,000 1,426, Spain (Kingdom of) /04/2026 EUR 1,030,000 1,098, Spain (Kingdom of) /07/2026 EUR 990,000 1,423, Spain (Kingdom of) /10/2028 EUR 880,000 1,243, Spain (Kingdom of) /01/2029 EUR 1,300,000 1,975, Spain (Kingdom of) /07/2030 EUR 1,050,000 1,101, Spain (Kingdom of) /07/2032 EUR 1,260,000 1,986, Spain (Kingdom of) /01/2037 EUR 1,080,000 1,484, Spain (Kingdom of) /07/2040 EUR 1,000,000 1,522, Spain (Kingdom of) /07/2041 EUR 910,000 1,358, Spain (Kingdom of) /10/2044 EUR 730,000 1,173, Spain (Kingdom of) /10/2046 EUR 340, , Spain (Kingdom of) /10/2064 EUR 100, , Spain (Kingdom of) /07/2066 EUR 200, , ,182, MGI Funds plc 211

213 Mercer Euro Over 5 Year Bond Fund Portfolio Statement Fair value % of Net assets Total government bonds 281,878, Total transferable securities 281,878, Total financial assets at fair value through profit or loss 281,878, Cash (2015: 0.47%) 762, Net current assets (2015: 1.41%) 3,363, Total net assets attributable to holders of redeemable participating shares 286,004, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. Credit Risk The following table outlines the credit exposures of Mercer Euro Over 5 Year Bond Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 Mercer Euro Over 5 Year Bond Fund % Holding AAA ,415,272 AA ,290,371 AA ,247,277 AA ,616,107 A ,156,617 A ,026,970 A ,601,154 BBB ,182,192 BBB ,342, ,878,746 Mercer Euro Over 5 Year Bond Fund % Holding AAA ,920,548 AA ,432,733 AA ,511,040 AA ,240,048 A ,664,356 A ,340,684 A ,737,085 BBB ,417,186 NR ,634, ,898,599 Concentration Risk Mercer Euro Over 5 Year Bond Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Sovereign MGI Funds plc 212

214 Mercer Euro Nominal Bond Long Duration Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss (2015: 98.60%) Transferable securities (2015: 98.60%) Government bonds (2015: 98.60%) France (2015: 35.50%) France (Government of) /10/2023 EUR 47,683,100 63,208, France (Government of)* 25/10/2025 EUR 67,630,100 66,826, France (Government of) /04/2026 EUR 28,335,100 37,631, France (Government of)* 25/04/2029 EUR 53,622,700 50,958, France (Government of)* 25/10/2032 EUR 64,344,700 58,223, France (Government of)* 25/10/2038 EUR 79,686,900 65,510, France (Government of)* 25/04/2055 EUR 71,082,400 43,247, ,607, Germany (2015: 32.01%) Bundesrepublik Deutschland /07/2020 EUR 19,575,400 22,451, Bundesrepublik Deutschland /01/2024 EUR 40,650,300 61,315, Bundesrepublik Deutschland /01/2030 EUR 33,557,000 62,483, Bundesrepublik Deutschland /01/2037 EUR 46,943,800 82,893, Bundesrepublik Deutschland /07/2042 EUR 56,637,000 98,359, ,504, Netherlands (2015: 31.09%) Netherlands (Kingdom of) /07/2017 EUR 12,246,800 12,895, Netherlands (Kingdom of) /07/2018 EUR 12,513,000 13,692, Netherlands (Kingdom of) /01/2028 EUR 32,728,600 53,172, Netherlands (Kingdom of) /01/2037 EUR 65,592, ,784, Netherlands (Kingdom of) /01/2042 EUR 72,078, ,989, ,534, Total government bonds 1,037,646, Total transferable securities 1,037,646, Total financial assets at fair value through profit or loss 1,037,646, Cash (2015: 0.18%) 2,583, Net current assets (2015: 1.22%) 10,999, Net assets attributable to holders of redeemable participating shares 1,051,229, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; Other current assets Country classifications are based upon country of incorporation and/or country of domicile. *These are zero coupon bonds. MGI Funds plc 213

215 Mercer Euro Nominal Bond Long Duration Fund Portfolio Statement Credit Risk The following table outlines the credit exposures of Mercer Euro Nominal Bond Long Duration Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June June 2015 Mercer Euro Nominal Bond Long Duration Fund % Holding AAA ,039,099 AA ,607, ,037,646,671 Mercer Euro Nominal Bond Long Duration Fund % Holding AAA ,088,423 AA ,204,431 NR ,335, ,628,721 Concentration Risk Mercer Euro Nominal Bond Long Duration Fund's exposure to industries above 5% was as follows: % of NAV % of NAV Soverign Debt MGI Funds plc 214

216 Mercer Diversified Retirement Fund Portfolio Statement Fair value % of Shares GB Net assets Financial assets at fair value through profit or loss (2015: 94.13%) Investment funds (2015: 94.13%) Ireland (30 Jun 2015: 94.13%) BlackRock Developed Real Estate Index SubFund* 210,944 2,016, BlackRock GiltTrak Fund 169,706 4,196, BlackRock UK Index Sub Fund 71,742 2,471, BlackRock Euro Credit Bond Index Fund** 76,306 1,441, BlackRock UK Credit Bond Index Fund 66,264 1,825, BlackRock US Corporate Bond Index Fund*** 39, , Irish Life Investment Managers Indexed Minimum Volatility Global Equity Fund 278,933 3,912, ishares $ High Yield Corporate Bond 84,765 6,425, ishares Global Infrastructure GBP 96,413 1,805, ishares Global Infrastructure USD 2,905 54, ishares JP Morgan $ Emerging Markets Bond Fund 20,520 1,749, Mercer Absolute Return Fixed Income Fund 504 4,995, Mercer Passive Global Equity Fund M2 Hedged (MGI Funds plc) 32,512 3,667, Mercer Passive Global Equity Fund Z1 (MGI Funds plc) 22,470 2,429, MGI UK Cash Fund 14,939 1,504, MGI UK Inflation Linked Bond Fund 24,224 4,726, Total investment funds 43,957, Financial derivative instruments (30 Jun 2015: Nil) Open forward foreign currency contracts (30 Jun 2015: Nil) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain GB Net assets EUR 2* 1,600 GBP 1,241 15/08/ EUR 2* 806,650 GBP 637,124 18/08/ , Unrealised gain on open forward foreign currency contracts 34, Total financial derivative instruments at positive fair value 34, Total financial assets at fair value through profit or loss 43,991, Financial liabilities at fair value through profit or loss (30 Jun 2015: Nil) Financial derivative instruments (30 Jun 2015: Nil) Open forward foreign currency contracts (30 Jun 2015: Nil) Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss GB Net assets GBP 2* 2,864 EUR 3,600 18/08/2016 (132) Unrealised loss on open forward foreign currency contracts (132) No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss GB Net assets Futures contracts (30 Jun 2015: Nil%) Euro Stoxx 50 Index Futures 1* 830,428 16/09/2016 EUR 35 (963) (0.01) Unrealised loss on futures contracts (963) (0.01) Total financial derivative instruments at negative fair value (1,095) (0.01) Total financial liabilities at fair value through profit or loss (1,095) (0.01) Total financial derivative instruments 33, MGI Funds plc 215

217 Mercer Diversified Retirement Fund Portfolio Statement Fair value GB % of Net assets Total investments at fair value through profit or loss 43,990, Cash (30 Jun 2015: 3.17%) 3,606, Other net assets (30 Jun 2015: 2.70%) 661, Net assets attributable to holders of redeemable participating shares 48,259, Total assets comprised as follows: % of total assets UCITS and NONUCITS CIS; OTC financial derivative instruments; 0.07 Other current assets The following is a list of counterparties for the open forward foreign currency contracts and futures contracts: Reference Counterparty 1* Goldman Sachs 2* State Street Bank London Country classifications are based upon country of incorporation and/or country of domicile. *USD Flexible Accumulation **EUR Flexible Accumulation ***USD Accumulation MGI Funds plc 216

218 Mercer Absolute Return Fixed Income Fund Portfolio Statement Nominal Fair value % of holdings Net assets Financial assets at fair value through profit or loss Transferable securities Equities Ireland Allergan Pref , United States of America Southwestern Energy Pref 1,593 43, Total equities 146, Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Asset backed securities SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes 2015T /07/2047 USD 175, , Total asset backed securities 158, Convertible securities Austria Steinhoff Finance Holdings /08/2022 EUR 100,000 99, Belgium Bekaert /06/2021 EUR 200, , France Wendel /07/2019 EUR 87,533 87, Germany Deutsche Bank /07/2016 HKD 2,000, , RAGStiftung /12/2018 EUR 100, , , Hong Kong Asia View /08/2019 USD 250, , ENN Energy Holdings /02/2018 USD 250, , PB Issuer No /07/2021 USD 200, , Semiconductor Manufacturing International /07/2022 USD 250, , , Japan Kansai Paint /06/2019 JPY 20,000, , Kansai Paint /06/2022 JPY 20,000, , Keihan Holdings /03/2021 JPY 10,000,000 89, Suzuki Motor /03/2021 JPY 30,000, , Suzuki Motor /03/2023 JPY 20,000, , Takashimaya /12/2018 JPY 10,000,000 87, Tohoku Electric Power /12/2018 JPY 10,000,000 87, Toray Industries /08/2019 JPY 10,000,000 99, ,183, Jersey Carillion Finance Jersey /12/2019 GBP 200, , Premier Oil Finance Jersey /07/2018 USD 200, , Remgro Jersey /03/2021 GBP 100, , , Luxembourg Grand City Properties /03/2022 EUR 100, , SAFHolland /09/2020 EUR 300, , , MGI Funds plc 217

219 Mercer Absolute Return Fixed Income Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Convertible securities Malaysia Cahaya Capital /09/2021 USD 400, , Mexico America Movil SAB de CV /05/2020 EUR 500, , Netherlands JP Morgan Structured Products /09/2016 JPY 23,000, , OCI /09/2018 EUR 100,000 87, Salzgitter Finance /11/2017 EUR 150, , Siemens Financieringsmaatschappij /08/2017 USD 250, , , Spain International Consolidated Airlines Group /11/2020 EUR 300, , Taiwan Siliconware Precision Industries /10/2019 USD 250, , United Arab Emirates DP World /06/2024 USD 600, , National Bank of Abu Dhabi /03/2018 USD 200, , , United Kingdom J Sainsbury /11/2019 GBP 100, , United States of America Intel /12/2035 USD 350, , ON Semiconductor /12/2020 USD 304, , Priceline Group /06/2020 USD 68,000 72, Restoration Hardware Holdings /06/2019 USD 88,000 64, Restoration Hardware Holdings /07/2020 USD 185, , Salesforce.com /04/2018 USD 138, , SanDisk /10/2020 USD 230, , ServiceNow /11/2018 USD 144, , Tesla Motors /03/2019 USD 98,000 78, Toll Brothers Finance /09/2032 USD 100,000 88, ,612, Total convertible securities 8,121, Corporate bonds Argentina Cablevision /06/2021 USD 150, , Australia Transurban Finance /02/2026 USD 200, , British Virgin Islands Huarong Finance II /06/2021 USD 200, , Huarong Finance II /06/2026 USD 200, , Midea Investment Development /06/2019 USD 300, , Sinopec Group Overseas Development /05/2022 USD 600, , State Grid Overseas Investment /05/2025 EUR 200, , ,414, Canada Encana /08/2037 USD 100,000 89, MGI Funds plc 218

220 Mercer Absolute Return Fixed Income Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Corporate bonds Cayman Islands DP World Crescent /05/2023 USD 300, , Seagate HDD Cayman /06/2023 USD 100,000 76, Seagate HDD Cayman /01/2025 USD 100,000 71, Three Gorges Finance I Cayman Islands /06/2026 USD 800, , ,164, China Alibaba Group Holding /11/2024 USD 200, , Alibaba Group Holding /11/2034 USD 500, , Biostime International Holdings /06/2021 USD 200, , Country Garden Holdings /03/2020 USD 300, , Proven Honour Capital /05/2025 USD 200, , Tencent Holdings /02/2025 USD 200, , ,510, Denmark Nykredit Realkredit /10/2017 DKK 4,000, , Realkredit Danmark /01/2018 DKK 5,000, , ,247, Finland SATO /09/2020 EUR 205, , France Vivendi /05/2021 EUR 500, , Germany Alstria Office REIT /04/2023 EUR 600, , Aroundtown Property Holdings /05/2022 EUR 1,100,000 1,074, Deutsche Bank /08/2016 USD 1,000, , Unitymedia /01/2027 EUR 250, , ,832, Hong Kong Chalieco Hong Kong 6.88 Perpetual USD 200, , CK Hutchison Finance /04/2023 EUR 400, , CK Hutchison Finance /04/2028 EUR 200, , CNOOC Finance /05/2023 USD 500, , Hongkong & Shanghai Banking /07/2049 USD 20,000 10,442 1,243, Indonesia Pelabuhan Indonesia II /05/2045 USD 700, , Pertamina Persero /05/2043 USD 400, , , Ireland AerCap Ireland Capital /05/2017 USD 150, , AIB Mortgage Bank /07/2020 EUR 100, , AIB Mortgage Bank /02/2023 EUR 110, , Ardagh Packaging Finance /12/2019 USD 200, , Bank of Ireland Mortgage Bank /02/2021 EUR 100, , , Italy Banca Monte dei Paschi di Siena /03/2017 EUR 500, , Intesa Sanpaolo /01/2017 USD 360, , Intesa Sanpaolo /04/2025 EUR 100,000 96, UniCredit /01/2021 EUR 100, , ,042, MGI Funds plc 219

221 Mercer Absolute Return Fixed Income Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Corporate bonds Japan Mizuho Financial Group /04/2021 USD 300, , Mizuho Financial Group /04/2026 USD 200, , Sumitomo Mitsui Financial Group /06/2026 EUR 200, , , Luxembourg Actavis Funding /03/2022 USD 125, , Mexico Petroleos Mexicanos /03/2023 EUR 300, , Netherlands Cooperatieve Rabobank /11/2021 ZAR 25,000, , Deutsche Telekom International Finance /01/2017 EUR 2,000,000 2,067, Royal Bank of Scotland /06/2019 EUR 400, , Volkswagen International Finance /08/2016 USD 450, , Vonovia Finance /12/2020 EUR 100, , Vonovia Finance /06/2022 EUR 400, , ,351, Spain Metrovacesa /05/2022 EUR 500, , Supranational European Investment Bank /02/2021 USD 500, , European Investment Bank /12/2028 GBP 150, , , Sweden Nordea Hypotek /05/2021 SEK 2,500, , Nordea Hypotek /06/2020 SEK 1,300, , , Switzerland Credit Suisse /06/2023 EUR 200, , Credit Suisse /01/2022 EUR 100, , Credit Suisse /09/2024 USD 250, , , Turkey Turkiye Vakiflar Bankasi /05/2021 EUR 500, , United Kingdom Barclays Bank /12/2049 USD 300, , Barclays Bank /07/2049 USD 90,000 45, Barclays Bank /11/2025 EUR 200, , Bupa Finance /07/2016 GBP 600, , HSBC Bank /07/2016 EUR 200, , HSBC Bank /06/2049 USD 170,000 87, HSBC Bank /08/2020 USD 800, , ICBC Standard Bank /12/2019 USD 290, , Iceland Bondco /07/2021 GBP 250, , IDH Finance /12/2018 GBP 300, , Lloyds Banking Group 6.41 Perpetual USD 200, , Lloyds Banking Group 6.66 Perpetual USD 200, , NRAM /12/2019 GBP 230, , Royal Bank of Scotland Group 7.65 Perpetual USD 300, , SSE /09/2023 EUR 200, , State Grid Europe Development /01/2022 EUR 200, , MGI Funds plc 220

222 Mercer Absolute Return Fixed Income Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Corporate bonds United Kingdom Thomas Cook Finance /06/2021 EUR 250, , Tullett Prebon /07/2016 GBP 300, , ,228, United States of America AbbVie /05/2021 USD 125, , AbbVie /05/2026 USD 110, , ADT /10/2021 USD 100,000 96, Aetna /06/2026 USD 100,000 92, Ally Financial /11/2018 USD 100,000 90, AnheuserBusch InBev Finance /02/2026 USD 90,000 86, Anixter /10/2021 USD 100,000 91, AT&T /01/2025 USD 125, , AutoNation /01/2021 USD 125, , Bank of America /03/2018 USD 300, , Baxalta /06/2025 USD 105,000 98, Bed Bath & Beyond /08/2024 USD 100,000 91, Carrington Holding /01/2021 USD 800, , CBRE Services /03/2025 USD 225, , Cemex Finance /06/2024 EUR 100,000 98, Charter Communications Operating /07/2025 USD 100,000 98, Coach /04/2025 USD 200, , Cox Communications /12/2016 USD 100,000 91, Denbury Resources /05/2022 USD 220, , Diamond 1 Finance /06/2023 USD 100,000 93, Dresdner Funding Trust I /06/2031 USD 200, , Endo Finance /01/2022 USD 100,000 83, EnLink Midstream Partners /04/2019 USD 100,000 87, Express Scripts Holding /02/2026 USD 125, , Fidelity National Information Services /10/2025 USD 110, , Ford Motor Credit /08/2016 USD 500, , FreeportMcMoran Oil & Gas /02/2022 USD 100,000 88, Frontier Communications /09/2022 USD 75,000 71, GameStop /10/2019 USD 100,000 89, General Motors Financial /01/2020 USD 150, , Goldman Sachs Group /07/2016 EUR 150, , Gray Television /07/2026 USD 100,000 90, HCA /02/2026 USD 100,000 93, Hewlett Packard Enterprise /10/2025 USD 100,000 94, IAC /11/2018 USD 95,000 87, International Lease Finance /09/2018 USD 100,000 99, Kinder Morgan Energy Partners /09/2023 USD 100,000 88, Macy's Retail Holdings /06/2024 USD 125, , Marathon Oil /03/2032 USD 100,000 91, MasTec /03/2023 USD 100,000 83, Morgan Stanley /06/2020 USD 60,000 55, Nasdaq /06/2024 USD 180, , Nord Anglia Education Finance /07/2022 CHF 200, , Regency Energy Partners /03/2022 USD 100,000 96, Reynolds Group Issuer /07/2023 USD 100,000 91, Sabine Pass LNG /11/2016 USD 100,000 91, Sabine Pass Liquefaction /06/2026 USD 200, , Scripps Networks Interactive /06/2022 USD 135, , Tenet Healthcare /09/2016 USD 150, , Time Warner /11/2036 USD 200, , Total System Services /04/2026 USD 125, , Valeant Pharmaceuticals International /10/2020 USD 100,000 79, Wells Fargo & Co /10/2016 EUR 150, , West /07/2021 USD 100,000 89, MGI Funds plc 221

223 Mercer Absolute Return Fixed Income Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Corporate bonds United States of America West /07/2022 USD 100,000 84, Western Digital /04/2024 USD 100,000 96, Williams Partners /02/2017 USD 100,000 92, WPX Energy /01/2017 USD 100,000 90, Wyndham Worldwide /10/2025 USD 225, , ,420, Total corporate bonds 34,037, Government bonds Australia Australia (Goverment of) /04/2025 AUD 200, , Austria Austria (Government of) /01/2062 EUR 220, , Belgium Belgium (Government of) /08/2016 EUR 1,820,000 1,821, Belgium (Government of) /02/2017 EUR 3,640,000 3,652, Belgium (Government of) /06/2025 EUR 260, , Belgium (Government of) /06/2066 EUR 380, , Belgium (Government of) /03/2022 EUR 1,200,000 1,504, ,730, Brazil Brazil Notas do Tesouro Nacional /01/2023 BRL 8,300,000 2,139, Brazil Notas do Tesouro Nacional /01/2025 BRL 11,500,000 2,903, ,043, Bulgaria Bulgaria (Government of) /03/2035 EUR 500, , Chile Chile (Government of) /01/2017 CLP 390,781, , Denmark Denmark (Kingdom of) /11/2021 DKK 13,700,000 2,175, Denmark (Kingdom of) /11/2025 DKK 22,000,000 3,420, ,596, France France (Government of) /08/2016 EUR 7,190,000 7,195, France (Government of) /01/2017 EUR 14,100,000 14,140, France (Government of) /03/2017 EUR 1,680,000 1,686, France (Government of) /05/2021 EUR 3,000,000 3,051, France (Government of) /10/2022 EUR 2,800,000 3,242, France (Government of) /05/2025 EUR 1,000,000 1,038, France (Government of) /05/2045 EUR 660,000 1,049, France (Government of) /05/2066 EUR 430, , ,910, Germany Bundesrepublik Deutschland /04/2046 EUR 854,209 1,125, German Treasury Bill /07/2016 EUR 650, , German Treasury Bill /01/2017 EUR 4,270,000 4,286, ,062, MGI Funds plc 222

