MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT THREE MONTHS TO 31 DECEMBER 2016

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1 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT THREE MONTHS TO 31 DECEMBER 2016

2 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT CONTENTS ECONOMY & MARKETS 1

3 FINANCIAL MARKET RETURNS TO 31 DECEMBER 2016 QUARTER ENDING DECEMBER

4 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT SHARES AUSTRALIAN SHARES 3

5 QUARTER ENDING DECEMBER 2016 SHARES AUSTRALIAN SHARES FUNDS** AUSTRALIAN SHARES 4

6 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT SHARES AUSTRALIAN SHARES SOCIALLY RESPONSIBLE 5

7 QUARTERLY ENDING DECEMBER 2016 SHARES AUSTRALIAN SHARES SOCIALLY RESPONSIBLE MERCER SOCIALLY RESPONSIBLE AUSTRALIAN SHARES FUNDS Top 10 Australian share holdings 6

8 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT SHARES AUSTRALIAN SHARES TAX EXEMPT INVESTORS 7

9 QUARTERLY ENDING DECEMBER 2016 SHARES AUSTRALIAN SHARES TAX EXEMPT INVESTORS MERCER AUSTRALIAN SHARES FUND FOR TAX EXEMPT INVESTORS Top 10 Australian share holdings 8

10 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT SHARES AUSTRALIAN SHARES SMALL COMPANIES MERCER AUSTRALIAN SMALL COMPANIES FUND 9

11 QUARTERLY ENDING DECEMBER 2016 SHARES INTERNATIONAL SHARES 10

12 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT SHARES INTERNATIONAL SHARES INTERNATIONAL SHARES FUNDS** 11

13 QUARTERLY ENDING DECEMBER 2016 SHARES MERCER INTERNATIONAL SHARES FUND MERCER HEDGED INTERNATIONAL SHARES FUND INTERNATIONAL SHARES 12

14 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT SHARES INTERNATIONAL SHARES MERCER INTERNATIONAL SHARES PLUS FUND 13

15 QUARTERLY ENDING DECEMBER 2016 SHARES GLOBAL SHARES SMALL COMPANIES MERCER GLOBAL SMALL COMPANIES SHARES FUND 14

16 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT SHARES EMERGING MARKETS MERCER EMERGING MARKETS SHARES FUND 15

17 QUARTERLY ENDING DECEMBER 2016 PROPERTY AND INFRASTRUCTURE GLOBAL LISTED PROPERTY MERCER GLOBAL LISTED PROPERTY FUND 16

18 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT PROPERTY AND INFRASTRUCTURE AUSTRALIAN DIRECT PROPERTY MERCER AUSTRALIAN DIRECT PROPERTY FUND 17

19 QUARTERLY ENDING DECEMBER 2016 PROPERTY AND INFRASTRUCTURE GLOBAL LISTED INFRASTRUCTURE MERCER GLOBAL LISTED INFRASTRUCTURE FUND 18

20 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT PROPERTY AND INFRASTRUCTURE GLOBAL UNLISTED INFRASTRUCTURE MERCER GLOBAL UNLISTED INFRASTRUCTURE FUND 19

21 QUARTERLY ENDING DECEMBER 2016 ALTERNATIVES GLOBAL NATURAL RESOURCES MERCER GLOBAL NATURAL RESOURCES FUND 20

22 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT ALTERNATIVES ALTERNATIVE ASSETS MERCER DIVERSIFIED ALTERNATIVES FUND 21

23 QUARTERLY ENDING DECEMBER 2016 FIXED INTEREST AUSTRALIAN SOVEREIGN BONDS MERCER AUSTRALIAN SOVEREIGN BOND FUND 22

24 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT FIXED INTEREST GLOBAL SOVEREIGN BONDS MERCER GLOBAL SOVEREIGN BOND FUND 23

25 QUARTERLY ENDING DECEMBER 2016 FIXED INTEREST AUSTRALIAN INFLATION PLUS MERCER AUSTRALIAN INFLATION PLUS 24

26 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT FIXED INTEREST GLOBAL CREDIT MERCER GLOBAL CREDIT FUND 25

27 QUARTERLY ENDING DECEMBER 2016 FIXED INTEREST EMERGING MARKETS DEBT MERCER EMERGING MARKETS DEBT FUND 26

28 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT CASH CASH & TERM DEPOSITS MERCER CASH FUND 27

29 QUARTERLY ENDING DECEMBER 2016 OTHER SECTOR FUNDS MERCER DIVERSIFIED SHARES FUND Objectives 28

30 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT DIVERSIFIED FUNDS MULTI SECTOR GROWTH MERCER GROWTH FUND Objectives MERCER SELECT GROWTH FUND Objectives 29

31 QUARTERLY ENDING DECEMBER 2016 MERCER HIGH GROWTH FUND Objectives DIVERSIFIED FUNDS MULTI SECTOR GROWTH 30

32 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT DIVERSIFIED FUNDS MULTI SECTOR INCOME & DEFENSIVE MERCER INCOME PLUS FUND Objectives MERCER MODERATE GROWTH FUND Objectives 31

33 QUARTERLY ENDING DECEMBER 2016 DIVERSIFIED FUNDS MULTI SECTOR GROWTH MERCER CONSERVATIVE GROWTH FUND Objectives MERCER DEFENSIVE FUND Objectives 32

34 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT MERCER SMARTPATH FUNDS MERCER SMARTPATH Objectives MERCER SMARTPATH Objectives 33

35 QUARTERLY ENDING DECEMBER 2016 MERCER SMARTPATH FUNDS MERCER SMARTPATH Objectives MERCER SMARTPATH Objectives 34

36 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT MERCER SMARTPATH FUNDS MERCER SMARTPATH Objectives MERCER SMARTPATH Objectives 35

37 QUARTERLY ENDING DECEMBER 2016 MERCER SMARTPATH FUNDS MERCER SMARTPATH Objectives MERCER SMARTPATH Objectives 36

38 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT MERCER SMARTPATH FUNDS MERCER SMARTPATH Objectives MERCER SMARTPATH Objectives 37

39 QUARTERLY ENDING DECEMBER 2016 CLOSED FUNDS MERCER AUSTRALIAN LISTED PROPERTY FUND 38

40 MERCER MULTI-MANAGER FUNDS QUARTERLY REPORT IMPORTANT NOTES ABOUT THIS REPORT 39

41

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MERCER SUPER TRUST QUARTERLY REPORT THREE MONTHS TO 31 DECEMBER 2016

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