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

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

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 2015 268 Comparative Statement of Financial Position as at 1 July 2014 271 Statement of Comprehensive Income 274 Comparative Statement of Comprehensive Income for the financial year ended 30 June 2015 277 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 2015 283 Statement of Cash Flows 286 Comparative Statement of Cash Flows for the financial year ended 30 June 2015 289 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

Management and Administration REGISTERED OFFICE 70 Sir John Rogerson s Quay Dublin 2 Ireland COMPANY REGISTRATION NUMBER 421179 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

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 2016. 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 2016. 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 2016. Investment Performance to 30 June 2016 (EUR) MGI Emerging Markets Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AQR 38.1 12.1 11.8 Dimensional 27.8 9.8 11.8 Mondrian 34.0 6.8 11.8 MGI Emerging Markets Equity Fund 100.0 8.7 11.8 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 2016. MGI Funds plc 3

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 19.3 5.6 5.2 Irish Life Investment Managers 80.7 8.9 8.3 MGI Euro Bond Fund 100.0 8.2 7.2 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 100.0 MGI Euro Cash Fund 100.0 0.2 0.3 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) 39.4 2.6 4.0 Hermes 30.5 8.7 11.7 TT International 30.0 14.0 11.7 MGI Eurozone Equity Fund (b) 100.0 10.2 11.7 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 2016. 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 2016. Acadian was appointed as a Sub Investment Manager on 14 April 2016. MGI Funds plc 4

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 14.6 7.3 7.0 Irish Life Investment Managers 85.4 12.5 11.9 MGI Global Bond Fund 100.0 11.2 9.2 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 100.0 9.5 6.7 MGI Japanese Equity Fund 100.0 9.6 6.7 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 100.0 7.1 6.5 MGI Pacific Basin (exjapan) Equity Fund 100.0 7.5 6.5 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

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) 32.4 11.6 12.9 BlackRock (Passive) 39.5 10.3 10.3 Lindsell Train 28.1 13.1 12.9 MGI UK Equity Fund 100.0 11.2 12.9 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 2016. MGI U.S. Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Robeco 64.7 3.6 2.4 Winslow 35.3 1.8 2.8 MGI U.S. Equity Fund 100.0 3.1 3.6 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 37.3 5.4 2.3 Investec 24.2 0.9 2.3 Wellington 38.4 1.3 2.3 MGI Emerging Markets Debt Fund 100.0 1.7 2.3 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

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 20.0 7.0 3.5 Arrowstreet Capital 31.8 0.9 3.5 KBI 28.8 0.4 3.5 Fidelity 19.4 6.3 3.5 Mercer Global Small Cap Equity Fund 100.0 3.7 3.5 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 32.3 12.0 15.1 First Eagle 33.1 4.7 2.5 Magellan 16.1 1.6 3.2 Veritas 18.5 1.1 3.2 Mercer Low Volatility Equity Fund 100.0 5.3 5.1 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

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 100.0 Figures may not sum to total due to rounding. Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Growth Fund 0.9 0.3 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

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 26.7 2.4 2.5 Wellington 73.3 1.2 2.5 Mercer Global High Yield Bond (Hedged EUR) Fund (a)(b) 100.0 1.5 2.0 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 2015. 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 2015. Mercer Short Duration Global Bond Fund 1 Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Quoniam 100.0 Mercer Short Duration Global Bond Fund 1 100.0 2.2 0.6 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 100.0 Mercer Short Duration Global Bond Fund 2 100.0 1.0 0.6 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

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 50.0 7.4 6.7 Pramerica 50.0 6.9 6.7 Mercer Global Buy and Maintain Credit Fund (a) 100.0 6.9 6.8 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 100.0 Mercer Passive Global Equity Fund 100.0 2.4 2.5 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 100.0 Mercer Passive Global Equity (Hedged) Fund 100.0 2.5 3.2 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

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 100.0 Mercer Euro Over 5 Year Bond Fund 100.0 13.5 13.6 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 100.0 Mercer Euro Nominal Bond Long Duration Fund 100.0 20.3 20.5 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

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 100.0 Figures may not sum to total due to rounding. Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Retirement Fund 2.1 0.3 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 39.6 2.5 0.2 H2O 20.9 3.7 0.2 Pioneer 39.6 4.2 0.2 Mercer Absolute Return Fixed Income Fund 100.0 1.3 0.2 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 2016. There were no SubInvestment Manager changes during the period. MGI Funds plc 12

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 100.0 10.1 10.8 Mercer Passive Emerging Markets Equity Fund 100.0 10.4 10.8 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 2016. 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 100.0 Fund Performance Since Inception Fund Benchmark (%) (%) Mercer UCITS Alternatives Strategies 0.3 0.0 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 2016. MGI Funds plc 13

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 100.0 Mercer Investment Fund 6 100.0 2.1 1.8 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 2016. MGI Global Equity Fund Manager Performance over the last Financial Year Weight (a) Fund Benchmark (%) (%) (%) Arrowstreet Capital 33.0 0.0 2.5 Baillie Gifford 24.5 4.4 2.5 Hexavest Inc. 35.5 8.3 2.5 MGI Global Equity Fund 100.0 0.3 2.5 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 2016. Investment Performance to 30 June 2016 (GBP) MGI Emerging Markets Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AQR 38.1 3.1 3.5 Dimensional 27.8 5.8 3.5 Mondrian 34.0 9.3 3.5 MGI Emerging Markets Equity Fund 100.0 7.1 3.5 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 2016. MGI Funds plc 14

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) 39.4 3.5 2.0 Hermes 30.5 7.1 3.5 TT International 30.0 0.9 3.5 MGI Eurozone Equity Fund (b) 100.0 5.4 3.5 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 2016. 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 2016. Acadian was appointed as a Sub Investment manager on 14 April 2016. MGI Global Equity Fund Manager Performance over the Financial Year Weight (a) Fund Benchmark (%) (%) (%) Arrowstreet Capital 33.0 17.3 14.4 Baillie Gifford 24.5 12.1 14.4 Hexavest Inc. 35.5 27.1 14.4 MGI Global Equity Fund 100.0 17.7 14.4 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 2016. MGI Japanese Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) J.P.Morgan 100.0 6.2 9.5 MGI Japanese Equity Fund 100.0 6.0 9.5 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

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 100.0 9.0 9.7 MGI Pacific Basin (exjapan) Equity Fund 100.0 8.5 9.7 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 100.0 12.2 12.1 MGI UK Bond Fund 100.0 12.3 12.1 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 100.0 0.5 0.5 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

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) 32.4 3.7 2.2 BlackRock (Passive) 39.5 5.2 5.2 Lindsell Train 28.1 1.9 2.2 MGI UK Equity Fund 100.0 4.2 2.2 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 2016. MGI U.S. Equity Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Robeco 64.7 13.1 20.1 Winslow 35.3 15.2 20.6 MGI U.S. Equity Fund 100.0 13.7 21.5 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 100.0 MGI UK InflationLinked Bond Fund 100.0 16.9 17.0 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

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 100.0 MGI UK Long Gilt Fund 100.0 24.0 24.1 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 37.3 23.6 20.0 Investec 24.2 16.2 20.0 Wellington 38.4 18.9 20.0 MGI Emerging Markets Debt Fund 100.0 19.4 20.0 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 20.0 9.0 13.2 Arrowstreet Capital 31.8 16.3 13.3 KBI 28.8 16.9 13.2 Pyramis 19.4 9.9 13.2 Mercer Global Small Cap Equity Fund 100.0 13.0 13.2 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

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 32.3 31.4 35.0 First Eagle 33.1 22.8 14.4 Magellan 16.1 15.5 21.0 Veritas 18.5 18.6 21.0 Mercer Low Volatility Equity Fund 100.0 23.5 23.3 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 100.0 Figures may not sum to total due to rounding. Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Growth Fund 18.4 0.5 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

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 26.7 14.4 20.2 Wellington 73.3 18.7 20.2 Mercer Global High Yield Bond (Hedged GBP) Fund (a)(b) 100.0 1.0 2.7 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 2015. 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 2015. Mercer Global Buy and Maintain Credit Fund Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) AXA 50.0 26.0 25.2 Pramerica 50.0 25.3 25.2 Mercer Global Buy and Maintain Credit Fund (a) 100.0 8.2 7.8 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 100.0 Mercer Passive Global Equity Fund 100.0 14.5 14.4 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

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 100.0 Mercer Passive Global Equity (Hedged) Fund 100.0 3.5 3.4 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 100.0 Figures may not sum to total due to rounding. Fund Performance over the Financial Year Fund Benchmark (%) (%) Mercer Diversified Retirement 14.8 0.5 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

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 39.6 2.5 0.2 H2O 20.9 3.7 0.2 Pioneer 39.6 4.2 0.2 Mercer Absolute Return Fixed Income Fund (a) 100.0 0.9 0.3 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 2015. (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 2016. 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 100.0 19.9 20.8 Mercer Passive Emerging Markets Equity Fund 100.0 20.3 20.8 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 2016. Investment Performance to 30 June 2016 (NOK) Mercer Short Duration Global Bond Fund 1 Manager Performance over the Financial Year Weight Fund Benchmark (%) (%) (%) Quoniam 100.0 Mercer Short Duration Global Bond Fund 1 100.0 3.5 1.9 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

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 100.0 Mercer Short Duration Global Bond Fund 2 100.0 2.3 1.9 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 100.0 Mercer Short Duration Global Bond Fund 1 100.0 1.9 0.4 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 100.0 Mercer Short Duration Global Bond Fund 2 100.0 0.8 0.4 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

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

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 2016. 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

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 2006. 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 2015. 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 2015. 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 2016. 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

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, www.irishfunds.ie. The Company has been in compliance with the Corporate Governance Code during the financial year ended 30 June 2016. 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

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. 2011. On behalf of the Board Tom Finlay Director Director 19 October 2016 001 Furd plc 28

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 2016. 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

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

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 2014. 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 2015. 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

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 2014. 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

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 43,285 190,501 0.01 Ambev ADR 1,506,173 8,901,482 0.68 B2W Cia Digital 29,300 85,968 0.01 Banco ABC Brasil Pref 45,657 186,262 0.01 Banco Bradesco 30,574 257,762 0.02 Banco Bradesco ADR 424,271 3,313,557 0.25 Banco Bradesco Pref 114,237 897,850 0.07 Banco Daycoval Pref 46,244 130,631 0.01 Banco do Brasil 151,690 813,432 0.06 Banco do Estado do Rio Grande do Sul Pref 127,638 340,235 0.03 Banco Industrial e Comercial Pref 29,300 75,451 0.01 Banco Pan Pref 129,181 62,499 0.01 Banco Pine Pref 20,745 25,448 BM&FBovespa Bolsa de Valores Mercadorias e Futuros 121,543 682,879 0.05 BR Malls Participacoes 63,400 254,293 0.02 BrasilAgro Co Brasileira de Propriedades Agricolas 16,500 61,648 0.01 Braskem Pref 411,600 2,446,153 0.19 BRF 224,800 3,166,672 0.24 BTG Pactual Group 60,395 347,619 0.03 CCR 1,794,100 9,408,000 0.72 Centrais Eletricas Brasileiras 236,500 1,299,966 0.10 Cia Brasileira de Distribuicao Pref 170,386 2,484,192 0.19 Cia de Saneamento Basico do Estado de Sao Paulo ADR 227,156 2,035,318 0.16 Cia Energetica de Minas Gerais ADR 138,641 306,397 0.02 Cia Energetica de Sao Paulo Pref 62,700 232,893 0.02 Cia Ferro Ligas da Bahia Ferbasa Pref 30,700 72,827 0.01 Cia Siderurgica Nacional 380,562 928,910 0.07 Cielo 652,294 6,894,007 0.53 Cosan Industria e Comercio 24,700 256,811 0.02 Cyrela Brazil Realty Empreendimentos e Participacoes 179,973 578,048 0.04 Direcional Engenharia 49,900 85,042 0.01 Duratex 203,778 540,652 0.04 Embraer 157,502 860,331 0.07 Embraer ADR 56,247 1,221,685 0.09 Equatorial Energia 16,400 249,039 0.02 Estacio Participacoes 96,031 508,369 0.04 Even Construtora e Incorporadora 140,705 168,648 0.01 Ez Tec Empreendimentos e Participacoes 24,444 122,077 0.01 Fibria Celulose 13,519 90,851 0.01 Gerdau 109,202 146,228 0.01 Gerdau ADR 105,472 191,959 0.02 Gerdau Pref 440,382 809,629 0.06 Guararapes Confeccoes 5,900 103,129 0.01 Hypermarcas 17,331 126,260 0.01 International Meal Alimentacao 70,800 89,280 0.01 Iochpe Maxion 33,300 142,399 0.01 Itau Unibanco Holding 22,719 184,518 0.01 Itau Unibanco Holding ADR 308,277 2,910,135 0.22 Itau Unibanco Holding Pref 14,851 140,456 0.01 Itausa Investimentos Itau Pref 549,505 1,301,832 0.10 JBS 1,630,279 5,088,659 0.39 Klabin 47,700 229,585 0.02 Kroton Educacional 390,208 1,656,443 0.13 Magnesita Refratarios 7,600 34,872 Nominal Fair value % of holdings US$ Net assets Brazil (2015: 7.84%) Marcopolo Pref 293,064 219,541 0.02 Mills Estruturas e Servicos de Engenharia 54,300 72,711 0.01 MRV Engenharia e Participacoes 224,800 758,514 0.06 Natura Cosmeticos 148,900 1,185,158 0.09 Petroleo Brasileiro 402,700 1,446,766 0.11 Petroleo Brasileiro ADR nonvoting 192,119 1,116,211 0.09 Petroleo Brasileiro ADR voting 114,822 822,126 0.06 Petroleo Brasileiro Pref 783,200 2,302,846 0.18 Porto Seguro 116,200 970,222 0.07 Qualicorp 110,300 640,712 0.05 Randon Implementos e Participacoes Pref 18,419 18,685 Restoque Comercio e Confeccoes de Roupas 25,900 25,627 Santos Brasil Participacoes 16,700 64,637 0.01 Sao Carlos Empreendimentos e Participacoes 4,100 34,233 Sao Martinho 3,164 52,718 SLC Agricola 36,342 167,885 0.01 Sul America 62,198 303,637 0.02 Suzano Papel e Celulose Pref 1,892,380 6,692,364 0.51 Tereos Internacional 1,298 25,322 Totvs 14,440 137,650 0.01 TPI Triunfo Participacoes e Investimentos 32,600 41,720 Usinas Siderurgicas de Minas Gerais Pref 24,854 15,283 Vale 273,209 1,387,470 0.11 Vale Pref 408,717 1,662,296 0.13 Via Varejo 65,170 151,546 0.01 84,055,669 6.45 Channel Islands (2015: 0.19%) Etalon Group GDR 40,611 99,294 0.01 Chile (2015: 1.58%) Banco de Chile 6,726,783 719,146 0.06 Banco de Credito e Inversiones 3,004 130,176 0.01 Banco Santander Chile 1,337,807 64,641 0.01 Banco Santander Chile ADR 214,721 4,159,146 0.32 Besalco 87,353 30,758 CAP 17,200 58,713 0.01 Cencosud 775,631 2,209,745 0.17 Cia Cervecerias Unidas 328,343 3,845,996 0.30 Cia Cervecerias Unidas ADR 30,712 716,818 0.06 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 13,996 126,840 0.01 Empresa Nacional de Telecomunicaciones Rights 3,835 3,707 Empresas CMPC 248,985 515,634 0.04 Empresas COPEC 65,193 571,121 0.04 Empresas Hites 54,453 23,019 Enersis Americas ADR 49,277 422,797 0.03 Enersis Chile ADR 97,025 565,656 0.04 Gas Natural Chile 17,177 89,457 0.01 Gasco 17,177 44,754 Grupo Security 442,793 143,793 0.01 Inversiones Aguas Metropolitanas 93,851 149,410 0.01 Inversiones La Construccion 8,797 96,468 0.01 Itau CorpBanca 16,832,229 142,857 0.01 Latam Airlines Group 7,793 51,556 Latam Airlines Group ADR 161,472 1,065,714 0.08 Masisa 605,802 20,377 PAZ 101,493 51,968 MGI Funds plc 33

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 493,894 245,431 0.02 Salfacorp 188,736 117,450 0.01 Sigdo Koppers 62,693 80,489 0.01 Sociedad Matriz SAAM 2,801,569 207,347 0.02 Socovesa 168,002 32,227 Vina Concha y Toro 44,419 70,111 0.01 Vina Concha y Toro ADR 301 9,554 16,959,044 1.30 China (2015: 10.80%) 361 Degrees International 362,000 104,056 0.01 Agile Property Holdings 894,993 475,302 0.04 Agricultural Bank of China 3,677,000 1,341,322 0.10 Air China 1,150,000 781,199 0.06 Alibaba Group Holding ADR 55,682 4,428,389 0.34 Angang Steel 356,723 157,717 0.01 Anhui Conch Cement 36,500 87,698 0.01 Anta Sports Products 401,000 802,212 0.06 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 79,944 0.01 BAIC Motor 18,500 12,996 Baidu ADR 15,158 2,503,344 0.19 Bank of China 19,393,541 7,749,467 0.60 Bank of Chongqing 197,000 151,852 0.01 Bank of Communications 4,308,000 2,715,424 0.21 Baoye Group 84,000 55,546 0.01 BBMG 149,000 44,366 Beijing Capital International Airport 406,000 439,077 0.03 Beijing Capital Land 466,000 170,591 0.01 Beijing North Star 186,000 56,342 0.01 Belle International Holdings 11,632,000 6,822,112 0.52 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 572,000 125,342 0.01 China BlueChemical 8,838,000 1,549,337 0.12 China Cinda Asset Management 6,336,000 2,131,615 0.16 China CITIC Bank 5,232,338 3,169,908 0.24 China Coal Energy 621,431 323,614 0.03 China Communications Construction 234,000 250,350 0.02 China Communications Services 2,136,000 1,112,335 0.09 China Conch Venture Holdings 42,000 83,156 0.01 China Construction Bank 23,014,276 15,218,355 1.17 China Dongxiang Group 1,323,000 233,633 0.02 China Dredging Environment Protection Holdings 154,000 19,851 China Everbright Bank 590,000 267,700 0.02 China Galaxy Securities 2,956,500 2,644,785 0.20 China Great Star International 23,673 41,207 China Harmony New Energy Auto Holding 97,500 52,031 China Hongqiao Group 464,000 311,010 0.02 China Huiyuan Juice Group 281,500 94,342 0.01 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 198,000 105,151 0.01 China Machinery Engineering 74,000 47,979 China Merchants Bank 268,166 598,002 0.05 China Minsheng Banking 321,600 310,078 0.02 China Modern Dairy Holdings 486,000 70,163 0.01 China National Building Material 1,604,000 698,834 0.05 China National Materials 537,000 115,596 0.01 China Oilfield Services 166,000 127,315 0.01 China Petroleum & Chemical 6,002,200 4,324,892 0.33 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 572,000 124,605 0.01 China Shanshui Cement Group 234,000 189,421 0.02 China Shenhua Energy 997,000 1,832,600 0.14 China Shineway Pharmaceutical Group 35,000 38,258 China Shipping Development 62,897 35,429 China Southern Airlines 38,000 21,454 China Telecom 756,000 337,172 0.03 China Vanke 220,600 432,217 0.03 China Yurun Food Group 621,239 93,691 0.01 China ZhengTong Auto Services Holdings 438,500 161,090 0.01 China Zhongwang Holdings 910,400 404,860 0.03 Chongqing Machinery & Electric 448,000 46,775 Chongqing Rural Commercial Bank 2,826,000 1,431,587 0.11 Chu Kong Petroleum & Natural Gas Steel Pipe Holdings 189,000 29,722 CIFI Holdings Group 1,238,695 304,966 0.02 Comtec Solar Systems Group 272,000 17,530 Coolpad Group 1,224,800 227,343 0.02 Country Garden Holdings 941,733 395,729 0.03 Ctrip.com International ADR 13,056 537,907 0.04 Dalian Wanda Commercial Properties 100,800 619,122 0.05 Daphne International Holdings 348,000 53,829 Dongfang Electric 72,200 56,491 0.01 Dongfeng Motor Group 1,514,000 1,576,850 0.12 Dongyue Group 502,000 88,650 0.01 Evergrande Real Estate Group 656,000 399,116 0.03 Fantasia Holdings Group 769,500 93,237 0.01 Forgame Holdings 13,800 17,966 Fufeng Group 362,000 99,856 0.01 Future Land Development Holdings 804,000 104,672 0.01 Geely Automobile Holdings 5,130,000 2,764,055 0.21 Golden Eagle Retail Group 3,058,000 3,405,683 0.26 GOME Electrical Appliances Holding 23,181,644 2,719,184 0.21 Great Wall Motor 4,010,000 3,308,090 0.25 Greenland Hong Kong Holdings 268,000 92,581 0.01 Greentown China Holdings 304,500 213,128 0.02 Guangshen Railway 102,000 48,515 Guangzhou R&F Properties 433,280 545,653 0.04 Guodian Technology & Environment Group 163,000 8,719 Harbin Electric 318,000 116,412 0.01 Hengan International Group 894,500 7,454,215 0.57 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 816,000 269,267 0.02 Huishang Bank 233,000 104,818 0.01 Hydoo International Holding 370,000 44,355 Industrial & Commercial Bank of China 16,475,000 9,110,364 0.70 MGI Funds plc 34

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 157,000 129,721 0.01 JD.com ADR 16,352 347,153 0.03 Jiangnan Group 398,000 63,615 0.01 Jiangsu Expressway 5,080,000 7,058,875 0.54 Jiangxi Copper 437,000 486,122 0.04 Kaisa Group Holdings 978,000 196,660 0.02 Kasen International Holdings 80,000 15,365 Kingcan Holdings 31,000 26,379 Kingsoft 86,000 165,616 0.01 KWG Property Holding 628,420 366,135 0.03 Labixiaoxin Snacks Group 79,000 6,517 Leoch International Technology 141,000 13,449 Lianhua Supermarket Holdings 186,000 72,166 0.01 Logan Property Holdings 160,000 57,541 0.01 Longfor Properties 343,000 444,780 0.04 Lonking Holdings 896,000 130,509 0.01 Maanshan Iron & Steel 560,000 119,825 0.01 Maoye International Holdings 384,000 35,143 Metallurgical of China 195,000 59,320 0.01 NetEase ADR 3,654 706,026 0.06 NVC Lighting Holding 383,000 40,482 Parkson Retail Group 449,000 39,356 Peak Sport Products 449,000 134,851 0.01 People's Insurance Group of China 8,253,000 3,170,160 0.24 PetroChina 3,660,000 2,495,684 0.19 PICC Property & Casualty 1,950,000 3,051,450 0.24 Poly Culture Group 18,200 42,087 Powerlong Real Estate Holdings 644,000 129,498 0.01 Qihoo 360 Technology ADR 4,342 317,183 0.03 Qingling Motors 400,000 123,228 0.01 Qinqin Foodstuffs Group Cayman 181,300 245,381 0.02 Renhe Commercial Holdings 5,556,000 143,234 0.01 Sany Heavy Equipment International Holdings 449,000 83,342 0.01 Semiconductor Manufacturing International 2,987,899 238,787 0.02 Shandong Chenming Paper Holdings 134,000 98,972 0.01 Shanghai Pharmaceuticals Holding 17,900 39,409 Shanghai Prime Machinery 476,000 68,106 0.01 Shenguan Holdings Group 662,000 57,172 0.01 Shui On Land 1,188,306 303,282 0.02 Shunfeng International Clean Energy 1,258,000 163,778 0.01 Sihuan Pharmaceutical Holdings Group 315,000 59,687 0.01 Sinopec Engineering Group 220,500 197,252 0.02 Sinopec Shanghai Petrochemical 3,360,000 1,541,850 0.12 Sinopharm Group 692,400 3,297,801 0.25 Sinotrans 2,352,000 1,039,882 0.08 SOHO China 503,000 242,489 0.02 Sound Global 127,000 48,784 Springland International Holdings 276,000 35,576 SPT Energy Group 98,000 6,569 Sunac China Holdings 576,000 357,125 0.03 Tencent Holdings 458,200 10,412,630 0.80 Tiangong International 628,000 38,451 TravelSky Technology 260,000 497,348 0.04 Trigiant Group 184,000 29,410 Universal Health International Group Holding 345,000 19,789 V1 Group 1,312,000 65,956 0.01 Want Want China Holdings 8,806,000 6,220,312 0.48 Weichai Power 975,000 997,880 0.08 Portfolio Statement Nominal Fair value % of holdings US$ Net assets China (2015: 10.80%) Weiqiao Textile 175,500 133,017 0.01 West China Cement 760,000 101,883 0.01 Wuzhou International Holdings 348,000 35,886 Xiamen International Port 466,000 91,302 0.01 Xinchen China Power Holdings 136,000 16,479 Xingda International Holdings 439,000 100,725 0.01 Xinhua Winshare Publishing and Media 72,000 77,309 0.01 Xinjiang Xinxin Mining Industry 376,000 36,834 Yanzhou Coal Mining 204,000 131,478 0.01 Youyuan International Holdings 86,900 28,004 Yuanda China Holdings 1,080,000 32,715 Yuzhou Properties 636,000 177,078 0.01 Zhengzhou Coal Mining Machinery Group 21,800 9,217 Zhong An Real Estate 418,000 37,177 Zhongsheng Group Holdings 273,000 148,149 0.01 Zhuzhou CRRC Times Electric 96,500 528,651 0.04 Zijin Mining Group 5,068,000 1,691,957 0.13 Zoomlion Heavy Industry Science and Technology 466,600 160,587 0.01 153,612,723 11.79 Colombia (2015: 0.25%) Almacenes Exito 80,883 394,822 0.03 Banco Davivienda Pref 1,720 15,893 Bancolombia 9,029 73,871 0.01 Bancolombia Pref 18,108 158,608 0.01 Ecopetrol 267,095 128,084 0.01 Grupo Argos 50,609 321,853 0.02 Grupo Argos Pref 12,918 79,133 0.01 Grupo de Inversiones Suramericana 58,156 765,685 0.06 Grupo de Inversiones Suramericana Pref 23,239 300,213 0.02 Grupo Nutresa 2,694 23,245 2,261,407 0.17 Cyprus (2015: Nil) Globaltrans Investment GDR 726 2,846 Czech Republic (2015: 0.04%) CEZ 22,528 382,956 0.03 Unipetrol 6,299 45,193 428,149 0.03 Greece (2015: 0.08%) Alpha Bank 4,924 8,862 Bank of Greece 5,841 62,749 0.01 Ellaktor 84,474 122,000 0.01 GEK Terna Holding Real Estate Construction 43,747 85,051 0.01 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 2,012 360 Terna Energy 7,885 21,111 419,010 0.03 Hong Kong (2015: 6.55%) Ajisen China Holdings 69,000 26,771 AMVIG Holdings 240,000 94,355 0.01 AnxinChina Holdings 1,316,000 65,308 0.01 Beijing Enterprises Holdings 1,430,000 8,101,174 0.62 Beijing Properties Holdings 228,000 14,548 MGI Funds plc 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%) Hong Kong (2015: 6.55%) Bosideng International Holdings 910,000 77,417 0.01 BYD Electronic International 434,000 242,791 0.02 C C Land Holdings 680,079 179,708 0.01 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 1,190,000 145,721 0.01 China AgriIndustries Holdings 684,000 224,827 0.02 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 486,000 933,417 0.07 China Everbright International 183,000 202,863 0.02 China Fiber Optic Network System Group 724,800 61,662 0.01 China Foods 72,000 23,852 China Glass Holdings 50,000 5,478 China High Speed Transmission Equipment Group 509,077 407,500 0.03 China Jinmao Holdings Group 2,142,000 601,906 0.05 China LotSynergy Holdings 640,000 21,861 China Lumena New Materials 1,112,000 152,295 0.01 China Merchants Holdings International 581,670 1,544,532 0.12 China Merchants Land 190,000 26,695 China Metal Recycling Holdings 166,800 China Mobile 1,226,500 14,031,010 1.08 China Mobile ADR 169,376 9,806,870 0.75 China Ocean Resources 24,935 44,270 China Oil & Gas Group 1,264,000 96,128 0.01 China Overseas Grand Oceans Group 459,000 134,305 0.01 China Overseas Land & Investment 902,000 2,848,562 0.22 China Overseas Property Holdings 34,666 5,049 China Precious Metal Resources Holdings 1,780,000 56,672 China Resources Cement Holdings 1,085,078 346,869 0.03 China Resources Land 636,888 1,485,917 0.11 China Resources Power Holdings 4,786,408 7,132,152 0.55 China Singyes Solar Technologies Holdings 256,000 87,776 0.01 China Singyes Solar Technologies Holdings Rights 51,200 1,003 China South City Holdings 1,424,000 277,166 0.02 China Taiping Insurance Holdings 973,400 1,811,805 0.14 China Travel International Investment Hong Kong 1,240,000 358,033 0.03 China Unicom Hong Kong 1,020,000 1,057,083 0.08 China Unicom Hong Kong ADR 19,702 205,098 0.02 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 1,044,361 0.08 CITIC Resources Holdings 528,000 49,003 Citychamp Watch & Jewellery Group 580,000 109,153 0.01 CNOOC 4,208,000 5,223,421 0.40 CNOOC ADR 4,745 591,512 0.05 Comba Telecom Systems Holdings 407,440 59,347 Concord New Energy Group 1,990,000 109,017 0.01 COSCO International Holdings 238,000 117,804 0.01 COSCO Pacific 595,733 591,283 0.05 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 64,460 0.01 Dah Chong Hong Holdings 389,000 183,019 0.01 Digital China Holdings 383,080 288,867 0.02 EVA Precision Industrial Holdings 278,000 26,517 Far East Horizon 465,000 360,830 0.03 Fosun International 88,652 114,044 0.01 GCLPoly Energy Holdings 2,175,000 285,965 0.02 Glorious Property Holdings 938,000 84,636 0.01 Golden Meditech Holdings 609,152 89,512 0.01 Goldlion Holdings 85,000 31,883 Guangdong Land Holdings 238,000 70,867 0.01 Hengdeli Holdings 760,000 87,188 0.01 Hi Sun Technology China 150,000 21,269 HKC Holdings 2,096,000 38,095 Hopson Development Holdings 320,000 282,549 0.02 Hua Han Health Industry Holdings 2,146,000 190,867 0.01 Huabao International Holdings 4,627,000 1,640,156 0.13 Ju Teng International Holdings 460,000 182,626 0.01 Kai Yuan Holdings 1,460,000 9,410 Kingboard Chemical Holdings 386,700 766,626 0.06 Kingboard Laminates Holdings 427,000 261,441 0.02 Kunlun Energy 318,000 262,337 0.02 Lai Fung Holdings 1,607,009 24,443 Landing International Development 2,245,000 51,220 Lee & Man Paper Manufacturing 174,168 129,089 0.01 MIE Holdings 950,000 93,066 0.01 Mingfa Group International 410,000 99,885 0.01 Minmetals Land 586,000 68,737 0.01 MMG 488,000 120,774 0.01 New World Department Store China 188,000 24,476 Nine Dragons Paper Holdings 3,728,601 2,840,445 0.22 North Mining Shares 4,590,000 108,272 0.01 Overseas Chinese Town Asia Holdings 32,000 10,642 Phoenix Satellite Television Holdings 84,000 18,840 Poly Property Group 595,000 151,857 0.01 Pou Sheng International Holdings 240,000 69,297 0.01 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 282,000 637,575 0.05 Shanghai Industrial Urban Development Group 798,000 160,465 0.01 Shenzhen International Holdings 137,750 198,867 0.02 Shenzhen Investment 1,755,915 701,646 0.05 Shimao Property Holdings 757,000 953,330 0.07 Shougang Fushan Resources Group 918,000 163,296 0.01 Silver Grant International Industries 370,000 40,062 Sino Biopharmaceutical 2,223,000 1,447,051 0.11 Sino Oil And Gas Holdings 2,680,000 69,090 0.01 SinoOcean Land Holdings 1,267,958 549,158 0.04 Sinofert Holdings 1,264,000 154,783 0.01 Sinolink Worldwide Holdings 620,000 65,533 0.01 Sinopec Kantons Holdings 208,000 106,441 0.01 Sinotrans Shipping 647,500 102,659 0.01 Sinotruk Hong Kong 351,500 151,783 0.01 Skyworth Digital Holdings 386,460 316,822 0.02 SRE Group 2,062,000 54,222 TCC International Holdings 805,585 129,801 0.01 TCL Multimedia Technology Holdings 1,258 717 MGI Funds plc 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%) Hong Kong (2015: 6.55%) Tian An China Investment 117,000 61,532 0.01 Tianjin Port Development Holdings 876,924 125,469 0.01 Tianyi Summi Holdings 52,000 5,764 Top Spring International Holdings 59,000 21,218 TPV Technology 380,369 72,564 0.01 Truly International Holdings 540,000 258,935 0.02 United Energy Group 20,000 851 Wasion Group Holdings 280,000 147,977 0.01 Welling Holding 232,000 42,764 WH Group 10,925,000 8,562,056 0.66 Xiwang Special Steel 105,000 8,662 Yanchang Petroleum International 2,550,000 68,040 0.01 Yingde Gases Group 596,500 215,289 0.02 Yip's Chemical Holdings 101,155 32,598 Yuexiu Property 3,361,626 415,981 0.03 Zhuhai Holdings Investment Group 124,000 19,180 86,422,746 6.63 Hungary (2015: 0.08%) FHB Mortgage Bank 6,962 13,917 MOL Hungarian Oil & Gas 4,563 264,082 0.02 OTP Bank 16,113 360,085 0.03 Richter Gedeon Nyrt 17,796 353,854 0.03 991,938 0.08 India (2015: 12.27%) Aarti Industries 9,500 73,050 0.01 Aban Offshore 10,377 32,640 ACC 3,144 75,646 0.01 Adani Enterprises 72,568 93,700 0.01 Adani Ports & Special Economic Zone 8,609 26,403 Adani Power 251,423 114,918 0.01 Adani Transmission 6,096 3,522 Aditya Birla Fashion and Retail 90,880 192,007 0.02 Aditya Birla Nuvo 17,477 317,704 0.02 Advanta 1,964 16,880 AIA Engineering 5,753 87,111 0.01 Allahabad Bank 76,017 77,994 0.01 Allcargo Logistics 24,218 65,483 0.01 Alok Industries 244,911 15,966 Alstom India 4,405 40,464 Ambuja Cements 48,976 185,651 0.01 Amtek Auto 58,818 31,110 Anant Raj 58,909 42,592 Andhra Bank 103,456 87,982 0.01 Apar Industries 5,128 40,704 Apollo Tyres 147,907 331,994 0.03 Arvind 41,768 202,760 0.02 Ashoka Buildcon 24,720 58,051 Atul 1,837 56,420 Axis Bank 974,736 7,704,595 0.59 Bajaj Auto 256,473 10,255,880 0.79 Bajaj Finserv 14,464 499,741 0.04 Bajaj Hindusthan Sugar 102,504 32,120 Bajaj Holdings & Investment 16,762 411,991 0.03 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 90,641 169,209 0.01 Bank of Baroda 102,855 234,908 0.02 Bank of India 62,693 94,000 0.01 Bank of Maharashtra 89,934 43,505 BASF India 685 11,569 BEML 10,249 129,557 0.01 BGR Energy Systems 207 358 Bharat Electronics 8,573 161,311 0.01 Bharat Heavy Electricals 118,027 224,006 0.02 Bharti Airtel 139,611 752,921 0.06 Bharti Retail 57,815 111,784 0.01 Biocon 17,980 197,954 0.02 Birla 15,416 127,311 0.01 Bombay Dyeing & Manufacturing 54,800 37,551 Brigade Enterprises 11,113 26,344 Cairn India 2,541,814 5,294,897 0.41 Canara Bank 43,673 141,058 0.01 Ceat 9,329 114,845 0.01 Century Textiles & Industries 4,852 47,456 Chambal Fertilizers & Chemicals 91,729 96,560 0.01 Chennai Super King Cricket 130,917 5,237 Cholamandalam Investment and Finance 7,604 106,419 0.01 Cipla 22,874 169,721 0.01 City Union Bank 66,701 115,327 0.01 Clariant Chemicals India 187 1,959 Container of India 5,139 108,726 0.01 Coromandel International 28,831 113,624 0.01 Corp Bank 113,130 68,553 0.01 Cox & Kings 31,254 77,794 0.01 Crompton Greaves 59,363 64,996 0.01 Crompton Greaves Consumer Electricals 90,265 190,975 0.02 Cyient 12,656 91,880 0.01 Dalmia Bharat 13,939 247,802 0.02 DB Realty 56,733 43,288 DCB Bank 50,397 72,689 0.01 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 70,116 211,714 0.02 Dishman Pharmaceuticals & Chemicals 17,452 36,070 DLF 133,599 297,601 0.02 Dr Reddy's Laboratories 4,070 204,118 0.02 Dr Reddy's Laboratories ADR 126,671 6,489,355 0.50 Edelweiss Financial Services 131,727 148,131 0.01 EID Parry India 36,012 135,522 0.01 EIH 69,953 117,633 0.01 Electrosteel Castings 53,647 14,744 Engineers India 27,245 82,104 0.01 Eros International Media 8,359 26,231 Escorts 30,542 99,914 0.01 Eveready Industries India 10,112 39,987 Exide Industries 24,804 62,547 0.01 FAG Bearings India 1,187 72,386 0.01 FDC 6,130 16,847 Federal Bank 652,064 557,435 0.04 Finolex Cables 17,849 96,392 0.01 Finolex Industries 9,517 60,194 Firstsource Solutions 131,851 91,033 0.01 Fortis Healthcare 57,800 135,305 0.01 Future Consumer Enterprise 107,381 37,785 Future Retail 57,815 21,372 MGI Funds plc 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%) India (2015: 12.27%) GAIL India 76,201 434,547 0.03 Gateway Distriparks 19,464 88,806 0.01 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 35,286 164,157 0.01 Greaves Cotton 17,418 35,742 Gujarat Alkalies & Chemicals 12,979 44,084 Gujarat Fluorochemicals 11,170 86,967 0.01 Gujarat Mineral Development 43,439 50,843 Gujarat Narmada Valley Fertilizers & Chemicals 37,439 85,756 0.01 Gujarat State Fertilisers & Chemicals 62,697 72,595 0.01 Gujarat State Petronet 99,016 207,142 0.02 Gulf Oil Lubricants India 12,631 106,670 0.01 HCL Infosystems 13,322 7,737 HCL Technologies 418,284 4,522,140 0.35 HEG 4,570 10,684 HeidelbergCement India 43,883 77,045 0.01 Himachal Futuristic Communications 409,692 110,777 0.01 Himatsingka Seide 18,300 62,306 0.01 Hindalco Industries 530,472 967,888 0.07 Hinduja Global Solutions 5,403 31,860 Housing Development & Infrastructure 149,491 229,126 0.02 Housing Development Finance 533,716 9,904,921 0.76 HSIL 12,461 50,752 HT Media 30,655 34,972 ICICI Bank 499,873 1,780,420 0.14 ICICI Bank ADR 385,803 2,770,066 0.21 IDBI Bank 173,282 179,328 0.01 Idea Cellular 148,285 233,978 0.02 IDFC 239,490 168,897 0.01 IDFC Bank 239,490 160,559 0.01 IFCI 357,240 141,583 0.01 IIFL Holdings 104,887 348,872 0.03 IL&FS Transportation Networks 64,090 69,792 0.01 India Cements 130,917 219,957 0.02 Indiabulls Housing Finance 453,037 4,517,281 0.35 Indiabulls Real Estate 110,700 153,843 0.01 Indian Bank 50,710 105,935 0.01 Indian Hotels 111,384 212,058 0.02 Indian Overseas Bank 142,526 57,754 IndusInd Bank 17,433 286,801 0.02 Infosys 330,154 5,732,387 0.44 Infosys ADR 679,561 12,130,164 0.93 IngersollRand India 3,392 36,425 Intellect Design Arena 39,687 119,599 0.01 Ipca Laboratories 8,433 60,997 Jagran Prakashan 19,615 52,369 Jain Irrigation Systems 164,694 181,665 0.01 Jaiprakash Associates 446,273 59,177 Jammu & Kashmir Bank 152,912 155,642 0.01 Jaypee Infratech 240,038 31,474 JB Chemicals & Pharmaceuticals 21,757 80,587 0.01 JBF Industries 8,726 27,815 Jindal Poly Films 9,985 64,648 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets India (2015: 12.27%) Jindal Saw 90,767 71,476 0.01 Jindal Steel & Power 156,601 157,889 0.01 JK Cement 6,788 67,181 0.01 JK Lakshmi Cement 8,243 47,227 JK Tyre & Industries 45,545 60,394 JM Financial 140,069 106,875 0.01 JSW Energy 155,205 192,468 0.02 JSW Holdings 777 14,794 JSW Steel 39,258 854,434 0.07 Jubilant Life Sciences 9,398 43,589 Kalpataru Power Transmission 32,280 122,004 0.01 Karnataka Bank 78,717 164,035 0.01 Karur Vysya Bank 28,545 209,938 0.02 KCP 2,567 3,602 KEC International 40,737 86,610 0.01 KoltePatil Developers 17,025 35,326 Kotak Mahindra Bank 24,856 280,415 0.02 KPIT Technologies 57,090 156,903 0.01 KRBL 20,928 89,951 0.01 KSK Energy Ventures 25,690 11,323 L&T Finance Holdings 271,391 319,260 0.02 Lakshmi Machine Works 393 21,369 Lakshmi Vilas Bank 34,865 50,829 Larsen & Toubro 305,447 6,779,163 0.52 LIC Housing Finance 37,969 278,629 0.02 Magma Fincorp 31,807 51,460 Mahanagar Telephone Nigam 105,162 34,667 Maharashtra Seamless 11,365 39,730 Mahindra & Mahindra 18,226 385,610 0.03 Mahindra & Mahindra Financial Services 133,948 666,317 0.05 Mahindra Lifespace Developers 7,673 53,544 Manappuram Finance 43,881 44,859 Maruti Suzuki India 904 56,249 Max Financial Services 34,502 270,925 0.02 Max India 37,024 68,796 0.01 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 84,396 0.01 Motilal Oswal Financial Services 123 632 Mphasis 42,814 362,899 0.03 MRF 138 67,278 0.01 Muthoot Finance 52,680 231,029 0.02 National Aluminium 251,667 159,960 0.01 NCC 183,718 202,377 0.02 NIIT 32,694 41,827 NIIT Technologies 18,809 143,140 0.01 Oberoi Realty 32,152 129,475 0.01 OCL India 1,797 17,359 Omaxe 21,935 51,998 OnMobile Global 27,234 39,825 Oriental Bank of Commerce 44,804 71,692 0.01 Orissa Minerals Development 733 23,697 Parsvnath Developers 36,618 10,715 PC Jeweller 16,257 92,973 0.01 Peninsula Land 45,072 13,389 Persistent Systems 6,759 69,943 0.01 Petronet LNG 48,587 212,719 0.02 Pfizer 1,001 28,104 Piramal Enterprises 44,225 944,519 0.07 Polaris Consulting & Services 1,631 4,735 MGI Funds plc 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%) India (2015: 12.27%) Power Finance 104,804 265,834 0.02 Praj Industries 21,146 29,701 Prism Cement 42,827 70,019 0.01 PTC India 126,012 145,158 0.01 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 22,524 143,831 0.01 Ramco Cements 9,444 77,517 0.01 Ratnamani Metals & Tubes 10,651 78,744 0.01 RattanIndia Power 172,801 29,186 Raymond 21,236 146,634 0.01 Redington India 108,259 165,929 0.01 Reliance Capital 51,336 304,236 0.02 Reliance Communications 436,824 330,393 0.03 Reliance Defence and Engineering 38,677 36,273 Reliance Industries 239,053 3,431,993 0.26 Reliance Industries GDR 61,713 1,761,906 0.14 Reliance Power 260,309 197,850 0.02 Repco Home Finance 5,801 65,844 0.01 Rolta India 41,208 39,135 Ruchi Soya Industries 70,065 23,149 Rural Electrification 147,297 378,636 0.03 Sadbhav Engineering 6,204 26,794 Sanghvi Movers 1,799 7,250 SE Investments 1,213 3,019 Shipping of India 82,647 81,796 0.01 Shriram City Union Finance 2,571 63,232 0.01 Shriram Transport Finance 49,540 882,758 0.07 Simplex Infrastructures 4,950 19,438 Sintex Industries 97,505 117,304 0.01 SKF India 3,720 76,500 0.01 Sobha 27,755 134,406 0.01 South Indian Bank 296,962 85,795 0.01 Srei Infrastructure Finance 129,182 137,709 0.01 SRF 4,377 85,406 0.01 State Bank of Bikaner & Jaipur 7,962 77,963 0.01 State Bank of India 308,412 1,002,071 0.08 State Bank of India GDR 50,011 1,585,349 0.12 State Bank of Travancore 8,991 68,203 0.01 Sterlite Power Transmission 11,633 16,029 Sterlite Technologies 58,165 76,266 0.01 Sun Pharmaceutical Industries 4,049 45,862 Sun TV Network 8,661 47,081 Sundaram Finance 3,516 79,441 0.01 Sundram Fasteners 11,270 31,224 Syndicate Bank 79,010 85,571 0.01 Tamil Nadu Newsprint & Papers 17,181 70,256 0.01 Tata Chemicals 40,860 261,311 0.02 Tata Global Beverages 207,151 403,898 0.03 Tata Motors 129,922 882,573 0.07 Tata Motors ADR 105,342 3,652,207 0.28 Tata Steel 106,875 511,456 0.04 Tech Mahindra 25,092 189,040 0.01 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 14,752 106,277 0.01 TV18 Broadcast 305,507 204,817 0.02 UCO Bank 116,102 75,687 0.01 Uflex 18,348 62,660 0.01 Ultratech Cement 1,218 61,552 0.01 Unichem Laboratories 11,847 50,340 Union Bank of India 90,181 171,224 0.01 Unitech 903,608 86,351 0.01 UPL 46,371 378,931 0.03 VA Tech Wabag 5,561 48,693 Vardhman Textiles 11,244 158,262 0.01 Vedanta 140,691 275,149 0.02 Vedanta ADR 27,683 217,866 0.02 Videocon Industries 50,527 77,930 0.01 Vijaya Bank 104,465 58,118 Voltas 10,357 49,502 Welspun 31,856 37,476 Welspun Enterprises 19,104 16,643 Wipro 32,093 266,225 0.02 Wipro ADR 309,609 3,826,767 0.29 Wockhardt 5,014 69,495 0.01 Yes Bank 75,883 1,238,951 0.10 Zensar Technologies 2,944 42,310 129,201,615 9.91 Indonesia (2015: 3.58%) Adaro Energy 7,121,700 458,160 0.04 Adhi Karya Persero 488,700 102,826 0.01 Agung Podomoro Land 4,497,700 88,507 0.01 AKR Corporindo 354,500 171,716 0.01 Alam Sutera Realty 7,662,000 278,355 0.02 Aneka Tambang Persero 6,126,516 336,176 0.03 Astra Agro Lestari 58,422 64,999 Astra International 395,100 221,286 0.02 Astra Otoparts 514,400 72,804 0.01 Bakrie and Brothers 26,919,500 101,871 0.01 Bakrieland Development 7,237,500 27,389 Bank Bukopin 2,232,200 96,299 0.01 Bank Central Asia 1,809,100 1,824,504 0.14 Bank Danamon Indonesia 760,000 203,625 0.02 Bank Mandiri Persero 8,654,400 6,239,028 0.48 Bank Negara Indonesia Persero 3,368,400 1,325,690 0.10 Bank Pan Indonesia 1,994,900 116,259 0.01 Bank Pembangunan Daerah Jawa Barat Dan Banten 1,540,800 131,194 0.01 Bank Pembangunan Daerah Jawa Timur 2,196,800 84,796 0.01 Bank Rakyat Indonesia Persero 9,454,300 7,728,018 0.59 Bank Tabungan Negara Persero 2,783,600 361,315 0.03 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 1,971,700 314,875 0.02 Central Omega Resources 110,000 1,765 Ciputra Development 1,543,463 169,387 0.01 Ciputra Property 2,077,955 96,722 0.01 Ciputra Surya 590,571 125,154 0.01 Dharma Satya Nusantara 94,000 3,358 Eagle High Plantations 4,509,100 72,350 0.01 Elnusa 2,431,400 94,772 0.01 Energi Mega Persada 24,279,200 91,880 0.01 Erajaya Swasembada 727,900 32,229 MGI Funds plc 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%) Indonesia (2015: 3.58%) Eureka Prima Jakarta 1,164,800 24,685 Gajah Tunggal 1,324,400 97,732 0.01 Garuda Indonesia Persero 2,294,546 82,317 0.01 Global Mediacom 3,759,200 280,251 0.02 Gudang Garam 153,800 803,194 0.06 Hanson International 1,984,200 117,888 0.01 Harum Energy 668,000 41,458 Holcim Indonesia 1,028,600 82,132 0.01 Indah Kiat Pulp & Paper 1,896,400 132,048 0.01 Indo Tambangraya Megah 196,700 139,570 0.01 Indocement Tunggal Prakarsa 43,600 55,686 Indofood Sukses Makmur 2,769,200 1,519,523 0.12 Intiland Development 4,779,700 211,627 0.02 Japfa Comfeed Indonesia 2,328,229 196,479 0.02 Kalbe Farma 2,365,700 273,947 0.02 Kawasan Industri Jababeka 7,895,776 169,718 0.01 Krakatau Steel Persero 1,944,600 89,779 0.01 Lippo Cikarang 137,200 80,477 0.01 Lippo Karawaci 8,346,700 723,328 0.06 Malindo Feedmill 341,600 42,013 Matahari Department Store 895,900 1,356,140 0.10 Medco Energi Internasional 1,206,000 136,916 0.01 Media Nusantara Citra 99,400 16,551 Mitra Adiperkasa 70,200 22,050 MNC Investama 17,046,500 214,170 0.02 MNC Land 655,000 73,122 0.01 Modernland Realty 5,848,900 194,779 0.01 Multipolar 5,076,700 142,167 0.01 Nirvana Development 5,110,800 40,616 Nusantara Infrastructure 6,022,200 53,784 Pan Brothers 2,868,000 111,790 0.01 Panin Financial 9,945,500 158,074 0.01 Paninvest 509,000 24,463 Perusahaan Perkebunan London Sumatra Indonesia 1,918,200 200,349 0.02 Ramayana Lestari Sentosa 2,376,200 192,434 0.01 Salim Ivomas Pratama 3,063,600 102,951 0.01 Sampoerna Agro 578,800 85,424 0.01 Sekawan Intipratama 4,158,500 26,123 Semen Baturaja Persero 1,268,600 57,609 Semen Indonesia Persero 1,054,300 746,089 0.06 Sentul City 2,520,200 16,785 Sigmagold Inti Perkasa 397,000 12,139 Sinar Mas Multiartha 500,000 280,038 0.02 Sri Rejeki Isman 2,763,900 54,389 Sugih Energy 4,816,100 116,643 0.01 Surya Semesta Internusa 2,608,500 122,405 0.01 Tambang Batubara Bukit Asam Persero 443,100 258,230 0.02 Telekomunikasi Indonesia Persero ADR 50,281 3,090,270 0.24 Tempo Scan Pacific 283,300 37,202 Tiga Pilar Sejahtera Food 963,100 115,900 0.01 Timah Persero 2,318,523 122,836 0.01 Tiphone Mobile Indonesia 638,900 32,640 Tunas Baru Lampung 1,270,100 54,793 Tunas Ridean 504,900 49,105 Unilever Indonesia 192,400 656,381 0.05 United Tractors 2,093,179 2,344,677 0.18 Vale Indonesia 1,144,600 157,667 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Indonesia (2015: 3.58%) Visi Media Asia 1,371,700 32,391 XL Axiata 416,250 115,621 0.01 37,941,225 2.91 Isle of Man (2015: Nil) New Europe Property Investments 22,550 258,682 0.02 Kazakhstan (2015: 0.14%) KazMunaiGas Exploration Production GDR 222,683 1,601,091 0.12 Korea (2015: 10.22%) Amorepacific Group 2,390 347,550 0.03 Asia Cement 1,007 68,891 0.01 ASIA Holdings 629 55,427 Asia Paper Manufacturing 2,913 51,844 Asiana Airlines 12,327 46,767 BGF Retail 1,278 236,882 0.02 BNK Financial Group 123,967 868,528 0.07 Busan City Gas 664 19,484 BYC 47 19,667 Capro 15,153 47,096 Chinyang Holdings 15,685 48,613 Chosun Refractories 537 38,229 CJ 9,255 1,623,050 0.13 CJ CheilJedang 6,300 2,124,886 0.16 CJ E&M 2,203 132,541 0.01 Coway 17,331 1,572,331 0.12 Dae Dong Industrial 3,151 20,791 Dae Han Flour Mills 718 110,644 0.01 Dae Won Kang Up 3,159 12,808 Daeduck Electronics 14,460 90,512 0.01 Daeduck GDS 11,770 133,860 0.01 Daegu Department Store 4,154 48,145 Daehan Steel 3,948 27,900 Daelim Industrial 12,497 824,562 0.06 Daewoo Engineering & Construction 10,666 51,948 Daishin Securities 23,910 207,579 0.02 DGB Financial Group 91,174 686,269 0.05 Dong Ah Tire & Rubber 3,374 78,503 0.01 DongIl 128 6,712 Dongbu Insurance 9,994 601,280 0.05 Dongbu Securities 15,792 46,752 Dongkuk Industries 16,127 70,285 0.01 Dongkuk Steel Mill 35,631 250,254 0.02 Dongwha Pharm 3,788 33,215 Doosan 2,480 200,665 0.02 Doosan Engine 17,380 54,470 Doosan Heavy Industries & Construction 8,361 153,886 0.01 Doosan Infracore 43,461 256,951 0.02 DRB Holding 3,684 41,738 DY 10,756 55,281 elitecom 2,916 30,759 EMart 8,242 1,237,892 0.10 Eugene 24,494 103,348 0.01 Eugene Investment & Securities 38,849 84,487 0.01 Golfzon Yuwon Holdings 6,047 40,056 GS Engineering & Construction 6,293 151,609 0.01 GS Global 16,866 34,776 GS Holdings 17,499 720,864 0.06 Gwangju Shinsegae 134 29,549 Halla 11,346 53,290 Halla Holdings 4,449 235,611 0.02 MGI Funds plc 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%) Korea (2015: 10.22%) Han Kuk Carbon 4,182 22,547 Hana Financial Group 97,669 1,971,441 0.15 Handsome 1,106 37,736 Hanil Cement 1,728 123,016 0.01 Hanjin Heavy Industries & Construction 41,131 142,120 0.01 Hanjin Heavy Industries & Construction Holdings 10,880 49,401 Hanjin Shipping 20,446 35,590 Hanjin Transportation 3,754 104,454 0.01 Hankuk Paper Manufacturing 511 12,998 Hansol Holdings 23,223 145,768 0.01 Hansol Paper 1,505 28,157 Hansol Paper Rights 262 580 Hanwha 139,092 4,274,738 0.33 Hanwha Chemical 172,268 3,551,995 0.27 Hanwha General Insurance 11,932 75,621 0.01 Hanwha Investment & Securities 34,051 79,817 0.01 Hanwha Life Insurance 156,295 785,647 0.06 Hanwha Techwin 3,677 155,144 0.01 Heungkuk Fire & Marine Insurance 14,139 42,103 Hitejinro Holdings 3,456 40,205 HMC Investment Securities 9,119 77,506 0.01 HS R&A 552 16,390 Humax 8,275 97,704 0.01 Huvis 3,618 24,531 Hwa Shin 9,802 62,462 0.01 HwaSung Industrial 2,679 26,398 Hyundai 3,060 61,367 0.01 Hyundai BNG Steel 2,816 22,907 Hyundai C&F 842 14,693 Hyundai Department Store 1,840 206,069 0.02 Hyundai Development CoEngineering & Construction 46,519 1,597,280 0.12 Hyundai Engineering & Construction 43,016 1,245,460 0.10 Hyundai Glovis 956 142,340 0.01 Hyundai Heavy Industries 1,556 142,517 0.01 Hyundai Home Shopping Network 415 45,757 Hyundai Hy Communications & Network 7,278 23,568 Hyundai Marine & Fire Insurance 22,914 581,877 0.05 Hyundai Mipo Dockyard 5,312 318,669 0.03 Hyundai Mobis 58,522 12,803,355 0.98 Hyundai Motor 30,700 3,611,451 0.28 Hyundai Motor Pref 28,410 2,375,208 0.18 Hyundai Rotem 4,129 63,986 0.01 Hyundai Securities 64,904 352,736 0.03 Hyundai Steel 17,019 677,450 0.05 Hyundai Wia 6,786 524,923 0.04 Iljin Electric 6,243 26,910 Ilshin Spinning 742 80,201 0.01 Industrial Bank of Korea 59,232 573,370 0.04 INTOPS 777 13,323 ISU Chemical 1,852 26,851 Jahwa Electronics 3,228 34,330 JB Financial Group 60,931 299,934 0.02 Kangwon Land 63,868 2,312,190 0.18 KB Capital 2,314 45,503 KB Financial Group 98,190 2,779,002 0.21 KB Financial Group ADR 18,251 519,423 0.04 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Korea (2015: 10.22%) KB Insurance 4,342 105,548 0.01 KCC 2,537 838,068 0.07 KCC Engineering & Construction 4,483 43,980 KG Chemical 2,639 30,930 Kia Motors 80,885 3,033,583 0.23 KISCO 1,907 61,257 0.01 KISCO Holdings 676 35,976 KISWIRE 3,228 103,971 0.01 Kolon Global 1,269 15,204 Kolon Industries 2,337 146,690 0.01 Korea Circuit 9,216 72,649 0.01 Korea Electric Power 42,575 2,232,522 0.17 Korea Investment Holdings 17,456 638,015 0.05 Korea Line 6,411 95,454 0.01 Korean Air Lines 40,963 922,854 0.07 Korean Reinsurance 45,722 484,272 0.04 KPX Chemical 712 31,278 KSS LINE 1,410 20,810 KT&G 9,910 1,174,385 0.09 KTB Investment & Securities 10,167 22,331 Kukdo Chemical 642 33,107 Kumho Tire 5,773 47,864 Kunsul Chemical Industrial 1,264 38,463 Kwangju Bank 12,735 96,188 0.01 Kyobo Securities 11,926 97,636 0.01 Kyungbang 527 79,152 0.01 LF 9,820 180,313 0.01 LG 22,181 1,226,661 0.09 LG Chem 12,796 2,888,362 0.22 LG Display 49,614 1,137,136 0.09 LG Electronics 22,347 1,045,712 0.08 LG Innotek 1,284 87,841 0.01 LG International 2,189 71,551 0.01 LG Uplus 43,385 410,554 0.03 Lotte Chemical 11,461 2,815,873 0.22 Lotte Chilsung Beverage 58 89,932 0.01 Lotte Confectionery 60 10,184 Lotte Fine Chemical 10,298 278,940 0.02 Lotte Himart 5,359 214,481 0.02 Lotte NonLife Insurance 7,932 17,526 Lotte Shopping 2,264 398,021 0.03 LS 8,969 436,828 0.03 Lumens 19,002 62,358 0.01 Mando 295 55,704 MegaStudy 465 13,403 MegaStudyEdu 269 10,544 Meritz Financial Group 1,972 20,116 Meritz Securities 26,072 72,884 0.01 Mirae Asset Daewoo 80,403 543,768 0.04 Mirae Asset Securities 26,181 523,915 0.04 MK Electron 2,301 21,175 Moorim P&P 19,260 68,890 0.01 Motonic 1,054 7,677 Namhae Chemical 1,918 14,520 Namyang Dairy Products 304 181,579 0.01 NCSoft 1,329 272,296 0.02 Nexen 7,810 53,158 NH Investment & Securities 62,961 499,053 0.04 NHN Entertainment 2,457 137,584 0.01 Nong Shim Holdings 500 63,810 0.01 NOROO Paint & Coatings 2,163 19,717 OCI 3,642 285,517 0.02 MGI Funds plc 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%) Korea (2015: 10.22%) Orion 631 516,041 0.04 Pan Ocean 33,276 100,968 0.01 Poongsan 12,750 322,666 0.03 Poongsan Holdings 2,126 75,583 0.01 POSCO 8,683 1,518,969 0.12 POSCO ADR 22,076 982,382 0.08 Posco Daewoo 75,944 1,648,305 0.13 Pyeong Hwa Automotive 7,638 80,568 0.01 S&T Dynamics 14,447 121,285 0.01 S&T Holdings 3,595 64,606 0.01 SOil 6,111 401,617 0.03 Sam Young Electronics 7,511 78,576 0.01 SAMHWA Paints Industrial 840 8,277 Samsung Card 19,554 704,511 0.05 Samsung ElectroMechanics 5,211 226,654 0.02 Samsung Electronics 16,928 20,942,310 1.61 Samsung Electronics GDR 21,152 13,135,392 1.01 Samsung Heavy Industries 16,491 131,143 0.01 Samsung Life Insurance 1,592 138,904 0.01 Samsung SDI 3,293 308,759 0.02 Samsung Securities 21,371 654,943 0.05 Samyang Holdings 429 54,563 Samyang Tongsang 77 3,326 SAVEZONE I&C 10,690 49,930 SBS Media Holdings 21,676 57,020 0.01 Seah Besteel 7,760 167,415 0.01 SeAH Holdings 147 15,251 SeAH Steel 1,573 92,863 0.01 Sebang 5,554 79,801 0.01 Sebang Global Battery 3,667 120,657 0.01 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 3,936,843 0.30 Shinhan Financial Group ADR 16,580 542,829 0.04 Shinsegae 14,796 2,504,856 0.19 Shinyoung Securities 2,243 97,170 0.01 Silla 1,680 22,242 SIMPAC 2,239 10,011 Sindoh 2,125 92,612 0.01 SK Gas 2,550 191,054 0.02 SK Hynix 221,724 6,236,801 0.48 SK Innovation 45,334 5,529,738 0.43 SK Networks 226,240 1,166,702 0.09 SK Securities 69,530 64,287 0.01 SK Telecom 66,680 12,475,183 0.96 SKC 11,622 272,931 0.02 SL 6,621 82,773 0.01 Ssangyong Cement Industrial 3,120 50,652 Ssangyong Cement Industrial Rights 708 339 Sunchang 865 8,223 Sung Kwang Bend 9,469 75,631 0.01 Sungchang Enterprise Holdings 6,050 17,596 Sungshin Cement 4,468 41,505 Sungwoo Hitech 20,996 140,904 0.01 Taekwang Industrial 225 169,553 0.01 Taewoong 5,928 93,409 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Korea (2015: 10.22%) Taeyoung Engineering & Construction 19,350 100,458 0.01 Tailim Packaging 8,685 23,977 TK 5,790 41,269 TK Chemical 11,649 19,671 Tongyang 34,063 95,667 0.01 Tongyang Cement & Energy 8,873 33,471 Tongyang Life Insurance 25,199 222,051 0.02 TS 2,160 43,693 Unid 2,532 97,380 0.01 Woongjin 21,691 55,835 0.01 Woori Bank 179,596 1,484,355 0.11 Y G1 3,545 31,854 YESCO 1,150 40,185 Young Poong 131 109,408 0.01 Youngone Holdings 880 47,902 Yuanta Securities Korea 36,374 105,631 0.01 161,697,398 12.41 Luxembourg (2015: 0.03%) Kernel Holding 17,928 239,864 0.02 Pegas Nonwovens 1,821 59,655 299,519 0.02 Macau (2015: 0.52%) Sands China 1,463,600 4,886,244 0.38 Malaysia (2015: 4.03%) Affin Holdings 229,210 120,532 0.01 AirAsia 5,190,185 3,347,261 0.26 Alliance Financial Group 127,200 127,153 0.01 Allianz Malaysia 17,800 44,417 AMMB Holdings 5,505,800 6,063,686 0.47 APM Automotive Holdings 31,400 28,662 Axiata Group 457,200 638,481 0.05 Batu Kawan 14,600 64,462 0.01 Benalec Holdings 210,500 25,846 Berjaya 1,706,700 150,286 0.01 BIMB Holdings 32,500 31,440 Boustead Holdings 202,860 136,364 0.01 Boustead Plantations 35,000 12,849 British American Tobacco Malaysia 78,100 1,020,928 0.08 Bumi Armada 1,317,400 236,913 0.02 CanOne 6,100 5,205 CB Industrial Product Holding 38,800 19,633 CIMB Group Holdings 1,306,166 1,415,837 0.11 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 545,300 121,734 0.01 Eastern & Oriental 118,001 48,588 Eco World Development Group 550,100 173,292 0.01 Evergreen Fibreboard 165,800 43,594 Felda Global Ventures Holdings 609,300 228,214 0.02 Gamuda 44,700 53,886 0.01 Genting 985,600 2,004,693 0.15 Genting Malaysia 5,674,000 6,263,004 0.48 Glomac 274,500 51,747 Goldis 19,308 12,644 GuocoLand Malaysia 187,900 58,260 0.01 Hap Seng Plantations Holdings 81,800 48,697 Hong Leong Bank 135,388 442,618 0.04 MGI Funds plc 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%) Malaysia (2015: 4.03%) Hong Leong Financial Group 43,838 159,628 0.01 Hong Leong Industries 13,800 28,514 Hua Yang 87,900 37,938 Hwang Capital Malaysia 39,900 25,732 IHH Healthcare 512,800 839,509 0.07 IJM 298,500 258,406 0.02 IJM Plantations 21,000 17,711 Insas 209,900 33,582 IOI 197,300 212,398 0.02 IOI Properties Group 528,700 308,184 0.02 Iris 712,400 24,739 Jaya Tiasa Holdings 272,000 77,589 0.01 JCY International 140,000 20,836 K&N Kenanga Holdings 115,600 14,194 Keck Seng Malaysia 106,500 126,801 0.01 Kian JOO CAN Factory 123,900 92,814 0.01 Kimlun 15,900 7,139 KNM Group 924,780 94,049 0.01 Kretam Holdings 163,400 23,508 KSL Holdings 251,478 69,864 0.01 Kuala Lumpur Kepong 89,800 518,107 0.04 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 89,513 0.01 Mah Sing Group 588,950 214,748 0.02 Malayan Banking 4,389,308 8,862,450 0.68 Malayan Flour Mills 169,800 53,911 0.01 Malaysia Airports Holdings 231,856 351,968 0.03 Malaysia Building Society 341,858 61,054 0.01 Malaysia Building Society Rights 341,858 7,632 Malaysia Marine and Heavy Engineering Holdings 28,600 8,016 Malaysian Bulk Carriers 247,700 52,839 0.01 Malaysian Pacific Industries 2,100 3,907 Malaysian Resources 498,600 131,097 0.01 Matrix Concepts Holdings 28,933 17,798 MBM Resources 110,100 54,893 0.01 Media Prima 415,300 142,159 0.01 Mega First 35,100 15,323 MISC 732,800 1,355,994 0.11 Mitrajaya Holdings 121,950 39,324 MKH 111,480 70,513 0.01 MMC 358,100 178,539 0.01 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 71,400 117,421 0.01 OSK Holdings 335,900 132,477 0.01 Paramount 21,400 7,007 Parkson Holdings 302,000 60,677 0.01 Petronas Chemicals Group 822,900 1,349,217 0.10 Pos Malaysia 54,800 38,196 PPB Group 81,400 333,151 0.03 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Malaysia (2015: 4.03%) Press Metal 26,300 24,007 Public Bank 690,600 3,323,239 0.26 RHB Capital 174,539 221,664 0.02 Rimbunan Sawit 356,000 44,594 Salcon 182,400 26,241 SapuraKencana Petroleum 1,229,800 448,420 0.04 Sarawak Oil Palms 17,600 17,462 Scomi Energy Services 273,800 13,923 Selangor Dredging 14,100 3,235 Selangor Properties 99,700 114,748 0.01 Sime Darby 141,297 266,016 0.02 SP Setia Group 110,969 79,824 0.01 Star Media Group 52,200 33,794 Sumatec Resources 1,028,600 25,514 Sunway 267,366 198,958 0.02 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 91,046 0.01 TA Global 891,900 50,884 Taliworks 43,250 15,234 Tan Chong Motor Holdings 37,200 17,716 TDM 440,400 75,375 0.01 Tenaga Nasional 2,503,700 8,756,584 0.67 TH Plantations 90,280 24,409 TIME dotcom 57,900 109,150 0.01 Tropicana 294,073 75,132 0.01 UEM Sunrise 685,500 175,137 0.01 UMW Holdings 45,300 64,385 0.01 UMW Oil & Gas 414,700 96,179 0.01 Unisem M 71,700 42,684 UOA Development 311,100 168,996 0.01 VS Industry Bhd 115,500 33,806 Wah Seong 253,623 44,666 WCT Holdings 520,405 193,627 0.02 WTK Holdings 128,700 33,839 Yinson Holdings BHD 30,500 20,654 YNH Property 190,826 88,987 0.01 YTL 1,639,228 679,031 0.05 YTL Land & Development 78,400 11,668 56,077,253 4.30 Malta (2015: 0.08%) Brait 83,384 796,831 0.06 Tiso Blackstar Group 20,975 12,890 809,721 0.06 Mexico (2015: 5.76%) Alfa 1,163,119 1,981,481 0.15 Alpek 237,493 386,054 0.03 America Movil ADR 101,059 1,238,983 0.10 Arca Continental 388,835 2,765,372 0.21 Axtel 508,330 171,379 0.01 Banregio Grupo Financiero 39,428 225,465 0.02 Bio Pappel 9,632 13,031 Bolsa Mexicana de Valores 66,291 101,219 0.01 Cemex 2,262,270 1,386,846 0.11 Cemex ADR 252,226 1,556,234 0.12 Cia Minera Autlan 38,149 14,681 CocaCola Femsa 22,826 187,441 0.01 Consorcio ARA 471,185 167,795 0.01 MGI Funds plc 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%) Mexico (2015: 5.76%) Corp Actinver 76,783 58,141 Credito Real 55,702 105,672 0.01 Empresas ICA 302,035 53,861 Empresas ICA ADR 16,826 11,178 Fibra Uno Administracion REIT 5,419,300 11,441,210 0.88 Fomento Economico Mexicano 99,342 911,453 0.07 Fomento Economico Mexicano ADR 20,885 1,931,654 0.15 Genomma Lab Internacional 86,949 88,366 0.01 Gentera 1,754,000 3,113,595 0.24 Gruma 285,545 4,070,536 0.31 Grupo Aeromexico 191,341 391,824 0.03 Grupo Aeroportuario del Pacifico 14,011 142,736 0.01 Grupo Aeroportuario del Pacifico ADR 21,643 2,221,221 0.17 Grupo Aeroportuario del Sureste 20,068 316,881 0.02 Grupo Carso 35,479 151,306 0.01 Grupo Cementos de Chihuahua 30,900 81,901 0.01 Grupo Comercial Chedraui 161,836 399,826 0.03 Grupo Elektra 26,151 360,402 0.03 Grupo Famsa 83,628 32,183 Grupo Financiero Banorte 695,457 3,851,744 0.30 Grupo Financiero Inbursa 144,596 243,668 0.02 Grupo Financiero Interacciones 45,875 221,925 0.02 Grupo Financiero Santander Mexico 376,133 676,455 0.05 Grupo Financiero Santander Mexico ADR 542,500 4,931,325 0.38 Grupo Gigante 62,900 119,327 0.01 Grupo Herdez 53,846 117,211 0.01 Grupo Industrial Maseca 6,900 7,630 Grupo Industrial Saltillo 107,732 178,042 0.01 Grupo KUO 68,150 132,981 0.01 Grupo Lala 410,300 896,470 0.07 Grupo Mexico 765,432 1,777,368 0.14 Grupo Sanborns 129,576 171,932 0.01 Grupo Simec 37,989 110,080 0.01 Grupo Televisa 18,790 97,091 0.01 Grupo Televisa ADR 57,032 1,485,113 0.11 Industrias Bachoco 100,853 411,901 0.03 Industrias Bachoco ADR 359 17,735 Industrias CH 103,700 422,686 0.03 Industrias Penoles 54,296 1,284,587 0.10 KimberlyClark de Mexico 1,968,000 4,607,121 0.35 La Comer 218,943 212,544 0.02 Megacable Holdings 20,062 80,686 0.01 Mexichem 425,319 888,480 0.07 Minera Frisco 233,969 156,747 0.01 OHL Mexico 1,052,133 1,277,437 0.10 Organizacion Cultiba 99,561 118,723 0.01 Organizacion Soriana 241,779 572,430 0.04 Qualitas Controladora 31,614 44,467 Rassini 12,200 53,074 TV Azteca 485,359 62,876 0.01 Vitro 22,117 70,070 0.01 WalMart de Mexico 346,100 825,046 0.06 62,204,899 4.77 Netherlands (2015: 0.04%) Steinhoff International Holdings 222,318 1,279,258 0.10 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Panama (2015: Nil) Avianca Holdings Pref 204,967 157,830 0.01 Peru (2015: 0.49%) Credicorp 60,217 9,293,290 0.71 Philippines (2015: 1.23%) ACR Mining 2,625 999 Alliance Global Group 635,500 199,913 0.02 Alsons Consolidated Resources 525,000 22,318 Asia United Bank 29,370 29,559 Atlas Consolidated Mining & Development 552,500 51,671 Ayala 20,880 376,792 0.03 Ayala Land 666,700 549,826 0.04 Bank of the Philippine Islands 44,710 92,466 0.01 BDO Unibank 331,720 789,684 0.06 Belle 1,894,600 136,112 0.01 Bloomberry Resorts 887,000 125,186 0.01 Cebu Air 77,690 161,581 0.01 Century Properties Group 2,865,722 31,065 China Banking 183,746 148,411 0.01 Cosco Capital 1,552,600 256,745 0.02 DMCI Holdings 91,600 24,532 East West Banking 287,392 111,176 0.01 EEI 246,500 40,291 Emperador 150,800 23,238 Energy Development 1,086,700 127,501 0.01 Filinvest Land 5,341,000 225,912 0.02 First Philippine Holdings 174,212 251,241 0.02 Globe Telecom 3,640 183,518 0.02 GT Capital Holdings 1,840 56,318 0.01 Integrated MicroElectronics 99,700 11,931 JG Summit Holdings 167,420 306,034 0.02 Jollibee Foods 39,880 205,132 0.02 Lopez Holdings 1,482,400 244,192 0.02 LT Group 607,100 205,431 0.02 Megawide Construction 81,026 11,298 Megaworld 5,167,400 510,727 0.04 Melco Crown Philippines Resorts 258,600 20,722 Metropolitan Bank & Trust 71,910 138,096 0.01 Nickel Asia 354,000 37,622 PepsiCola Products Philippines 564,900 39,623 Petron 1,427,900 338,101 0.03 Philippine Long Distance Telephone 5,370 245,401 0.02 Philippine Long Distance Telephone ADR 208,200 9,279,473 0.71 Philippine National Bank 197,048 240,826 0.02 Phoenix Petroleum Philippines 118,400 15,603 Premium Leisure 2,565,000 63,788 0.01 Puregold Price Club 41,700 37,359 RFM 387,000 34,384 Rizal Commercial Banking 199,350 135,379 0.01 Robinsons Land 876,000 549,275 0.04 Robinsons Retail Holdings 44,830 81,899 0.01 San Miguel 106,040 176,592 0.01 San Miguel Pure Foods 24,420 109,000 0.01 Security Bank 198,148 808,216 0.06 SM Investments 5,270 108,317 0.01 SM Prime Holdings 688,600 399,570 0.03 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