224 Mercer Absolute Return Fixed Income Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Government bonds Greece Hellenic Republic /02/2025 EUR 5,500,000 3,923, Hellenic Republic /04/2019 EUR 2,000,000 1,813, ,737, Hungary Hungary (Government of) /01/2019 EUR 130, , Indonesia Indonesia (Government of) /07/2025 EUR 600, , Indonesia (Government of) /06/2028 EUR 200, , , Ireland Ireland (Government of) /02/2045 EUR 280, , Ireland (Government of) /05/2030 EUR 400, , , Italy Italy Buoni Ordinari del Tesoro /11/2016 EUR 12,410,000 12,420, Italy Buoni Ordinari del Tesoro /08/2016 EUR 2,770,000 2,770, Italy Buoni Ordinari del Tesoro /03/2017 EUR 6,970,000 6,980, Italy Buoni Poliennali Del Tesoro /05/2023 EUR 500, , Italy Buoni Poliennali Del Tesoro /03/2030 EUR 250, , Italy Buoni Poliennali Del Tesoro /11/2029 EUR 430, , Italy Buoni Poliennali Del Tesoro /09/2044 EUR 1,900,000 2,868, Italy Buoni Poliennali Del Tesoro /09/2046 EUR 100, , Italy Certificati di Credito del Tesoro /10/2016 EUR 1,800,000 1,816, ,525, Mexico Mexican (Government of) /06/2022 MXN 31,500,000 1,608, Netherlands Netherlands (Kingdom of) /09/2016 EUR 1,920,000 1,923, Netherlands(Kingdom of) /07/2025 EUR 2,780,000 2,851, Netherlands (Kingdom of) /07/2026 EUR 3,500,000 3,645, ,420, Portugal Portugal Obrigacoes do Tesouro /02/2024 EUR 1,000,000 1,190, Portugal Obrigacoes do Tesouro /10/2025 EUR 4,050,000 4,047, Portugal Obrigacoes do Tesouro /07/2026 EUR 1,200,000 1,181, Portugal Obrigacoes do Tesouro /04/2037 EUR 1,850,000 1,921, ,341, Spain Spain (Kingdom of) /11/2016 EUR 10,650,000 10,661, Spain (Kingdom of) /04/2017 EUR 3,880,000 3,887, Spain (Kingdom of) /04/2024 EUR 4,600,000 5,603, Spain (Kingdom of) /01/2018 EUR 1,300,000 1,396, Spain (Kingdom of) /07/2066 EUR 410, , ,023, Sweden Sweden (Kingdom of) /12/2020 SEK 4,700, , Sweden (Kingdom of) /05/2025 SEK 2,500, , Sweden (Kingdom of) /11/2026 SEK 4,800, , Sweden (Kingdom of) /03/2039 SEK 3,100, , ,980, MGI Funds plc 223

225 Mercer Absolute Return Fixed Income Fund Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Government bonds United Arab Emirates Abu Dhabi Government International Bond /05/2026 USD 200, , United Kingdom United Kingdom (Government of) /01/2044 GBP 350, , United States of America United States Treasury Bond /11/2045 USD 2,000,000 2,070, United States Treasury Bond /05/2044 USD 1,000,000 1,109, United States Treasury Inflation Indexed Bonds /02/2043 USD 728, , ,819, Total government bonds 140,935, Mortgage backed securities United Kingdom Holmes Master Issuer /08/2016 USD 250, , United States of America Cherrywood SB Commercial Mortgage Loan Trust /08/2016 USD 200, , FREMF 2016K52 Mortgage Trust /01/2049 USD 200, , , Total mortgage backed securities 581, Total transferable securities 183,980, Investment funds Luxembourg Fair value % of Shares Net assets Pioneer Institutional Funds Currency High Alpha 6,600 8,405, Total investment funds 8,405, Financial derivative instruments Open forward foreign currency contracts Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain Net assets AUD 8* 210,000 MXN 2,864,035 21/09/2016 1,689 BRL 8* 2,492,696 USD 742,500 27/07/ , BRL 8* 257,150 USD 69,500 10/08/2016 8,870 BRL 8* 1,281,145 USD 368,000 17/08/ , BRL 7* 690,128 USD 193,100 02/09/ , BRL 8* 334,608 USD 96,000 12/09/2016 5,640 BRL 8* 5,462,547 USD 1,566,400 21/09/ , BRL 8* 1,088,366 USD 295,500 19/10/ , CAD 10* 371,413 USD 282,000 15/07/2016 3,598 CAD 1* 40,235 USD 30,700 15/07/ CAD 2* 298,865 USD 230,000 15/07/ CLP 8* 2,313,345,360 USD 3,380,600 21/09/ , EUR 8* 1,240,669 DKK 9,224,253 01/09/ EUR 8* 5,596,951 DKK 41,606,346 21/09/2016 4,132 EUR 6* 1,562,689 GBP 1,200,000 15/07/ , EUR 1* 467,188 GBP 370,331 15/07/ , EUR 8* 3,033,903 GBP 2,384,663 21/09/ , EUR 6* 349,439 HUF 110,000,000 15/07/2016 1,122 MGI Funds plc 224

226 Mercer Absolute Return Fixed Income Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain Net assets Financial assets at fair value through profit or loss Financial derivative instruments Open forward foreign currency contracts EUR 8* 220,500 HUF 69,586,493 21/09/ EUR 8* 201,000 PLN 885,170 21/09/ EUR 15* 238,709 SEK 2,219,421 05/07/2016 2,918 EUR 7* 163,215 SEK 1,500,000 15/07/2016 3,845 EUR 8* 214,545 SEK 1,987,000 01/09/2016 3,351 EUR 8* 1,720,960 SEK 15,899,500 21/09/ , EUR 11* 9,940,105 USD 11,000,000 15/07/ , INR 2* 34,167,950 USD 500,000 28/07/2016 3,687 JPY 7* 47,727,780 EUR 414,094 15/07/2016 4,653 JPY 8* 15,544,410 NZD 210,000 21/09/2016 2,655 JPY 1* 52,353,108 USD 475,000 15/07/ , JPY 7* 100,610,307 USD 975,200 15/07/2016 5,213 JPY 8* 123,190,731 USD 1,177,500 21/09/ , KRW 11* 235,810,200 USD 200,000 19/07/2016 4,212 MXN 10* 24,000,000 EUR 1,140,444 15/07/ , MXN 11* 126,000,000 USD 6,775,506 15/07/ , NOK 7* 16,100,000 EUR 1,723,907 15/07/2016 7,275 NOK 11* 22,000,000 EUR 2,361,835 15/07/2016 3,755 NOK 2* 3,200,000 EUR 341,096 15/07/2016 2,990 NZD 8* 729,577 AUD 671,500 05/07/ , NZD 16* 754,969 EUR 465,000 15/07/ , NZD 7* 1,059,223 EUR 661,700 15/07/ , NZD 8* 210,000 JPY 15,178,044 21/09/ NZD 8* 649,233 USD 454,000 21/09/2016 5,861 PLN 11* 3,320,230 EUR 750,000 15/07/2016 3,933 RUB 17* 12,537,228 USD 188,700 24/08/2016 4,471 RUB 8* 10,277,250 USD 150,000 28/10/2016 5,558 SEK 8* 5,275,482 EUR 559,500 21/09/2016 1,278 SEK 8* 6,713,037 USD 791,750 08/07/ SGD 8* 1,657,899 USD 1,221,000 21/09/2016 8,867 TRY 8* 5,120,403 USD 1,719,800 21/09/ , USD 2* 2,426,985 CAD 3,100,000 15/07/ , USD 11* 1,387,024 CAD 1,780,000 15/07/ , USD 10* 33,000 CAD 42,565 15/07/ USD 8* 823,000 CAD 1,052,243 21/09/ ,360 USD 11* 7,316,575 CHF 7,000,000 15/07/ , USD 8* 2,345,000 CNY 15,562,593 12/09/2016 7,255 USD 16* 140,433,226 EUR 125,425,175 05/07/ , USD 10* 630,995 EUR 552,560 15/07/ , USD 7* 2,140,238 EUR 1,914,025 15/07/ ,807 USD 8* 5,904,665 EUR 5,216,726 21/09/ , USD 8* 966,524 GBP 679,937 11/07/ , USD 11* 841,731 INR 56,800,000 28/07/2016 3,352 USD 11* 60,000 INR 4,063,440 10/08/ USD 11* 190,800 INR 12,900,000 11/08/ USD 8* 314,500 NOK 2,626,751 21/09/ USD 6* 715,451 NZD 995,000 15/07/2016 6,502 USD 2* 856,316 NZD 1,200,000 15/07/2016 1,958 USD 8* 284,000 PLN 1,102,173 06/07/2016 5,215 USD 8* 791,750 SEK 6,695,706 08/07/2016 1,245 USD 8* 366,500 SEK 3,051,589 21/09/2016 4,593 USD 11* 1,783,628 SGD 2,400,000 15/07/ USD 8* 126,500 ZAR 1,874,715 21/09/ ZAR 8* 3,494,385 USD 228,000 21/09/2016 6,125 Unrealised gain on open forward foreign currency contracts 2,321, MGI Funds plc 225

227 Mercer Absolute Return Fixed Income Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of receives pays date Currency holding gain Net assets Financial assets at fair value through profit or loss Financial derivative instruments Cross currency swaps Fixed 2.20% 5* Fixed 0.00% 16/01/2024 SEK 3,520,000 20, Cross currency swaps at positive fair value 20, Credit default swaps Protection Premium (Bought)/ (Paid)/ Maturity Notional Fair value % of Sold Received date Currency holding gain Net assets AnheuserBusch Inbev 7* Sold Fixed 1.00% 20/06/2021 EUR 2,000,000 38, British Telecommunications 3* Sold Fixed 1.00% 20/06/2021 EUR 2,000,000 11,240 Orange 14* Sold Fixed 1.00% 20/06/2021 EUR 2,400,000 43, Itraxx Asia ExJapan IG 1* (Bought) (1.00%) 20/06/2021 USD 200,000 3,436 Itraxx Asia ExJapan IG 7* (Bought) (1.00%) 20/06/2021 USD 200,000 3,355 Credit default swaps at positive fair value 99, Interest rate swaps Fund Fund Maturity Notional Fair value % of receives pays date Currency holding gain Net assets AUD 6 Month BBSW 11* Fixed 2.42% 15/09/2026 AUD 1,947,000 AUD 6 Month BBSW 11* Fixed 2.47% 15/09/2026 AUD 2,173,000 AUD 6 Month BBSW 11* Fixed 2.45% 15/09/2026 AUD 2,173,000 AUD 6 Month BBSW 11* Fixed 2.44% 15/09/2026 AUD 1,920,000 BRL Less than 1 Month CDI 7* Fixed 13.16% 03/07/2017 BRL 5,438,415 8, BRL Less than 1 Month CDI 7* Fixed 13.16% 03/07/2017 BRL 3,509,276 6,124 BRL Less than 1 Month CDI 7* Fixed 13.13% 03/07/2017 BRL 3,510,314 1,733 BRL Less than 1 Month CDI 6* Fixed 12.93% 03/07/2017 BRL 3,572,897 3,708 BRL Less than 1 Month CDI 11* Fixed 13.67% 02/01/2017 BRL 40,604,632 15, BRL Less than 1 Month CDI 7* Fixed 13.19% 03/07/2017 BRL 5,436,836 5,988 BRL Less than 1 Month CDI 9* Fixed 13.19% 03/07/2017 BRL 10,690,820 3,284 BRL Less than 1 Month CDI 9* Fixed 13.68% 02/01/2017 BRL 35,064,736 12, CAD 3 Month CDOR 11* Fixed 1.76% 17/09/2026 CAD 1,918,500 1,082 CAD 3 Month CDOR 11* Fixed 1.76% 17/09/2026 CAD 1,918,500 CAD 3 Month CDOR 11* Fixed 0.99% 29/06/2021 CAD 1,041,500 CAD 3 Month CDOR 11* Fixed 0.97% 29/06/2021 CAD 4,130,000 1,513 EUR 12 Month Libor 7* Fixed 0.54% 04/03/2019 EUR 1,080, GBP 6 Month Libor 11* Fixed 1.44% 15/09/2026 GBP 1,131,500 GBP 6 Month Libor 11* Fixed 1.43% 15/09/2026 GBP 999,500 JPY 6 Month Libor 11* Fixed 0.08% 15/09/2026 JPY 136,588,500 JPY 6 Month Libor 11* Fixed 0.15% 01/07/2049 JPY 9,979,000 1,603 JPY 6 Month Libor 11* Fixed 0.08% 15/09/2026 JPY 136,588,500 Fixed 11.83% 1* BRL Less than 1 Month CDI 04/01/2021 BRL 1,304,733 Fixed 11.86% 9* BRL Less than 1 Month CDI 04/01/2021 BRL 1,311,585 Fixed 11.90% 6* BRL Less than 1 Month CDI 04/01/2021 BRL 890,413 Fixed 12.49% 8* BRL Less than 1 Month CDI 02/01/2019 BRL 8,093,407 7,597 Fixed 12.52% 6* BRL Less than 1 Month CDI 02/01/2019 BRL 1,433,083 1,713 Fixed 12.53% 7* BRL Less than 1 Month CDI 02/01/2019 BRL 1,441,437 1,910 Fixed 12.58% 7* BRL Less than 1 Month CDI 02/01/2019 BRL 1,439,771 2,422 Fixed 12.70% 7* BRL Less than 1 Month CDI 02/01/2019 BRL 2,195,757 5,654 Fixed 12.73% 7* BRL Less than 1 Month CDI 02/01/2019 BRL 2,193,941 6,211 Fixed 12.86% 9* BRL Less than 1 Month CDI 02/01/2018 BRL 7,231,614 1,485 Fixed 15.37% 8* BRL Less than 1 Month CDI 02/01/2019 BRL 16,060, , Fixed 0.91% 11* CAD 3 Month CDOR 11/05/2019 CAD 1,590, Fixed 0.91% 11* CAD 3 Month CDOR 11/05/2019 CAD 1,590, Fixed 0.91% 11* CAD 3 Month CDOR 29/06/2019 CAD 2,076,000 Fixed 0.93% 11* CAD 3 Month CDOR 18/04/2019 CAD 971, Fixed 0.98% 11* CAD 3 Month CDOR 05/05/2019 CAD 2,986,000 3,223 MGI Funds plc 226

228 Mercer Absolute Return Fixed Income Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of receives pays date Currency holding gain Net assets Financial assets at fair value through profit or loss Financial derivative instruments Interest rate swaps Fixed 1.02% 11* CAD 3 Month CDOR 24/05/2019 CAD 4,293,000 6,912 Fixed 1.03% 11* CAD 3 Month CDOR 07/06/2020 CAD 1,939,000 1,959 Fixed 1.04% 11* CAD 3 Month CDOR 20/06/2020 CAD 2,459,500 2,578 Fixed 1.06% 11* CAD 3 Month CDOR 24/05/2019 CAD 2,101,500 6,338 Fixed 1.07% 11* CAD 3 Month CDOR 24/05/2019 CAD 2,170,000 4,837 Fixed 1.41% 11* CAD 3 Month CDOR 24/05/2024 CAD 762,000 8,249 Fixed 1.45% 11* CAD 3 Month CDOR 24/05/2024 CAD 376,500 4,787 Fixed 1.46% 11* CAD 3 Month CDOR 24/05/2024 CAD 385,000 5,142 Fixed 1.81% 11* CAD 3 Month CDOR 10/06/2026 CAD 476,500 1,514 Fixed 1.82% 11* CAD 3 Month CDOR 20/06/2024 CAD 2,546,500 7,665 Fixed 1.85% 11* CAD 3 Month CDOR 07/06/2024 CAD 2,014,500 7,224 Fixed 2.00% 11* CAD 3 Month CDOR 11/05/2026 CAD 1,350,500 13, Fixed 2.03% 11* CAD 3 Month CDOR 18/04/2026 CAD 421,000 4,776 Fixed 2.10% 11* CAD 3 Month CDOR 05/05/2026 CAD 1,258,500 16, Fixed 2.98% 11* CAD 3 Month CDOR 29/04/2031 CAD 642,500 9,791 Fixed 2.99% 11* CAD 3 Month CDOR 29/04/2031 CAD 603,000 9,369 Fixed 0.89% 3* CAD 6 Month Libor 13/04/2018 CAD 14,248,000 1,490 Fixed 0.90% 3* CAD 6 Month Libor 14/04/2018 CAD 13,355,000 2,148 Fixed 0.90% 3* CAD 6 Month Libor 09/05/2018 CAD 5,398, Fixed 0.93% 3* CAD 6 Month Libor 19/04/2018 CAD 13,557,500 8,606 Fixed 0.97% 9* CAD 6 Month Libor 04/05/2018 CAD 3,581,000 4,459 Fixed 1.02% 7* CAD 6 Month Libor 25/04/2018 CAD 13,557,500 22, Fixed 0.02% 11* CHF 6 Month Libor 15/09/2026 CHF 626,000 Fixed 0.05% 11* CHF 6 Month Libor 15/09/2026 CHF 634, Fixed 0.36% 11* CHF 6 Month Libor 02/05/2021 CHF 1,110,000 5,266 Fixed 0.37% 11* CHF 6 Month Libor 27/05/2021 CHF 1,213,000 5,205 Fixed 0.38% 11* CHF 6 Month Libor 27/05/2021 CHF 2,209,000 9,075 Fixed 0.39% 11* CHF 6 Month Libor 17/05/2021 CHF 1,167,000 4,710 Fixed 0.50% 11* CHF 6 Month Libor 24/06/2021 CHF 1,459,500 2, Fixed 0.55% 11* CHF 6 Month Libor 13/05/2046 CHF 239,500 3,834 Fixed 2.63% 7* CNY 3 Month Libor 29/06/2021 CNY 11,300, Fixed 2.68% 8* CNY 3 Month Libor 23/06/2021 CNY 11,000,000 6,380 Fixed 2.72% 8* CNY 3 Month Libor 14/04/2021 CNY 15,700,000 14, Fixed 2.82% 9* CNY 3 Month Libor 05/05/2021 CNY 4,630,000 6,808 Fixed 2.87% 7* CNY 3 Month Libor 21/04/2021 CNY 15,600,000 25, Fixed 6.63% 7* COP 3 Month COOVI 27/12/2018 COP 1,829,000,000 2,189 Fixed 6.64% 9* COP 3 Month COOVI 26/11/2018 COP 1,646,400,000 4,396 Fixed 6.65% 7* COP 3 Month COOVI 25/11/2018 COP 1,568,000,000 1,750 Fixed 6.65% 7* COP 3 Month COOVI 25/11/2018 COP 1,568,000,000 1,750 Fixed 6.56% 11* COP 3 Month CVIBR 21/11/2018 COP 1,629,740,000 2,974 Fixed 6.57% 11* COP 3 Month CVIBR 18/11/2018 COP 2,459,800,000 4,574 Fixed 0.85% 2* EUR 12 Month Eonia 20/03/2045 EUR 3,500, , Fixed 0.94% 11* EUR 12 Month Eonia 20/03/2045 EUR 800,000 67, Fixed 1.09% 11* EUR 12 Month Eonia 20/03/2045 EUR 2,130, , Fixed 1.28% 16* EUR 12 Month Eonia 20/03/2045 EUR 4,070, , Fixed 1.41% 1* EUR 12 Month Eonia 20/03/2045 EUR 4,920,000 1,072, Fixed 1.01% 7* EUR 12 Month Libor 03/03/2026 EUR 2,850,000 14, Fixed 0.77% 11* EUR 12 Month PTFE 15/04/2021 EUR 738, Fixed 0.82% 1* EUR 12 Month PTFE 15/06/2021 EUR 621,000 2,324 Fixed 0.01% 11* EUR 6 Month Euribor 11/05/2020 EUR 1,641,500 4,958 Fixed 0.03% 11* EUR 6 Month Euribor 09/05/2020 EUR 1,816,500 6,367 Fixed 0.43% 11* EUR 6 Month Euribor 21/09/2026 EUR 1,654,500 Fixed 0.43% 11* EUR 6 Month Euribor 21/09/2026 EUR 1,544,500 Fixed 0.43% 11* EUR 6 Month Euribor 21/09/2026 EUR 1,436,000 Fixed 0.91% 11* EUR 6 Month Euribor 15/09/2026 EUR 1,052,500 1,716 Fixed 0.91% 11* EUR 6 Month Euribor 15/09/2026 EUR 1,416,500 2,096 Fixed 0.94% 11* EUR 6 Month Euribor 20/06/2026 EUR 550,000 3,013 Fixed 0.94% 11* EUR 6 Month Euribor 21/06/2026 EUR 620,000 3,366 Fixed 0.95% 11* EUR 6 Month Euribor 15/06/2026 EUR 1,242,000 7,827 Fixed 0.95% 11* EUR 6 Month Euribor 15/06/2026 EUR 1,104,000 6,902 MGI Funds plc 227

229 Mercer Absolute Return Fixed Income Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of receives pays date Currency holding gain Net assets Financial assets at fair value through profit or loss Financial derivative instruments Interest rate swaps Fixed 0.97% 11* EUR 6 Month Euribor 17/06/2026 EUR 979,000 7,017 Fixed 0.97% 11* EUR 6 Month Euribor 15/06/2026 EUR 621,000 4,524 Fixed 0.98% 11* EUR 6 Month Euribor 17/06/2026 EUR 526,500 3, Fixed 0.98% 11* EUR 6 Month Euribor 17/06/2026 EUR 1,050,000 7, Fixed 1.01% 11* EUR 6 Month Euribor 11/05/2024 EUR 4,146,000 23, Fixed 1.03% 11* EUR 6 Month Euribor 24/06/2026 EUR 438,500 4, Fixed 1.06% 7* EUR 6 Month Euribor 12/04/2025 EUR 2,350,000 16, Fixed 1.06% 11* EUR 6 Month Euribor 09/05/2024 EUR 4,633,500 30, Fixed 1.07% 7* EUR 6 Month Euribor 12/04/2025 EUR 2,350,000 17, Fixed 1.08% 11* EUR 6 Month Euribor 07/06/2026 EUR 903,500 11,445 Fixed 1.10% 11* EUR 6 Month Euribor 17/05/2026 EUR 350,500 4,993 Fixed 1.11% 11* EUR 6 Month Euribor 27/05/2026 EUR 364,500 5,368 Fixed 1.12% 11* EUR 6 Month Euribor 21/04/2026 EUR 371,000 6,066 Fixed 1.14% 11* EUR 6 Month Euribor 27/05/2026 EUR 667,000 10,665 Fixed 1.19% 9* EUR 6 Month Euribor 23/03/2025 EUR 6,290,000 72, Fixed 1.24% 11* EUR 6 Month Euribor 02/05/2026 EUR 339,000 7,490 Fixed 1.79% 2* EUR 6 Month Euribor 05/06/2025 EUR 4,403,000 73, Fixed 1.79% 2* EUR 6 Month Euribor 08/06/2025 EUR 836,000 13, Fixed 1.79% 2* EUR 6 Month Euribor 12/06/2025 EUR 1,072,000 17, Fixed 1.79% 11* EUR 6 Month Euribor 09/06/2025 EUR 416,000 6,872 Fixed 0.73% 16* EUR 6 Month Libor 30/05/2027 EUR 5,070, , Fixed 0.84% 11* EUR 6 Month Libor 04/07/2042 EUR 4,730,000 31, Fixed 0.99% 9* EUR 6 Month Libor 16/02/2055 EUR 5,950, , Fixed 1.42% 1* EUR 6 Month Libor 18/06/2036 EUR 2,900,000 47, Fixed 1.67% 3* EUR 6 Month Libor 16/02/2055 EUR 6,000, , Fixed 0.96% 11* GBP 6 Month Libor 10/05/2020 GBP 635,500 8,636 Fixed 0.96% 11* GBP 6 Month Libor 10/05/2020 GBP 2,341,000 31, Fixed 1.14% 11* GBP 6 Month Libor 29/06/2046 GBP 409, Fixed 1.16% 11* GBP 6 Month Libor 29/06/2046 GBP 409,500 1,246 Fixed 1.27% 9* GBP 6 Month Libor 20/04/2026 GBP 516,000 16, Fixed 1.35% 11* GBP 6 Month Libor 10/05/2024 GBP 1,024,000 38, Fixed 1.35% 11* GBP 6 Month Libor 10/05/2024 GBP 278,500 10,584 Fixed 1.45% 1* GBP 6 Month Libor 20/04/2026 GBP 984,000 52, Fixed 1.45% 1* GBP 6 Month Libor 20/04/2026 GBP 46,000 2,453 Fixed 1.45% 1* GBP 6 Month Libor 20/04/2026 GBP 320,000 17, Fixed 1.48% 1* GBP 6 Month Libor 20/04/2026 GBP 400,000 22, Fixed 1.59% 11* GBP 6 Month Libor 28/06/2028 GBP 668, Fixed 1.62% 11* GBP 6 Month Libor 28/06/2028 GBP 668,500 1,774 Fixed 1.62% 11* GBP 6 Month Libor 28/06/2028 GBP 598,500 1,555 Fixed 1.63% 11* GBP 6 Month Libor 28/06/2028 GBP 668,500 2,038 Fixed 2.16% 11* GBP 6 Month Libor 21/04/2028 GBP 416,000 13, Fixed 2.78% 11* GBP 6 Month Libor 11/06/2035 GBP 916,500 95, Fixed 2.89% 11* GBP 6 Month Libor 11/06/2030 GBP 5,000, , Fixed 0.02% 16* JPY 6 Month Libor 18/06/2026 JPY 820,000,000 46, Fixed 0.07% 11* JPY 6 Month Libor 23/03/2023 JPY 115,625,500 4,411 Fixed 0.11% 2* JPY 6 Month Libor 28/02/2023 JPY 497,931,000 27, Fixed 0.12% 11* JPY 6 Month Libor 11/06/2028 JPY 31,752,000 2, Fixed 0.13% 2* JPY 6 Month Libor 23/03/2023 JPY 88,536,000 5,325 Fixed 0.13% 9* JPY 6 Month Libor 23/03/2023 JPY 89,000,000 4,884 Fixed 0.13% 11* JPY 6 Month Libor 18/06/2028 JPY 61,360,000 5,539 Fixed 0.13% 11* JPY 6 Month Libor 18/06/2028 JPY 30,916,000 2,860 Fixed 0.16% 2* JPY 6 Month Libor 23/03/2023 JPY 92,777,000 6,287 Fixed 0.16% 11* JPY 6 Month Libor 11/06/2028 JPY 63,504,500 7,496 Fixed 0.17% 11* JPY 6 Month Libor 11/06/2028 JPY 29,640,000 3,896 Fixed 0.17% 11* JPY 6 Month Libor 11/06/2028 JPY 32,053,500 4,214 Fixed 0.17% 11* JPY 6 Month Libor 11/06/2028 JPY 32,053,500 4,214 Fixed 0.17% 11* JPY 6 Month Libor 11/06/2028 JPY 29,640,000 3,896 Fixed 0.18% 2* JPY 6 Month Libor 18/03/2023 JPY 93,517,500 6, Fixed 0.20% 11* JPY 6 Month Libor 21/06/2029 JPY 32,046,500 3,505 Fixed 0.21% 11* JPY 6 Month Libor 21/06/2029 JPY 48,672,000 5,704 MGI Funds plc 228

230 Mercer Absolute Return Fixed Income Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of receives pays date Currency holding gain Net assets Financial assets at fair value through profit or loss Financial derivative instruments Interest rate swaps Fixed 0.25% 11* JPY 6 Month Libor 24/05/2028 JPY 55,860,000 11,348 Fixed 0.36% 9* JPY 6 Month Libor 07/04/2026 JPY 37,303,000 5,200 Fixed 0.39% 2* JPY 6 Month Libor 14/01/2023 JPY 83,814,000 11,235 Fixed 0.94% 2* JPY 6 Month Libor 21/03/2031 JPY 138,491,500 27, Fixed 1.08% 2* JPY 6 Month Libor 28/02/2031 JPY 740,868, , Fixed 1.48% 2* JPY 6 Month Libor 14/01/2031 JPY 127,856,000 45, Fixed 5.90% 7* MXN 1 Month TIIE 01/11/2021 MXN 6,076,000 2,127 Fixed 6.00% 8* MXN 1 Month TIIE 01/11/2021 MXN 6,076,000 4,129 Fixed 3.63% 2* MYR 3 Month Libor 27/06/2021 MYR 14,600,000 13, Fixed 3.64% 14* MYR 3 Month Libor 27/06/2021 MYR 3,500,000 2,033 Fixed 3.71% 14* MYR 3 Month Libor 07/06/2021 MYR 13,000,000 17, Fixed 3.73% 9* MYR 3 Month Libor 06/06/2021 MYR 13,000,000 25, Fixed 2.83% 11* PLN 6 Month WIBOR 14/06/2026 PLN 3,694,000 5,829 Fixed 1.69% 11* SEK 3 Month TIBO 15/09/2026 SEK 12,144,000 2,321 Fixed 1.70% 11* SEK 3 Month TIBO 15/09/2026 SEK 12,106,500 3,003 Fixed 1.78% 11* SEK 3 Month TIBO 08/05/2025 SEK 24,000,000 57, Fixed 1.83% 11* SEK 3 Month TIBO 16/06/2026 SEK 17,936,000 20, Fixed 1.95% 4* SEK 3 Month TIBO 08/05/2025 SEK 3,261,500 10,624 Fixed 2.06% 11* SEK 3 Month TIBO 16/06/2026 SEK 4,410,000 10,236 Fixed 2.11% 4* SEK 3 Month TIBO 08/05/2025 SEK 8,183,000 33, Fixed 2.28% 11* SEK 3 Month TIBO 15/06/2031 SEK 13,103,000 9,409 Fixed 2.28% 11* SEK 3 Month TIBO 15/06/2031 SEK 11,612,500 8,473 Fixed 2.50% 11* SEK 3 Month TIBO 10/11/2025 SEK 39,402, , Fixed 2.50% 11* SEK 3 Month TIBO 10/11/2025 SEK 27,404, , Fixed 2.55% 11* SEK 3 Month TIBO 23/10/2030 SEK 26,000,000 55, Fixed 2.60% 11* SEK 3 Month TIBO 21/04/2031 SEK 4,037,000 9,128 Fixed 2.61% 11* SEK 3 Month TIBO 04/11/2030 SEK 17,000,000 41, Fixed 3.06% 11* SEK 3 Month TIBO 23/10/2030 SEK 2,735,000 12, Fixed 1.71% 8* SGD 6 Month 01/07/2021 SGD 4,400,000 Fixed 1.31% 6* USD 3 Month Libor 05/02/2018 USD 11,000, , Fixed 1.75% 11* USD 3 Month Libor 17/09/2026 USD 1,465,000 Fixed 1.81% 11* USD 3 Month Libor 15/09/2026 USD 1,291,000 Fixed 1.82% 11* USD 3 Month Libor 15/09/2026 USD 1,290,000 Fixed 1.94% 11* USD 3 Month Libor 01/06/2023 USD 891,000 5,715 Fixed 2.24% 11* USD 3 Month Libor 18/06/2046 USD 3,230,500 35, Fixed 2.38% 11* USD 3 Month Libor 26/06/2045 USD 1,800,000 34, Fixed 2.40% 11* USD 3 Month Libor 18/06/2046 USD 365,000 7,725 Fixed 2.42% 11* USD 3 Month Libor 21/03/2046 USD 1,263,000 24, Fixed 2.44% 11* USD 3 Month Libor 09/05/2046 USD 1,086,000 25, Fixed 2.55% 11* USD 3 Month Libor 18/06/2046 USD 1,224,500 37, Fixed 2.60% 11* USD 3 Month Libor 06/05/2036 USD 2,129,000 34, Fixed 2.86% 11* USD 3 Month Libor 04/09/2045 USD 4,000, , Fixed 8.59% 1* ZAR 3 Month JIBAR 30/05/2023 ZAR 25,000,000 10,200 Fixed 8.82% 6* ZAR 3 Month JIBAR 21/04/2031 ZAR 6,141,500 2,307 Fixed 9.26% 9* ZAR 3 Month JIBAR 01/04/2025 ZAR 3,204,600 3,095 Fixed 9.43% 9* ZAR 3 Month JIBAR 08/04/2026 ZAR 3,919,500 3,476 Fixed 9.50% 9* ZAR 3 Month JIBAR 23/02/2026 ZAR 46,421,000 47, Fixed 9.60% 9* ZAR 3 Month JIBAR 01/03/2026 ZAR 60,000,000 71, Fixed 9.28% 8* ZAR Less than 1 Month JIBAR 22/10/2025 ZAR 6,958,000 5,383 Fixed 9.29% 1* ZAR Less than 1 Month JIBAR 22/10/2025 ZAR 22,000,000 14, Interest rate swaps at positive fair value 6,627, Futures contracts No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain Net assets 10 Year US Treasury Notes Futures 17* (4,429,024) 21/09/2016 USD (37) 8,776 Euro Bobl Futures 17* 6,947,200 08/09/2016 EUR 52 56, MGI Funds plc 229

231 Mercer Absolute Return Fixed Income Fund Portfolio Statement No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain Net assets Financial assets at fair value through profit or loss Financial derivative instruments Futures contracts Euro BTP Futures 16* 3,422,640 08/09/2016 EUR 24 47, Euro BTP Futures 16* 3,137,420 08/09/2016 EUR 22 4,469 Euro Bund Futures 16* 501,360 08/09/2016 EUR 3 10,290 Euro Bund Futures 17* (1,700) 22/07/2016 EUR (170) 40, Long Gilt Futures 17* 4,019,896 28/09/2016 GBP 26 8,568 US Ultra Bond Futures 16* 5,032,857 21/09/2016 USD , US Ultra Bond Futures 16* 3,355,238 21/09/2016 USD , Unrealised gain on futures contracts 671, Options purchased Strike Maturity Notional Fair value % of price date Currency holding gain Net assets Call at 0.64 EUR 10 Year 17* /12/2016 EUR 7,100, , Call at 0.64 EUR 10 Year Euribor 17* /12/2016 EUR 1,200,000 32, Call at 0.83 EUR Put GBP 8* /07/2016 EUR 36,500 13, Call at 0.84 EUR Put GBP 4* /12/2016 EUR 50,000 7,356 Call at 0.96 USD Put CHF 8* /07/2016 USD 690,000 12, Call at 0.98 NOK Put SEK 8* /01/2017 NOK 3,660,000 16, Call at 1.00 EUR Put GBP 8* /07/2016 EUR 15,000 6,449 Call at 1.00 EUR Put GBP 8* /07/2016 EUR 21,000 4,667 Call at 1.00 EUR Put GBP 8* /08/2016 EUR 44,000 2 Call at 1.00 EUR Put GBP 8* /10/2016 EUR 68,500 12, Call at 1.17 EUR Put USD 11* /07/2016 EUR 1,416, Call at EUR Put JPY 6* /09/2016 EUR 1,000, Call at 2.10 GBP Put AUD 8* /07/2016 GBP 800,000 1 Call at 2.98 USD Put TRY 8* /07/2016 USD 517,500 2,278 Call at 3.70 USD Put BRL 16* /10/2016 USD 879,500 8,449 Call at 6.40 USD Put CNY 4* /10/2016 USD 1,000,000 40, Call at 6.40 USD Put CNY 8* /10/2016 USD 2,800, , Call at 6.40 USD Put CNY 8* /10/2016 USD 840,000 33, Call at 6.60 USD Put CNH 8* /11/2016 USD 1,040,500 1,516 Call at 6.65 USD Put CNH 11* /09/2016 USD 1,021,000 9,839 Call at 6.65 USD Put CNH 8* /09/2016 USD 1,021,000 10,481 Call at 6.80 USD Put CNH 8* /08/2016 USD 1,211, Call at 6.85 USD Put CNH 8* /09/2016 USD 1,532,000 4,996 Call at 6.85 USD Put CNH 9* /09/2016 USD 1,532,000 4,366 Call at 8.12 USD Put SEK 8* /07/2016 USD 680,000 27, Call at 9.40 USD Put USD 16* /01/2017 USD 1,280,000 9,054 Call at 9.50 USD Put NOK 8* /01/2017 USD 1,260,000 7,715 Put at 0.64 EUR 10 Year 9* /12/2016 EUR 7,100,000 45, Put at 0.64 EUR 10 Year Euribor 17* /12/2016 EUR 1,200,000 7,689 Put at 0.70 EUR Call GBP 8* /11/2016 EUR 765, Put at 0.71 EUR Call GBP 6* /11/2016 EUR 480, Put at 0.73 AUD Call USD 8* /07/2016 AUD 28, Put at 0.74 EUR Call GBP 8* /10/2016 EUR 610, Put at 0.74 EUR Call GBP 8* /10/2016 EUR 1,220,000 1,171 Put at 0.74 JPY 20 Year 16* /05/2017 JPY 1,300,000, , Put at 0.74 JPY 20 Year 17* /05/2017 JPY 400,000,000 35, Put at 0.75 EUR Call GBP 8* /01/2017 EUR 945,000 3,848 Put at 0.76 EUR Call GBP 11* /09/2016 EUR 1,455,000 1,474 Put at 0.76 EUR Call GBP 8* /04/2017 EUR 51,500 3,348 Put at 0.77 EUR Call GBP 11* /07/2016 EUR 1,475, Put at 0.77 EUR Call GBP 8* /07/2016 EUR 1,470, Put at 0.77 EUR Call GBP 8* /07/2016 EUR 1,820, Put at 0.96 USD Call CHF 8* /07/2016 USD 690, Put at 1, USD Russell 2000 Index 8* /08/2016 USD ,220 Put at 1.04 AUD Call NZD 16* /08/2016 AUD 1,130,000 8,244 MGI Funds plc 230

232 Mercer Absolute Return Fixed Income Fund Portfolio Statement Strike Maturity Notional Fair value % of price date Currency holding gain Net assets Financial assets at fair value through profit or loss Financial derivative instruments Options purchased Put at 1.08 AUD Call NZD 8* /08/2016 AUD 1,080,000 24, Put at 1.08 AUD Call NZD 8* /08/2016 AUD 1,245,000 25, Put at 1.08 EUR Call USD 11* /07/2016 EUR 2,124,000 3,583 Put at 1.09 AUD Call NZD 8* /07/2016 AUD 1,095,000 30, Put at 1.11 AUD Call NZD 8* /07/2016 AUD 884,000 33, Put at 1.11 EUR Call USD 6* /07/2016 EUR 1,416,000 11,073 Put at 1.11 EUR Call USD 8* /07/2016 EUR 1,695,000 10,958 Put at 1.36 GBP Call USD 8* /07/2016 GBP 670,000 11,535 Put at 1.36 USD Call CAD 8* /08/2016 USD 760,000 31, Put at 1.44 GBP Call USD 8* /11/2016 GBP 20,500 5,254 Put at 1.95 GBP Call AUD 8* /07/2016 GBP 800,000 66, Put at USD Call JPY 11* /11/2016 USD 400,000 36, Put at USD Call JPY 6* /11/2016 USD 600,000 54, Put at 14, JPY Nikkei 225 Index 8* /08/2016 JPY 3,000 8,423 Put at USD Call MXN 8* /08/2016 USD 628, Put at USD Call MXN 6* /07/2016 USD 374, Put at USD Call MXN 8* /07/2016 USD 1,190, Put at 2, EUR Euro Stoxx 50 Index 8* /08/2016 EUR ,868 Put at 2.50 USD 5 Year 11* /06/2019 USD 13,800, , Put at 2.98 USD Call TRY 11* /07/2016 USD 517,500 13, Put at 3.43 USD Call BRL 8* /08/2016 USD 1,412,500 64, Put at 3.53 USD Call BRL 8* /08/2016 USD 1,212,500 78, Put at 3.55 USD Call BRL 11* /08/2016 USD 1,237,500 86, Put at 60 USD Western Digital 8* /07/2016 USD 600 8,571 Put at USD Call RUB 8* /10/2016 USD 374,500 11,327 Put at 7.90 USD Call NOK 8* /01/2017 USD 1,260,000 14, Put at 8.00 USD GI 8* /01/2017 USD 1,280,000 18, Put at 8.12 USD Call SEK 8* /07/2016 USD 680,000 1 Put at 8.59 USD Call NOK 8* /01/2017 USD 1,260,000 56, Put at 8.65 USD Call NOK 8* /01/2017 USD 1,280,000 62, Put at EUR itraxx Index 11* /07/2016 EUR 14,600,000 13, Put at USD 5 Year 8* /07/2016 USD 10,700,000 9,912 Put at 9.00 EUR Call SEK 8* /11/2016 EUR 960,000 4,982 Put at 9.00 EUR Call SEK 8* /11/2016 EUR 765,000 3,730 Put at 9.01 EUR Call SEK 8* /11/2016 EUR 28,000 3,295 Put at 9.05 EUR Call NOK 8* /10/2016 EUR 38,000 4,486 Put at 9.05 EUR Call NOK 8* /10/2016 EUR 19,000 2,243 Put at 9.10 EUR Call SEK 4* /05/2017 EUR 1,237,500 18, Put at 9.10 EUR Call SEK 8* /10/2016 EUR 40,500 4,360 Put at 9.10 EUR Call SEK 8* /11/2016 EUR 1,020,000 6,894 Put at 9.16 EUR Call NOK 1* /07/2016 EUR 930,000 1,019 Put at 9.20 EUR Call SEK 8* /11/2016 EUR 13,000 3,593 Put at 9.30 EUR Call SEK 4* /12/2016 EUR 1,785,000 33, Put at 9.30 EUR Call SEK 11* /10/2016 EUR 1,770,000 19, Put at 9.55 EUR Call NOK 8* /07/2016 EUR 930,000 21, Put at EUR 1 Year MidCurve Option 8* /12/2016 USD 562,500 1,266 Unrealised gain on options purchased 1,853, Swaptions Strike Maturity Notional Fair value % of price date Currency holding gain Net assets Call at 0.26 JPY GI 17* /08/2016 JPY 42,900, Call at 0.27 JPY GI 9* /09/2016 JPY 39,988, Call at 0.50 JPY GI 9* /05/2018 JPY 49,000,000 13, Call at 0.50 JPY GI 17* /05/2018 JPY 49,000,000 13, Call at 0.86 JPY GI 9* /08/2016 JPY 22,099, Call at 0.95 GBP GI 8* /09/2016 GBP 5,900,000 17, Call at 0.98 GBP GI 17* /08/2016 GBP 1,960, MGI Funds plc 231

233 Mercer Absolute Return Fixed Income Fund Portfolio Statement Strike Maturity Notional Fair value % of price date Currency holding gain Net assets Financial assets at fair value through profit or loss Financial derivative instruments Swaptions Call at 1.00 GBP GI 8* /09/2016 GBP 2,950,000 6,552 Call at 1.00 GBP GI 17* /08/2016 GBP 3,337, Call at 1.02 JPY GM 11* /11/2017 JPY 91,185,000 2,140 Call at 1.05 GBP GI 11* /09/2016 GBP 2,950,000 5,514 Call at 1.20 GBP GI 9* /01/2017 GBP 3,150,000 1,391 Call at 1.25 USD GI 9* /09/2016 USD 4,130,000 11,172 Call at 1.38 GBP GI 17* /01/2017 GBP 3,150,000 1,151 Call at 1.40 USD GI 11* /04/2018 USD 3,520,000 13, Call at 1.50 GBP GI 9* /01/2017 GBP 3,150, Call at 1.50 GBP GM 9* /01/2017 GBP 4,718,000 1,009 Call at 1.65 USD GI 17* /03/2017 USD 3,412,500 11, Call at 2.00 GBP GI 17* /07/2018 GBP 2,000,000 3,975 Call at 2.00 GBP GM 16* /07/2018 GBP 2,950,000 5,964 Call at 2.00 GBP GM 9* /07/2018 GBP 2,950,000 5,863 Call at 2.45 USD GI 6* /08/2016 USD 1,677, Call at 2.75 EUR GM 17* /05/2034 EUR 741,500 29, Call at 2.75 USD GM 9* /02/2017 USD 2,894, Call at 2.85 USD GI 11* /08/2016 USD 1,677, Call at 3.65 GBP GM 17* /06/2017 GBP 1,277, Call at 4.30 USD GM 17* /03/2017 USD 196, Call at 4.40 USD GM 17* /05/2018 USD 817, Call at 4.60 USD GM 17* /02/2019 USD 1,185,000 3,685 Call at 4.60 USD GM 9* /03/2019 USD 1,574,000 5,159 Call at 5.42 USD GM 17* /11/2020 USD 426,500 2,300 Call at 5.42 USD GM 17* /11/2020 USD 815,500 2,814 Call at 5.59 USD GM 17* /01/2021 USD 852,500 4,330 Put at 0.65 GBP GI 6* /01/2018 GBP 4,538,500 43, Put at 1.00 JPY GI 11* /06/2018 JPY 118,922,500 39, Put at 1.70 USD GI 16* /05/2021 USD 7,425, , Put at 8.25 ZAR GI 7* /04/2017 ZAR 14,075,500 11,056 Unrealised gain on swaptions 360, Total financial derivative instruments at positive fair value 11,954, Total financial assets at fair value through profit or loss 204,339, Financial liabilities at fair value through profit or loss Financial derivative instruments Open forward foreign currency contracts Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss Net assets AUD 8* 166,000 NZD 177,667 05/07/2016 (2,637) AUD 8* 2,234,451 USD 1,661,075 21/09/2016 (1,892) CAD 7* 162,465 USD 126,800 15/07/2016 (1,527) CAD 8* 1,058,358 USD 823,000 21/09/2016 (7,134) CZK 8* 27,429,675 EUR 1,015,000 21/09/2016 (2,766) EUR 8* 184,646 AUD 284,000 21/09/2016 (4,620) EUR 8* 4,685,621 BRL 18,533,500 21/09/2016 (385,921) (0.17) EUR 2* 293,483 CHF 320,000 15/07/2016 (2,281) EUR 11* 1,934,747 CHF 2,100,000 15/07/2016 (6,201) EUR 8* 184,865 CHF 201,500 21/09/2016 (1,623) EUR 8* 513,205 CLP 398,658,000 21/09/2016 (23,633) (0.01) EUR 11* 1,978,355 GBP 1,650,000 15/07/2016 (6,450) EUR 8* 228,356 HKD 2,025,000 21/09/2016 (6,157) EUR 8* 1,326,460 JPY 159,986,000 21/09/2016 (77,033) (0.04) EUR 8* 1,634,111 MXN 34,222,000 21/09/2016 (17,953) (0.01) EUR 7* 1,716,949 NOK 16,250,000 15/07/2016 (30,362) (0.01) MGI Funds plc 232