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 177,309 244,213 0.02 Universal Robina 51,460 227,508 0.02 Vista Land & Lifescapes 2,864,200 325,093 0.03 19,288,394 1.48 Poland (2015: 1.15%) Agora 11,679 37,000 Alior Bank 16,540 218,287 0.02 Asseco Poland 52,836 696,371 0.05 Bank Millennium 92,190 108,915 0.01 Bioton 4,876 9,983 Ciech 12,624 159,626 0.01 ComArch 1,350 49,756 Cyfrowy Polsat 1,247 6,925 Emperia Holding 2,309 32,292 Enea 114,184 285,363 0.02 Energa 187,258 449,077 0.04 Eurocash 161,518 1,879,657 0.14 Farmacol 1,688 18,042 Getin Holding 103,399 22,187 Getin Noble Bank 191,564 20,794 Grupa Azoty 8,533 148,113 0.01 Grupa Lotos 53,029 407,890 0.03 Impexmetal 51,998 32,160 ING Bank Slaski 1,222 38,082 Jastrzebska Spolka Weglowa 16,499 71,430 0.01 KGHM Polska Miedz 77,988 1,299,357 0.10 LC 133,466 66,036 0.01 Lubelski Wegiel Bogdanka 1,821 16,613 mbank 1,131 88,208 0.01 MCI Capital 20,838 56,128 0.01 Netia 179,247 186,426 0.02 Orange Polska 278,731 356,739 0.03 Orbis 10,205 157,145 0.01 Pelion 1,417 17,653 PGE Polska Grupa Energetyczna 686,560 2,048,579 0.16 PKP Cargo 10,820 90,136 0.01 Polski Koncern Naftowy Orlen 15,160 264,252 0.02 Polskie Gornictwo Naftowe i Gazownictwo 1,359,618 1,922,036 0.15 Powszechna Kasa Oszczednosci Bank Polski 183,174 1,076,473 0.08 Tauron Polska Energia 488,907 350,511 0.03 Trakcja 9,009 22,515 12,710,757 0.98 Qatar (2015: 0.80%) Qatar Electricity & Water 133,960 7,652,124 0.59 Qatar National Bank 117,445 4,515,503 0.34 12,167,627 0.93 Romania (2015: 0.13%) Societatea Nationala de Gaze Naturale ROMGAZ GDR 275,511 1,680,617 0.13 Russia (2015: 1.70%) Gazprom ADR UK listing 1,568,733 6,761,239 0.52 Gazprom ADR US listing 1,509,727 6,537,118 0.50 Lukoil ADR UK listing 59,112 2,469,108 0.19 Lukoil ADR US listing 14,943 623,571 0.05 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Russia (2015: 1.70%) Mechel 4,780 8,030 MMC Norilsk Nickel ADR 31,304 416,030 0.03 Mobile Telesystems ADR 207,984 1,722,108 0.13 Novatek GDR 8,752 892,704 0.07 Novolipetsk Steel 2,591 33,683 Rosneft GDR 103,138 528,067 0.04 RusHydro ADR 184,818 168,184 0.01 Sberbank of Russia 24,450 212,960 0.02 Severstal GDR 66,181 724,020 0.06 Sistema GDR 240,920 1,814,128 0.14 Surgutneftegas ADR 115,352 587,718 0.05 Tatneft ADR 43,827 1,346,804 0.10 TMK GDR 4,219 11,518 24,856,990 1.91 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 90,858 0.01 AECI 63,372 359,158 0.03 African Bank Investments 619,730 13,118 African Oxygen 28,080 32,595 African Rainbow Minerals 45,439 285,448 0.02 Alexander Forbes Group Holdings 394,596 180,795 0.01 Anglo American Platinum 52,555 1,317,984 0.10 AngloGold Ashanti 20,622 376,800 0.03 AngloGold Ashanti ADR 272,686 4,924,709 0.38 ArcelorMittal South Africa 140,496 80,489 0.01 Ascendis Health 7,912 12,966 Astral Foods 9,880 85,348 0.01 Aveng 239,038 57,291 Barclays Africa Group 64,995 639,432 0.05 Barloworld 191,079 954,416 0.07 Bid 17,029 320,929 0.02 Bidvest Group 263,797 2,498,191 0.19 Blue Label Telecoms 219,118 276,497 0.02 Cashbuild 1,506 36,506 Caxton and CTP Publishers and Printers 45,466 42,315 Clover Industries 115,788 146,346 0.01 Consolidated Infrastructure Group 33,802 62,088 0.01 DataTec 141,078 422,415 0.03 Discovery 28,452 237,990 0.02 Distell Group 945 10,440 Exxaro Resources 187,071 861,715 0.07 FirstRand 162,778 498,393 0.04 Fortress Income Fund 94,701 231,757 0.02 Foschini Group 20,132 191,079 0.01 Gold Fields 100,580 489,473 0.04 Gold Fields ADR 1,013,454 4,965,925 0.38 Grand Parade Investments 229,432 54,832 Grindrod 322,316 252,439 0.02 Group Five 84,645 117,330 0.01 Growthpoint Properties REIT 2,691,720 4,719,930 0.36 Harmony Gold Mining 79,741 285,695 0.02 Harmony Gold Mining ADR 157,040 566,914 0.04 Holdsport 1,252 5,046 Hudaco Industries 7,416 53,940 Hulamin 117,076 45,168 Hyprop Investments REIT 43,808 388,544 0.03 Impala Platinum Holdings 84,898 273,621 0.02 MGI Funds plc 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%) South Africa (2015: 6.16%) Imperial Holdings 113,167 1,155,084 0.09 Investec 314,857 1,938,160 0.15 Invicta Holdings 14,083 51,591 KAP Industrial Holdings 285,566 121,870 0.01 Kumba Iron Ore 24,743 187,537 0.01 Lewis Group 68,095 204,634 0.02 Liberty Holdings 48,642 401,890 0.03 Merafe Resources 765,505 51,225 Metair Investments 74,084 103,146 0.01 MMI Holdings 854,623 1,321,179 0.10 Mondi 74,440 1,362,844 0.10 Mpact 62,135 126,688 0.01 Mr Price Group 37,599 529,518 0.04 MTN Group 873,382 8,523,302 0.65 Murray & Roberts Holdings 273,441 222,188 0.02 Nampak 99,613 129,711 0.01 Naspers 33,995 5,199,622 0.40 Nedbank Group 41,639 529,977 0.04 Northam Platinum 125,788 369,333 0.03 Omnia Holdings 41,112 411,260 0.03 Peregrine Holdings 45,294 90,897 0.01 Pick n Pay Stores 77,079 377,000 0.03 Pinnacle Holdings 26,550 26,269 PPC 12,422 6,786 PSG Group 6,878 91,102 0.01 Raubex Group 81,250 107,353 0.01 RCL Foods 90,031 85,451 0.01 Redefine Properties REIT 5,818,230 4,497,259 0.35 Remgro 35,508 617,444 0.05 Resilient REIT 26,417 237,744 0.02 Reunert 65,771 281,093 0.02 RMB Holdings 197,640 759,116 0.06 Royal Bafokeng Platinum 48,860 147,464 0.01 Sanlam 92,464 381,094 0.03 Santam 4,706 73,705 0.01 Sappi 134,983 631,088 0.05 Sasol 35,913 973,955 0.08 Sasol ADR 71,206 1,931,107 0.15 Sibanye Gold 121,878 417,107 0.03 Sibanye Gold ADR 15,131 206,084 0.02 SPAR Group 14,343 197,834 0.02 Standard Bank Group 282,644 2,466,501 0.19 Super Group 85,787 230,503 0.02 Telkom SOC 590,341 2,671,752 0.21 Tongaat Hulett 82,048 657,448 0.05 Transaction Capital 52,866 41,513 Trencor 95,879 256,639 0.02 Truworths International 72,929 427,267 0.03 Tsogo Sun Holdings 41,484 75,320 0.01 Wilson Bayly HolmesOvcon 34,539 296,736 0.02 Woolworths Holdings 1,836,092 10,533,865 0.81 80,241,616 6.16 Switzerland (2015: Nil) Cie Financiere Richemont 883,148 5,109,534 0.39 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan (2015: 11.97%) ADATA Technology 63,153 82,419 0.01 Ability Enterprise 149,371 77,327 0.01 AcBel Polytech 120,000 91,137 0.01 Acer 822,172 384,848 0.03 Achem Technology 94,718 33,326 Advancetek Enterprise 50,000 32,782 ALI 76,000 39,344 Alpha Networks 114,300 65,903 0.01 Altek 137,500 91,641 0.01 Ambassador Hotel 125,000 104,234 0.01 AmTRAN Technology 262,000 163,654 0.01 Arcadyan Technology 37,219 68,302 0.01 Ardentec 161,493 94,616 0.01 Arima Communications 88,000 16,340 Asia Cement 362,908 313,870 0.02 Asia Optical 138,000 113,364 0.01 Asia Polymer 41,000 21,733 Asia Vital Components 118,000 88,521 0.01 Asustek Computer 730,000 6,008,091 0.46 AU Optronics 2,078,000 705,357 0.05 Audix 47,400 50,693 AVY Precision Technology 20,710 36,337 Bank of Kaohsiung 237,544 65,684 0.01 BES Engineering 795,000 128,890 0.01 Capital Securities 920,000 234,428 0.02 Career Technology MFG 93,000 48,001 Casetek Holdings 60,000 209,244 0.02 Catcher Technology 11,000 80,985 0.01 Cathay Financial Holding 2,226,497 2,415,679 0.19 Cathay Real Estate Development 259,000 116,819 0.01 Central Reinsurance 79,000 33,428 Chailease Holding 50,000 80,753 0.01 Champion Building Materials 86,000 17,275 Chang Hwa Commercial Bank 882,632 458,293 0.04 Charoen Pokphand Enterprise 91,300 105,143 0.01 Cheng Loong 463,000 165,772 0.01 Cheng Uei Precision Industry 232,000 301,336 0.02 Chia Hsin Cement 299,000 77,394 0.01 Chien Kuo Construction 66,000 17,391 Chimei Materials Technology 115,000 52,404 ChinPoon Industrial 64,000 137,487 0.01 China Airlines 4,455,000 1,338,199 0.10 China Bills Finance 515,000 193,969 0.02 China Chemical & Pharmaceutical 141,000 80,206 0.01 China Development Financial Holding 3,184,800 767,101 0.06 China General Plastics 150,216 72,410 0.01 China Life Insurance 3,066,617 2,367,053 0.18 China ManMade Fiber 599,000 134,621 0.01 China Metal Products 127,112 150,719 0.01 China Motor 228,000 172,101 0.01 China Petrochemical Development 683,000 153,076 0.01 China Steel 1,684,509 1,091,362 0.08 China Steel Structure 28,000 18,010 China Synthetic Rubber 224,540 161,484 0.01 China Wire & Cable 23,200 9,277 Chinese Maritime Transport 71,000 48,090 Chipbond Technology 204,000 259,593 0.02 ChipMOS TECHNOLOGIES 20,526 21,856 Chong Hong Construction 15,750 31,003 Chun Yuan Steel 234,000 75,077 0.01 Chung Hsin Electric & Machinery Manufacturing 190,750 110,870 0.01 MGI Funds plc 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%) Taiwan (2015: 11.97%) Chung Hung Steel 327,000 55,549 Chung Hwa Pulp 231,788 68,331 0.01 Chunghwa Telecom 79,000 285,300 0.02 Clevo 158,000 132,977 0.01 CMC Magnetics 1,135,172 132,312 0.01 Compal Electronics 3,934,000 2,469,497 0.19 Compeq Manufacturing 445,000 235,888 0.02 Concord Securities 321,000 61,296 0.01 Continental Holdings 226,800 74,173 0.01 Coretronic 316,500 288,450 0.02 Coxon Precise Industrial 31,000 39,112 CSBC Taiwan 206,000 97,064 0.01 CTBC Financial Holding 11,757,567 6,141,387 0.47 Cyberlink 8,000 17,037 CyberTAN Technology 58,000 33,712 DLink 356,643 118,848 0.01 Darfon Electronics 144,000 89,947 0.01 Darwin Precisions 205,000 75,305 0.01 Depo Auto Parts Ind 21,000 63,796 0.01 Dynapack International Technology 53,000 78,040 0.01 E Ink Holdings 428,000 236,164 0.02 ETon Solar Tech 96,000 35,265 E.Sun Financial Holding 2,761,326 1,626,374 0.13 Eastern Media International 246,701 39,844 Eclat Textile 13,000 125,128 0.01 Elite Semiconductor Memory Technology 104,000 94,622 0.01 Elitegroup Computer Systems 178,798 106,140 0.01 EnTie Commercial Bank 89,000 37,935 Epistar 245,231 172,944 0.01 Eternal Materials 66,000 68,130 0.01 Etron Technology 89,000 34,762 Eva Airways 2,001,000 911,829 0.07 Everest Textile 23,000 11,016 Evergreen International Storage & Transport 298,000 118,243 0.01 Evergreen Marine Taiwan 483,950 179,274 0.01 Everlight Chemical Industrial 111,650 73,374 0.01 Everlight Electronics 98,000 158,883 0.01 Excelsior Medical 50,390 80,445 0.01 Far Eastern Department Stores 353,277 190,005 0.01 Far Eastern International Bank 1,139,362 322,817 0.03 Far Eastern New Century 399,806 297,447 0.02 Far EasTone Telecommunications 139,000 335,661 0.03 Faraday Technology 24,000 25,109 Farglory Land Development 167,703 193,389 0.02 Federal 252,454 107,997 0.01 Feng Hsin Steel 49,000 61,670 0.01 Feng TAY Enterprise 273,820 1,128,927 0.09 First Financial Holding 3,113,839 1,631,293 0.13 First Hotel 60,224 34,071 First Insurance 15,000 5,278 First Steamship 170,000 42,686 Flexium Interconnect 31,000 79,761 0.01 FocalTech Systems 55,389 46,188 Formosa Advanced Technologies 87,000 61,220 0.01 Formosa Chemicals & Fibre 13,850 34,776 Formosa Plastics 15,000 36,176 Formosa Taffeta 288,000 277,206 0.02 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan (2015: 11.97%) Formosan Rubber Group 175,000 81,915 0.01 Formosan Union Chemical 84,000 45,569 Founding Construction & Development 90,509 48,539 Foxconn Technology 709,224 1,657,692 0.13 FSP Technology 81,180 57,628 Fubon Financial Holding 5,303,000 6,189,217 0.48 Fulltech Fiber Glass 168,000 58,588 Fwusow Industry 66,170 31,178 G Shank Enterprise 58,229 41,245 Gemtek Technology 179,000 105,151 0.01 Genius Electronic Optical 21,000 34,307 Getac Technology 192,000 134,809 0.01 Giantplus Technology 89,000 53,799 Gigabyte Technology 307,000 364,015 0.03 Gigastorage 78,000 60,932 0.01 Gintech Energy 171,000 138,617 0.01 Global Brands Manufacture 207,000 48,704 Global Lighting Technologies 29,000 65,176 0.01 Global Mixed Mode Technology 9,000 18,469 Globe Union Industrial 135,450 60,253 Gloria Material Technology 253,450 129,636 0.01 Gold Circuit Electronics 82,000 21,708 Goldsun Building Materials 655,000 167,511 0.01 Grand Ocean Retail Group 33,000 25,677 Grand Pacific Petrochemical 473,000 228,003 0.02 Great China Metal Industry 27,000 21,678 Great Wall Enterprise 181,800 165,970 0.01 Greatek Electronics 82,000 96,085 0.01 Green Energy Technology 79,000 54,121 Hannstar Board 172,000 48,946 HannStar Display 1,622,325 251,453 0.02 HannsTouch Solution 233,923 46,772 Hey Song 145,500 147,264 0.01 Highwealth Construction 76,700 126,014 0.01 Hiroca Holdings 11,728 41,446 Ho Tung Chemical 426,825 90,501 0.01 Holy Stone Enterprise 121,000 125,655 0.01 Hon Hai Precision Industry 2,453,290 6,274,107 0.48 Hsin Kuang Steel 118,000 55,417 HTC 50,000 160,420 0.01 HUA ENG Wire & Cable 215,000 42,322 Hua Nan Financial Holdings 1,032,056 534,280 0.04 Huaku Development 42,000 71,608 0.01 Huang Hsiang Construction 67,000 83,181 0.01 Hung Poo Real Estate Development 146,000 125,367 0.01 Hung Sheng Construction 130,000 66,493 0.01 Hwa Fong Rubber 38,368 13,678 ISheng Electric Wire & Cable 15,000 19,390 Ichia Technologies 170,000 79,311 0.01 IEI Integration 15,000 17,832 Infortrend Technology 55,000 27,279 Innolux 8,852,522 2,963,738 0.23 Inotera Memories 371,000 288,667 0.02 Inventec 724,000 512,831 0.04 ITEQ 56,000 56,158 JessLink Products 17,000 14,334 Jih Sun Financial Holdings 827,546 174,698 0.01 Kaulin Manufacturing 46,000 23,528 KEE TAI Properties 183,000 82,256 0.01 Kindom Construction 174,000 96,280 0.01 King Yuan Electronics 176,000 155,764 0.01 King's Town Bank 395,000 261,423 0.02 MGI Funds plc 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%) Taiwan (2015: 11.97%) King's Town Construction 67,320 37,772 Kinpo Electronics 439,000 164,664 0.01 Kinsus Interconnect Technology 102,000 222,598 0.02 Kung Sing Engineering 83,000 25,858 Kuo Toong International 68,341 47,137 Kuoyang Construction 223,925 80,174 0.01 Kwong Fong Industries 90,720 53,714 L&K Engineering 58,000 44,589 LCY Chemical 41,000 51,347 Lealea Enterprise 365,434 99,234 0.01 Lextar Electronics 136,000 68,086 0.01 Li Peng Enterprise 305,626 65,466 0.01 Lien Hwa Industrial 347,360 226,663 0.02 Lingsen Precision Industries 185,000 50,352 LiteOn Semiconductor 105,819 71,018 0.01 LiteOn Technology 1,078,400 1,474,238 0.11 Long Chen Paper 210,122 103,892 0.01 Lotes 18,000 51,056 Lumax International 25,000 36,036 Macronix International 2,056,000 180,368 0.01 Masterlink Securities 436,637 116,810 0.01 MediaTek 1,130,000 8,547,072 0.66 Mega Financial Holding 11,388,619 8,578,798 0.66 Meiloon Industrial 38,000 15,549 Mercuries & Associates Holding 118,320 67,671 0.01 Mercuries Life Insurance 298,945 133,445 0.01 Merry Electronics 16,000 34,521 MicroStar International 93,000 170,380 0.01 Microbio 28,000 20,831 Mirle Automation 49,350 64,252 0.01 Mitac Holdings 267,000 196,573 0.02 Motech Industries 145,000 150,578 0.01 Nan Ya Plastics 200,000 378,189 0.03 Nan Ya Printed Circuit Board 80,000 72,166 0.01 Nantex Industry 52,316 42,247 Neo Solar Power 409,901 226,177 0.02 Nien Hsing Textile 124,675 92,369 0.01 Novatek Microelectronics 1,219,000 4,515,655 0.35 Ocean Plastics 48,000 37,348 OptoTech 268,000 100,109 0.01 Oriental Union Chemical 119,000 72,118 0.01 Pan Jit International 199,000 101,169 0.01 PanInternational Industrial 190,537 72,650 0.01 Pegatron 354,000 744,016 0.06 Pou Chen 2,123,000 2,833,167 0.22 Powertech Technology 1,201,616 2,663,305 0.20 President Securities 454,000 166,772 0.01 Primax Electronics 35,000 45,623 Prince Housing & Development 417,328 154,595 0.01 Qisda 884,000 312,397 0.02 Quanta Computer 2,197,000 4,154,407 0.32 Quanta Storage 113,000 77,414 0.01 Radiant OptoElectronics 547,000 851,217 0.07 Radium Life Tech 314,858 101,507 0.01 Realtek Semiconductor 13,000 40,259 Rechi Precision 50,000 40,609 Rich Development 353,438 101,236 0.01 Ritek 1,391,000 119,873 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan (2015: 11.97%) Sampo 221,000 93,856 0.01 Sanyang Industry 110,000 70,585 0.01 SDI 17,000 17,759 Sheng Yu Steel 26,000 17,087 Shih Wei Navigation 89,249 27,805 Shihlin Electric & Engineering 148,000 184,662 0.01 Shin Kong Financial Holding 3,707,784 725,259 0.06 Shin Zu Shing 24,000 78,490 0.01 Shining Building Business 91,960 31,357 Shinkong Insurance 99,000 73,347 0.01 Shinkong Synthetic Fibers 713,000 190,080 0.02 Sigurd Microelectronics 138,000 100,530 0.01 Silicon Integrated Systems 254,000 48,975 Siliconware Precision Industries 977 1,483 Sincere Navigation 160,000 95,973 0.01 SinoAmerican Silicon Products 261,000 291,672 0.02 Sinon 204,000 88,850 0.01 SinoPac Financial Holdings 1,464,917 431,860 0.03 Sirtec International 54,000 71,059 0.01 SoftWorld International 25,000 52,233 Solar Applied Materials Technology 201,000 54,520 Solartech Energy 184,709 108,790 0.01 Southeast Cement 60,000 28,271 Sunonwealth Electric Machine Industry 20,000 12,989 Sunplus Technology 242,000 90,396 0.01 Sunrex Technology 77,670 39,005 Sunspring Metal 33,000 42,556 Syncmold Enterprise 16,000 26,238 Synnex Technology International 196,000 211,135 0.02 Systex 79,000 137,140 0.01 TA Chen Stainless Pipe 150,213 75,202 0.01 Tah Hsin Industrial 22,500 17,158 Taichung Commercial Bank 968,927 270,924 0.02 Taiflex Scientific 60,000 66,400 0.01 Tainan Spinning 623,971 237,913 0.02 Tainergy Tech 67,000 37,593 Taishin Financial Holding 1,234,392 474,487 0.04 Taisun Enterprise 55,000 22,505 Taiwan Business Bank 1,656,114 419,945 0.03 Taiwan Cement 495,000 491,793 0.04 Taiwan Chinsan Electronic Industrial 4,000 5,605 Taiwan Cogeneration 128,000 98,602 0.01 Taiwan Cooperative Financial Holding 1,996,751 878,944 0.07 Taiwan Fertilizer 679,000 901,924 0.07 Taiwan Fire & Marine Insurance 87,000 51,242 Taiwan FU Hsing Industrial 20,000 31,867 Taiwan Glass Industry 368,000 156,855 0.01 Taiwan Hon Chuan Enterprise 81,311 120,861 0.01 Taiwan Land Development 340,591 111,915 0.01 Taiwan Mobile 3,116,000 10,866,735 0.83 Taiwan Navigation 76,000 28,507 Taiwan PCB Techvest 138,441 129,390 0.01 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 3,505,998 0.27 Taiwan Semiconductor Manufacturing ADR 987,557 25,903,620 1.99 Taiwan Shin Kong Security 39,390 49,392 Taiwan Styrene Monomer 122,000 59,376 Taiwan Surface Mounting Technology 133,060 113,637 0.01 Taiwan TEA 313,000 144,571 0.01 MGI Funds plc 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%) Taiwan Union Technology 104,000 112,514 0.01 Taiyen Biotech 70,479 68,930 0.01 Tatung 1,032,000 163,474 0.01 Teco Electric and Machinery 6,504,000 5,463,852 0.42 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 41,000 144,253 0.01 Tong Yang Industry 71,850 106,464 0.01 TongTai Machine & Tool 65,457 49,307 Topco Scientific 27,858 57,428 TPK Holding 75,000 144,842 0.01 Transasia Airways 122,207 24,321 Tripod Technology 190,000 368,114 0.03 TSRC 210,000 192,690 0.02 Tung Ho Steel Enterprise 439,000 259,244 0.02 TXC 97,000 134,409 0.01 TYC Brother Industrial 49,000 39,949 UMing Marine Transport 69,000 53,153 UniPresident Enterprises 850,000 1,673,175 0.13 Unimicron Technology 509,000 222,477 0.02 Union Bank Of Taiwan 764,634 208,823 0.02 Unitech Printed Circuit Board 317,000 102,689 0.01 United Integrated Services 39,000 58,091 United Microelectronics 1,803,000 704,231 0.05 Unity Opto Technology 119,000 58,653 Universal Cement 201,837 137,023 0.01 Unizyx Holding 217,000 105,946 0.01 UPC Technology 391,472 109,946 0.01 USI 421,000 163,133 0.01 Ve Wong 21,000 14,126 Wafer Works 199,525 61,480 0.01 Wah Lee Industrial 71,000 103,334 0.01 Walsin Lihwa 1,295,000 351,258 0.03 Walsin Technology 197,580 179,150 0.01 Walton Advanced Engineering 138,000 38,886 Wan Hai Lines 203,000 112,012 0.01 Waterland Financial Holdings 961,407 237,527 0.02 Wei Chuan Foods 61,000 39,899 Weikeng Industrial 68,000 40,156 Well Shin Technology 21,000 34,632 Winbond Electronics 992,000 274,300 0.02 Wintek 48,000 2,723 Wisdom Marine Lines 107,981 114,980 0.01 Wistron 933,055 647,894 0.05 WPG Holdings 244,000 283,264 0.02 WT Microelectronics 168,043 211,493 0.02 WUS Printed Circuit 86,000 76,112 0.01 Yageo 74,559 123,421 0.01 Yang Ming Marine Transport 505,000 122,888 0.01 YC 218,469 94,474 0.01 YC INOX 72,000 51,893 YFY 658,000 198,058 0.02 Yieh Phui Enterprise 541,059 132,502 0.01 Youngtek Electronics 23,460 34,980 Yuanta Financial Holding 1,907,993 615,118 0.05 Yulon Motor 292,000 247,111 0.02 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 369,000 660,010 0.05 Zig Sheng Industrial 230,280 57,108 168,058,505 12.90 Thailand (2015: 2.54%) AAPICO Hitech 23,100 7,823 AEON Thana Sinsap Thailand NVDR 13,700 37,525 Amata 226,800 82,614 0.01 Ananda Development 337,300 38,203 AP Thailand 537,000 112,321 0.01 Asia Aviation 373,400 66,413 0.01 Bangchak Petroleum 198,400 180,672 0.01 Bangkok Bank 67,700 312,106 0.02 Bangkok Bank NVDR 168,600 760,475 0.06 Bangkok Expressway & Metro 700,220 137,493 0.01 Bangkok Insurance 12,600 128,367 0.01 Bangkok Land 3,121,000 144,770 0.01 Banpu 559,050 233,866 0.02 Bumrungrad Hospital NVDR 67,700 351,601 0.03 CalComp Electronics Thailand 1,070,516 81,644 0.01 Central Pattana NVDR 142,800 242,809 0.02 CH Karnchang 60,100 49,599 Charoen Pokphand Foods 125,100 102,351 0.01 Charoen Pokphand Foods NVDR 1,608,200 1,315,758 0.10 Charoong Thai Wire & Cable 7,300 2,077 Delta Electronics Thailand NVDR 142,100 275,991 0.02 Eastern Water Resources Development and Management 67,200 24,669 Esso Thailand 385,900 66,440 0.01 GFPT 146,700 45,505 Golden Land Property Development 169,900 29,251 Hana Microelectronics 128,500 107,876 0.01 Home Product Center 724,400 204,085 0.02 Indorama Ventures 87,900 72,541 0.01 IRPC 528,600 71,603 0.01 Jasmine International 143,000 22,992 Kang Yong Electric 3,300 30,051 Kasikornbank 56,100 275,391 0.02 KGI Securities Thailand 323,300 29,993 Khon Kaen Sugar Industry 366,388 42,332 Khonburi Sugar 71,700 17,343 Kiatnakin Bank 135,400 167,612 0.01 Krung Thai Bank 841,700 390,430 0.03 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 63,903 0.01 Loxley 248,400 18,662 LPN Development 107,500 39,464 MBK 201,300 81,918 0.01 MCOT 69,400 17,281 Nation Multimedia Group 118,000 3,996 Polyplex Thailand 249,637 68,199 0.01 Precious Shipping 346,650 62,642 0.01 Property Perfect 1,731,100 44,829 Pruksa Real Estate 70,900 50,946 PTT 170,600 1,519,573 0.12 PTT Exploration & Production 249,200 593,924 0.05 PTT Exploration & Production NVDR 767,000 1,828,009 0.14 PTT Global Chemical 276,700 466,547 0.04 MGI Funds plc 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%) Thailand (2015: 2.54%) PTT Global Chemical NVDR 1,775,800 2,994,199 0.23 Quality Houses 2,346,617 177,632 0.01 Regional Container Lines 175,300 29,183 Rojana Industrial Park 393,230 58,190 SahaUnion 66,300 69,809 0.01 Sansiri 3,061,233 161,163 0.01 SC Asset 1,012,443 94,502 0.01 Siam Cement NVDR 9,550 129,363 0.01 Siam Commercial Bank 55,500 219,536 0.02 Siam Future Development 226,664 38,379 Siamgas & Petrochemicals 164,679 69,358 0.01 Somboon Advance Technology 58,800 22,255 Sri Ayudhya Capital 13,300 12,206 Sri Trang AgroIndustry 327,000 117,251 0.01 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 284,700 195,255 0.02 Thai Oil 43,300 73,933 0.01 Thai Oil NVDR 987,882 1,686,765 0.13 Thai Stanley Electric 3,500 17,580 Thai Union Group 10,340,700 6,473,973 0.50 Thai Union Group NVDR 5,665,765 3,547,149 0.27 Thaicom 95,600 58,492 Thanachart Capital 263,100 262,052 0.02 Thitikorn 79,400 25,985 Thoresen Thai Agencies 406,070 104,580 0.01 TICON Industrial Connection 90,720 34,336 Tisco Financial Group 20,300 28,596 TMB Bank 1,912,700 117,571 0.01 TPI Polene 2,712,000 172,877 0.01 True 320,000 65,566 0.01 TTCL 22,300 13,898 U City 15,105,300 12,896 Univentures 87,000 14,855 Vinythai 230,200 64,854 0.01 28,499,562 2.19 Turkey (2015: 1.95%) Adana Cimento Sanayii 8,701 17,398 Akbank 457,186 1,308,449 0.10 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 69,223 0.01 Anadolu Anonim Turk Sigorta Sirketi 143,556 85,865 0.01 Anadolu Cam Sanayii 83,353 59,711 0.01 Arcelik 261,772 1,723,208 0.13 Aygaz 9,406 36,569 Baticim Bati Anadolu Cimento Sanayii 17,387 36,278 BIM Birlesik Magazalar 59,556 1,160,821 0.09 Borusan Mannesmann Boru Sanayi ve Ticaret 19,618 50,347 Dogan Sirketler Grubu Holding 338,712 54,182 0.01 Eczacibasi Yatirim Holding Ortakligi 12,738 54,661 0.01 EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret 100,255 116,444 0.01 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 1,182,290 0.09 Ford Otomotiv Sanayi 10,106 107,539 0.01 GSD Holding 105,016 35,058 Ipek Dogal Enerji Kaynaklari ve Uretim 45,595 15,221 Is Finansal Kiralama 172,452 61,769 0.01 Kardemir Karabuk Demir Celik Sanayi ve Ticaret A 33,039 15,970 Kardemir Karabuk Demir Celik Sanayi ve Ticaret D 218,123 97,090 0.01 KOC Holding 8,916 40,679 Koza Altin Isletmeleri 3,908 17,300 Koza Anadolu Metal Madencilik Isletmeleri 81,342 27,438 NET Holding 103,017 105,681 0.01 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 1,065,062 0.08 Pinar Entegre Et ve Un Sanayi 2,261 8,295 Sekerbank 301,260 137,239 0.01 Selcuk Ecza Deposu Ticaret ve Sanayi 65,400 62,542 0.01 Soda Sanayii 28,172 44,575 TAV Havalimanlari Holding 165,622 710,142 0.06 Tekfen Holding 68,569 175,735 0.01 Tofas Turk Otomobil Fabrikasi 142,230 1,169,237 0.09 Trakya Cam Sanayii 180,580 143,175 0.01 Tupras Turkiye Petrol Rafinerileri 80,678 1,788,543 0.14 Turcas Petrol 61,820 31,387 Turk Hava Yollari 153,346 305,023 0.02 Turk Telekomunikasyon 2,687,756 5,654,695 0.44 Turkiye Garanti Bankasi 497,094 1,310,302 0.10 Turkiye Halk Bankasi 275,214 817,320 0.06 Turkiye Is Bankasi 281,952 447,099 0.04 Turkiye Sinai Kalkinma Bankasi 359,301 166,178 0.01 Turkiye Sise ve Cam Fabrikalari 655,960 809,785 0.06 Turkiye Vakiflar Bankasi 304,842 478,096 0.04 Vestel Elektronik Sanayi ve Ticaret 13,597 30,545 Yapi ve Kredi Bankasi 146,797 203,172 0.02 22,228,944 1.71 United Arab Emirates (2015: 0.45%) First Gulf Bank 1,827,005 6,267,257 0.48 United Kingdom (2015: 2.30%) Unilever 171,516 8,206,024 0.63 United States of America (2015: 0.61%) Abbott Laboratories 225,328 8,857,643 0.68 Net 1 UEPS Technologies 850 8,414 Southern Copper 17,300 466,754 0.04 Yum! Brands 55,117 4,570,301 0.35 13,903,112 1.07 Total equities 1,214,197,143 93.17 Total transferable securities 1,214,197,143 93.17 MGI Funds plc 50

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 8,650 451 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 4,586,473 0.35 CLP 2* 5,879,784,000 USD 8,467,754 21/09/2016 354,465 0.03 COP 2* 69,100,000,000 USD 21,907,731 21/09/2016 1,458,436 0.11 HKD 2* 208,090,000 USD 26,831,225 21/09/2016 16,656 IDR 2* 62,888,158,414 USD 4,605,620 21/09/2016 89,459 0.01 INR 2* 1,988,378,000 USD 29,008,604 21/09/2016 58,283 KRW 2* 6,000,000,000 USD 5,173,006 21/09/2016 31,923 MYR 2* 109,146,000 USD 26,475,297 21/09/2016 457,432 0.04 PEN 2* 3,435,000 USD 1,016,591 21/09/2016 19,999 SGD 2* 25,100,000 USD 18,540,096 21/09/2016 96,081 0.01 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 1,056,953 0.08 TWD 2* 276,000,000 USD 8,530,190 21/09/2016 40,334 USD 2* 13,032,179 CZK 312,000,000 21/09/2016 205,540 0.02 USD 2* 2,999,621 HUF 830,000,000 21/09/2016 79,158 0.01 USD 2* 19,941,458 ILS 76,500,000 21/09/2016 41,813 USD 2* 20,719,034 PHP 973,048,000 21/09/2016 107,022 0.01 USD 2* 13,471,378 PLN 53,273,000 21/09/2016 47,280 ZAR 2* 283,598,000 USD 18,148,288 21/09/2016 914,250 0.07 Unrealised gain on open forward foreign currency contracts 9,667,733 0.74 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) 81,633 0.01 HShares Index Futures 5* 50,328,212 28/07/2016 HKD 895 2,154,828 0.16 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 200 180,719 0.01 SET 50 Index Futures 1* 1,315,260 29/09/2016 THB 256 20,027 Tel Aviv 25 Index Futures 5* 5,699,072 27/07/2016 ILS 153 103,000 0.01 Unrealised gain on futures contracts 2,541,378 0.19 MGI Funds plc 51

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 16/09/2021 11,026 Total return swaps at positive fair value 16,641 Total financial derivative instruments at positive fair value 12,274,991 0.93 Total financial assets at fair value through profit or loss 1,226,472,134 94.10 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

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 7,295,058 0.55 Total investments at fair value through profit and loss 1,221,492,201 93.72 Cash (2015: 3.73%) 78,268,992 6.01 Net current assets (2015: 0.45%) 3,553,481 0.27 Total net assets attributable to holders of redeemable participating shares 1,303,314,674 100.00 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; 89.50 Financial derivative instruments dealt in on a regulated market; 0.19 OTC financial derivative instruments; 0.71 Other current assets 9.60 100.00 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

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 2016 30 June 2015 % of NAV % of NAV Consumer Discretionary 10.87 10.62 Consumer Staples 8.61 9.73 Energy 6.38 5.35 Financials 24.88 25.48 Industrials 8.12 9.18 Information Technology 14.71 13.33 Materials 7.78 6.67 Telecommunication Services 6.80 5.93 Utilities 5.29 MGI Funds plc 54

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) 4.30 15/09/2017 EUR 50,000 52,931 0.10 Austria (Government of) 4.65 15/01/2018 EUR 60,000 64,822 0.13 Austria (Government of) 1.15 19/10/2018 EUR 40,000 41,567 0.08 Austria (Government of) 4.35 15/03/2019 EUR 80,000 90,572 0.17 Austria (Government of) 1.95 18/06/2019 EUR 50,000 53,652 0.10 Austria (Government of) 0.25 18/10/2019 EUR 50,000 51,243 0.10 Austria (Government of) 3.90 15/07/2020 EUR 100,000 117,811 0.23 Austria (Government of) 3.50 15/09/2021 EUR 110,000 132,381 0.25 Austria (Government of) 3.65 20/04/2022 EUR 60,000 73,987 0.14 Austria (Government of) 3.40 22/11/2022 EUR 70,000 86,755 0.17 Austria (Government of) 1.75 20/10/2023 EUR 60,000 68,825 0.13 Austria (Government of) 1.65 21/10/2024 EUR 70,000 80,171 0.15 Austria (Government of) 1.20 20/10/2025 EUR 70,000 77,551 0.15 Austria (Government of) 4.85 15/03/2026 EUR 90,000 131,836 0.25 Austria (Government of) 0.75 20/10/2026 EUR 40,000 42,235 0.08 Austria (Government of) 6.25 15/07/2027 EUR 50,000 83,198 0.16 Austria (Government of) 2.40 23/05/2034 EUR 40,000 52,542 0.10 Austria (Government of) 4.15 15/03/2037 EUR 85,000 143,442 0.28 Austria (Government of) 3.15 20/06/2044 EUR 50,000 80,039 0.15 Austria (Government of) 1.50 20/02/2047 EUR 10,000 11,772 0.02 Austria (Government of) 3.80 26/01/2062 EUR 20,000 40,169 0.08 1,577,501 3.02 Belgium (2015: 5.23%) Belgium (Government of) 3.50 28/06/2017 EUR 90,000 93,609 0.18 Belgium (Government of) 5.50 28/09/2017 EUR 60,000 64,527 0.12 Belgium (Government of) 4.00 28/03/2018 EUR 80,000 86,393 0.17 Belgium (Government of) 1.25 22/06/2018 EUR 80,000 82,921 0.16 Belgium (Government of) 4.00 28/03/2019 EUR 100,000 112,679 0.22 Belgium (Government of) 3.00 28/09/2019 EUR 90,000 100,458 0.19 Belgium (Government of) 3.75 28/09/2020 EUR 135,000 159,694 0.31 Belgium (Government of) 4.25 28/09/2021 EUR 120,000 149,612 0.29 Belgium (Government of) 4.00 28/03/2022 EUR 95,000 119,074 0.23 Belgium (Government of) 4.25 28/09/2022 EUR 110,000 141,683 0.27 Belgium (Government of) 2.25 22/06/2023 EUR 90,000 105,634 0.20 Belgium (Government of) 0.20 22/10/2023 EUR 20,000 20,482 0.04 Belgium (Government of) 2.60 22/06/2024 EUR 110,000 133,423 0.26 Belgium (Government of) 0.80 22/06/2025 EUR 110,000 116,961 0.22 Belgium (Government of) 4.50 28/03/2026 EUR 60,000 85,642 0.16 Belgium (Government of) 1.00 22/06/2026 EUR 50,000 53,797 0.10 Belgium (Government of) 5.50 28/03/2028 EUR 130,000 208,394 0.40 Belgium (Government of) 1.00 22/06/2031 EUR 40,000 42,615 0.08 Belgium (Government of) 4.00 28/03/2032 EUR 60,000 91,612 0.17 Belgium (Government of) 3.00 22/06/2034 EUR 40,000 56,172 0.11 Belgium (Government of) 5.00 28/03/2035 EUR 140,000 248,276 0.47 Belgium (Government of) 1.90 22/06/2038 EUR 30,000 36,600 0.07 Belgium (Government of) 4.25 28/03/2041 EUR 115,000 203,588 0.39 Belgium (Government of) 3.75 22/06/2045 EUR 60,000 103,192 0.20 Belgium (Government of) 1.60 22/06/2047 EUR 20,000 22,975 0.04 Belgium (Government of) 2.15 22/06/2066 EUR 20,000 25,088 0.05 2,665,101 5.10 Finland (2015: 1.18%) Finland (Government of) 3.88 15/09/2017 EUR 60,000 63,247 0.12 Finland (Government of) 1.13 15/09/2018 EUR 20,000 20,755 0.04 Finland (Government of) 4.38 04/07/2019 EUR 30,000 34,501 0.07 Finland (Government of) 3.38 15/04/2020 EUR 50,000 57,417 0.11 Finland (Government of) 0.38 15/09/2020 EUR 40,000 41,438 0.08 Finland (Government of) 3.50 15/04/2021 EUR 40,000 47,590 0.09 MGI Funds plc 55