234 Mercer Absolute Return Fixed Income Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss Net assets Financial liabilities at fair value through profit or loss Financial derivative instruments Open forward foreign currency contracts EUR 1* 180,441 NZD 300,000 15/07/2016 (11,702) EUR 17* 465,000 NZD 783,339 15/07/2016 (36,711) (0.02) EUR 10* 88,199 USD 100,000 15/07/2016 (1,784) EUR 1* 176,018 USD 200,000 15/07/2016 (3,946) EUR 7* 1,979,585 USD 2,229,793 15/07/2016 (26,830) (0.01) EUR 8* 49,707 USD 57,500 08/08/2016 (1,987) EUR 8* 10,911,003 USD 12,364,410 21/09/2016 (187,389) (0.09) EUR 8* 846,075 ZAR 14,503,500 21/09/2016 (28,768) (0.01) GBP 15* 40,021,620 EUR 52,235,150 05/07/2016 (4,078,729) (1.72) GBP 10* 122,854 EUR 155,192 15/07/2016 (7,410) GBP 1* 545,840 EUR 679,172 15/07/2016 (22,574) (0.01) GBP 8* 703,665 EUR 885,000 21/09/2016 (40,178) (0.02) GBP 8* 117,001 USD 159,900 11/07/2016 (3,145) GBP 8* 167,500 USD 224,416 12/07/2016 (452) HUF 8* 119,876,843 EUR 381,000 21/09/2016 (2,403) INR 8* 8,857,860 USD 132,000 05/07/2016 (711) MXN 8* 7,852,907 AUD 588,000 21/09/2016 (12,762) (0.01) MXN 8* 7,797,583 NZD 630,000 21/09/2016 (24,701) (0.01) MXN 8* 22,344,777 USD 1,213,900 21/09/2016 (10,914) NOK 8* 2,564,920 USD 314,500 21/09/2016 (7,218) PLN 8* 1,512,004 EUR 343,800 21/09/2016 (1,827) PLN 8* 1,106,630 USD 284,000 06/07/2016 (4,202) SEK 16* 184,289,953 EUR 19,820,717 05/07/2016 (241,819) (0.11) SEK 8* 903,334 NOK 915,000 21/09/2016 (2,107) SEK 8* 2,977,043 USD 366,500 21/09/2016 (12,517) (0.01) USD 8* 1,618,540 AUD 2,197,037 21/09/2016 (11,355) USD 11* 1,363,604 BRL 4,853,873 13/07/2016 (132,596) (0.07) USD 11* 58,620 BRL 200,000 14/07/2016 (3,256) USD 8* 69,500 BRL 256,962 10/08/2016 (8,818) USD 11* 80,000 BRL 281,128 15/08/2016 (5,969) USD 8* 368,000 BRL 1,281,145 17/08/2016 (23,911) (0.01) USD 8* 96,000 BRL 332,640 12/09/2016 (5,100) USD 8* 786,500 BRL 2,735,252 21/09/2016 (42,511) (0.02) USD 8* 295,500 BRL 1,088,998 19/10/2016 (30,291) (0.01) USD 8* 2,169,500 CLP 1,487,010,700 21/09/2016 (55,070) (0.02) USD 11* 4,411,868 EUR 4,000,000 15/07/2016 (30,108) (0.01) USD 8* 1,705,351 GBP 1,289,300 21/09/2016 (17,200) (0.01) USD 8* 132,000 INR 8,911,320 05/07/2016 (2) USD 10* 56,000 JPY 6,083,778 15/07/2016 (2,987) USD 7* 686,200 JPY 72,629,123 15/07/2016 (19,765) (0.01) USD 2* 4,334,871 JPY 458,000,000 15/07/2016 (117,720) (0.06) USD 8* 1,177,500 JPY 125,486,018 21/09/2016 (43,905) (0.03) USD 11* 857,307 KRW 1,002,460,250 19/07/2016 (11,536) USD 11* 454,281 KRW 534,800,000 22/08/2016 (8,768) USD 11* 241,154 KRW 280,100,000 24/08/2016 (1,688) USD 11* 80,000 KRW 93,645,760 26/08/2016 (1,124) USD 8* 275,000 MXN 5,164,662 10/08/2016 (3,558) USD 8* 661,500 MXN 12,444,208 21/09/2016 (6,975) USD 8* 588,500 NZD 847,296 21/09/2016 (11,241) USD 8* 150,000 RUB 10,267,500 28/10/2016 (5,425) USD 8* 583,500 SGD 790,561 21/09/2016 (3,086) USD 2* 54,256 TRY 160,000 15/07/2016 (1,109) USD 10* 240,345 TRY 700,000 15/07/2016 (2,172) USD 6* 1,209,319 TRY 3,500,000 15/07/2016 (4,027) USD 8* 865,500 TRY 2,550,014 21/09/2016 (4,658) Unrealised loss on open forward foreign currency contracts (5,966,907) (2.51) MGI Funds plc 233

235 Mercer Absolute Return Fixed Income Fund Portfolio Statement Protection Premium (Bought)/ (Paid)/ Maturity Notional Fair value % of Sold Received date Currency holding loss Net assets Financial liabilities at fair value through profit or loss Financial derivative instruments Credit default swaps Bertelsmann 14* (Bought) (1.00%) 20/06/2021 EUR 2,400,000 (68,767) (0.03) Carlsberg Breweries 7* (Bought) (1.00%) 20/06/2021 EUR 2,000,000 (30,095) (0.01) Itraxx Europe 9* (Bought) (1.00%) 20/06/2021 EUR 2,280,000 (15,827) (0.01) Itraxx Europe 9* (Bought) (1.00%) 20/06/2021 EUR 1,000,000 (6,942) Itraxx Europe 7* Sold Fixed 1.00% 20/06/2021 EUR 18,200,000 (157,356) (0.07) Itraxx Europe 7* (Bought) (1.00%) 20/06/2021 EUR 36,500,000 (264,575) (0.10) United Utilities 3* (Bought) (1.00%) 20/06/2021 EUR 2,000,000 (16,578) (0.01) Vivendi 9* (Bought) (1.00%) 20/06/2021 EUR 1,100,000 (14,375) (0.01) Credit default swaps at negative fair value (574,515) (0.24) Interest rate swaps Fund Fund Maturity Notional Fair value % of receives pays date Currency holding loss Net assets AUD 6 Month BBSW 11* Fixed 2.55% 15/06/2026 AUD 1,843,500 (7,371) BRL Less than 1 Month CDI 8* Fixed 15.21% 02/01/2017 BRL 46,369,606 (167,612) (0.08) CAD 3 Month CDOR 11* Fixed 1.13% 24/05/2021 CAD 3,470,000 (14,883) (0.02) CAD 3 Month CDOR 11* Fixed 1.16% 13/05/2021 CAD 6,513,500 (10,931) (0.01) CAD 3 Month CDOR 11* Fixed 1.17% 24/05/2021 CAD 1,721,000 (9,087) CAD 3 Month CDOR 11* Fixed 1.18% 24/05/2021 CAD 1,754,000 (9,838) CAD 3 Month CDOR 11* Fixed 1.19% 18/04/2021 CAD 1,981,000 (4,399) CAD 3 Month CDOR 11* Fixed 1.26% 09/05/2021 CAD 3,013,500 (9,209) CAD 3 Month CDOR 11* Fixed 1.26% 06/05/2021 CAD 2,995,500 (9,182) CAD 3 Month CDOR 11* Fixed 1.32% 22/06/2022 CAD 5,018,000 (8,923) CAD 3 Month CDOR 11* Fixed 1.34% 07/06/2022 CAD 3,951,000 (8,182) CAD 6 Month Libor 7* Fixed 0.97% 13/06/2021 CAD 9,406,350 (3,845) CAD 6 Month Libor 3* Fixed 1.01% 11/05/2021 CAD 13,020,000 (22,953) (0.02) CAD 6 Month Libor 7* Fixed 1.02% 09/06/2021 CAD 17,866,000 (34,811) (0.01) CHF 6 Month Libor 11* Fixed 0.07% 20/06/2026 CHF 565,000 (1,484) CHF 6 Month Libor 11* Fixed 0.07% 21/06/2026 CHF 633,500 (1,541) CHF 6 Month Libor 11* Fixed 0.11% 17/06/2026 CHF 539,500 (2,516) CHF 6 Month Libor 11* Fixed 0.11% 17/06/2026 CHF 1,079,500 (4,770) CHF 6 Month Libor 11* Fixed 0.11% 17/06/2026 CHF 1,003,000 (4,678) CHF 6 Month Libor 11* Fixed 0.11% 15/06/2026 CHF 626,000 (2,943) CHF 6 Month Libor 11* Fixed 0.13% 24/06/2026 CHF 580,000 (3,170) CHF 6 Month Libor 11* Fixed 0.20% 07/06/2026 CHF 970,000 (9,126) CHF 6 Month Libor 11* Fixed 0.27% 17/05/2026 CHF 463,500 (5,947) CHF 6 Month Libor 11* Fixed 0.28% 27/05/2026 CHF 878,500 (11,890) CHF 6 Month Libor 11* Fixed 0.28% 27/05/2026 CHF 482,000 (6,465) CHF 6 Month Libor 11* Fixed 0.34% 02/05/2026 CHF 442,500 (7,415) CHF 6 Month Libor 11* Fixed 0.56% 13/05/2036 CHF 229,000 (4,828) COP 3 Month COOVI 7* Fixed 7.18% 09/12/2026 COP 562,600,000 (70) COP 3 Month COOVI 7* Fixed 7.18% 09/12/2026 COP 560,666,500 (69) COP 3 Month CVIBR 11* Fixed 7.31% 21/11/2026 COP 419,440,000 (4,281) COP 3 Month CVIBR 11* Fixed 7.32% 18/11/2026 COP 637,000,000 (6,650) EUR 12 Month Libor 17* Fixed 0.76% 15/06/2019 EUR 1,670,000 (2,189) EUR 12 Month Libor 7* Fixed 0.83% 15/05/2019 EUR 340,000 (344) EUR 12 Month Libor 12* Fixed 0.86% 15/11/2018 EUR 3,669,000 (46,932) (0.03) EUR 12 Month Libor 17* Fixed 1.09% 15/06/2026 EUR 830,000 (5,665) EUR 12 Month Libor 17* Fixed 1.17% 15/05/2026 EUR 150,000 (2,088) EUR 12 Month PTFE 11* Fixed 0.79% 15/04/2021 EUR 374,500 (564) EUR 12 Month PTFE 11* Fixed 1.09% 15/04/2026 EUR 738,000 (5,187) EUR 12 Month PTFE 1* Fixed 1.10% 15/06/2026 EUR 621,000 (4,883) EUR 12 Month PTFE 9* Fixed 1.39% 23/06/2026 EUR 596,000 (3,772) EUR 6 Month Euribor 11* Fixed 0.15% 24/06/2021 EUR 1,073,000 (2,155) EUR 6 Month Euribor 11* Fixed 0.21% 17/05/2021 EUR 858,000 (3,154) EUR 6 Month Euribor 11* Fixed 0.23% 27/05/2021 EUR 892,000 (3,499) MGI Funds plc 234

236 Mercer Absolute Return Fixed Income Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of receives pays date Currency holding loss Net assets Financial liabilities at fair value through profit or loss Financial derivative instruments Interest rate swaps EUR 6 Month Euribor 11* Fixed 0.24% 27/05/2021 EUR 1,631,000 (6,730) EUR 6 Month Euribor 11* Fixed 0.30% 02/05/2021 EUR 825,000 (4,713) EUR 6 Month Euribor 7* Fixed 0.44% 14/04/2022 EUR 1,910,000 (8,121) EUR 6 Month Euribor 7* Fixed 0.44% 14/04/2022 EUR 1,910,000 (8,121) EUR 6 Month Euribor 11* Fixed 0.46% 11/05/2022 EUR 4,105,000 (17,231) (0.01) EUR 6 Month Euribor 11* Fixed 0.50% 11/05/2022 EUR 4,569,000 (22,818) (0.01) EUR 6 Month Euribor 11* Fixed 1.41% 11/05/2026 EUR 1,700,500 (10,073) EUR 6 Month Euribor 11* Fixed 1.46% 09/05/2026 EUR 1,890,000 (13,013) (0.01) EUR 6 Month Euribor 11* Fixed 1.48% 15/06/2031 EUR 1,316,500 (10,139) EUR 6 Month Euribor 11* Fixed 1.48% 15/06/2031 EUR 1,168,500 (8,887) EUR 6 Month Euribor 7* Fixed 1.52% 14/04/2030 EUR 817,500 (8,864) EUR 6 Month Euribor 7* Fixed 1.53% 14/04/2030 EUR 817,500 (9,549) EUR 6 Month Euribor 9* Fixed 1.67% 25/03/2030 EUR 1,992,500 (36,670) (0.03) EUR 6 Month Euribor 11* Fixed 1.70% 21/04/2031 EUR 397,500 (7,201) EUR 6 Month Libor 1* Fixed 0.63% 18/06/2026 EUR 3,400,000 (33,036) (0.01) EUR 6 Month Libor 9* Fixed 0.73% 16/02/2065 EUR 5,600,000 (93,907) (0.04) EUR 6 Month Libor 2* Fixed 1.02% 20/03/2045 EUR 3,600,000 (200,768) (0.09) EUR 6 Month Libor 11* Fixed 1.10% 20/03/2045 EUR 800,000 (63,209) (0.04) EUR 6 Month Libor 16* Fixed 1.17% 30/05/2047 EUR 1,900,000 (176,138) (0.08) EUR 6 Month Libor 11* Fixed 1.25% 20/03/2045 EUR 2,170,000 (272,113) (0.12) EUR 6 Month Libor 3* Fixed 1.36% 16/02/2065 EUR 7,500,000 (485,149) (0.21) EUR 6 Month Libor 11* Fixed 1.44% 20/03/2045 EUR 2,970,000 (524,926) (0.22) EUR 6 Month Libor 1* Fixed 1.57% 20/03/2045 EUR 6,120,000 (1,290,369) (0.55) GBP 6 Month Libor 11* Fixed 1.16% 10/05/2022 GBP 2,837,000 (73,794) (0.04) GBP 6 Month Libor 11* Fixed 1.16% 10/05/2022 GBP 768,500 (19,990) (0.01) GBP 6 Month Libor 4* Fixed 1.16% 03/08/2062 GBP 500,000 (14,692) (0.01) GBP 6 Month Libor 11* Fixed 1.50% 28/06/2036 GBP 920,500 (1,595) GBP 6 Month Libor 9* Fixed 1.51% 20/04/2046 GBP 193,000 (17,958) (0.01) GBP 6 Month Libor 11* Fixed 1.53% 28/06/2036 GBP 920,500 (3,490) GBP 6 Month Libor 11* Fixed 1.65% 28/06/2031 GBP 1,183,000 (2,439) GBP 6 Month Libor 11* Fixed 1.65% 28/06/2031 GBP 1,056,500 (2,060) GBP 6 Month Libor 1* Fixed 1.70% 20/04/2046 GBP 353,000 (53,426) (0.02) GBP 6 Month Libor 1* Fixed 1.72% 20/04/2046 GBP 200,000 (31,336) (0.01) GBP 6 Month Libor 1* Fixed 1.72% 20/04/2046 GBP 22,000 (3,480) GBP 6 Month Libor 1* Fixed 1.72% 20/04/2046 GBP 110,000 (17,402) (0.01) GBP 6 Month Libor 11* Fixed 2.18% 21/04/2031 GBP 751,500 (14,051) (0.01) GBP 6 Month Libor 11* Fixed 2.21% 03/11/2030 GBP 1,500,000 (48,005) (0.02) GBP 6 Month Libor 6* Fixed 2.32% 01/06/2025 GBP 842,000 (15,838) (0.01) GBP 6 Month Libor 6* Fixed 2.32% 08/06/2025 GBP 858,500 (16,120) (0.01) GBP 6 Month Libor 6* Fixed 2.32% 03/06/2025 GBP 518,500 (9,733) GBP 6 Month Libor 6* Fixed 2.32% 05/06/2025 GBP 707,000 (13,262) (0.01) GBP 6 Month Libor 6* Fixed 2.36% 02/06/2025 GBP 473,500 (9,366) GBP 6 Month Libor 1* Fixed 2.36% 02/06/2025 GBP 1,762,500 (34,544) (0.01) GBP 6 Month Libor 8* Fixed 2.36% 05/06/2025 GBP 322,000 (6,703) GBP 6 Month Libor 8* Fixed 2.42% 06/11/2025 GBP 2,143,500 (142,407) (0.06) GBP 6 Month Libor 11* Fixed 2.85% 11/06/2032 GBP 5,000,000 (337,374) (0.15) JPY 6 Month Libor 11* Fixed 0.35% 24/06/2046 JPY 20,000,000 (13,026) (0.01) JPY 6 Month Libor 11* Fixed 0.37% 21/06/2049 JPY 10,930,500 (4,800) JPY 6 Month Libor 11* Fixed 0.38% 18/06/2048 JPY 10,620,000 (5,424) JPY 6 Month Libor 11* Fixed 0.38% 21/06/2049 JPY 9,719,000 (4,593) JPY 6 Month Libor 2* Fixed 0.38% 23/03/2026 JPY 125,664,000 (11,658) JPY 6 Month Libor 9* Fixed 0.38% 23/03/2026 JPY 126,164,000 (9,459) JPY 6 Month Libor 11* Fixed 0.39% 18/06/2048 JPY 21,004,000 (10,939) JPY 6 Month Libor 2* Fixed 0.42% 22/03/2026 JPY 132,742,000 (13,678) (0.01) JPY 6 Month Libor 11* Fixed 0.44% 11/06/2048 JPY 11,059,500 (7,211) JPY 6 Month Libor 2* Fixed 0.44% 27/02/2026 JPY 715,728,000 (78,388) (0.03) JPY 6 Month Libor 2* Fixed 0.47% 20/03/2026 JPY 134,922,000 (15,900) (0.01) JPY 6 Month Libor 11* Fixed 0.48% 11/06/2048 JPY 22,119,500 (17,086) (0.01) JPY 6 Month Libor 17* Fixed 0.48% 18/06/2036 JPY 650,000,000 (138,851) (0.06) JPY 6 Month Libor 11* Fixed 0.51% 11/06/2048 JPY 10,260,000 (8,680) MGI Funds plc 235