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) 1.63 15/09/2022 EUR 40,000 44,831 0.09 Finland (Government of) 1.50 15/04/2023 EUR 30,000 33,542 0.06 Finland (Government of) 2.00 15/04/2024 EUR 30,000 34,918 0.07 Finland (Government of) 4.00 04/07/2025 EUR 50,000 68,055 0.13 Finland (Government of) 0.88 15/09/2025 EUR 30,000 32,159 0.06 Finland (Government of) 0.50 15/04/2026 EUR 30,000 31,018 0.06 Finland (Government of) 2.75 04/07/2028 EUR 30,000 39,125 0.07 Finland (Government of) 0.75 15/04/2031 EUR 20,000 21,090 0.04 Finland (Government of) 2.63 04/07/2042 EUR 30,000 45,284 0.09 614,970 1.18 France (2015: 19.37%) France (Government of) 1.00 25/07/2017 EUR 150,000 152,478 0.29 France (Government of) 4.25 25/10/2017 EUR 240,000 255,207 0.49 France (Government of) 25/02/2018 EUR 140,000 141,310 0.27 France (Government of) 4.00 25/04/2018 EUR 230,000 249,088 0.48 France (Government of) 1.00 25/05/2018 EUR 160,000 164,725 0.32 France (Government of) 4.25 25/10/2018 EUR 220,000 244,528 0.47 France (Government of) 1.00 25/11/2018 EUR 150,000 155,568 0.30 France (Government of) 25/02/2019 EUR 90,000 91,263 0.17 France (Government of) 4.25 25/04/2019 EUR 220,000 249,763 0.48 France (Government of) 1.00 25/05/2019 EUR 160,000 167,072 0.32 France (Government of) 3.75 25/10/2019 EUR 250,00 285,386 0.55 France (Government of) 8.50 25/10/2019 EUR 60,000 78,005 0.15 France (Government of) 0.50 25/11/2019 EUR 180,000 186,008 0.36 France (Government of) 3.50 25/04/2020 EUR 260,000 299,612 0.57 France (Government of) 25/05/2020 EUR 160,000 162,792 0.31 France (Government of) 2.50 25/10/2020 EUR 250,000 281,783 0.54 France (Government of) 0.25 25/11/2020 EUR 170,000 174,933 0.33 France (Government of) 3.75 25/04/2021 EUR 260,000 312,219 0.60 France (Government of) 25/05/2021 EUR 60,000 61,037 0.12 France (Government of) 3.25 25/10/2021 EUR 280,000 333,906 0.64 France (Government of) 3.00 25/04/2022 EUR 280,000 334,057 0.64 France (Government of) 8.25 25/04/2022 EUR 20,000 30,034 0.06 France (Government of) 2.25 25/10/2022 EUR 210,000 243,209 0.47 France (Government of) 8.50 25/04/2023 EUR 70,000 111,841 0.21 France (Government of) 1.75 25/05/2023 EUR 240,000 272,361 0.52 France (Government of) 4.25 25/10/2023 EUR 280,000 371,167 0.71 France (Government of) 2.25 25/05/2024 EUR 210,000 248,876 0.48 France (Government of) 1.75 25/11/2024 EUR 210,000 240,815 0.46 France (Government of) 0.50 25/05/2025 EUR 230,000 238,914 0.46 France (Government of) 6.00 25/10/2025 EUR 180,000 279,306 0.53 France (Government of) 1.00 25/11/2025 EUR 180,000 194,622 0.37 France (Government of) 3.50 25/04/2026 EUR 250,000 332,024 0.63 France (Government of) 0.50 25/05/2026 EUR 100,000 103,011 0.20 France (Government of) 2.75 25/10/2027 EUR 240,000 305,890 0.59 France (Government of) 5.50 25/04/2029 EUR 200,000 330,236 0.63 France (Government of) 2.50 25/05/2030 EUR 220,000 281,838 0.54 France (Government of) 1.50 25/05/2031 EUR 110,000 125,727 0.24 France (Government of) 5.75 25/10/2032 EUR 200,000 364,956 0.70 France (Government of) 4.75 25/04/2035 EUR 170,000 294,793 0.56 France (Government of) 1.25 25/05/2036 EUR 70,000 76,551 0.15 France (Government of) 4.00 25/10/2038 EUR 180,000 300,198 0.57 France (Government of) 4.50 25/04/2041 EUR 190,000 348,153 0.67 France (Government of) 3.25 25/05/2045 EUR 120,000 190,797 0.36 France (Government of) 4.00 25/04/2055 EUR 100,000 192,068 0.37 France (Government of) 4.00 25/04/2060 EUR 80,000 158,077 0.30 France (Government of) 1.75 25/05/2066 EUR 20,000 23,494 0.04 10,039,698 19.22 MGI Funds plc 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 Transferable securities (2015: 82.35%) Government bonds (2015: 82.35%) Germany (2015: 15.51%) Bundesrepublik Deutschland 4.25 04/07/2017 EUR 120,000 125,927 0.24 Bundesrepublik Deutschland 16/06/2017 EUR 80,000 80,501 0.15 Bundesrepublik Deutschland 15/09/2017 EUR 90,000 90,717 0.17 Bundesrepublik Deutschland 0.50 13/10/2017 EUR 110,000 111,628 0.21 Bundesrepublik Deutschland 15/12/2017 EUR 90,000 90,865 0.17 Bundesrepublik Deutschland 4.00 04/01/2018 EUR 140,000 149,949 0.29 Bundesrepublik Deutschland 0.50 23/02/2018 EUR 120,000 122,305 0.23 Bundesrepublik Deutschland 16/03/2018 EUR 90,000 91,021 0.17 Bundesrepublik Deutschland 0.25 13/04/2018 EUR 120,000 121,963 0.23 Bundesrepublik Deutschland 15/06/2018 EUR 30,000 30,388 0.06 Bundesrepublik Deutschland 4.25 04/07/2018 EUR 150,000 164,843 0.32 Bundesrepublik Deutschland 1.00 12/10/2018 EUR 120,000 124,576 0.24 Bundesrepublik Deutschland 3.75 04/01/2019 EUR 170,000 188,961 0.36 Bundesrepublik Deutschland 1.00 22/02/2019 EUR 110,000 114,875 0.22 Bundesrepublik Deutschland 0.50 12/04/2019 EUR 110,000 113,578 0.22 Bundesrepublik Deutschland 3.50 04/07/2019 EUR 170,000 191,385 0.37 Bundesrepublik Deutschland 0.25 11/10/2019 EUR 110,000 113,299 0.22 Bundesrepublik Deutschland 3.25 04/01/2020 EUR 150,000 170,796 0.33 Bundesrepublik Deutschland 17/04/2020 EUR 140,000 143,387 0.27 Bundesrepublik Deutschland 3.00 04/07/2020 EUR 150,000 172,039 0.33 Bundesrepublik Deutschland 2.25 04/09/2020 EUR 110,000 123,483 0.24 Bundesrepublik Deutschland 0.25 16/10/2020 EUR 130,000 134,869 0.26 Bundesrepublik Deutschland 2.50 04/01/2021 EUR 130,000 148,500 0.28 Bundesrepublik Deutschland 09/04/2021 EUR 120,000 123,278 0.24 Bundesrepublik Deutschland 3.25 04/07/2021 EUR 130,000 155,262 0.30 Bundesrepublik Deutschland 2.25 04/09/2021 EUR 110,000 126,281 0.24 Bundesrepublik Deutschland 2.00 04/01/2022 EUR 140,000 159,849 0.31 Bundesrepublik Deutschland 1.75 04/07/2022 EUR 170,000 193,417 0.37 Bundesrepublik Deutschland 1.50 04/09/2022 EUR 130,000 146,253 0.28 Bundesrepublik Deutschland 1.50 15/02/2023 EUR 130,000 147,089 0.28 Bundesrepublik Deutschland 1.50 15/05/2023 EUR 130,000 147,665 0.28 Bundesrepublik Deutschland 2.00 15/08/2023 EUR 130,000 152,913 0.29 Bundesrepublik Deutschland 6.25 04/01/2024 EUR 70,000 105,586 0.20 Bundesrepublik Deutschland 1.75 15/02/2024 EUR 130,000 151,501 0.29 Bundesrepublik Deutschland 1.50 15/05/2024 EUR 130,000 149,272 0.29 Bundesrepublik Deutschland 1.00 15/08/2024 EUR 130,000 144,156 0.28 Bundesrepublik Deutschland 0.50 15/02/2025 EUR 160,000 170,685 0.33 Bundesrepublik Deutschland 1.00 15/08/2025 EUR 160,000 177,713 0.34 Bundesrepublik Deutschland 0.50 15/02/2026 EUR 150,000 159,225 0.31 Bundesrepublik Deutschland 6.50 04/07/2027 EUR 80,000 139,386 0.27 Bundesrepublik Deutschland 5.63 04/01/2028 EUR 100,000 167,135 0.32 Bundesrepublik Deutschland 4.75 04/07/2028 EUR 80,000 127,229 0.24 Bundesrepublik Deutschland 6.25 04/01/2030 EUR 60,000 111,721 0.21 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 120,000 215,702 0.41 Bundesrepublik Deutschland 4.75 04/07/2034 EUR 140,000 255,916 0.49 Bundesrepublik Deutschland 4.00 04/01/2037 EUR 160,000 282,529 0.54 Bundesrepublik Deutschland 4.25 04/07/2039 EUR 100,000 189,564 0.36 Bundesrepublik Deutschland 4.75 04/07/2040 EUR 110,000 224,748 0.43 Bundesrepublik Deutschland 3.25 04/07/2042 EUR 100,000 173,666 0.33 Bundesrepublik Deutschland 2.50 04/07/2044 EUR 130,000 204,857 0.39 Bundesrepublik Deutschland 2.50 15/08/2046 EUR 100,000 160,653 0.31 7,583,106 14.51 Ireland (2015: 1.58%) Ireland (Government of) 5.50 18/10/2017 EUR 40,000 43,052 0.08 Ireland (Government of) 4.50 18/10/2018 EUR 50,000 55,616 0.11 Ireland (Government of) 4.40 18/06/2019 EUR 60,000 68,464 0.13 Ireland (Government of) 5.90 18/10/2019 EUR 50,000 60,207 0.12 Ireland (Government of) 4.50 18/04/2020 EUR 80,000 94,467 0.18 MGI Funds plc 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%) Ireland (2015: 1.58%) Ireland (Government of) 5.00 18/10/2020 EUR 60,000 73,496 0.14 Ireland (Government of) 0.80 15/03/2022 EUR 40,000 41,934 0.08 Ireland (Government of) 3.90 20/03/2023 EUR 40,000 49,989 0.10 Ireland (Government of) 3.40 18/03/2024 EUR 60,000 74,141 0.14 Ireland (Government of) 5.40 13/03/2025 EUR 80,000 113,579 0.22 Ireland (Government of) 1.00 15/05/2026 EUR 30,000 31,405 0.06 Ireland (Government of) 2.40 15/05/2030 EUR 40,000 48,203 0.09 Ireland (Government of) 2.00 18/02/2045 EUR 50,000 59,052 0.11 813,605 1.56 Italy (2015: 19.85%) Italy Buoni Poliennali Del Tesoro 4.75 01/06/2017 EUR 80,000 83,610 0.16 Italy Buoni Poliennali Del Tesoro 5.25 01/08/2017 EUR 145,000 153,451 0.29 Italy Buoni Poliennali Del Tesoro 3.50 01/11/2017 EUR 100,000 104,821 0.20 Italy Buoni Poliennali Del Tesoro 0.75 15/01/2018 EUR 110,000 111,424 0.21 Italy Buoni Poliennali Del Tesoro 4.50 01/02/2018 EUR 170,000 182,305 0.35 Italy Buoni Poliennali Del Tesoro 0.25 15/05/2018 EUR 100,000 100,606 0.19 Italy Buoni Poliennali Del Tesoro 3.50 01/06/2018 EUR 140,000 149,530 0.29 Italy Buoni Poliennali Del Tesoro 4.50 01/08/2018 EUR 180,000 197,043 0.38 Italy Buoni Poliennali Del Tesoro 0.30 15/10/2018 EUR 100,000 100,782 0.19 Italy Buoni Poliennali Del Tesoro 3.50 01/12/2018 EUR 140,000 151,953 0.29 Italy Buoni Poliennali Del Tesoro 4.25 01/02/2019 EUR 170,000 188,768 0.36 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2019 EUR 165,000 184,875 0.35 Italy Buoni Poliennali Del Tesoro 0.10 15/04/2019 EUR 60,000 60,160 0.12 Italy Buoni Poliennali Del Tesoro 2.50 01/05/2019 EUR 130,000 139,128 0.27 Italy Buoni Poliennali Del Tesoro 1.50 01/08/2019 EUR 110,000 114,961 0.22 Italy Buoni Poliennali Del Tesoro 4.25 01/09/2019 EUR 170,000 192,547 0.37 Italy Buoni Poliennali Del Tesoro 1.05 01/12/2019 EUR 110,000 113,716 0.22 Italy Buoni Poliennali Del Tesoro 4.50 01/02/2020 EUR 160,000 185,278 0.35 Italy Buoni Poliennali Del Tesoro 4.25 01/03/2020 EUR 170,000 195,917 0.38 Italy Buoni Poliennali Del Tesoro 0.70 01/05/2020 EUR 110,000 112,424 0.22 Italy Buoni Poliennali Del Tesoro 4.00 01/09/2020 EUR 170,000 197,047 0.38 Italy Buoni Poliennali Del Tesoro 0.65 01/11/2020 EUR 110,000 112,057 0.21 Italy Buoni Poliennali Del Tesoro 3.75 01/03/2021 EUR 170,000 197,263 0.38 Italy Buoni Poliennali Del Tesoro 3.75 01/05/2021 EUR 130,000 151,199 0.29 Italy Buoni Poliennali Del Tesoro 0.45 01/06/2021 EUR 50,000 50,244 0.10 Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 200,000 234,076 0.45 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2021 EUR 170,000 207,928 0.40 Italy Buoni Poliennali Del Tesoro 2.15 15/12/2021 EUR 120,000 130,983 0.25 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2022 EUR 140,000 174,994 0.34 Italy Buoni Poliennali Del Tesoro 1.35 15/04/2022 EUR 120,000 125,520 0.24 Italy Buoni Poliennali Del Tesoro 5.50 01/09/2022 EUR 135,000 174,958 0.33 Italy Buoni Poliennali Del Tesoro 1.45 15/09/2022 EUR 120,000 126,011 0.24 Italy Buoni Poliennali Del Tesoro 5.50 01/11/2022 EUR 150,000 194,907 0.37 Italy Buoni Poliennali Del Tesoro 0.95 15/03/2023 EUR 70,000 70,991 0.14 Italy Buoni Poliennali Del Tesoro 4.50 01/05/2023 EUR 130,000 162,416 0.31 Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 170,000 216,686 0.41 Italy Buoni Poliennali Del Tesoro 9.00 01/11/2023 EUR 80,000 126,074 0.24 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2024 EUR 180,000 226,995 0.43 Italy Buoni Poliennali Del Tesoro 3.75 01/09/2024 EUR 140,000 169,373 0.32 Italy Buoni Poliennali Del Tesoro 2.50 01/12/2024 EUR 140,000 155,943 0.30 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2025 EUR 170,000 224,087 0.43 Italy Buoni Poliennali Del Tesoro 1.50 01/06/2025 EUR 140,000 144,100 0.28 Italy Buoni Poliennali Del Tesoro 2.00 01/12/2025 EUR 120,000 127,984 0.24 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2026 EUR 140,000 180,819 0.35 Italy Buoni Poliennali Del Tesoro 1.60 01/06/2026 EUR 80,000 82,023 0.16 Italy Buoni Poliennali Del Tesoro 7.25 01/11/2026 EUR 70,000 109,501 0.21 Italy Buoni Poliennali Del Tesoro 6.50 01/11/2027 EUR 180,000 273,743 0.52 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2028 EUR 140,000 189,673 0.36 MGI Funds plc 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%) Italy (2015: 19.85%) Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 200,000 286,582 0.55 Italy Buoni Poliennali Del Tesoro 3.50 01/03/2030 EUR 150,000 184,518 0.35 Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 210,000 328,048 0.63 Italy Buoni Poliennali Del Tesoro 1.65 01/03/2032 EUR 120,000 119,252 0.23 Italy Buoni Poliennali Del Tesoro 5.75 01/02/2033 EUR 110,000 171,615 0.33 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2034 EUR 190,000 279,052 0.53 Italy Buoni Poliennali Del Tesoro 2.25 01/09/2036 EUR 60,000 62,723 0.12 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 180,000 239,160 0.46 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2039 EUR 130,000 197,591 0.38 Italy Buoni Poliennali Del Tesoro 5.00 01/09/2040 EUR 150,000 228,047 0.44 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 100,000 150,948 0.29 Italy Buoni Poliennali Del Tesoro 3.25 01/09/2046 EUR 80,000 96,445 0.18 Italy Buoni Poliennali Del Tesoro 2.70 01/03/2047 EUR 70,000 75,463 0.14 Italy Certificati di Credito del Tesoro 30/08/2017 EUR 90,000 90,155 0.17 Italy Certificati di Credito del Tesoro 28/03/2018 EUR 40,000 40,058 0.08 9,910,551 18.97 Lithuania (2015: Nil) Lithuania (Government of) 4.85 07/02/2018 EUR 10,000 10,795 0.02 Luxembourg (2015: 0.07%) Luxembourg (Government of) 2.13 10/07/2023 EUR 10,000 11,735 0.02 Luxembourg (Government of) 3.38 18/05/2020 EUR 20,000 23,034 0.05 34,769 0.07 Netherlands (2015: 5.22%) Netherlands (Kingdom of) 4.50 15/07/2017 EUR 50,000 52,648 0.10 Netherlands (Kingdom of) 1.25 15/01/2018 EUR 120,000 123,487 0.24 Netherlands (Kingdom of) 15/04/2018 EUR 100,000 101,080 0.19 Netherlands (Kingdom of) 4.00 15/07/2018 EUR 100,000 109,425 0.21 Netherlands (Kingdom of) 1.25 15/01/2019 EUR 110,000 115,181 0.22 Netherlands (Kingdom of) 4.00 15/07/2019 EUR 100,000 114,020 0.22 Netherlands (Kingdom of) 0.25 15/01/2020 EUR 110,000 113,221 0.22 Netherlands (Kingdom of) 3.50 15/07/2020 EUR 100,000 116,575 0.22 Netherlands (Kingdom of) 3.25 15/07/2021 EUR 110,000 130,894 0.25 Netherlands (Kingdom of) 2.25 15/07/2022 EUR 110,000 127,813 0.24 Netherlands (Kingdom of) 3.75 15/01/2023 EUR 40,000 50,886 0.10 Netherlands (Kingdom of) 7.50 15/01/2023 EUR 60,000 91,183 0.17 Netherlands (Kingdom of) 1.75 15/07/2023 EUR 110,000 125,873 0.24 Netherlands (Kingdom of) 2.00 15/07/2024 EUR 110,000 129,257 0.25 Netherlands (Kingdom of) 0.25 15/07/2025 EUR 110,000 112,835 0.22 Netherlands (Kingdom of) 0.50 15/07/2026 EUR 60,000 62,492 0.12 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 95,000 154,342 0.30 Netherlands (Kingdom of) 2.50 15/01/2033 EUR 90,000 122,854 0.23 Netherlands (Kingdom of) 4.00 15/01/2037 EUR 100,000 173,471 0.33 Netherlands (Kingdom of) 3.75 15/01/2042 EUR 105,000 190,820 0.37 Netherlands (Kingdom of) 2.75 15/01/2047 EUR 70,000 114,685 0.22 2,433,042 4.66 Slovakia (2015: 0.41%) Slovakia (Government of) 3.38 15/11/2024 EUR 50,000 63,396 0.12 Slovakia (Government of) 4.35 14/10/2025 EUR 90,000 124,647 0.24 Slovakia (Government of) 3.88 08/02/2033 EUR 20,000 28,448 0.05 216,491 0.41 Slovenia (2015: 0.17%) Slovenia (Government of) 4.13 26/01/2020 EUR 45,000 51,788 0.10 Slovenia (Government of) 3.00 08/04/2021 EUR 50,000 56,725 0.11 Slovenia (Government of) 4.63 09/09/2024 EUR 20,000 26,032 0.05 134,545 0.26 MGI Funds plc 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%) Spain (2015: 10.53%) Spain (Kingdom of) 5.50 30/07/2017 EUR 140,000 148,607 0.28 Spain (Kingdom of) 0.50 31/10/2017 EUR 90,000 90,826 0.17 Spain (Kingdom of) 4.50 31/01/2018 EUR 140,000 150,340 0.29 Spain (Kingdom of) 0.25 30/04/2018 EUR 120,000 120,911 0.23 Spain (Kingdom of) 4.10 30/07/2018 EUR 140,000 152,376 0.29 Spain (Kingdom of) 3.75 31/10/2018 EUR 140,000 152,703 0.29 Spain (Kingdom of) 0.25 31/01/2019 EUR 50,000 50,426 0.10 Spain (Kingdom of) 2.75 30/04/2019 EUR 160,000 172,633 0.33 Spain (Kingdom of) 4.60 30/07/2019 EUR 140,000 159,937 0.31 Spain (Kingdom of) 4.30 31/10/2019 EUR 150,000 171,527 0.33 Spain (Kingdom of) 1.40 31/01/2020 EUR 150,000 157,470 0.30 Spain (Kingdom of) 4.00 30/04/2020 EUR 160,000 184,187 0.35 Spain (Kingdom of) 1.15 30/07/2020 EUR 120,000 125,368 0.24 Spain (Kingdom of) 4.85 31/10/2020 EUR 130,000 156,624 0.30 Spain (Kingdom of) 5.50 30/04/2021 EUR 170,000 213,514 0.41 Spain (Kingdom of) 0.75 30/07/2021 EUR 30,000 30,774 0.06 Spain (Kingdom of) 5.85 31/01/2022 EUR 155,000 202,410 0.39 Spain (Kingdom of) 5.40 31/01/2023 EUR 150,000 197,020 0.38 Spain (Kingdom of) 4.40 31/10/2023 EUR 140,000 176,579 0.34 Spain (Kingdom of) 4.80 31/01/2024 EUR 120,000 155,127 0.30 Spain (Kingdom of) 3.80 30/04/2024 EUR 150,000 182,713 0.35 Spain (Kingdom of) 2.75 31/10/2024 EUR 160,000 182,406 0.35 Spain (Kingdom of) 1.60 30/04/2025 EUR 140,000 146,449 0.28 Spain (Kingdom of) 4.65 30/07/2025 EUR 140,000 182,911 0.35 Spain (Kingdom of) 2.15 31/10/2025 EUR 140,000 152,398 0.29 Spain (Kingdom of) 1.95 30/04/2026 EUR 110,000 117,348 0.22 Spain (Kingdom of) 5.90 30/07/2026 EUR 110,000 158,152 0.30 Spain (Kingdom of) 5.15 31/10/2028 EUR 100,000 141,310 0.27 Spain (Kingdom of) 6.00 31/01/2029 EUR 120,000 182,336 0.35 Spain (Kingdom of) 1.95 30/07/2030 EUR 100,000 104,885 0.20 Spain (Kingdom of) 5.75 30/07/2032 EUR 130,000 204,920 0.39 Spain (Kingdom of) 4.20 31/01/2037 EUR 120,000 164,953 0.32 Spain (Kingdom of) 4.90 30/07/2040 EUR 100,000 152,292 0.29 Spain (Kingdom of) 4.70 30/07/2041 EUR 110,000 164,260 0.31 Spain (Kingdom of) 5.15 31/10/2044 EUR 90,000 144,629 0.28 Spain (Kingdom of) 2.90 31/10/2046 EUR 60,000 67,617 0.13 Spain (Kingdom of) 3.45 30/07/2066 EUR 10,000 11,602 0.02 5,430,540 10.39 Total government bonds 41,464,714 79.37 Total transferable securities 41,464,714 79.37 MGI Funds plc 60

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 10,081,771 19.30 Total investment funds 10,081,771 19.30 Total financial assets at fair value through profit or loss 51,546,485 98.67 Total investments at fair value through profit and loss 51,546,485 98.67 Cash (2015: 0.28%) 229,127 0.44 Net current assets (2015: 1.40%) 467,161 0.89 Net assets attributable to holders of redeemable participating shares 52,242,773 100.00 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; 79.28 UCITS and NONUCITS CIS; 19.27 Other current assets 1.45 100.00 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 2016 30 June 2015 MGI Euro Bond Fund % Holding AAA 24.24 10,050,917 AA+ 5.29 2,192,471 AA 24.21 10,039,698 AA 6.43 2,665,101 A+ 2.48 1,030,096 A 0.32 134,545 A 0.03 10,795 BBB+ 13.10 5,430,540 BBB 23.90 9,910,551 100.00 41,464,714 MGI Euro Bond Fund % Holding AAA 23.68 5,967,390 AA+ 28.00 7,056,324 AA 3.68 927,230 AA 3.88 978,100 A+ 1.93 485,179 A 0.50 125,727 A 0.20 50,895 BBB 37.44 9,436,640 Not rated 0.69 174,678 100.00 25,202,163 Concentration Risk MGI Euro Bond Fund's exposure to industries above 5% was as follows: 30 June 2016 30 June 2015 % of NAV % of NAV Sovereign Debt 79.37 82.35 MGI Funds plc 61

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 30,992,568 8.88 Bank of TokyoMitsubishi UJF (0.35) 19/08/2016 EUR 13,990,166 13,990,166 4.01 Bank of TokyoMitsubishi UJF (0.25) 21/10/2016 EUR 10,990,000 10,990,000 3.15 BNP Paribas (0.44) 07/07/2016 EUR 7,993,743 7,993,743 2.29 BNP Paribas (0.14) 04/11/2016 EUR 19,990,289 19,990,289 5.73 Calyon Corporate and Investment Bank (0.33) 11/07/2016 EUR 15,000,000 15,000,000 4.30 Commonwealth Bank of Australia (0.35) 15/07/2016 EUR 21,989,522 21,989,522 6.30 Credit Agricole (0.30) 19/08/2016 EUR 8,002,019 8,002,019 2.29 Credit Industrail et Commercia (0.10) 26/08/2016 EUR 5,996,685 5,996,685 1.72 Credit Industrail et Commercia (0.12) 13/01/2017 EUR 5,000,000 5,000,000 1.43 Credit Industrail et Commercia (0.32) 05/09/2016 EUR 14,982,052 14,982,052 4.29 Nordea Bank (0.48) 30/09/2016 EUR 20,000,000 20,000,000 5.73 Nordea Bank (0.27) 02/08/2016 EUR 14,981,592 14,981,592 4.30 Pohjola Bank (0.35) 29/07/2016 EUR 10,000,000 10,000,000 2.87 Rabobank International (0.40) 01/09/2016 EUR 18,500,000 18,500,000 5.30 Societe Generale (0.11) 12/04/2017 EUR 5,994,966 5,994,966 1.72 Societe Generale (0.36) 13/07/2016 EUR 9,000,000 9,000,000 2.58 Standard Chartered 0.01 30/03/2017 EUR 10,001,522 10,001,522 2.87 Standard Chartered (0.50) 29/07/2016 EUR 28,988,240 28,988,240 8.31 Sumitommo Mitsui Banking Group (0.16) 11/10/2016 EUR 19,000,000 19,000,000 5.45 Sumitommo Mitsui Banking Group (0.04) 11/04/2017 EUR 10,000,000 10,000,000 2.87 Svenska Handelsbanken (0.35) 29/07/2016 EUR 21,989,251 21,989,251 6.30 Svenska Handelsbanken (0.43) 31/08/2016 EUR 19,988,009 19,988,009 5.73 343,370,624 98.42 Total deposits with credit institutions 343,370,624 98.42 Total financial assets at amortised cost 343,370,624 98.42 Cash (2015: 1.62%) 5,238,107 1.50 Net current assets (2015: 0.13%) 270,934 0.08 Net assets attributable to holders of redeemable participating shares 348,879,665 100.00 Total assets comprised as follows: % of total assets Deposits; 99.01 Other current assets 0.99 100.00 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

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 60,984 0.02 CA Immobilien Anlagen 7,817 117,333 0.05 Erste Group Bank 41,176 836,285 0.35 Immofinanz* 236,519 0.00 Immofinanz Anspr 340,584 654,602 0.27 Lenzing 1,499 124,417 0.05 OMV 20,811 524,749 0.22 Palfinger 2,593 67,146 0.03 Voestalpine 10,737 322,325 0.13 Wienerberger 5,224 65,822 0.03 2,773,663 1.15 Belgium (2015: 5.85%) AnheuserBusch InBev 60,597 7,126,207 2.95 Bekaert 26,829 1,045,392 0.43 Cie du Bois Sauvage 75 19,463 0.01 D'ieteren 3,948 153,301 0.06 Financiere de Tubize 8,174 455,946 0.19 Groupe Bruxelles Lambert 19,310 1,418,513 0.59 KBC Group 39,348 1,728,164 0.72 UCB 22,032 1,480,550 0.61 Umicore 43,842 2,028,569 0.84 15,456,105 6.40 Bermuda (2015: Nil) HAL Trust 1,262 216,408 0.09 Cyprus (2015: Nil) Aroundtown Property Holdings 271,753 1,236,476 0.51 Denmark (2015: Nil) Columbus 81,862 92,427 0.04 Finland (2015: 3.08%) FSecure 32,644 87,159 0.04 Kone 22,338 921,442 0.38 Neste 40,211 1,291,979 0.54 Nokia 809,605 4,133,034 1.71 Orion 895 30,251 0.01 Ponsse Oy 992 22,717 0.01 Stora Enso 83,464 599,272 0.25 UPMKymmene 56,640 928,896 0.38 8,014,750 3.32 France (2015: 24.88%) ABC arbitrage 42,769 268,162 0.11 Air FranceKLM 88,322 505,290 0.21 Amundi 19,841 743,045 0.31 Argan 1,762 40,737 0.02 Arkema 5,512 380,714 0.16 AtoS 20,814 1,551,267 0.64 Aubay 910 18,655 0.01 AXA 179,554 3,196,959 1.32 Caisse Regionale de Credit Agricole Mutuel de Paris et d'iledefrance 375 30,338 0.01 Caisse Regionale de Credit Agricole Mutuel Nord de France 4,302 68,746 0.03 Nominal Fair value % of holdings Net assets France (2015: 24.88%) CapGemini 3,310 258,842 0.11 Christian Dior 6,600 955,680 0.40 Cie de SaintGobain 25,699 882,889 0.36 Cie des Alpes 6,475 120,241 0.05 Cie Generale des Etablissements Michelin 21,478 1,830,140 0.76 Criteo ADR 13,590 561,729 0.23 Danone 37,908 2,403,746 0.99 Dassault Systemes 7,761 529,921 0.22 Eiffage 28,727 1,844,561 0.76 Essilor International 20,534 2,440,466 1.01 Eurazeo 2,248 120,268 0.05 Faurecia 17,182 493,725 0.20 Flamel Technologies ADR 74,913 724,215 0.30 Focus Home Interactive 2,434 62,578 0.03 Gecina REIT 8,831 1,081,798 0.45 Groupe Open 7,442 130,235 0.05 Groupe Partouche 467 17,279 0.01 Havas 125,140 872,726 0.36 HighCo 1,706 15,269 0.01 Iliad 3,066 559,545 0.23 Immobiliere Dassault 441 18,077 0.01 Ingenico Group 6,544 687,774 0.28 IPSOS 29,347 750,109 0.31 Kaufman & Broad 34,760 1,181,840 0.49 Klepierre REIT 17,631 702,595 0.29 Le Belier 934 37,127 0.02 Le Noble Age 1,546 44,942 0.02 Legrand 45,030 2,085,339 0.86 Linedata Services 1,638 67,158 0.03 Manitou BF 1,378 19,030 0.01 Nexans 18,566 700,774 0.29 Nexity 28,221 1,289,559 0.53 Orange 101,855 1,492,685 0.62 Pernod Ricard 15,012 1,502,701 0.62 Peugeot 132,181 1,429,538 0.59 Pierre & Vacances 1,501 58,014 0.02 PSB Industries 853 39,835 0.02 Publicis Groupe 729 44,126 0.02 Renault 35,212 2,409,909 1.00 Rexel 36,182 409,399 0.17 Sanofi 80,112 6,001,991 2.48 Savencia 347 19,106 0.01 Sodexo 21,386 2,069,309 0.86 Thales 32,645 2,448,701 1.01 Total 17,107 742,102 0.31 UBISOFT Entertainment 27,170 896,882 0.37 Valeo 100,140 4,018,618 1.66 Vinci 10,240 652,186 0.27 54,529,192 22.57 Gabon (2015: Nil) Total Gabon 138 18,358 0.01 Germany (2015: 26.35%) Adidas 28,461 3,655,815 1.51 Allianz 22,139 2,829,364 1.17 Alstria Office REIT 56,122 681,321 0.28 Aurelius 8,447 445,241 0.18 MGI Funds plc 63

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 3,025,720 1.25 Bayer 62,286 5,605,740 2.32 Biotest Pref 13,876 190,309 0.08 Cewe Stiftung 2,067 135,616 0.06 Commerzbank 90,030 524,335 0.22 Constantin Medien 24,431 68,163 0.03 Continental 12,237 2,071,724 0.86 Daimler 35,429 1,896,160 0.78 Deutsche Bank 40,827 503,193 0.21 Deutsche Boerse 29,069 2,137,734 0.88 Deutsche Telekom 99,085 1,514,019 0.63 Draegerwerk Pref 431 21,550 0.01 Duerr 23,784 1,617,074 0.67 E.ON 6,316 57,008 0.02 Energiekontor 1,266 16,217 0.01 Evonik Industries 47,742 1,276,621 0.53 Fresenius 39,443 2,596,138 1.07 GFK 1,742 62,956 0.03 H&R 4,650 56,730 0.02 Hannover Rueck 6,266 587,813 0.24 HeidelbergCement 7,307 493,003 0.20 Heidelberger Druckmaschinen 56,839 141,018 0.06 Hella KGaA Hueck 10,220 293,978 0.12 Hochtief 10,310 1,192,867 0.49 Hypoport 692 59,228 0.02 Infineon Technologies 195,710 2,539,337 1.05 KION Group 38,705 1,681,152 0.70 Kloeckner 89,612 889,130 0.37 KSB Pref 49 15,190 0.01 Mensch und Maschine Software 1,886 25,744 0.01 Merck 37,526 3,416,742 1.41 METRO 47,031 1,291,942 0.53 MTU Aero Engines 19,114 1,601,562 0.66 OSRAM Licht 11,885 553,128 0.23 PATRIZIA Immobilien 21,999 474,738 0.20 ProSiebenSat.1 Media 32,532 1,275,742 0.53 Rheinmetall 20,228 1,076,130 0.45 Rocket Internet 36,946 645,447 0.27 Salzgitter 16,782 397,482 0.16 SAP 87,063 5,847,151 2.42 Sartorius Pref 20,336 1,349,294.56 Schaeffler Pref 21,514 254,941 0.11 SHW 851 22,794 0.01 Siemens 37,808 3,471,153 1.44 SLM Solutions Group 18,467 432,128 0.18 Software 9,902 302,457 0.12 STRATEC Biomedical 1,469 76,373 0.03 Suess MicroTec 15,027 101,673 0.04 Surteco 1,793 36,757 0.02 ThyssenKrupp 104,712 1,885,863 0.78 VERBIO Vereinigte BioEnergie 40,428 214,390 0.09 Washtec 558 17,521 0.01 Wirecard 48,537 1,915,270 0.79 Zalando 61,745 1,463,974 0.61 67,031,860 27.74 Ireland (2015: 2.92%) Bank of Ireland 6,265,453 1,159,109 0.48 Portfolio Statement Nominal Fair value % of holdings Net assets Ireland (2015: 2.92%) Cairn Homes 712,240 683,750 0.28 CRH 79,990 2,079,740 0.86 Dalata Hotel Group 161,332 588,862 0.24 Irish Continental Group 235,345 988,449 0.41 Kerry Group 37,365 2,983,969 1.24 Paddy Power Betfair 12,826 1,212,057 0.50 Ryanair Holdings 102,165 1,156,508 0.48 Smurfit Kappa Group 76,095 1,506,681 0.62 12,359,125 5.11 Italy (2015: 8.84%) Anima Holding 139,369 586,744 0.24 Brembo 18,729 925,400 0.38 Cofide 38,907 13,392 0.01 Danieli & C Officine Meccaniche 2,280 28,477 0.01 DeA Capital 25,082 26,587 0.01 DiaSorin 4,037 222,035 0.09 Enel 287,525 1,144,350 0.48 Eni 66,584 966,800 0.40 Intesa Sanpaolo Pref 575,144 919,655 0.38 Italcementi 13,788 145,601 0.06 Juventus Football Club 94,406 23,970 0.01 Mediaset 33,546 105,066 0.04 OVS 99,592 521,364 0.22 Prysmian 51,941 1,020,121 0.42 Recordati 25,553 689,931 0.29 SAES Getters 7,062 79,094 0.03 Salini Impregilo 77,524 196,756 0.08 Telecom Italia 1,694,410 1,245,391 0.52 8,860,734 3.67 Luxembourg (2015: 0.29%) APERAM 25,728 811,847 0.34 Eurofins Scientific 3,750 1,251,000 0.52 Stabilus 655 27,968 0.01 Subsea 7 67,950 594,247 0.24 2,685,062 1.11 Netherlands (2015: 9.81%) Akzo Nobel 23,120 1,303,274 0.54 AMG Advanced Metallurgical Group 9,303 114,892 0.05 ASM International 75,231 2,621,424 1.08 ASML Holding 27,580 2,437,796 1.01 ASR Nederland 31,394 610,613 0.25 BasicFit 29,392 410,018 0.17 BinckBank 11,503 51,764 0.02 CNH Industrial 114,389 741,241 0.31 Heineken 18,716 1,549,123 0.64 Hunter Douglas 1,057 45,028 0.02 IMCD Group 45,887 1,632,430 0.67 ING Groep 362,406 3,326,525 1.39 Intertrust 40,839 816,780 0.34 Koninklijke Ahold 94,384 1,878,242 0.78 Koninklijke Philips 28,398 635,973 0.26 Koninklijke Vopak 12,953 581,525 0.24 NN Group 48,814 1,210,343 0.50 Ordina 40,529 62,698 0.03 Randstad Holding 13,017 470,630 0.19 RELX 95,415 1,489,428 0.62 STMicroelectronics 181,006 949,558 0.39 TKH Group 76,090 2,313,136 0.96 TomTom 91,959 635,345 0.26 MGI Funds plc 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%) Netherlands (2015: 9.81%) Unilever 79,674 3,339,137 1.38 Wolters Kluwer 12,496 456,854 0.19 29,683,777 12.29 Norway (2015: Nil) Fred Olsen Energy 19,807 53,479 0.02 Statoil 3,805 58,980 0.03 112,459 0.05 Portugal (2015: 1.38%) Galp Energia 98,296 1,228,700 0.51 Jeronimo Martins 80,143 1,134,825 0.47 Sonae Capital SGPS 109,762 59,710 0.02 2,423,235 1.00 Russia (2015: Nil) Gazprom ADR 39,148 151,877 0.06 Gazprom ADR US listing 146,005 569,064 0.24 Lukoil ADR UK listing 15,286 574,180 0.24 Lukoil ADR US listing 9,877 371,360 0.15 Magnitogorsk Iron & Steel Works GDR 15,072 65,528 0.03 Novolipetsk Steel GDR 3,767 44,080 0.02 Rosneft GDR 41,920 193,196 0.08 Rosneft GDR Germany listing 140,759 648,712 0.27 Sberbank of Russia ADR 17,030 133,518 0.05 Sberbank of Russia ADR US Listing 84,719 665,734 0.27 Severstal GDR 26,589 261,833 0.11 3,679,082 1.52 Spain (2015: 10.87%) Abertis Infraestructuras 45,279 597,683 0.25 ACS Actividades de Construccion y Servicios 56,103 1,368,633 0.57 ACS Actividades de Construccion y Servicios Rights 56,103 35,513 0.01 Aena 18,147 2,145,883 0.89 Almirall 70,644 947,336 0.39 Amadeus IT Holding 98,378 3,863,796 1.60 Banco de Sabadell 411,024 484,597 0.20 Banco Popular Espanol 925,427 1,065,166 0.44 Banco Santander 569,125 1,951,530 0.81 Bankinter 267,387 1,542,288 0.64 Cellnex Telecom 43,460 609,744 0.25 Euskaltel 63,161 511,604 0.21 Faes Farma 68,361 200,639 0.08 Ferrovial 93,596 1,631,846 0.68 Gamesa Tecnologica 177,258 3,136,580 1.30 Hispania Activos Inmobiliarios 90,250 947,625 0.39 Iberdrola 401,181 2,441,989 1.01 Industria de Diseno Textil 84,447 2,525,810 1.04 Inmobiliaria Colonial 997,430 649,327 0.27 Let's GOWEX 16,273 0.00 Mapfre 363,680 712,085 0.29 Mediaset Espana Comunicacion 29,244 294,341 0.12 Melia Hotels International 97,765 944,899 0.39 Prosegur Cia de Seguridad 164,259 886,999 0.37 29,495,913 12.20 MGI Funds plc 65

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 53,785 0.02 Biotage 8,337 26,040 0.01 Granges 11,997 93,042 0.04 KappAhl 9,490 37,404 0.02 210,271 0.09 Switzerland (2015: 0.40%) Bachem Holding 1,434 104,872 0.05 Goldbach Group 1,257 31,939 0.01 Transocean 63,700 681,753 0.28 818,564 0.34 Turkey (2015: Nil) Dogan Sirketler Grubu Holding 407,675 58,701 0.02 Haci Omer Sabanci Holding 36,153 106,602 0.04 KOC Holding 40,014 164,330 0.07 Koza Altin Isletmeleri 23,227 92,553 0.04 Turkiye Halk Bankasi 313,045 836,824 0.34 Turkiye Is Bankasi 841,011 1,200,428 0.50 Turkiye Vakiflar Bankasi 541,582 764,558 0.32 3,223,996 1.33 United Kingdom (2015: 2.66%) BP ADR 8,537 272,874 0.11 Indivior 61,356 185,385 0.08 Royal Dutch Shell 157,273 3,879,934 1.60 4,338,193 1.79 Total equities 247,259,650 102.33 Total transferable securities 247,259,650 102.33 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 05/07/2016 363,340 0.15 Unrealised gain on open forward foreign currency contracts 363,340 0.15 Total financial derivative instruments at positive fair value 363,340 0.15 Total financial assets at fair value through profit or loss 247,622,990 102.48 MGI Funds plc 66

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 237,119,731 98.13 Cash (2015: 0.98%) 5,308,485 2.20 Net current liabilities (2015: 0.24%) (797,402) (0.33) Net assets attributable to holders of redeemable participating shares 241,630,814 100.00 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; 97.35 OTC financial derivative instruments; 0.15 Other current assets 2.50 100.00 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 2016 30 June 2015 % of NAV % of NAV Consumer Discretionary 14.25 16.74 Consumer Staples 9.61 6.85 Energy 5.64 Financials 17.26 19.53 Health Care 11.42 7.37 Industrials 17.71 13.84 Information Technology 12.61 10.79 Materials 7.96 8.72 MGI Funds plc 67

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) 3.50 15/09/2021 EUR 20,000 26,740 0.50 Belgium (2015: 048%) Belgium (Government of) 3.75 28/09/2020 EUR 20,000 26,283 0.49 Belgium (Government of) 5.50 28/03/2028 EUR 10,000 17,809 0.33 Belgium (Government of) 1.60 22/06/2047 EUR 20,000 25,524 0.47 69,616 1.29 France (2015: 4.97%) France (Government of) 4.25 25/04/2019 EUR 90,000 113,512 2.11 France (Government of) 3.25 25/10/2021 EUR 40,000 52,993 0.98 France (Government of) 5.75 25/10/2032 EUR 40,000 81,089 1.51 France (Government of) 4.00 25/04/2055 EUR 20,000 42,676 0.79 290,270 5.39 Germany (2015: 5.94%) Bundesrepublik Deutschland 3.50 04/07/2019 EUR 35,000 43,774 0.81 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 100,000 199,695 3.71 243,469 4.52 Italy (2015: 4.78%) Italy Buoni Poliennali Del Tesoro 4.50 01/08/2018 EUR 20,000 24,323 0.45 Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 50,000 65,012 1.21 Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 30,000 42,481 0.79 Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 40,000 69,418 1.29 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 40,000 59,043 1.10 260,277 4.84 Japan (2015: 21.36%) Japan Government Ten Year Bond 1.50 20/12/2017 JPY 58,000,000 580,319 10.78 Japan Government Ten Year Bond 1.50 20/09/2018 JPY 64,450,000 653,260 12.14 Japan Government Thirty Year Bond 2.00 20/09/2040 JPY 11,000,000 155,280 2.88 1,388,859 25.80 Netherlands (2015: 3.18%) Netherlands (Kingdom of) 4.00 15/07/2019 EUR 20,000 25,334 0.47 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 50,000 90,246 1.68 115,580 2.15 Spain (2015: 2.26%) Spain (Kingdom of) 5.50 30/07/2017 EUR 20,000 23,585 0.44 Spain (Kingdom of) 5.50 30/04/2021 EUR 30,000 41,859 0.78 Spain (Kingdom of) 6.00 31/01/2029 EUR 30,000 50,642 0.93 Spain (Kingdom of) 4.20 31/01/2037 EUR 20,000 30,542 0.57 146,628 2.72 United Kingdom (2015: 7.40%) United Kingdom (Government of) 4.75 07/03/2020 GBP 120,000 187,110 3.48 United Kingdom (Government of) 4.75 07/12/2038 GBP 50,000 105,226 1.95 United Kingdom (Government of) 4.00 22/01/2060 GBP 20,000 47,983 0.89 340,319 6.32 United States of America (2015: 32.18%) United States Treasury Bond 8.88 15/02/2019 USD 100,000 121,518 2.26 United States Treasury Bond 6.13 15/11/2027 USD 110,000 162,437 3.02 United States Treasury Bond 3.50 15/02/2039 USD 120,000 151,502 2.81 United States Treasury Bond 4.38 15/05/2040 USD 140,000 199,259 3.70 United States Treasury Bond 3.13 15/02/2042 USD 80,000 94,570 1.76 MGI Funds plc 68

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 3.63 15/08/2043 USD 60,000 77,432 1.44 United States Treasury Note 3.75 15/11/2018 USD 100,000 107,367 1.99 United States Treasury Note 3.13 15/05/2019 USD 200,000 213,836 3.97 United States Treasury Note 3.50 15/05/2020 USD 70,000 76,958 1.43 United States Treasury Note 3.63 15/02/2021 USD 80,000 89,553 1.66 United States Treasury Note 2.00 15/11/2021 USD 120,000 125,813 2.34 United States Treasury Note 2.00 15/02/2022 USD 100,000 104,769 1.95 United States Treasury Note 2.50 15/08/2023 USD 60,000 65,011 1.21 United States Treasury Note 2.00 15/02/2025 USD 60,000 62,788 1.17 1,652,813 30.71 Total government bonds 4,534,571 84.24 Total transferable securities 4,534,571 84.24 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 44,409 780,719 14.50 Total investment funds 780,719 14.50 Total financial assets at fair value through profit or loss 5,315,290 98.74 Total investments at fair value through profit or loss 5,315,290 98.74 Cash (2015: 1.07%) 32,472 0.61 Net current assets (2015: 0.68%) 34,851 0.65 Net assets attributable to holders of redeemable participating shares 5,382,613 100.00 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; 84.17 UCITS and NONUCITS CIS; 14.49 Other current assets 1.34 100.00 Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 69

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 2016 30 June 2015 MGI Global Bond Fund % Holding US$ AAA 44.37 2,011,863 AA+ 8.09 367,058 AA 6.40 290,270 AA 1.54 69,616 A+ 30.63 1,388,859 BBB+ 3.23 146,628 BBB 5.74 260,277 100.00 4,534,571 MGI Global Bond Fund % Holding US$ AAA 47.53 2,155,600 AA+ 15.49 702,207 AA AA 0.58 26,237 A+ 25.72 1,166,559 BBB+ BBB 10.68 484,261 100.00 4,534,864 Concentration Risk MGI Global Bond Fund's exposure to industries above 5% was as follows: 30 June 2016 30 June 2015 % of NAV % of NAV Sovereign Debt 84.24 83.03 MGI Funds plc 70

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 18,862 270,921 0.05 Amcor 26,913 299,189 0.05 Australia & New Zealand Banking Group 6,991 125,557 0.02 Australian Pharmaceutical Industries 130,293 162,987 0.03 BHP Billiton 19,125 265,585 0.04 BHP Billiton ADR 29,810 851,374 0.14 Brambles 158,712 1,464,212 0.24 Caltex Australia 13,817 328,192 0.05 CocaCola Amatil 47,796 292,897 0.05 Commonwealth Bank of Australia 5,189 287,346 0.05 Costa Group Holdings 96,465 195,372 0.03 CSL 885 73,923 0.01 DuluxGroup 27,583 129,802 0.02 Fortescue Metals Group 12,211 31,823 0.01 Goodman Group REIT 45,888 242,936 0.04 GPT Group REIT 55,121 222,043 0.04 Insurance Australia Group 62,494 253,605 0.04 Japara Healthcare 75,832 143,984 0.02 LendLease Group 13,318 124,949 0.02 Metals X 105,293 109,370 0.02 Metcash 377,198 533,637 0.09 Mirvac Group REIT 186,549 280,587 0.05 National Australia Bank 7,411 140,329 0.02 Newcrest Mining 17,834 305,422 0.05 QBE Insurance Group 7,804 60,607 0.01 Regis Healthcare 24,371 85,108 0.01 Rio Tinto 3,798 128,674 0.02 Sandfire Resources 136,155 530,223 0.09 Stockland REIT 110,903 388,944 0.07 Technology One 63,898 245,981 0.04 Telstra 135,004 558,913 0.09 Treasury Wine Estates 13,416 92,204 0.02 Vicinity Centres REIT 61,560 152,181 0.03 Wesfarmers 48,071 1,435,322 0.24 Westpac Banking 9,856 215,760 0.04 Woodside Petroleum 19,061 380,935 0.06 Woolworths 38,608 600,536 0.10 12,011,430 2.00 Belgium (2015: 0.35%) AnheuserBusch InBev ADR 11,445 1,507,077 0.25 KBC Group 5,230 255,187 0.04 1,762,264 0.29 Bermuda (2015: 0.18%) Argo Group International Holdings 4,240 220,056 0.04 Brazil (2015: 0.89%) BM&FBovespa 174,900 982,661 0.16 Petroleo Brasileiro ADR 72,918 522,093 0.09 1,504,754 0.25 Canada (2015: 1.73%) Agnico Eagle Mines (Canada listing) 11,560 615,430 0.10 Agnico Eagle Mines (US listing) 21,923 1,172,881 0.20 AGT Food & Ingredients 8,300 226,817 0.04 Barrick Gold (Canada listing) 73,167 1,553,820 0.26 Barrick Gold (US listing) 75,685 1,615,875 0.27 Dorel Industries 2,023 53,554 0.01 Nominal Fair value % of holdings US$ Net assets Canada (2015: 1.73%) Eldorado Gold (Canada listing) 154,969 693,286 0.12 Eldorado Gold (US listing) 13,789 62,051 0.01 Enbridge 4,668 196,720 0.03 Fairfax Financial Holdings 3,094 1,657,733 0.28 FirstService 3,200 146,656 0.02 FrancoNevada 9,026 686,518 0.11 Goldcorp (Canada listing) 55,965 1,065,261 0.18 Goldcorp (US listing) 37,600 719,288 0.12 IAMGOLD (Canada listing) 134,369 553,534 0.09 IAMGOLD (US listing) 119,439 494,477 0.08 Kinross Gold (Canada listing) 89,547 437,151 0.07 Kinross Gold (US listing) 417,415 2,041,159 0.34 Loblaw 6,820 362,925 0.06 New Gold 48,192 211,081 0.04 Osisko Gold Royalties 2,658 34,568 0.01 Potash Corp of Saskatchewan 60,202 977,680 0.16 Ritchie Bros Auctioneers 34,182 1,154,668 0.19 Rogers Communications 7,276 293,012 0.05 Silver Wheaton 8,396 197,558 0.03 Sun Life Financial 13,657 448,359 0.07 Teck Resources(Canada listing) 26,700 349,709 0.06 Teck Resources (US Listing) 30,730 404,714 0.07 Torex Gold Resources 125,600 223,405 0.04 TransCanada 3,582 161,241 0.03 Ultra Petroleum 384,050 675,928 0.11 Valeant Pharmaceuticals International 35,905 723,127 0.12 Western Forest Products 147,169 231,173 0.04 Yamana Gold (Canada listing) 428,752 2,218,537 0.37 Yamana Gold (Germany listing) 17,481 90,901 0.02 22,750,797 3.80 Channel Islands (2015: 0.06%) Randgold Resources 987 110,963 0.02 Randgold Resources ADR 1,930 216,237 0.03 327,200 0.05 Chile (2015: nil) Empresa Nacional de Electricidad ADR 9,699 268,954 0.05 Endesa Americas ADR 9,699 133,458 0.02 402,412 0.07 China (2015: 1.73%) Alibaba Group Holding ADR 28,821 2,292,135 0.38 Autohome ADR 14,647 294,551 0.05 Baidu ADR 11,015 1,819,127 0.31 Hengan International Group 29,000 241,668 0.04 Qinqin Foodstuffs Group Cayman 5,800 7,850 0.00 Tencent Holdings 13,800 313,606 0.05 Tsingtao Brewery 86,000 297,643 0.05 5,266,580 0.88 Denmark (2015: 1.14%) Carlsberg 14,444 1,368,522 0.23 Danske Bank 7,454 195,232 0.03 Novo Nordisk 39,309 2,101,982 0.35 TDC 80,661 393,260 0.07 William Demant Holding 21,339 414,238 0.07 4,473,234 0.75 Finland (2015: 0.53%) HKScan 19,272 66,372 0.01 Kone 6,558 300,531 0.05 MGI Funds plc 71

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 22,394 408,009 0.07 774,912 0.13 France (2015: 1.95%) AXA 12,355 244,388 0.04 BNP Paribas 16,222 716,458 0.12 Bureau Veritas 49,236 1,039,549 0.17 Cie de SaintGobain 15,494 591,354 0.10 Cie Generale des Etablissements Michelin 2,518 238,364 0.04 Orange ADR 25,911 425,459 0.07 Sanofi 9,152 761,742 0.13 Schneider Electric 2,639 155,561 0.03 Societe Generale 21,018 658,702 0.11 Thales 5,376 447,995 0.07 Total 15,322 738,413 0.12 Total ADR 32,097 1,543,864 0.26 Veolia Environnement 10,624 229,799 0.04 Vivendi 3,845 72,190 0.01 7,863,838 1.31 Germany (2015: 4.39%) Allianz 2,892 410,604 0.07 BASF 2,757 210,237 0.04 Bayerische Motoren Werke 3,564 260,490 0.04 Commerzbank 34,492 223,169 0.04 Daimler 5,141 305,674 0.05 Deutsche Boerse 14,140 1,155,227 0.19 Deutsche Post 14,046 392,841 0.07 Deutsche Telekom 36,187 614,285 0.10 E.ON 56,145 562,990 0.09 Hugo Boss 4,045 228,734 0.04 Merck 4,849 490,486 0.08 Muenchener Rueckversicherungs 1,722 287,437 0.05 SAP 63,694 4,752,295 0.79 SAP ADR 8,086 606,612 0.10 Siemens 2,630 268,250 0.05 VTG 4,483 129,490 0.02 10,898,821 1.82 Hong Kong (2015: 1.11%) AIA Group 494,691 2,949,163 0.49 China Mobile 41,000 469,035 0.08 CK Hutchison Holdings 37,000 403,244 0.07 CLP Holdings 30,500 310,978 0.05 Guangdong Investment 176,000 268,607 0.04 Hong Kong & China Gas 90,893 165,900 0.03 Jardine Matheson Holdings 18,600 1,084,566 0.18 Li & Fung 90,000 43,504 0.01 MTR 36,500 184,901 0.03 Sun Hung Kai Properties 12,673 151,920 0.03 Swire Pacific 7,413 83,848 0.01 6,115,666 1.02 India (2015: 0.60%) HDFC Bank ADR 11,207 743,584 0.12 ICICI Bank ADR 243,835 1,750,736 0.29 Infosys ADR 17,289 308,609 0.05 Nominal Fair value % of holdings US$ Net assets India (2015: 0.60%) Tata Motors ADR 16,342 566,577 0.10 3,369,506 0.56 Indonesia (2015: nil) Telekomunikasi Indonesia Persero ADR 4,182 257,026 0.04 Ireland (2015: 1.75%) Allergan 5,844 1,350,490 0.23 Bank of Ireland 4,066,547 824,485 0.14 CRH 136,918 3,999,249 0.67 Eaton 3,300 197,109 0.03 Endo International 26,548 413,883 0.07 Kerry Group 3,296 292,423 0.05 Medtronic 15,200 1,318,904 0.22 Ryanair Holdings 192,986 2,426,982 0.40 10,823,525 1.81 Israel (2015: 0.32%) Bank Leumi LeIsrael 76,382 268,352 0.04 Bezeq The Israeli Telecommunication 2,625 5,204 0.00 Mizrahi Tefahot Bank 19,327 222,824 0.04 Teva Pharmaceutical Industries 11,001 552,749 0.10 1,049,129 0.18 Italy (2015: 0.48%) Assicurazioni Generali 15,515 181,844 0.03 Enel 203,492 899,755 0.15 Intesa Sanpaolo 23,112 43,701 0.01 Italmobiliare 3,855 109,852 0.02 Reply 930 118,816 0.02 Telecom Italia 250,484 204,532 0.03 UniCredit 106,225 232,481 0.04 1,790,981 0.30 Japan (2015: 8.92%) Aeon 4,000 61,838 0.01 Ajinomoto 11,400 267,359 0.05 Alfresa Holdings 31,000 642,421 0.11 Alps Electric 4,700 87,458 0.01 Ariake Japan 3,300 195,896 0.03 Asahi Group Holdings 12,300 396,372 0.07 Asahi Kasei 19,000 131,124 0.02 Astellas Pharma 16,700 260,454 0.04 Bridgestone 10,900 347,325 0.06 Canon 9,700 275,380 0.05 Central Japan Railway 1,900 335,681 0.06 Chubu Electric Power 21,000 296,506 0.05 CyberAgent 21,100 1,269,003 0.21 Daihatsu Motor 9,589 123,660 0.02 Daiichi Sankyo 3,000 72,332 0.01 Daiwa House Industry 4,600 133,709 0.02 Denso 5,100 177,821 0.03 East Japan Railway 6,400 588,471 0.10 Electric Power Development 5,200 120,585 0.02 FamilyMart 5,800 353,348 0.06 FANUC 2,300 370,704 0.06 Fuji Heavy Industries 8,400 284,776 0.05 Hitachi 132,000 545,422 0.09 Honda Motor 16,700 418,762 0.07 ITOCHU 19,100 230,768 0.04 Japan Exchange Group 56,600 644,398 0.11 Japan Tobacco 24,800 991,855 0.17 MGI Funds plc 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%) Japan (2015: 8.92%) Kajima 56,000 386,470 0.06 Kansai Electric Power 12,400 119,830 0.02 Kansai Paint 32,000 640,998 0.11 Kao 11,700 676,180 0.11 KDDI 47,300 1,435,275 0.24 Keyence 300 202,183 0.03 Kirin Holdings 4,000 67,180 0.01 Komatsu 10,800 186,281 0.03 Kyushu Electric Power 5,800 57,780 0.01 Lawson 5,600 445,969 0.07 Mazda Motor 15,400 204,002 0.03 Megmilk Snow Brand 19,000 662,102 0.11 Mitsubishi 15,200 264,915 0.04 Mitsubishi Electric 6,000 70,650 0.01 Mitsubishi Estate 23,000 419,914 0.07 Mitsubishi UFJ Financial Group 132,700 589,706 0.10 Mitsui Fudosan 15,000 340,896 0.06 Mizuho Financial Group 259,600 375,267 0.06 MS&AD Insurance Group Holdings 93,700 2,394,330 0.40 Murata Manufacturing 3,100 343,874 0.06 Nikon 12,200 164,823 0.03 Nippon Telegraph & Telephone 50,400 2,358,125 0.39 Nippon Telegraph & Telephone ADR 15,438 726,821 0.12 Nissan Motor 37,300 333,733 0.06 NTT DoCoMo 73,500 1,982,043 0.33 Obayashi 36,600 387,085 0.07 Olympus 34,400 1,272,522 0.21 Osaka Gas 96,000 367,194 0.06 Otsuka Holdings 13,400 616,382 0.10 Panasonic 29,200 250,757 0.04 Rohm 15,800 616,815 0.10 Seven & I Holdings 14,600 609,247 0.10 ShinEtsu Chemical 4,000 232,459 0.04 SMC 6,400 1,553,680 0.26 SoftBank Group 9,604 541,939 0.09 Sony 6,200 180,579 0.03 Sumitomo 16,900 168,769 0.03 Sumitomo Metal Mining 20,000 200,507 0.03 Sumitomo Mitsui Financial Group 11,200 319,439 0.05 Sumitomo Mitsui Trust Holdings 54,000 173,596 0.03 Sumitomo Realty & Development 2,000 53,699 0.01 Suntory Beverage & Food 800 36,027 0.01 Taisei 49,000 400,253 0.07 Takeda Pharmaceutical 8,998 388,022 0.07 Terumo 4,200 177,883 0.03 THK 53,100 896,991 0.15 Tokio Marine Holdings 10,500 344,610 0.06 Tokyo Electric Power Holdings 32,100 135,171 0.02 Tokyo Gas 88,000 360,612 0.06 Tokyu Fudosan Holdings 15,300 94,553 0.02 Toray Industries 9,000 76,271 0.01 Toyota Motor 25,600 1,260,661 0.21 Unicharm 5,900 131,411 0.02 36,919,909 6.16 Korea (2015: 0.94%) Hanon Systems 32,271 294,175 0.05 Hyundai Marine & Fire Insurance 13,399 340,253 0.06 Nominal Fair value % of holdings US$ Net assets Korea (2015: 0.94%) Hyundai Motor 2,071 243,626 0.04 Korea Electric Power 6,972 365,593 0.06 Korea Electric Power ADR 10,177 263,890 0.04 KT&G 2,932 347,457 0.06 LG 2,811 155,455 0.03 LG Uplus 49,189 465,477 0.08 Samsung Electronics 413 510,939 0.08 Samsung Electronics GDR 3,599 2,234,980 0.37 Shinhan Financial Group 9,670 319,017 0.05 SK Telecom ADR 19,957 417,500 0.07 5,958,362 0.99 Luxembourg (2015: 0.45%) Tenaris 33,958 490,810 0.08 Tenaris ADR 10,532 303,743 0.05 794,553 0.13 Macau (2015: 0.04%) Sands China 177,200 591,584 0.10 Malaysia (2015: nil) Malayan Banking Bhd ADR 146,842 590,305 0.10 Tenaga Nasional Bhd ADR 22,387 323,492 0.05 913,797 0.15 Mexico (2015: nil) CocaCola Femsa ADR 1,800 149,328 0.03 Fomento Economico Mexicano 26,700 244,970 0.04 Fomento Economico Mexicano ADR 11,099 1,026,547 0.17 Grupo Aeroportuario del Pacifico ADR 4,937 506,684 0.08 Grupo Financiero Banorte ADR 14,068 391,653 0.07 WalMart de Mexico 388,055 925,060 0.15 WalMart de Mexico ADR 9,538 229,341 0.04 3,473,583 0.58 Netherlands (2015: 1.75%) Airbus Group 7,877 452,687 0.08 Ferrari 7,371 300,120 0.05 Fiat Chrysler Automobiles 73,710 449,975 0.07 Heineken 2,965 272,641 0.05 ING Groep 42,206 430,392 0.07 Koninklijke Philips 21,747 542,370 0.09 LyondellBasell Industries 6,062 451,134 0.07 Mylan 29,911 1,293,352 0.22 QIAGEN 33,656 734,037 0.12 Unilever 19,237 895,673 0.15 Unilever ADR 14,029 658,521 0.11 Yandex 67,497 1,474,809 0.25 7,955,711 1.33 New Zealand (2015: nil) Trade Me 10,426 34,380 0.01 Norway (2015: 0.34%) Norsk Hydro 29,717 107,675 0.02 Schibsted A Shares 32,966 979,768 0.16 Schibsted B Shares 28,253 804,918 0.13 Telenor 28,479 468,300 0.08 2,360,661 0.39 MGI Funds plc 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%) Peru (2015: 0.14%) Cia de Minas Buenaventura ADR 25,978 310,437 0.05 Philippines (2015: 0.07%) Philippine Long Distance Telephone ADR 7,943 354,020 0.06 Portugal (2015: 0.01%) Jeronimo Martins 10,439 164,216 0.03 Russia (2015: 0.47%) Gazprom ADR 263,480 1,135,599 0.19 Lukoil ADR 41,644 1,739,470 0.29 MegaFon GDR 28,383 295,183 0.05 Novatek GDR 7,110 725,220 0.12 Rosneft GDR 25,865 132,429 0.02 Sberbank of Russia ADR 92,482 805,518 0.14 4,833,419 0.81 Singapore (2015: 0.25%) Broadcom 10,700 1,662,780 0.28 ComfortDelGro 97,000 198,195 0.03 DBS Group Holdings 24,921 291,816 0.05 OverseaChinese Banking 27,000 174,329 0.03 Singapore Press Holdings 13,000 38,153 0.01 Singapore Telecommunications 246,000 753,043 0.12 United Overseas Bank 11,200 153,283 0.03 3,271,599 0.55 South Africa (2015: 1.04%) MTN Group 41,522 405,212 0.07 Naspers 31,524 4,821,676 0.80 5,226,888 0.87 Spain (2015: 0.83%) Aena 1,578 207,301 0.03 Banco Bilbao Vizcaya Argentaria 39,844 224,156 0.04 Banco Santander 42,382 161,452 0.03 Distribuidora Internacional de Alimentacion 153,302 885,957 0.15 Endesa 12,233 245,032 0.04 Gas Natural 27,207 533,935 0.09 Iberdrola 192,653 1,302,787 0.22 Telefonica 48,398 454,875 0.07 4,015,495 0.67 Sweden (2015: 2.23%) Atlas Copco A Shares 24,915 638,997 0.11 Atlas Copco B Shares 67,479 1,578,521 0.26 Hennes & Mauritz 18,480 537,647 0.09 ICA Gruppen 13,515 449,346 0.08 Investor 7,124 236,186 0.04 Nordea Bank 63,783 533,740 0.09 Sandvik 15,414 152,363 0.03 Securitas 35,852 547,129 0.09 Svenska Cellulosa 24,658 782,868 0.13 Svenska Handelsbanken 143,627 1,725,686 0.29 Swedbank 12,512 259,464 0.04 Tele2 37,530 325,791 0.05 Nominal Fair value % of holdings US$ Net assets Sweden (2015: 2.23%) Telefonaktiebolaget LM Ericsson 27,088 205,573 0.03 Volvo 76,775 752,101 0.13 8,725,412 1.46 Switzerland (2015: 3.78%) ABB 7,793 152,948 0.02 ABB ADR 15,115 299,730 0.05 Actelion 2,857 478,611 0.08 Adecco 1,253 62,882 0.01 Chubb 14,100 1,843,011 0.31 Cie Financiere Richemont 12,792 745,171 0.12 Credit Suisse Group 19,478 206,137 0.03 Geberit 790 298,419 0.05 Kudelski 23,540 467,562 0.08 Kuehne & Nagel International 2,441 341,269 0.06 Nestle 53,030 4,090,745 0.68 Nestle ADR 25,500 1,971,405 0.33 Novartis 18,139 1,492,343 0.25 OC Oerlikon 59,846 524,620 0.09 Roche Holding 6,073 1,596,485 0.27 Schindler Holding 11,682 2,110,482 0.35 Swiss Re 1,340 116,573 0.02 Swisscom 868 430,080 0.07 Syngenta 884 339,463 0.06 UBS Group 18,948 244,484 0.04 Wolseley 36,110 1,868,121 0.31 Zurich Insurance Group 1,242 305,209 0.05 19,985,750 3.33 Taiwan (2015: 0.50%) Chunghwa Telecom 211,000 762,004 0.13 HTC 92,000 295,173 0.05 Nan Ya Plastics 189,000 357,389 0.06 Taiwan Semiconductor Manufacturing 76,000 382,839 0.06 Taiwan Semiconductor Manufacturing ADR 151,209 3,966,212 0.66 5,763,617 0.96 Thailand (2015: nil) Airports of Thailand 22,300 247,496 0.04 Turkey (2015: 0.13%) Dogan Sirketler Grubu Holding 97,922 15,664 0.00 Eregli Demir ve Celik Fabrikalari 145,009 204,732 0.04 Petkim Petrokimya Holding 315,512 421,319 0.07 641,715 0.11 United Kingdom (2015: 4.14%) Aggreko 21,442 366,322 0.06 ARM Holdings ADR 4,200 191,142 0.03 Associated British Foods 7,385 268,427 0.05 AstraZeneca 8,209 490,199 0.08 AstraZeneca ADR 37,419 1,129,680 0.19 Auto Trader Group 41,059 193,973 0.03 Berkeley Group Holdings 2,141 72,211 0.01 BHP Billiton 31,626 398,594 0.07 BHP Billiton ADR 27,914 708,457 0.12 BP 326,160 1,910,381 0.32 BP ADR 32,800 1,164,728 0.19 British American Tobacco 47,917 3,102,205 0.52 BT Group 173,753 952,319 0.16 MGI Funds plc 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%) United Kingdom (2015: 4.14%) Centrica 121,430 366,049 0.06 Compass Group 105,898 2,013,047 0.34 Dart Group 12,604 88,794 0.01 De La Rue 20,669 141,191 0.02 Diageo 66,589 1,857,323 0.31 Diageo ADR 1,400 158,032 0.03 Domino's Pizza Group 119,598 531,277 0.09 GlaxoSmithKline 52,346 1,122,767 0.19 GlaxoSmithKline ADR 22,890 992,053 0.17 Greggs 11,961 155,098 0.03 Hays 378,185 493,677 0.08 HomeServe 37,236 262,325 0.04 HSBC Holdings 50,737 315,998 0.05 Imperial Tobacco Group 9,850 533,744 0.09 Kingfisher 45,825 197,560 0.03 Land Securities Group REIT 17,316 240,508 0.04 Lloyds Banking Group 661,590 478,114 0.08 London Stock Exchange Group 1,694 57,315 0.01 National Grid 118,215 1,732,007 0.29 Next 4,394 289,583 0.05 Persimmon 6,207 120,065 0.02 Prudential 236,458 3,973,339 0.66 Reckitt Benckiser Group 14,991 1,500,994 0.25 Reckitt Benckiser Group ADR 3,985 80,975 0.01 Rio Tinto 32,955 1,010,604 0.17 Rio Tinto ADR 15,392 481,770 0.08 RollsRoyce Holdings 114,780 1,091,711 0.18 Royal Dutch Shell 15,788 432,133 0.07 Royal Dutch Shell ADR 6,100 336,842 0.06 Royal Mail 41,969 281,082 0.05 SABMiller 6,843 399,756 0.07 Sage Group 112,124 967,523 0.16 Segro REIT 36,005 199,601 0.03 Sky 17,734 201,034 0.03 SSE 18,119 376,402 0.06 STERIS 10,300 708,125 0.12 Tate & Lyle 104,539 934,214 0.16 Transocean Partners 6,759 85,231 0.01 Unilever 33,443 1,600,049 0.27 Vodafone Group 169,028 514,390 0.09 William Hill 70,113 241,347 0.04 WPP ADR 4,614 482,255 0.08 38,994,542 6.51 United States of America (2015: 41.82%) AAR 6,300 147,042 0.02 Abbott Laboratories 15,471 608,165 0.10 Activision Blizzard 19,800 784,674 0.13 Adobe Systems 14,100 1,350,639 0.23 AES 10,333 128,956 0.02 Air Products & Chemicals 14,200 2,016,968 0.34 Allstate 5,301 370,805 0.06 Alnylam Pharmaceuticals 9,173 509,010 0.08 Alphabet A Shares 2,600 1,829,178 0.31 Alphabet C Shares 5,569 3,854,305 0.64 Altria Group 41,930 2,891,493 0.48 Amazon.com 8,760 6,268,831 1.05 Ameren 21,484 1,151,113 0.19 Nominal Fair value % of holdings US$ Net assets United States of America (2015: 41.82%) American Electric Power 19,339 1,355,471 0.23 American Express 45,210 2,746,960 0.46 American International Group 48,107 2,544,379 0.42 American Woodmark 7,503 498,049 0.08 Ameriprise Financial 4,781 429,573 0.07 AmerisourceBergen 13,112 1,040,044 0.17 Amgen 10,100 1,536,715 0.26 Anthem 25,781 3,386,077 0.56 Apache 36,059 2,007,405 0.33 Apple 52,394 5,008,866 0.84 Applied Materials 36,489 874,641 0.15 ArcherDanielsMidland 26,354 1,130,323 0.19 Ascent Capital Group 14,200 218,538 0.04 AT&T 81,677 3,529,263 0.59 Atwood Oceanics 9,350 117,062 0.02 Automatic Data Processing 311 28,572 0.00 AvalonBay Communities REIT 3,533 637,318 0.11 Bank of America 216,236 2,869,452 0.48 Bank of New York Mellon 68,200 2,649,570 0.44 Bankrate 35,600 266,288 0.04 Barnes & Noble 4,273 43,371 0.01 Barrett Business Services 4,704 194,369 0.03 Baxter International 22,400 1,012,928 0.17 BB&T 30,303 1,079,090 0.18 CalAtlantic Group 40,035 1,469,685 0.25 Capital One Financial 22,463 1,426,625 0.24 Cardinal Health 20,231 1,578,220 0.26 CarMax 36,937 1,811,021 0.30 CenterPoint Energy 42,932 1,030,368 0.17 CEVA 14,800 402,116 0.07 CH Robinson Worldwide 21,486 1,595,336 0.27 Chesapeake Energy 34,043 145,704 0.02 China Biologic Products 5,501 584,866 0.10 Cisco Systems 173,803 4,986,408 0.83 Citigroup 92,546 3,923,025 0.65 Citrix Systems 3,960 317,156 0.05 Cliffs Natural Resources 30,304 171,824 0.03 CocaCola 88,909 4,030,245 0.66 ColgatePalmolive 37,634 2,754,809 0.46 Comcast 66,418 4,329,789 0.72 Comtech Telecommunications 10,500 134,820 0.02 Consolidated Edison 16,057 1,291,625 0.22 Constellation Brands 2,900 479,660 0.08 Costco Wholesale 9,535 1,497,376 0.25 CVR Energy 19,100 296,050 0.05 CVS Health 22,552 2,159,128 0.36 DaVita HealthCare Partners 7,939 613,843 0.10 Delta Air Lines 9,874 359,710 0.06 Denny's 5,000 53,650 0.01 Dime Community Bancshares 6,684 113,695 0.02 Discover Financial Services 9,000 482,310 0.08 Dolby Laboratories 23,422 1,120,743 0.19 Dollar General 15,423 1,449,762 0.24 Dollar Tree 22,258 2,097,594 0.35 Dominion Resources 10,933 852,009 0.14 Domtar 10,753 376,463 0.06 DR Horton 25,704 809,162 0.13 Dr Pepper Snapple Group 12,800 1,236,864 0.21 DTE Energy 4,630 458,926 0.08 Duke Energy 21,703 1,861,900 0.31 Ecolab 3,867 458,626 0.08 Edison International 8,013 622,370 0.10 MGI Funds plc 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%) United States of America (2015: 41.82%) Edwards Lifesciences 16,600 1,655,518 0.28 Eli Lilly 30,178 2,376,518 0.40 Encore Wire 1,901 70,869 0.01 Ennis 9,400 180,292 0.03 Entercom Communications 10,126 137,410 0.02 Entergy 8,596 699,285 0.12 EOG Resources 22,682 1,892,132 0.32 Exelon 60,050 2,183,418 0.36 Expedia 5,800 616,540 0.10 Facebook 72,789 8,318,327 1.39 Fifth Third Bancorp 84,641 1,488,835 0.25 Financial Engines 22,453 580,859 0.10 First Republic Bank 43,493 3,044,075 0.51 FirstEnergy 48,230 1,683,709 0.28 Flagstar Bancorp 8,200 200,162 0.03 Ford Motor 72,563 912,117 0.15 Frontier Communications 163,716 808,757 0.13 GameStop 11,435 303,942 0.05 General Motors 29,138 824,605 0.14 Genworth Financial 93,145 240,314 0.04 Goldman Sachs Group 3,621 538,008 0.09 GrubHub 25,755 800,208 0.13 Hartford Financial Services Group 23,471 1,041,643 0.17 Haverty Furniture 5,698 102,735 0.02 HCA Holdings 6,253 481,544 0.08 HCP REIT 32,363 1,145,003 0.19 Hertz Global Holdings 40,710 450,660 0.08 Hewlett Packard 41,387 756,140 0.13 Home Depot 5,900 753,371 0.13 Hormel Foods 3,194 116,900 0.02 Howard Hughes 7,386 844,368 0.14 IIVI 8,100 151,956 0.03 Intel 79,711 2,614,521 0.44 Interactive Brokers Group 17,391 615,641 0.10 International Business Machines 6,691 1,015,560 0.17 Intuit 5,900 658,499 0.11 Intuitive Surgical 1,220 806,920 0.13 Johnson & Johnson 31,557 3,827,864 0.64 Kaiser Aluminum 5,300 479,173 0.08 Kansas City Life Insurance 3,150 124,488 0.02 Kirby 14,946 932,481 0.16 Kraft Heinz 1,800 159,264 0.03 Kroger 34,735 1,277,901 0.21 Leucadia National 31,976 554,144 0.09 Liberty SiriusXM Group 8,800 271,656 0.05 Lincoln Electric Holdings 22,447 1,326,169 0.22 Lincoln National 22,485 871,743 0.15 Lockheed Martin 4,092 1,015,512 0.17 Loews 16,000 657,440 0.11 Lowe's 3,023 239,331 0.04 Macy's 15,329 515,208 0.09 Markel 3,538 3,370,936 0.56 MarketAxess Holdings 4,870 708,098 0.12 Martin Marietta Materials 11,858 2,276,736 0.38 Masco 15,900 491,946 0.08 MasterCard 32,442 2,856,843 0.48 McDonald's 21,522 2,589,957 0.43 McKesson 8,493 1,585,218 0.26 Nominal Fair value % of holdings US$ Net assets United States of America (2015: 41.82%) Mead Johnson Nutrition 12,750 1,157,063 0.19 Merck 43,623 2,513,121 0.42 Merit Medical Systems 15,700 311,331 0.05 MetLife 60,913 2,426,165 0.40 Micron Technology 64,493 887,424 0.15 Microsoft 90,050 4,607,859 0.77 Mondelez International 26,300 1,196,913 0.20 Monsanto 12,634 1,306,482 0.22 Moody's 31,633 2,964,328 0.49 Morgan Stanley 26,694 693,510 0.12 Myriad Genetics 45,932 1,405,519 0.23 Nanometrics 8,200 170,478 0.03 National CineMedia 19,404 300,374 0.05 Newmont Mining 52,658 2,059,981 0.34 NextEra Energy 19,327 2,520,241 0.42 Northern Oil and Gas 72,086 333,037 0.06 NOW 40,224 729,663 0.12 NVIDIA 22,095 1,038,686 0.17 OGE Energy 25,200 825,300 0.14 Oracle 41,762 1,709,319 0.29 Patrick Industries 4,420 266,482 0.04 Patterson 12,627 604,707 0.10 Paychex 16,629 989,426 0.17 PayPal Holdings 10,300 376,053 0.06 PepsiCo 52,102 5,519,686 0.92 Pfizer 127,826 4,500,753 0.75 PG&E 15,533 992,869 0.17 Philip Morris International 81,376 8,277,567 1.38 Pinnacle West Capital 9,713 787,336 0.13 PNC Financial Services Group 15,412 1,254,383 0.21 PPG Industries 5,900 614,485 0.10 PPL 53,491 2,019,285 0.34 Principal Financial Group 14,985 616,033 0.10 Procter & Gamble 46,906 3,971,531 0.66 Prudential Financial 31,173 2,223,882 0.37 Public Service Enterprise Group 35,862 1,671,528 0.28 PulteGroup 39,772 775,156 0.13 QEP Resources 36,834 649,383 0.11 Qualcomm 22,935 1,228,628 0.20 RealPage 4,762 106,335 0.02 Realty Income REIT 26,120 1,811,683 0.30 Reynolds American 38,645 2,084,125 0.35 Royal Caribbean Cruises 61,645 4,139,462 0.69 Royal Gold 1,343 96,723 0.02 Ruth's Hospitality Group 5,800 92,510 0.02 salesforce.com 20,600 1,635,846 0.27 Sanderson Farms 2,872 248,830 0.04 Seattle Genetics 30,420 1,229,272 0.20 SherwinWilliams 2,000 587,340 0.10 Shire 9,571 593,794 0.10 Shire ADR 4,200 773,136 0.13 Shoe Carnival 6,000 150,360 0.03 Southern 30,259 1,622,790 0.27 Standard Motor Products 3,898 155,062 0.03 Starbucks 41,400 2,364,768 0.39 Stericycle 12,400 1,291,088 0.22 Stone Energy 20,599 248,424 0.04 SunTrust Banks 10,500 431,340 0.07 Synchrony Financial 13,687 346,007 0.06 Sysco 42,961 2,179,841 0.36 TD Ameritrade Holding 79,729 2,270,283 0.38 TeleNav 9,900 50,490 0.01 MGI Funds plc 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 States of America (2015: 41.82%) Tenneco 6,878 320,584 0.05 Teradyne 71,760 1,412,954 0.24 Tesla Motors 5,885 1,249,268 0.21 Time Warner 11,800 867,772 0.14 TJX 10,105 780,409 0.13 Towne Bank 11,205 242,588 0.04 Travelers 13,751 1,636,919 0.27 TripAdvisor 14,240 915,632 0.15 Tyson Foods 12,100 808,159 0.13 United Fire Group 5,228 221,824 0.04 United Technologies 5,401 553,873 0.09 Unum Group 12,400 394,196 0.07 US Concrete 2,600 158,366 0.03 Vail Resorts 1,400 193,522 0.03 Vantiv 535 30,281 0.01 VeriSign 9,461 817,998 0.14 Verizon Communications 46,970 2,622,805 0.44 Visa 58,746 4,357,191 0.73 Voya Financial 6,745 167,006 0.03 Wabtec 18,468 1,297,008 0.22 Walgreens Boots Alliance 7,947 661,747 0.11 WalMart Stores 51,741 3,778,128 0.63 Waters 11,672 1,641,667 0.27 Weis Markets 3,000 151,650 0.03 Welltower REIT 18,157 1,383,019 0.23 Weyerhaeuser REIT 32,052 954,188 0.16 WGL Holdings 5,100 361,029 0.06 Whiting Petroleum 12,279 113,704 0.02 Xcel Energy 17,513 784,232 0.13 Xerox 72,596 688,936 0.11 Zillow Group A Shares 5,012 183,690 0.03 Zillow Group C Shares 17,227 624,990 0.10 Press Ganey Holdings 4,300 169,205 0.03 295,292,471 49.26 Total equities 538,491,748 89.85 Total transferable securities 538,491,748 89.85 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 05/07/2016 171 CHF 3* 315,116 EUR 288,760 05/07/2016 2,663 EUR 3* 842,473 DKK 6,267,110 05/07/2016 108 EUR 3* 230 DKK 1,708 03/08/2016 EUR 3* 8,199,392 GBP 6,277,475 05/07/2016 717,381 0.12 EUR 3* 2,056 GBP 1,690 03/08/2016 27 EUR 3* 362 HKD 3,123 03/08/2016 EUR 3* 1,189,145 SEK 11,056,567 05/07/2016 16,116 EUR 3* 29,361 USD 32,636 03/08/2016 16 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

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 05/07/2016 453 ILS 3* 7,417 GBP 1,326 05/07/2016 153 JPY 3* 87,300,239 EUR 727,078 05/07/2016 43,215 0.01 JPY 4* 57,097,605 USD 557,493 21/09/2016 536 NOK 3* 178,644 EUR 19,167 05/07/2016 55 NZD 3* 9,174 EUR 5,730 05/07/2016 168 SGD 3* 90,412 EUR 58,999 05/07/2016 1,631 SGD 3* 8,247 GBP 4,117 05/07/2016 624 USD 4* 19,410,973 CAD 24,899,873 21/09/2016 235,318 0.04 USD 4* 2,874,055 CNY 19,069,928 28/09/2016 12,034 USD 3* 9,312,263 EUR 8,236,869 05/07/2016 161,519 0.03 USD 3* 230,718 GBP 164,003 05/07/2016 11,479 USD 4* 939,163 ILS 3,581,309 21/09/2016 7,571 USD 4* 1,076,097 INR 73,658,823 28/09/2016 585 USD 4* 480,399 NOK 3,928,995 21/09/2016 10,941 Unrealised gain on open forward foreign currency contracts 1,232,720 0.20 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 88 108,302 0.02 FTSE 100 Index Futures 2* 2,833,248 16/09/2016 GBP 33 216,157 0.04 Mini MSCI Emerging Market Index Futures 2* 6,677,600 16/09/2016 USD 160 201,600 0.03 Swiss Market Index Futures 2* 1,474,441 16/09/2016 CHF 18 58,602 0.01 Unrealised gain on futures contracts 584,661 0.10 Total financial derivative instruments at positive fair value 1,817,381 0.30 Total financial assets at fair value through profit or loss 540,309,129 90.15 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 326 03/08/2016 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 622 03/08/2016 EUR 3* 74,068 NZD 122,229 05/07/2016 (4,766) MGI Funds plc 78

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 221 03/08/2016 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 530,774,523 88.56 MGI Funds plc 79

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 0.25 01/07/2016 USD 4,000,000 4,000,000 0.66 Commonwealth Bank of Australia 0.35 20/07/2016 USD 3,003,197 3,003,197 0.50 Rabobank International 0.34 08/07/2016 USD 7,008,102 7,008,102 1.17 Royal Bank of Canada 0.05 27/07/2016 USD 7,502,631 7,502,631 1.25 Svenska Handelsbanken 0.26 08/07/2016 USD 2,501,903 2,501,903 0.42 Svenska Handelsbanken 0.34 29/07/2016 USD 5,006,937 5,006,937 0.84 Total deposits with credit institutions 29,022,770 4.84 Total financial assets at amortised cost 29,022,770 4.84 Cash (2015: 5.45%) 34,862,743 5.82 Net current assets (2015: (0.84)%) 4,691,076 0.78 Total net assets attributable to holders of redeemable participating shares 599,351,112 100.00 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; 85.32 Deposits; 4.60 Financial derivative instruments dealt in on a regulated market; 0.09 OTC financial derivative instruments; 0.20 Other current assets 9.79 100.00 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

MGI Global Equity Fund Portfolio Statement Concentration Risk MGI Global Equity Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Consumer Discretionary 9.74 14.66 Consumer Staples 13.99 7.15 Financials 15.57 15.31 Health Care 9.56 10.47 Industrials 6.95 9.06 Information Technology 14.08 14.18 Materials 6.90 6.40 Utilities 5.81 MGI Funds plc 81

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 1,497,000 0.17 DIC 2,000 4,252,000 0.49 JFE Holdings 5,500 7,232,500 0.83 Kobe Steel 10,000 830,000 0.10 Mitsubishi Tanabe Pharma 2,400 4,423,200 0.51 Mitsui Chemicals 14,000 5,208,000 0.60 Nippon Shokubai 800 4,664,000 0.54 Nippon Steel & Sumitomo Metal 1,000 1,958,000 0.23 Nisshin Steel 2,600 3,380,000 0.39 ShinEtsu Chemical 1,400 8,346,800 0.96 Sumitomo Bakelite 13,000 6,149,000 0.71 Sumitomo Metal Mining 7,000 7,199,500 0.83 Topy Industries 3,000 627,000 0.07 Zeon 6,000 3,954,000 0.46 59,721,000 6.89 Communications (2015: 6.90%) Dentsu 3,200 15,264,000 1.76 KDDI 2,800 8,716,400 1.01 M3 2,000 7,100,000 0.82 Nippon Telegraph & Telephone 5,700 27,360,000 3.16 SoftBank 2,700 15,630,300 1.80 74,070,700 8.55 Consumer, Cyclical (2015: 27.01%) Bandai Namco Holdings 800 2,106,400 0.24 Bridgestone 800 2,615,200 0.30 Citizen Holdings 3,400 1,686,400 0.19 Daiwa House Industry 4,300 12,822,600 1.48 H2O Retailing 2,500 3,442,500 0.40 Haseko 4,700 4,798,700 0.55 Honda Motor 6,500 16,721,250 1.93 Izumi 1,100 4,372,500 0.51 J Front Retailing 2,800 2,954,000 0.34 Japan Airlines 3,100 10,205,200 1.18 Kirin Holdings 1,200 2,067,600 0.24 Marui Group 5,400 7,408,800 0.86 Mazda Motor 6,100 8,289,900 0.96 Mitsubishi 8,500 15,198,000 1.75 Mitsui 3,100 3,761,850 0.43 NGK Spark Plug 3,900 5,963,100 0.69 Nissan Motor 9,900 9,087,210 1.05 Nitori Holdings 800 9,872,000 1.14 Oriental Land 1,100 7,286,400 0.84 Sekisui Chemical 600 752,400 0.09 Sony 7,000 20,916,000 2.41 Sumitomo Electric Industries 5,500 7,372,750 0.85 Sundrug 600 5,736,000 0.66 Suzuki Motor 3,100 8,535,850 0.99 Toyota Motor 6,300 31,827,600 3.67 Yamada Denki 5,300 2,862,000 0.33 Yamaha Motor 3,300 5,085,300 0.59 213,747,510 24.67 Consumer, NonCyclical (2015: 14.97%) Ajinomoto 5,900 14,195,400 1.64 CYBERDYNE 3,400 7,799,600 0.90 Nominal Fair value % of holdings Net assets Consumer, NonCyclical (2015: 14.97%) Ezaki Glico 600 3,582,000 0.41 Hisamitsu Pharmaceutical 200 1,176,000 0.14 Japan Tobacco 4,800 19,694,400 2.27 JCR Pharmaceuticals 3,500 10,552,500 1.22 Kewpie 2,400 7,800,000 0.90 Kyowa Hakko Kirin 6,100 10,589,600 1.22 NH Foods 4,000 9,972,000 1.15 Olympus 2,700 10,246,500 1.18 Otsuka Holdings 3,000 14,157,000 1.64 Recruit Holdings 100 373,500 0.04 Seven & I Holdings 1,500 6,421,500 0.74 Shimadzu 6,000 9,144,000 1.06 Sumitomo Forestry 1,300 1,794,000 0.21 Suntory Beverage & Food 2,900 13,398,000 1.55 Suzuken 2,600 8,346,000 0.96 Sysmex 200 1,398,000 0.16 Toppan Printing 6,000 5,268,000 0.61 Unicharm 2,500 5,712,500 0.66 161,620,500 18.66 Energy (2015: 0.69%) JX Holdings 14,500 5,781,150 0.67 Financial (2015: 17.99%) Chiba Bank 4,000 1,924,000 0.22 Concordia Financial Group 6,000 2,392,800 0.28 Daiichi Life Insurance 4,400 4,958,800 0.57 Mitsubishi UFJ Financial Group 68,000 31,001,200 3.58 Mitsubishi UFJ Lease & Finance 7,600 2,964,000 0.34 Mitsui Fudosan 4,000 9,326,000 1.08 NishiNippon City Bank 19,000 3,401,000 0.39 Nomura Holdings 5,200 1,899,040 0.22 ORIX 9,000 11,772,000 1.36 Sompo Japan Nipponkoa Holdings 2,300 6,206,550 0.72 Sumitomo Mitsui Financial Group 4,500 13,167,000 1.52 Sumitomo Mitsui Trust Holdings 28,000 9,234,400 1.07 Sumitomo Realty & Development 3,000 8,263,500 0.95 Tokio Marine Holdings 3,000 10,101,000 1.17 Tokyo Tatemono 2,000 2,444,000 0.28 Tokyu Fudosan Holdings 2,800 1,775,200 0.20 120,830,490 13.95 Industrial (2015: 19.74%) Amada Holdings 9,000 9,288,000 1.07 Central Japan Railway 300 5,437,500 0.63 Daikin Industries 2,800 23,839,200 2.75 DMG Mori 8,300 8,067,600 0.93 East Japan Railway 1,600 15,092,800 1.74 Hitachi 28,000 11,869,200 1.37 Kajima 10,000 7,080,000 0.82 Kawasaki Heavy Industries 33,000 9,405,000 1.09 Keyence 300 20,742,000 2.39 LIXIL Group 1,000 1,685,000 0.19 Mabuchi Motor 1,800 7,704,000 0.89 Marubeni 14,300 6,570,850 0.76 Mitsui OSK Lines 18,000 3,888,000 0.45 NGK Insulators 1,000 2,047,000 0.24 Nidec 2,000 15,444,000 1.78 Omron 1,800 5,958,000 0.69 Rinnai 100 900,000 0.10 MGI Funds plc 82

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 6,692,000 0.77 West Japan Railway 100 646,700 0.08 Yamato Holdings 5,500 12,872,750 1.49 175,229,600 20.23 Technology (2015: 3.14%) Alps Electric 1,800 3,436,200 0.40 COLOPL 1,600 3,224,000 0.37 Dena 2,400 5,707,200 0.66 Fujitsu 7,000 2,618,000 0.30 Otsuka 800 3,820,000 0.44 Ricoh 400 353,600 0.04 Seiko Epson 5,800 9,471,400 1.09 28,630,400 3.30 Utilities (2015: 1.82%) Electric Power Development 2,300 5,471,700 0.63 Kyushu Electric Power 3,000 3,066,000 0.36 Shikoku Electric Power 2,300 2,773,800 0.32 Tokyo Gas 7,000 2,942,800 0.34 14,254,300 1.65 Total equities 853,885,650 98.57 Total transferable securities 853,885,650 98.57 Total financial assets at fair value through profit or loss 853,885,650 98.57 Cash (2015: 1.20%) 11,943,126 1.38 Net current assets (2015: (0.01%) 421,223 0.05 Total net assets attributable to holders of redeemable participating shares 866,249,999 100.00 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; 98.47 Other current assets 1.53 100.00 MGI Funds plc 83

MGI Japanese Equity Fund Portfolio Statement Concentration Risk MGI Japanese Equity Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Consumer Discretionary 20.80 21.43 Consumer Staples 10.22 7.90 Financials 15.43 19.02 Health Care 8.74 5.32 Industrials 19.68 19.07 Information Technology 9.00 11.84 Materials 6.38 6.62 Telecommunication services 5.97 MGI Funds plc 84

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 7,047 101,218 1.99 ASX 3,063 104,365 2.05 Australia & New Zealand Banking Group 8,920 160,201 3.14 BHP Billiton 15,548 215,912 4.24 Brambles 24,223 223,472 4.39 Commonwealth Bank of Australia 4,161 230,419 4.52 Computershare 9,005 61,486 1.21 CSL 2,943 245,826 4.82 DuluxGroup 10,527 49,539 0.97 Incitec Pivot 38,536 85,221 1.67 LendLease Group 5,932 55,654 1.09 Medibank Private 42,687 93,765 1.84 National Australia Bank 13,613 257,765 5.06 Orica 6,339 58,198 1.14 QBE Insurance Group 8,689 67,480 1.33 Rio Tinto 3,434 116,341 2.28 Telstra 21,556 89,241 1.75 Wesfarmers 4,907 146,515 2.88 Westpac Banking 8,734 191,198 3.75 Woodside Petroleum 3,366 67,270 1.32 Woolworths 7,016 109,132 2.14 2,730,218 53.58 China (2015: 0.52%) China Pacific Insurance Group 15,400 51,810 1.02 Tencent Holdings 3,700 84,083 1.65 135,893 2.67 Hong Kong (2015: 26.59%) AIA Group 57,600 343,390 6.74 BOC Hong Kong Holdings 26,000 77,752 1.52 Cheung Kong Property Holdings 13,364 83,547 1.64 CK Hutchison Holdings 9,364 102,053 2.00 Galaxy Entertainment Group 26,000 77,250 1.52 HKT Trust & HKT 62,000 89,508 1.76 Hongkong Land Holdings 15,500 94,395 1.85 Jardine Strategic Holdings 3,900 117,702 2.31 Kerry Properties 15,000 37,046 0.73 Swire Properties 26,450 70,234 1.38 Techtronic Industries 25,000 103,926 2.04 1,196,803 23.49 Ireland (2015: 2.76%) James Hardie Industries 10,612 161,590 3.17 Singapore (2015: 10.31%) City Developments 10,800 65,318 1.28 ComfortDelGro 40,000 81,730 1.60 DBS Group Holdings 4,200 49,181 0.96 Singapore Telecommunications 48,200 147,547 2.90 United Overseas Bank 8,000 109,488 2.15 Venture 12,400 76,285 1.50 529,549 10.39 United Kingdom (2015: 0.87%) HSBC Holdings 6,800 41,547 0.81 Nominal Fair value % of holdings US$ Net assets United States of America (2015: 1.64%) Iron Mountain 2,763 108,730 2.13 ResMed 14,930 92,270 1.81 201,000 3.94 Total equities 4,996,600 98.05 Total transferable securities 4,996,600 98.05 Total financial assets at fair value through profit or loss 4,996,600 98.05 Cash (2015: 2.32%) 78,471 1.54 Net current assets (2015: 0.45%) 20,801 0.41 Net assets attributable to holders of redeemable participating shares 5,095,872 100.00 MGI Funds plc 85

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; 97.88 Other current assets 2.12 100.00 Concentration Risk MGI Pacific Basin (exjapan) Equity Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Consumer Staples 5.02 Financials 45.01 46.16 Health Care 6.03 5.76 Industrials 10.30 10.31 Materials 13.47 13.49 Telecommunication services 6.41 6.21 MGI Funds plc 86

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: 108.11%) Transferable securities (2015: 102.72%) Bonds (2015: 102.72%) Asset backed securities (2015: 1.03%) Ireland (2015: 0.18%) Carlyle Global Market Strategies Euro CLO 20141 2.40 15/04/2027 EUR 167,000 133,724 0.40 Netherlands (2015: 0.27%) Chapel 0.11 17/07/2066 EUR 191,200 151,039 0.44 Total asset backed securities 284,763 0.84 Corporate bonds (2015: 50.27%) Australia (2015: 1.40%) BHP Billiton Finance 4.30 25/09/2042 GBP 139,000 155,230 0.46 Commonwealth Bank of Australia 3.00 04/09/2026 GBP 470,000 524,632 1.55 National Australia Bank 3.00 04/09/2026 GBP 100,000 111,400 0.33 Scentre Group Trust 1 3.88 16/07/2026 GBP 100,000 113,302 0.33 904,564 2.67 Cayman Islands (2015: 1.11%) Southern Water Services Finance 4.50 31/03/2038 GBP 500,000 544,253 1.61 Channel Islands (2015: 3.48%) AA Bond 6.27 02/07/2043 GBP 350,000 420,227 1.24 CPUK Finance 2.67 28/02/2042 GBP 171,000 174,614 0.52 Credit Suisse Group Funding Guernsey 3.00 27/05/2022 GBP 447,000 453,364 1.34 Gatwick Funding 5.75 23/01/2037 GBP 100,000 140,000 0.41 Porterbrook Rail Finance 5.50 20/04/2019 GBP 100,000 110,568 0.33 1,298,773 3.84 France (2015: 3.37%) Electricite de France 5.50 27/03/2037 GBP 300,000 368,506 1.09 Electricite de France 6.00 22/01/2114 USD 227,000 182,157 0.54 550,663 1.63 Japan (2015: Nil) Japan Tobacco 2.00 13/04/2021 USD 245,000 184,924 0.55 Luxembourg (2015: Nil) European Investment Bank 4.75 15/10/2018 GBP 50,000 54,696 0.16 Netherlands (2015: 4.90%) Enel Finance International 5.75 14/09/2040 GBP 311,000 407,136 1.20 ING Bank 5.38 15/04/2021 GBP 100,000 117,612 0.35 Koninklijke KPN 5.75 17/09/2029 GBP 200,000 257,055 0.76 RWE Finance 6.25 03/06/2030 GBP 50,000 58,284 0.17 RWE Finance 4.75 31/01/2034 GBP 100,000 99,156 0.29 Volkswagen Financial Services 1.25 15/12/2016 GBP 100,000 99,957 0.30 1,039,200 3.07 United Kingdom (2015: 25.90%) ABP Finance 6.25 14/12/2026 GBP 100,000 126,150 0.37 Affinity Sutton Capital Markets 4.25 08/10/2042 GBP 100,000 121,872 0.36 Anglian Water Services Financing 4.50 22/02/2026 GBP 100,000 115,393 0.34 Annington Finance No 4 07/12/2022 GBP 300,000 261,546 0.77 Aster Treasury 4.50 18/12/2043 GBP 100,000 127,075 0.38 MGI Funds plc 87

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: 108.11%) Transferable securities (2015: 102.72%) Bonds (2015: 102.72%) Corporate bonds (2015: 50.27%) United Kingdom (2015: 25.90%) BAT International Finance 4.00 23/11/2055 GBP 203,000 246,914 0.73 British Telecommunications 0.63 10/03/2021 EUR 100,000 83,574 0.25 Broadgate Financing 4.85 05/04/2033 GBP 100,000 127,277 0.38 Channel Link Enterprises Finance 3.09 30/06/2050 EUR 490,000 401,616 1.19 Eastern Power Networks 6.25 12/11/2036 GBP 100,000 147,636 0.44 Eversholt Funding 5.83 02/12/2020 GBP 100,000 116,580 0.34 Greene King Finance 5.11 15/03/2034 GBP 210,000 240,634 0.71 Heathrow Funding 7.13 14/02/2024 GBP 160,000 205,789 0.61 Heathrow Funding 4.63 31/10/2046 GBP 213,000 270,823 0.80 Imperial Brands Finance 5.50 28/09/2026 GBP 349,000 434,930 1.29 Intu SGS Finance 4.63 17/03/2033 GBP 410,000 475,698 1.41 Kennedy Wilson Europe Real Estate 3.95 30/06/2022 GBP 460,000 465,818 1.38 Land Securities Capital Markets 5.40 31/07/2032 GBP 200,000 266,941 0.79 Lloyds Bank 6.50 17/09/2040 GBP 292,000 442,608 1.31 London & Quadrant Housing Trust 5.50 27/01/2040 GBP 60,000 86,553 0.26 Longstone Finance 4.79 19/04/2036 GBP 34,849 40,476 0.12 Meadowhall Finance 4.99 12/07/2037 GBP 82,387 103,178 0.31 Moat Homes Finance 5.00 23/09/2041 GBP 179,000 233,218 0.69 Nationwide Building Society 5.63 28/01/2026 GBP 410,000 549,505 1.60 Northumbrian Water Finance 5.13 23/01/2042 GBP 100,000 135,998 0.40 Sanctuary Capital 5.00 26/04/2047 GBP 100,000 139,864 0.41 Santander 3.88 15/10/2029 GBP 300,000 331,957 0.98 Sky Group Finance 5.75 20/10/2017 GBP 100,000 105,783 0.31 Telereal Secured Finance 4.01 10/12/2033 GBP 348,360 354,553 1.05 Telereal Securitisation 4.09 10/12/2033 GBP 200,000 205,642 0.61 Telereal Securitisation 6.16 10/12/2033 GBP 283,800 331,153 0.98 Tesco Property Finance 4 5.80 13/10/2040 GBP 394,360 372,477 1.10 Wales & West Utilities Finance 4.63 13/12/2023 GBP 100,000 117,924 0.35 Western Power Distribution South West 5.75 23/03/2040 GBP 150,000 214,951 0.64 White City Property Finance 5.12 17/04/2035 GBP 94,140 116,139 0.34 Yorkshire Water Services Bradford Finance 6.38 19/08/2039 GBP 170,000 262,182 0.78 8,380,427 24.78 United States of America (2015: 8.79%) Altria Group 10.20 06/02/2039 USD 41,000 57,010 0.17 American International Group 5.00 26/04/2023 GBP 450,000 512,928 1.52 AnheuserBusch InBev Finance 4.90 01/02/2046 USD 234,000 205,973 0.61 AT&T 4.38 14/09/2029 GBP 350,000 398,432 1.18 AT&T 4.88 01/06/2044 GBP 100,000 119,278 0.35 Bank of America 7.75 30/04/2018 GBP 100,000 110,950 0.33 Glencore Funding 4.13 30/05/2023 USD 208,000 143,358 0.42 Goldman Sachs Group 4.25 29/01/2026 GBP 130,000 145,105 0.43 JPMorgan Chase 4.25 25/01/2017 GBP 100,000 101,812 0.30 Kraft Heinz Foods 4.13 01/07/2027 GBP 400,000 443,282 1.31 Mondelez International 3.88 06/03/2045 GBP 240,000 241,474 0.71 Morgan Stanley 5.75 14/02/2017 GBP 100,000 102,808 0.30 Time Warner Cable 5.25 15/07/2042 GBP 150,000 157,384 0.47 WalMart Stores 4.88 19/01/2039 GBP 295,000 396,941 1.17 3,136,735 9.27 Total corporate bonds 16,094,235 47.58 MGI Funds plc 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: 108.11%) Transferable securities (2015: 102.72%) Bonds (2015: 102.72%) Government bonds (2015: 50.09%) United Kingdom (2015: 50.09%) United Kingdom (Government of) 4.00 07/09/2016 GBP 645,000 649,386 1.92 United Kingdom (Government of) 1.25 22/07/2018 GBP 1,482,000 1,515,790 4.48 United Kingdom (Government of) 3.75 07/09/2021 GBP 398,000 466,536 1.38 United Kingdom (Government of) 1.50 22/07/2026 GBP 2,703,000 2,822,742 8.35 United Kingdom (Government of) 4.25 07/06/2032 GBP 233,323 326,116 0.96 United Kingdom (Government of) 4.25 07/03/2036 GBP 1,708,000 2,466,181 7.29 United Kingdom (Government of) 4.50 07/12/2042 GBP 740,000 1,179,042 3.49 United Kingdom (Government of) 3.25 22/01/2044 GBP 412,416 548,307 1.62 United Kingdom (Government of) 3.50 22/01/2045 GBP 68,000 94,942 0.28 United Kingdom (Government of) 3.75 22/07/2052 GBP 406,000 645,946 1.91 10,714,988 31.68 United States of America (2015: Nil) United States Treasury Inflation Indexed Bonds 0.75 15/02/2045 USD 3,812,127 2,870,525 8.49 Total government bonds 13,585,513 40.17 Mortgage backed securities (2015: 1.33%) Ireland (2015: 0.22%) Deco 2014BONN 3.45 07/11/2024 EUR 192,683 158,128 0.47 United Kingdom (2015: 0.80%) Canary Wharf Finance II 6.46 22/10/2033 GBP 132,761 204,452 0.60 Slate No.1 2.89 24/01/2051 GBP 100,000 96,561 0.29 301,013 0.89 Total mortgage backed securities 459,141 1.36 Total bonds 30,423,652 89.95 Total transferable securities 30,423,652 89.95 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 1,002,138 2.96 Insight Global Funds II Short High Yield Bond Fund 27,210 327,463 0.97 Insight Liquidity Funds GBP Liquidity Fund 130,000 130,000 0.39 Total Investment Funds 1,459,601 4.32 MGI Funds plc 89

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: 108.11%) Financial derivative instruments (2015: 0.30%) Open forward foreign currency contracts (2015: 0.13%) EUR 7* 141,000 GBP 112,233 08/07/2016 4,959 0.01 GBP 8* 771,472 USD 1,024,000 17/08/2016 5,696 0.02 Unrealised gain on open forward foreign currency contracts 10,655 0.03 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 30,293 0.10 Credit default swaps at positive fair value 30,293 0.10 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 15,043 0.04 30 Year Euro Buxl Futures 5* 163,019 08/09/2016 EUR 1 15,391 0.05 UK Long Gilt Bond Futures 5* 4,240,170 28/09/2016 GBP 33 162,650 0.47 Unrealised gain on futures contracts 193,084 0.56 Total financial derivative instruments at positive fair value 234,032 0.69 Total financial assets at fair value through profit or loss 32,117,285 94.96 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

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 31,446,877 92.98 Cash (2015: 1.32%) 1,980,541 5.86 Net current assets (2015: (9.30)%) 395,669 1.16 Total net assets attributable to holders of redeemable participating shares 33,823,087 100.00 MGI Funds plc 91

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; 72.23 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 23.74 100.00 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

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 2016 30 June 2015 MGI UK Bond Fund % Holding GB AAA 15.13 4,602,762 AA+ 35.23 10,714,988 AA 2.18 663,882 AA 1.29 393,348 A+ 1.64 500,157 A 9.22 2,806,357 A 7.74 2,354,256 BBB+ 10.62 3,230,065 BBB 11.06 3,363,998 BBB 4.67 1,421,362 BB+ 1.22 372,477 100.00 30,423,652 MGI UK Bond Fund % Holding GB AAA 4.04 2,730,303 AA+ 47.40 32,011,133 AA 1.53 1,032,640 AA 1.56 1,051,881 A+ 4.14 2,794,502 A 3.08 2,080,465 A 8.24 5,565,533 BBB+ 12.13 8,195,110 BBB 15.06 10,173,095 BBB 1.99 1,344,660 B 0.83 558,841 100.00 67,538,163 Concentration Risk MGI UK Bond Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Consumer 10.17 Communications 5.86 Financial 24.91 25.17 Sovereign 40.33 50.09 Utilities 7.85 11.49 MGI Funds plc 93

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 532 10,987,411 19.44 Goldman Sachs Funds Plc Sterling Liquid Reserves Fund 779 11,006,715 19.47 Insight Liquidity Funds Plc GBP Liquidity Fund 11,008,067 11,008,067 19.49 Institutional Cash Series Plc Institutional Sterling Liquidity Fund 107,195 10,995,727 19.45 43,997,920 77.85 Luxembourg (2015: 18.61%) JPMorgan Liquidity Funds Sterling Liquidity Fund 688 10,987,399 19.44 Total investment funds 54,985,319 97.29 Total financial assets at fair value through profit or loss 54,985,319 97.29 Cash (2015: 7.05%) 1,576,194 2.79 Net current liabilities (2015: (0.09)%) (42,075) (0.08) Net assets attributable to holders of redeemable participating shares 56,519,438 100.00 Total assets comprised as follows: % of total assets UCITS and NONUCITS CIS; 97.19 Other current assets 2.81 100.00 Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 94

MGI UK Equity Fund Portfolio Statement Nominal Fair value % of holdings GB Net assets Financial assets at fair value through profit or loss (2015: 102.02%) Transferable securities (2015: 102.02%) Equities (2015: 102.02%) Jersey (2015: 0.02) Shire 27,296 1,266,807 2.99 Switzerland (2015: 1.91%) Wolseley 6,716 259,909 0.61 United Kingdom (2015: 96.35%) 3i Group 38,307 209,731 0.50 A.G.Barr 61,803 299,250 0.71 Accesso Technology Group 9,166 104,584 0.25 Admiral Group 2,505 50,851 0.12 Ashtead Group 26,000 276,640 0.65 Associated British Foods 5,020 136,494 0.32 AstraZeneca 25,739 1,149,761 2.72 Auto Trader Group 125,547 443,683 1.05 Aviva 57,508 226,524 0.54 Barclays 238,060 329,951 0.78 Berkeley Group Holdings 3,068 77,406 0.18 BHP Billiton 30,024 283,066 0.67 Booker Group 284,900 494,017 1.17 BP 336,553 1,474,607 3.48 Bradford Bingley* 65,579 0.00 British American Tobacco 48,678 2,357,476 5.57 BT Group 118,954 487,711 1.15 Burberry Group 63,229 733,456 1.73 Capital & Counties Properties 182,283 541,381 1.28 Carnival 8,526 282,211 0.67 Compass Group 21,366 303,825 0.72 CVS Group 25,691 200,904 0.47 Daily Mail & General Trust 105,021 626,450 1.48 Diageo 95,404 1,990,604 4.70 Dixons Carphone 38,200 122,240 0.29 Euromoney Institutional Investor 10,507 98,240 0.23 Fevertree Drinks 34,687 250,093 0.59 Fidessa Group 23,193 455,742 1.08 Foxtons Group 97,805 109,053 0.26 GlaxoSmithKline 69,111 1,108,886 2.62 Great Portland Estates REIT 44,900 281,298 0.66 Greene King 38,500 300,300 0.71 Hargreaves Lansdown 107,950 1,341,818 3.17 Howden Joinery Group 18,983 72,914 0.17 HSBC Holdings 350,978 1,635,206 3.86 Imperial Tobacco Group 33,740 1,367,651 3.23 ITV 30,300 54,449 0.13 Just Eat 129,624 552,328 1.31 Lloyds Banking Group 1,405,751 759,949 1.80 London Stock Exchange Group 38,555 975,827 2.31 Micro Focus International 19,501 314,551 0.74 National Grid 53,620 587,675 1.39 Next 8,211 404,802 0.96 Patisserie Holdings 69,265 199,137 0.47 Pearson 89,046 861,075 2.03 Prudential 36,273 455,952 1.08 Rathbone Brothers 27,333 481,061 1.14 Reckitt Benckiser Group 17,102 1,280,940 3.03 RELX 148,350 2,041,296 4.82 Rightmove 12,150 443,232 1.05 Rio Tinto 29,721 681,800 1.61 Royal Bank of Scotland Group 46,683 80,108 0.19 Royal Dutch Shell A Shares 59,879 1,226,023 2.90 Nominal Fair value % of holdings GB Net assets United Kingdom (2015: 96.35%) Royal Dutch Shell B Shares 91,073 1,877,925 4.44 SABMiller 13,591 593,927 1.40 Sage Group 166,176 1,072,666 2.53 Schroders 33,817 796,729 1.88 SSP Group 77,247 217,064 0.51 Standard Chartered 38,169 215,502 0.51 Unilever 73,692 2,637,437 6.23 Vodafone Group 377,645 859,709 2.03 Worldpay Group 9,387 25,504 0.06 Young & Co's Brewery 12,356 150,620 0.36 40,071,312 94.69 Total equities 41,598,028 98.29 Total transferable securities 41,598,028 98.29 Total financial assets at fair value through profit or loss 41,598,028 98.29 Cash (2015: 1.28%) 544,415 1.29 Net current assets (2015: (3.30)%) 177,136 0.42 Net assets attributable to holders of redeemable participating shares 42,319,579 100.00 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

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; 98.00 Other current assets 2.00 100.00 Concentration Risk MGI UK Equity Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Consumer Discretionary 15.29 20.77 Consumer Staples 26.95 17.16 Energy 10.81 10.26 Financials 20.08 24.62 Health Care 8.80 8.88 Information Technology 8.07 Materials 6.56 MGI Funds plc 96

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 12,628 269,608 0.59 Canadian Natural Resources 10,816 333,457 0.72 Methanex 5,048 146,897 0.32 PrairieSky Royalty 216 4,034 0.01 753,996 1.64 France (2015: Nil) Sanofi ADR 4,988 208,748 0.45 Ireland (2015: 2.90%) Allergan 960 221,847 0.48 CRH ADR 7,254 214,573 0.47 436,420 0.95 Netherlands (2015: 1.15%) LyondellBasell Industries 3,122 232,339 0.51 Mobileye 5,000 230,700 0.50 NXP Semiconductors 550 43,087 0.09 506,126 1.10 Singapore (2015: 0.21%) Broadcom 1,850 287,490 0.62 Flextronics International 28,136 332,005 0.72 619,495 1.34 Switzerland (2015: 1.48%) Chubb 3,975 519,572 1.13 TE Connectivity 5,539 316,332 0.68 835,904 1.81 United Kingdom (2015: 2.32%) Aon 2,316 252,977 0.55 Liberty Global 8,722 249,885 0.54 Liberty Global LiLAC 5,436 176,616 0.38 679,478 1.47 United States of America (2015: 86.94%) Activision Blizzard 4,300 170,409 0.37 Adobe Systems 2,400 229,896 0.50 AES 30,009 374,512 0.81 Allstate 4,499 314,705 0.68 Ally Financial 12,300 209,961 0.46 Alphabet A Shares 1,120 787,954 1.71 Alphabet C Shares 474 328,055 0.71 Amazon.com 1,040 744,245 1.62 American Homes 4 Rent REIT 7,069 144,773 0.31 American Tower REIT 2,550 289,706 0.63 Amgen 900 136,935 0.30 Anthem 947 124,379 0.27 Apple 6,272 599,603 1.30 Applied Materials 4,800 115,056 0.25 Bank of America 48,249 640,264 1.39 Berkshire Hathaway 9,760 1,413,150 3.07 Best Buy 3,550 108,630 0.24 Boston Scientific 7,300 170,601 0.37 BristolMyers Squibb 4,650 342,007 0.74 Brocade Communications Systems 9,634 88,440 0.19 Capital One Financial 2,876 182,655 0.40 Nominal Fair value % of holdings US$ Net assets United States of America (2015: 86.94%) CBS 7,992 435,084 0.94 Celgene 3,430 338,301 0.73 Centene 2,750 196,268 0.43 Charter Communications 1,472 336,558 0.73 Cigna 2,575 329,574 0.72 Citigroup 12,787 542,041 1.18 Comcast 7,901 515,066 1.12 Computer Sciences 7,834 388,958 0.84 CoStar Group 845 184,768 0.40 Costco Wholesale 1,400 219,856 0.48 Crown Castle International 2,050 207,932 0.45 Crown Holdings 2,812 142,484 0.31 CVS Health 3,531 338,058 0.73 Danaher 4,000 404,000 0.88 Delta Air Lines 7,925 288,708 0.63 Diamondback Energy 5,321 485,328 1.05 Discover Financial Services 11,050 592,169 1.29 Dollar Tree 2,700 254,448 0.55 Dow Chemical 10,077 500,928 1.09 DR Horton 6,033 189,919 0.41 ebay 12,860 301,053 0.65 Ecolab 1,450 171,970 0.37 Electronic Arts 2,600 196,976 0.43 EOG Resources 5,995 500,103 1.09 EQT 2,826 218,817 0.47 Express Scripts Holding 5,308 402,346 0.87 Facebook 4,650 531,402 1.15 Fidelity National Information Services 3,300 243,144 0.53 Fifth Third Bancorp 9,387 165,117 0.36 FleetCor Technologies 1,700 243,321 0.53 General Dynamics 3,746 521,593 1.13 Gilead Sciences 4,880 407,090 0.88 Harris 3,886 324,248 0.70 Hewlett Packard 16,831 307,502 0.67 Home Depot 2,400 306,456 0.67 Honeywell International 4,633 538,911 1.17 Huntsman 7,377 99,221 0.22 Intuit 2,000 223,220 0.48 Intuitive Surgical 310 205,037 0.44 Jacobs Engineering Group 3,369 167,810 0.36 Johnson & Johnson 11,459 1,389,977 3.02 JPMorgan Chase & Co 21,539 1,338,433 2.90 Kansas City Southern 1,900 171,171 0.37 Laboratory of America Holdings 1,200 156,324 0.34 Lear 2,232 227,128 0.49 Lockheed Martin 2,046 507,756 1.10 Lululemon Athletica 2,550 188,343 0.41 Marathon Petroleum 5,605 212,766 0.46 Marriott International 50,722 0.00 MasterCard 3,800 334,628 0.73 McKesson 3,449 643,756 1.40 Merck 13,444 774,509 1.68 MetLife 4,566 181,864 0.39 Microsoft 13,214 676,160 1.47 Moody's 1,680 157,433 0.34 Navient 11,597 138,584 0.30 Netflix 1,500 137,220 0.30 Newfield Exploration 1,566 69,186 0.15 NIKE 7,750 427,800 0.93 O'Reilly Automotive 670 181,637 0.39 Occidental Petroleum 9,078 685,934 1.49 Omnicom Group 2,278 185,634 0.40 MGI Funds plc 97

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 10,702 438,033 0.95 PayPal Holdings 4,200 153,342 0.33 PepsiCo 2,200 233,068 0.51 Phillips 66 7,776 616,948 1.34 Pioneer Natural Resources 1,200 181,452 0.39 PPG Industries 4,227 440,242 0.96 Priceline Group 130 162,293 0.35 PulteGroup 17,250 336,202 0.73 QEP Resources 8,498 149,820 0.33 Quintiles Transnational Holdings 2,400 156,768 0.34 Raytheon 5,697 774,507 1.68 Regeneron Pharmaceuticals 540 188,584 0.41 salesforce.com 3,650 289,846 0.63 Sealed Air 3,636 167,147 0.36 ServiceNow 2,150 142,760 0.31 SherwinWilliams 570 167,392 0.36 Six Flags Entertainment 1,975 114,451 0.25 Splunk 2,700 146,286 0.32 St Jude Medical 2,605 203,190 0.44 Starbucks 6,680 381,562 0.83 Steel Dynamics 5,965 146,143 0.32 Stryker 950 113,839 0.25 Target 2,226 155,419 0.34 Texas Instruments 5,628 352,594 0.77 Textron 5,103 186,566 0.40 Time Warner 7,738 569,053 1.23 Travelers 1,340 159,514 0.35 Tyson Foods 3,958 264,355 0.57 Under Armour A 2,600 104,338 0.23 Under Armour C 2,316 84,302 0.18 United Continental Holdings 2,639 108,305 0.24 United Parcel Service 1,973 212,532 0.46 United Technologies 2,040 209,202 0.45 UnitedHealth Group 6,379 900,715 1.95 Valero Energy 2,386 121,686 0.26 Verizon Communications 11,943 666,897 1.45 Visa 8,550 634,153 1.38 Walgreens Boots Alliance 2,724 226,827 0.49 WestRock 3,974 154,469 0.34 Zimmer Biomet Holdings 3,237 389,670 0.85 Zoetis 6,900 327,474 0.71 40,799,910 88.55 Nominal Fair value % of holdings US$ Net assets Total equities 44,840,077 97.31 Total transferable securities 44,840,077 97.31 Total financial assets at fair value through profit or loss 44,840,077 97.31 Cash (2015: 1.50%) 1,716,022 3.73 Net current liabilities (2015: (0.27)%) (478,211) (1.04) Net assets attributable to holders of redeemable participating shares 46,077,888 100.00 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

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; 95.87 Other current assets 4.13 100.00 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 2016 30 June 2015 % of NAV % of NAV Consumer Discretionary 14.26 13.76 Energy 7.77 5.38 Financials 16.17 19.96 Health Care 18.07 19.25 Industrials 8.88 8.08 Information Technology 20.92 22.52 Materials 6.19 MGI Funds plc 99

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 1.88 22/11/2022 GBP 32,923,175 41,371,261 4.75 United Kingdom Gilt Inflation Linked 0.13 22/03/2024 GBP 27,357,628 31,387,406 3.60 United Kingdom Gilt Inflation Linked 2.50 17/07/2024 GBP 11,349,078 40,492,375 4.65 United Kingdom Gilt Inflation Linked 0.13 22/03/2026 GBP 9,863,792 11,528,800 1.32 United Kingdom Gilt Inflation Linked 1.25 22/11/2027 GBP 31,778,528 42,417,980 4.87 United Kingdom Gilt Inflation Linked 0.13 22/03/2029 GBP 26,066,220 31,542,733 3.62 United Kingdom Gilt Inflation Linked 4.13 22/07/2030 GBP 8,046,330 28,420,442 3.26 United Kingdom Gilt Inflation Linked 1.25 22/11/2032 GBP 26,974,219 40,151,125 4.61 United Kingdom Gilt Inflation Linked 0.75 22/03/2034 GBP 27,271,339 38,837,113 4.46 United Kingdom Gilt Inflation Linked 2.00 26/01/2035 GBP 15,117,533 38,153,630 4.38 United Kingdom Gilt Inflation Linked 0.13 22/11/2036 GBP 3,488,287 4,713,024 0.54 United Kingdom Gilt Inflation Linked 1.13 22/11/2037 GBP 27,912,864 45,163,015 5.18 United Kingdom Gilt Inflation Linked 0.63 22/03/2040 GBP 27,381,507 42,435,860 4.87 United Kingdom Gilt Inflation Linked 0.63 22/11/2042 GBP 24,379,609 39,546,163 4.54 United Kingdom Gilt Inflation Linked 0.13 22/03/2044 GBP 28,098,509 41,526,786 4.76 United Kingdom Gilt Inflation Linked 0.13 22/03/2046 GBP 18,545,328 28,111,009 3.22 United Kingdom Gilt Inflation Linked 0.75 22/11/2047 GBP 24,461,137 44,186,598 5.07 United Kingdom Gilt Inflation Linked 0.50 22/03/2050 GBP 24,881,508 44,216,929 5.07 United Kingdom Gilt Inflation Linked 0.25 22/03/2052 GBP 21,499,653 37,183,651 4.27 United Kingdom Gilt Inflation Linked 1.25 22/11/2055 GBP 23,008,686 54,611,116 6.26 United Kingdom Gilt Inflation Linked 0.13 22/03/2058 GBP 18,617,020 34,664,891 3.98 United Kingdom Gilt Inflation Linked 0.38 22/03/2062 GBP 23,014,443 50,028,795 5.74 United Kingdom Gilt Inflation Linked 0.13 22/11/2065 GBP 4,584,765 9,729,329 1.12 United Kingdom Gilt Inflation Linked 0.13 22/03/2068 GBP 21,955,326 48,797,908 5.60 Total government bonds 869,217,939 99.74 Total transferable securities 869,217,939 99.74 Total financial assets at fair value through profit or loss 869,217,939 99.74 Total investments at fair value through profit and loss 869,217,939 99.74 Cash (2015: 0.11%) 1,378,255 0.16 Net current assets (2015: 0.18%) 924,458 0.10 Net assets attributable to holders of redeemable participating shares 871,520,652 100.00 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; 89.86 Other current assets 10.14 100.00 Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 100

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 2016 30 June 2015 MGI UK Inflation Linked Bond Fund % Holding GB AA+ 100.00 869,217,939 100.00 869,217,939 MGI UK Inflation Linked Bond Fund % Holding GB AAA 100.00 669,558,516 100.00 669,558,516 Concentration Risk MGI UK Inflation Linked Bond Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Sovereign Debt 99.74 99.71 MGI Funds plc 101

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) 4.25 07/06/2032 GBP 10,892,499 15,224,444 8.33 United Kingdom (Government of) 4.50 07/09/2034 GBP 9,796,585 14,358,854 7.86 United Kingdom (Government of) 4.25 07/03/2036 GBP 9,175,874 13,249,044 7.25 United Kingdom (Government of) 4.75 07/12/2038 GBP 7,766,235 12,226,384 6.69 United Kingdom (Government of) 4.25 07/09/2039 GBP 6,553,420 9,750,178 5.33 United Kingdom (Government of) 4.25 07/12/2040 GBP 7,659,000 11,552,836 6.32 United Kingdom (Government of) 4.50 07/12/2042 GBP 8,208,715 13,078,946 7.16 United Kingdom (Government of) 3.25 22/01/2044 GBP 8,431,000 11,209,015 6.13 United Kingdom (Government of) 3.50 22/01/2045 GBP 8,515,000 11,888,643 6.50 United Kingdom (Government of) 4.25 07/12/2046 GBP 7,124,521 11,396,384 6.23 United Kingdom (Government of) 4.25 07/12/2049 GBP 6,094,337 10,190,341 5.58 United Kingdom (Government of) 3.75 22/07/2052 GBP 7,270,000 11,566,570 6.33 United Kingdom (Government of) 4.25 07/12/2055 GBP 7,626,969 13,778,120 7.54 United Kingdom (Government of) 4.00 22/01/2060 GBP 7,001,563 12,565,705 6.87 United Kingdom (Government of) 2.50 22/07/2065 GBP 2,958,000 3,965,495 2.17 United Kingdom (Government of) 3.50 22/07/2068 GBP 6,006,000 10,270,861 5.62 Total government bonds 186,271,820 101.91 Total transferable securities 186,271,820 101.91 Total financial assets at fair value through profit or loss 186,271,820 101.91 Cash (2015: 0.42%) 163,457 0.09 Net current liabilities (2015: 0.60%) (3,651,719) (2.00) Total net assets attributable to holders of redeemable participating shares 182,783,558 100.00 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; 94.92 Other current assets 5.08 100.00 Country classifications are based upon country of incorporation and/or country of domicile. MGI Funds plc 102

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 2016 30 June 2015 MGI UK Long Gilt Fund % Holding GB AA+ 100.00 186,271,820 100.00 186,271,820 MGI UK Long Gilt Fund % Holding GB AA+ 100.00 167,519,280 100.00 167,519,280 Concentration Risk MGI UK Long Gilt Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Sovereign Debt 101.91 98.99 MGI Funds plc 103

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 16,387,222 1.53 Brazil Letras do Tesouro Nacional 01/01/2019 BRL 27,825,000 6,494,744 0.61 Brazil Letras do Tesouro Nacional 01/07/2019 BRL 8,880,000 1,960,876 0.18 Brazil Letras do Tesouro Nacional 01/01/2020 BRL 86,417,000 18,046,702 1.68 Brazil Notas do Tesouro Nacional 10.00 01/01/2017 BRL 4,391,000 1,349,673 0.13 Brazil Notas do Tesouro Nacional 10.00 01/01/2018 BRL 10,580,000 3,194,746 0.30 Brazil Notas do Tesouro Nacional 10.00 01/01/2019 BRL 2,356,000 703,568 0.06 Brazil Notas do Tesouro Nacional 10.00 01/01/2021 BRL 81,504,000 23,786,346 2.22 Brazil Notas do Tesouro Nacional 4.88 22/01/2021 USD 2,710,000 2,861,760 0.27 Brazil Notas do Tesouro Nacional 10.00 01/01/2023 BRL 75,790,000 21,707,628 2.03 Brazil Notas do Tesouro Nacional 10.00 01/01/2025 BRL 46,489,000 13,039,339 1.22 Brazil Notas do Tesouro Nacional 10.00 01/01/2027 BRL 6,867,000 1,906,605 0.18 Brazil Notas do Tesouro Nacional 6.00 15/05/2035 BRL 3,000,000 2,736,652 0.25 114,175,861 10.66 Bulgaria (2015: 0.78%) Bulgaria (Government of) 1.88 21/03/2023 EUR 1,730,000 1,916,642 0.18 Bulgaria (Government of) 2.95 03/09/2024 EUR 743,000 871,041 0.08 Bulgaria (Government of) 2.63 26/03/2027 EUR 675,000 754,258 0.07 Bulgaria (Government of) 3.00 21/03/2028 EUR 3,170,000 3,581,357 0.34 Bulgaria (Government of) 3.13 26/03/2035 EUR 3,365,000 3,534,212 0.33 10,657,510 1.00 Chile (2015: 0.08%) Chile (Government of) 5.50 05/08/2020 CLP 694,000,000 1,111,549 0.10 Chile (Government of) 5.50 05/08/2020 CLP 113,000,000 180,987 0.02 Chile (Government of) 6.00 01/02/2021 CLP 1,005,000,000 1,677,083 0.16 Chile (Government of) 6.00 01/01/2022 CLP 1,555,000,000 2,634,583 0.25 Chile (Government of) 6.00 01/03/2022 CLP 1,425,000,000 2,402,921 0.22 8,007,123 0.75 Colombia (2015: 5.31%) Colombia (Government of) 5.00 21/11/2018 COP 29,208,500,000 9,724,141 0.91 Colombia (Government of) 11.00 24/07/2020 COP 20,340,800,000 8,037,350 0.75 Colombia (Government of) 7.00 04/05/2022 COP 9,004,800,000 3,104,242 0.29 Colombia (Government of) 4.38 21/03/2023 COP 1,389,000,000 409,624 0.04 Colombia (Government of) 10.00 24/07/2024 COP 44,223,500,000 17,710,577 1.65 Colombia (Government of) 7.50 26/08/2026 COP 6,535,500,000 2,242,708 0.21 Colombia (Government of) 9.85 28/06/2027 COP 4,719,000,000 1,949,349 0.18 Colombia (Government of) 6.00 28/04/2028 COP 28,230,300,000 8,545,639 0.80 Colombia (Government of) 7.75 18/09/2030 COP 26,250,600,000 9,132,014 0.85 Empresa de Telecomunicaciones de Bogota 7.00 17/01/2023 COP 726,000,000 178,681 0.02 61,034,325 5.70 Hungary (2015: 4.89%) Hungary (Government of) 6.25 29/01/2020 USD 2,350,000 2,610,206 0.24 Hungary (Government of) 2.50 22/06/2018 HUF 360,810,000 1,293,026 0.12 Hungary (Government of) 5.50 20/12/2018 HUF 1,926,260,000 7,417,982 0.69 Hungary (Government of) 6.50 24/06/2019 HUF 282,930,000 1,131,626 0.11 Hungary (Government of) 3.50 24/06/2020 HUF 491,250,000 1,828,416 0.17 Hungary (Government of) 7.50 12/11/2020 HUF 2,389,300,000 10,298,464 0.96 Hungary (Government of) 6.38 29/03/2021 USD 1,800,000 2,051,660 0.19 Hungary (Government of) 7.00 24/06/2022 HUF 72,690,000 320,132 0.03 Hungary (Government of) 5.38 21/02/2023 USD 4,100,000 4,549,791 0.43 Hungary (Government of) 6.00 24/11/2023 HUF 606,570,000 2,593,587 0.24 Hungary (Government of) 5.38 25/03/2024 USD 1,750,000 1,957,813 0.18 Hungary (Government of) 3.00 26/06/2024 HUF 1,786,780,000 6,328,783 0.59 Hungary (Government of) 3.00 26/06/2024 HUF 72,470,000 256,689 0.03 MGI Funds plc 104