237 Mercer Absolute Return Fixed Income Fund Portfolio Statement Fund Fund Maturity Notional Fair value % of receives pays date Currency holding loss Net assets Financial liabilities at fair value through profit or loss Financial derivative instruments Interest rate swaps JPY 6 Month Libor 11* Fixed 0.51% 11/06/2048 JPY 11,164,500 (12,465) (0.01) JPY 6 Month Libor 11* Fixed 0.52% 11/06/2048 JPY 10,260,000 (8,886) JPY 6 Month Libor 11* Fixed 0.52% 11/06/2048 JPY 11,164,500 (9,669) JPY 6 Month Libor 11* Fixed 0.53% 15/06/2036 JPY 39,760,000 (28,268) (0.01) JPY 6 Month Libor 17* Fixed 0.57% 08/04/2046 JPY 79,000,000 (99,649) (0.04) JPY 6 Month Libor 9* Fixed 0.60% 12/05/2046 JPY 46,000,000 (55,256) (0.02) JPY 6 Month Libor 11* Fixed 0.61% 24/05/2048 JPY 19,600,000 (22,157) (0.01) JPY 6 Month Libor 11* Fixed 0.66% 04/04/2046 JPY 86,500,000 (130,818) (0.06) JPY 6 Month Libor 2* Fixed 0.75% 16/01/2026 JPY 121,817,000 (24,370) (0.01) JPY 6 Month Libor 9* Fixed 0.76% 07/04/2036 JPY 20,230,000 (8,413) JPY 6 Month Libor 2* Fixed 1.12% 18/03/2036 JPY 59,965,500 (23,712) (0.01) JPY 6 Month Libor 2* Fixed 1.36% 28/02/2036 JPY 325,541,000 (164,703) (0.07) JPY 6 Month Libor 2* Fixed 1.78% 14/01/2036 JPY 57,157,000 (40,323) (0.02) NZD 3 Month BB 11* Fixed 3.06% 15/09/2026 NZD 1,079,000 (22) NZD 3 Month BB 11* Fixed 3.06% 15/09/2026 NZD 1,155,000 (24) NZD 3 Month BB 11* Fixed 3.07% 15/09/2026 NZD 2,310,000 (502) SEK 3 Month TIBO 11* Fixed 1.70% 15/06/2026 SEK 11,923,000 (6,199) SEK 3 Month TIBO 11* Fixed 1.70% 15/06/2026 SEK 10,557,000 (5,435) SEK 3 Month TIBO 11* Fixed 2.03% 21/04/2026 SEK 3,599,000 (8,500) USD 3 Month Libor 6* Fixed 1.74% 06/02/2019 USD 10,000,000 (159,530) (0.08) USD 3 Month Libor 11* Fixed 1.89% 16/06/2026 USD 1,274,500 (7,565) USD 3 Month Libor 11* Fixed 1.99% 08/05/2025 USD 3,000,000 (41,894) (0.02) USD 3 Month Libor 11* Fixed 2.31% 17/06/2036 USD 2,572,500 (37,547) (0.02) USD 3 Month Libor 11* Fixed 2.43% 23/10/2030 USD 3,000,000 (41,894) (0.02) USD 3 Month Libor 11* Fixed 2.48% 17/06/2036 USD 299,500 (8,105) USD 3 Month Libor 11* Fixed 2.5% 23/03/2036 USD 966,500 (24,364) (0.01) USD 3 Month Libor 11* Fixed 2.53% 11/05/2036 USD 875,500 (26,953) (0.01) USD 3 Month Libor 4* Fixed 2.54% 26/06/2035 USD 2,500,000 (35,088) (0.01) USD 3 Month Libor 11* Fixed 2.56% 05/05/2031 USD 1,904,000 (34,681) (0.01) USD 3 Month Libor 11* Fixed 2.57% 29/04/2031 USD 510,000 (9,512) USD 3 Month Libor 11* Fixed 2.6% 05/05/2031 USD 485,000 (9,660) USD 3 Month Libor 11* Fixed 2.65% 17/06/2036 USD 977,500 (38,891) (0.02) USD 3 Month Libor 8* Fixed 2.79% 10/11/2025 USD 4,765,500 (227,012) (0.11) USD 3 Month Libor 11* Fixed 2.95% 08/05/2025 USD 1,500,000 (82,687) (0.04) USD 3 Month Libor 11* Fixed 2.97% 04/09/2035 USD 6,400,000 (168,777) (0.07) USD 3 Month Libor 2* Fixed 3.02% 23/10/2030 USD 340,000 (11,913) (0.01) ZAR 3 Month JIBAR 6* Fixed 8.17% 21/04/2036 ZAR 3,763,000 (122) ZAR 3 Month JIBAR 9* Fixed 8.19% 08/04/2036 ZAR 3,892,500 (675) ZAR 3 Month JIBAR 9* Fixed 8.57% 01/04/2031 ZAR 5,680,400 (471) Fixed 12.77% 9* BRL Less than 1 Month CDI 02/01/2018 BRL 20,589,378 (4,953) Fixed 0.89% 11* CAD 3 Month CDOR 29/06/2019 CAD 8,230,000 (2,812) Fixed 0.87% 7* CAD 6 Month Libor 13/06/2018 CAD 21,670,000 (6,722) Fixed 0.88% 3* CAD 6 Month Libor 11/04/2018 CAD 14,411,000 (1,467) Fixed 0.05% 11* CHF 6 Month Libor 15/09/2026 CHF 1,266,500 (211) Fixed 6.41% 7* COP 3 Month COOVI 09/12/2018 COP 2,134,000,000 (310) Fixed 6.41% 7* COP 3 Month COOVI 09/12/2018 COP 2,126,666,500 (309) Fixed 0.53% 9* EUR 6 Month Euribor 23/03/2022 EUR 4,630,500 (28,831) (0.01) Fixed 0.07% 11* JPY 6 Month Libor 01/07/2029 JPY 29,700,000 (284) Fixed 1.75% 11* USD 3 Month Libor 17/09/2026 USD 1,694,000 (2,180) Fixed 8.39% 11* ZAR 3 Month JIBAR 04/03/2019 ZAR 11,000,000 (3,366) Interest rate swaps at negative fair value (6,688,161) (2.81) Futures contracts No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss Net assets 10 Year Australian Bond Futures 17* (1,051,040) 15/09/2016 AUD (16) (37,649) (0.02) 10 Year Canadian Bond Futures 11* (5,643,372) 21/09/2016 CAD (55) (150,194) (0.07) MGI Funds plc 236

238 Mercer Absolute Return Fixed Income Fund Portfolio Statement No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) loss Net assets Financial liabilities at fair value through profit or loss Financial derivative instruments Futures contracts 10 Year Japanese Bond Futures 16* (5,366,916) 12/09/2016 JPY (4) (28,516) (0.01) 10 Year US Treasury Notes Futures 11* 8,618,642 21/09/2016 USD 72 (14,709) (0.01) 2 Year US Treasury Notes Futures 16* (7,699,538) 30/09/2016 USD (39) (47,876) (0.02) 30 Years Euro Buxl Bond Futures 11* (980,800) 08/09/2016 EUR (5) (65,280) (0.03) 30 Years Euro Buxl Bond Futures 11* (8,827,200) 08/09/2016 EUR (45) (188,307) (0.08) 30 Years Euro Buxl Bond Futures 11* (3,923,200) 08/09/2016 EUR (20) (303,719) (0.13) 5 Year US Treasury Notes Futures 11* (50,363,356) 30/09/2016 USD (458) (824,492) (0.35) 5 Year Euro Swap Notes Futures 16* (653,000) 19/09/2016 EUR (5) (2,903) 5 Year US Treasury Notes Futures 11* (5,938,038) 30/09/2016 USD (54) (101,504) (0.04) Euro Bobl Future 16* (1,068,800) 08/09/2016 EUR (8) (8,740) Euro Bobl Future 16* (15,230,400) 08/09/2016 EUR (114) (98,590) (0.04) Euro BTP Futures 11* (713,050) 08/09/2016 EUR (5) (10,778) Euro Bund Futures 17* 1,838,320 08/09/2016 EUR 11 (2,208) Euro Bund Futures 17* (8,690,240) 08/09/2016 EUR (52) (101,343) (0.04) Euro Bund Futures 17* 6,800 22/07/2016 EUR 170 (86,404) (0.04) Euro OAT Futures 11* (643,160) 08/09/2016 EUR (4) (14,360) (0.01) Euro OAT Futures 11* (4,019,750) 08/09/2016 EUR (25) (83,211) (0.03) H Seng Index Futures 11* 1,706 28/07/2016 HKD 2 (5,825) Long Gilt Future 11* (3,401,451) 28/09/2016 GBP (22) (116,310) (0.05) Long Gilt Future 11* (5,566,010) 28/09/2016 GBP (36) (246,459) (0.10) US Long Bond Futures 11* (155,132) 21/09/2016 USD (1) (9,121) US Long Bond Futures 11* (1,861,583) 21/09/2016 USD (12) (94,050) (0.04) US Long Bond Futures 11* (1,174,333) 21/09/2016 USD (7) (31,898) (0.01) Unrealised loss on futures contracts (2,674,446) (1.12) Options written Strike Maturity Notional Fair value % of price date Currency holding loss Net assets Call at 0.83 EUR Put GBP 8* /07/2016 EUR (12,500) (4,526) Call at 1.08 NOK Put SEK 8* /01/2017 NOK (5,490,000) (2,934) Call at 1.11 AUD Put NZD 1* /07/2016 AUD (690,000) (26) Call at 1.16 EUR Put USD 8* /07/2016 EUR (1,695,000) (127) Call at 1.17 EUR Put USD 8* /07/2016 EUR (1,416,000) (127) Call at USD Put JPY 11* /11/2016 USD (400,000) (16) Call at USD Put JPY 6* /11/2016 USD (600,000) (24) Call at USD Put MXN 8* /08/2016 USD (628,000) (13,932) (0.01) Call at 2.10 GBP Put AUD 8* /07/2016 GBP (800,000) (1) Call at 4.00 USD Put BRL 1* /10/2016 USD (879,500) (2,901) Call at 6.40 USD Put CNY 8* /10/2016 USD (750,000) (30,388) (0.01) Call at 6.75 USD Put CNH 6* /09/2016 USD (2,553,000) (14,085) (0.01) Call at 6.75 USD Put CNH 6* /09/2016 USD (2,553,000) (12,662) (0.01) Call at 8.12 USD Put SEK 11* /07/2016 USD (680,000) (30,136) (0.01) Call at 9.40 USD Put NOK 8* /01/2017 USD (1,280,000) (9,054) Call at 9.50 USD Put NOK 8* /01/2017 USD (1,260,000) (7,715) Put at 0.44 JPY 20 Year 17* /05/2017 JPY (650,000,000) (91,089) (0.05) Put at 0.44 JPY 20 Year 17* /05/2017 JPY (200,000,000) (28,027) (0.01) Put at 0.67 EUR Call GBP 8* /11/2016 EUR (1,920,000) (88) Put at 0.67 EUR Call GBP 8* /11/2016 EUR (1,530,000) (127) Put at 0.67 EUR Call GBP 8* /11/2016 EUR (1,020,000) (69) Put at 0.71 EUR Call GBP 9* /11/2016 EUR (480,000) (215) Put at 0.71 EUR Call GBP 8* /10/2016 EUR (1,220,000) (260) Put at 0.71 EUR Call GBP 8* /01/2017 EUR (1,890,000) (2,723) Put at 0.71 EUR Call GBP 8* /10/2016 EUR (2,440,000) (500) Put at 0.73 EUR Call GBP 1* /08/2016 EUR (1,475,000) (145) Put at 0.74 EUR Call GBP 8* /09/2016 EUR (2,910,000) (943) Put at 0.74 EUR Call GBP 8* /08/2016 EUR (1,820,000) (169) Put at 0.74 EUR Call GBP 8* /08/2016 EUR (1,470,000) (154) MGI Funds plc 237

239 Mercer Absolute Return Fixed Income Fund Portfolio Statement Strike Maturity Notional Fair value % of price date Currency holding loss Net assets Financial liabilities at fair value through profit or loss Financial derivative instruments Options written Put at 0.75 EUR Call GBP 11* /07/2016 EUR (2,950,000) (3) Put at 0.75 EUR Call GBP 8* /07/2016 EUR (2,940,000) (6) Put at 0.75 EUR Call GBP 8* /07/2016 EUR (3,640,000) (11) Put at 0.88 NOK Call SEK 8* /01/2017 NOK (3,660,000) (539) Put at 1.03 AUD Call NZD 8* /08/2016 AUD (2,260,000) (7,510) Put at 1.05 AUD Call NZD 8* /08/2016 AUD (2,490,000) (25,806) (0.01) Put at 1.06 AUD Call NZD 8* /08/2016 AUD (2,160,000) (25,636) (0.01) Put at 1.07 AUD Call NZD 8* /07/2016 AUD (2,190,000) (33,113) (0.01) Put at 1.08 EUR Call USD 4* /07/2016 EUR (2,124,000) (3,583) Put at 1.08 EUR Call USD 8* /07/2016 EUR (2,542,500) (2,403) Put at 1.11 AUD Call NZD 1* /07/2016 AUD (690,000) (27,068) (0.01) Put at 1.11 AUD Call NZD 8* /07/2016 AUD (884,000) (33,309) (0.01) Put at 1.11 EUR Call USD 11* /07/2016 EUR (1,416,000) (16,253) (0.01) Put at 1.12 AUD Call NZD 8* /07/2016 AUD (897,000) (41,078) (0.02) Put at 1.23 USD Call CAD 11* /10/2016 USD (749,000) (2,977) Put at 1.29 GBP Call USD 8* /07/2016 GBP (670,000) (732) Put at 1.36 USD Call CAD 8* /08/2016 USD (760,000) (31,495) (0.01) Put at 1.75 GBP Call AUD 8* /07/2016 GBP (800,000) (66,068) (0.03) Put at EUR itraxx Index 11* /07/2016 EUR (14,600,000) (44,889) (0.02) Put at USD 5 Year 16* /07/2016 USD (10,700,000) (1,945) Put at EUR Call JPY 9* /09/2016 EUR (1,000,000) (33,259) (0.01) Put at USD Call MXN 11* /07/2016 USD (749,000) (14) Put at USD Call MXN 8* /07/2016 USD (2,380,000) (163) Put at 3.28 USD Call BRL 8* /10/2016 USD (1,055,000) (25,183) (0.01) Put at 3.33 USD Call BRL 8* /08/2016 USD (2,825,000) (79,037) (0.03) Put at 3.43 USD Call BRL 8* /08/2016 USD (2,425,000) (110,359) (0.05) Put at 3.45 USD Call BRL 8* /08/2016 USD (2,475,000) (123,495) (0.06) Put at 7.90 USD Call NOK 8* /01/2017 USD (1,260,000) (14,808) (0.01) Put at 8.00 USD Call NOK 8* /01/2017 USD (1,280,000) (18,977) (0.01) Put at 8.12 USD Call SEK 1* /07/2016 USD (680,000) (215) Put at 8.59 USD Call NOK 8* /01/2017 USD (1,260,000) (56,261) (0.02) Put at 8.65 USD Call USD 16* /01/2017 USD (1,280,000) (62,389) (0.03) Put at 8.70 EUR Call SEK 8* /11/2016 EUR (1,530,000) (2,535) Put at 8.82 EUR Call SEK 9* /05/2017 EUR (2,475,000) (20,208) (0.01) Put at 8.82 EUR Call SEK 8* /11/2016 EUR (960,000) (2,155) Put at 8.90 EUR Call SEK 8* /11/2016 EUR (1,020,000) (3,469) Put at 9.00 EUR Call SEK 11* /11/2016 EUR (765,000) (3,730) Put at 9.05 EUR Call SEK 1* /12/2016 EUR (3,570,000) (30,631) (0.01) Put at 9.10 EUR Call SEK 6* /10/2016 EUR (3,540,000) (17,806) (0.01) Put at 9.16 EUR Call NOK 8* /07/2016 EUR (930,000) (1,019) Put at 9.55 EUR Call NOK 8* /07/2016 EUR (930,000) (21,579) (0.01) Put at EUR 1 Year MidCurve Option 8* /12/2016 USD (112,500) (3,544) Unrealised loss on options written (1,248,423) (0.52) Swaptions Strike Maturity Notional Fair value % of price date Currency holding loss Net assets Call at 1.00 JPY GI 17* /08/2016 JPY (86,240,000) (234) Call at 1.00 JPY GI 11* /09/2016 JPY (79,262,500) (353) Call at 1.00 JPY GI 11* /08/2016 JPY (85,800,000) (201) Call at 1.05 GBP GI 9* /07/2016 GBP (3,150,000) (12) Call at 1.10 USD GI 6* /04/2017 USD (3,520,000) (7,329) Call at 1.14 GBP GI 8* /09/2016 GBP (11,800,000) (10,876) Call at 1.16 GBP GI 17* /08/2016 GBP (3,920,000) (56) Call at 1.18 GBP GI 17* /08/2016 GBP (6,674,000) (45) Call at 1.19 GBP GI 1* /09/2016 GBP (5,900,000) (5,063) Call at 1.23 GBP GI 8* /09/2016 GBP (5,900,000) (5,063) Call at 1.30 JPY GI 4* /05/2018 JPY (49,000,000) (5,519) MGI Funds plc 238

240 Mercer Absolute Return Fixed Income Fund Portfolio Statement Strike Maturity Notional Fair value % of price date Currency holding loss Net assets Financial liabilities at fair value through profit or loss Financial derivative instruments Swaptions Call at 1.30 JPY GI 17* /05/2018 JPY (49,000,000) (5,519) Call at 1.44 USD GI 9* /09/2016 USD (8,260,000) (8,970) Call at 1.50 USD GI 9* /09/2016 USD (3,412,500) (3,146) Call at 1.85 GBP GI 17* /01/2017 GBP (4,718,000) (198) Call at 2.15 GBP GI 17* /07/2017 GBP (2,000,000) (385) Call at 2.15 GBP GM 17* /07/2017 GBP (2,950,000) (569) Call at 2.15 GBP GM 17* /07/2017 GBP (2,950,000) (415) Call at 2.65 USD GI 6* /08/2016 USD (3,354,500) (127) Call at 4.30 USD GM 4* /05/2018 USD (3,515,500) (108) Call at 4.42 USD GM 8* /03/2017 USD (767,500) (5) Call at 5.05 USD GM 9* /02/2019 USD (4,479,500) (1,769) Call at 5.14 USD GM 9* /03/2019 USD (6,029,500) (2,343) Put at 0.10 JPY GI 7* /05/2018 JPY (58,800,000) (24,710) (0.01) Put at 0.70 USD GI 17* /05/2021 USD (7,425,000) (48,721) (0.02) Put at 0.81 GBP GI 9* /01/2018 GBP (1,860,000) (44,632) (0.03) Put at 1.00 JPY GI 1* /06/2018 JPY (118,922,500) (39,040) (0.02) Put at 1.20 USD GI 17* /05/2021 USD (7,425,000) (71,920) (0.04) Put at 8.78 ZAR GI 11* /04/2017 ZAR (3,927,500) (12,211) (0.01) Unrealised loss on swaptions (299,539) (0.13) Total financial derivative instruments at negative fair value (17,451,991) (7.33) Total financial liabilities at fair value through profit or loss (17,451,991) (7.33) Total financial derivative instruments (5,497,889) (2.31) Total investments at fair value through profit and loss 186,887, Financial assets at amortised cost Deposits with credit institutions Coupon Maturity Notional Fair value % of rate date Currency holding Net assets Bank of Queensland 0.00% 11/10/2016 EUR 1,000,000 1,000, Mitsubishi Corporation Finance 0.00% 19/07/2016 USD 2,000,000 1,799, RWE 0.00% 28/10/2016 EUR 1,000, , Santander Commercial Paper 0.00% 02/08/2016 USD 1,000, , Santander Consumer Finance 0.00% 31/10/2016 EUR 2,000,000 1,999, Total deposits with credit institutions 6,699, Total financial assets at amortised cost 6,699, Cash 44,193, Net current assets 226, Total net assets attributable to holders of redeemable participating shares 238,006, MGI Funds plc 239

241 Mercer Absolute Return Fixed Income Fund Portfolio Statement Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; UCITS and NONUCITS CIS; 2.92 Deposits; 2.33 Financial derivative instruments dealt in on a regulated market; 0.23 OTC financial derivative instruments; 3.92 Other current assets The following is a list of counterparties for the financial derivative instruments. Reference Counterparty 1* Barclays 2* BNP Paribas 3* Citi Grou 4* Credit Suisse 5* Danske Bank 6* Deutsche Bank 7* Goldman Sachs 8* HSBC 9* JPMorgan 10* Merrill Lynch 11* Morgan Stanley 12* Nomura 13* Royal Bank of Scotland 14* Societe Generale 15* Standard Chartered Bank 16* State Street Bank And Trust Company 17* UBS All options and swaptions purchased and options and swaptions written are covered. Country classifications are based upon country of incorporation and/or country of domicile. Held by broker as collateral for over the counter derivative instruments. MGI Funds plc 240

242 Mercer Absolute Return Fixed Income Fund Portfolio Statement Credit risk The following table outlines the credit exposures of Mercer Absolute Return Fixed Income Fund. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. % Holding AAA ,407,305 AA ,320,435 AA ,073,868 AA ,407,345 A ,977,972 A ,485,646 A ,059,462 BBB ,206,608 BBB ,452,654 BBB ,888,610 BB ,596,222 BB ,836,804 BB ,022 B ,903 B ,438,850 B ,034,185 CCC ,660 NR ,981, ,833,451 Concentration Risk Mercer Absolute Return Fixed Income Fund exposure to industries above 5% was as follows: % of NAV % of NAV Financials Governments MGI Funds plc 241

243 Mercer Passive Emerging Markets Equity Fund Portfolio Statement Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss Transferable securities Equities Brazil AES Tiete Energia 14,700 67, Ambev 344,999 2,051, Banco Bradesco 56, , Banco Bradesco Pref 202,779 1,593, Banco do Brasil 56, , Banco Santander Brasil 29, , BB Seguridade Participacoes 53, , BM&FBovespa 132, , BR Malls Participacoes 40, , Braskem Pref 12,900 76, BRF 46, , CCR 59, , Centrais Eletricas Brasileiras 12,900 70, CETIP Mercados Organizados 17, , Cia Brasileira de Distribuicao Pref 11, , Cia de Saneamento Basico do Estado de Sao Paulo 23, , Cia Energetica de Minas Gerais 63, , Cia Energetica de Sao Paulo Pref 9,800 36, Cia Paranaense de Energia 5,600 51, Cia Siderurgica Nacional 32,199 78, Cielo 77, , Cosan Industria e Comercio 5,000 51, CPFL Energia 18, , Duratex 16,800 44, EDP Energias do Brasil Receipt 3,401 14, EDP Energias do Brasil 28, , Embraer 42, , Equatorial Energia 13, , Fibria Celulose 14,100 94, Gerdau Pref 46,199 84, Hypermarcas 28, , Itau Unibanco Holding Pref 212,299 2,007, Itausa Investimentos Itau Pref 298, , JBS 44, , Klabin 36, , Kroton Educacional 96, , Localiza Rent a Car 11, , Lojas Americanas 13,500 47, Lojas Americanas Pref 51, , Lojas Renner 41, , M Dias Branco 1,800 59, Multiplan Empreendimentos Imobiliarios 6, , Natura Cosmeticos 12, , Odontoprev 12,400 51, Petroleo Brasileiro 226, , Petroleo Brasileiro Pref 296, , Porto Seguro 4,700 39, Qualicorp 19, , Raia Drogasil 15, , Rumo Logistica Operadora Multimodal 52,358 80, Sul America 6,900 33, Suzano Papel e Celulose Pref 31, , Telefonica Brasil Pref 34, , TIM Participacoes 59, , Totvs 9,600 91, Tractebel Energia 12, , Transmissora Alianca de Energia Eletrica 5,400 32, Ultrapar Participacoes 28, , Nominal Fair value % of holdings US$ Net assets Brazil Vale 101, , Vale Pref 145, , WEG 50, , ,772, Cayman Islands Haitian International Holdings 58, , Qunar Cayman Islands ADR 2,883 86, , Chile AES Gener 213, , Aguas Andinas 148,174 85, Banco de Chile 1,666, , Banco de Credito e Inversiones 1,887 81, Banco Santander Chile 5,359, , Cencosud 85, , Cia Cervecerias Unidas 12, , Colbun 433, , Embotelladora Andina Pref 30, , Empresa Nacional de Electricidad 274, , Empresa Nacional de Telecomunicaciones 9,084 82, Empresa Nacional de Telecomunicaciones Rights 2,488 2, Empresas CMPC 106, , Empresas COPEC 37, , Endesa Americas 243, , Enersis Americas 1,411, , Enersis Chile 1,147, , Itau Corpbanca 11,248,349 95, Latam Airlines Group 21, , SACI Falabella 30, , Sociedad Quimica y Minera de Chile 6, , ,328, China 3SBIO 76,000 77, Com ADR 5, , AAC Technologies Holdings 56, , Agricultural Bank of China 1,852, , Air China 100,000 67, Alibaba Group Holding ADR 72,300 5,750, Aluminum of China 317, , Anhui Conch Cement 82, , Anta Sports Products 74, , AviChina Industry & Technology 198, , Baidu ADR 19,700 3,253, Bank of China 5,812,999 2,322, Bank of Communications 675, , Beijing Capital International Airport 112, , Belle International Holdings 528, , BYD 52, , CGN Power 897, , China Cinda Asset Management 569, , China CITIC Bank 598, , China Coal Energy 97,000 50, China Communications Construction 344, , China Communications Services 188,000 97, China Conch Venture Holdings 90, , China Construction Bank 6,143,999 4,062, China COSCO Holdings 276,999 97, China Everbright Bank 153,000 69, MGI Funds plc 242