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) 5.50 24/06/2025 HUF 490,690,000 2,060,769 0.19 Hungary (Government of) 3.00 27/10/2027 HUF 451,940,000 1,566,918 0.15 46,265,862 4.32 Indonesia (2015: 9.14%) Indonesia (Government of) 7.38 15/09/2016 IDR 14,000,000,000 1,062,570 0.10 Indonesia (Government of) 7.88 15/04/2019 IDR 4,249,000,000 327,056 0.03 Indonesia (Government of) 12.80 15/06/2021 IDR 470,000,000 43,432 Indonesia (Government of) 8.25 15/07/2021 IDR 99,065,000,000 7,825,224 0.73 Indonesia (Government of) 7.00 15/05/2022 IDR 167,302,000,000 12,275,085 1.15 Indonesia (Government of) 5.63 15/05/2023 IDR 15,505,000,000 1,044,182 0.10 Indonesia (Government of) 8.38 15/03/2024 IDR 243,403,000,000 19,495,268 1.82 Indonesia (Government of) 11.00 15/09/2025 IDR 48,900,000,000 4,469,277 0.42 Indonesia (Government of) 8.38 15/09/2026 IDR 227,969,000,000 18,303,396 1.71 Indonesia (Government of) 7.00 15/05/2027 IDR 66,773,000,000 4,749,997 0.44 Indonesia (Government of) 6.13 15/05/2028 IDR 39,833,000,000 2,610,193 0.24 Indonesia (Government of) 9.00 15/03/2029 IDR 249,104,000,000 20,871,003 1.95 Indonesia (Government of) 8.75 15/05/2031 IDR 58,418,000,000 4,859,529 0.45 Indonesia (Government of) 9.50 15/07/2031 IDR 95,568,000,000 8,361,493 0.78 Indonesia (Government of) 8.25 15/06/2032 IDR 109,122,000,000 8,455,991 0.79 Indonesia (Government of) 6.63 15/05/2033 IDR 20,086,000,000 1,329,407 0.13 Indonesia (Government of) 8.38 15/03/2034 IDR 220,028,000,000 17,735,414 1.66 Indonesia (Government of) 8.25 15/05/2036 IDR 33,779,000,000 2,712,996 0.25 136,531,513 12.75 Malaysia (2015: 8.84%) Malaysia (Government of) 4.24 07/02/2018 MYR 41,290,000 10,487,650 0.98 Malaysia (Government of) 3.76 15/03/2019 MYR 6,325,000 1,593,447 0.15 Malaysia (Government of) 3.65 31/10/2019 MYR 10,225,000 2,566,375 0.24 Malaysia (Government of) 4.38 29/11/2019 MYR 8,705,000 2,229,421 0.21 Malaysia (Government of) 3.49 31/03/2020 MYR 14,275,000 3,550,780 0.33 Malaysia (Government of) 3.89 31/07/2020 MYR 4,765,000 1,206,106 0.11 Malaysia (Government of) 4.16 15/07/2021 MYR 8,975,000 2,300,797 0.22 Malaysia (Government of) 4.05 30/09/2021 MYR 17,835,000 4,552,205 0.43 Malaysia (Government of) 3.42 15/08/2022 MYR 74,456,000 18,182,297 1.70 Malaysia (Government of) 3.80 30/09/2022 MYR 5,575,000 1,391,849 0.13 Malaysia (Government of) 3.48 15/03/2023 MYR 6,528,000 1,607,768 0.15 Malaysia (Government of) 3.80 17/08/2023 MYR 2,500,000 627,637 0.06 Malaysia (Government of) 4.18 15/07/2024 MYR 16,454,000 4,214,575 0.39 Malaysia (Government of) 3.96 15/09/2025 MYR 33,020,000 8,280,595 0.77 Malaysia (Government of) 4.39 15/04/2026 MYR 16,585,000 4,305,682 0.40 Malaysia (Government of) 3.89 15/03/2027 MYR 1,700,000 419,511 0.04 Malaysia (Government of) 3.73 15/06/2028 MYR 1,959,000 470,974 0.04 Malaysia (Government of) 4.50 15/04/2030 MYR 30,985,000 7,993,154 0.75 Malaysia (Government of) 3.84 15/04/2033 MYR 10,445,000 2,467,674 0.23 78,448,497 7.33 Mexico (2015: 12.36%) Mexican (Government of) 4.75 14/06/2018 MXN 46,802,700 2,533,205 0.24 Mexican (Government of) 8.50 13/12/2018 MXN 198,010,000 11,603,042 1.08 Mexican (Government of) 5.00 11/12/2019 MXN 32,655,400 1,759,040 0.16 Mexican (Government of) 8.00 11/06/2020 MXN 79,984,300 4,751,261 0.44 Mexican (Government of) 6.50 10/06/2021 MXN 295,061,500 16,730,635 1.56 Mexican (Government of) 6.50 09/06/2022 MXN 23,450,000 1,330,422 0.12 Mexican (Government of) 2.00 09/06/2022 MXN 6,598,430 349,433 0.03 Mexican (Government of) 10.00 05/12/2024 MXN 182,402,100 12,696,335 1.19 Mexican (Government of) 4.50 04/12/2025 MXN 119,840,150 7,419,095 0.69 Mexican (Government of) 5.75 05/03/2026 MXN 69,584,100 3,747,428 0.35 MGI Funds plc 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 (2015: 92.14%) Mexico (2015: 12.36%) Mexican (Government of) 7.50 03/06/2027 MXN 32,830,900 1,993,892 0.19 Mexican (Government of) 8.50 31/05/2029 MXN 22,715,500 1,485,700 0.14 Mexican (Government of) 7.75 29/05/2031 MXN 172,030,700 10,649,516 1.00 Mexican (Government of) 7.75 23/11/2034 MXN 37,956,700 2,360,861 0.22 Mexican (Government of) 4.50 22/11/2035 MXN 28,018,281 1,768,824 0.17 Mexican (Government of) 10.00 20/11/2036 MXN 40,264,800 3,073,052 0.29 Mexican (Government of) 8.50 18/11/2038 MXN 78,226,500 5,289,153 0.49 Mexican (Government of) 7.75 13/11/2042 MXN 55,340,700 3,497,556 0.33 93,038,450 8.69 Peru (2015: 2.66%) Peruvian (Republic of) 5.70 12/08/2024 PEN 240,000 73,328 0.01 Peruvian (Republic of) 5.70 12/08/2024 PEN 20,168,000 6,161,998 0.57 Peruvian (Republic of) 7.35 21/07/2025 USD 817,000 1,113,163 0.10 Peruvian (Republic of) 8.20 12/08/2026 PEN 21,425,000 7,613,431 0.71 Peruvian (Republic of) 6.95 12/08/2031 PEN 10,380,000 3,378,021 0.31 Peruvian (Republic of) 6.95 12/08/2031 PEN 15,103,000 4,915,053 0.46 Peruvian (Republic of) 6.90 12/08/2037 PEN 2,545,000 819,301 0.08 Peruvian (Republic of) 6.85 12/02/2042 PEN 555,000 173,720 0.02 24,248,015 2.26 Philippines (2015: 0.17%) Philippine (Government of) 4.95 15/01/2021 PHP 11,000,000 244,936 0.02 Philippine (Government of) 4.95 15/01/2021 PHP 43,000,000 957,476 0.09 Philippine (Government of) 6.25 14/01/2036 PHP 86,000,000 2,063,850 0.19 3,266,262 0.30 Poland (2015: 7.63%) Poland (Government of) 5.25 25/10/2017 PLN 1,138,000 300,654 0.03 Poland (Government of) 5.50 25/10/2019 PLN 39,743,000 11,211,532 1.05 Poland (Government of) 1.50 25/04/2020 PLN 32,873,000 8,179,774 0.76 Poland (Government of) 5.25 25/10/2020 PLN 34,462,000 9,856,601 0.92 Poland (Government of) 2.00 25/04/2021 PLN 9,900,000 2,490,901 0.23 Poland (Government of) 1.75 25/07/2021 PLN 10,369,000 2,563,882 0.24 Poland (Government of) 5.75 25/10/2021 PLN 2,510,000 745,330 0.07 Poland (Government of) 5.75 23/09/2022 PLN 10,930,000 3,295,983 0.31 Poland (Government of) 2.75 25/08/2023 PLN 3,422,370 960,262 0.09 Poland (Government of) 4.00 25/10/2023 PLN 35,773,000 9,878,923 0.92 Poland (Government of) 1.75 25/01/2024 PLN 22,950,000 5,567,534 0.52 Poland (Government of) 3.25 25/07/2025 PLN 29,528,000 7,712,471 0.72 Poland (Government of) 2.50 25/07/2026 PLN 32,375,000 7,900,828 0.74 70,664,675 6.60 Romania (2015: 1.76%) Romania (Government of) 5.85 26/04/2023 RON 7,250,000 2,092,896 0.19 Romania (Government of) 4.75 24/02/2025 RON 10,900,000 2,954,293 0.28 Romania (Government of) 3.50 19/12/2022 RON 7,015,000 1,781,128 0.17 6,828,317 0.64 Russia (2015: 5.94%) Russia (Government of) 6.20 31/01/2018 RUB 172,894,000 2,588,640 0.24 Russia (Government of) 7.85 10/03/2018 RUB 35,000,000 535,952 0.05 Russia (Government of) 7.50 15/03/2018 RUB 32,385,000 495,984 0.05 Russia (Government of) 7.50 27/02/2019 RUB 159,515,000 2,421,541 0.23 Russia (Government of) 6.70 15/05/2019 RUB 304,353,000 4,527,833 0.42 Russia (Government of) 6.80 11/12/2019 RUB 18,145,000 269,203 0.03 Russia (Government of) 5.00 29/04/2020 USD 2,800,000 3,027,774 0.28 Russia (Government of) 6.40 27/05/2020 RUB 617,083,000 9,015,097 0.84 MGI Funds plc 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%) Russia (2015: 5.94%) Russia (Government of) 7.60 14/04/2021 RUB 443,819,000 6,741,602 0.63 Russia (Government of) 7.60 20/07/2022 RUB 214,730,000 3,250,665 0.30 Russia (Government of) 7.00 25/01/2023 RUB 167,624,000 2,466,439 0.23 Russia (Government of) 7.00 16/08/2023 RUB 689,600,000 10,137,139 0.95 Russia (Government of) 7.00 16/08/2023 RUB 636,692,000 9,359,390 0.87 Russia (Government of) 8.15 03/02/2027 RUB 377,060,000 5,930,900 0.55 Russia (Government of) 7.05 19/01/2028 RUB 342,400,000 4,936,649 0.46 Russia (Government of) 7.50 18/08/2021 RUB 388,735,000 5,738,752 0.54 Russia (Government of) 8.50 17/09/2031 RUB 413,030,000 6,156,256 0.58 77,599,816 7.25 South Africa (2015: 9.75%) South Africa (Government of) 8.00 21/12/2018 ZAR 58,091,285 3,974,701 0.37 South Africa (Government of) 7.25 15/01/2020 ZAR 127,797,938 8,501,246 0.79 South Africa (Government of) 6.75 31/03/2021 ZAR 224,486,935 14,415,602 1.35 South Africa (Government of) 7.75 28/02/2023 ZAR 40,845,000 2,679,440 0.25 South Africa (Government of) 10.50 21/12/2026 ZAR 6,185,000 470,242 0.04 South Africa (Government of) 10.50 21/12/2026 ZAR 274,214,995 20,848,391 1.95 South Africa (Government of) 8.00 31/01/2030 ZAR 263,166,638 16,312,576 1.52 South Africa (Government of) 7.00 28/02/2031 ZAR 109,358,400 6,130,014 0.57 South Africa (Government of) 8.25 31/03/2032 ZAR 108,850,000 6,772,067 0.63 South Africa (Government of) 8.88 28/02/2035 ZAR 37,421,496 2,443,464 0.23 South Africa (Government of) 6.25 31/03/2036 ZAR 123,770,000 6,091,183 0.57 South Africa (Government of) 8.50 31/01/2037 ZAR 177,009,341 10,995,525 1.03 South Africa (Government of) 9.00 31/01/2040 ZAR 25,725,000 1,668,238 0.16 South Africa (Government of) 6.50 28/02/2041 ZAR 35,465,000 1,718,695 0.16 South Africa (Government of) 8.75 31/01/2044 ZAR 62,888,945 3,938,625 0.37 South Africa (Government of) 8.75 28/02/2048 ZAR 78,125,000 4,876,132 0.45 111,836,141 10.44 Thailand (2015: 3.11%) Thailand (Government of) 1.20 14/07/2021 THB 73,242,078 2,059,173 0.19 Thailand (Government of) 3.65 17/12/2021 THB 62,439,000 1,956,912 0.18 Thailand (Government of) 3.63 16/06/2023 THB 167,011,000 5,313,331 0.50 Thailand (Government of) 3.85 12/12/2025 THB 18,110,000 601,085 0.06 Thailand (Government of) 3.58 17/12/2027 THB 63,445,000 2,067,141 0.19 Thailand (Government of) 1.25 12/03/2028 THB 170,797,704 4,604,665 0.43 Thailand (Government of) 4.88 22/06/2029 THB 153,133,000 5,672,052 0.53 Thailand (Government of) 4.68 29/06/2044 THB 3,649,000 144,273 0.01 22,418,632 2.09 Turkey (2015: 7.97%) Turkey (Government of) 6.30 14/02/2018 TRY 20,700,000 6,975,223 0.65 Turkey (Government of) 8.80 14/11/2018 TRY 9,044,907 3,161,857 0.29 Turkey (Government of) 8.50 10/07/2019 TRY 10,496,167 3,639,065 0.34 Turkey (Government of) 10.50 15/01/2020 TRY 13,832,050 5,095,778 0.48 Turkey (Government of) 7.40 05/02/2020 TRY 4,685,000 1,566,473 0.15 Turkey (Government of) 10.70 17/02/2021 TRY 54,942,741 20,491,398 1.91 Turkey (Government of) 9.50 12/01/2022 TRY 8,538,743 3,052,467 0.28 Turkey (Government of) 8.50 14/09/2022 TRY 26,450,000 9,011,663 0.84 Turkey (Government of) 7.10 08/03/2023 TRY 23,340,280 7,390,094 0.69 Turkey (Government of) 10.40 20/03/2024 TRY 17,047,354 6,384,644 0.60 Turkey (Government of) 5.75 22/03/2024 USD 1,240,000 1,385,710 0.13 Turkey (Government of) 9.00 24/07/2024 TRY 4,028,456 1,405,788 0.13 MGI Funds plc 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%) Turkey (2015: 7.97%) Turkey (Government of) 8.00 12/03/2025 TRY 35,227,397 11,533,599 1.08 Turkey (Government of) 10.60 11/02/2026 TRY 7,233,676 2,777,103 0.26 83,870,862 7.83 Total government bonds 948,891,861 88.61 Corporate bonds (2015: 1.60%) Colombia (2015: 0.29%) Emgesa ESP 8.75 25/01/2021 COP 3,585,000,000 1,176,594 0.11 Empresas Publicas de Medellin ESP 8.38 01/02/2021 COP 1,244,000,000 404,951 0.04 Financiera de Desarrollo Territorial Findeter 7.88 12/08/2024 COP 1,789,000,000 540,421 0.05 2,121,966 0.20 Luxembourg (2015: 0.27%) European Investment Bank 31/12/2018 ZAR 3,035,000 170,262 0.02 European Investment Bank 6.95 06/02/2020 IDR 10,590,000,000 771,258 0.07 European Investment Bank 8.50 17/09/2024 ZAR 22,450,000 1,515,686 0.14 2,457,206 0.23 Mexico (2015: 0.72%) America Movil SAB de CV 7.13 09/12/2024 MXN 27,720,000 1,469,896 0.13 Petroleos Mexicanos 3.75 15/03/2019 EUR 1,825,000 2,121,254 0.20 Petroleos Mexicanos 7.19 12/09/2024 MXN 63,990,000 3,124,327 0.29 Petroleos Mexicanos 7.47 12/11/2026 MXN 170,000,000 8,222,354 0.77 14,937,831 1.39 South Africa (2015: 0.17%) Transnet SOC 9.50 13/05/2021 ZAR 42,040,000 2,687,173 0.25 United Kingdom (2015: 0.02%) European Bank for Reconstruction & Development 31/12/2020 ZAR 3,750,000 180,693 0.02 United States of America (2015: 0.13%) InterAmerican Development Bank 7.35 12/09/2018 IDR 24,530,000,000 1,825,756 0.17 Total corporate bonds 24,210,625 2.26 Total bonds 973,102,486 90.87 Total transferable securities 973,102,486 90.87 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 6,223,840 0.58 Onshore Renminbi Bond Fund 270,259 5,218,705 0.49 11,442,545 1.07 Total investment funds 11,442,545 1.07 MGI Funds plc 108

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 05/07/2016 44,761 ARS 3* 2,055,000 USD 130,725 21/09/2016 1,429 ARS 1* 12,940,000 USD 788,063 03/10/2016 39,245 ARS 3* 19,093,720 USD 1,070,995 09/01/2017 84,300 0.01 BRL 3* 1,341,060 USD 390,934 28/07/2016 24,733 BRL 8* 27,403,790 USD 7,974,169 28/07/2016 519,750 0.06 BRL 2* 4,415,000 USD 1,278,524 02/09/2016 75,472 0.01 BRL 8* 4,860,000 USD 1,386,006 02/09/2016 104,463 0.01 BRL 4* 17,818,000 USD 5,033,409 02/09/2016 431,031 0.05 BRL 9* 54,749,349 USD 15,041,856 02/09/2016 1,748,721 0.17 BRL 13* 155,978,000 USD 42,272,782 02/09/2016 5,562,685 0.53 CLP 10* 4,625,839,430 USD 6,864,930 28/07/2016 106,456 0.01 CLP 8* 3,649,844,310 USD 5,342,188 28/07/2016 158,321 0.01 CLP 1* 2,333,179,540 USD 3,357,576 28/07/2016 158,649 0.01 CLP 7* 5,707,737,970 USD 8,184,545 28/07/2016 417,319 0.05 CLP 9* 4,354,157,000 USD 6,314,949 21/09/2016 218,170 0.02 CNY 13* 26,593,400 USD 3,979,856 28/07/2016 19,686 CNY 10* 106,948,660 USD 16,052,416 28/07/2016 32,242 CNY 9* 45,750,000 USD 6,832,437 21/09/2016 35,540 CNY 4* 21,686,000 USD 3,228,765 15/02/2017 12,250 COP 8* 12,637,001,470 USD 4,172,693 28/07/2016 152,761 0.01 COP 10* 19,782,191,630 USD 6,537,745 28/07/2016 233,400 0.02 COP 8* 9,662,078,218 USD 3,256,514 21/09/2016 10,718 COP 18* 7,648,600,000 USD 2,561,058 21/09/2016 25,316 COP 1* 4,183,600,000 USD 1,378,451 21/09/2016 36,233 COP 3* 7,336,000,000 USD 2,405,078 21/09/2016 75,591 0.01 COP 9* 8,168,561,404 USD 2,638,526 21/09/2016 123,674 0.01 COP 10* 15,773,463,428 USD 5,141,930 21/09/2016 191,867 0.02 COP 4* 80,807,567,929 USD 26,053,661 21/09/2016 1,271,421 0.13 COP 13* 1,506,067,000 USD 482,482 30/09/2016 25,890 EUR 9* 8,437,260 CZK 228,214,388 21/09/2016 17,587 GHS 17* 8,188,051 USD 2,063,781 11/07/2016 580 GHS 4* 1,965,751 USD 463,621 22/09/2016 9,299 GHS 17* 25,860,341 USD 6,179,895 22/09/2016 41,570 HUF 9* 2,122,838,366 EUR 6,677,433 21/09/2016 30,342 HUF 8* 566,858,600 USD 1,949,207 28/07/2016 45,579 IDR 17* 9,980,405,500 USD 740,936 28/07/2016 11,838 IDR 10* 39,466,674,890 USD 2,944,522 28/07/2016 32,260 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 21/09/2016 83,521 0.01 IDR 17* 113,223,586,959 USD 8,325,264 21/09/2016 127,738 0.01 INR 13* 113,940,520 USD 1,671,050 28/07/2016 10,336 KES 2* 64,632,000 USD 625,985 21/09/2016 2,931 KES 4* 1,397,107,791 USD 13,387,703 21/09/2016 207,177 0.02 KRW 9* 1,642,990,000 USD 1,404,565 21/09/2016 20,709 KRW 4* 2,233,073,000 USD 1,909,225 21/09/2016 27,939 MXN 15* 18,576,540 USD 992,742 28/07/2016 12,056 MXN 13* 66,478,440 USD 3,560,110 28/07/2016 35,684 MXN 8* 36,208,067 USD 1,903,114 28/07/2016 55,367 0.01 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 21/09/2016 51,035 MXN 8* 52,508,000 USD 2,725,565 30/12/2016 70,662 0.01 MXN 8* 30,430,000 USD 1,593,044 31/05/2017 2,580 MXN 9* 63,065,000 USD 3,270,328 08/06/2017 33,827 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 28/07/2016 37,319 MYR 13* 8,008,810 USD 1,942,707 28/07/2016 40,793 MGI Funds plc 109

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 28/07/2016 42,454 MYR 2* 5,170,000 USD 1,272,772 21/09/2016 2,971 MYR 10* 10,309,070 USD 2,522,650 21/09/2016 21,203 MYR 17* 33,135,000 USD 8,153,297 21/09/2016 23,054 MYR 4* 63,893,147 USD 15,595,227 21/09/2016 170,965 0.02 PEN 2* 3,808,709 USD 1,132,701 21/09/2016 16,664 PEN 4* 17,217,775 USD 5,124,138 21/09/2016 71,723 0.01 PEN 9* 27,927,840 USD 8,281,378 27/09/2016 141,208 0.01 PHP 13* 295,231,280 USD 6,180,524 28/07/2016 87,456 0.01 PLN 9* 20,915,000 EUR 4,697,303 21/09/2016 37,173 PLN 16* 20,326,347 USD 5,042,124 28/07/2016 85,892 0.01 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 28/07/2016 20,066 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 21/09/2016 25,807 RUB 4* 224,997,797 USD 3,392,904 21/09/2016 59,129 0.01 RUB 9* 806,183,030 USD 11,976,576 21/09/2016 392,299 0.05 SGD 4* 7,430,000 USD 5,453,657 21/09/2016 62,948 0.01 THB 1* 12,530,000 USD 355,915 21/09/2016 205 THB 2* 29,570,000 USD 839,532 21/09/2016 889 THB 17* 1,058,660,728 USD 30,045,880 21/09/2016 42,744 THB 8* 469,334,974 USD 13,285,928 21/09/2016 53,231 THB 4* 868,910,908 USD 24,498,715 21/09/2016 196,953 0.02 TRY 4* 1,381,300 USD 470,392 28/07/2016 6,835 TRY 8* 4,772,290 USD 1,633,675 28/07/2016 15,111 TRY 7* 1,495,000 USD 506,434 21/09/2016 3,788 TRY 1* 5,125,000 USD 1,734,916 21/09/2016 14,171 TRY 8* 30,228,660 USD 10,234,486 21/09/2016 82,111 0.01 TRY 9* 25,740,000 USD 8,673,383 21/09/2016 111,300 0.01 TRY 4* 139,669,393 USD 47,001,215 21/09/2016 665,893 0.07 TRY 8* 126,000 USD 35,019 20/02/2018 3,453 TRY 1* 475,000 USD 132,106 20/02/2018 12,930 TRY 10* 2,014,000 USD 559,678 20/02/2018 55,276 0.01 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 05/07/2016 28,190 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 21/09/2016 100,897 0.01 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 28/07/2016 362,135 0.03 USD 17* 5,605,694 CNY 37,020,000 21/09/2016 48,261 USD 2* 193,917 CZK 4,620,669 21/09/2016 3,956 USD 4* 1,129,424 EGP 10,786,000 21/09/2016 33,945 USD 4* 1,336,585 EGP 13,152,000 16/11/2016 53,423 USD 4* 1,429,612 EGP 14,725,000 15/02/2017 68,979 0.01 USD 13* 3,192,463 EUR 2,824,000 26/07/2016 52,794 USD 8* 19,621,518 EUR 17,395,040 28/07/2016 280,625 0.03 USD 8* 1,164,284 EUR 1,025,000 21/09/2016 22,361 USD 5* 8,306,036 EUR 7,315,000 21/09/2016 156,601 0.01 USD 4* 8,091,594 EUR 7,120,609 21/09/2016 158,724 0.01 USD 9* 23,647,666 EUR 20,727,391 21/09/2016 555,865 0.06 USD 4* 10,126,803 GBP 7,549,150 28/07/2016 33,489 USD 4* 2,067,690 GHS 8,188,051 11/07/2016 3,329 USD 9* 1,351,154 GHS 5,560,000 21/09/2016 12,669 MGI Funds plc 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%) USD 17* 5,043,796 GHS 20,730,000 21/09/2016 53,365 USD 10* 1,751,622 HUF 487,458,840 28/07/2016 36,245 USD 8* 550,321 HUF 151,574,779 21/09/2016 16,985 USD 9* 3,652,039 HUF 1,010,720,000 21/09/2016 95,690 0.01 USD 4* 13,091,787 HUF 3,620,168,025 21/09/2016 353,757 0.03 USD 17* 11,961,106 HUF 3,289,065,000 21/09/2016 388,105 0.05 USD 8* 234,555 IDR 3,136,000,000 21/09/2016 429 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 21/02/2017 509 USD 9* 3,220,734 MXN 56,730,000 10/03/2017 220,986 0.02 USD 8* 2,095,601 MYR 8,419,260 28/07/2016 10,447 USD 13* 2,747,076 MYR 11,020,760 28/07/2016 17,623 USD 11* 2,776,385 NGN 775,217,071 10/08/2016 61,059 0.01 USD 4* 1,025,715 NGN 263,608,745 10/08/2016 102,382 0.01 USD 9* 3,197,134 NGN 762,809,776 10/08/2016 525,267 0.06 USD 9* 8,949,288 NGN 2,098,158,609 10/08/2016 1,600,142 0.16 USD 4* 3,797,736 NGN 930,635,246 17/08/2016 543,538 0.06 USD 2* 449,483 PHP 20,775,980 28/07/2016 8,393 USD 13* 3,029,736 PHP 139,914,760 28/07/2016 59,242 0.01 USD 10* 6,702,902 PHP 312,887,330 28/07/2016 60,070 0.01 USD 17* 133,694 PHP 6,180,000 21/09/2016 2,783 USD 4* 1,136,718 PHP 52,613,000 21/09/2016 22,220 USD 2* 2,702,105 PLN 10,660,000 21/07/2016 12,270 USD 2* 927,998 PLN 3,654,000 26/07/2016 6,104 USD 21* 6,695,630 PLN 26,206,000 21/09/2016 92,062 0.01 USD 8* 3,702,895 PLN 14,226,000 21/09/2016 118,129 0.01 USD 4* 15,905,392 PLN 62,571,178 21/09/2016 138,275 0.01 USD 4* 2,115,918 RON 8,583,087 21/09/2016 4,880 USD 2* 2,295,474 RON 9,133,000 21/09/2016 49,183 USD 4* 2,309,878 UGX 8,037,717,000 21/09/2016 20,061 ZAR 7* 7,384,030 USD 479,222 28/07/2016 22,631 ZAR 13* 14,493,675 USD 942,807 28/07/2016 42,250 ZAR 11* 61,658,960 USD 4,021,455 28/07/2016 169,171 0.02 ZAR 9* 114,138,520 USD 7,476,682 28/07/2016 280,696 0.03 ZAR 7* 6,590,000 USD 432,086 21/09/2016 10,873 ZAR 1* 26,860,000 USD 1,786,612 21/09/2016 18,830 ZAR 17* 29,937,000 USD 1,978,194 21/09/2016 34,074 ZAR 8* 31,550,000 USD 2,037,675 21/09/2016 83,013 0.01 ZAR 9* 47,566,344 USD 3,057,069 21/09/2016 140,186 0.01 ZAR 4* 345,482,656 USD 22,313,822 21/09/2016 908,401 0.09 ZAR 4* 15,620,000 USD 1,022,486 13/10/2016 22,766 Unrealised gain on open forward foreign currency contracts 23,921,395 2.23 MGI Funds plc 111

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 1,407,081 0.14 Fixed 15.71% 9* BRL 1 Month BZDIO 02/01/2019 BRL 48,258,054 1,546,381 0.15 Fixed 15.65% 12* BRL Less than 04/01/2021 BRL 24,312,549 1,548,789 0.15 1 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 62,551 0.01 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 53,932 0.01 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 59,928 0.01 MXN 1 Month TIIE 11* Fixed 4.28% 22/11/2017 MXN 321,375,000 118,161 0.01 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 62,248 0.02 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 59,400,000 647 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 60,378 0.01 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 86,180 0.01 Fixed 1.3% 9* USD 3 Month Libor 26/04/2021 USD 15,675,000 263,433 0.02 Fixed 1.32% 9* USD 3 Month Libor 03/06/2021 USD 3,900,000 65,905 0.01 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 2,685,000 134,150 0.01 Interest rate swaps at positive fair value 6,049,327 0.56 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

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 65,894 0.01 10 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 234 34,066 R2035 Bond Futures 14* 1,322,440 04/08/2016 ZAR 196 30,054 R2037 Bond Futures 14* 9,050,824 04/08/2016 ZAR 1,457 216,404 0.03 R207 Bond Futures 14* 1,844,649 04/08/2016 ZAR 276 25,158 Unrealised gain on futures contracts 377,482 0.04 Expiry Notional Fair value % of Currency date amount US$ Net assets Options purchased (2015: Nil) Call at 20.84 USD put MXN 8* USD 28/12/2016 5,896,000 75,840 0.01 Call at 21.45 USD put MXN 9* USD 06/06/2017 7,604,000 159,106 0.01 Call at 3.95 USD put TRY 10* USD 19/02/2018 3,535,000 93,197 0.01 Call at 45,114.00 EUR put PLN 13* EUR 22/07/2016 6,310,000 28,181 Put at 14.25 USD call ZAR 2* USD 11/10/2016 3,530,000 59,558 0.01 Put at 16.82 USD call MXN 9* USD 08/03/2017 7,053,000 41,958 Put at 16.92 USD call MXN 9* USD 20/10/2016 3,636,000 7,959 Put at 17.77 USD call MXN 11* USD 16/02/2017 3,489,000 54,844 0.01 Put at 18.50 USD call MXN 9* USD 13/07/2016 17,800,000 187,309 0.02 Put at 187,179.00 USD call MXN 9* USD 20/12/2016 3,904,000 135,875 0.01 Put at 19.00 USD call MXN 11* USD 14/12/2016 3,846,000 162,909 0.02 Put at 2,920.00 USD call COP 11* USD 28/09/2016 6,883,000 205,038 0.02 Put at 2.90 USD call TRY 20* USD 19/07/2016 22,000,000 157,805 0.01 Put at 4,453.00 EUR call PLN 2* EUR 19/07/2016 10,215,000 132,662 0.01 Put at 58.20 USD call RUB 8* USD 20/03/2017 7,241,000 78,775 0.01 Put at 62.17 USD call RUB 9* USD 28/12/2016 3,931,000 80,448 0.01 Put at 62.75 USD call RUB 9* USD 06/06/2017 3,802,000 111,946 0.01 Put at 67.00 USD call INR 9* USD 26/10/2016 3,574,000 19,082 Unrealised gain on options purchased 1,792,492 0.17 Swaptions (2015: Nil) Expiry Notional Fair value % of Currency date amount US$ Net assets Put at 2.25 USD 10 Years 9* USD 27/07/2016 19,995,000 75 Unrealised gain on swaptions 75 Total financial derivative instruments at positive fair value 32,158,029 3.00 Total financial assets at fair value through profit or loss 1,016,703,060 94.94 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

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

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

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

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

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 21.19 USD put MXN 8* USD 16/02/2017 (7,071,000) (123,602) (0.01) Call at 4,635.00 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 75.11 USD put RUB 9* USD 28/12/2016 (3,931,000) (86,517) (0.01) Call at 83.44 USD put RUB 9* USD 06/06/2017 (3,802,000) (112,513) (0.01) Put at 13.53 USD call ZAR 4* USD 11/10/2016 (7,060,000) (48,792) Put at 15.63 USD call MXN 9* USD 08/03/2017 (14,106,000) (16,913) Put at 16.28 USD call MXN 9* USD 20/10/2016 (7,271,000) (3,926) Put at 17.78 USD call MXN 9* USD 06/06/2017 (7,604,000) (148,643) (0.01) Put at 18.07 USD call MXN 8* USD 28/12/2016 (5,896,000) (111,747) (0.01) Put at 187,179.00 USD call MXN 9* USD 20/07/2016 (3,904,000) (80,469) (0.01) Put at 19.00 USD call MXN 11* USD 14/07/2016 (3,846,000) (113,926) (0.01) Put at 2,735.00 USD call COP 13* USD 28/09/2016 (6,882,000) (53,026) Put at 4,453.00 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 63.00 USD call RUB 9* USD 05/08/2016 (7,241,000) (83,474) (0.01) Put at 64.85 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

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 980,086,632 91.52 Cash (2015: 2.84%) 71,703,750 6.70 Net current assets (2015: 3.01%) 19,138,202 1.78 Net assets attributable to holders of redeemable participating shares 1,070,928,584 100.00 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; 80.91 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 15.47 100.00 MGI Funds plc 119

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 2016 30 June 2015 MGI Emerging Markets Debt Fund % Holding US$ AAA 0.46 4,463,655 AA 0.13 1,292,536 A 11.16 108,592,148 A 19.02 185,113,456 BBB+ 10.79 105,028,919 BBB 11.10 107,989,978 BBB 28.73 279,558,088 BB+ 6.02 58,606,341 BB 9.88 96,129,158 Not rated 2.71 26,328,207 100.00 973,102,486 MGI Emerging Markets Debt Fund % Holding US$ AAA 0.37 4,734,775 AA 0.08 1,059,675 A 21.53 277,294,732 A 15.42 198,700,596 BBB+ 23.76 306,030,180 BBB 14.40 185,482,908 BBB 15.98 205,819,593 BB+ 6.98 89,912,097 Not rated 1.48 19,205,871 100.00 1,288,240,427 Concentration Risk MGI Emerging Markets Debt Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Sovereign Debt 88.21 92.14 MGI Funds plc 120

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 1,227,865 0.10 ALS 390,968 1,423,551 0.11 Australian Pharmaceutical Industries 110,287 137,961 0.01 Blackmores 3,266 319,523 0.03 BlueScope Steel 179,046 849,233 0.07 Brickworks 39,954 427,206 0.03 BWP Trust REIT 278,341 754,400 0.06 carsales.com 55,507 509,192 0.04 Challenger 136,802 879,076 0.07 Cromwell Property Group REIT 635,993 480,664 0.04 CSR 731,512 1,982,649 0.16 DuluxGroup 45,531 214,263 0.02 Evolution Mining 819,242 1,421,318 0.11 Fairfax Media 303,906 210,448 0.02 InvoCare 107,282 1,049,652 0.08 JB HiFi 26,629 477,854 0.04 LendLease Group 52,126 489,044 0.04 Mantra Group 276,101 719,547 0.06 McMillan Shakespeare 27,150 276,553 0.02 Metals X 428,102 444,677 0.04 Millennium Services Group 93,290 73,632 0.01 Mineral Resources 62,203 384,889 0.03 Northern Star Resources 480,091 1,765,930 0.14 Nufarm 290,943 1,596,608 0.13 Orora 875,577 1,799,395 0.14 OZ Minerals 163,878 689,433 0.06 OzForex Group 135,200 233,554 0.02 Pact Group Holdings 151,340 679,507 0.05 Premier Investments 15,760 167,340 0.01 Resolute Mining 458,415 438,616 0.03 Sirtex Medical 33,518 638,163 0.05 Spark Infrastructure Group 1,991,621 3,618,425 0.29 Spotless Group Holdings 1,002,532 836,064 0.07 St Barbara 223,347 490,597 0.04 Super Retail Group 69,410 453,257 0.04 Syrah Resources 53,160 236,310 0.02 Technology One 220,487 848,783 0.07 Tox Free Solutions 263,592 508,341 0.04 Virtus Health 84,758 433,571 0.03 30,187,091 2.42 Austria (2015: 0.64%) Ams 34,647 958,465 0.08 Lenzing 5,207 480,131 0.04 SchoellerBleckmann Oilfield Equipment 15,473 934,090 0.07 Wienerberger 68,267 955,599 0.08 3,328,285 0.27 Belgium (2015: 0.80%) Ablynx 40,500 527,323 0.04 AGFAGevaert 112,821 366,239 0.03 Befimmo REIT 31,464 2,023,889 0.16 Bekaert 3,166 137,050 0.01 bpost 64,458 1,638,785 0.13 D'ieteren 16,860 727,310 0.06 Elia System Operator 27,887 1,558,966 0.13 Melexis 10,236 640,226 0.05 Ontex Group 56,050 1,759,714 0.14 Nominal Fair value % of holdings US$ Net assets Belgium (2015: 0.80%) Van de Velde 5,226 348,465 0.03 9,727,967 0.78 Bermuda (2015: 0.47%) Aspen Insurance Holdings 61,906 2,871,201 0.23 Assured Guaranty 135,198 3,429,973 0.28 Validus Holdings 31,000 1,506,290 0.12 7,807,464 0.63 Brazil (2015: 0.04%) Cia de Transmissao de Energia Eletrica Paulista Pref 40,619 792,411 0.07 Cosan 135,600 882,756 0.07 Iguatemi Empresa de Shopping Centers 76,100 669,134 0.05 Metalurgica Gerdau Pref 151,500 94,577 0.01 2,438,878 0.20 Canada (2015: 1.71%) Alamos Gold 156,000 1,334,535 0.11 Asanko Gold 43,100 163,944 0.01 B2Gold 219,200 546,861 0.04 Canadian Western Bank 58,270 1,105,995 0.09 Celestica 45,800 423,898 0.03 Cominar REIT 114,657 1,486,736 0.12 Concordia International 35,912 769,563 0.06 Constellation Software 2,900 1,116,523 0.09 Cott 49,678 690,833 0.06 Descartes Systems Group 8,600 163,630 0.01 Detour Gold 94,800 2,359,233 0.19 Dominion Diamond Canada listing 2,000 17,680 0.00 Dominion Diamond US listing 99,600 876,590 0.07 Dream Industrial REIT 211,430 1,421,255 0.12 Endeavour Silver 109,700 433,315 0.04 Enghouse Systems 33,087 1,395,886 0.11 Exco Technologies 67,892 637,778 0.05 First Majestic Silver 130,856 1,777,024 0.14 Firstservice Canada listing 23,300 1,060,135 0.09 FirstService US listing 4,489 205,731 0.02 Fortuna Silver Mines 100,810 702,118 0.06 Gluskin Sheff + Associates 61,988 795,673 0.06 Guyana Goldfields 82,982 591,679 0.05 High Liner Foods 45,843 665,389 0.05 HudBay Minerals 208,100 988,663 0.08 IAMGOLD 95,300 392,589 0.03 Intertape Polymer Group 31,400 509,673 0.04 Jean Coutu Group 102,800 1,583,122 0.13 Kinaxis 15,200 607,204 0.05 Lucara Diamond 47,838 128,187 0.01 Lundin Mining 548,600 1,841,762 0.15 Maple Leaf Foods 49,100 1,043,096 0.08 Milestone Apartments REIT 79,358 1,154,287 0.09 MTY Food Group 39,414 1,317,442 0.11 New Gold 232,600 1,011,927 0.08 Norbord 91,123 1,772,362 0.14 North West 15,000 340,263 0.03 Northview Apartment REIT 82,282 1,421,102 0.11 Novagold Resources 94,100 573,135 0.05 OceanaGold 162,811 618,047 0.05 Pan American Silver 78,075 1,279,307 0.10 Parex Resources 40,700 392,051 0.03 Premium Brands Holdings 16,100 674,397 0.05 MGI Funds plc 121

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 1,499,726 0.12 Raging River Exploration 26,600 210,555 0.02 Richmont Mines 69,146 636,835 0.05 Ritchie Bros Auctioneers 48,863 1,642,688 0.13 Sandstorm Gold 41,884 186,803 0.02 Seabridge Gold 11,947 175,382 0.01 Tahoe Resources 296,150 4,412,491 0.36 Transcontinental 67,865 915,004 0.07 TransForce 58,914 1,088,278 0.09 Whistler Blackcomb Holdings 5,500 101,640 0.01 Winpak 17,400 636,004 0.05 49,896,026 4.01 China (2015: 0.42%) CNinsure ADR 19,608 139,413 0.01 Shenzhen Expressway 1,234,000 1,121,392 0.09 Sunny Optical Technology Group 192,000 673,168 0.06 1,933,973 0.16 Cyprus (2015: 0.05%) Ocean Rig UDW 89,284 221,424 0.02 Denmark (2015: 0.96%) GN Store Nord 104,031 1,868,792 0.15 SimCorp 51,443 2,516,534 0.20 Spar Nord Bank 118,321 945,254 0.08 Sydbank 26,740 667,622 0.05 5,998,202 0.48 Faeroe Islands (2015: Nil) Bakkafrost 12,159 457,128 0.04 Finland (2015: 2.20%) Amer Sports 172,773 4,714,097 0.38 Caverion 35,132 224,422 0.02 Huhtamaki 91,926 3,797,012 0.30 Kemira 2,677 31,703 0.00 Kesko 13,951 590,816 0.05 Metsa Board 117,111 591,975 0.05 Ramirent 213,600 1,634,989 0.13 Sponda 446,241 1,933,430 0.16 Valmet 70,532 936,372 0.07 14,454,816 1.16 France (2015: 2.36%) Alten 14,338 846,615 0.07 Euler Hermes Group 33,858 2,830,869 0.23 Gaztransport Et Technigaz 26,588 809,487 0.06 Guerbet 4,250 259,637 0.02 Ipsen 12,599 775,845 0.06 IPSOS 56,828 1,613,680 0.13 Korian 47,338 1,530,373 0.12 Nexity 29,530 1,499,085 0.12 Sartorius Stedim Biotech 43,662 2,957,913 0.24 Sopra Steria Group 3,631 375,431 0.03 Portfolio Statement Nominal Fair value % of holdings US$ Net assets France (2015: 2.36%) UBISOFT Entertainment 27,223 998,334 0.08 Vallourec 233,366 833,255 0.07 Virbac 6,988 1,269,302 0.10 16,599,826 1.33 Germany (2015: 2.76%) Aareal Bank 39,970 1,255,097 0.10 Bechtle 24,807 2,602,151 0.21 Bertrandt 1,910 186,728 0.01 Cancom 34,791 1,714,947 0.14 Deutz 46,601 191,451 0.02 Krones 2,258 237,808 0.02 Leoni 11,882 324,793 0.03 Rational 861 398,059 0.03 Rhoen Klinikum 61,200 1,790,179 0.14 Sixt Pref 10,081 395,566 0.03 Software 47,709 1,618,955 0.13 Stada Arzneimittel 24,316 1,254,523 0.10 Wacker Chemie 12,832 1,118,503 0.09 13,088,760 1.05 Gibraltar (2015: Nil) 888 Holdings 98,490 269,577 0.02 Greece (2015: Nil) Jumbo* 0.00 Hong Kong (2015: 0.88%) China Everbright International 620,000 687,295 0.05 China State Construction International Holdings 376,000 496,296 0.04 Far East Consortium International 2,206,000 696,666 0.06 Haitong International Securities Group 480,000 287,705 0.02 Hopewell Holdings 109,000 344,930 0.03 NewOcean Energy Holdings 1,564,000 510,047 0.04 Orient Overseas International 131,500 447,489 0.04 PAX Global Technology 402,000 350,807 0.03 Sitoy Group Holdings 799,000 318,243 0.03 SmarTone Telecommunications Holdings 1,377,000 2,460,085 0.20 Sun Hung Kai 1,544,000 903,558 0.07 Techtronic Industries 1,148,000 4,772,266 0.38 Truly International Holdings 726,000 348,123 0.03 VST Holdings 1,272,000 360,714 0.03 Xinyi Automobile Glass Hong Kong Enterprises 54,000 19,490 0.00 Xinyi Glass Holdings 432,000 317,403 0.02 13,321,117 1.07 India (2015: 0.17%) WNS Holdings ADR 21,200 572,400 0.05 Ireland (2015: 0.96%) Glanbia 20,616 387,754 0.03 Kingspan Group 112,553 2,438,293 0.20 Smurfit Kappa Group 91,821 2,019,768 0.16 UDG Healthcare 454,644 3,597,987 0.29 8,443,802 0.68 MGI Funds plc 122