244 Mercer Passive Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss Transferable securities Equities China China Galaxy Securities 209, , China Huishan Dairy Holdings 391, , China Life Insurance 554,999 1,188, China Longyuan Power Group 271, , China Medical System Holdings 88, , China Mengniu Dairy 216, , China Merchants Bank 299, , China Minsheng Banking 464, , China National Building Material 180,000 78, China Oilfield Services 100,000 76, China Pacific Insurance Group 201, , China Petroleum & Chemical 1,875,999 1,351, China Railway Construction 142, , China Railway Group 266, , China Shenhua Energy 270, , China Shipping Container Lines 173,000 35, China Southern Airlines 144,000 81, China Telecom 1,095, , China Vanke 103, , Chongqing Rural Commercial Bank 135,000 68, CITIC Securities 169, , Country Garden Holdings 404, , CRRC 273, , Ctrip.com International ADR 25,400 1,046, Dalian Wanda Commercial Properties 41, , Dongfeng Motor Group 170, , ENN Energy Holdings 50, , Evergrande Real Estate Group 285, , Geely Automobile Holdings 354, , GF Securities 84, , GOME Electrical Appliances Holding 903, , Great Wall Motor 220, , Guangzhou Automobile Group 184, , Guangzhou R&F Properties 70,800 89, Haitong Securities 208, , Hengan International Group 57, , Huadian Power International 64,000 30, Huaneng Power International 301, , Huaneng Renewables 287,999 95, Huatai Securities 122, , Industrial & Commercial Bank of China 5,341,999 2,954, JD.com ADR 51,600 1,095, Jiangsu Expressway 92, , Jiangxi Copper 65,000 72, Kingsoft 59, , Longfor Properties 103, , Luye Pharma Group 114,000 69, NetEase ADR 5,800 1,120, New China Life Insurance 51, , New Oriental Education & Technology Group 8, , People's Insurance Group of China 467, , PetroChina 1,545,999 1,054, PICC Property & Casualty 353, , Ping An Insurance Group of China 379,999 1,672, Qihoo 360 Technology ADR 6, , Qinqin Foodstuffs Group Cayman 11,400 15, Semiconductor Manufacturing International2,383, , Shandong Weigao Group Medical Polymer 152,000 86, Shanghai Electric Group 208,000 86, Portfolio Statement Nominal Fair value % of holdings US$ Net assets China Shanghai Fosun Pharmaceutical Group 15,000 36, Shanghai Pharmaceuticals Holding 39,300 86, Shenzhou International Group Holdings 36, , Shui On Land 148,000 37, Sinopec Engineering Group 116, , Sinopec Shanghai Petrochemical 309, , Sinopharm Group 92, , Sinotrans 79,000 34, SOHO China 82,500 39, SouFun Holdings ADR 17,400 87, Sunac China Holdings 129,000 79, TAL Education Group ADR 3, , Tencent Holdings 411,699 9,355, Tingyi Cayman Islands Holding 114, , Travelsky Technology 48,000 91, Tsingtao Brewery 24,000 83, Vipshop Holdings ADR 27, , Want Want China Holdings 381, , Weichai Power 81,000 82, Yanzhou Coal Mining 186, , YY ADR ADR 1,900 64, Zhejiang Expressway 134, , Zhuzhou CSR Times Electric 35, , Zijin Mining Group 369, , ZTE 54,800 69, ,791, Colombia Bancolombia Pref 36, , Cementos Argos 24,144 98, Corp Financiera Colombiana voting 7, , Ecopetrol 380, , Grupo Argos 20, , Grupo Aval Acciones y Valores Pref 216,145 87, Grupo de Inversiones Suramericana 15, , Grupo de Inversiones Suramericana Pref 8, , Interconexion Electrica ESP 14,822 45, ,280, Czech Republic CEZ 10, , Komercni Banka 5, , O2 Czech Republic 3,830 34, , Egypt Commercial International Bank Egypt GDR114, , Greece Alpha Bank 106, , Eurobank Ergasias 127,004 77, FF Group 1,994 37, Hellenic Telecommunications Organization 17, , Jumbo 4,989 65, National Bank of Greece 464,060 98, OPAP 16, , Piraeus Bank 468,037 83, Titan Cement 3,749 77, , MGI Funds plc 243

245 Mercer Passive Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss Transferable securities Equities Hong Kong Alibaba Health Information Technology 203, , Alibaba Pictures Group 799, , Beijing Enterprises Holdings 33, , Beijing Enterprises Water Group 287, , Brilliance China Automotive Holdings 187, , China Everbright 69, , China Everbright International 162, , China Gas Holdings 123, , China Jinmao Holdings Group 325,999 91, China Merchants Holdings International 87, , China Mobile 444,499 5,085, China Overseas Land & Investment 297, , China Power International Development 185,999 68, China Resources Beer Holdings Company 81, , China Resources Gas Group 63, , China Resources Land 213, , China Resources Power Holdings 137, , China State Construction International Holdings 121, , China Taiping Insurance Holdings 126, , China Unicom Hong Kong 469, , CITIC 339, , CNOOC 1,314,999 1,632, COSCO Pacific 117, , CSPC Pharmaceutical Group 285, , Far East Horizon 152, , Fosun International 204, , GCLPoly Energy Holdings 891, , Guangdong Investment 229, , Haier Electronics Group 81, , Kunlun Energy 229, , Lenovo Group 547, , Nine Dragons Paper Holdings 125,999 95, Shanghai Industrial Holdings 39,000 88, Shimao Property Holdings 94, , Sino Biopharmaceutical 352, , SinoOcean Land Holdings 139,999 60, Sun Art Retail Group 194, , ,499, Hungary MOL Hungarian Oil & Gas 2, , OTP Bank 18, , Richter Gedeon Nyrt 8, , , India ACC 3,281 78, Adani Ports & Special Economic Zone 71, , Ambuja Cements 44, , Apollo Hospitals Enterprise 4,939 96, Ashok Leyland 82, , Asian Paints 22, , Aurobindo Pharma 17, , Axis Bank 46, , Bajaj Auto 7, , Bajaj Finance 1, , Bharat Forge 8,539 96, Bharat Heavy Electricals 24,917 47, Portfolio Statement Nominal Fair value % of holdings US$ Net assets India Bharat Petroleum 6,252 99, Bharti Airtel 79, , Bharti Infratel 40, , BOSCH , Cadila Healthcare 14,092 68, Cairn India 22,967 47, Cipla 28, , Coal India 43, , Container Of India 2,989 63, Dabur India 33, , Divi's Laboratories 5,535 91, Dr Reddy's Laboratories 9, , Eicher Motors , GAIL India 16,221 92, GlaxoSmithKline Consumer Healthcare , Glenmark Pharmaceuticals 9, , Godrej Consumer Products 7, , Havells India 15,106 80, HCL Technologies 44, , Hero MotoCorp 3, , Hindalco Industries 68, , Hindustan Unilever 48, , Housing Development Finance 110,077 2,042, ICICI Bank 75, , Idea Cellular 77, , Indiabulls Housing Finance 18, , Infosys 132,033 2,292, ITC 170, , JSW Steel 7, , Larsen & Toubro 24, , LIC Housing Finance 18, , Lupin 14, , Mahindra & Mahindra 28, , Mahindra & Mahindra Financial Services 21, , Marico 31, , Maruti Suzuki India 8, , Motherson Sumi Systems 20,370 87, Nestle India 1, , NTPC 137, , Oil & Natural Gas 74, , Piramal Enterprises 5, , Power Finance 19,187 48, Reliance Industries 94,966 1,363, Shree Cement , Shriram Transport Finance 9, , Siemens 6, , State Bank of India 125, , Sun Pharmaceutical Industries 71, , Tata Consultancy Services 34,255 1,293, Tata Motors 120, , Tata Motors 26, , Tata Power 83,204 90, Tata Steel 22, , Tech Mahindra 15, , Titan 18, , Ultratech Cement 2, , United Spirits 4, , UPL 18, , Vedanta 70, , Wipro 47, , MGI Funds plc 244

246 Mercer Passive Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss Transferable securities Equities India Yes Bank 5,575 91, Zee Entertainment Enterprises 38, , ,835, Indonesia Adaro Energy 762,899 49, AKR Corporindo 182,199 88, Astra International 1,541, , Bank Central Asia 897, , Bank Danamon Indonesia 141,299 37, Bank Mandiri Persero 710, , Bank Negara Indonesia Persero 570, , Bank Rakyat Indonesia Persero 839, , Bumi Serpong Damai 647, , Charoen Pokphand Indonesia 511, , Global Mediacom 476,999 35, Gudang Garam 34, , Hanjaya Mandala Sampoerna 599, , Indocement Tunggal Prakarsa 108, , Indofood CBP Sukses Makmur 72,799 94, Indofood Sukses Makmur 384, , Jasa Marga Persero 124,499 49, Kalbe Farma 1,879, , Lippo Karawaci 916,398 79, Matahari Department Store 151, , Media Nusantara Citra 246,599 41, Perusahaan Gas Negara Persero 651, , Semen Indonesia Persero 274, , Summarecon Agung 790, , Surya Citra Media 335,499 83, Telekomunikasi Indonesia Persero 3,717,498 1,119, Tower Bersama Infrastructure 193,899 96, Unilever Indonesia 119, , United Tractors 120, , Waskita Karya Persero 330,499 63, XL Axiata 160,874 44, ,435, Isle Of Man New Europe Property Investments 17, , Korea Amorepacific 2, , Amorepacific Pref , AMOREPACIFIC Group 2, , BGF retail , BNK Financial Group 15, , Celltrion 5, , Cheil Worldwide 5,883 86, CJ , CJ CheilJedang , CJ E&M 1,454 87, CJ Korea Express , Coway 4, , Daelim Industrial 1, , Daewoo Engineering & Construction 7,440 36, DGB Financial Group 9,875 74, Dongbu Insurance 3, , Dongsuh 1,392 40, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Korea Doosan Heavy Industries & Construction 2,157 39, EMart 1, , GS Engineering & Construction 4,073 98, GS Holdings 3, , GS Retail 2, , Hana Financial Group 23, , Hankook Tire 6, , Hanmi Pharm , Hanmi Science , Hanon Systems 10,904 99, Hanssem , Hanwha 2,784 85, Hanwha Chemical 7, , Hanwha Life Insurance 13,890 69, Hotel Shilla 2, , Hyosung 1, , Hyundai Department Store 1, , Hyundai Development CoEngineering & Construction 3, , Hyundai Engineering & Construction 6, , Hyundai Glovis 1, , Hyundai Heavy Industries 2, , Hyundai Marine & Fire Insurance 4, , Hyundai Mobis 5,133 1,123, Hyundai Motor 10,618 1,249, Hyundai Motor 2, , Hyundai Motor Pref 1, , Hyundai Steel 6, , Hyundai Wia , Industrial Bank of Korea 16, , Kakao 2, , Kangwon Land 7, , KB Financial Group 29, , KCC , KEPCO Plant Service & Engineering 2, , Kia Motors 19, , Korea Aerospace Industries 4, , Korea Electric Power 19, , Korea Gas 1,215 41, Korea Investment Holdings 1,840 67, Korea Zinc , Korean Air Lines 1,561 35, KT 2,130 54, KT&G 8,551 1,013, Kumho Petrochemical , LG 7, , LG Chem 3, , LG Chem Pref , LG Display 17, , LG Electronics 8, , LG Household & Health Care , LG Household & Health Care Pref , LG Innotek 1,292 88, LG Uplus 14, , Lotte Chemical , Lotte Chilsung Beverage 24 37, Lotte Confectionery , Lotte Shopping , Mirae Asset Daewoo 11,711 79, Mirae Asset Securities 3,888 77, NAVER 2,047 1,261, NCSoft 1, , MGI Funds plc 245

247 Mercer Passive Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss Transferable securities Equities Korea NH Investment & Securities 11,298 89, OCI 1,238 97, Orion , Ottogi 97 69, Paradise 3,489 45, POSCO 5, , Posco Daewoo 4, , S1 1, , SOil 2, , Samsung C&T 5, , Samsung Card 2,693 97, Samsung ElectroMechanics 4, , Samsung Electronics 7,409 9,167, Samsung Electronics 1,343 1,379, Samsung Fire & Marine Insurance 2, , Samsung Heavy Industries 9,328 74, Samsung Life Insurance 4, , Samsung SDI 3, , Samsung SDS 2, , Samsung Securities 4, , Shinhan Financial Group 32,270 1,064, Shinsegae , SK Holdings 3, , SK Hynix 42,936 1,207, SK Innovation 4, , SK Networks 7,197 37, SK Telecom 1, , Woori Bank 20, , Yuhan , ,879, Malaysia AirAsia 73,399 47, Alliance Financial Group 100, , AMMB Holdings 129, , Astro Malaysia Holdings 124,299 90, Axiata Group 215, , Berjaya Sports Toto 62,599 47, British American Tobacco Malaysia 10, , CIMB Group Holdings 238, , Dialog Group 183,299 70, DiGi.Com 225, , Felda Global Ventures Holdings 104,899 39, Gamuda 152, , Genting 178, , Genting Malaysia 251, , Genting Plantations 14,600 38, HAP Seng Consolidated 52, , Hartalega Holdings 35,199 37, Hong Leong Bank 37, , Hong Leong Financial Group 13,000 47, IHH Healthcare 203, , IJM 198, , IOI 132, , IOI Properties Group 67,199 39, Kuala Lumpur Kepong 28, , Lafarge Malaysia 17,800 34, Malayan Banking 267, , Malaysia Airports Holdings 52,499 79, Portfolio Statement Nominal Fair value % of holdings US$ Net assets Malaysia Maxis 126, , MISC 81, , Petronas Chemicals Group 194, , Petronas Dagangan 12,000 69, Petronas Gas 45, , PPB Group 33, , Public Bank 198, , RHB Capital 33,386 42, SapuraKencana Petroleum 311, , Sime Darby 172, , Telekom Malaysia 79, , Tenaga Nasional 256, , UMW Holdings 17,800 25, Westports Holdings 80,999 84, YTL 404, , YTL Power International 105,099 36, ,071, Malta Brait 27, , Mexico Alfa 223, , America Movil 2,309,498 1,407, Arca Continental 28, , Cemex 1,016, , CocaCola Femsa 41, , El Puerto de Liverpool 12, , Fibra Uno Administracion REIT 186, , Fomento Economico Mexicano 133,799 1,227, Gentera 63, , Gruma 13, , Grupo Aeroportuario del Pacifico 28, , Grupo Aeroportuario del Sureste 15, , Grupo Bimbo 128, , Grupo Carso 35, , Grupo Comercial Chedraui 13,999 34, Grupo Financiero Banorte 181,798 1,006, Grupo Financiero Inbursa 178, , Grupo Financiero Santander Mexico 121, , Grupo Lala 32,699 71, Grupo Mexico 279, , Grupo Televisa 183, , Industrias Penoles 9, , KimberlyClark de Mexico 101, , Mexichem 83, , OHL Mexico 69,999 84, Promotora y Operadora de Infraestructura 17, , WalMart de Mexico 397, , ,197, Netherlands Steinhoff International Holdings 211,453 1,216, Peru Cia de Minas Buenaventura ADR 11, , Credicorp 5, , , Philippines Aboitiz Equity Ventures 127, , Aboitiz Power 88,098 86, MGI Funds plc 246

248 Mercer Passive Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss Transferable securities Equities Philippines Alliance Global Group 108,498 34, Ayala 19, , Ayala Land 564, , Bank of the Philippine Islands 37,749 78, BDO Unibank 112, , DMCI Holdings 354,598 94, Energy Development 757,598 88, Globe Telecom 2, , GT Capital Holdings 6, , International Container Terminal Services 27,199 35, JG Summit Holdings 222, , Jollibee Foods 25, , Megaworld 956,998 94, Metro Pacific Investments 955, , Metropolitan Bank & Trust 49,119 94, Philippine Long Distance Telephone 7, , Robinsons Land 64,798 40, Security Bank 38, , SM Investments 10, , SM Prime Holdings 544, , Universal Robina 56, , ,277, Poland Alior Bank 8, , Bank Handlowy w Warszawie 1,842 33, Bank Millennium 27,518 32, Bank Pekao 10, , Bank Zachodni WBK 2, , CCC 2, , Cyfrowy Polsat 12,259 68, Enea 13,675 34, Energa 11,866 28, Eurocash 6,024 70, Grupa Azoty 3,864 67, Grupa Lotos 5,517 42, KGHM Polska Miedz 12, , LPP , mbank 1,102 86, Orange Polska 61,083 78, PGE Polska Grupa Energetyczna 72, , Polski Koncern Naftowy Orlen 22, , Polskie Gornictwo Naftowe i Gazownictwo 102, , Powszechna Kasa Oszczednosci Bank Polski 68, , Powszechny Zaklad Ubezpieczen 36, , Synthos 37,803 34, Tauron Polska Energia 49,259 35, ,086, Qatar Barwa Real Estate 4,232 38, Commercial Bank 11, , Doha Bank 9,946 96, Ezdan Holding Group 51, , Industries Qatar 11, , Masraf Rayan 25, , Ooredoo 5, , Qatar Electricity & Water 2, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Qatar Qatar Gas Transport 19, , Qatar Insurance 9, , Qatar Islamic Bank 3,022 79, Qatar National Bank 16, , Vodafone Qatar 20,930 60, ,432, Russia ALROSA PJSC 130, , Gazprom 872,618 1,911, Lukoil 31,239 1,309, Magnit GDR 20, , MegaFon OAO GDR 7,347 76, MMC Norilsk Nickel 4, , Mobile Telesystems ADR 34, , Moscow Exchange MICEXRTS OAO 93, , Novatek GDR 6, , PhosAgro OJSC GDR 5,297 78, ROSNEFT PJSC 92, , Rostelecom 70, , Rushydro 12,642, , Sberbank of Russian Federation 791,808 1,657, Severstal 13, , Sistema GDR Nonvoting 8,823 66, Surgutneftegas 488, , Surgutneftegaz Pref 420, , Tatneft 105, , Transneft Pref , VTB Bank 402,459, , ,247, South Africa Anglo American Platinum 3,645 91, AngloGold Ashanti 31, , Aspen Pharmacare Holdings 25, , Barclays Africa Group 34, , Bid 20, , Bidvest Group 19, , Capitec Bank Holdings 2, , Coronation Fund Managers 8,387 38, Discovery 23, , Exxaro Resources 6,526 30, FirstRand 254, , Fortress Income Fund 36,739 39, Fortress Income Fund 57, , Foschini Group 15, , Gold Fields 64, , Growthpoint Properties REIT 126, , Hyprop Investments REIT 17, , Impala Platinum Holdings 43, , Imperial Holdings 11, , Investec 17, , Liberty Holdings 4,146 34, Life Healthcare Group Holdings 84, , Massmart Holdings 4,722 40, MMI Holdings 77, , Mondi 7, , Mr Price Group 15, , MTN Group 124,736 1,217, Naspers 31,849 4,871, Nedbank Group 11, , Netcare 64, , MGI Funds plc 247