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 2,246,678 0.18 Israel (2015: 0.70%) Frutarom Industries 66,000 3,040,274 0.25 Nice ADR 33,600 2,145,360 0.17 5,185,634 0.42 Italy (2015: 2.25%) Amplifon 66,666 622,866 0.05 ASTM 60,536 657,729 0.05 Azimut Holding 38,240 619,823 0.05 Banca Mediolanum 74,687 509,042 0.04 Cofide 838,312 320,561 0.02 Datalogic 12,460 200,300 0.02 De'Longhi 53,699 1,275,464 0.10 DiaSorin 6,539 399,547 0.03 ENNOCONN Rights 1,113 1,449 0.00 FinecoBank Banca Fineco 189,499 1,231,564 0.10 Hera 165,684 452,436 0.04 Iren 295,577 456,436 0.04 Recordati 153,797 4,613,238 0.37 Reply 1,924 245,809 0.02 Yoox NetAPorter Group 43,750 1,010,478 0.08 12,616,742 1.01 Japan (2015: 14.19%) ABCMart 21,600 1,442,246 0.12 Aeon Delight 67,800 1,840,560 0.15 AEON Financial Service 51,200 1,095,467 0.09 Aica Kogyo 23,500 532,581 0.04 Ain Holdings 10,500 811,629 0.06 Aoyama Trading 39,900 1,462,365 0.12 Arcs 65,800 1,562,421 0.13 Ariake Japan 16,200 961,673 0.08 As One 17,300 693,922 0.06 Asahi Intecc 37,100 1,799,128 0.14 Bandai Namco Holdings 70,100 1,799,135 0.14 Capcom 53,500 1,228,638 0.10 Chiyoda Integre 71,500 1,315,840 0.11 Ci:z Holdings 24,800 542,221 0.04 CocaCola East Japan 189,900 3,622,520 0.29 CocaCola West 56,100 1,581,452 0.13 Cocokara fine 16,100 828,619 0.07 COMSYS Holdings 35,100 565,897 0.05 CONEXIO 96,400 1,203,708 0.10 Create SD Holdings 21,800 614,964 0.05 Daiichikosho 14,000 586,120 0.05 Denka 79,000 316,493 0.02 DIC 28,600 592,685 0.05 Disco 11,100 994,337 0.08 Don Quijote Holdings 18,500 681,645 0.05 Ebara 146,000 798,382 0.06 Eiken Chemical 22,300 485,605 0.04 Exedy 38,500 818,111 0.07 Fuji Oil 45,600 844,527 0.07 Fujitsu General 53,000 1,169,110 0.09 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 14.19%) GLP JREIT 327 413,730 0.03 Godo Steel 302,000 444,507 0.04 Hanwa 140,000 723,267 0.06 Heiwa 61,400 1,238,294 0.10 Hitachi Capital 22,900 450,009 0.04 Hogy Medical 33,100 2,300,448 0.18 Hokuetsu Bank 322,000 542,996 0.04 Hoshizaki 15,700 1,528,833 0.12 House Foods Group 29,900 690,740 0.06 Hulic 77,900 814,005 0.06 Idec 57,500 506,117 0.04 Japan Hotel REIT Investment 668 563,232 0.04 Japan Logistics Fund REIT 696 1,626,194 0.13 K's Holdings 24,400 453,561 0.04 Kagome 19,300 509,637 0.04 Kaken Pharmaceutical 5,700 371,703 0.03 Kato Sangyo 3,700 86,630 0.01 Keiyo Bank 186,000 694,395 0.06 Kenedix Office Investment REIT 185 1,105,420 0.09 Kenedix Residential Investment REIT 351 952,856 0.08 Kewpie 41,700 1,321,035 0.11 Kintetsu World Express 100,200 1,206,229 0.10 Kissei Pharmaceutical 25,200 502,575 0.04 Kobayashi Pharmaceutical 25,800 1,140,491 0.09 Koei Tecmo Holdings 38,200 696,678 0.06 Konoike Transport 36,600 378,522 0.03 Kuroda Electric 35,700 608,977 0.05 Kusuri No Aoki 30,400 1,970,562 0.16 Kyowa Exeo 57,700 716,540 0.06 Lion 263,000 4,319,671 0.35 Marudai Food 67,000 318,706 0.03 Maruha Nichiro 19,300 524,123 0.04 Matsumotokiyoshi Holdings 8,300 403,309 0.03 Max 54,000 613,744 0.05 Meitec 27,700 935,574 0.07 Milbon 5,100 228,926 0.02 MISUMI Group 103,400 1,847,472 0.15 Mitsui Sugar 167,000 789,502 0.06 Mochida Pharmaceutical 2,100 168,876 0.01 Morinaga Milk Industry 144,000 999,396 0.08 NEC Networks & System Integration 33,500 591,042 0.05 Nichii Gakkan 7,500 50,736 0.00 Nichirei 146,000 1,336,329 0.11 Nihon Parkerizing 265,100 2,762,374 0.22 Nihon Unisys 34,100 418,813 0.03 Nippon Flour Mills 98,000 762,297 0.06 Nippon Light Metal Holdings 300,500 661,985 0.05 Nippon Paper Industries 63,200 1,100,871 0.09 Nippon Parking Development 342,900 411,119 0.03 Nippon Road 107,000 409,894 0.03 Nippon Suisan Kaisha 113,000 577,171 0.05 Nipro 82,300 1,015,614 0.08 Nishimatsu Construction 144,000 668,135 0.05 Nisshin Oillio Group 373,000 1,712,477 0.14 Nissin Kogyo 52,200 664,521 0.05 Nittetsu Mining 41,000 131,884 0.01 Noevir Holdings 14,900 453,144 0.04 North Pacific Bank 224,700 606,705 0.05 NSD 47,000 745,843 0.06 NuFlare Technology 29,300 1,390,886 0.11 Obayashi 188,800 1,996,764 0.16 MGI Funds plc 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%) Japan (2015: 14.19%) Obic 46,500 2,542,792 0.20 Okinawa Electric Power 45,700 955,517 0.08 PeptiDream 29,100 1,724,613 0.14 Plenus 70,500 1,144,190 0.09 Ricoh Leasing 57,600 1,462,599 0.12 Ryohin Keikaku 8,800 2,134,165 0.17 Ryosan 23,700 563,450 0.04 S Foods 7,300 195,611 0.02 SanAi Oil 268,000 1,515,157 0.12 Sangetsu 27,700 517,333 0.04 Sanwa Holdings 150,000 1,349,547 0.11 Sanyo Chemical Industries 65,000 501,803 0.04 Showa 123,300 686,269 0.05 Sohgo Security Services 41,600 2,047,763 0.16 Sojitz 439,800 1,033,159 0.08 Start Today 33,100 1,735,822 0.14 Sugi Holdings 36,400 2,018,871 0.16 Sumitomo Warehouse 95,000 469,490 0.04 Takara Holdings 71,100 650,774 0.05 Takara Leben 357,900 2,717,654 0.22 Takeuchi Manufacturing 90,200 1,150,909 0.09 Teijin 492,000 1,616,181 0.13 Temp Holdings 90,700 1,557,787 0.12 THK 108,100 1,826,078 0.15 Tokai Tokyo Financial Holdings 168,400 709,122 0.06 Tosoh 99,000 451,623 0.04 Toyo Ink SC Holdings 156,000 649,303 0.05 TS Tech 21,900 531,330 0.04 Tsugami 89,000 334,867 0.03 Tsumura 35,900 969,674 0.08 UBE Industries 319,000 522,390 0.04 Unipres 73,400 1,171,223 0.09 United Arrows 22,700 657,169 0.05 United Super Markets Holdings 26,300 268,409 0.02 Valor Holdings 36,600 969,317 0.08 Wacoal Holdings 49,000 481,450 0.04 Wowow 29,600 687,560 0.05 Yamaha Motor 79,200 1,189,660 0.10 Yamazen 229,000 1,814,768 0.15 Yokohama Reito 27,500 275,295 0.02 Yuasa Trading 16,000 327,361 0.03 131,096,142 10.53 Korea (2015: 0.06%) Able C&C 5,098 155,350 0.01 Dongbu Insurance 8,347 502,190 0.04 Hanil Cement 2,152 153,201 0.01 Hite Jinro 38,414 795,393 0.06 ISU Chemical 11,404 165,340 0.01 Korea District Heating 3,961 223,867 0.02 Korea Kolmar 12,055 1,046,577 0.08 LIG Nex1 6,358 535,974 0.04 Maeil Dairy Industry 4,686 177,375 0.02 Nong Shim Holdings 1,631 208,150 0.02 NongShim 1,442 468,210 0.04 Poongsan 14,606 369,636 0.03 Samyang 2,371 193,492 0.02 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Korea (2015: 0.06%) Samyang Holdings 960 122,099 0.01 5,116,854 0.41 Luxembourg (2015: 0.70%) Altisource Portfolio Solutions 26,248 730,744 0.06 Grand City Properties 135,195 2,773,347 0.22 Regus 1,075,206 4,153,900 0.34 SAFHolland 59,009 651,627 0.05 Ternium ADR 52,802 1,006,406 0.08 Trinseo 8,200 352,026 0.03 9,668,050 0.78 Malta (2015: 0.05%) Unibet Group 36,035 328,762 0.03 Mexico (2015: Nil) Alpek 973,245 1,582,049 0.13 Alsea 84,200 317,645 0.03 Controladora Vuela Cia de Aviacion 255,167 474,948 0.04 Credito Real 148,200 281,150 0.02 Grupo Aeroportuario del Centro Norte 109,965 649,386 0.05 Industrias Bachoco 121,371 495,701 0.04 3,800,879 0.31 Netherlands (2015: 0.71%) Aalberts Industries 58,204 1,749,099 0.14 AerCap Holdings 68,092 2,287,210 0.18 Arcadis 127,190 1,918,170 0.15 Atrium European Real Estate 253,369 1,085,669 0.09 BE Semiconductor Industries 14,559 395,705 0.03 Centamin 883,833 1,558,409 0.13 Euronext 45,033 1,657,974 0.13 Flow Traders 19,014 653,986 0.05 Orthofix International 19,482 826,037 0.07 Refresco Gerber 28,945 430,253 0.03 SNS REAAL 133,061 0.00 TKH Group 24,066 812,778 0.07 13,375,290 1.07 New Zealand (2015: 0.23%) a2 Milk 137,758 179,544 0.01 Air New Zealand 668,951 998,114 0.08 Chorus 143,553 431,446 0.03 Fisher & Paykel Healthcare 88,616 634,279 0.05 Freightways 114,940 529,636 0.04 Metlifecare 113,748 447,993 0.04 Sky City Entertainment Group 95,696 312,148 0.03 Trade Me Group 95,064 313,472 0.03 Z Energy 71,818 413,794 0.03 4,260,426 0.34 Norway (2015: 0.42%) Det Norske Oljeselskap 29,865 361,894 0.03 Leroy Seafood Group 33,035 1,551,486 0.12 Salmar 16,914 499,459 0.04 Selvaag Bolig 207,672 791,680 0.06 SpareBank 1 SMN 92,055 513,742 0.04 SpareBank 1 SRBank 190,950 940,151 0.08 Storebrand 252,615 946,708 0.08 5,605,120 0.45 MGI Funds plc 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%) Panama (2015: Nil) Banco Latinoamericano de Comercio Exterior 26,002 689,053 0.06 Philippines (2015: 0.09%) Cosco Capital 4,662,600 771,030 0.06 Portugal (2015: 0.08%) Sonae 1,034,738 810,427 0.06 Puerto Rico (2015: 0.14%) TripleS Management 18,378 448,975 0.04 Russia (2015: Nil) Magnitogorsk Iron & Steel GDR 30,005 144,924 0.01 Singapore (2015: 0.22%) Asian Pay Television Trust 843,300 332,082 0.03 Fortune REIT 1,869,000 2,230,865 0.18 Mapletree Logistics Trust REIT 999,200 742,403 0.06 QAF 625,200 492,393 0.04 SATS 74,700 228,113 0.02 Starhill Global REIT 1,107,500 645,952 0.05 4,671,808 0.38 South Africa (2015: 0.11%) Nampak 420,800 547,945 0.04 Spain (2015: 1.01%) Faes Farma 448,446 1,462,219 0.12 Gamesa Tecnologica 103,621 2,037,008 0.16 Let's GOWEX 24,209 0.00 Mediaset Espana Comunicacion 38,366 428,997 0.03 Melia Hotels International 325,220 3,491,993 0.28 Merlin Properties Socimi REIT 200,900 2,100,885 0.17 Viscofan 21,691 1,195,964 0.10 10,717,066 0.86 Sweden (2015: 2.63%) AAK 29,960 2,119,870 0.17 Axfood 61,628 1,173,977 0.09 Betsson 141,045 1,166,954 0.09 Bilia 28,180 690,140 0.06 BillerudKorsnas 78,355 1,158,767 0.09 Castellum 272,967 3,862,847 0.31 Cloetta 244,542 837,008 0.07 Hemfosa Fastigheter 135,197 1,380,261 0.11 Hexpol 40,256 408,608 0.03 Hufvudstaden 41,119 641,097 0.05 Indutrade 23,185 454,522 0.04 Intrum Justitia 76,194 2,366,927 0.19 JM 31,219 777,094 0.06 Lindab International 29,012 221,373 0.02 Meda 28,031 505,853 0.04 NetEnt 308,232 3,019,493 0.24 Nibe Industrier 390,909 3,220,396 0.26 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Sweden (2015: 2.63%) Rezidor Hotel Group 217,258 894,910 0.07 Scandi Standard 11,920 84,764 0.01 Trelleborg 69,200 1,214,494 0.10 26,199,355 2.10 Switzerland (2015: 1.13%) Allied World Assurance Holdings 47,001 1,651,615 0.13 Allreal Holding 13,194 1,828,362 0.15 Autoneum Holding 2,174 508,799 0.04 Belimo Holding 59 175,571 0.01 Bucher Industries 3,345 782,514 0.06 Burckhardt Compression Holding 2,536 786,155 0.06 Cembra Money Bank 11,384 796,366 0.06 Emmi 2,792 1,700,936 0.14 Flughafen Zurich 8,945 1,581,122 0.13 Georg Fischer 4,262 3,399,275 0.27 Interroll Holding 1,963 1,839,683 0.15 Kaba Holding 278 193,904 0.02 Komax Holding 4,163 860,205 0.07 OC Oerlikon 93,598 820,496 0.07 Straumann Holding 6,415 2,526,951 0.20 Tecan Group 2,797 435,829 0.04 Temenos Group 30,652 1,525,992 0.12 Transocean 112,939 1,342,845 0.11 22,756,620 1.83 Taiwan (2015: 0.25%) Ennoconn 22,000 293,252 0.02 Sinbon Electronics 306,852 687,727 0.05 Tung Thih Electronic 59,000 940,079 0.08 1,921,058 0.15 Thailand (2015: 0.07%) Fabrinet 20,659 766,862 0.06 Turkey (2015: 0.15%) Albaraka Turk Katilim Bankasi 518,162 239,652 0.02 Anadolu Cam Sanayii 263,791 188,969 0.01 Bizim Toptan Satis Magazalari 29,102 143,403 0.01 Borusan Mannesmann Boru Sanayi ve Ticaret 87,505 224,571 0.02 CocaCola Icecek 60,510 739,002 0.06 EGE Endustri VE Ticaret 1,776 146,371 0.01 Kordsa Global Endustriyel Iplik ve Kord Bezi Sanayi ve Ticaret 224,673 472,683 0.04 Koza Altin Isletmeleri 100,454 444,692 0.04 2,599,343 0.21 United Kingdom (2015: 5.27%) Abcam 157,970 1,626,042 0.13 AMEC 115,127 754,119 0.06 Ashmore Group 284,639 1,130,862 0.09 ASOS 27,788 1,481,051 0.12 Auto Trader Group 325,256 1,536,591 0.12 BBA Aviation 1,144,341 3,377,699 0.27 Berendsen 39,068 636,114 0.05 Big Yellow Group REIT 80,677 842,301 0.07 Bodycote 158,100 1,088,443 0.09 MGI Funds plc 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%) United Kingdom (2015: 5.27%) Booker Group 223,688 518,511 0.04 Bovis Homes Group 86,927 847,127 0.07 Britvic 422,030 3,300,393 0.27 BTG 49,494 477,701 0.04 Cairn Energy 668,106 1,854,126 0.15 Carillion 415,083 1,297,316 0.10 Chemring Group 98,275 166,845 0.01 Crest Nicholson Holdings 375,880 1,788,816 0.14 Daily Mail & General Trust 120,716 962,591 0.08 Dart Group 34,104 240,261 0.02 Derwent London REIT 32,044 1,119,316 0.09 Domino's Pizza Group 320,775 1,424,942 0.12 DS Smith 103,534 534,656 0.04 Elementis 232,137 619,711 0.05 Ensco 93,474 907,633 0.07 Evraz 437,551 802,508 0.06 Fevertree Drinks 100,707 970,647 0.08 Filtrona 79,085 542,348 0.04 Galliford Try 75,370 919,386 0.07 GoAhead Group 16,656 435,518 0.04 Greene King 218,665 2,280,029 0.18 Greggs 75,082 973,585 0.08 Halma 38,740 526,680 0.04 Hansteen Holdings REIT 993,607 1,354,819 0.11 Hays 423,054 552,249 0.04 Henderson Group 372,905 1,051,834 0.08 HomeServe 106,367 749,349 0.06 Inchcape 127,189 1,067,765 0.09 Indivior 156,693 525,972 0.04 Intermediate Capital Group 185,364 1,214,937 0.10 John Wood Group 493,937 4,542,830 0.37 Jupiter Fund Management 243,813 1,191,597 0.10 Kcom Group 490,109 691,213 0.06 Laird 167,538 735,948 0.06 Micro Focus International 36,974 797,255 0.06 Mitie Group 227,597 754,544 0.06 Moneysupermarket.com Group 307,057 1,112,384 0.09 OneSavings Bank 433,280 1,226,185 0.10 Oxford Instruments 100,700 957,118 0.08 Pets at Home Group 373,202 1,162,429 0.09 Premier Oil 245,202 249,117 0.02 QinetiQ Group 33,306 99,020 0.01 Restaurant Group 101,498 390,223 0.03 Rightmove 72,117 3,516,891 0.28 Rotork 325,545 942,183 0.08 Rowan 24,235 427,990 0.03 Seadrill 338,200 1,095,768 0.09 Senior 137,353 377,326 0.03 SIG 260,459 391,704 0.03 Sophos Group 51,582 144,736 0.01 Spectris 132,372 3,229,427 0.26 Sports Direct International 13,105 55,972 0.00 St James's Place 227,100 2,383,160 0.19 Steris 31,803 2,186,456 0.18 SThree 77,194 256,693 0.02 SVG Capital 52,698 364,209 0.03 Travelport Worldwide 201,462 2,596,845 0.21 Travis Perkins 45,723 900,946 0.07 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United Kingdom (2015: 5.27%) Tullow Oil 384,078 1,346,228 0.11 UBM 156,215 1,338,589 0.11 WH Smith 54,483 1,146,390 0.09 WS Atkins 103,332 1,830,279 0.15 80,942,448 6.50 United States of America (2015: 52.11%) AAR 37,000 863,580 0.07 Aaron's 27,900 610,731 0.05 Abaxis 17,151 810,042 0.07 Abercrombie & Fitch 39,900 710,619 0.06 ABIOMED 26,365 2,881,431 0.23 ABM Industries 42,431 1,547,883 0.12 Acadia Healthcare 18,286 1,013,044 0.08 Acuity Brands 6,433 1,595,127 0.13 ADTRAN 52,155 972,691 0.08 Advanced Energy Industries 30,391 1,153,642 0.09 Advisory Board 46,200 1,635,018 0.13 AECOM 7,800 247,806 0.02 Air Methods 57,800 2,070,974 0.17 AK Steel Holding 88,773 413,682 0.03 Alder Biopharmaceuticals 34,100 851,477 0.07 Alexandria Real Estate Equities REIT 22,562 2,335,618 0.19 Align Technology 34,600 2,787,030 0.22 Allegiant Travel 7,286 1,103,829 0.09 Allete 27,870 1,801,238 0.14 Allscripts Healthcare Solutions 58,900 748,030 0.06 Alpha & Omega Semiconductor 20,300 282,779 0.02 AMC Networks 24,700 1,492,374 0.12 American Eagle Outfitters 53,392 850,535 0.07 American Financial Group 3,600 266,148 0.02 American National Insurance 4,726 534,747 0.04 American States Water 4,300 188,426 0.02 American Woodmark 30,300 2,011,314 0.16 Ameris Bancorp 57,697 1,713,601 0.14 AMERISAFE 18,955 1,160,425 0.09 Amkor Technology 66,016 379,592 0.03 AMN Healthcare Services 47,659 1,904,930 0.15 Amsurg 78,727 6,104,492 0.49 AO Smith 23,469 2,067,854 0.17 AptarGroup 14,665 1,160,441 0.09 Aqua America 77,032 2,746,961 0.22 Arcbest 48,528 788,580 0.06 Ashford Hospitality Trust REIT 215,465 1,157,047 0.09 Aspen Technology 29,700 1,195,128 0.10 Associated Banc 76,310 1,308,717 0.11 Atlas Air Worldwide Holdings 19,326 800,483 0.06 Atwood Oceanics 87,111 1,090,630 0.09 Avista 72,552 3,250,330 0.26 Avon Products 155,079 586,199 0.05 Babcock & Wilcox Enterprises 73,841 1,084,724 0.09 Badger Meter 19,739 1,441,539 0.12 Banc of California 106,678 1,930,872 0.15 BankUnited 39,898 1,225,667 0.10 Barnes & Noble Education 33,008 335,031 0.03 BBCN Bancorp 76,303 1,138,441 0.09 Benchmark Electronics 48,355 1,022,708 0.08 Beneficial Bancorp 78,572 999,436 0.08 Berry Plastics Group 75,503 2,933,292 0.24 BioTechne 34,305 3,868,575 0.31 BioMarin Pharmaceutical 8,124 632,047 0.05 BJ's Restaurants 29,753 1,304,074 0.10 MGI Funds plc 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%) United States of America (2015: 52.11%) Blue Buffalo Pet Products 5,632 131,451 0.01 BofI Holding 74,700 1,322,937 0.11 Booz Allen Hamilton Holding 18,200 539,448 0.04 Boston Private Financial Holdings 249,100 2,934,398 0.24 Brinker International 38,465 1,751,311 0.14 Brocade Communications Systems 268,204 2,462,113 0.20 Brown & Brown 80,319 3,009,553 0.24 Bruker 158,200 3,597,468 0.29 Brunswick 85,797 3,888,320 0.31 Buckle 32,085 833,889 0.07 Buffalo Wild Wings 13,752 1,910,840 0.15 Builders FirstSource 146,296 1,645,830 0.13 Burlington Stores 51,000 3,402,210 0.27 BWX Technologies 14,708 526,105 0.04 Cabela's 6,400 320,384 0.03 Cabot 31,032 1,416,921 0.11 CalMaine Foods 9,200 407,744 0.03 CalAtlantic Group 65,035 2,387,435 0.19 Calavo Growers 2,900 194,300 0.02 California Water Service Group 4,808 167,943 0.01 Calix 84,334 582,748 0.05 Cambrex 35,723 1,847,951 0.15 Cantel Medical 26,588 1,827,393 0.15 Capitol Federal Financial 105,219 1,467,805 0.12 Cardinal Financial 55,879 1,225,985 0.10 Cardtronics 15,300 609,093 0.05 Carlisle 37,372 3,949,473 0.32 Carrizo Oil & Gas 66,300 2,376,855 0.19 Carrols Restaurant Group 37,185 442,502 0.04 Carter's 14,811 1,576,927 0.13 Casey's General Stores 1,400 184,114 0.01 Cash America International 42,565 1,814,120 0.15 Catalent 83,400 1,917,366 0.15 Cathay General Bancorp 40,651 1,146,358 0.09 Cavium 53,300 2,057,380 0.17 CBL & Associates Properties REIT 153,527 1,429,336 0.11 Central Garden and Pet 7,149 155,205 0.01 CEVA 16,112 437,763 0.04 Chart Industries 28,900 697,357 0.06 Cheesecake Factory 48,616 2,340,374 0.19 Chemed 10,699 1,458,381 0.12 Chesapeake Energy 234,291 1,002,765 0.08 Chico's FAS 77,703 832,199 0.07 Cincinnati Bell 248,696 1,136,541 0.09 Clearwater Paper 5,500 359,535 0.03 Cliffs Natural Resources 245,700 1,393,119 0.11 Clifton Bancorp 46,771 704,839 0.06 Cogent Communications Holdings 110,800 4,438,648 0.36 Cognex 29,944 1,290,586 0.10 Comfort Systems USA 26,600 866,362 0.07 Commerce Bancshares 31,537 1,510,622 0.12 CommVault Systems 35,140 1,517,697 0.12 Compass Minerals International 39,666 2,942,821 0.24 Computer Sciences 73,011 3,624,996 0.29 CONSOL Energy 92,400 1,486,716 0.12 Convergys 76,838 1,920,950 0.15 Cooper 6,454 1,107,313 0.09 Cooper Tire & Rubber 23,718 707,271 0.06 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 52.11%) CooperStandard Holding 27,869 2,201,372 0.18 CoreMark Holding 41,314 1,935,974 0.16 CoreLogic 23,152 890,889 0.07 Cornerstone OnDemand 48,800 1,857,328 0.15 CorVel 17,222 743,646 0.06 CoStar Group 5,568 1,217,499 0.10 Covisint 1 2 0.00 Cowen Group 326,300 965,848 0.08 CubeSmart REIT 109,823 3,391,334 0.27 Cullen/Frost Bankers 20,317 1,294,802 0.10 CVB Financial 124,900 2,047,111 0.16 Cynosure 33,485 1,628,878 0.13 CyrusOne REIT 43,460 2,418,984 0.19 Dana Holding 100,670 1,063,075 0.09 Dave & Buster's Entertainment 32,474 1,519,458 0.12 Dean Foods 78,785 1,425,221 0.11 Deluxe 23,530 1,561,686 0.13 Denny's 108,376 1,162,874 0.09 DeVry Education Group 43,091 768,743 0.06 DHI Group 29,931 186,470 0.01 Diamond Offshore Drilling 183,729 4,470,127 0.36 Diamondback Energy 35,100 3,201,471 0.26 DiamondRock Hospitality REIT 115,162 1,039,913 0.08 Dick's Sporting Goods 23,023 1,037,416 0.08 Dime Community Bancshares 48,699 828,370 0.07 Domtar 29,512 1,033,215 0.08 DrilQuip 17,200 1,004,996 0.08 DST Systems 13,236 1,541,067 0.12 DSW 31,649 670,326 0.05 Dunkin' Brands Group 24,100 1,051,242 0.08 DuPont Fabros Technology REIT 33,397 1,587,693 0.13 Dycom Industries 22,699 2,037,462 0.16 Eagle Bancorp 31,081 1,495,307 0.12 Eastman Kodak 20,146 323,948 0.03 El Paso Electric 16,900 798,863 0.06 Eldorado Resorts 38,861 590,493 0.05 Electro Scientific Industries 47,564 277,774 0.02 Electronics For Imaging 70,380 3,029,155 0.24 EMCOR Group 34,116 1,680,554 0.13 Emergent Biosolutions 28,882 812,162 0.07 Employers Holdings 43,928 1,274,791 0.10 Energen 29,828 1,438,008 0.12 Energizer Holdings 57,540 2,962,735 0.24 Engility Holdings 25,616 541,010 0.04 Ensign Group 54,744 1,150,171 0.09 Envestnet 10,507 349,988 0.03 EPAM Systems 17,096 1,099,444 0.09 EPR Properties REIT 22,069 1,780,527 0.14 Equity LifeStyle Properties 30,067 2,406,863 0.19 Essent Group 30,229 659,294 0.05 Ethan Allen Interiors 9,067 299,574 0.02 Euronet Worldwide 33,590 2,324,092 0.19 EverBank Financial 123,100 1,829,266 0.15 Exactech 7,800 208,572 0.02 ExlService Holdings 51,900 2,720,079 0.22 FactSet Research Systems 10,324 1,666,500 0.13 Federated Investors 43,168 1,242,375 0.10 FEI 16,810 1,796,653 0.14 Finisar 50,085 876,988 0.07 Finish Line 73,352 1,480,977 0.12 First American Financial 57,615 2,317,275 0.19 First Busey 25,697 549,659 0.04 MGI Funds plc 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 States of America (2015: 52.11%) FirstMerit 65,415 1,325,962 0.11 Five9 103,249 1,228,663 0.10 Flagstar Bancorp 17,133 418,217 0.03 Flowers Foods 71,800 1,346,250 0.11 Flushing Financial 56,152 1,116,302 0.09 FormFactor 19,459 174,936 0.01 Fortinet 22,700 717,093 0.06 Forward Air 24,030 1,070,056 0.09 Fresh Del Monte Produce 26,835 1,460,629 0.12 FTI Consulting 11,667 474,614 0.04 GameStop 12,500 332,250 0.03 Gaming & Leisure Propertie REIT 31,104 1,072,466 0.09 Gannett 76,504 1,056,520 0.08 GATX 6,100 268,217 0.02 Genpact 76,900 2,063,996 0.17 Gentex 90,493 1,398,117 0.11 Genworth Financial 605,478 1,562,133 0.13 Gibraltar Industries 64,674 2,041,758 0.16 Gigamon 29,226 1,092,760 0.09 Global Payments 11,944 852,563 0.07 GNC Holdings 56,073 1,362,013 0.11 GoDaddy 56,990 1,777,518 0.14 Gogo 129,100 1,083,149 0.09 Government Properties Income Trust REIT 92,369 2,130,029 0.17 Graco 17,610 1,391,014 0.11 Grand Canyon Education 7,700 307,384 0.02 Granite Construction 37,382 1,702,750 0.14 Great Plains Energy 150,874 4,586,570 0.37 Green Dot 58,231 1,338,731 0.11 Greenbrier 30,299 882,610 0.07 Group 1 Automotive 12,324 608,313 0.05 Guidewire Software 34,819 2,150,421 0.17 Hanger 36,402 270,467 0.02 Hanover Insurance Group 35,458 3,000,456 0.24 Harmonic 98,397 280,431 0.02 Haverty Furniture 19,535 352,216 0.03 Hawaiian Electric Industries 28,732 942,122 0.08 HD Supply Holdings 56,884 1,980,701 0.16 HealthSouth 38,804 1,506,371 0.12 Helix Energy Solutions Group 166,238 1,123,769 0.09 Herbalife 60,778 3,557,336 0.29 Herman Miller 22,224 664,275 0.05 Hospitality Properties Trust REIT 81,586 2,349,677 0.19 Howard Hughes 22,479 2,569,799 0.21 HRG Group 58,041 796,903 0.06 Hub Group 51,700 1,983,729 0.16 Hubbell 13,546 1,428,697 0.11 Huntington Ingalls Industries 12,700 2,133,981 0.17 Huntsman 201,486 2,709,987 0.22 IAC/InterActive 14,058 791,465 0.06 IDACORP 8,500 691,475 0.06 IDEX 19,632 1,611,787 0.13 IDEXX Laboratories 10,323 958,594 0.08 IIVI 27,200 510,272 0.04 Imperva 34,600 1,488,146 0.12 Ingredion 13,810 1,787,152 0.14 Innophos Holdings 9,200 388,332 0.03 Innoviva 25,886 272,580 0.02 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 52.11%) Inphi 52,914 1,694,835 0.14 Insight Enterprises 31,316 814,216 0.07 Installed Building Products 42,295 1,534,886 0.12 Integra LifeSciences Holdings 13,300 1,061,074 0.09 Integrated Device Technology 97,800 1,968,714 0.16 Interactive Brokers Group 20,405 722,337 0.06 InterDigital 16,857 938,598 0.08 International Bancshares 32,196 839,994 0.07 Interval Leisure Group 91,500 1,454,850 0.12 Investors Bancorp 80,000 886,400 0.07 irobot 48,461 1,700,012 0.14 Isle of Capri Casinos 4,640 85,005 0.01 Itron 20,031 863,336 0.07 ITT 41,049 1,312,747 0.11 Ixia 89,177 875,718 0.07 IXYS 36,987 379,117 0.03 j2 Global 41,420 2,616,501 0.21 Jabil Circuit 28,100 519,007 0.04 Jack Henry & Associates 27,130 2,367,635 0.19 Janus Capital Group 64,697 900,582 0.07 JetBlue Airways 45,200 748,512 0.06 John Bean Technologies 28,241 1,728,914 0.14 John Wiley & Sons 32,887 1,716,044 0.14 Jones Lang LaSalle 23,707 2,310,247 0.19 Joy Global 52,681 1,113,676 0.09 K12 35,184 439,448 0.04 Kaiser Aluminum 49,354 4,462,095 0.36 KAR Auction Services 82,001 3,422,722 0.27 Kate Spade & Co 38,551 794,536 0.06 KCG Holdings 59,322 788,983 0.06 Kearny Financial 177,300 2,230,434 0.18 Kemper 33,179 1,027,885 0.08 Keysight Technology 25,400 738,886 0.06 Kilroy Realty REIT 29,665 1,966,493 0.16 Knoll 14,100 342,348 0.03 Koppers Holdings 16,800 516,264 0.04 LaZBoy 47,033 1,308,458 0.11 Lancaster Colony 8,123 1,036,576 0.08 Lexicon Pharmaceuticals 56,769 814,635 0.07 Lexington Realty Trust REIT 165,081 1,668,969 0.13 Lexmark International 34,236 1,292,409 0.10 Liberty Media 19,000 360,430 0.03 Ligand Pharmaceuticals 10,324 1,231,343 0.10 Lincoln Electric Holdings 26,229 1,549,609 0.12 Littelfuse 12,326 1,456,810 0.12 LPL Financial Holdings 35,978 810,584 0.07 Lumentum Holdings 21,750 526,350 0.04 Luminex 39,129 791,580 0.06 Macquarie Infrastructure 31,728 2,349,458 0.19 Magellan Health Services 15,800 1,039,166 0.08 Manhattan Associates 44,290 2,840,318 0.23 Manitowoc 86,800 473,060 0.04 Manitowoc Foodservice 50,776 894,673 0.07 MarketAxess Holdings 16,877 2,453,916 0.20 Masimo 25,422 1,335,036 0.11 MasTec 75,233 1,679,201 0.13 Matador Resources 67,761 1,341,668 0.11 MaxLinear 78,900 1,418,622 0.11 MBIA 132,506 905,016 0.07 MDU Resources Group 252,130 6,051,120 0.49 Medifast 4,700 156,369 0.01 Medivation 37,288 2,248,466 0.18 MGI Funds plc 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%) Mentor Graphics 56,733 1,206,144 0.10 MercadoLibre 9,200 1,294,164 0.10 Merit Medical Systems 11,000 218,130 0.02 MGE Energy 22,130 1,250,677 0.10 Michaels 39,200 1,114,848 0.09 Microsemi 35,346 1,155,107 0.09 Middleby 12,370 1,425,643 0.11 Middlesex Water 11,800 511,884 0.04 Mitek Systems 30,618 217,694 0.02 MKS Instruments 24,700 1,063,582 0.09 Mobile Mini 31,470 1,090,121 0.09 Modine Manufacturing 57,813 508,754 0.04 Moelis 27,375 615,938 0.05 Monolithic Power Systems 61,991 4,235,225 0.34 Monro Muffler Brake 15,753 1,001,261 0.08 Moog 23,327 1,257,792 0.10 Motorcar Parts of America 28,752 781,479 0.06 Movado Group 19,800 429,264 0.03 MRC Global 138,604 1,969,563 0.16 MSC Industrial Direct 20,292 1,431,804 0.11 Mueller Water Products 23,600 269,512 0.02 Murphy USA 3,900 289,224 0.02 National Beverage 14,086 884,742 0.07 National CineMedia 54,771 847,855 0.07 National General Holdings 70,093 1,501,392 0.12 National Instruments 12,442 340,911 0.03 Natural Grocers by Vitamin Cottage 82,000 1,070,100 0.09 NCR 34,586 960,453 0.08 Nelnet 43,678 1,517,811 0.12 Net 1 UEPS Technologies 29,200 291,708 0.02 NETGEAR 14,304 680,012 0.05 Nevro 11,983 883,866 0.07 New York Times 11,000 133,100 0.01 Newfield Exploration 26,504 1,170,947 0.09 Nexteer Automotive Group 1,026,000 933,695 0.07 Nordson 19,417 1,623,455 0.13 Northstar Asset Managment 111,960 1,143,112 0.09 NorthWestern 23,975 1,512,103 0.12 NVR 1,146 2,040,270 0.16 Oasis Petroleum 126,224 1,178,932 0.09 Old National Bancorp 98,039 1,228,429 0.10 Old Republic International 186,700 3,601,443 0.29 Olin 61,770 1,534,367 0.12 Omega Healthcare Investors REIT 40,412 1,371,987 0.11 Omega Protein 36,674 733,113 0.06 ON Semiconductor 159,104 1,403,297 0.11 One Gas 29,388 1,956,947 0.16 Orbital ATK 14,700 1,251,558 0.10 Orchids Paper Products 11,289 401,550 0.03 Oritani Financial 52,944 846,575 0.07 Oshkosh 26,385 1,258,828 0.10 Otter Tail 9,605 321,671 0.03 Overstock.com 33,425 538,477 0.04 Owens Corning 29,379 1,513,606 0.12 OwensIllinois 83,707 1,507,563 0.12 Oxford Industries 13,883 786,055 0.06 Papa John's International 43,900 2,985,200 0.24 PattersonUTI Energy 42,201 899,725 0.07 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 52.11%) Paylocity Holding 28,857 1,246,622 0.10 PBF Energy 192,640 4,580,979 0.37 PDC Energy 26,600 1,532,426 0.12 Pegasystems 40,987 1,104,600 0.09 PerkinElmer 105,541 5,532,459 0.44 Photronics 93,633 834,270 0.07 Physycians Realty REIT 90,800 1,907,708 0.15 Piedmont Office Realty Trust REIT 146,200 3,149,148 0.25 Pilgrim's Pride 62,400 1,589,952 0.13 Pinnacle Foods 116,053 5,372,093 0.43 PNM Resources 37,600 1,332,544 0.11 Polycom 69,128 777,690 0.06 Portland General Electric 28,800 1,270,656 0.10 Post Holdings 20,583 1,702,008 0.14 Powell Industries 21,828 858,714 0.07 Power Integrations 19,764 989,583 0.08 Press Ganey Holdings 19,518 768,033 0.06 PrivateBancorp 32,822 1,445,153 0.12 Progress Software 109,833 3,016,014 0.24 PTC 32,979 1,239,351 0.10 QEP Resources 102,200 1,801,786 0.14 Quanta Services 54,000 1,248,480 0.10 Questar 57,366 1,455,375 0.12 Radius Health 44,700 1,642,725 0.13 Raymond James Financial 19,100 941,630 0.08 RealPage 28,944 646,320 0.05 Redwood Trust REIT 151,000 2,085,310 0.17 RegalBeloit 28,300 1,557,915 0.12 Regis 19,379 241,269 0.02 Reinsurance Group of America 72,795 7,060,387 0.57 Reliance Steel & Aluminum 20,819 1,600,981 0.13 Resolute Forest Products 64,956 343,617 0.03 Rollins 23,900 699,553 0.06 Rovi 43,986 687,941 0.06 RPM International 30,087 1,502,846 0.12 Ruby Tuesday 111,672 403,136 0.03 Ruth's Hospitality Group 34,083 543,624 0.04 Ryder System 43,826 2,679,522 0.22 Sabre 53,448 1,431,872 0.11 Sally Beauty Holdings 35,725 1,050,672 0.08 Sanchez Energy 124,384 878,151 0.07 Sanderson Farms 9,763 845,866 0.07 Sanmina 81,222 2,177,562 0.17 Science Applications International 24,308 1,418,372 0.11 Select Comfort 37,087 792,920 0.06 Select Income REIT 64,054 1,664,763 0.13 Selective Insurance Group 103,130 3,940,597 0.32 Senior Housing Properties Trust REIT 138,513 2,885,226 0.23 Seres Therapeutics 1,700 49,385 0.00 ServiceMaster Global Holdings 92,525 3,682,495 0.30 Silicon Laboratories 33,976 1,655,990 0.13 Simpson Manufacturing 8,900 355,733 0.03 Sims Metal Management 102,909 599,216 0.05 Six Flags Entertainment 84,344 4,887,735 0.39 SJW 20,700 815,166 0.07 SkyWest 40,518 1,072,106 0.09 Smith & Wesson Holding 78,799 2,141,757 0.17 SnydersLance 123,254 4,177,078 0.34 Sonus Networks 83,267 723,590 0.06 South Jersey Industries 91,900 2,905,878 0.23 Southwest Gas 26,414 2,079,046 0.17 SpartanNash 73,954 2,261,513 0.18 MGI Funds plc 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%) Spire 9,900 701,316 0.06 Spirit Realty Capital REIT 296,734 3,789,293 0.30 Stamps.com 17,553 1,534,483 0.12 Starz 82,400 2,465,408 0.20 State Bank Financial 55,210 1,123,524 0.09 Steel Dynamics 58,984 1,445,108 0.12 Steelcase 40,700 552,299 0.04 Summit Materials 54,761 1,120,410 0.09 Sun Hydraulics 32,761 972,674 0.08 Superior Energy Services 68,842 1,267,381 0.10 Supervalu 157,800 744,816 0.06 Swift Transportation 53,306 821,445 0.07 Sykes Enterprises 23,700 686,352 0.06 Synchronoss Technologies 63,400 2,019,924 0.16 Tableau Software 13,244 647,896 0.05 Tahoe Resources 29,400 440,118 0.04 TakeTwo Interactive Software 66,425 2,518,836 0.20 Targa Resources 34,200 1,441,188 0.12 Team 66,366 1,647,868 0.13 Tech Data 8,900 639,465 0.05 Teleflex 18,192 3,225,624 0.26 Telephone & Data Systems 32,168 954,103 0.08 Tenneco 26,700 1,244,487 0.10 Teradata 32,800 822,296 0.07 Teradyne 81,995 1,614,482 0.13 Tessera Technologies 37,319 1,143,454 0.09 Texas Roadhouse 22,267 1,015,375 0.08 Tile Shop Holdings 54,100 1,075,508 0.09 Time 87,927 1,447,278 0.12 Timken 132,772 4,070,790 0.33 TreeHouse Foods 34,400 3,531,160 0.28 Trinity Industries 155,675 2,890,885 0.23 Tyler Technologies 15,296 2,549,996 0.20 Ultimate Software Group 13,452 2,828,821 0.23 United Fire Group 34,406 1,459,847 0.12 United States Steel 51,264 864,311 0.07 Universal 26,843 1,549,915 0.12 Universal Forest Products 18,550 1,719,400 0.14 Urban Outfitters 30,582 841,005 0.07 US Concrete 23,542 1,433,943 0.12 Vail Resorts 8,700 1,202,601 0.10 VCA 35,780 2,419,086 0.19 Vector Group 161,089 3,611,615 0.29 Vectren 37,101 1,954,110 0.16 Veeva Systems 14,000 477,680 0.04 Vishay Intertechnology 115,013 1,425,011 0.11 Visteon 16,222 1,067,570 0.09 WageWorks 10,100 604,081 0.05 Washington Federal 59,570 1,445,168 0.12 Web.com Group 38,145 693,476 0.06 WebMD Health 20,900 1,214,499 0.10 Weis Markets 4,761 240,669 0.02 WESCO International 36,553 1,882,114 0.15 West Pharmaceutical Services 53,429 4,054,193 0.33 Western Alliance Bancorp 96,722 3,157,973 0.25 WEX 5,900 523,153 0.04 WGL Holdings 24,435 1,729,754 0.14 Whiting Petroleum 147,944 1,369,961 0.11 United States of America (2015: 52.11%) Portfolio Statement Nominal Fair value % of holdings US$ Net assets William Lyon Homes 94,156 1,517,795 0.12 WilliamsSonoma 23,273 1,213,221 0.10 World Acceptance 6,100 278,160 0.02 WP Glimcher REIT 111,491 1,247,584 0.10 WPX Energy 155,715 1,449,707 0.12 Xenia Hotels & Resorts REIT 62,220 1,044,052 0.08 Zions Bancorporation 25,200 633,276 0.05 693,975,670 55.74 Total equities 1,220,009,897 98.00 Total transferable securities 1,220,009,897 98.00 Total investments at fair value through profit and loss 1,220,009,897 98.00 Cash (2015: 1.64%) 26,975,184 2.16 Net current liabilities (2015: 0.35%) (2,044,364) (0.16) Total net assets attributable to holders of redeemable participating shares 1,244,940,717 100.00 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

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; 96.48 Other current assets 3.52 100.00 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 2016 30 June 2015 % of NAV % of NAV Consumer Discretionary 12.68 18.08 Consumer Staples 8.79 Financials 18.87 17.68 Health Care 9.32 13.74 Industrials 15.76 16.70 Information Technology 14.77 16.97 Materials 8.29 7.13 MGI Funds plc 131

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 4,075,238 0.37 Sonic Healthcare 400,000 6,418,452 0.59 Woolworths 241,967 3,763,723 0.34 WorleyParsons 311,000 1,667,308 0.15 15,924,721 1.45 Austria (2015: 0.43%) BUWOG 21,711 501,331 0.05 EVN 28,928 329,731 0.03 Flughafen Wien 32,604 882,172 0.08 Mayr Melnhof Karton 1,800 195,732 0.02 Oesterreichische Post 25,367 817,403 0.07 Telekom Austria 267,958 1,553,930 0.14 Voestalpine 25,048 835,368 0.08 5,115,667 0.47 Belgium (2015: 0.39%) Colruyt 6,955 383,049 0.04 Elia System Operator 22,899 1,280,122 0.12 Groupe Bruxelles Lambert 39,298 3,207,123 0.29 Sofina 2,785 367,412 0.03 5,237,706 0.48 Bermuda (2015: Nil) Everest Re Group 4,350 794,615 0.07 Brazil (2015: 0.13%) Cia de Saneamento de Minas Gerais COPASA 307,300 2,839,198 0.26 Cia de Saneamento de Minas Gerais COPASA Receipt 9,845 90,959 0.01 Cielo 15,100 159,590 0.01 3,089,747 0.28 Canada (2015: 3.97%) Agnico Eagle Mines 60,246 3,207,368 0.29 Atco 43,800 1,528,464 0.14 Bank of Montreal 60,000 3,786,094 0.35 Barrick Gold 184,413 3,937,218 0.36 BCE 78,950 3,735,124 0.34 Canadian Imperial Bank of Commerce 29,500 2,204,266 0.20 Canadian Natural Resources 21,174 649,877 0.06 Cenovus Energy 83,019 1,147,323 0.10 Cineplex 6,800 270,073 0.02 Emera 94,100 3,522,863 0.32 Empire 7,375 109,089 0.01 First Capital Realty 149,100 2,544,126 0.23 Fortis 35,500 1,193,721 0.11 FrancoNevada 26,392 1,996,420 0.18 George Weston 37,600 3,237,126 0.30 Goldcorp 160,482 3,070,021 0.28 Imperial Oil 15,141 476,603 0.04 Killam Apartment REIT 14,900 145,592 0.01 Lassonde Industries 200 27,909 0.00 Manitoba Telecom Services 20,700 604,567 0.06 Maple Leaf Foods 28,700 609,712 0.06 Potash Corp of Saskatchewan 116,613 1,893,795 0.17 Nominal Fair value % of holdings US$ Net assets Canada (2015: 3.97%) PrairieSky Royalty 423 7,986 0.00 Pure Industrial Real Estate Trust REIT 92,900 368,395 0.03 Rogers Communications 91,700 3,692,854 0.34 Royal Bank of Canada 26,740 1,571,827 0.14 Shaw Communications 21,500 410,564 0.04 Suncor Energy 28,583 788,800 0.07 TorontoDominion Bank 28,300 1,208,966 0.11 Valener 32,116 542,067 0.05 48,488,810 4.41 Channel Islands (2015: Nil) Randgold Resources ADR 3,324 372,421 0.03 China (2015: Nil) Baidu ADR 25,000 4,128,750 0.38 Denmark (2015: 0.52%) ALKAbello 4,203 733,680 0.07 ISS 25,991 974,934 0.09 Schouw 4,590 253,941 0.02 1,962,555 0.18 Faroe Islands (2015: 0.02%) Bakkafrost 1,776 66,770 0.01 France (2015: 3.83%) Bouygues 95,208 2,742,649 0.25 Carrefour 87,180 2,151,096 0.19 Cie de SaintGobain 55,256 2,108,937 0.19 Danone 62,788 4,423,120 0.40 Legrand 16,699 859,131 0.08 LVMH Moet Hennessy Louis Vuitton 509 76,904 0.01 Neopost 15,264 352,377 0.03 Rexel 93,490 1,175,206 0.11 Safran 109,762 7,428,587 0.68 Sanofi 98,953 8,236,089 0.75 Sodexo 16,585 1,782,812 0.16 Total 31,600 1,522,898 0.14 Wendel 5,225 540,535 0.05 33,400,341 3.04 Germany (2015: 1.85%) Alba 1,962 105,028 0.01 Celesio 67,164 1,895,241 0.17 Fraport Frankfurt Airport Services Worldwide 5,992 319,693 0.03 HeidelbergCement 60,467 4,532,350 0.41 Henkel Pref 895 108,926 0.01 Hornbach Baumarkt 6,448 174,071 0.01 Hornbach Holding 3,265 221,262 0.02 Linde 4,772 664,537 0.06 Merck 825 83,450 0.01 Rhoen Klinikum 63,477 1,856,785 0.17 Stada Arzneimittel 28,966 1,494,428 0.14 11,455,771 1.04 Hong Kong (2015: 0.90%) Aeon Stores Hong Kong 4,000 3,094 CLP Holdings 413,000 4,210,945 0.38 Guoco Group 43,202 459,421 0.04 Hang Lung Properties 994,609 2,007,692 0.18 MGI Funds plc 132

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 183,920 815,531 0.07 Jardine Matheson Holdings 50,800 2,962,148 0.27 Jardine Strategic Holdings 2,300 69,414 0.01 Regal REIT 265,000 67,292 0.01 10,595,537 0.96 Ireland (2015: 0.35%) Allergan 29,900 6,909,591 0.63 CRH 37,965 1,108,923 0.10 Kerry Group 1,262 111,965 0.01 UDG Healthcare 26,930 213,120 0.02 8,343,599 0.76 Israel (2015: 0.87%) Amot Investments 135,863 553,880 0.05 Bank Hapoalim 694,041 3,496,247 0.32 Bank Leumi LeIsrael 641,327 2,253,162 0.20 First International Bank of Israel 42,245 517,216 0.05 Israel Chemicals 110,281 427,253 0.04 Israel Discount Bank 80,013 137,749 0.01 Teva Pharmaceutical Industries 12,159 610,934 0.06 7,996,441 0.73 Italy (2015: 0.19%) Ascopiave 39,485 118,438 0.01 DiaSorin 3,704 226,322 0.02 Hera 370,189 1,010,880 0.09 Italcementi 107,354 1,259,437 0.12 Italmobiliare 14,155 496,611 0.05 Parmalat 356,541 927,664 0.08 Terna Rete Elettrica Nazionale 533,557 2,960,218 0.27 6,999,570 0.64 Japan (2015: 7.39%) Alpen 22,700 370,847 0.03 Astellas Pharma 172,800 2,695,000 0.24 Canon 53,600 1,521,688 0.14 Chofu Seisakusho 10,300 248,389 0.02 CocaCola West 34,900 983,827 0.09 Daiichi Sankyo 42,800 1,031,931 0.09 Dydo Drinco 20,100 1,077,590 0.10 Earth Chemical 16,700 802,525 0.07 FANUC 36,627 5,903,377 0.54 Fuji 7,200 173,420 0.02 Fukuda Denshi 2,300 133,395 0.01 Hirose Electric 19,700 2,402,252 0.22 Hoya 91,051 3,225,259 0.29 JOil Mills 22,000 72,697 0.01 KDDI 259,800 7,883,394 0.72 Keyence 7,139 4,811,292 0.44 KFC Holdings Japan 2,000 36,144 0.00 Kisoji 4,800 105,039 0.01 Lion 140,000 2,299,444 0.21 Maruha Nichiro 5,800 157,509 0.01 Ministop 31,300 508,293 0.05 Mitsubishi Estate 177,962 3,249,077 0.29 MOS Food Services 19,400 552,368 0.05 MS&AD Insurance Group Holdings 77,997 1,993,071 0.18 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 7.39%) Nippon Flour Mills 21,000 163,349 0.01 Nisshin Oillio Group 170,000 780,485 0.07 Nissin Foods Holdings 17,400 948,104 0.09 NTT DOCOMO 11,900 320,902 0.03 Okinawa Cellular Telephone 7,300 215,606 0.02 Secom 73,315 5,397,682 0.49 Shimano 13,621 2,061,937 0.19 Shinkin Central Bank Pref 51 112,002 0.01 Showa Sangyo 67,000 284,092 0.03 SMC 16,571 4,022,817 0.37 Sompo Japan Nipponkoa Holdings 129,703 3,411,673 0.31 Sumitomo Dainippon Pharma 16,900 291,084 0.03 Takeda Pharmaceutical 72,900 3,143,675 0.29 Torii Pharmaceutical 9,100 210,935 0.02 63,602,171 5.79 Korea (2015: 0.44%) Kia Motors 52,354 1,963,531 0.18 KT&G 26,905 3,188,377 0.29 Lotte Confectionery 960 162,938 0.02 Namyang Dairy Products 400 238,920 0.02 5,553,766 0.51 Luxembourg (2015: 1.11%) Atento 19,925 177,532 0.02 Millicom International Cellular 65,200 3,963,081 0.36 SES 168,173 3,626,403 0.33 7,767,016 0.71 Mexico (2015: 0.49%) Grupo Televisa ADR 145,720 3,794,549 0.34 Industrias Penoles 36,285 858,465 0.08 4,653,014 0.42 Netherlands (2015: 1.46%) Airbus Group 100,600 5,781,423 0.52 Atrium European Real Estate 16,445 70,466 0.01 Heineken Holding 8,974 729,380 0.07 Orthofix International 3,828 162,307 0.01 Sligro Food Group 13,741 528,952 0.05 7,272,528 0.66 New Zealand (2015: 0.86%) Argosy Property 382,609 312,006 0.03 Auckland International Airport 38,287 177,242 0.02 Contact Energy 610,593 2,252,597 0.20 Ebos Group 44,263 515,735 0.05 Fisher & Paykel Healthcare 288,613 2,065,779 0.19 Freightways 19,621 90,412 0.01 Genesis Energy 322,001 490,764 0.04 Infratil 1,092,400 2,485,733 0.23 Kiwi Property Group 1,537,480 1,631,540 0.15 Mainfreight 50,663 600,047 0.05 Metlifecare 55,339 217,951 0.02 Port of Tauranga 51,731 718,435 0.06 Precinct Properties New Zealand 586,201 519,778 0.05 Ryman Healthcare 453,405 3,012,797 0.27 Summerset Group Holdings 99,435 310,181 0.03 Vector 40,673 95,303 0.01 15,496,300 1.41 MGI Funds plc 133

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 27,113 321,904 0.03 Leroy Seafood Group 2,072 97,311 0.01 Marine Harvest 76,685 1,278,396 0.11 Norsk Hydro 636,660 2,306,841 0.21 Orkla 472,542 4,170,344 0.38 Telenor 218,444 3,592,026 0.33 11,770,277 1.07 Portugal (2015: 0.23%) Energias de Portugal 50,542 154,636 0.02 Redes Energeticas Nacionais 307,679 865,820 0.08 Sonaecom 11,080 27,831 1,048,287 0.10 Russia (2015: 0.06%) Gazprom ADR 117,949 508,360 0.05 Singapore (2015: 0.15%) Great Eastern Holdings 14,000 213,760 0.02 Haw Par 33,300 222,676 0.02 Hong Leong Finance 15,800 26,414 United Industrial 114,000 233,777 0.02 696,627 0.06 Spain (2015: 0.87%) Aena 27,370 3,595,591 0.33 Ebro Foods 30,803 704,259 0.06 Endesa 16,119 322,870 0.03 Iberdrola 523,138 3,537,642 0.32 Red Electrica 39,753 3,540,594 0.32 11,700,956 1.06 Sweden (2015: 0.72%) Axfood 21,920 417,563 0.04 Clas Ohlson 5,333 90,796 0.01 Hennes & Mauritz 13,217 384,528 0.03 Investor A Shares 27,447 899,599 0.08 Investor B Shares 47,651 1,579,799 0.14 Svenska Cellulosa 79,282 2,517,127 0.23 Swedish Match 101,146 3,491,827 0.32 9,381,239 0.85 Switzerland (2015: 3.63%) Allreal Holding 10,686 1,480,815 0.13 Alpiq Holding 969 67,587 0.01 APG 994 407,620 0.04 Basler Kantonalbank 4,744 323,344 0.03 Bell 180 67,856 0.01 Berner Kantonalbank 305 58,702 0.01 BKW 3,662 162,764 0.01 Flughafen Zurich 2,925 517,024 0.05 Galenica 2,600 3,498,871 0.32 Julius Baer Group 36,025 1,435,157 0.13 Luzerner Kantonalbank 264 111,648 0.01 Metall Zug 11 31,469 0.00 Mobimo Holding 5,264 1,197,936 0.11 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Switzerland (2015: 3.63%) Nestle 126,482 9,756,849 0.89 Novartis 66,126 5,440,360 0.49 Pargesa Holding 26,863 1,770,278 0.16 St Galler Kantonalbank 1,525 591,716 0.05 Swiss Prime Site 7,478 677,027 0.06 Swisscom 1,506 746,198 0.07 Tamedia 446 75,310 0.01 Valora Holding 2,581 717,975 0.07 Ypsomed Holding 11,915 2,247,975 0.20 31,384,481 2.86 Taiwan (2015: 0.62%) Taiwan Semiconductor Manufacturing ADR 281,800 7,391,614 0.67 Thailand (2015: 0.15%) Bangkok Bank 300 1,383 Bangkok Bank NVDR 390,284 1,760,387 0.16 1,761,770 0.16 United Kingdom (2015: 7.02%) Anglo American 15,686 152,424 0.01 BCA Marketplace 24,713 55,501 0.01 Berkeley Group Holdings 48,757 1,644,450 0.15 British American Tobacco 71,750 4,645,183 0.42 Britvic 7,409 57,940 0.01 Capita 619,700 7,969,352 0.72 Dechra Pharmaceuticals 26,701 418,332 0.04 Diageo 154,921 4,321,108 0.39 Fresnillo 143,575 3,155,347 0.29 Gamma Communications 2,292 11,796 0.00 GlaxoSmithKline 111,542 2,392,460 0.22 Greggs 126,211 1,636,573 0.15 Hansteen Holdings REIT 43,610 59,464 0.01 Hill & Smith Holdings 41,059 488,226 0.04 Imperial Tobacco Group 56,710 3,072,956 0.28 Inchcape 52,909 444,177 0.04 Indivior 229,090 768,988 0.07 Kcom Group 61,173 86,274 0.01 Kennedy Wilson Europe Real Estate 50,713 651,492 0.06 Liberty Global A Shares 3,613 104,994 0.01 Liberty Global C Shares 67,010 1,919,836 0.17 Liberty Global LiLAC A Shares 630 20,324 0.00 Liberty Global LiLAC C Shares 10,023 325,647 0.03 Lloyds Banking Group 6,338,779 4,580,872 0.42 London Stock Exchange Group 240,500 8,137,176 0.74 National Grid 148,576 2,176,836 0.20 Reckitt Benckiser Group 25,258 2,528,991 0.23 Rentokil Initial 57,886 149,502 0.01 RollsRoyce Holdings 520,175 4,947,557 0.45 Segro REIT 320,165 1,774,902 0.16 SSE 138,647 2,880,235 0.26 StoltNielsen 10,354 125,590 0.01 Tesco 2,207,592 5,161,490 0.47 Tritax Big Box REIT 1,626,488 2,841,796 0.26 Willis Towers Watson 16,393 2,037,814 0.19 WM Morrison Supermarkets 135,775 340,139 0.03 72,085,744 6.56 United States of America (2015: 45.73%) 3M 24,729 4,330,542 0.39 Alleghany 2,989 1,642,695 0.15 MGI Funds plc 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%) United States of America (2015: 45.73%) Allscripts Healthcare Solutions 44,186 561,162 0.05 Alphabet A Shares 14,294 10,056,258 0.92 Alphabet C Shares 11,400 7,889,940 0.72 Altria Group 76,513 5,276,336 0.48 Amdocs 69,081 3,987,355 0.36 American Capital Agency REIT 37,344 740,158 0.07 American Electric Power 17,151 1,202,114 0.11 American Express 198,094 12,036,191 1.10 American International Group 49,159 2,600,019 0.24 AmerisourceBergen 46,549 3,692,267 0.34 Annaly Capital Management REIT 18,245 201,972 0.02 Anthem 13,033 1,711,754 0.16 Apple 108,547 10,377,093 0.94 AT&T 97,543 4,214,833 0.38 Atrion 842 360,258 0.03 Automatic Data Processing 10,425 957,745 0.09 Avnet 5,263 213,204 0.02 Bank of New York Mellon 224,345 8,715,803 0.79 Baxter International 117,900 5,331,438 0.49 BB&T 88,938 3,167,082 0.29 Beneficial Bancorp 58,575 745,074 0.07 Berkshire Hathaway 9 1,952,775 0.18 BristolMyers Squibb 44,157 3,247,747 0.30 Brown & Brown 38,229 1,432,441 0.13 Bunge 5,762 340,822 0.03 CACI International 34,532 3,122,038 0.28 Campbell Soup 60,509 4,025,664 0.37 Capitol Federal Financial 262,232 3,658,136 0.33 Cardinal Health 30,871 2,408,247 0.22 Charter Communications 45,685 10,445,418 0.95 Chemed 25,047 3,414,157 0.31 Chimera Investment REIT 21,562 338,523 0.03 Church & Dwight 49,517 5,094,804 0.46 Cincinnati Financial 23,115 1,731,082 0.16 Cintas 32,209 3,160,669 0.29 Clorox 34,509 4,775,700 0.43 CocaCola 78,876 3,575,449 0.33 ColgatePalmolive 78,883 5,774,236 0.53 Comcast 297,882 19,418,928 1.77 Commercial Metals 9,523 160,939 0.01 CommVault Systems 7,234 312,436 0.03 ConocoPhillips 47,329 2,063,544 0.19 Consolidated Edison 44,271 3,561,159 0.32 Costco Wholesale 21,589 3,390,337 0.31 CR Bard 16,810 3,953,040 0.36 CSG Systems International 13,921 561,155 0.05 Cummins 10,946 1,230,768 0.11 CVS Health 140,379 13,439,885 1.22 DaVita HealthCare Partners 46,908 3,626,927 0.33 Deere 28,514 2,310,775 0.21 Deltic Timber 3,199 214,749 0.02 Dentsply Sirona 72,568 4,502,119 0.41 Devon Energy 50,320 1,824,100 0.17 Dime Community Bancshares 16,775 285,343 0.03 Dominion Resources 983 76,605 0.01 Duke Energy 26,840 2,302,604 0.21 ebay 300,021 7,023,492 0.64 Estee Lauder 1,998 181,858 0.02 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 45.73%) Express Scripts Holding 83,518 6,330,664 0.58 F5 Networks 8,880 1,010,899 0.09 Flowserve 68,534 3,095,681 0.28 FMC Technologies 90,307 2,408,488 0.22 Fresh Del Monte Produce 73,063 3,976,819 0.36 General Electric 115,309 3,629,927 0.33 General Mills 55,855 3,983,579 0.36 Great Plains Energy 5,251 159,630 0.01 H&R Block 31,442 723,166 0.07 Halliburton 124,000 5,615,960 0.51 HCA Holdings 45,647 3,515,275 0.32 Henry Schein 23,499 4,154,623 0.38 Ingredion 12,636 1,635,225 0.15 Intel 221,064 7,250,899 0.66 International Business Machines 24,542 3,724,985 0.34 Intershop Holding 801 369,174 0.03 Jack Henry & Associates 39,954 3,486,786 0.32 Johnson & Johnson 31,819 3,859,645 0.35 Kaiser Aluminum 29,855 2,699,191 0.25 Kellogg 47,158 3,850,451 0.35 KimberlyClark 31,974 4,395,785 0.40 Liberty Media 130,067 2,467,371 0.22 LifePoint Health 8,379 547,735 0.05 Linear Technology 76,354 3,552,752 0.32 Lockheed Martin 5,039 1,250,529 0.11 Lowe's 98,565 7,803,391 0.71 ManTech International 4,162 157,407 0.01 Martin Marietta Materials 5,696 1,093,632 0.10 Masimo 4,741 248,974 0.02 MasterCard 63,111 5,557,555 0.51 McCormick 36,167 3,857,934 0.35 McKesson 4,344 810,808 0.07 Meridian Bancorp 6,270 92,671 0.01 Meridian Bioscience 38,150 743,925 0.07 MettlerToledo International 2,192 799,905 0.07 Microsoft 459,470 23,511,080 2.14 National Healthcare 16,345 1,058,175 0.10 National Oilwell Varco 129,366 4,353,166 0.40 NII Holdings 119,929 381,374 0.03 Northfield Bancorp 23,946 355,119 0.03 Northrop Grumman 6,393 1,421,036 0.13 Northwest Bancshares 48,844 724,356 0.07 Now 39,336 713,555 0.06 Nucor 23,293 1,150,907 0.10 Omnicom Group 72,062 5,872,332 0.53 Oracle 607,272 24,855,643 2.25 Orbital ATK 27,076 2,305,251 0.21 Owens & Minor 82,093 3,068,636 0.28 PayPal Holdings 185,121 6,758,768 0.61 PepsiCo 38,614 4,090,767 0.37 Pfizer 103,043 3,628,144 0.33 Philip Morris International 35,237 3,584,308 0.33 Phillips 66 6,783 538,163 0.05 Pinnacle West Capital 12,381 1,003,604 0.09 Praxair 8,642 971,274 0.09 Procter & Gamble 43,270 3,663,671 0.33 Qualcomm 181,574 9,726,919 0.89 Quality Systems 25,463 303,264 0.03 Quest Diagnostics 33,660 2,740,261 0.25 Reliance Steel & Aluminum 47,013 3,615,300 0.33 Republic Services 74,483 3,821,723 0.35 ResMed 23,422 1,480,973 0.13 MGI Funds plc 135

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 1,024,629 0.09 San Juan Basin Royalty Trust 3,100 22,537 0.00 Scotts MiracleGro 27,422 1,917,072 0.17 Southern 71,205 3,818,724 0.35 Spectrum Brands Holdings 21,855 2,607,520 0.24 Spirit Aerosystems Holdings 15,003 645,129 0.06 Sykes Enterprises 9,351 270,805 0.02 Synchrony Financial 92,431 2,336,656 0.21 Sysco 73,609 3,734,921 0.34 Target 88,588 6,185,214 0.56 Teleflex 22,107 3,919,792 0.36 Telephone & Data Systems 16,608 492,593 0.04 Teradata 97,022 2,432,341 0.22 Texas Instruments 21,041 1,318,219 0.12 Tiffany 21,694 1,315,524 0.12 Timken 34,644 1,062,185 0.10 TriCo Bancshares 4,227 116,665 0.01 TrustCo Bank NY 22,034 141,238 0.01 UGI 37,899 1,714,930 0.16 Union Pacific 32,828 2,864,243 0.26 United Parcel Service 33,757 3,636,304 0.33 United States Cellular 10,889 427,611 0.04 UnitedHealth Group 57,300 8,090,760 0.74 Unitil 4,798 204,731 0.02 Universal 54,550 3,149,717 0.29 US Bancorp 69,747 2,812,896 0.26 Varian Medical Systems 108,034 8,883,636 0.81 Vector Group 3,226 72,327 0.01 Visa 127,428 9,451,335 0.86 Vista Outdoor 28,389 1,355,007 0.12 Voya Financial 7,854 194,465 0.02 Vulcan Materials 7,131 858,287 0.08 WalMart Stores 65,100 4,753,602 0.43 Walt Disney 2,041 199,651 0.02 Waste Management 60,195 3,989,123 0.36 Waters 40,300 5,668,195 0.52 WD40 719 84,447 0.01 Wells Fargo 140,504 6,650,054 0.60 Weyerhaeuser REIT 188,290 5,605,393 0.51 WR Berkley 48,431 2,901,985 0.26 WW Grainger 10,227 2,324,086 0.21 Xcel Energy 16,049 718,674 0.07 Xilinx 65,712 3,031,295 0.28 Yum! Brands 101,243 8,395,070 0.77 554,908,762 50.51 Total equities 970,955,933 88.38 MGI Funds plc 136

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) 8.25 15/07/2021 IDR 2,739,000,000 216,356 0.02 Mexico (2015: 0.07%) Mexican Bonos 4.75 14/06/2018 MXN 19,700,000 1,066,266 0.10 Mexican Bonos 5.00 11/12/2019 MXN 5,001,500 269,415 0.02 1,335,681 0.12 Singapore (2015: 0.17%) Singapore (Government of) 2.375 01/04/2017 SGD 924,000 695,131 0.06 Singapore (Government of) 0.5 01/04/2018 SGD 1,015,000 747,535 0.07 Singapore (Government of) 3.25 01/09/2020 SGD 786,000 629,431 0.06 2,072,097 0.19 Total government bonds 3,624,134 0.33 Total transferable securities 974,580,067 88.71 Investment funds (2015: 1.82%) Fair value % of Shares US$ Net assets Channel Islands (2015: 1.82%) ETFS Physical Gold 217,608 27,705,851 2.52 Total investment funds 27,705,851 2.52 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 28/10/2018 15,061 304,985 0.03 Total warrants 304,985 0.03 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 05/07/2016 111 AUD 1* 187,644 GBP 100,714 05/07/2016 5,087 CAD 1* 5,170 EUR 3,528 05/07/2016 62 CAD 1* 234,546 GBP 131,340 05/07/2016 5,024 CHF 1* 3,850 EUR 3,489 05/07/2016 76 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 05/07/2016 81 EUR 1* 6,577,552 GBP 5,057,956 05/07/2016 545,850 0.05 EUR 1* 877,972 SEK 8,163,321 05/07/2016 11,897 HKD 1* 375,806 EUR 43,433 05/07/2016 190 HKD 1* 1,017,044 GBP 92,222 05/07/2016 7,815 ILS 1* 28,525 EUR 6,652 05/07/2016 17 ILS 1* 76,958 GBP 14,146 05/07/2016 1,073 JPY 1* 1,066,607 EUR 8,808 05/07/2016 612 JPY 1* 48,390,726 GBP 337,908 05/07/2016 19,975 MGI Funds plc 137

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 05/07/2016 4 NOK 1* 94,904 GBP 8,153 05/07/2016 444 NZD 1* 112 EUR 68 05/07/2016 4 NZD 1* 5,085 GBP 2,604 05/07/2016 141 SEK 1* 453,969 GBP 39,093 05/07/2016 1,322 SGD 1* 23,114 EUR 15,051 05/07/2016 452 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 05/07/2016 694,217 0.07 USD 1* 30,573 GBP 22,603 03/08/2016 351 Unrealised gain on open forward foreign currency contracts 1,309,683 0.12 Total financial derivative instruments at positive fair value 1,614,668 0.15 Total financial assets at fair value through profit or loss 1,003,900,586 91.38 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 773 05/07/2016 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 727 03/08/2016 (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 492 03/08/2016 (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

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 979,953,477 89.20 Cash (2015: 9.05%) 116,922,716 10.64 Net current assets (2015: (0.04)%) 1,735,251 0.16 Total net assets attributable to holders of redeemable participating shares 1,098,611,444 100.00 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; 86.66 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 10.73 100.00 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

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 2016 30 June 2015 Mercer Low Volatility Equity Fund % Holding US$ AAA 57.17 2,072,098 A 36.86 1,335,680 BBB 5.97 216,356 100.00 3,624,134 Mercer Low Volatility Equity Fund % Holding US$ AAA 72.15 1,770,756 A 27.85 683,562 100.00 2,454,318 Concentration Risk Mercer Low Volatility Equity Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Cyclical Services 6.25 8.11 Financials 29.44 31.25 General Industrials 5.68 Information Technology 6.63 NonCyclical Consumer Goods 13.10 12.26 NonCyclical Services 6.39 MGI Funds plc 140

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 35,918,805 1.40 BlackRock Euro Credit Bond Index Fund 4,588,982 115,880,426 4.51 BlackRock UK Credit Bond Index Fund 16,646 613,181 0.02 BlackRock US Corporate Bond Index Fund 51,893 1,302,571 0.05 BlackRock Developed Real Estate Index SubFund 20,616,512 263,437,795 10.26 BlackRock Developed World Index SubFund 16,185,980 276,229,930 10.76 Irish Life Investment Managers Indexed Minimum Volatility Global Equity Fund 5,453,497 102,270,243 3.98 Irish Life Investment Managers Indexed World Small Cap Equity Fund 14,923,766 254,089,374 9.89 ishares Global High Yield Bond 769,268 72,483,781 2.82 ishares $ High Yield Corporate Bond 3,919,158 397,152,311 15.46 ishares J.P. Morgan $ Emerging Markets Bond Fund 2,253,686 256,819,971 10.00 Mercer Absolute Return Fixed Income Fund 14,067 139,870,990 5.45 Mercer Passive Global Equity Fund (MGI Funds Plc) 964,906 131,413,689 5.12 Mercer Passive Global Equity Fund (MGI Funds plc) 124,385 138,161,974 5.38 Mercer Passive Emerging Markets Equity Fund 19,366 228,504,202 8.90 Total investment funds 2,414,149,243 94.00 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 1,623,674 0.07 EUR 1* 1,559,033 SEK 14,573,522 05/07/2016 11,950 JPY 1* 84,966,204 EUR 725,747 05/07/2016 21,944 JPY 1* 43,143,951 GBP 294,753 05/07/2016 26,521 NOK 1* 210,130 EUR 22,500 05/07/2016 115 NOK 1* 51,503 GBP 4,379 05/07/2016 301 NZD 1* 4,596 EUR 2,874 05/07/2016 81 NZD 1* 129 GBP 64 05/07/2016 7 SEK 1* 237,317 GBP 20,166 05/07/2016 1,051 USD 1* 59,298,231 EUR 52,717,995 05/07/2016 731,207 0.03 USD 1* 7,326,759 GBP 5,075,858 05/07/2016 541,351 0.02 Unrealised gain on open forward foreign currency contracts 2,979,529 0.12 Total financial derivative instruments at positive fair value 2,979,529 0.12 Total financial assets at fair value through profit or loss 2,417,128,772 94.12 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

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 2,406,110,355 93.69 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 0.30 08/07/2016 USD 4,503,778 4,503,778 0.18 CBA London 0.35 20/07/2016 USD 4,006,324 4,006,324 0.16 Rabobank International 0.34 08/07/2016 USD 7,008,131 7,008,131 0.27 Royal Bank of Canada 0.05 08/07/2016 USD 3,001,383 3,001,383 0.12 Royal Bank of Canada 0.05 27/07/2016 USD 4,002,013 4,002,013 0.15 Svenska Handelsbanken 0.34 29/07/2016 USD 8,010,103 8,010,103 0.31 30,531,732 1.19 Total deposits with credit institutions 30,531,732 1.19 Total financial assets at amortised cost 30,531,732 1.19 Cash (2015: 1.83%) 51,673,674 2.01 Net current assets (2015: 0.57%) 79,921,219 3.11 Net assets attributable to holders of redeemable participating shares 2,568,236,980 100.00 MGI Funds plc 142

Mercer Diversified Growth Fund Portfolio Statement Total assets comprised as follows: % of Net assets UCITS and NONUCITS CIS; 93.52 Deposits; 1.18 OTC financial derivative instruments; 0.11 Other current assets 5.19 100.00 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

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 49.82 Concentration Risk MGI DAM MultiManager Global Equity Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Consumer Discretionary 14.33 Consumer Staples 7.20 Financials 16.03 Health Care 15.29 Industrials 12.41 Information Technology 15.89 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 2015. 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

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 2.63 01/12/2019 USD 1,735,000 659,300 0.10 M/I Homes 3.00 01/03/2018 USD 219,000 214,483 0.03 MGIC Investment 2.00 01/04/2020 USD 1,010,000 1,126,150 0.16 Total convertible securities 1,999,933 0.29 Corporate bonds (2015: 88.19%) Argentina (2015: Nil) Cablevision 6.50 15/06/2021 USD 2,275,000 2,326,188 0.34 Australia (2015: 1.09%) Barminco Finance 9.00 01/06/2018 USD 900,000 805,500 0.12 FMG Resources August 2006 9.75 01/03/2022 USD 900,000 997,875 0.14 1,803,375 0.26 Bermuda (2015: 0.07%) Weatherford International 7.75 15/06/2021 USD 700,000 684,250 0.10 Weatherford International 8.25 15/06/2023 USD 900,000 857,250 0.12 1,541,500 0.22 British Virgin Islands (2015: Nil) Gerdau Trade 4.75 15/04/2023 USD 1,450,000 1,250,625 0.18 Canada (2015: 3.48%) Bombardier 6.13 15/01/2023 USD 3,570,000 3,061,276 0.44 Bombardier 7.50 15/03/2025 USD 400,000 348,000 0.05 Concordia Healthcare 7.00 15/04/2023 USD 1,500,000 1,286,250 0.18 Eldorado Gold 6.13 15/12/2020 USD 1,500,000 1,507,500 0.22 First Quantum Minerals 6.75 15/02/2020 USD 1,000,000 840,000 0.12 First Quantum Minerals 7.00 15/02/2021 USD 2,000,000 1,617,500 0.23 MEG Energy 7.00 31/03/2024 USD 2,045,000 1,584,875 0.23 New Gold 6.25 15/11/2022 USD 115,000 112,700 0.02 Teck Resources 8.00 01/06/2021 USD 530,000 547,225 0.08 Teck Resources 8.50 01/06/2024 USD 950,000 988,000 0.14 Tembec Industries 9.00 15/12/2019 USD 2,295,000 1,790,100 0.26 Ultra Petroleum 6.13 01/10/2024 USD 1,300,000 919,750 0.13 Valeant Pharmaceuticals International 5.63 01/12/2021 USD 1,000,000 830,000 0.12 Valeant Pharmaceuticals International 5.50 01/03/2023 USD 2,075,000 1,676,859 0.24 Valeant Pharmaceuticals International 4.50 15/05/2023 EUR 1,816,000 1,534,841 0.22 Valeant Pharmaceuticals International 5.88 15/05/2023 USD 5,600,000 4,550,000 0.66 Valeant Pharmaceuticals International 6.13 15/04/2025 USD 410,000 330,050 0.05 Videotron 5.00 15/07/2022 USD 3,000,000 3,116,250 0.45 26,641,176 3.84 Cayman Islands (2015: 0.53%) UPCB Finance IV 4.00 15/01/2027 EUR 1,000,000 1,079,671 0.16 UPCB Finance VI 6.88 15/01/2022 USD 2,070,000 2,160,562 0.31 3,240,233 0.47 Channel Islands (2015: Nil) Lincoln Finance 6.88 15/04/2021 EUR 485,000 577,166 0.08 France (2015: 1.00%) Areva 3.13 20/03/2023 EUR 2,000,000 1,745,757 0.25 BNP Paribas 7.63 29/12/2049 USD 1,505,000 1,508,763 0.22 CGG 6.50 01/06/2021 USD 1,800,000 801,000 0.12 Credit Agricole 8.13 29/12/2049 USD 2,375,000 2,370,945 0.34 Crown European Holdings 3.38 15/05/2025 EUR 2,975,000 3,317,006 0.48 Faurecia 3.63 15/06/2023 EUR 2,165,000 2,440,394 0.35 MGI Funds plc 145

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 5.75 01/03/2021 EUR 1,945,000 2,232,816 0.32 NumericableSFR 7.38 01/05/2026 USD 3,040,000 3,009,600 0.43 17,426,281 2.51 Germany (2015: 1.51%) Deutsche Bank 4.30 24/05/2028 USD 2,500,000 2,189,560 0.32 HeidelbergCement 2.25 30/03/2023 EUR 1,150,000 1,305,609 0.19 Unitymedia Hessen & Co 5.50 15/09/2022 EUR 1,113,750 1,307,092 0.19 Unitymedia Hessen & Co 5.75 15/01/2023 EUR 3,134,700 3,687,335 0.53 Unitymedia Hessen & Co 5.63 15/04/2023 EUR 1,200,000 1,412,454 0.20 9,902,050 1.43 Ireland (2015: 2.54%) AerCap Ireland Capital 4.50 15/05/2021 USD 2,225,000 2,285,075 0.33 AerCap Ireland Capital 5.00 01/10/2021 USD 3,000,000 3,127,500 0.45 AerCap Ireland Capital 4.63 01/07/2022 USD 450,000 462,524 0.07 Ardagh Packaging Finance 7.00 15/11/2020 USD 72,664 71,574 0.01 Ardagh Packaging Finance 6.75 31/01/2021 USD 1,170,000 1,183,163 0.17 Ardagh Packaging Finance 6.00 30/06/2021 USD 3,900,000 3,890,250 0.56 Ardagh Packaging Finance 6.75 15/05/2024 EUR 1,950,000 2,209,581 0.32 Bank of Ireland 7.38 29/12/2049 EUR 1,075,000 1,112,188 0.16 Borets Finance 7.63 26/09/2018 USD 2,615,000 2,458,100 0.35 Endo Finance 6.00 15/07/2023 USD 755,000 664,400 0.10 Endo Finance 6.00 01/02/2025 USD 6,276,000 5,475,810 0.79 22,940,165 3.31 Italy (2015: 0.36%) Intesa Sanpaolo 8.38 29/10/2049 EUR 1,050,000 1,326,464 0.19 Intesa Sanpaolo 7.70 29/12/2049 USD 200,000 172,750 0.02 Intesa Sanpaolo 7.00 29/12/2049 EUR 705,000 732,510 0.11 2,231,724 0.32 Jamaica (2015: 0.34%) Digicel 6.00 15/04/2021 USD 2,000,000 1,724,400 0.25 Digicel 6.75 01/03/2023 USD 300,000 256,500 0.04 1,980,900 0.29 Luxembourg (2015: 8.07%) Altice Financing 7.50 15/05/2026 USD 5,205,000 5,113,912 0.74 ArcelorMittal 6.25 01/03/2021 USD 2,500,000 2,581,250 0.37 ArcelorMittal 6.50 01/03/2021 USD 1,390,000 1,435,175 0.21 ArcelorMittal 7.25 25/02/2022 USD 1,030,000 1,089,225 0.16 Ardagh Finance Holdings 8.38 15/06/2019 EUR 1,702,813 1,938,134 0.28 Beverage Packaging Holdings Luxembourg II 6.00 15/06/2017 USD 210,000 210,525 0.03 CHC Helicopter 9.25 15/10/2020 USD 1,800,000 810,000 0.12 Cirsa Funding Luxembourg 5.75 15/05/2021 EUR 545,000 622,336 0.09 Cirsa Funding Luxembourg 5.88 15/05/2023 EUR 2,510,000 2,817,302 0.41 Dufry Finance 4.50 01/08/2023 EUR 2,746,000 3,196,458 0.46 Galapagos 5.38 15/06/2021 EUR 500,000 516,919 0.07 Galapagos Holding 7.00 15/06/2022 EUR 500,000 438,594 0.06 Gazprom Neft OAO Via GPN Capital 4.38 19/09/2022 USD 2,680,000 2,653,455 0.38 Gazprom OAO Via Gaz Capital 3.85 06/02/2020 USD 1,000,000 1,011,597 0.15 Gazprom OAO Via Gaz Capital 4.95 19/07/2022 USD 3,460,000 3,593,383 0.52 Hansebrands Finance Lux 3.50 15/06/2024 EUR 2,000,000 2,248,284 0.32 INEOS Group Holdings 6.50 15/08/2018 EUR 1,920,000 2,165,893 0.31 INEOS Group Holdings 5.75 15/02/2019 EUR 445,000 499,287 0.07 Intelsat Jackson Holdings 7.25 15/10/2020 USD 1,000,000 717,500 0.10 Intelsat Jackson Holdings 5.50 01/08/2023 USD 1,500,000 960,000 0.14 Matterhorn Telecom 3.88 01/05/2022 EUR 2,000,000 2,149,054 0.31 MGI Funds plc 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%) Corporate bonds (2015: 88.19%) Luxembourg (2015: 8.07%) Millicom International Cellular 6.63 15/10/2021 USD 2,000,000 2,060,900 0.30 Sberbank of Russia Via SB Capital 6.13 07/02/2022 USD 1,295,000 1,434,944 0.21 Sberbank of Russia Via SB Capital 5.13 29/10/2022 USD 1,350,000 1,372,910 0.20 Stena International 5.75 01/03/2024 USD 1,000,000 825,000 0.12 VTB Bank OJSC Via VTB Capital 6.95 17/10/2022 USD 2,510,000 2,628,723 0.38 Wind Acquisition Finance 6.50 30/04/2020 USD 286,000 295,295 0.04 Wind Acquisition Finance 4.00 15/07/2020 EUR 1,700,000 1,870,719 0.27 Wind Acquisition Finance 4.00 15/07/2020 EUR 3,730,000 4,107,417 0.59 Wind Acquisition Finance 4.75 15/07/2020 USD 1,430,000 1,408,550 0.20 Wind Acquisition Finance 7.00 23/04/2021 EUR 500,000 544,185 0.08 53,316,926 7.69 Macau (2015: 0.13%) Wynn Macau 5.25 15/10/2021 USD 800,000 782,240 0.11 Mexico (2015: 1.07%) Cemex 5.88 25/03/2019 USD 3,580,000 3,696,350 0.53 Cemex 7.25 15/01/2021 USD 3,415,000 3,612,045 0.52 Cemex 4.75 11/01/2022 EUR 1,830,000 2,044,819 0.30 Nemak 5.50 28/02/2023 USD 2,155,000 2,241,200 0.32 11,594,414 1.67 Netherlands (2015: 2.65%) Constellium 7.88 01/04/2021 USD 1,900,000 1,964,125 0.28 Fiat Chrysler Automobiles 4.50 15/04/2020 USD 2,500,000 2,534,375 0.37 InterGen 7.00 30/06/2023 USD 2,500,000 1,781,250 0.26 Petrobras Global Finance 5.38 27/01/2021 USD 1,000,000 918,450 0.13 Petrobras Global Finance 4.38 20/05/2023 USD 7,875,000 6,415,763 0.92 Petrobras Global Finance 5.63 20/05/2043 USD 3,195,000 2,284,425 0.33 Sensata Technologies 5.00 01/10/2025 USD 2,210,000 2,230,752 0.32 VimpelCom Holdings 5.20 13/02/2019 USD 4,310,000 4,451,109 0.64 VTR Finance 6.88 15/01/2024 USD 2,750,000 2,748,570 0.40 25,328,819 3.65 South Africa (2015: 0.19%) Edcon 9.50 01/03/2018 EUR 1,200,000 405,981 0.06 Spain (2015: 2.15%) Banco Bilbao Vizcaya Argentaria 9.00 29/05/2049 USD 3,800,000 3,801,486 0.55 Banco Bilbao Vizcaya Argentaria 8.88 29/12/2049 EUR 1,800,000 1,984,581 0.29 Banco Bilbao Vizcaya Argentaria 7.00 29/12/2049 EUR 600,000 577,569 0.08 Banco Bilbao Vizcaya Argentaria 6.75 29/12/2049 EUR 600,000 575,366 0.08 Banco Santander 6.25 12/03/2049 EUR 500,000 472,862 0.07 Banco Santander 6.25 11/09/2049 EUR 2,200,000 2,075,973 0.30 Campofrio Food Group 3.38 15/03/2022 EUR 806,000 909,009 0.13 NH Hotel Group 6.88 15/11/2019 EUR 2,050,000 2,475,299 0.36 12,872,145 1.86 Switzerland (2015: Nil) Credit Suisse Group 6.25 29/12/2049 USD 4,650,000 4,396,756 0.63 United Kingdom (2015: 6.09%) Anglo American Capital 9.38 08/04/2019 USD 585,000 673,481 0.10 Anglo American Capital 4.13 15/04/2021 USD 385,000 366,713 0.05 Anglo American Capital 4.13 27/09/2022 USD 355,000 331,925 0.05 Anglo American Capital 4.88 14/05/2025 USD 1,280,000 1,228,800 0.18 Barclays 8.00 15/12/2049 EUR 2,060,000 2,145,590 0.31 Barclays Bank 14.00 29/11/2049 GBP 100,000 162,429 0.02 MGI Funds plc 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%) United Kingdom (2015: 6.09%) EnQuest 7.00 15/04/2022 USD 1,500,000 935,625 0.13 International Game Technology 6.25 15/02/2022 USD 1,000,000 1,021,250 0.15 International Game Technology 6.50 15/02/2025 USD 1,000,000 1,012,500 0.15 Lloyds Banking Group 7.00 29/12/2049 GBP 1,665,000 2,106,905 0.30 Nationwide Building Society 6.88 29/12/2049 GBP 1,625,000 2,037,465 0.29 New Look Secured Issuer 6.50 01/07/2022 GBP 1,825,000 2,249,635 0.32 Royal Bank of Scotland Group 6.99 29/10/2049 USD 300,000 322,500 0.05 Royal Bank of Scotland Group 7.64 31/12/2049 USD 2,500,000 2,387,500 0.34 TA MFG. 3.63 15/04/2023 EUR 1,186,000 1,244,295 0.18 Tesco 6.13 24/02/2022 GBP 1,500,000 2,203,264 0.32 Tullow Oil 6.00 01/11/2020 USD 2,715,000 2,205,937 0.32 Tullow Oil 6.25 15/04/2022 USD 1,675,000 1,348,375 0.19 Virgin Media Finance 7.00 15/04/2023 GBP 1,500,000 2,051,721 0.30 Vougeot Bidco 7.88 15/07/2020 GBP 480,000 659,647 0.10 Worldpay Finance 3.75 15/11/2022 EUR 965,000 1,099,945 0.16 27,795,502 4.01 United States of America (2015: 55.58%) 24 Hour Holdings III 8.00 01/06/2022 USD 1,200,000 915,000 0.13 Activision Blizzard 6.13 15/09/2023 USD 3,410,000 3,725,425 0.54 AK Steel 7.63 15/05/2020 USD 2,660,000 2,553,600 0.37 AK Steel 7.63 01/10/2021 USD 280,000 255,500 0.04 AlcatelLucent 6.50 15/01/2028 USD 270,000 278,775 0.04 AlcatelLucent 6.45 15/03/2029 USD 5,520,000 5,782,200 0.83 Alere 6.50 15/06/2020 USD 3,330,000 3,330,000 0.48 Alere 6.38 01/07/2023 USD 2,675,000 2,802,063 0.40 Altice US Finance I 5.50 15/05/2026 USD 1,200,000 1,203,000 0.17 American Builders & Contractors Supply 5.63 15/04/2021 USD 600,000 622,500 0.09 American Builders & Contractors Supply 5.75 15/12/2023 USD 840,000 871,500 0.13 Amsurg 5.63 15/07/2022 USD 3,240,000 3,341,250 0.48 Anadarko Petroleum 4.85 15/03/2021 USD 185,000 196,416 0.03 Anadarko Petroleum 5.55 15/03/2026 USD 125,000 138,292 0.02 Anadarko Petroleum 4.50 15/07/2044 USD 1,520,000 1,401,362 0.20 Anadarko Petroleum 6.60 15/03/2046 USD 210,000 254,482 0.04 Antero Resources 6.00 01/12/2020 USD 525,000 533,316 0.08 Antero Resources 5.63 01/06/2023 USD 1,580,000 1,540,500 0.22 APX Group 7.88 01/12/2022 USD 1,585,000 1,602,831 0.23 Aramark Services 5.13 15/01/2024 USD 1,680,000 1,717,800 0.25 Ball 3.50 15/12/2020 EUR 210,000 252,034 0.04 Ball 4.38 15/12/2023 EUR 2,955,000 3,553,215 0.51 Berry Plastics 6.00 15/10/2022 USD 2,940,000 3,053,925 0.44 Blackboard 7.75 15/11/2019 USD 1,000,000 845,000 0.12 Blue Racer Midstream 6.13 15/11/2022 USD 2,885,000 2,747,963 0.40 BMC Software Finance 8.13 15/07/2021 USD 2,500,000 1,887,500 0.27 Bonanza Creek Energy 6.75 15/04/2021 USD 1,645,000 682,675 0.10 Boyd Gaming 6.38 01/04/2026 USD 1,210,000 1,270,500 0.18 BreitBurn Energy Partners 7.88 15/04/2022 USD 3,000,000 615,000 0.09 Builders FirstSource 7.63 01/06/2021 USD 1,961,000 2,059,050 0.30 California Resources 5.50 15/09/2021 USD 230,000 117,300 0.02 California Resources 8.00 15/12/2022 USD 7,088,000 5,041,340 0.73 California Resources 6.00 15/11/2024 USD 460,000 226,550 0.03 Calpine 5.38 15/01/2023 USD 1,000,000 980,000 0.14 Calpine 5.88 15/01/2024 USD 1,000,000 1,045,000 0.15 Calumet Specialty Products Partners 11.50 15/01/2021 USD 900,000 1,014,750 0.15 CCO Holdings 5.75 15/02/2026 USD 2,670,000 2,756,775 0.40 CCO Holdings Capital 5.25 30/09/2022 USD 3,560,000 3,662,350 0.53 CCO Holdings Capital 5.13 15/02/2023 USD 2,180,000 2,219,262 0.32 CCO Holdings Capital 5.13 01/05/2023 USD 1,755,000 1,769,252 0.26 CCO Holdings Capital 5.75 15/01/2024 USD 55,000 58,020 0.01 MGI Funds plc 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%) United States of America (2015: 55.58%) CDW Finance 6.00 15/08/2022 USD 3,140,000 3,293,075 0.48 CDW Finance 5.00 01/09/2023 USD 2,115,000 2,135,071 0.31 CEC Entertainment 8.00 15/02/2022 USD 2,790,000 2,713,275 0.39 Cemex Finance 6.00 01/04/2024 USD 2,500,000 2,431,250 0.35 CenturyLink 6.75 01/12/2023 USD 3,000,000 2,958,750 0.43 Cequel Communications Holdings 5.13 15/12/2021 USD 6,330,000 6,053,675 0.87 Charter Communications Operating 4.91 23/07/2025 USD 695,000 761,213 0.11 Chemours 6.13 15/05/2023 EUR 2,000,000 1,776,964 0.26 Chemours 6.63 15/05/2023 USD 1,295,000 1,107,225 0.16 Chemours 7.00 15/05/2025 USD 445,000 375,469 0.05 Cheniere Corpus Christi Holdings 7.00 30/06/2024 USD 800,000 822,504 0.12 Chesapeake Energy 8.00 15/12/2022 USD 1,630,000 1,383,463 0.20 Chinos Intermediate Holdings A 7.75 01/05/2019 USD 1,704,487 588,048 0.08 Cinemark USA 4.88 01/06/2023 USD 1,230,000 1,223,850 0.18 CIT Group 5.00 15/08/2022 USD 3,000,000 3,060,000 0.44 Clean Harbors 5.13 01/06/2021 USD 1,110,000 1,141,213 0.16 CNH Industrial Capital 4.38 06/11/2020 USD 3,955,000 4,004,432 0.58 CNO Financial Group 4.50 30/05/2020 USD 200,000 208,000 0.03 CNO Financial Group 5.25 30/05/2025 USD 1,090,000 1,128,150 0.16 CommScope Technologies Finance 6.00 15/06/2025 USD 2,000,000 2,060,000 0.30 Community Health Systems 7.13 15/07/2020 USD 4,635,000 4,320,231 0.62 Community Health Systems 6.88 01/02/2022 USD 7,270,000 6,397,600 0.92 Concho Resources 5.50 01/10/2022 USD 1,675,000 1,691,750 0.24 CONSOL Energy 8.00 01/04/2023 USD 2,500,000 2,225,000 0.32 Continental Resources 5.00 15/09/2022 USD 795,000 781,088 0.11 Continental Resources 4.50 15/04/2023 USD 195,000 182,813 0.03 Continental Resources 3.80 01/06/2024 USD 245,000 214,988 0.03 Continental Resources 4.90 01/06/2044 USD 2,050,000 1,701,500 0.25 Crestwood Midstream Partners 6.25 01/04/2023 USD 2,000,000 1,850,000 0.27 CSC Holdings 6.75 15/11/2021 USD 1,500,000 1,533,750 0.22 DaVita HealthCare Partners 5.13 15/07/2024 USD 2,000,000 2,025,950 0.29 Denbury Resources 9.00 15/05/2021 USD 2,710,000 2,723,550 0.39 Diamond 1 Finance / Diamond 2 Finance 5.88 15/06/2021 USD 200,000 204,132 0.03 Diamond 1 Finance / Diamond 2 Finance 7.13 15/06/2024 USD 200,000 209,136 0.03 Diamondback Energy 7.63 01/10/2021 USD 2,975,000 3,157,219 0.46 DISH DBS 6.75 01/06/2021 USD 5,970,000 6,201,338 0.89 DISH DBS 5.00 15/03/2023 USD 3,175,000 2,897,188 0.42 Dollar Tree 5.25 01/03/2020 USD 350,000 362,250 0.05 Dollar Tree 5.75 01/03/2023 USD 2,156,000 2,301,530 0.33 DR Horton 4.38 15/09/2022 USD 1,070,000 1,107,450 0.16 DR Horton 5.75 15/08/2023 USD 110,000 122,650 0.02 Dynegy 5.88 01/06/2023 USD 565,000 500,025 0.07 Emdeon 11.00 31/12/2019 USD 955,000 1,016,120 0.15 Emdeon 6.00 15/02/2021 USD 1,835,000 1,956,569 0.28 Energen 4.63 01/09/2021 USD 1,470,000 1,383,638 0.20 Energy Transfer Equity 7.50 15/10/2020 USD 2,000,000 2,130,000 0.31 Energy Transfer Equity 5.50 01/06/2027 USD 5,770,000 5,452,650 0.79 Energy XXI Gulf Coast 11.00 15/03/2020 USD 2,000,000 810,000 0.12 Energy XXI Gulf Coast 7.50 15/12/2021 USD 500,000 57,500 0.01 Energy XXI Gulf Coast 6.88 15/03/2024 USD 500,000 57,500 0.01 Entegris 6.00 01/04/2022 USD 3,150,000 3,236,625 0.47 Equinix 5.88 15/01/2026 USD 1,470,000 1,535,231 0.22 FelCor Lodging 6.00 01/06/2025 USD 1,705,000 1,726,313 0.25 Ferrellgas 6.75 15/06/2023 USD 2,000,000 1,765,000 0.25 First Data 5.38 15/08/2023 USD 3,110,000 3,169,899 0.46 First Data 7.00 01/12/2023 USD 2,680,000 2,723,550 0.39 First Data 5.75 15/01/2024 USD 5,765,000 5,743,381 0.83 Frontier Communications 10.50 15/09/2022 USD 680,000 722,075 0.10 Frontier Communications 11.00 15/09/2025 USD 1,755,000 1,823,006 0.26 MGI Funds plc 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 States of America (2015: 55.58%) GenOn Americas Generation 8.50 01/10/2021 USD 3,111,000 2,488,800 0.36 GenOn Americas Generation 9.13 01/05/2031 USD 485,000 375,875 0.05 GLP Capital 5.38 15/04/2026 USD 1,800,000 1,858,500 0.27 GLP Capital / GLP Financing II 4.38 15/04/2021 USD 105,000 108,413 0.02 Goodrich Petroleum 8.00 15/03/2018 USD 700,000 87,500 0.01 Goodrich Petroleum 8.88 15/03/2018 USD 500,000 62,500 0.01 Goodyear Tire & Rubber 5.00 31/05/2026 USD 700,000 714,875 0.10 Gray Television 7.50 01/10/2020 USD 1,430,000 1,497,925 0.22 Gray Television 5.88 15/07/2026 USD 290,000 291,450 0.04 Halcon Resources 9.75 15/07/2020 USD 300,000 69,000 0.01 Halcon Resources 8.88 15/05/2021 USD 600,000 123,000 0.02 Halcon Resources 13.00 15/02/2022 USD 1,000,000 535,000 0.08 HCA 5.88 01/05/2023 USD 3,000,000 3,202,500 0.46 HCA 5.38 01/02/2025 USD 3,380,000 3,472,950 0.50 HCA 7.50 15/11/2095 USD 1,540,000 1,509,200 0.22 HCA Holdings 6.25 15/02/2021 USD 6,290,000 6,730,300 0.97 HD Supply 5.75 15/04/2024 USD 400,000 417,000 0.06 Hologic 5.25 15/07/2022 USD 1,260,000 1,321,425 0.19 Horizon Pharma 6.63 01/05/2023 USD 1,200,000 1,122,000 0.16 Huntington Ingalls Industries 5.00 15/11/2025 USD 610,000 646,600 0.09 iheartcommunications 9.00 15/12/2019 USD 1,500,000 1,130,625 0.16 iheartcommunications 9.00 01/03/2021 USD 1,000,000 708,750 0.10 IMS Health 4.13 01/04/2023 EUR 3,060,000 3,465,796 0.50 Infor Software Parent 7.13 01/05/2021 USD 560,000 498,400 0.07 Infor US 5.75 15/05/2022 EUR 3,490,000 3,344,097 0.48 International Lease Finance 6.25 15/05/2019 USD 4,680,000 5,025,150 0.72 International Lease Finance 5.88 15/08/2022 USD 1,010,000 1,097,113 0.16 JBS USA Finance 7.25 01/06/2021 USD 1,000,000 1,040,000 0.15 JBS USA Finance 5.75 15/06/2025 USD 1,000,000 945,000 0.14 Kaiser Aluminum 5.88 15/05/2024 USD 1,335,000 1,375,050 0.20 KB Home 4.75 15/05/2019 USD 1,000,000 1,007,500 0.15 KB Home 8.00 15/03/2020 USD 3,140,000 3,375,500 0.49 KB Home 7.00 15/12/2021 USD 4,245,000 4,287,450 0.62 KFC Holding/Pizza Hut Holdings/Taco Bell of America 5.00 01/06/2024 USD 700,000 714,000 0.10 KFC Holding/Pizza Hut Holdings/Taco Bell of America 5.25 01/06/2026 USD 700,000 719,250 0.10 L Brands 5.63 15/02/2022 USD 575,000 619,419 0.09 L Brands 6.88 01/11/2035 USD 2,495,000 2,538,663 0.37 Lamar Media 5.75 01/02/2026 USD 115,000 119,960 0.02 Laredo Petroleum 5.63 15/01/2022 USD 765,000 719,100 0.10 Laredo Petroleum 7.38 01/05/2022 USD 110,000 110,825 0.02 Laredo Petroleum 6.25 15/03/2023 USD 2,085,000 1,991,175 0.29 Lennar 4.75 15/12/2017 USD 390,000 398,775 0.06 Lennar 4.75 01/04/2021 USD 1,575,000 1,645,875 0.24 Lennar 4.75 15/11/2022 USD 2,215,000 2,262,069 0.33 Lennar 4.88 15/12/2023 USD 155,000 156,163 0.02 Level 3 Financing 6.13 15/01/2021 USD 695,000 725,921 0.10 Level 3 Financing 5.38 15/08/2022 USD 5,085,000 5,154,919 0.74 Level 3 Financing 5.25 15/03/2026 USD 1,080,000 1,061,100 0.15 Liberty Interactive 8.25 01/02/2030 USD 3,580,000 3,732,150 0.54 LifePoint Health 5.88 01/12/2023 USD 2,505,000 2,611,463 0.38 LIN Television 6.38 15/01/2021 USD 2,095,000 2,194,513 0.32 Linn Energy 12.00 15/12/2020 USD 1,500,000 521,250 0.08 M/I Homes 6.75 15/01/2021 USD 3,100,000 3,100,000 0.45 Martin Midstream Partners 7.25 15/02/2021 USD 1,500,000 1,395,000 0.20 Matador Resources 6.88 15/04/2023 USD 1,025,000 1,050,625 0.15 MEDNAX 5.25 01/12/2023 USD 1,260,000 1,278,900 0.18 MGM Growth Properties Operating Partnership 5.63 01/05/2024 USD 775,000 821,500 0.12 Michaels Stores 5.88 15/12/2020 USD 3,177,000 3,300,109 0.48 Midstates Petroleum 9.25 01/06/2021 USD 1,000,000 10,625 0.00 MGI Funds plc 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%) MPH Acquisition Holdings 7.13 01/06/2024 USD 840,000 884,100 0.13 MSCI 5.25 15/11/2024 USD 95,000 97,613 0.01 MSCI 5.75 15/08/2025 USD 820,000 854,850 0.12 Murray Energy 11.25 15/04/2021 USD 1,000,000 285,000 0.04 Nationstar Mortgage 6.50 01/08/2018 USD 1,385,000 1,345,181 0.19 Nationstar Mortgage 6.50 01/07/2021 USD 3,220,000 2,769,200 0.40 Navient 4.88 17/06/2019 USD 500,000 483,750 0.07 Navient 5.00 26/10/2020 USD 1,000,000 940,000 0.14 Navient 5.88 25/03/2021 USD 1,500,000 1,422,180 0.21 NBCUniversal Enterprise 5.25 31/12/2049 USD 1,625,000 1,679,844 0.24 Neptune Finco 10.13 15/01/2023 USD 1,005,000 1,128,113 0.16 Neptune Finco 10.88 15/10/2025 USD 990,000 1,134,164 0.16 Netflix 5.88 15/02/2025 USD 2,000,000 2,107,500 0.30 NewPage 11.38 31/12/2014 USD 698,814 0.00 Nortek 8.50 15/04/2021 USD 1,630,000 1,691,533 0.24 OneMain Financial Holdings 6.75 15/12/2019 USD 365,000 357,244 0.05 OwensBrockway Glass Container 5.00 15/01/2022 USD 2,000,000 2,010,000 0.29 OwensBrockway Glass Container 5.88 15/08/2023 USD 3,480,000 3,661,987 0.53 OwensBrockway Glass Container 6.38 15/08/2025 USD 2,590,000 2,711,406 0.39 Party City Holdings 6.13 15/08/2023 USD 2,170,000 2,256,800 0.33 Peabody Energy 10.00 15/03/2022 USD 2,500,000 337,500 0.05 Penn Virginia 8.50 01/05/2020 USD 1,000,000 390,000 0.06 Pinnacle Entertainment 5.63 01/05/2024 USD 690,000 690,000 0.10 Pinnacle Foods Finance 5.88 15/01/2024 USD 630,000 662,288 0.10 Ply Gem Industries 6.50 01/02/2022 USD 2,490,000 2,461,988 0.36 Post Holdings 7.38 15/02/2022 USD 695,000 733,225 0.11 Post Holdings 6.00 15/12/2022 USD 3,295,000 3,389,731 0.49 PRA Holdings 9.50 01/10/2023 USD 1,920,000 2,140,800 0.31 PSPC Escrow 6.00 01/02/2023 EUR 2,200,000 2,085,028 0.30 QEP Resources 6.80 01/03/2020 USD 125,000 126,563 0.02 QEP Resources 5.38 01/10/2022 USD 2,070,000 1,940,625 0.28 QEP Resources 5.25 01/05/2023 USD 2,035,000 1,882,375 0.27 Quad 7.00 01/05/2022 USD 1,510,000 1,340,125 0.19 Quintiles Transnational 4.88 15/05/2023 USD 2,755,000 2,810,100 0.41 Radian Group 7.00 15/03/2021 USD 2,330,000 2,500,393 0.36 Radio One 9.25 15/02/2020 USD 1,500,000 1,335,000 0.19 Rain CII Carbon 8.50 15/01/2021 EUR 1,400,000 1,197,603 0.17 Reynolds Group Issuer 8.25 15/02/2021 USD 2,090,000 2,186,767 0.32 Reynolds Group Issuer 5.13 15/07/2023 USD 1,295,000 1,312,806 0.19 Reynolds Group Issuer 7.00 15/07/2024 USD 1,275,000 1,315,003 0.19 Rice Energy 6.25 01/05/2022 USD 450,000 448,875 0.06 Rice Energy 7.25 01/05/2023 USD 840,000 856,800 0.12 RSP Permian 6.63 01/10/2022 USD 45,000 46,575 0.01 Sabine Pass Liquefaction 5.63 15/04/2023 USD 2,000,000 2,017,500 0.29 Sabine Pass Liquefaction 5.63 01/03/2025 USD 500,000 500,000 0.07 Sanchez Energy 6.13 15/01/2023 USD 1,000,000 777,500 0.11 Signode Industrial Group Lux 6.38 01/05/2022 USD 750,000 720,938 0.10 Sinclair Television Group 6.13 01/10/2022 USD 3,130,000 3,247,375 0.47 Sinclair Television Group 5.88 15/03/2026 USD 410,000 419,225 0.06 Sirius XM Radio 5.38 15/04/2025 USD 2,000,000 1,996,250 0.29 SM Energy 6.50 15/11/2021 USD 140,000 131,950 0.02 SM Energy 6.13 15/11/2022 USD 285,000 263,269 0.04 SM Energy 5.00 15/01/2024 USD 1,955,000 1,681,300 0.24 SM Energy 5.63 01/06/2025 USD 20,000 17,300 0.00 Springleaf Finance 5.25 15/12/2019 USD 645,000 603,075 0.09 Springleaf Finance 8.25 15/12/2020 USD 2,140,000 2,150,700 0.31 Springleaf Finance 7.75 01/10/2021 USD 870,000 840,638 0.12 Sprint 7.25 15/09/2021 USD 1,265,000 1,084,738 0.16 Sprint 7.88 15/09/2023 USD 475,000 390,688 0.06 MGI Funds plc 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%) Sprint 7.13 15/06/2024 USD 4,360,000 3,498,900 0.50 Sprint Communications 7.00 01/03/2020 USD 3,230,000 3,397,927 0.49 Sprint Communications 6.00 15/11/2022 USD 3,500,000 2,771,650 0.40 SS&C Technologies Holdings 5.88 15/07/2023 USD 845,000 868,238 0.13 Standard Industries 5.13 15/02/2021 USD 390,000 402,675 0.06 Standard Industries 5.38 15/11/2024 USD 2,355,000 2,407,988 0.35 Standard Industries 6.00 15/10/2025 USD 2,010,000 2,110,500 0.30 Steel Dynamics 5.13 01/10/2021 USD 2,410,000 2,479,288 0.36 SterigenicsNordion Holdings 6.50 15/05/2023 USD 3,370,000 3,420,550 0.49 Sun Products 7.75 15/03/2021 USD 2,295,000 2,389,669 0.34 Syniverse Holdings 9.13 15/01/2019 USD 455,000 225,225 0.03 TMobile USA 6.46 28/04/2019 USD 560,000 571,200 0.08 TMobile USA 6.63 15/11/2020 USD 980,000 1,014,300 0.15 TMobile USA 6.13 15/01/2022 USD 1,000,000 1,052,500 0.15 TMobile USA 6.50 15/01/2024 USD 500,000 528,125 0.08 Talen Energy Supply 6.50 01/06/2025 USD 2,000,000 1,670,000 0.24 Targa Resources Partners 6.75 15/03/2024 USD 770,000 793,100 0.11 Taylor Morrison Communities 5.63 01/03/2024 USD 2,000,000 1,960,000 0.28 Tegna 5.13 15/10/2019 USD 1,030,000 1,062,188 0.15 Tegna 4.88 15/09/2021 USD 3,820,000 3,925,050 0.57 Tegna 6.38 15/10/2023 USD 505,000 538,456 0.08 Tegna 5.50 15/09/2024 USD 135,000 139,556 0.02 Tegna 5.50 15/09/2024 USD 2,530,000 2,615,388 0.38 Tenet Healthcare 5.00 01/03/2019 USD 8,795,000 8,553,138 1.23 Tenet Healthcare 8.13 01/04/2022 USD 805,000 828,989 0.12 Tenet Healthcare 6.75 15/06/2023 USD 1,915,000 1,840,794 0.27 Texas Competitive Electric 11.50 01/10/2020 USD 5,915,000 2,025,888 0.30 Toll Brothers Finance 4.88 15/11/2025 USD 655,000 650,088 0.09 TransDigm 6.50 15/05/2025 USD 2,000,000 2,012,500 0.29 TreeHouse Foods 4.88 15/03/2022 USD 1,985,000 2,034,625 0.29 TreeHouse Foods 6.00 15/02/2024 USD 2,530,000 2,694,450 0.39 Tribune Media 5.88 15/07/2022 USD 4,415,000 4,415,000 0.64 United Rentals North America 5.88 15/09/2026 USD 700,000 698,250 0.10 United States Steel 7.38 01/04/2020 USD 1,056,000 998,923 0.14 United States Steel 6.88 01/04/2021 USD 417,000 363,833 0.05 United States Steel 8.38 01/07/2021 USD 2,530,000 2,662,825 0.38 United States Steel 7.50 15/03/2022 USD 330,000 290,297 0.04 Verso Paper Holdings 11.75 15/01/2019 USD 126,000 21,105 0.00 Vizient 10.38 01/03/2024 USD 875,000 940,625 0.14 WellCare Health Plans 5.75 15/11/2020 USD 2,100,000 2,178,750 0.31 Western Digital 10.50 01/04/2024 USD 2,100,000 2,252,250 0.32 WPX Energy 6.00 15/01/2022 USD 2,026,000 1,894,310 0.27 WPX Energy 8.25 01/08/2023 USD 2,620,000 2,639,650 0.39 WPX Energy 5.25 15/09/2024 USD 2,024,000 1,791,240 0.26 Wynn Las Vegas 5.50 01/03/2025 USD 700,000 679,875 0.10 XPO Logistics 5.75 15/06/2021 EUR 2,000,000 2,102,461 0.30 Zayo Group 6.00 01/04/2023 USD 3,730,000 3,804,600 0.55 Zayo Group 6.38 15/05/2025 USD 715,000 731,981 0.11 ZF North America Capital 4.50 29/04/2022 USD 1,355,000 1,378,711 0.20 446,238,400 64.39 Venezuela (2015: 0.11%) Petroleos de Venezuela 6.00 15/11/2026 USD 3,490,000 1,225,688 0.18 Total Corporate Bonds 675,818,254 97.50 MGI Funds plc 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%) Government bonds (2015: Nil) Argentina (2015: Nil) Argentine Republic Government International Bond 6.88 22/04/2021 USD 930,000 994,170 0.14 Argentine Republic Government International Bond 7.50 22/04/2026 USD 2,775,000 3,006,713 0.43 4,000,883 0.57 Total government bonds 4,000,883 0.57 Total transferable securities 681,819,070 98.36 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 05/07/2016 13,329 0.00 AUD 4* 35,204,184 EUR 22,854,052 05/07/2016 823,339 0.12 AUD 4* 7,066,155 GBP 3,512,847 05/07/2016 565,484 0.08 AUD 4* 168,503,490 USD 121,931,250 05/07/2016 3,536,444 0.51 CAD 4* 46,164 EUR 31,594 05/07/2016 447 0.00 CAD 4* 167,318 GBP 88,959 05/07/2016 9,915 0.00 EUR 4* 3,443,333 GBP 2,663,167 05/07/2016 265,247 0.04 EUR 2* 21,520,000 USD 23,740,003 29/07/2016 188,158 0.03 GBP 1* 5,884,000 USD 7,751,287 29/07/2016 115,763 0.02 USD 2* 4,813,125 EUR 4,300,000 20/10/2016 17,072 0.00 USD 2* 402,062 EUR 352,297 18/08/2016 10,070 0.00 USD 4* 1,274,746 EUR 1,144,063 05/07/2016 3,750 0.00 USD 4* 246,776 GBP 182,447 03/08/2016 2,830 0.00 USD 4* 8,241,997 GBP 5,809,963 05/07/2016 475,238 0.07 Unrealised gain on open forward foreign currency contracts 6,027,086 0.87 Credit default swaps (2015: 0.23%) Total financial assets at fair value through profit or loss 687,846,156 99.23 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

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 661,902,808 95.49 Cash (2015: 10.58%) 19,723,890 2.85 Net current assets (2015: 0.24%) 11,528,494 1.66 Net assets attributable to holders of redeemable participating shares 693,155,192 100.00 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; 94.49 OTC financial derivative instruments; 0.84 Other current assets 4.67 100.00 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

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 2016 30 June 2015 Mercer Global High Yield Bond Fund % Holding US$ BBB 0.65 4,431,610 BBB 3.62 24,682,236 BB+ 13.67 93,184,966 BB 15.66 106,867,371 BB 12.47 85,038,112 B+ 17.64 120,243,063 B 11.85 80,786,254 B 12.15 82,871,857 CCC+ 8.73 59,517,187 CCC 1.52 10,331,286 CCC 0.10 659,300 CC 0.10 682,675 D 0.38 2,565,481 Not rated 1.46 9,957,672 100.00 681,819,070 Mercer Global High Yield Bond Fund % Holding US$ BBB 0.11% 559,781 BBB 1.73% 8,722,107 BB+ 12.47% 62,673,779 BB 15.69% 78,899,657 BB 11.72% 58,897,627 B+ 19.90% 100,074,424 B 12.36% 62,152,280 B 11.91% 59,868,040 CCC+ 10.62% 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% 4,019,480 100.00% 502,748,717 Concentration Risk Mercer Global High Yield Bond Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Materials 5.91 7.06 Communications 22.00 19.36 Consumer, Cyclical 11.26 10.11 Consumer, Noncyclical 15.05 12.86 Energy 14.17 11.00 Financial 10.38 10.25 Industrial 11.05 7.50 Technology 6.31 6.62 MGI Funds plc 155

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 2.75 22/03/2023 EUR 600,000 736,843 0.13 APT Pipelines 1.38 22/03/2022 EUR 2,700,000 2,978,238 0.52 AusNet Services Holdings 2.38 24/07/2020 EUR 1,400,000 1,680,515 0.29 Australia & New Zealand Banking Group 1.88 06/10/2017 USD 1,000,000 1,009,332 0.18 Australia & New Zealand Banking Group 1.45 15/05/2018 USD 1,200,000 1,202,747 0.21 Commonwealth Bank of Australia 4.25 10/11/2016 EUR 200,000 225,613 0.04 Commonwealth Bank of Australia 4.25 06/04/2018 EUR 300,000 358,781 0.06 Macquarie Group 7.63 13/08/2019 USD 600,000 696,991 0.12 National Australia Bank 4.75 15/07/2016 EUR 400,000 445,009 0.08 National Australia Bank 2.75 09/03/2017 USD 3,800,000 3,844,622 0.67 National Australia Bank 2.30 25/07/2018 USD 700,000 713,648 0.12 Stockland Trust 1.50 03/11/2021 EUR 500,000 566,917 0.10 Telstra 4.75 21/03/2017 EUR 500,000 574,972 0.10 Telstra 3.63 15/03/2021 EUR 500,000 644,445 0.11 Telstra 3.75 16/05/2022 EUR 1,200,000 1,589,864 0.28 Telstra 3.50 21/09/2022 EUR 400,000 526,603 0.09 Westpac Banking 4.25 22/09/2016 EUR 100,000 112,168 0.02 Westpac Banking 4.88 19/11/2019 USD 1,600,000 1,770,978 0.31 Westpac Banking 0.88 16/02/2021 EUR 2,900,000 3,312,426 0.58 22,990,712 4.01 Bahamas (2015: 0.80%) Competition Team Technologies 2.13 13/12/2017 USD 3,600,000 3,616,560 0.63 Belgium (2015: 0.42%) AnheuserBusch InBev 8.63 30/01/2017 EUR 1,500,000 1,749,995 0.30 Bermuda (2015: 1.09%) CBQ Finance 3.38 11/04/2017 USD 1,900,000 1,925,498 0.34 Novartis Securities Investment 5.13 10/02/2019 USD 2,600,000 2,870,839 0.50 4,796,337 0.84 Brazil (2015: 0.83%) Embraer 5.15 15/06/2022 USD 4,100,000 4,228,125 0.74 British Virgin Islands (2015: 0.69%) IFC Development Corporate Treasury 2.38 21/05/2019 USD 1,000,000 1,015,040 0.18 State Grid Overseas Investment 2013 1.75 22/05/2018 USD 2,100,000 2,109,786 0.37 3,124,826 0.55 Canada (2015: 1.46%) Bank of Montreal 2.50 11/01/2017 USD 800,000 805,907 0.14 Canadian Pacific Railway 2.90 01/02/2025 USD 2,000,000 2,034,686 0.35 GreatWest Lifeco 2.50 18/04/2023 EUR 400,000 487,711 0.08 Royal Bank of Canada 1.25 16/06/2017 USD 1,100,000 1,101,519 0.19 Royal Bank of Canada 1.50 16/01/2018 USD 1,800,000 1,807,853 0.31 Royal Bank of Canada 1.80 30/07/2018 USD 2,200,000 2,224,625 0.39 Royal Bank of Canada 2.00 10/12/2018 USD 300,000 305,681 0.05 Thomson Reuters 1.30 23/02/2017 USD 1,000,000 1,000,328 0.17 TorontoDominion Bank 2.50 14/07/2016 USD 1,600,000 1,600,709 0.28 TorontoDominion Bank 2.38 19/10/2016 USD 1,000,000 1,004,723 0.17 TorontoDominion Bank 1.13 02/05/2017 USD 2,000,000 2,001,926 0.35 TorontoDominion Bank 0.63 08/03/2021 EUR 1,900,000 2,143,959 0.37 16,519,627 2.85 Cayman Islands (2015: 2.15%) DIB Sukuk 4.75 30/05/2017 USD 2,000,000 2,050,926 0.36 Doha Finance 3.50 14/03/2017 USD 1,900,000 1,930,170 0.34 Embraer Overseas 6.38 24/01/2017 USD 300,000 307,125 0.05 MGI Funds plc 156

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 4.63 16/01/2024 USD 300,000 339,227 0.06 Hutchison Whampoa International 09/19 5.75 11/09/2019 USD 1,800,000 2,022,287 0.35 MAF Global Securities 5.25 05/07/2019 USD 2,500,000 2,679,940 0.47 9,329,675 1.63 Chile (2015: 0.25%) Itau CorpBanca 3.13 15/01/2018 USD 1,100,000 1,118,801 0.19 China (2015: 5.18%) Alibaba Group Holding 3.13 28/11/2021 USD 1,200,000 1,229,646 0.21 Alibaba Group Holding 3.60 28/11/2024 USD 4,300,000 4,402,211 0.77 Baidu 2.25 28/11/2017 USD 3,100,000 3,131,874 0.54 Baidu 3.25 06/08/2018 USD 1,800,000 1,847,936 0.32 China Mengniu Dairy 3.50 27/11/2018 USD 3,000,000 3,094,008 0.54 China Merchants Finance 5.00 04/05/2022 USD 2,000,000 2,219,342 0.39 Tencent Holdings 3.38 05/03/2018 USD 1,700,000 1,743,566 0.30 Tencent Holdings 3.38 02/05/2019 USD 3,000,000 3,114,069 0.54 Tingyi Cayman Islands Holding 3.88 20/06/2017 USD 3,900,000 3,974,099 0.69 24,756,751 4.30 Denmark (2015: Nil) ISS Global 1.13 07/01/2021 EUR 600,000 681,885 0.12 Finland (2015: 0.27%) Citycon 3.75 24/06/2020 EUR 400,000 501,446 0.09 France (2015: 1.78%) Air Liquide 2.91 12/10/2018 EUR 700,000 830,414 0.14 BNP Paribas 2.00 28/01/2019 EUR 200,000 233,283 0.04 Danone 2.50 29/09/2016 EUR 400,000 447,126 0.08 Eutelsat 4.13 27/03/2017 EUR 600,000 686,440 0.12 UnibailRodamco 3.00 22/03/2019 EUR 62,000 74,598 0.01 2,271,861 0.39 Hong Kong (2015: 1.87%) AIA Group 1.75 13/03/2018 USD 900,000 904,232 0.16 AIA Group 3.13 13/03/2023 USD 1,500,000 1,558,181 0.27 Baotrans Enterprises 3.75 12/12/2018 USD 2,000,000 2,052,580 0.36 China State Construction Finance Cayman I 3.13 02/04/2018 USD 500,000 507,663 0.09 5,022,656 0.88 India (2015: 0.34%) HDFC Bank 3.00 06/03/2018 USD 1,500,000 1,523,390 0.27 Ireland (2015: 0.24%) GE Capital European Funding 4.25 01/03/2017 EUR 300,000 343,002 0.06 GE Capital European Funding 5.38 23/01/2020 EUR 100,000 132,304 0.02 GE Capital International Funding 2.34 15/11/2020 USD 579,000 596,834 0.10 Kerry Group Financial Services 2.38 10/09/2025 EUR 2,600,000 3,242,379 0.56 4,314,519 0.74 Isle Of Man (2015: 0.68%) Sasol Financing International 4.50 14/11/2022 USD 3,000,000 3,012,690 0.52 Italy (2015: 2.08%) Luxottica Group 3.63 19/03/2019 EUR 600,000 732,237 0.13 Snam 4.38 11/07/2016 EUR 246,000 273,523 0.05 Snam 2.38 30/06/2017 EUR 325,000 369,881 0.06 Snam 3.88 19/03/2018 EUR 303,000 359,150 0.06 MGI Funds plc 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%) Italy (2015: 2.08%) Snam 3.38 29/01/2021 EUR 300,000 380,398 0.07 Snam 5.25 19/09/2022 EUR 800,000 1,149,194 0.20 Snam 1.50 21/04/2023 EUR 300,000 355,023 0.06 Snam 1.38 19/11/2023 EUR 1,100,000 1,291,010 0.22 Snam 3.25 22/01/2024 EUR 1,100,000 1,459,041 0.25 Terna Rete Elettrica Nazionale 4.13 17/02/2017 EUR 88,000 100,368 0.02 6,469,825 1.12 Luxembourg (2015: 0.74%) DH Europe Finance 1.00 08/07/2019 EUR 1,300,000 1,484,904 0.26 DH Europe Finance 1.70 04/01/2022 EUR 1,900,000 2,251,217 0.39 DH Europe Finance 2.50 08/07/2025 EUR 1,500,000 1,889,415 0.33 Prologis International Funding II 2.88 04/04/2022 EUR 500,000 615,191 0.11 SES 4.63 09/03/2020 EUR 800,000 1,028,418 0.18 Tyco International Finance 1.38 25/02/2025 EUR 1,100,000 1,211,836 0.21 8,480,981 1.48 Malaysia (2015: 1.36%) CIMB Bank 2.38 26/07/2017 USD 1,200,000 1,210,744 0.21 Malayan Banking 3.00 10/02/2017 USD 1,700,000 1,715,810 0.30 RHB Bank 3.25 11/05/2017 USD 800,000 812,394 0.14 3,738,948 0.65 Mexico (2015: 0.50%) Grupo Televisa 6.00 15/05/2018 USD 2,000,000 2,158,860 0.38 Netherlands (2015: 4.81%) ABB Finance 2.63 26/03/2019 EUR 800,000 952,292 0.17 Adecco International Financial Services 2.75 15/11/2019 EUR 1,800,000 2,159,576 0.38 Bharti Airtel International Netherlands 4.00 10/12/2018 EUR 2,200,000 2,622,847 0.46 Bharti Airtel International Netherlands 5.13 11/03/2023 USD 3,000,000 3,251,021 0.57 ContiGummi Finance 2.50 20/03/2017 EUR 1,900,000 2,149,611 0.37 Cooperatieve Rabobank 4.50 11/01/2021 USD 1,600,000 1,778,806 0.31 Enel Finance International 6.25 15/09/2017 USD 300,000 317,010 0.06 Enel Finance International 1.38 01/06/2026 EUR 199,000 228,546 0.04 Gas Natural Fenosa Finance 1.38 21/01/2025 EUR 700,000 809,269 0.14 Heineken 2.50 19/03/2019 EUR 600,000 710,575 0.12 Iberdrola International 1.13 27/01/2023 EUR 2,600,000 2,995,886 0.52 Iberdrola International 1.75 17/09/2023 EUR 1,300,000 1,561,899 0.27 LyondellBasell Industries 5.00 15/04/2019 USD 1,200,000 1,299,636 0.23 LyondellBasell Industries 5.75 15/04/2024 USD 2,200,000 2,622,552 0.46 Schlumberger Finance 1.50 04/03/2019 EUR 1,000,000 1,157,291 0.20 Shell International Finance 2.13 11/05/2020 USD 2,500,000 2,552,978 0.44 27,169,795 4.74 New Zealand (2015: 0.13%) Westpac Securities 3.88 20/03/2017 EUR 500,000 571,272 0.10 South Africa (2015: 0.34%) Investec Bank 3.88 24/07/2017 USD 1,500,000 1,520,610 0.26 Spain (2015: 2.08%) Gas Natural Capital Markets 4.13 24/04/2017 EUR 700,000 803,790 0.14 Gas Natural Capital Markets 5.00 13/02/2018 EUR 1,300,000 1,561,032 0.27 Iberdrola Finanzas 4.63 07/04/2017 EUR 100,000 115,072 0.02 Red Electrica Financiaciones 2.13 01/07/2023 EUR 500,000 619,501 0.11 Red Electrica Financiaciones 1.13 24/04/2025 EUR 900,000 1,041,823 0.18 Telefonica Emisiones 5.13 27/04/2020 USD 900,000 994,313 0.17 Telefonica Emisiones 5.29 09/12/2022 GBP 500,000 785,163 0.14 5,920,694 1.03 MGI Funds plc 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%) Sweden (2015: 1.92%) Atlas Copco 2.63 15/03/2019 EUR 100,000 119,083 0.02 Nordea Bank 3.75 24/02/2017 EUR 600,000 683,334 0.12 Securitas 2.75 28/02/2017 EUR 600,000 678,555 0.12 Skandinaviska Enskilda Banken 3.88 12/04/2017 EUR 200,000 229,059 0.04 Telefonaktiebolaget LM Ericsson 4.13 15/05/2022 USD 4,000,000 4,333,263 0.75 6,043,294 1.05 Switzerland (2015: Nil) UBS 2.38 14/08/2019 USD 4,800,000 4,911,211 0.85 United Kingdom (2015: 7.59%) 3i Group 5.63 17/03/2017 EUR 300,000 346,243 0.06 British Telecommunications 8.50 07/12/2016 GBP 200,000 275,667 0.05 British Telecommunications 6.63 23/06/2017 GBP 700,000 985,736 0.17 Bupa Finance 7.50 04/07/2016 GBP 600,000 802,433 0.14 Centrica 7.00 19/09/2018 GBP 1,100,000 1,651,820 0.29 Compass Group 3.13 13/02/2019 EUR 1,600,000 1,920,558 0.33 Compass Group 1.88 27/01/2023 EUR 500,000 603,393 0.10 DS Smith 2.25 16/09/2022 EUR 1,700,000 1,959,121 0.34 EE Finance 4.38 28/03/2019 GBP 200,000 288,607 0.05 Experian Finance 4.75 04/02/2020 EUR 600,000 770,336 0.13 Glaxosmithkline Capital 1.50 08/05/2017 USD 1,900,000 1,909,878 0.33 GlaxoSmithKline Capital 2.85 08/05/2022 USD 1,600,000 1,684,971 0.29 Global Switch Holdings 5.50 18/04/2018 EUR 1,000,000 1,214,373 0.21 ITV 2.13 21/09/2022 EUR 4,200,000 4,811,773 0.84 Leeds Building Society 2.63 01/04/2021 EUR 2,800,000 3,228,219 0.56 Lloyds Bank 4.63 02/02/2017 EUR 800,000 912,583 0.16 Marks & Spencer 6.25 01/12/2017 USD 1,300,000 1,374,760 0.24 Mondi Finance 5.75 03/04/2017 EUR 1,900,000 2,200,977 0.38 National Grid 5.00 02/07/2018 EUR 900,000 1,098,609 0.19 Next 5.38 26/10/2021 GBP 100,000 155,192 0.03 Northern Powergrid Holdings 7.25 15/12/2022 GBP 400,000 701,427 0.12 Northumbrian Water Finance 6.00 11/10/2017 GBP 400,000 567,685 0.10 Santander UK 3.05 23/08/2018 USD 800,000 819,164 0.14 Severn Trent Utilities Finance 6.00 22/01/2018 GBP 1,900,000 2,728,844 0.47 Severn Trent Utilities Finance 6.13 26/02/2024 GBP 600,000 1,028,818 0.18 SSE 2.00 17/06/2020 EUR 4,200,000 4,957,370 0.87 SSE 1.75 08/09/2023 EUR 500,000 585,555 0.10 Trinity Acquisition 3.50 15/09/2021 USD 3,800,000 3,943,640 0.69 United Utilities Water 4.25 24/01/2020 EUR 1,300,000 1,646,636 0.29 United Utilities Water 5.75 25/03/2022 GBP 800,000 1,299,090 0.23 Virgin Money 2.25 21/04/2020 GBP 1,400,000 1,874,747 0.33 Vodafone Group 1.75 25/08/2023 EUR 4,200,000 4,904,958 0.86 WPP Finance 2010 3.75 19/09/2024 USD 3,600,000 3,811,338 0.66 57,064,521 9.93 United States of America (2015: 51.79%) 3M 1.88 15/11/2021 EUR 4,000,000 4,847,411 0.84 AbbVie 1.75 06/11/2017 USD 3,700,000 3,723,077 0.65 AbbVie 2.90 06/11/2022 USD 2,000,000 2,042,182 0.36 Adobe Systems 3.25 01/02/2025 USD 2,000,000 2,109,982 0.37 Ahold Finance USA 6.50 14/03/2017 GBP 500,000 692,767 0.12 Air Products & Chemicals 0.38 01/06/2021 EUR 1,300,000 1,455,506 0.25 Albemarle 1.88 08/12/2021 EUR 2,000,000 2,294,408 0.40 American Tower 4.00 01/06/2025 USD 3,600,000 3,835,501 0.67 Amgen 5.85 01/06/2017 USD 800,000 834,018 0.15 Amgen 6.15 01/06/2018 USD 500,000 546,119 0.10 Amgen 4.38 05/12/2018 EUR 300,000 368,246 0.06 Amgen 3.45 01/10/2020 USD 500,000 535,228 0.09 Amgen 3.88 15/11/2021 USD 1,100,000 1,200,792 0.21 MGI Funds plc 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%) United States of America (2015: 51.79%) Amgen 1.25 25/02/2022 EUR 1,100,000 1,264,259 0.22 Amgen 3.63 22/05/2024 USD 800,000 859,790 0.15 Amphenol 2.55 30/01/2019 USD 2,200,000 2,239,393 0.39 Anadarko Petroleum 6.95 15/06/2019 USD 500,000 554,449 0.10 AnheuserBusch InBev Worldwide 1.38 15/07/2017 USD 700,000 702,111 0.12 AnheuserBusch InBev Worldwide 5.38 15/01/2020 USD 1,000,000 1,123,468 0.20 Apple 1.30 23/02/2018 USD 2,000,000 2,014,078 0.35 Apple 1.00 03/05/2018 USD 2,500,000 2,506,833 0.44 Apple 2.15 09/02/2022 USD 2,000,000 2,039,948 0.35 AT&T 1.70 01/06/2017 USD 700,000 703,035 0.12 AT&T 5.50 01/02/2018 USD 700,000 745,336 0.13 AT&T 5.80 15/02/2019 USD 800,000 887,226 0.15 AT&T 4.45 15/05/2021 USD 400,000 439,756 0.08 Bank of America 5.63 14/10/2016 USD 300,000 303,942 0.05 Bank of America 6.88 25/04/2018 USD 1,800,000 1,965,989 0.34 Bank of America 5.65 01/05/2018 USD 800,000 857,693 0.15 Bank of America 7.63 01/06/2019 USD 600,000 694,918 0.12 Bank of America 2.63 19/10/2020 USD 400,000 406,786 0.07 Bear Stearns 7.25 01/02/2018 USD 300,000 327,102 0.06 Becton Dickinson and Co 3.13 08/11/2021 USD 1,600,000 1,680,838 0.29 Berkshire Hathaway 3.75 15/08/2021 USD 2,400,000 2,650,025 0.46 Berkshire Hathaway 0.75 16/03/2023 EUR 1,400,000 1,564,067 0.27 Berkshire Hathaway Finance 5.40 15/05/2018 USD 300,000 324,556 0.06 Block Financial 4.13 01/10/2020 USD 1,900,000 1,958,993 0.34 Block Financial 5.25 01/10/2025 USD 1,100,000 1,181,390 0.21 Boston Scientific 2.65 01/10/2018 USD 1,900,000 1,943,212 0.34 Boston Scientific 2.85 15/05/2020 USD 1,500,000 1,555,334 0.27 CC Holdings GS V 3.85 15/04/2023 USD 3,600,000 3,845,740 0.67 Celgene 2.88 15/08/2020 USD 800,000 828,105 0.14 Celgene 3.95 15/10/2020 USD 600,000 647,816 0.11 Celgene 3.25 15/08/2022 USD 2,600,000 2,689,118 0.47 Celgene 3.55 15/08/2022 USD 1,100,000 1,154,023 0.20 Charles Schwab 4.45 22/07/2020 USD 100,000 110,959 0.02 Chubb INA Holdings 2.88 03/11/2022 USD 3,900,000 4,083,014 0.71 Chubb INA Holdings 3.35 03/05/2026 USD 700,000 747,049 0.13 Citigroup 1.75 01/05/2018 USD 200,000 200,969 0.03 Citigroup 2.05 07/12/2018 USD 3,200,000 3,227,328 0.56 Citigroup 5.00 02/08/2019 EUR 700,000 890,191 0.15 Clorox 3.80 15/11/2021 USD 800,000 870,330 0.15 CocaCola 1.65 14/03/2018 USD 800,000 810,958 0.14 CocaCola 3.30 01/09/2021 USD 1,000,000 1,087,000 0.19 Comcast 5.88 15/02/2018 USD 200,000 215,448 0.04 Comcast 5.15 01/03/2020 USD 2,400,000 2,713,493 0.47 ConAgra Foods 3.20 25/01/2023 USD 700,000 723,197 0.13 CVS Health 1.90 20/07/2018 USD 2,500,000 2,539,093 0.44 CVS Health 2.25 05/12/2018 USD 2,400,000 2,456,429 0.43 Delphi 4.15 15/03/2024 USD 200,000 212,952 0.04 DIRECTV Holdings 2.40 15/03/2017 USD 2,500,000 2,521,573 0.44 Dollar General 3.25 15/04/2023 USD 3,500,000 3,638,929 0.63 Dominion Gas Holdings 2.80 15/11/2020 USD 2,000,000 2,068,754 0.36 Dominion Resources 6.40 15/06/2018 USD 1,000,000 1,091,832 0.19 Dominion Resources 3.90 01/10/2025 USD 2,400,000 2,575,877 0.45 Dow Chemical 8.55 15/05/2019 USD 1,100,000 1,306,588 0.23 Dow Chemical 4.25 15/11/2020 USD 496,000 543,178 0.09 EI du Pont de Nemours & Co 2.80 15/02/2023 USD 3,300,000 3,389,800 0.59 Eli Lilly & Co 1.00 02/06/2022 EUR 2,000,000 2,308,198 0.40 EMC 2.65 01/06/2020 USD 2,200,000 2,101,150 0.37 Energy Transfer Partners 4.15 01/10/2020 USD 600,000 609,537 0.11 Energy Transfer Partners 5.20 01/02/2022 USD 1,900,000 2,004,067 0.35 MGI Funds plc 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%) United States of America (2015: 51.79%) Enterprise Products Operating 6.50 31/01/2019 USD 800,000 896,410 0.16 Enterprise Products Operating 4.05 15/02/2022 USD 1,200,000 1,296,526 0.23 EQT 4.88 15/11/2021 USD 1,300,000 1,383,950 0.24 Express Scripts Holding 2.65 15/02/2017 USD 1,000,000 1,010,784 0.18 Express Scripts Holding 2.25 15/06/2019 USD 1,200,000 1,220,375 0.21 Express Scripts Holding 4.75 15/11/2021 USD 500,000 561,500 0.10 Express Scripts Holding 3.90 15/02/2022 USD 600,000 643,818 0.11 Exxon Mobil 1.44 01/03/2018 USD 3,100,000 3,128,191 0.54 Exxon Mobil 1.31 06/03/2018 USD 1,500,000 1,512,080 0.26 FedEx 1.00 11/01/2023 EUR 2,700,000 3,042,877 0.53 Fidelity National Information Services 4.50 15/10/2022 USD 1,000,000 1,109,025 0.19 Fidelity National Information Services 3.50 15/04/2023 USD 3,500,000 3,639,279 0.63 Gap 5.95 12/04/2021 USD 2,700,000 2,818,930 0.49 General Electric 5.25 06/12/2017 USD 800,000 847,728 0.15 General Electric 5.50 08/01/2020 USD 201,000 229,859 0.04 General Electric 4.65 17/10/2021 USD 200,000 229,198 0.04 General Mills 5.65 15/02/2019 USD 1,300,000 1,445,839 0.25 Gilead Sciences 3.50 01/02/2025 USD 1,000,000 1,067,237 0.19 GlaxoSmithKline Capital 5.65 15/05/2018 USD 1,900,000 2,062,391 0.36 Goldman Sachs Group 5.13 23/10/2019 EUR 200,000 257,087 0.04 Illinois Tool Works 1.75 20/05/2022 EUR 4,700,000 5,610,736 0.99 International Paper 4.75 15/02/2022 USD 1,402,000 1,559,445 0.27 International Paper 3.65 15/06/2024 USD 2,300,000 2,436,231 0.42 Johnson & Johnson 5.55 15/08/2017 USD 2,300,000 2,423,094 0.42 Johnson & Johnson 1.65 05/12/2018 USD 1,200,000 1,222,759 0.21 Johnson & Johnson 4.75 06/11/2019 EUR 1,600,000 2,068,365 0.36 Johnson & Johnson 5.50 06/11/2024 GBP 1,200,000 2,113,004 0.37 JPMorgan Chase & Co 6.30 23/04/2019 USD 500,000 562,277 0.10 JPMorgan Chase & Co 2.75 23/06/2020 USD 800,000 824,801 0.14 JPMorgan Chase & Co 4.63 10/05/2021 USD 700,000 779,490 0.14 JPMorgan Chase & Co 4.35 15/08/2021 USD 1,400,000 1,541,254 0.27 JPMorgan Chase & Co 3.20 25/01/2023 USD 300,000 311,233 0.05 Kinder Morgan Energy Partners 6.00 01/02/2017 USD 450,000 460,521 0.08 Kinder Morgan Energy Partners 2.65 01/02/2019 USD 200,000 200,037 0.03 Kinder Morgan Energy Partners 3.50 01/03/2021 USD 2,700,000 2,711,594 0.47 Kinder Morgan Energy Partners 3.45 15/02/2023 USD 900,000 876,253 0.15 KLATencor 4.65 01/11/2024 USD 5,600,000 6,119,242 1.07 Kraft Heinz Foods 2.25 05/06/2017 USD 1,300,000 1,312,219 0.23 Kraft Heinz Foods 3.50 06/06/2022 USD 1,500,000 1,597,413 0.28 Kroger 3.40 15/04/2022 USD 1,300,000 1,392,383 0.24 Magellan Midstream Partners 5.00 01/03/2026 USD 4,200,000 4,760,237 0.83 MasterCard 2.00 01/04/2019 USD 3,300,000 3,385,282 0.59 McDonald's 2.00 01/06/2023 EUR 600,000 727,224 0.13 McKesson 2.28 15/03/2019 USD 2,775,000 2,839,133 0.49 McKesson 2.70 15/12/2022 USD 2,300,000 2,331,496 0.41 McKesson 3.80 15/03/2024 USD 300,000 325,337 0.06 Mead Johnson Nutrition 4.90 01/11/2019 USD 1,750,000 1,930,604 0.34 Medtronic 3.63 15/03/2024 USD 1,000,000 1,101,710 0.19 Microsoft 4.00 08/02/2021 USD 1,853,000 2,073,305 0.36 Mohawk Industries 2.00 14/01/2022 EUR 800,000 924,045 0.16 Mondelez International 2.38 26/01/2021 EUR 500,000 599,520 0.10 Mondelez International 1.00 07/03/2022 EUR 3,300,000 3,712,329 0.65 Morgan Stanley 3.75 21/09/2017 EUR 3,800,000 4,413,748 0.77 Mylan 2.55 28/03/2019 USD 2,000,000 2,025,908 0.35 National Grid North America 1.75 20/02/2018 EUR 1,100,000 1,257,698 0.22 National Grid North America 0.75 11/02/2022 EUR 2,900,000 3,235,413 0.56 Newmont Mining 3.50 15/03/2022 USD 1,700,000 1,767,432 0.31 NiSource Finance 6.13 01/03/2022 USD 200,000 238,285 0.04 Noble Energy 8.25 01/03/2019 USD 1,100,000 1,260,608 0.22 MGI Funds plc 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%) Norfolk Southern 3.85 15/01/2024 USD 2,000,000 2,194,718 0.38 Novartis Capital 4.40 24/04/2020 USD 1,400,000 1,560,510 0.27 Omega Healthcare Investors 5.25 15/01/2026 USD 400,000 425,962 0.07 PepsiCo 1.25 13/08/2017 USD 600,000 602,857 0.10 PepsiCo 7.90 01/11/2018 USD 200,000 231,396 0.04 PepsiCo 3.00 25/08/2021 USD 900,000 958,177 0.17 PepsiCo 2.75 05/03/2022 USD 1,800,000 1,887,269 0.33 Pfizer 6.20 15/03/2019 USD 3,700,000 4,180,408 0.73 Pfizer 5.75 03/06/2021 EUR 800,000 1,129,881 0.20 Pitney Bowes 4.63 15/03/2024 USD 1,000,000 1,056,860 0.18 Plains All American Pipeline 5.00 01/02/2021 USD 200,000 211,287 0.04 Plains All American Pipeline 2.85 31/01/2023 USD 100,000 92,180 0.02 PPG Industries 0.88 13/03/2022 EUR 2,900,000 3,302,483 0.57 Priceline Group 2.15 25/11/2022 EUR 1,600,000 1,876,758 0.33 Priceline Group 2.38 23/09/2024 EUR 3,300,000 3,855,115 0.67 Procter & Gamble 5.13 24/10/2017 EUR 1,900,000 2,258,764 0.39 Procter & Gamble 4.70 15/02/2019 USD 2,400,000 2,631,602 0.46 Qwest 6.75 01/12/2021 USD 1,200,000 1,301,280 0.23 RELX Capital 3.13 15/10/2022 USD 1,300,000 1,323,027 0.23 RELX Capital 1.30 12/05/2025 EUR 2,700,000 3,091,558 0.54 Spectra Energy Capital 6.20 15/04/2018 USD 1,400,000 1,490,066 0.26 Stryker 2.00 30/09/2016 USD 1,000,000 1,002,975 0.17 Sunoco Logistics Partners Operations 4.65 15/02/2022 USD 2,100,000 2,190,439 0.38 Synchrony Financial 4.25 15/08/2024 USD 4,000,000 4,146,620 0.72 Sysco 2.50 15/07/2021 USD 5,600,000 5,729,091 1.00 Thermo Fisher Scientific 1.85 15/01/2018 USD 1,900,000 1,913,237 0.33 Thermo Fisher Scientific 3.60 15/08/2021 USD 600,000 636,763 0.11 Thermo Fisher Scientific 3.15 15/01/2023 USD 2,300,000 2,353,459 0.41 Thermo Fisher Scientific 3.00 15/04/2023 USD 300,000 306,719 0.05 Time Warner Cable 5.85 01/05/2017 USD 200,000 207,077 0.04 Time Warner Cable 4.00 01/09/2021 USD 4,200,000 4,469,451 0.78 Tyson Foods 3.95 15/08/2024 USD 2,000,000 2,162,556 0.38 United Parcel Service 5.13 01/04/2019 USD 1,200,000 1,329,332 0.23 United Parcel Service 2.45 01/10/2022 USD 2,200,000 2,289,186 0.40 United Parcel Service 1.63 15/11/2025 EUR 1,600,000 1,917,840 0.33 Verisk Analytics 4.00 15/06/2025 USD 2,700,000 2,841,070 0.49 Verizon Communications 2.55 17/06/2019 USD 500,000 518,387 0.09 Verizon Communications 4.50 15/09/2020 USD 1,000,000 1,111,026 0.19 Verizon Communications 3.45 15/03/2021 USD 1,300,000 1,394,374 0.24 Verizon Communications 3.50 01/11/2021 USD 900,000 970,979 0.17 Verizon Communications 4.07 18/06/2024 GBP 300,000 455,859 0.08 Viacom 3.50 01/04/2017 USD 1,610,000 1,633,186 0.28 Wachovia 5.75 01/02/2018 USD 300,000 321,142 0.06 Wells Fargo & Co 2.55 07/12/2020 USD 500,000 514,892 0.09 Wells Fargo & Co 4.60 01/04/2021 USD 2,400,000 2,683,639 0.47 Wells Fargo & Co 2.13 22/04/2022 GBP 600,000 820,880 0.14 Wells Fargo Bank 1.65 22/01/2018 USD 1,800,000 1,815,730 0.32 Western Union 5.93 01/10/2016 USD 2,400,000 2,423,618 0.42 Wyndham Worldwide 4.25 01/03/2022 USD 4,300,000 4,566,927 0.79 Xylem 2.25 11/03/2023 EUR 700,000 832,341 0.14 Zimmer Biomet Holdings 2.70 01/04/2020 USD 700,000 709,112 0.12 Zimmer Biomet Holdings 3.55 01/04/2025 USD 1,800,000 1,858,657 0.32 Zoetis 3.45 13/11/2020 USD 1,600,000 1,653,435 0.29 Zoetis 3.25 01/02/2023 USD 3,700,000 3,775,743 0.66 312,845,108 54.44 Total corporate bonds 546,454,975 95.08 Total transferable securities 546,454,975 95.08 MGI Funds plc 162