249 Mercer Passive Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss Transferable securities Equities South Africa Pick n Pay Stores 19,714 96, Pioneer Foods 7,891 93, PSG Group 6,848 90, Rand Merchant Investment Holdings 45, , Redefine Properties REIT 291, , Remgro 37, , Resilient REIT 25, , RMB Holdings 48, , Sanlam 111, , Sappi 37, , Sasol 41,521 1,126, Shoprite Holdings 34, , Sibanye Gold 50, , Spar Group 16, , Standard Bank Group 97, , Telkom SOC 10,828 49, Tiger Brands 10, , Truworths International 37, , Tsogo Sun Holdings 27,638 50, Vodacom Group 24, , Woolworths Holdings 75, , ,286, Taiwan Acer 224, , Advanced Semiconductor Engineering 494, , Advantech 26, , Asia Cement 166, , Asia Pacific Telecom 98,000 32, Asustek Computer 55, , AU Optronics 602, , Casetek Holdings 8,000 27, Catcher Technology 52, , Cathay Financial Holding 618, , Chailease Holding 75, , Chang Hwa Commercial Bank 336, , Cheng Shin Rubber Industry 157, , Chicony Electronics 43,000 96, China Airlines 244,999 73, China Development Financial Holding 1,018, , China Life Insurance 252, , China Steel 889, , Chunghwa Telecom 281,999 1,018, Compal Electronics 288, , CTBC Financial Holding 1,234, , Delta Electronics 147, , E.Sun Financial Holding 474, , Eclat Textile 15, , Eva Airways 156,000 71, Evergreen Marine Taiwan 107,000 39, Far Eastern New Century 218, , Far EasTone Telecommunications 111, , Feng TAY Enterprise 17,000 70, First Financial Holding 724, , Formosa Chemicals & Fibre 246, , Formosa Petrochemical 71, , Formosa Plastics 311, , Formosa Taffeta 43,000 41, Foxconn Technology 63, , Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan Fubon Financial Holding 512, , Giant Manufacturing 21, , Hermes Microvision 3, , Highwealth Construction 63, , Hiwin Technologies 9,000 41, Hon Hai Precision Industry 1,023,999 2,618, Hotai Motor 18, , HTC 46, , Hua Nan Financial Holdings 571, , Innolux 583, , Inotera Memories 234, , Inventec 177, , Largan Precision 7, , LiteOn Technology 145, , MediaTek 114, , Mega Financial Holding 829, , Merida Industry 24, , Nan Ya Plastics 358, , Nanya Technology 50,000 61, Nien Made Enterprise 9,000 81, Novatek Microelectronics 34, , OBI Pharma 8, , Pegatron 154, , Phison Electronics 11,000 94, Pou Chen 147, , Powertech Technology 38,000 84, President Chain Store 46, , Quanta Computer 217, , Realtek Semiconductor 36, , Ruentex Development 28,000 32, Ruentex Industries 25,000 37, Shin Kong Financial Holding 603, , Siliconware Precision Industries 152, , Simplo Technology 12,000 41, SinoPac Financial Holdings 612, , Standard Foods 16,000 39, Synnex Technology International 83,000 89, TaiMed Biologics 11,000 73, Taishin Financial Holding 504, , Taiwan Business Bank 151,000 38, Taiwan Cement 215, , Taiwan Cooperative Financial Holding 469, , Taiwan Fertilizer 28,000 37, Taiwan Mobile 129, , Taiwan Semiconductor Manufacturing 1,798,999 9,063, Teco Electric and Machinery 102,000 85, Transcend Information 14,000 42, UniPresident Enterprises 365, , United Microelectronics 799, , Vanguard International Semiconductor 63, , Wistron 143,000 99, WPG Holdings 80,000 92, Yuanta Financial Holding 715, , Yulon Motor 43,000 36, Zhen Ding Technology Holding 19,000 33, ,942, Thailand Advanced Info Service 77, , Airports of Thailand 26, , Bangkok Bank 18,599 85, Bangkok Dusit Medical Services 243, , MGI Funds plc 248

250 Mercer Passive Emerging Markets Equity Fund Nominal Fair value % of holdings US$ Net assets Financial assets at fair value through profit or loss Transferable securities Equities Thailand Bangkok Expressway & Metro 439,799 86, Banpu 124,649 52, BEC World 65,599 42, BTS Group Holdings 508, , Bumrungrad Hospital 29, , Central Pattana 83, , Charoen Pokphand Foods 179, , CP ALL 365, , Delta Electronics Thailand 16,299 31, Electricity Generating 11,299 60, Energy Absolute A 81,299 49, Glow Energy 29,999 73, Home Product Center A 368, , Indorama Ventures 127, , IRPC 521,399 70, Kasikornbank 33, , Kasikornbank (Alien market) 88, , Krung Thai Bank 311, , Minor International A 128, , PTT 75, , PTT Exploration & Production 92, , PTT Global Chemical 143, , Robinson Department Store 36,899 71, Siam Cement 28, , Siam Commercial Bank 133, , Thai Oil 69, , Thai Union Group 195, , TMB Bank 578,799 35, True (Alien market) 819, , True 2, ,131, Turkey Akbank 144, , Anadolu Efes Biracilik Ve Malt Sanayii 11,583 78, Arcelik 12,342 81, BIM Birlesik Magazalar 13, , CocaCola Icecek 6,840 83, Emlak Konut Gayrimenkul Yatirim Ortakligi REIT 139, , Eregli Demir ve Celik Fabrikalari 83, , Ford Otomotiv Sanayi 2,956 31, Haci Omer Sabanci Holding 64, , KOC Holding 46, , Petkim Petrokimya Holding 71,145 95, TAV Havalimanlari Holding 19,075 81, Tofas Turk Otomobil Fabrikasi 12, , Tupras Turkiye Petrol Rafinerileri 8, , Turk Hava Yollari 28,942 57, Turk Telekomunikasyon 51, , Turkcell Iletisim Hizmetleri 65, , Turkiye Garanti Bankasi 173, , Turkiye Halk Bankasi 45, , Turkiye Is Bankasi 115, , Turkiye Sise ve Cam Fabrikalari 30,424 37, Turkiye Vakiflar Bankasi 69, , Nominal Fair value % of holdings US$ Net assets Turkey Ulker Biskuvi Sanayi 12,159 88, Yapi ve Kredi Bankasi 59,981 83, ,601, United Arab Emirates Abu Dhabi Commercial Bank 143, , Aldar Properties 203, , Arabtec Holding 243,690 90, DP World 10, , Dubai Financial Market 104,943 35, Dubai Islamic Bank 91, , Emaar Malls Group 108,194 83, Emaar Properties 268, , Emirates Telecommunications Group 131, , First Gulf Bank 73, , National Bank of Abu Dhabi 35,325 92, ,381, United States of America Southern Copper 6, , Total equities 272,904, Total transferable securities 272,904, Financial derivative instruments Portfolio Statement Warrants Malaysia Gamuda 4,916 1, Thailand Banpu 41,550 10, Total warrants 12, MGI Funds plc 249

251 Mercer Passive Emerging Markets Equity Fund Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain US$ Net assets Financial assets at fair value through profit or loss Financial derivative instruments Open forward foreign currency contracts USD 1* 237,260 HKD 1,840,000 22/07/ USD 1* 12,897 HKD 100,000 12/08/ Unrealised gain on open forward foreign currency contracts Futures contracts No. of Maturity contracts Unrealised % of Nominals date Currency long/(short) gain US$ Net assets MINI MSCI EMG MKT SEP16 6,009,840 16/09/2016 USD , Unrealised gain on futures contracts at positive fair value 138, Total financial derivative instruments 150, Total financial assets at fair value through profit or loss 273,054, Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss US$ Net assets Open forward foreign currency contracts USD 1* 3,896 EUR 3,509 05/07/2016 (2) 0.00 USD 1* 167,573 HKD 1,300,000 20/07/2016 (31) 0.00 Unrealised loss on open forward foreign currency contracts (33) 0.00 Total financial liabilities at fair value through profit or loss (33) 0.00 Total investments at fair value through profit and loss 273,054, Cash 5,335, Net current assets 1,391, Total net assets attributable to holders of redeemable participating shares 279,781, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; OTC financial derivative instruments; 0.05 Other current assets MGI Funds plc 250

252 Mercer Passive Emerging Markets Equity Fund Portfolio Statement The following is a list of counterparties for the open forward foreign currency contracts and futures: Reference Counterparty 1* State Street Bank and Trust Country classifications are based upon country of incorporation and/or country of domicile. Concentration Risk MGI Passive Emerging Markets Equity Fund's exposure to industries above 5% was as follows: 30 June 2016 % of NAV Consumer Discretionary Consumer Staples 8.24 Energy 7.28 Financials Industrials 5.98 Information Technology Materials 6.18 Telecommunication Services 6.49 MGI Funds plc 251

253 Mercer UCITS Alternatives Strategies Portfolio Statement Fair value % of Currency Shares Net assets Financial assets at fair value through profit or loss Investment funds France H2O AM H2O Vivace EUR 8 790, Ireland Fundlogic Alternatives MS Lynx UCITS Fund EUR , Fundlogic Alternatives IPM Systematic Macro UCITS Fund EUR 1,001 1,079, Gam Star Discretionary FX EUR 93, , Mercer MGI Euro Cash Fund EUR 9,698 1,089, Russell Investment Acadian Global Leveraged Market Neutral Equity UCITS EUR 160,638 1,337, QC VPRO Dynamic UCITS Fund EUR 1,110 1,109, ,381, Luxembourg AQR UCITS Funds Style Premia UCITS Fund EUR 14,996 1,633, Merrill Lynch Investment Solutions AQR Global Relative Value UCITS Fund EUR 11,409 1,353, Portland Hill EUR 13,400 1,336, Winton Alternative Investment Fund SICAVSIFDiversified Fund Lux EUR 10, , ,320, United Kingdom BlackRock UK Absolute Alpha Fund GBP 1,226,745 2,079, Total investment funds 14,572, Financial derivative instruments Open forward foreign currency contracts Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain Net assets EUR 1* 2,143,591 GBP 1,750,341 27/07/ , Unrealised gain on open forward foreign currency contracts 38, Total financial derivatives instruments 38, Total financial assets at fair value through profit or loss 14,610, Total investments at fair value through profit or loss 14,610, Cash 437, Net current liabilities (4,121) (0.03) Net assets attributable to holders of redeemable participating shares 15,044, MGI Funds plc 252

254 Mercer UCITS Alternatives Strategies Portfolio Statement Total assets comprised as follows: % of total assets UCITS and NONUCITS CIS; OTC financial derivative instruments; 0.26 Other current assets The following is a list of counterparties for the open forward foreign currency contracts: Reference Counterparty 1* State Street Bank and Trust Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 253

255 Mercer Investment Fund 6 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Government bonds Australia Australia (Government of) /04/2026 AUD 6,920,000 5,571, Australia (Government of) /04/2037 AUD 3,895,000 3,103, ,675, Belgium Belgium (Government of) /06/2031 EUR 955,000 1,017, Brazil Brazilian Government International Bond /01/2021 USD 665, , Canada Canada Housing Trust No /12/2020 CAD 4,335,000 3,317, Canada Housing Trust No /06/2021 CAD 12,375,000 9,727, Canada Housing Trust No /03/2025 CAD 3,320,000 2,504, Canada Housing Trust No /12/2025 CAD 5,190,000 3,815, Province of Ontario Canada /09/2017 CAD 1,750,000 1,230, ,594, Denmark Denmark (Kingdom of) /11/2021 DKK 12,960,000 2,058, France France (Government of) /11/2019 EUR 855, , France (Government of) /10/2020 EUR 760, , France (Government of) /10/2021 EUR 225, , France (Government of) /05/2025 EUR 2,574,000 2,673, France (Government of) /05/2030 EUR 664, , France (Government of) /05/2045 EUR 1,000,000 1,589, ,122, Germany Bundesrepublik Deutschland /01/2022 EUR 445, , Bundesrepublik Deutschland /01/2030 EUR 1,380,000 2,569, Bundesrepublik Deutschland /01/2031 EUR 900,000 1,617, Bundesrepublik Deutschland /07/2044 EUR 2,365,000 3,726, ,422, Indonesia Indonesia (Government of) /04/2023 USD 985, , Italy Italy Buoni Poliennali Del Tesoro /09/2019 EUR 1,615,000 1,829, Italy Buoni Poliennali Del Tesoro /09/2020 EUR 216, , Italy Buoni Poliennali Del Tesoro /03/2021 EUR 695, , Italy Buoni Poliennali Del Tesoro /05/2021 EUR 3,282,000 3,817, Italy Buoni Poliennali Del Tesoro /04/2022 EUR 5,046,000 5,278, Italy Buoni Poliennali Del Tesoro /11/2022 EUR 1,070,000 1,390, Italy Buoni Poliennali Del Tesoro /05/2023 EUR 590, , Italy Buoni Poliennali Del Tesoro /12/2025 EUR 890, , Italy Buoni Poliennali Del Tesoro /02/2037 EUR 1,125,000 1,494, Italy Buoni Poliennali Del Tesoro /09/2046 EUR 2,280,000 2,748, ,301, Japan Japan Government Ten Year Bond /03/2026 JPY 815,600,000 7,402, Japan Government Thirty Year Bond /12/2033 JPY 77,300, , Japan Government Thirty Year Bond /12/2036 JPY 90,000,000 1,144, Japan Government Thirty Year Bond /03/2042 JPY 49,750, , MGI Funds plc 254

256 Mercer Investment Fund 6 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Government bonds Japan Japan Government Twenty Year Bond /06/2029 JPY 1,028,200,000 11,680, Japan Government Twenty Year Bond /09/2034 JPY 618,150,000 6,787, ,575, Mexico Mexican (Government of) /06/2021 MXN 92,720,000 4,732, Mexican (Government of) /12/2024 MXN 16,456,100 1,031, Mexican (Government of) /03/2026 MXN 44,310,000 2,147, Mexican (Government of) /11/2042 MXN 23,345,000 1,328, ,239, Netherlands Netherlands (Kingdom of) /07/2025 EUR 2,053,274 2,106, New Zealand New Zealand (Government of) /04/2023 NZD 1,080, , Peru Fondo MIVIVIENDA /01/2023 USD 535, , Poland Poland Government Bond /10/2021 PLN 2,220, , Poland Government Bond /07/2025 PLN 5,280,000 1,241, ,834, Singapore Singapore (Government of) /09/2033 SGD 328, , Spain FADE Fondo de Amortizacion del Deficit Electrico /03/2017 EUR 700, , Spain Government Bond /10/2023 EUR 655, , Spain Government Bond /07/2030 EUR 676, , Spain Government Bond /07/2041 EUR 1,665,000 2,486, ,742, Sweden Kommuninvest I Sverige /12/2020 SEK 12,760,000 1,490, Turkey Turkey /07/2020 TRY 926, , United Kingdom United Kingdom (Government of) /07/2019 GBP 1,572,000 1,980, United Kingdom (Government of) /09/2022 GBP 3,865,000 4,989, United Kingdom (Government of) /03/2025 GBP 3,055,000 4,966, United Kingdom (Government of) /09/2025 GBP 7,080,000 9,338, United Kingdom (Government of) /12/2030 GBP 1,060,000 1,844, United Kingdom (Government of) /12/2040 GBP 530, , United Kingdom (Government of) /12/2042 GBP 1,590,000 3,048, United Kingdom (Government of) /01/2044 GBP 479, , United Kingdom (Government of) /07/2065 GBP 720,000 1,161, ,057, United States of America Fannie Mae Pool /12/2044 USD 1,448,086 1,433, Federal National Mortgage Association 09/10/2019 USD 780, , Ginnie Mae II Pool /07/2046 USD 3,160,000 3,019, United States Treasury Bond /02/2031 USD 2,690,000 3,592, United States Treasury Bond /11/2045 USD 3,385,000 3,503, MGI Funds plc 255

257 Mercer Investment Fund 6 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Government bonds United States of America United States Treasury Inflation Indexed Bonds /04/2019 USD 6,794,163 6,247, United States Treasury Note /01/2020 USD 5,185,000 4,736, United States Treasury Note /03/2020 USD 2,895,000 2,655, United States Treasury Note /04/2020 USD 2,625,000 2,407, United States Treasury Note /03/2021 USD 10,005,000 9,110, United States Treasury Note /08/2022 USD 2,027,000 1,871, United States Treasury Note /02/2025 USD 2,475,000 2,331, ,584, Total government bonds 189,225, Corporate bonds Australia Australia & New Zealand Banking Group /07/2022 EUR 540, , Commonwealth Bank of Australia /05/2022 EUR 890,000 1,040, National Australia Bank /02/2019 USD 1,127,000 1,033, Rio Tinto Finance USA /06/2025 USD 761, , Westpac Banking /01/2022 EUR 1,226,000 1,265, ,710, Belgium AnheuserBusch InBev /03/2022 EUR 755, , AnheuserBusch InBev SA/NV /03/2025 EUR 755, , ,572, British Virgin Islands State Grid Overseas Investment /05/2022 EUR 214, , Canada Bank of Nova Scotia /03/2017 USD 950, , Bell Canada /06/2019 CAD 167, , Bell Canada /06/2020 CAD 329, , Bell Canada /09/2023 CAD 225, , National Bank of Canada /03/2021 EUR 732, , Rogers Communications /06/2022 CAD 395, , Yamana Gold /07/2024 USD 396, , ,834, Cayman Islands Seagate HDD Cayman /01/2025 USD 431, , Yorkshire Power Finance /08/2028 GBP 200, , , Channel Islands UBS Group Funding Jersey /09/2025 USD 367, , Chile Empresa de Transporte de Pasajeros Metro /02/2024 USD 728, , China Tencent Holdings /05/2019 USD 378, , Colombia Ecopetrol /09/2043 USD 255, , Ecopetrol /05/2045 USD 267, , MGI Funds plc 256

258 Mercer Investment Fund 6 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Corporate bonds Colombia Empresa de Energia de Bogota /11/2021 USD 695, , Oleoducto Central /05/2021 USD 411, , ,456, Curacao SUAM Finance /04/2024 USD 476, , Denmark Danske Bank /04/2018 EUR 443, , Danske Bank /08/2019 EUR 602, , ,085, France BNP Paribas /09/2017 USD 479, , BNP Paribas /01/2021 USD 575, , BPCE /10/2023 USD 915, , Dexia Credit Local /07/2017 GBP 1,000,000 1,213, Dexia Credit Local /01/2022 EUR 1,950,000 2,007, Dexia Credit Local SA/New York NY /10/2016 USD 390, , Dexia Credit Local SA/New York NY /10/2017 USD 555, , Societe Generale /09/2020 USD 878, , Total /12/2049 EUR 155, , Veolia Environnement /11/2033 EUR 224, , ,339, Germany Daimler /12/2016 GBP 800, , FMS Wertmanagement AoeR /06/2021 EUR 300, , Muenchener Rueckversicherungs /05/2042 EUR 100, , ,440, Guernsey Credit Suisse Group Funding Guernsey /03/2020 USD 805, , Credit Suisse Group Funding Guernsey /04/2026 USD 350, , ,043, Ireland Bank of Ireland Mortgage Bank /01/2020 EUR 234, , Perrigo Finance Unlimited /12/2021 USD 217, , , Japan Mitsubishi UFJ Financial Group /03/2026 USD 234, , Mizuho Bank /04/2019 USD 460, , Nomura Holdings /09/2016 USD 855, , ,423, Luxembourg Actavis Funding SCS /03/2020 USD 477, , Actavis Funding SCS /06/2024 USD 255, , Actavis Funding SCS /03/2025 USD 410, , ,068, Morocco OCP /04/2024 USD 313, , Netherlands Cooperatieve Rabobank /08/2025 USD 488, , Deutsche Telekom International Finance /04/2028 EUR 313, , MGI Funds plc 257

259 Mercer Investment Fund 6 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Corporate bonds Netherlands E.ON International Finance /10/2019 GBP 550, , Myriad International Holdings /07/2020 USD 865, , RWE Finance /07/2022 GBP 550, , Teva Pharmaceutical Finance Netherlands II /03/2027 EUR 300, , ,447, Peru Minsur /02/2024 USD 264, , Portugal TagusSociedade de Titularizacao de Creditos /02/2018 EUR 179, , Spain Banco de Sabadell /11/2021 EUR 600, , Banco Popular Espanol /03/2022 EUR 800, , CaixaBank /01/2018 EUR 400, , CaixaBank /02/2025 EUR 200, , Santander Issuances SAU /11/2025 USD 800, , ,828, Sweden Nordea Bank /03/2017 USD 780, , Nordea Bank /05/2021 USD 755, , Nordea Hypotek /05/2021 SEK 13,700,000 1,509, Skandinaviska Enskilda Banken AB /12/2021 SEK 7,000, , Stadshypotek AB /09/2022 SEK 6,000, , Swedbank Hypotek /12/2020 SEK 13,800,000 1,507, ,034, Switzerland Credit Suisse AG/Guernsey /09/2021 EUR 721, , UBS /08/2022 USD 250, , ,003, Turkey Turkiye Vakiflar Bankasi Tao /05/2021 EUR 203, , United Arab Emirates Abu Dhabi National Energy PJSC /06/2021 USD 324, , United Kingdom Bank of Scotland /06/2022 EUR 985,000 1,250, Barclays /11/2025 EUR 325, , Barclays Bank /05/2021 GBP 175, , BP Capital Markets /09/2021 EUR 446, , British Telecommunications /12/2030 USD 178, , Centrica /10/2023 USD 635, , Lloyds Banking Group /12/2025 USD 555, , Nationwide Building Society /02/2020 USD 840, , Royal Bank of Scotland /03/2022 USD 985, , Royal Bank of Scotland Group /06/2019 EUR 346, , Santander UK /01/2020 EUR 208, , Santander UK /04/2021 EUR 450, , Santander UK /11/2023 USD 630, , ,136, United States of America 21st Century Fox America /09/2022 USD 235, , AbbVie /05/2020 USD 223, , MGI Funds plc 258

260 Mercer Investment Fund 6 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Corporate bonds United States of America AbbVie /05/2025 USD 649, , Aetna /06/2021 USD 630, , Ahold Finance USA LLC /05/2029 USD 376, , Air Products & Chemicals /02/2023 USD 640, , American Tower /03/2022 USD 635, , Apache /01/2023 USD 835, , AT&T /03/2022 USD 289, , AT&T /02/2023 USD 838, , AT&T /03/2023 EUR 625, , AT&T /04/2024 USD 550, , AT&T /01/2025 USD 263, , AT&T /05/2025 USD 90,000 83, Bank of America /01/2019 USD 1,145,000 1,055, Bank of America /01/2025 USD 515, , Bank of America /04/2044 USD 305, , Baxalta /06/2045 USD 330, , Becton Dickinson and /12/2019 USD 283, , Becton Dickinson and /12/2024 USD 197, , Berkshire Hathaway /03/2027 EUR 100,000 98, Biogen /09/2020 USD 315, , Bunge Finance /06/2019 USD 640, , CBS /01/2025 USD 696, , Charter Communications Operating LLC / Charter Communications Operating Capital /07/2025 USD 935, , Citigroup /04/2018 USD 805, , Compass Bank /09/2019 USD 410, , ConocoPhillips /02/2019 USD 805, , Cox Communications /06/2023 USD 225, , Devon Energy /06/2045 USD 495, , Discovery Communications LLC /03/2025 USD 338, , ebay /03/2022 USD 221, , Energy Transfer Partners /06/2021 USD 500, , Energy Transfer Partners /02/2023 USD 155, , EnLink Midstream Partners /06/2025 USD 835, , Entergy /07/2022 USD 568, , Enterprise Products Operating LLC /05/2046 USD 330, , Exelon Generation /06/2022 USD 875, , FedEx /01/2023 EUR 1,070,000 1,085, Fidelity National Information Services /04/2023 USD 94,000 87, Fidelity National Information Services /10/2025 USD 3,000 3, Fifth Third Bancorp /03/2019 USD 404, , Five Corners Funding Trust /11/2023 USD 565, , Ford Motor Credit /05/2018 USD 340, , Ford Motor Credit /08/2021 USD 850, , General Motors Financial /05/2018 USD 47,000 43, General Motors Financial /01/2019 USD 670, , Gilead Sciences /03/2026 USD 326, , Glencore Funding /04/2018 USD 415, , Glencore Funding /05/2023 USD 195, , Glencore Funding LLC /04/2025 USD 350, , Goldman Sachs Group /02/2019 USD 390, , Goldman Sachs Group /06/2020 USD 285, , Goldman Sachs Group /05/2025 USD 1,305,000 1,229, Halliburton /11/2045 USD 405, , Hartford Financial Services Group /04/2022 USD 845, , Healthcare Trust of America Holdings /07/2021 USD 204, , Hess /02/2019 USD 265, , Hewlett Packard Enterprise /10/2025 USD 665, , HP /12/2020 USD 72,000 68, MGI Funds plc 259

261 Mercer Investment Fund 6 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Corporate bonds United States of America HP /09/2021 USD 62,000 60, HP /12/2021 USD 155, , Humana /06/2018 USD 515, , Kinder Morgan /02/2021 USD 890, , Kinder Morgan Energy Partners /02/2019 USD 214, , Kinder Morgan Inc/DE /03/2027 EUR 442, , KLATencor /11/2024 USD 575, , Kohl's /07/2025 USD 469, , Kraft Heinz Foods /07/2020 USD 500, , Kraft Heinz Foods /07/2022 USD 352, , Lincoln National /07/2019 USD 255, , Marathon Oil /10/2037 USD 185, , Mellon Capital III /09/2066 GBP 500, , MetLife /02/2021 USD 710, , MetLife Capital Trust IV /12/2067 USD 108, , Monongahela Power /04/2024 USD 375, , Morgan Stanley /04/2024 USD 470, , Mosaic /11/2043 USD 239, , Nationwide Mutual Insurance /08/2039 USD 270, , Newell Brands /04/2021 USD 619, , Newell Brands /04/2023 USD 253, , Noble Energy /11/2024 USD 473, , ONEOK Partners /09/2018 USD 215, , Penske Truck Leasing / PTL Finance /02/2022 USD 840, , Plains All American Pipeline / PAA Finance /11/2024 USD 576, , Prudential Financial /06/2043 USD 202, , Qualcomm /05/2022 USD 825, , Reynolds American /06/2025 USD 655, , Reynolds American /08/2045 USD 262, , S&P Global /02/2026 USD 273, , Schlumberger Holdings /12/2018 USD 815, , Time Warner /06/2024 USD 460, , Time Warner /07/2025 USD 320, , Time Warner /04/2031 USD 150, , Time Warner Cable /02/2021 USD 940, , TransAllegheny Interstate Line /06/2025 USD 412, , Verizon Communications /08/2046 USD 557, , Wells Fargo & Co /08/2023 USD 865, , Welltower /06/2025 USD 963, , Williams Partners /11/2020 USD 685, , Williams Partners /11/2023 USD 300, , Williams Partners /01/2025 USD 338, , ,994, Total corporate bonds 94,816, Mortgage backed securities United States of America Banc of America Commercial Mortgage Trust /02/2051 USD 1,540,492 1,432, BHMS 2014ATLS Mortgage Trust /07/2033 USD 950, , Citigroup Commercial Mortgage Trust 2006C /10/2049 USD 807, , COMM 2007C9 Mortgage Trust /12/2049 USD 777, , COMM 2014SAVA Mortgage Trust /06/2034 USD 323, , Commercial Mortgage Loan Trust 2008LS /12/2049 USD 1,208,508 1,140, Commercial Mortgage Trust 2007GG /03/2039 USD 817, , Fannie Mae Connecticut Avenue Securities /01/2024 USD 544, , Fannie Mae Connecticut Avenue Securities /11/2024 USD 594, , Fannie Mae Connecticut Avenue Securities /11/2024 USD 295, , MGI Funds plc 260

262 Mercer Investment Fund 6 Portfolio Statement Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Financial assets at fair value through profit or loss Transferable securities Mortgage backed securities United States of America Fannie Mae Connecticut Avenue Securities /02/2025 USD 214, , Fannie Mae Connecticut Avenue Securities /05/2025 USD 529, , Fannie Mae Connecticut Avenue Securities /07/2025 USD 1,040, , Fannie Mae Connecticut Avenue Securities /07/2025 USD 303, , Fannie Mae Connecticut Avenue Securities /08/2028 USD 1,111,616 1,008, Fannie Mae Connecticut Avenue Securities /08/2028 USD 411, , Fannie Mae Connecticut Avenue Securities /09/2028 USD 1,204,993 1,097, Fannie Mae Connecticut Avenue Securities /10/2028 USD 462, , Fannie Mae Connecticut Avenue Securities /10/2028 USD 974, , Freddie Mac Structured Agency Credit Risk Debt Notes /02/2024 USD 760, , Freddie Mac Structured Agency Credit Risk Debt Notes /08/2024 USD 382, , Freddie Mac Structured Agency Credit Risk Debt Notes /08/2024 USD 1,490,000 1,363, Freddie Mac Structured Agency Credit Risk Debt Notes /09/2024 USD 674, , Freddie Mac Structured Agency Credit Risk Debt Notes /10/2024 USD 11,288 10, Freddie Mac Structured Agency Credit Risk Debt Notes /03/2025 USD 560, , Freddie Mac Structured Agency Credit Risk Debt Notes /05/2025 USD 115, , Freddie Mac Structured Agency Credit Risk Debt Notes /10/2027 USD 345, , Freddie Mac Structured Agency Credit Risk Debt Notes /12/2027 USD 996, , Freddie Mac Structured Agency Credit Risk Debt Notes /03/2028 USD 830, , Freddie Mac Structured Agency Credit Risk Debt Notes /04/2028 USD 498, , Freddie Mac Structured Agency Credit Risk Debt Notes /05/2028 USD 584, , Freddie Mac Structured Agency Credit Risk Debt Notes /07/2028 USD 412, , Freddie Mac Structured Agency Credit Risk Debt Notes /09/2028 USD 448, , Freddie Mac Structured Agency Credit Risk Debt Notes /10/2028 USD 350, , GS Mortgage Securities Trust 2013G /04/2031 USD 419, , JP Morgan Chase Commercial Mortgage Securities Trust 2007LDP /01/2049 USD 395, , JP Morgan Chase Commercial Mortgage Securities Trust 2007LDP /01/2049 USD 842, , JP Morgan Chase Commercial Mortgage Securities Trust 2012CIBX /06/2045 USD 311, , JP Morgan Chase Commercial Mortgage Securities Trust 2014INN /06/2029 USD 960, , LBUBS Commercial Mortgage Trust 2006C /09/2039 USD 185, , MLCFC Commercial Mortgage Trust /12/2049 USD 141, , MLCFC Commercial Mortgage Trust /09/2049 USD 787, , Rabobank Capital Funding Trust III /12/2049 USD 670, , Rabobank Capital Funding Trust IV /10/2049 GBP 160, , Resource Capital Corp 2014CRE /04/2032 USD 231, , SBA Tower Trust /10/2044 USD 460, , SBA Tower Trust /10/2049 USD 374, , Starwood Retail Property Trust 2014STAR /11/2027 USD 591, , Total mortgage backed securities 26,629, Total bonds 310,671, Total transferable securities 310,671, Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain Net assets Financial derivative instruments Open forward foreign currency contracts EUR 1* 2,063,108 DKK 15,336,808 09/09/2016 1, EUR 2* 39,286,852 GBP 30,095,387 21/07/2016 3,090, EUR 3* 3,235,078 GBP 2,467,471 21/07/ , EUR 3* 3,051,879 SEK 28,396,884 09/09/ , INR 4* 171,401,516 USD 2,528,046 15/07/2016 5, MGI Funds plc 261

263 Mercer Investment Fund 6 Portfolio Statement Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date gain Net assets Financial derivative instruments Open forward foreign currency contracts JPY 1* 399,004,774 EUR 3,266,085 05/08/ , JPY 3* 295,659,681 EUR 2,482,583 05/08/ , JPY 5* 39,212,771 EUR 332,646 05/08/ , MXN 1* 3,965,420 EUR 188,518 04/08/2016 4, MYR 2* 10,415,446 USD 2,556,565 15/07/ , RUB 4* 113,490,120 USD 1,737,714 18/08/ , RUB 1* 57,257,859 USD 869,176 18/08/ , TRY 2* 6,669,593 EUR 1,986,091 10/08/ , TWD 3* 73,459,764 USD 2,272,651 05/08/2016 5, TWD 4* 72,363,350 USD 2,239,658 05/08/2016 4, USD 2* 6,989,412 CNY 46,082,691 20/07/ , USD 4* 3,533,097 EUR 3,103,476 20/07/ , USD 2* 1,930,164 EUR 1,697,654 20/07/ , USD 1* 2,994,897 EUR 2,661,693 20/07/ , USD 5* 6,944,215 EUR 6,242,823 20/07/2016 4, ZAR 5* 26,399,212 EUR 1,557,638 12/07/ , ZAR 1* 6,346,783 EUR 370,841 12/07/ , Unrealised gain on open forward foreign currency contracts 4,187, Total financial derivative instruments at positive fair value 4,187, Total financial assets at fair value through profit or loss 314,859, Currency Buy Currency Sell Contract Unrealised % of buy amount sell amount date loss Net assets Financial derivative instruments Open forward foreign currency contracts EUR 2* 11,291,967 AUD 17,315,893 12/08/2016 (281,185) (0.08) EUR 5* 25,743,903 CAD 37,455,886 08/09/2016 (161,423) (0.05) EUR 5* 3,120,171 JPY 378,738,277 05/08/2016 (202,377) (0.06) EUR 2* 29,269,300 JPY 3,590,318,720 05/08/2016 (2,227,396) (0.71) EUR 4* 2,059,870 MXN 43,298,873 04/08/2016 (44,264) (0.01) EUR 2* 5,382,785 MXN 115,004,036 04/08/2016 (205,902) (0.07) EUR 2* 783,353 NZD 1,303,257 22/07/2016 (50,831) (0.02) EUR 1* 1,856,091 PLN 8,206,151 29/07/2016 (5,671) (0.00) EUR 2* 3,263,353 SGD 5,044,916 15/07/2016 (109,283) (0.03) EUR 2* 1,481,763 TRY 4,974,765 10/08/2016 (59,808) (0.02) EUR 1* 740,511 USD 845,618 20/07/2016 (20,254) (0.01) EUR 3* 3,960,629 USD 4,463,855 20/07/2016 (55,305) (0.02) EUR 2* 132,576,941 USD 148,239,714 20/07/2016 (787,794) (0.25) EUR 2* 282,801 ZAR 5,000,000 12/07/2016 (23,933) (0.01) GBP 1* 671,515 EUR 855,032 21/07/2016 (47,398) (0.02) GBP 5* 1,162,514 EUR 1,505,689 21/07/2016 (107,526) (0.03) TWD 5* 73,459,765 USD 2,282,169 05/08/2016 (3,044) (0.00) USD 6* 2,546,303 MYR 10,399,612 15/07/2016 (28,130) (0.01) USD 3* 10,237,638 TWD 331,853,050 05/08/2016 (50,999) (0.02) Unrealised loss on open forward foreign currency contracts (4,472,523) (1.42) No. of Maturity contracts Unrealised % of Futures contracts Nominals date Currency long/(short) loss Net assets 10 Year US Treasury Note Futures 5* (3,710,804) 21/09/2016 USD (31) (93,304) (0.03) 30 Year Euro Buxl Futures 5* (588,480) 09/08/2016 EUR (3) (61,320) (0.02) Can 10 Year Bond Futures 5* (923,461) 21/09/2016 CAD (9) (22,082) (0.01) EuroBobl Futures 5* (19,104,800) 09/08/2016 EUR (143) (181,890) (0.06) Long Gilt Futures 5* (5,256,788) 28/09/2016 GBP (34) (163,985) (0.05) MGI Funds plc 262

264 Mercer Investment Fund 6 Portfolio Statement No. of Maturity contracts Unrealised % of Futures contracts date Currency long/(short) loss Net assets Unrealised loss on futures contracts (522,581) (0.17) Total financial derivative instruments at negative fair value (4,995,104) (1.59) Total financial liabilities at fair value through profit or loss (4,995,104) (1.59) Total financial derivative instruments (807,254) (0.26) Total investments at fair value through profit or loss 309,864, Cash 4,984, Net current liabilities (954,442) (0.29) Net assets attributable to holders of redeemable participating shares 313,894, Total assets comprised as follows: % of total assets Transferable securities and money market instruments admitted to official stock exchange listing or traded on a regulated market; OTC financial derivative instruments; 1.30 Other current assets The following is a list of counterparties for the open forward foreign currency contracts and futures: Reference Counterparty 1* State Street Bank and Trust 2* Royal Bank of Scotland 3* BNP Paribas 4* Bank of America 5* Morgan Stanley Capital Services 6* Nomura Global Financial Products Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 263

265 Mercer Investment Fund 6 Portfolio Statement Credit Risk The following table outlines the credit exposures of MGI Investment Fund 6. Please refer to the credit risk note included in the accompanying notes to these financial statements for more details. 30 June 2016 Mercer Euro Nominal Bond Long Duration Fund % Holding AAA ,956,301 AA ,278,829 AA ,150,867 AA ,362,783 A ,700,282 A ,619,591 A ,561,051 BBB ,027,169 BBB ,977,921 BBB ,452,638 BB ,476,291 BB ,108 NR ,475, ,671,749 Concentration Risk Mercer Investment Fund 6 s exposure to industries above 5% was as follows: 2016 % of NAV Financials Sovereign MGI Funds plc 264

266 Statement of Financial Position Notes Assets Cash and cash equivalents 7 Cash due from broker 7 Receivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost Reverse repurchase agreements Deposits with credit institutions Financial assets at fair value through profit or loss 6,11 Transferable securities Investment funds Financial derivative instruments Total assets Liabilities Financial liabilities at fair value through profit or loss 6,11 Financial derivative instruments Cash due to broker 7 Bank overdraft Expenses payable Interest payable Redemptions payable Payable for securities purchased Total liabilities (excluding net assets attributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares MGI Emerging Markets Equity Fund US$ 75,894,449 42,245,569 1,472, ,935 6,062,100 1,214,197,143 12,274,991 1,352,461,974 (4,979,933) (39,866,295) (4,731) (1,362,634) (16) (210,348) (2,723,343) (49,147,300) 1,303,314,674 MGI Euro Bond Fund 229,127 28, ,342 41,464,714 10,081,771 52,306,403 (22,060) (3,165) (38,405) (63,630) 52,242,773 MGI Euro Cash Fund 5,238, ,491 4, ,370, ,141,528 (82,759) (135,935) (43,169) (261,863) 348,879,665 MGI Eurozone Equity Fund 5,308, ,707 2, , ,259, , ,993,606 (10,503,259) (184,647) (501,032) (1,173,854) (12,362,792) 241,630,814 MGI Global Bond Fund US$ 32,575 39,814 4,534, ,719 5,387,679 (103) (4,963) (5,066) 5,382,613 MGI Global Equity Fund US$ 28,770,346 6,092,397 25,703, ,339 1,107,470 29,022, ,491,748 1,817, ,124,107 (9,534,606) (430,816) (243,956) (21,563,617) (31,772,995) 599,351,112 MGI Japanese Equity Fund 11,943,126 1,282, ,885, ,111,066 (861,067) (861,067) 866,249,999 MGI Pacific Basin (Ex Japan) Equity Fund US$ 78,471 29,978 4,996,600 5,105,049 (9,177) (9,177) 5,095,872 MGI UK Bond Fund GB 1,817, ,792 26,009 20, ,245 30,423,652 1,459, ,032 34,550,027 (670,408) (32,870) (23,662) (726,940) 33,823,087 MGI UK Cash Fund GB 1,576,194 14,527 54,985,319 56,576,040 (24,982) (31,620) (56,602) 56,519,438 MGI UK Equity Fund GB 544, , ,917 41,598,028 42,445,360 (27,572) (97,240) (969) (125,781) 42,319,579 The accompanying notes form an integral part of these financial statements. MGI Funds plc 265

267 Statement of Financial Position Notes Assets Cash and cash equivalents 7 Cash due from broker 7 Receivable for securities sold Subscriptions receivable Other assets Financial assets at amortised cost Reverse repurchase agreements Deposits with credit institutions Financial assets at fair value through profit or loss 6,11 Transferable securities Investment funds Financial derivative instruments Total assets Liabilities Financial liabilities at fair value through profit or loss 6,11 Financial derivative instruments Cash due to broker 7 Bank overdraft Expenses payable Interest payable Redemptions payable Payable for securities purchased Total liabilities (excluding net assets attributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares MGI U.S. Equity Fund US$ 1,716, ,846 34,597 44,840,077 46,771,542 (84) (29,774) (663,796) (693,654) 46,077,888 MGI UK Inflation Linked Bond Fund GB 1,378,255 94,080,802 1,318,486 1,278, ,217, ,273,820 (363,313) (95,389,855) (95,753,168) 871,520,652 MGI UK Long Gilt Fund GB 163,457 8,684,804 1,115, ,271, ,235,984 (84,432) (13,367,994) (13,452,426) 182,783,558 MGI Emerging Markets Debt Fund US$ 68,925,994 4,397,306 52,191,985 1,540,916 20,912, ,102,486 11,442,545 32,158,029 1,164,671,884 (36,616,428) (1,480,000) (139,550) (1,091,560) (44,735,415) (9,680,347) (93,743,300) 1,070,928,584 Mercer Global Small Cap Equity Fund US$ 26,975,184 15,443, ,695 1,647,573 1,220,009,897 1,264,484,453 (1,092,543) (18,451,193) (19,543,736) 1,244,940,717 Mercer Low Volatility Equity Fund US$ 116,922,716 1,490, ,090 1,426, ,580,067 27,705,851 1,614,668 1,124,608,702 (23,947,109) (1,045,781) (30,180) (974,188) (25,997,258) 1,098,611,444 Mercer Diversified Growth Fund US$ 45,737,393 6,424,686 45,000,000 35,370,187 1,267,357 30,531,732 2,414,149,243 2,979,529 2,581,460,127 (11,018,417) (488,405) (809,525) (33) (906,767) (13,223,147) 2,568,236,980 *MGI DAM Multi Manager Global Equity Fund US$ 69, , ,713 (732) (133,981) (134,713) Mercer Global High Yield Bond Fund US$ 19,323, ,000 2,436,951 1,125,719 10,465, ,819,070 6,027, ,597,906 (25,943,348) (561,949) (2,167) (1,935,250) (28,442,714) 693,155,192 Mercer Short Duration Global Bond Fund 1 US$ 20,254,319 5,302,657 5,242, ,454,975 2,630, ,885,010 (4,834,932) (348,109) (5,183,041) 574,701,969 Mercer Short Duration Global Bond Fund 2 US$ 2,129,167 7,337,612 4,812 3,628,593 19,200, ,199,908 10,347, ,847,826 (7,885,112) (6,816,792) (2,159,416) (438,494) (9,892,136) (27,191,950) 483,655,876 *This SubFund liquidated on 23 May The accompanying notes form an integral part of these financial statements. MGI Funds plc 266

268 Re erse Ceposis Iran Fnanciaf Rnannai MGI Funds plc Statement of Financial Position 45.25, ,755,.., (126. ( ) (9,805) (30,493,982) , , ( ) (3, ) Notes Assets Ca:rar.dcesneqLvalar:s 7 Casn aje Irom oreker 7 Recevab a ar secj;i:es sea Subsenpiore receste Qier assets al arnataco coal repu:chase agreemenls CreJl.ns.:u:.ons rarcai aaae at tr;hpreictloas Bit crette secur:as rn.esurrsfepls denva.e:e instrunseirs Total assets Liabilities F1nancal kabr,ties at la.r ae through prolt or toss 611 deriva1:a insiruments Cash due 0 broker 7 Bank overdiall Expenses payable Interest payabte Radempt:ons payab[e Payable for secuntres pucflasad Total liabilities (excluding net assets auributable to holders of redeemable participating shares) Net assets attributable to holders of redeemable participating shares Mercer Mercer Melcer Meeter Meicer Meeter Mercee Absolute Passive Mercer Global Buy passive Euro Over Euro Nominal Diversified Return Emerging ucis Netter & Maintain Global 5 Year Bond Bond Long Retirement Fixed Income Markets Alternatives Investment Credit Fund Equity Fund Fund Duration Fund Fund Fund Equity Fund Strategies Fund 6 USS 08$ GB 05$ 7:756: , , , , , , , , , , , I 264,225 1,509, ,070,565 MGI Funds plc , ,:4,137 Ii , , ,198 11,954, , ,850 83, , ,345, , ,055,007,985 48,558, , ,060, ,993,403 14,321,195,379 ( ) ( ). (1035) (171Sf.991) (33) ( ) (1,220,000). (80,000) (41.533,224) 118) (175,958,467) (55, ) (447,566) (256,141) (115903) (451652) (20.570) (188,791) (132,031) (15,946) (76 322) (58657) ( ) ( ). (145764) (3,323480) (277,669) (3446) (22,941) (39,147,587) (18,483889) (115,908) (3118,332) (299,434) ( ) (158501) (15,946) (9,099053) (524,433,496) 605,132, ,861, ,004,911 1,051, Sf 238, ,781,298 15,044, , ,796, On behalf of the Board Director Trsse&nFurcsauttssodL:.nglr.etr.o.alyeareroso20June10i6. The cc P5c 2 ro:es form a9,r2egra! psi cy r;cae Lnsncar Tom Finlay Director t Paul Sullivan 19 October 2016