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 05/07/2016 15,174 0.01 USD 3* 161,231,760 EUR 144,000,000 20/07/2016 1,170,592 0.20 USD 3* 20,917,728 GBP 14,800,000 20/07/2016 1,131,212 0.20 USD 2* 15,021,936 NOK 125,642,349 05/07/2016 7,226 0.00 USD 2* 647,862 SEK 5,404,508 05/07/2016 9,989 0.00 Unrealised gain on open forward foreign currency contracts 2,334,193 0.41 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 3,305 0.00 3 Month Euribor Interest Rate Futures 1* 1,115,060 19/06/2017 EUR 4 764 0.00 3 Month Euribor Interest Rate Futures 1* 7,527,029 18/06/2018 EUR 27 9,165 0.00 3 Month Euribor Interest Rate Futures 1* 3,623,403 13/03/2017 EUR 13 1,903 0.00 3 Month Euribor Interest Rate Futures 1* 3,624,306 19/03/2018 EUR 13 4,360 0.00 3 Month Euribor Interest Rate Futures 1* 10,030,040 19/09/2016 EUR 36 3,666 0.00 90 Day Australia Bank Bill Futures 1* 1,681,924,749 08/12/2016 AUD 23 2,638 0.00 90 Day Australia Bank Bill Futures 1* 4,383,608,942 08/09/2016 AUD 60 11,818 0.00 90 Day Sterling Futures 1* 4,829,424 21/12/2016 GBP 29 5,631 0.00 90 Day Sterling Futures 1* 8,993,623 20/12/2017 GBP 54 13,335 0.00 90 Day Sterling Futures 1* 3,997,166 21/06/2017 GBP 24 2,807 0.00 90 Day Sterling Futures 1* 17,648,836 20/06/2018 GBP 106 64,818 0.01 90 Day Sterling Futures 1* 6,328,846 15/03/2017 GBP 38 6,450 0.00 90 Day Sterling Futures 1* 11,490,699 21/03/2018 GBP 69 18,782 0.01 90 Day Sterling Futures 1* 10,154,877 21/09/2016 GBP 61 17,838 0.01 90 Day Sterling Futures 1* 6,829,177 20/09/2017 GBP 41 9,307 0.00 10 Year Australian Treasury Bond Futures 1* 2,262,326 15/09/2016 AUD 31 28,182 0.01 Bank Accept Futures 1* 2,098,868 19/09/2016 CAD 11 212 0.00 10 Year Canada Treasury Bond Futures 1* 2,279,818 21/09/2016 CAD 20 6,676 0.00 10 Year Japan Treasury Bond Futures 1* 8,943,558 12/09/2016 JPY 6 14,816 0.00 Long Gilt Futures 1* 3,435,309 28/09/2016 GBP 20 69,944 0.01 Unrealised gain on futures contracts 296,417 0.05 Total financial derivative instruments at positive fair value 2,630,610 0.46 Total financial assets at fair value through profit or loss 549,085,585 95.54 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

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) 0.00 90 Day Australia Bank Bill Futures 1* (951,330,705) 08/06/2017 AUD (13) (1,656) 0.00 90 Day Australia Bank Bill Futures 1* (292,746,924) 07/09/2017 AUD (4) (364) 0.00 90 Day Eurodollar Futures 1* (2,731,438) 19/12/2016 USD (11) (8,525) 0.00 90 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) 0.00 90 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) 0.00 90 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 544,250,653 94.70 Cash (2015: 3.23%) 25,556,976 4.45 Net current assets (2015: (0.07)%) 4,894,340 0.85 Net assets attributable to holders of redeemable participating shares 574,701,969 100.00 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

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; 94.24 Financial derivative instruments dealt in on a regulated market; 0.05 OTC financial derivative instruments; 0.40 Other current assets 5.31 100.00 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 2016 30 June 2015 Mercer Short Duration Global Bond Fund 1 % Holding US$ AAA 1.81 9,900,527 AA+ 2.49 13,580,053 AA 1.80 9,848,937 AA 9.13 49,899,015 A+ 5.61 30,648,887 A 10.57 57,735,474 A 10.33 56,473,682 BBB+ 25.29 138,241,586 BBB 21.15 115,577,357 BBB 11.25 61,457,004 BB+ 0.52 2,818,930 NR 0.05 273,523 100.00 546,454,975 Mercer Short Duration Global Bond Fund 1 % Holding US$ AAA 1.68 7,268,994 AA+ 2.80 12,153,674 AA 2.54 11,026,052 AA 9.47 41,060,663 A+ 4.88 21,135,172 A 16.42 71,163,716 A 10.64 46,117,927 BBB+ 17.73 76,876,781 BBB 23.21 100,623,825 BBB 10.45 45,319,845 BB+ 0.18 781,019 NR 100.00 433,527,668 Concentration Risk Mercer Short Duration Global Bond Fund 1's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Materials 5.04 5.88 Communications 15.00 15.26 Consumer, Cyclical 6.13 Consumer, NonCyclical 24.49 22.81 Energy 6.15 6.77 Financial 19.98 19.89 Industrial 6.84 6.95 Technology 5.10 Utilities 8.00 7.12 MGI Funds plc 165

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 20131 0.22 11/01/2022 EUR 1,145,569 1,272,996 0.26 Cars Alliance Auto Loans Germany V 20131 0.19 18/12/2024 EUR 273,993 304,816 0.06 Driver France Fct Compartment Driver France Two 0.02 21/03/2022 EUR 660,468 732,971 0.15 Titrisocram 2015 0.12 25/11/2035 EUR 1,300,000 1,447,422 0.31 3,758,205 0.78 Germany (2015: 0.49%) Driver Thirteen UG haftungsbeschraenkt 0.03 22/02/2021 EUR 1,313,664 1,456,843 0.30 Red & Black Auto Germany 2 0.12 15/09/2022 EUR 126,350 140,468 0.03 SC Germany Auto 0.07 11/12/2023 EUR 781,327 868,771 0.18 2,466,082 0.51 Ireland (2015: 0.51%) Bilkreditt 4 0.09 25/12/2027 EUR 104,975 116,713 0.02 Bilkreditt 5 0.07 25/03/2028 EUR 386,488 429,956 0.09 Bilkreditt 6 0.01 25/07/2029 EUR 488,722 543,382 0.12 1,090,051 0.23 Luxembourg (2015: 1.34%) Bavarian Sky 0.03 20/08/2021 EUR 341,753 379,854 0.08 Bavarian Sky 0.05 20/04/2024 EUR 1,021,939 1,136,052 0.24 Compartment VCL 20 0.02 21/06/2020 EUR 466,815 518,426 0.11 Compartment VCL 22 0.26 21/08/2021 EUR 1,405,134 1,563,427 0.32 Driver UK 2 0.92 25/01/2023 GBP 553,497 735,109 0.15 ECARAT 0.98 18/03/2022 GBP 899,200 1,199,152 0.25 Silver Arrow 0.05 20/10/2021 EUR 45,910 51,017 0.01 Silver Arrow 0.01 15/10/2023 EUR 627,132 697,491 0.14 6,280,528 1.30 Netherlands (2015: Nil) Globaldrive Auto Receivables 2016A 0.01 20/01/2024 EUR 455,191 506,650 0.10 United Kingdom (2015: 0.43%) Motor 20141 0.93 25/08/2021 USD 116,453 116,433 0.02 Motor 20151 0.98 25/06/2022 GBP 1,215,897 1,619,771 0.34 1,736,204 0.36 United States of America (2015: 0.16%) SLM Private Credit Student Loan Trust 2006B 0.83 15/03/2024 USD 158,695 157,304 0.03 SLM Private Education Loan Trust 2013B 1.09 15/07/2022 USD 188,280 188,205 0.04 345,509 0.07 Total asset backed securities 16,183,229 3.35 Mortgage backed securities (2015: 13.20%) Australia (2015: 0.63%) Apollo Trust 3.05 24/06/2044 AUD 470,656 347,128 0.07 Puma Finance 2.75 13/05/2045 AUD 969,990 718,838 0.15 Puma Finance 2.64 18/10/2045 AUD 1,042,400 770,614 0.16 1,836,580 0.38 France (2015: 0.86%) Infinity 20061 ico 0.01 15/02/2024 EUR 3,061,886 3,325,065 0.69 Ireland (2015: 2.02%) Bluestep Mortgage Securities No. 3 1.06 10/05/2063 SEK 13,976,724 1,651,816 0.34 German Residential Funding 20132 0.89 27/08/2024 EUR 4,496,239 5,043,741 1.04 German Residential Funding 20132 1.34 27/08/2024 EUR 539,549 604,038 0.12 MGI Funds plc 166

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 20132 0.74 27/11/2024 EUR 3,037,209 3,384,477 0.70 German Residential Funding 20132 1.14 27/11/2024 EUR 216,944 241,965 0.05 Mars 2600 1.05 25/10/2050 EUR 864,029 966,070 0.20 Uropa Securities 0.01 10/10/2040 EUR 507,996 558,386 0.12 12,450,493 2.57 Italy (2015: 1.98%) Casa D'este Finance 0.09 15/09/2040 EUR 369,603 404,675 0.08 Claris Abs 2011 Srl 0.21 31/10/2060 EUR 138,017 152,333 0.03 Claris RMBS 2014 0.87 28/12/2061 EUR 970,703 1,085,237 0.22 Creso 0.42 30/12/2060 EUR 734,266 813,610 0.17 Giovecca Mortgages 0.35 23/04/2048 EUR 620,587 688,051 0.14 Marche Mutui 2.00 27/01/2064 EUR 648,611 726,577 0.15 Sunrise 0.71 27/05/2031 EUR 97,216 108,146 0.02 Sunrise 0.24 27/08/2031 EUR 350,573 389,219 0.08 Sunrise 0.49 27/12/2032 EUR 2,500,000 2,790,524 0.59 7,158,372 1.48 Netherlands (2015: 0.07%) Beluga Master Issuer 0.00 28/10/2099 EUR 1,600,000 1,777,839 0.37 United Kingdom (2015: 6.74%) Auburn Securities 9 1.59 18/08/2047 GBP 812,525 1,082,103 0.22 Business Mortgage Finance 7 2.59 15/02/2041 GBP 436,750 556,324 0.12 Eurohome UK Mortgages 2007 1 0.72 15/06/2044 GBP 832,543 1,027,549 0.21 EuroMASTR 0.77 15/06/2040 GBP 948,476 1,116,627 0.23 Eurosail 20061 0.74 10/06/2044 GBP 184,348 240,610 0.05 Eurosail 20062bl 0.02 15/12/2044 EUR 900,000 779,010 0.16 Eurosail 20064np 0.04 10/12/2044 EUR 731,437 781,614 0.16 EurosailUK 20076nc 1.28 13/09/2045 GBP 664,036 875,001 0.18 Gosforth Funding 20141 0.96 19/10/2056 GBP 526,578 700,750 0.14 Great Hall Mortgages 0.09 18/03/2039 EUR 2,104,593 2,246,281 0.46 Great Hall Mortgages 0.72 18/03/2039 GBP 239,158 302,962 0.06 Great Hall Mortgages No 1 0.78 18/06/2039 USD 465,658 423,489 0.09 Landmark Mortgage Securities No 2 0.78 17/06/2039 GBP 162,823 187,833 0.04 Leek Finance Number Eighteen 0.90 21/09/2038 USD 396,440 422,940 0.09 MINT 2015 1.20 22/02/2025 EUR 1,000,000 1,108,728 0.23 MINT 2015 1.89 22/02/2025 GBP 2,300,000 3,041,588 0.59 Nemus II Arden 0.82 15/02/2020 GBP 730,201 959,303 0.20 Newgate Funding 20062 0.11 01/12/2050 EUR 755,016 647,395 0.13 Newgate Funding 20063 0.01 01/12/2050 EUR 1,340,302 1,366,097 0.28 Newgate Funding 20071 0.75 01/12/2050 GBP 1,100,000 1,185,797 0.25 RMAC Securities No 1 0.72 12/06/2044 GBP 962,394 1,180,436 0.24 Taurus CMBS UK 20141 1.99 01/05/2022 GBP 664,179 854,511 0.18 Ulysses European Loan Conduit No 27 0.75 25/07/2017 GBP 500,000 653,013 0.14 21,739,961 4.45 United States of America (2015: 0.90%) COBALT CMBS Commercial Mortgage Trust 2007C3 5.96 15/05/2046 USD 699,522 719,366 0.14 Credit Suisse Commercial Mortgage Trust Series 2006C5 5.31 15/12/2039 USD 560,005 561,012 0.12 Wachovia Bank Commercial Mortgage Trust Series 2007C32 5.88 15/06/2049 USD 266,703 267,417 0.06 1,547,795 0.32 Total mortgage backed securities 49,836,105 10.26 MGI Funds plc 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%) Corporate bonds (2015: 41.31%) Australia (2015: 0.84%) Commonwealth Bank of Australia 0.75 04/11/2021 EUR 1,500,000 1,732,681 0.36 Westpac Banking 1.38 17/04/2020 EUR 1,500,000 1,761,960 0.36 Woodside Finance 4.60 10/05/2021 USD 2,938,000 3,112,497 0.65 6,607,138 1.37 Belgium (2015: 0.90%) AnheuserBusch InBev 0.49 17/03/2020 EUR 700,000 785,931 0.16 Belfius Bank 0.75 10/02/2025 EUR 1,000,000 1,157,331 0.24 Solvay 0.56 01/12/2017 EUR 600,000 670,786 0.14 UCB 4.13 04/01/2021 EUR 1,827,000 2,290,593 0.47 4,904,641 1.01 Canada (2015: 0.20%) Bank of Montreal 0.10 14/01/2019 EUR 2,200,000 2,462,871 0.49 Royal Bank of Canada 2.20 23/09/2019 USD 500,000 513,511 0.11 TorontoDominion Bank 2.25 25/09/2019 USD 500,000 513,955 0.11 TorontoDominion Bank 2.25 15/03/2021 USD 1,300,000 1,335,905 0.28 TorontoDominion Bank 2.25 15/03/2021 USD 2,100,000 2,157,941 0.45 6,984,183 1.44 Cayman Islands (2015: 0.25%) Aircraft Finance 2.11 29/03/2020 USD 886,986 887,576 0.18 Channel Islands (2015: 0.85%) AA Bond 4.72 02/07/2043 GBP 1,100,000 1,522,522 0.31 Atrium European Real Estate 4.00 20/04/2020 EUR 100,000 122,218 0.03 1,644,740 0.34 China (2015: 0.70%) Baidu 3.25 06/08/2018 USD 1,400,000 1,437,284 0.30 Tencent Holdings 3.38 05/03/2018 USD 1,600,000 1,641,003 0.34 3,078,287 0.64 Denmark (2015: 6.18%) Nordea Kredit Realkreditaktieselskab 2.00 01/10/2016 DKK 47,700,000 7,170,066 1.48 Nordea Kredit Realkreditaktieselskab 2.00 01/01/2024 DKK 4,000,000 654,160 0.14 Nordea Kredit Realkreditaktieselskab 2.00 01/10/2047 DKK 9,015,279 1,316,860 0.27 Nykredit Realkredit 1.00 01/10/2016 DKK 12,200,000 1,827,750 0.38 Nykredit Realkredit 2.00 01/10/2016 DKK 44,600,000 6,698,092 1.38 Nykredit Realkredit 2.00 01/10/2037 DKK 19,900,000 2,994,227 0.62 Nykredit Realkredit 2.00 01/10/2047 DKK 15,658,738 2,287,221 0.47 Nykredit Realkredit 2.50 01/10/2047 DKK 40,448,457 6,102,240 1.26 Nykredit Realkredit 3.00 01/10/2047 DKK 5,350,842 821,435 0.17 Nykredit Realkredit 3.50 01/10/2047 DKK 12,231,305 1,887,169 0.39 Realkredit Danmark 2.00 01/04/2017 DKK 18,700,000 2,841,329 0.59 Realkredit Danmark 2.00 01/04/2021 DKK 2,500,000 404,835 0.08 Realkredit Danmark 2.00 01/04/2023 DKK 13,500,000 2,209,444 0.46 Realkredit Danmark 2.50 01/10/2037 DKK 3,231,397 497,019 0.10 Realkredit Danmark 2.50 01/10/2047 DKK 50,621,087 7,631,449 1.58 Realkredit Danmark 3.00 01/10/2047 DKK 18,863,440 2,897,062 0.60 48,240,358 9.97 France (2015: 2.40%) BPCE 1.38 06/03/2017 GBP 1,200,000 1,607,039 0.33 BPCE 1.29 17/06/2017 USD 900,000 901,251 0.19 BPCE 4.63 11/07/2024 USD 800,000 803,117 0.17 Carrefour 4.38 02/11/2016 EUR 2,500,000 2,817,632 0.58 Dexia Credit Local 0.20 31/07/2018 EUR 2,000,000 2,239,257 0.46 Dexia Credit Local 1.63 29/10/2018 EUR 3,000,000 3,473,428 0.72 MGI Funds plc 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%) Corporate bonds (2015: 41.31%) France (2015: 2.40%) Dexia Credit Local 0.04 11/12/2019 EUR 2,600,000 2,903,272 0.60 Dexia Credit Local 2.00 22/01/2021 EUR 2,100,000 2,546,202 0.53 Dexia Credit Local 0.20 16/03/2021 EUR 2,100,000 2,355,286 0.49 Dexia Credit Local 0.75 25/01/2023 EUR 2,800,000 3,215,808 0.66 RCI Banque 0.74 18/03/2019 EUR 100,000 112,529 0.02 22,974,821 4.75 Germany (2015: 0.90%) Covestro 0.34 10/03/2018 EUR 800,000 891,990 0.18 Deutsche Hypothekenbank 0.25 22/02/2023 EUR 1,700,000 1,924,007 0.40 Erste Abwicklungsanstalt 1.13 12/02/2018 USD 7,600,000 7,620,740 1.58 KFW 4.50 16/07/2018 USD 11,200,000 12,022,259 2.49 KFW 4.88 17/06/2019 USD 3,500,000 3,898,290 0.81 KFW 1.75 15/10/2019 USD 4,200,000 4,302,959 0.89 KFW 3.50 22/01/2021 SEK 5,000,000 680,483 0.14 Landesbank HessenThueringen Girozentrale 23/11/2020 EUR 1,300,000 1,459,280 0.30 Landwirtschaftliche Rentenbank 4.25 24/01/2023 AUD 600,000 493,211 0.10 ProSiebenSat.1 Media 2.63 15/04/2021 EUR 1,600,000 1,892,382 0.39 35,185,601 7.28 Ireland (2015: 3.62%) Depfa ACS Bank 3.88 14/11/2016 EUR 2,700,000 3,042,907 0.63 GE Capital European Funding 4.13 27/10/2016 EUR 900,000 1,013,218 0.21 4,056,125 0.84 Italy (2015: 2.04%) Banca Carige 3.75 25/11/2016 EUR 1,100,000 1,237,564 0.26 Banca Carige 3.88 24/10/2018 EUR 2,600,000 3,096,222 0.64 Banca Monte dei Paschi di Siena 5.00 09/02/2056 EUR 900,000 1,071,738 0.22 Banco Popolare SC 3.63 31/03/2017 EUR 1,100,000 1,254,154 0.26 Indesit 4.50 26/04/2018 EUR 1,800,000 2,143,018 0.44 Intesa Sanpaolo 2.38 13/01/2017 USD 1,200,000 1,204,645 0.25 10,007,341 2.07 Japan (2015: 0.07%) Bank of TokyoMitsubishi UFJ 1.68 14/09/2018 USD 700,000 701,930 0.15 Central Nippon Expressway 2.36 28/05/2021 USD 1,000,000 1,017,656 0.21 Sumitomo Mitsui Banking 1.21 16/01/2018 USD 300,000 299,428 0.06 2,019,014 0.42 Luxembourg (2015: 0.67%) DH Europe Finance 0.17 30/06/2017 EUR 1,300,000 1,447,101 0.30 European Financial Stability Facility 0.40 31/05/2026 EUR 400,000 450,561 0.09 European Investment Bank 0.50 10/08/2023 AUD 1,600,000 997,810 0.21 European Stability Mechanism 1.00 23/09/2025 EUR 100,000 120,396 0.02 Gazprom OAO Via Gaz Capital 3.38 30/11/2018 CHF 1,100,000 1,166,269 0.24 4,182,137 0.86 Netherlands (2015: 2.59%) Bank Nederlandse Gemeenten 1.13 07/03/2019 GBP 400,000 540,435 0.11 Bank Nederlandse Gemeenten 0.25 22/02/2023 EUR 2,700,000 3,056,185 0.63 Cooperatieve Rabobank 0.09 18/11/2016 EUR 100,000 111,202 0.02 Cooperatieve Rabobank 0.05 13/01/2017 EUR 3,200,000 3,558,184 0.74 Cooperatieve Rabobank 4.75 15/01/2018 EUR 5,900,000 7,040,387 1.46 LeasePlan 1.38 24/09/2018 EUR 100,000 113,985 0.02 LeasePlan 1.00 08/04/2020 EUR 300,000 337,377 0.07 Nederlandse Waterschapsbank 0.50 27/10/2022 EUR 800,000 920,642 0.19 Nederlandse Waterschapsbank 0.50 19/01/2023 EUR 2,300,000 2,644,641 0.55 MGI Funds plc 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%) Netherlands (2015: 2.59%) Volkswagen International Finance 1.88 15/05/2017 EUR 300,000 338,614 0.07 Vonovia Finance 3.20 02/10/2017 USD 1,800,000 1,835,921 0.38 20,497,573 4.24 Norway (2015: Nil) Eksportfinans ASA 5.50 26/06/2017 USD 3,100,000 3,212,003 0.66 Singapore (2015: Nil) United Overseas Bank 0.25 09/03/2021 EUR 400,000 448,912 0.09 Spain (2015: 0.75%) ACS Actividades de Construccion y Servicios 2.88 01/04/2020 EUR 2,000,000 2,202,179 0.46 Sweden (2015: 1.30%) Stadshypotek 3.31 10/10/2017 AUD 500,000 372,968 0.08 Stadshypotek 1.88 02/10/2019 USD 3,100,000 3,147,008 0.65 Svensk Exportkredit 1.13 05/04/2018 USD 1,000,000 1,003,188 0.21 Volvo Treasury 0.19 11/09/2017 EUR 3,900,000 4,333,851 0.89 8,857,015 1.83 Switzerland (2015: 1.80%) Credit Suisse 0.99 15/07/2016 GBP 1,900,000 2,540,009 0.53 Credit Suisse 6.50 08/08/2023 USD 1,400,000 1,470,350 0.30 EUROFIMA 6.25 28/12/2018 AUD 200,000 162,875 0.03 4,173,234 0.86 Tunisia (2015: 0.29%) African Development Bank 5.25 23/03/2022 AUD 1,500,000 1,273,030 0.26 United Kingdom (2015: 2.85%) British Telecommunications 8.50 07/12/2016 GBP 1,900,000 2,618,835 0.50 HBOS 6.75 21/05/2018 USD 2,000,000 2,150,206 0.44 HSBC Holdings 2.90 08/03/2021 USD 400,000 410,146 0.08 HSBC Holdings 1.50 15/03/2022 EUR 1,000,000 1,141,166 0.24 Royal Bank of Scotland 9.50 16/03/2022 USD 2,000,000 2,084,722 0.49 Vodafone Group 0.69 25/02/2019 EUR 400,000 449,170 0.09 8,854,245 1.84 United States of America (2015: 11.69%) AbbVie 2.00 06/11/2018 USD 600,000 606,470 0.13 American Honda Finance 0.14 11/03/2019 EUR 600,000 668,076 0.14 AnheuserBusch InBev Finance 1.90 01/02/2019 USD 300,000 305,285 0.06 AnheuserBusch InBev Finance 2.65 01/02/2021 USD 300,000 311,433 0.06 Bank of America 1.10 14/11/2016 USD 900,000 900,842 0.19 Bank of America 3.88 22/03/2017 USD 800,000 814,834 0.17 Bank of America 4.75 03/04/2017 EUR 4,100,000 4,718,072 0.98 Bank of America 1.70 25/08/2017 USD 200,000 200,805 0.04 Bank of America 1.27 25/08/2017 USD 600,000 600,745 0.12 Bank of America 5.75 01/12/2017 USD 400,000 423,520 0.09 Bank of America 2.60 15/01/2019 USD 1,200,000 1,228,672 0.25 Bear Stearns 6.40 02/10/2017 USD 600,000 637,579 0.13 Burlington Northernnta Fe 5.65 01/05/2017 USD 1,200,000 1,246,562 0.26 CocaCola 0.01 09/09/2019 EUR 1,500,000 1,663,041 0.34 Ford Motor Credit 2.38 16/01/2018 USD 1,600,000 1,620,286 0.34 Goldman Sachs Group 1.85 15/09/2020 USD 900,000 898,780 0.19 Goldmanchs Group 5.95 18/01/2018 USD 1,000,000 1,065,682 0.22 Goldmanchs Group 6.15 01/04/2018 USD 1,400,000 1,509,122 0.31 HSBC USA 1.13 03/03/2017 USD 800,000 799,398 0.17 JPMorgan Chase & Co 1.15 15/02/2017 USD 1,300,000 1,301,537 0.27 MGI Funds plc 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%) United States of America (2015: 11.69%) JPMorgan Chase & Co 1.59 23/01/2020 USD 1,600,000 1,604,814 0.31 JPMorgan Chase & Co 0.30 27/01/2020 EUR 1,400,000 1,561,924 0.32 JPMorgan Chase Bank 5.38 28/09/2016 GBP 200,000 269,929 0.06 JPMorgan Chase Bank 4.38 30/11/2021 EUR 500,000 558,294 0.12 Morgan Stanley 6.25 28/08/2017 USD 1,400,000 1,476,149 0.31 Morgan Stanley 2.50 24/01/2019 USD 500,000 510,420 0.11 Navient 6.00 25/01/2017 USD 1,100,000 1,115,263 0.23 Republic Services 3.55 01/06/2022 USD 3,100,000 3,351,974 0.69 Verizon Communications 3.45 15/03/2021 USD 3,100,000 3,325,045 0.69 Wells Fargo & Co 2.13 22/04/2019 USD 2,400,000 2,452,670 0.51 WM Covered Bond Program 4.00 26/11/2016 EUR 5,700,000 6,393,044 1.32 44,140,267 9.13 Total corporate bonds 244,430,420 50.54 Government bonds (2015: 37.22%) Belgium (2015: Nil) Belgium (Government of) 4.00 28/03/2017 EUR 8,500,000 9,759,224 2.02 Canada (2015: 1.43%) Province of Ontario Canada 3.50 02/06/2024 CAD 2,400,000 2,095,791 0.43 Province of Ontario Canada 3.45 02/06/2045 CAD 200,000 175,000 0.04 Province of Quebec Canada 4.20 10/03/2025 AUD 1,300,000 1,051,585 0.22 3,322,376 0.69 Czech Republic (2015: Nil) Czech Republic Ministry of Finance Bill 02/09/2016 CZK 9,000,000 369,402 0.08 Czech Republic Ministry of Finance Bill 30/09/2016 CZK 40,000,000 1,641,849 0.34 2,011,251 0.42 Finland (2015: Nil) Finnvera 0.63 22/09/2022 EUR 1,000,000 1,157,822 0.24 France (2015: 1.57%) Caisse Francaise de Financement Local 5.25 16/02/2017 USD 600,000 615,901 0.13 Germany (2015: 0.39%) Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75 15/04/2018 EUR 1,486,618 1,695,076 0.35 State of North RhineWestphalia 0.88 07/03/2018 GBP 1,500,000 2,013,261 0.42 3,708,337 0.77 Italy (2015: 6.20%) Italy Buoni Poliennali Del Tesoro 0.75 15/01/2018 EUR 4,700,000 5,289,070 1.09 Italy Buoni Poliennali Del Tesoro 0.30 15/10/2018 EUR 400,000 447,854 0.09 Italy Certificati di Credito del Tesoro 0.86 15/04/2018 EUR 7,000,000 7,901,461 1.63 Italy Certificati di Credito del Tesoro 1.66 01/11/2018 EUR 12,500,000 14,415,263 2.98 28,053,648 5.79 Norway (2015: 0.88%) Kommunalbanken 0.63 20/04/2026 EUR 1,000,000 1,134,674 0.23 Slovakia (2015: 0.18%) Slovakia (Government of) 0.06 16/11/2016 EUR 700,000 778,253 0.16 Slovenia (2015: 6.42%) Slovenia (Government of) 4.70 01/11/2016 EUR 2,800,000 3,157,520 0.66 Slovenia (Government of) 4.13 18/02/2019 USD 10,800,000 11,382,282 2.35 Slovenia (Government of) 4.13 18/02/2019 USD 14,600,000 15,387,159 3.18 MGI Funds plc 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%) Government bonds (2015: 37.22%) Slovenia (2015: 6.42%) Slovenia (Government of) 4.13 26/01/2020 EUR 300,000 383,560 0.08 Slovenia (Government of) 4.38 18/01/2021 EUR 2,000,000 2,655,392 0.55 Slovenia (Government of) 5.50 26/10/2022 USD 3,900,000 4,436,429 0.92 Slovenia (Government of) 5.85 10/05/2023 USD 7,000,000 8,139,250 1.68 Slovenia (Government of) 5.25 18/02/2024 USD 1,800,000 2,032,200 0.42 47,573,792 9.84 Spain (2015: 2.49%) Autonomous Community of Andalusia Spain 4.85 17/03/2020 EUR 400,000 516,604 0.11 Autonomous Community of Catalonia 4.30 15/11/2016 EUR 200,000 223,702 0.05 Autonomous Community of Catalonia 4.75 04/06/2018 EUR 1,600,000 1,810,750 0.37 Autonomous Community of Catalonia 4.95 11/02/2020 EUR 300,000 347,371 0.07 Autonomous Community of Madrid Spain 4.69 12/03/2020 EUR 10,000 12,902 0.00 Autonomous Community of Madrid Spain 4.13 21/05/2024 EUR 800,000 1,085,091 0.22 Autonomous Community of Madrid Spain 1.83 30/04/2025 EUR 100,000 115,563 0.02 Autonomous Community of Madrid Spain 4.30 15/09/2026 EUR 1,400,000 1,956,140 0.40 Autonomous Community of Valencia Spain 4.90 17/03/2020 EUR 900,000 1,155,272 0.24 FADE Fondo de Amortizacion del Deficit Electrico 0.85 17/09/2019 EUR 3,300,000 3,750,570 0.78 Instituto de Credito Oficial 5.00 14/11/2016 USD 600,000 607,499 0.13 Instituto de Credito Oficial 5.00 10/04/2017 USD 900,000 924,558 0.19 Junta Comunidades de CastillaLa Mancha 4.45 28/11/2016 CAD 2,600,000 2,035,195 0.43 Junta de Castilla y Leon 0.70 03/06/2021 EUR 2,600,000 2,923,433 0.60 Spain (Kingdom of) 0.25 30/04/2018 EUR 4,700,000 5,261,081 1.09 22,725,731 4.70 United Kingdom (2015: 0.46%) United Kingdom (Government of) 3.25 22/01/2044 GBP 2,200,000 3,910,007 0.81 United Kingdom (Government of) 3.50 22/01/2045 GBP 2,100,000 3,919,524 0.81 7,829,531 1.62 United States of America (2015: 17.19%) United States Treasury Inflation Indexed Bonds 0.13 15/04/2018 USD 9,934,848 10,085,937 2.09 United States Treasury Inflation Indexed Bonds 0.13 15/07/2022 USD 104,027 106,484 0.02 United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 1,347,320 1,366,661 0.28 United States Treasury Inflation Indexed Bonds 0.25 15/01/2025 USD 3,131,000 3,181,328 0.66 United States Treasury Inflation Indexed Bonds 2.38 15/01/2025 USD 3,172,775 3,792,002 0.78 United States Treasury Inflation Indexed Bonds 2.38 15/01/2027 USD 593,120 728,514 0.15 United States Treasury Inflation Indexed Bonds 1.75 15/01/2028 USD 799,330 935,637 0.19 United States Treasury Inflation Indexed Bonds 2.50 15/01/2029 USD 2,228,440 2,827,639 0.62 United States Treasury Inflation Indexed Bonds 1.38 15/02/2044 USD 1,847,610 2,140,244 0.44 United States Treasury Note 1.13 28/02/2021 USD 2,000,000 2,014,140 0.42 27,178,586 5.65 Total government bonds 155,849,126 32.26 Municipal bonds (2015: 0.38%) United States of America (2015: 0.38%) Municipal Electric Authority of Georgia 6.66 01/04/2057 USD 700,000 934,374 0.19 State of California 7.60 01/11/2040 USD 600,000 966,654 0.20 1,901,028 0.39 Total municipal bonds 1,901,028 0.39 Total bonds 468,199,908 96.80 Total transferable securities 468,199,908 96.80 MGI Funds plc 172

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 05/07/2016 43,273 0.01 CAD 10* 2,043,000 USD 1,561,711 05/07/2016 11,400 EUR 2* 144,873,570 USD 159,650,675 05/07/2016 1,296,532 0.29 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 02/09/2016 10,589 USD 8* 1,129,639 CZK 27,101,160 30/09/2016 15,183 USD 10* 352,953 CZK 8,469,112 30/09/2016 4,686 USD 2* 21,286,412 DKK 139,426,000 01/07/2016 466,618 0.10 USD 5* 5,190,621 DKK 34,060,000 05/07/2016 104,610 0.02 USD 2* 14,092,175 DKK 93,885,000 05/07/2016 72,792 0.02 USD 10* 457,995 DKK 3,020,000 08/07/2016 6,986 USD 11* 6,898,000 DKK 44,780,000 03/10/2016 188,552 0.04 USD 17* 1,086,571 DKK 7,104,000 03/10/2016 22,169 USD 4* 1,490,271 DKK 9,803,000 03/10/2016 21,474 USD 2* 2,906,769 DKK 19,094,000 03/04/2017 23,396 USD 7* 163,295,028 EUR 146,377,585 05/07/2016 676,937 0.14 USD 15* 47,020,448 EUR 41,999,043 05/07/2016 361,637 0.07 USD 17* 6,371,771 EUR 5,623,000 05/07/2016 124,903 0.03 USD 13* 1,237,084 EUR 1,092,000 05/07/2016 23,927 USD 5* 1,952,694 EUR 1,741,000 05/07/2016 18,531 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 3,590,717 0.77 USD 9* 443,793 GBP 313,000 05/07/2016 25,375 USD 17* 293,009 GBP 211,000 05/07/2016 10,945 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 05/07/2016 51,973 0.01 USD 16* 527,618 SEK 4,401,423 05/07/2016 8,135 Unrealised gain on open forward foreign currency contracts 7,220,061 1.50 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 1,187,084 0.25 Fixed 0.300% 6* JPY 6 Month Libor 18/03/2026 JPY 970,000,000 350,095 0.07 Interest rate swaps at positive fair value 1,537,179 0.32 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 5,738 0.00 Volkswagen 2* Sold Fixed 1.000% 20/12/2016 EUR 1,700,000 6,249 0.00 Volkswagen 6* Sold Fixed 1.000% 20/03/2017 EUR 400,000 2,063 0.00 Volkswagen 3* Sold Fixed 1.000% 20/03/2017 EUR 300,000 1,503 0.00 Volkswagen 5* Sold Fixed 1.000% 20/03/2017 EUR 300,000 1,503 0.00 Goldman Sachs Group 2* Sold Fixed 1.000% 20/09/2020 USD 600,000 449 0.00 Goldman Sachs Group 6* Sold Fixed 1.000% 20/09/2020 USD 200,000 291 0.00 Goldman Sachs Group 5* Sold Fixed 1.000% 20/09/2020 USD 100,000 69 0.00 Credit default swaps at positive fair value 17,865 0.00 MGI Funds plc 173

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 31 170,014 0.04 5 Year US Treasury Notes Futures 6* 30,541,016 30/09/2016 USD 250 349,477 0.07 2 Year US Treasury Notes Futures 6* 99,355,641 30/09/2016 USD 453 690,720 0.14 Unrealised gain on futures contracts 1,210,211 0.25 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 3,800,000 349,635 0.07 Put at 2.16 on IRO GBP 30 Year 10* GBP 12/01/2017 2,600,000 12,783 0.00 Unrealised gain on options purchased 362,418 0.07 Total financial derivative instruments at positive fair value 10,347,734 2.14 Total financial assets at fair value through profit or loss 478,547,642 98.94 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 30/06/2016 19,200,000 3.97 Total reverse repurchase agreements 19,200,000 3.97 Total investments at amortised cost 19,200,000 3.97 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

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

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 19/07/2016 35,000,000 (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 2,462,622 0.51 Total financial assets at amortised cost 19,200,000 3.97 Total investments at fair value through profit and loss 489,862,530 101.28 Cash (2015: 2.43%) 490,571 0.10 Net current liabilities (2015: 0.24%) (6,697,225) (1.38) Net assets attributable to holders of redeemable participating shares 483,655,876 100.00 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; 95.39 Financial derivative instruments dealt in on a regulated market; 0.24 OTC financial derivative instruments; 1.78 Other current assets 2.59 100.00 MGI Funds plc 176

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 2016 30 June 2015 Mercer Short Duration Global Bond Fund 2 % Holding US$ AAA 33.03 154,619,657 AA+ 3.78 17,683,680 AA 6.70 31,387,070 AA 6.29 29,454,012 A+ 5.27 24,682,786 A 15.71 73,555,236 A 3.48 16,307,658 BBB+ 9.83 46,037,439 BBB 9.59 44,897,115 BBB 1.31 6,121,740 BB+ 2.02 9,477,159 BB 0.68 3,190,467 BB 0.24 1,115,263 B+ 0.65 3,034,836 NR 1.42 6,635,790 100.00 468,199,908 Mercer Short Duration Global Bond Fund 2 % Holding US$ AAA 31.35 134,299,213 AA+ 6.26 26,824,129 AA 1.40 5,958,704 AA 2.00 8,585,405 A+ 5.82 24,940,491 A 10.65 45,634,557 A 13.55 58,042,641 BBB+ 5.03 21,531,078 BBB 8.96 38,395,348 BBB 2.35 10,081,276 BB+ 2.13 9,126,803 BB 1.60 6,873,218 BB 0.05 223,890 NR 8.85 37,922,336 100.00 428,439,089 Concentration Risk Mercer Short Duration Global Bond Fund 2's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Financial 48.25 47.46 Sovereign 35.02 37.60 MGI Funds plc 177

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 1.38 22/03/2022 EUR 1,750,000 1,930,340 0.32 Aurizon Network 3.13 01/06/2026 EUR 400,000 453,789 0.08 BHP Billiton Finance 3.25 21/11/2021 USD 1,200,000 1,269,281 0.21 BHP Billiton Finance 3.85 30/09/2023 USD 250,000 272,300 0.04 BHP Billiton Finance 4.13 24/02/2042 USD 3,450,000 3,565,458 0.59 Brambles Finance 2.38 12/06/2024 EUR 1,250,000 1,529,323 0.25 Rio Tinto Finance 9.00 01/05/2019 USD 710,000 853,637 0.14 Rio Tinto Finance 3.75 15/06/2025 USD 3,000,000 3,144,186 0.52 Scentre Group Trust 1 2.25 16/07/2024 EUR 2,000,000 2,447,905 0.40 Scentre Group Trust 1 3.88 16/07/2026 GBP 1,947,000 2,948,955 0.49 SGSP Australia Assets 2.00 30/06/2022 EUR 1,900,000 2,234,730 0.37 Sydney Airport Finance 3.38 30/04/2025 USD 2,800,000 2,851,052 0.47 Telstra 4.80 12/10/2021 USD 820,000 933,779 0.15 Telstra 3.13 07/04/2025 USD 2,000,000 2,091,981 0.35 Telstra 1.13 14/04/2026 EUR 1,850,000 2,113,560 0.35 Wesfarmers 2.75 02/08/2022 EUR 1,590,000 1,968,693 0.33 30,608,969 5.06 Belgium (2015: 0.61%) AnheuserBusch InBev 9.75 30/07/2024 GBP 175,000 365,467 0.06 AnheuserBusch InBev 2.75 17/03/2036 EUR 1,000,000 1,288,078 0.21 Eandis System Operator 2.88 09/10/2023 EUR 1,000,000 1,301,538 0.22 Solvay 2.75 02/12/2027 EUR 1,000,000 1,258,066 0.21 4,213,149 0.70 Bermuda (2015: 0.72%) Ooredoo International Finance 4.75 16/02/2021 USD 2,550,000 2,811,390 0.47 Ooredoo International Finance 3.75 22/06/2026 USD 380,000 385,225 0.06 3,196,615 0.53 British Virgin Islands (2015: 0.41%) CNOOC Finance 2011 4.25 26/01/2021 USD 2,800,000 2,965,438 0.49 Canada (2015: 1.10%) Agrium 4.90 01/06/2043 USD 3,000,000 3,120,690 0.52 Alimentation CoucheTard 1.88 06/05/2026 EUR 1,300,000 1,498,012 0.25 Canadian National Railway 5.55 01/03/2019 USD 1,200,000 1,333,398 0.22 Cenovus Energy 3.00 15/08/2022 USD 1,700,000 1,553,987 0.26 Glencore Canada Financial 7.38 27/05/2020 GBP 1,700,000 2,431,620 0.40 Husky Energy 3.95 15/04/2022 USD 900,000 932,006 0.15 Husky Energy 4.00 15/04/2024 USD 736,000 748,881 0.12 11,618,594 1.92 Channel Islands (2015: 1.34%) Credit Suisse Group Funding Guernsey 3.75 26/03/2025 USD 1,600,000 1,568,890 0.26 Gatwick Funding 4.63 27/03/2034 GBP 1,000,000 1,621,153 0.27 Porterbrook Rail Finance 5.50 20/04/2019 GBP 1,660,000 2,453,592 0.40 UBS Group Funding Jersey 4.13 24/09/2025 USD 2,900,000 3,011,746 0.50 8,655,381 1.43 Chile (2015: Nil) Corporación Nacional de Colbre de Chile 3.75 04/11/2020 USD 2,800,000 3,005,834 0.50 China (2015: 0.85%) Alibaba Group Holding 3.13 28/11/2021 USD 3,000,000 3,074,115 0.51 Tencent Holdings 4.63 12/12/2016 USD 2,550,000 2,587,845 0.43 5,661,960 0.94 MGI Funds plc 178

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 1.38 23/02/2022 EUR 1,200,000 1,382,713 0.23 ISS Global 1.13 07/01/2021 EUR 1,000,000 1,136,475 0.19 2,519,188 0.42 Finland (2015:0.29%) Elenia Finance 2.88 17/12/2020 EUR 1,750,000 2,104,952 0.35 France (2015: 5.22%) BNP Paribas 5.00 15/01/2021 USD 1,910,000 2,146,508 0.35 BNP Paribas 3.25 03/03/2023 USD 800,000 832,699 0.14 Casino Guichard Perrachon 3.16 06/08/2019 EUR 1,100,000 1,317,920 0.22 Danone 3.00 15/06/2022 USD 2,700,000 2,826,230 0.47 Electricite de France 5.88 18/07/2031 GBP 1,625,000 2,779,583 0.46 Electricite de France 6.95 26/01/2039 USD 2,500,000 3,342,668 0.55 Eutelsat 3.13 10/10/2022 EUR 700,000 877,839 0.15 Holding d'infrastructures de Transport 2.25 24/03/2025 EUR 900,000 1,099,405 0.18 Klepierre 4.75 14/03/2021 EUR 1,800,000 2,431,601 0.40 Klepierre 1.88 19/02/2026 EUR 2,200,000 2,657,751 0.44 Societe Des Autoroutes ParisRhinRhone 1.88 15/01/2025 EUR 1,700,000 2,065,004 0.34 Total Capital 4.25 15/12/2021 USD 1,680,000 1,888,634 0.31 UnibailRodamco SE 2.00 28/04/2036 EUR 1,000,000 1,229,538 0.20 Valeo 1.63 18/03/2026 EUR 2,400,000 2,831,129 0.47 28,326,509 4.68 Germany (2015: 1.04%) Daimler 0.50 09/09/2019 EUR 1,300,000 1,467,969 0.24 Daimler 2.38 16/12/2021 GBP 1,800,000 2,497,564 0.41 Eurogrid 1.63 03/11/2023 EUR 300,000 360,296 0.06 Eurogrid 1.50 18/04/2028 EUR 2,700,000 3,137,425 0.52 Vier Gas Transport 3.13 10/07/2023 EUR 1,950,000 2,571,828 0.43 10,035,082 1.66 Hong Kong (2015: 0.42%) Li & Fung 5.50 16/05/2017 USD 2,360,000 2,435,081 0.40 Ireland (2015: 1.30%) ESB Finance 2.13 08/06/2027 EUR 1,578,000 1,942,888 0.32 GE Capital International Funding 2.34 15/11/2020 USD 365,000 376,243 0.06 GE Capital International Funding 4.42 15/11/2035 USD 1,410,000 1,584,609 0.26 GE Capital UK Funding 4.13 13/09/2023 GBP 200,000 311,822 0.05 Kerry Group Financial Services 2.38 10/09/2025 EUR 1,300,000 1,621,189 0.27 Russian Railways via RZD Capital 5.74 03/04/2017 USD 2,650,000 2,717,906 0.45 Willow No.2 Ireland for Zurich Insurance 3.38 27/06/2022 EUR 1,500,000 1,940,649 0.32 10,495,306 1.73 Italy (2015: 2.10%) Atlantia 6.25 09/06/2022 GBP 1,610,000 2,660,739 0.44 Intesa Sanpaolo 4.00 09/11/2017 EUR 1,930,000 2,252,626 0.37 Intesa Sanpaolo 3.00 28/01/2019 EUR 550,000 648,574 0.11 Snam 1.50 21/04/2023 EUR 1,127,000 1,333,703 0.22 Snam 1.38 19/11/2023 EUR 332,000 389,650 0.06 UniCredit 2.00 04/03/2023 EUR 1,000,000 1,132,529 0.19 8,417,821 1.39 Japan (2015: 0.06%) Nomura Holdings 2.00 13/09/2016 USD 400,000 400,709 0.07 Korea (2015: 1.27%) Korea Gas 2.25 25/07/2017 USD 869,000 878,213 0.14 MGI Funds plc 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%) Luxembourg (2015: 2.01%) Actavis Funding SCS 3.80 15/03/2025 USD 2,500,000 2,609,270 0.43 DH Europe Finance 2.50 08/07/2025 EUR 2,500,000 3,149,025 0.52 Gazprom OAO Via Gaz Capital 3.85 06/02/2020 USD 1,400,000 1,416,236 0.24 Pentair Finance 2.45 17/09/2019 EUR 750,000 865,847 0.14 Schlumberger Investment 3.30 14/09/2021 USD 1,700,000 1,802,806 0.30 Schlumberger Investment 3.65 01/12/2023 USD 1,300,000 1,396,833 0.23 SES 4.63 09/03/2020 EUR 1,900,000 2,442,492 0.40 SES 3.60 04/04/2023 USD 500,000 505,515 0.08 14,188,024 2.34 Mexico (2015: 1.54%) America Movil 5.00 16/10/2019 USD 2,020,000 2,227,165 0.37 Grupo Bimbo 4.50 25/01/2022 USD 2,750,000 2,985,458 0.49 Petroleos Mexicanos 5.75 01/03/2018 USD 500,000 524,080 0.09 Petroleos Mexicanos 8.00 03/05/2019 USD 300,000 334,968 0.05 Petroleos Mexicanos 3.50 23/07/2020 USD 1,400,000 1,402,254 0.23 Petroleos Mexicanos 3.13 27/11/2020 EUR 364,000 416,365 0.07 7,890,290 1.30 Netherlands (2015: 6.00%) Achmea 2.50 19/11/2020 EUR 3,387,000 4,122,895 0.68 BMW Finance 1.00 15/02/2022 EUR 1,250,000 1,447,045 0.24 Cooperatieve Rabobank 5.25 24/05/2041 USD 2,600,000 3,242,057 0.53 EDP Finance 4.90 01/10/2019 USD 2,700,000 2,875,743 0.47 Enel Finance International 5.13 07/10/2019 USD 2,500,000 2,763,007 0.46 General Motors Financial International 1.17 18/05/2020 EUR 800,000 903,342 0.15 LYB International Finance 1.88 02/03/2022 EUR 500,000 582,835 0.10 LYB International Finance 4.88 15/03/2044 USD 2,450,000 2,600,474 0.43 Shell International Finance 2.00 15/11/2018 USD 1,210,000 1,231,002 0.20 Shell International Finance 3.25 11/05/2025 USD 3,000,000 3,150,894 0.52 Shell International Finance 6.38 15/12/2038 USD 810,000 1,102,568 0.18 Siemens Financieringsmaatschappij 6.13 17/08/2026 USD 3,370,000 4,467,252 0.74 Urenco Finance 2.50 15/02/2021 EUR 2,500,000 2,979,038 0.49 Urenco Finance 2.25 05/08/2022 EUR 395,000 467,400 0.08 Vonovia Finance 1.63 15/12/2020 EUR 500,000 584,299 0.10 Vonovia Finance 3.63 08/10/2021 EUR 1,300,000 1,676,819 0.28 34,196,670 5.65 Norway (2015: 0.37%) Santander Consumer Bank 1.00 25/02/2019 EUR 600,000 672,410 0.11 Statoil 4.80 08/11/2043 USD 1,000,000 1,168,284 0.19 1,840,694 0.30 Singapore (2015: 0.42%) PSA International Pte 3.88 11/02/2021 USD 2,440,000 2,659,673 0.44 Spain (2015: 0.84%) Banco Bilbao Vizcaya Argentaria 3.00 20/10/2020 USD 2,500,000 2,548,727 0.42 Enagas Financiaciones 2.50 11/04/2022 EUR 1,300,000 1,622,918 0.27 Mapfre 1.63 19/05/2026 EUR 2,800,000 3,128,237 0.52 Red Electrica Financiaciones 1.00 21/04/2026 EUR 400,000 452,716 0.07 Telefonica Emisiones 5.38 02/02/2018 GBP 550,000 781,427 0.13 Telefonica Emisiones 5.60 12/03/2020 GBP 1,300,000 1,968,864 0.33 10,502,889 1.74 Sweden (2015: 0.66%) Swedish Match 3.13 03/04/2019 EUR 1,200,000 1,437,404 0.24 MGI Funds plc 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%) Switzerland (2015: 0.34%) Credit Suisse 3.63 09/09/2024 USD 1,000,000 1,035,664 0.17 United Arab Emirates (2015: 0.39%) Dolphin Energy 5.50 15/12/2021 USD 2,510,000 2,852,301 0.47 United Kingdom (2015: 14.40%) Babcock International Group 1.75 06/10/2022 EUR 1,000,000 1,131,431 0.19 Barclays Bank 6.75 22/05/2019 USD 2,440,000 2,741,579 0.45 BAT International Finance 7.25 12/03/2024 GBP 775,000 1,406,085 0.23 BAT International Finance 4.00 04/09/2026 GBP 350,000 538,757 0.09 BP Capital Markets 4.50 01/10/2020 USD 1,000,000 1,108,653 0.18 British Telecommunications 1.75 10/03/2026 EUR 1,500,000 1,741,263 0.29 British Telecommunications 9.38 15/12/2030 USD 600,000 926,525 0.15 BUPA Finance 3.38 17/06/2021 GBP 600,000 852,604 0.14 Diageo Finance 2.38 20/05/2026 EUR 2,000,000 2,532,459 0.42 DS Smith 2.25 16/09/2022 EUR 900,000 1,037,182 0.17 FCE Bank 1.53 09/11/2020 EUR 900,000 1,031,804 0.17 GlaxoSmithKline Capital 3.38 20/12/2027 GBP 500,000 746,078 0.12 Great Rolling Stock 6.25 27/07/2020 GBP 1,530,000 2,386,132 0.40 Greene King Finance 5.32 15/09/2031 GBP 1,530,807 2,364,244 0.39 Hammerson 2.75 26/09/2019 EUR 900,000 1,065,317 0.18 Heathrow Funding 5.23 15/02/2023 GBP 500,000 795,754 0.13 Heathrow Funding 4.63 31/10/2046 GBP 600,000 1,019,819 0.17 HSBC Bank 4.75 19/01/2021 USD 880,000 970,744 0.16 HSBC Holdings 6.50 20/05/2024 GBP 1,000,000 1,654,013 0.27 HSBC Holdings 6.10 14/01/2042 USD 2,660,000 3,448,235 0.57 Imperial Brands Finance 8.13 15/03/2024 GBP 300,000 554,345 0.09 Imperial Brands Finance 4.88 07/06/2032 GBP 600,000 960,303 0.16 InterContinental Hotels Group 3.75 14/08/2025 GBP 1,000,000 1,428,240 0.24 Leeds Building Society 1.38 05/05/2022 EUR 1,000,000 1,082,040 0.18 Lloyds Bank 2.30 27/11/2018 USD 200,000 201,196 0.03 Lloyds Bank 7.50 15/04/2024 GBP 1,440,000 2,620,774 0.43 Lloyds Bank 3.50 14/05/2025 USD 2,500,000 2,571,715 0.43 Metropolitan Funding 4.13 05/04/2048 GBP 300,000 470,619 0.08 Places for People Homes 5.09 31/07/2024 GBP 1,710,000 2,716,174 0.45 Royal Bank of Scotland Group 6.40 21/10/2019 USD 2,530,000 2,793,504 0.46 Santander UK Group Holdings 3.63 14/01/2026 GBP 900,000 1,225,568 0.20 Scotland Gas Networks 3.25 08/03/2027 GBP 1,450,000 2,064,348 0.34 Sky 3.75 16/09/2024 USD 2,800,000 2,914,173 0.48 Southern Gas Networks 2.50 03/02/2025 GBP 2,221,000 3,038,921 0.50 SSE 2.38 10/02/2022 EUR 1,500,000 1,809,456 0.30 SSE 1.75 08/09/2023 EUR 900,000 1,053,999 0.17 Stagecoach Group 4.00 29/09/2025 GBP 1,775,000 2,544,628 0.42 State Grid Europe Development 2014 1.50 26/01/2022 EUR 2,650,000 3,000,999 0.50 Tesco 6.13 24/02/2022 GBP 2,340,000 3,437,091 0.57 Tesco 5.00 24/03/2023 GBP 900,000 1,246,318 0.21 Tesco Property Finance 6 5.41 13/07/2044 GBP 247,397 305,277 0.05 Vodafone Group 7.88 15/02/2030 USD 1,970,000 2,543,225 0.42 Western Power Distribution 3.63 06/11/2023 GBP 700,000 987,911 0.16 WPP Finance 2010 4.75 21/11/2021 USD 2,550,000 2,832,117 0.47 WPP Finance 2010 3.75 19/09/2024 USD 350,000 370,547 0.06 Yorkshire Building Society 2.13 18/03/2019 EUR 1,200,000 1,371,520 0.23 Yorkshire Building Society 1.25 17/03/2022 EUR 1,300,000 1,403,021 0.23 77,046,707 12.73 United States of America (2015: 43.74%) 21st Century Fox America 6.90 01/03/2019 USD 1,470,000 1,673,557 0.28 21st Century Fox America 3.70 15/10/2025 USD 2,766,000 3,001,904 0.50 AbbVie 2.85 14/05/2023 USD 500,000 507,564 0.08 MGI Funds plc 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%) United States of America (2015: 43.74%) AbbVie 3.60 14/05/2025 USD 2,413,000 2,533,095 0.42 AbbVie 3.20 14/05/2026 USD 2,000,000 2,030,130 0.34 Adobe Systems 3.25 01/02/2025 USD 3,050,000 3,217,723 0.53 Aetna 3.20 15/06/2026 USD 2,435,000 2,510,397 0.42 Alabama Power 3.55 01/12/2023 USD 1,685,000 1,842,448 0.30 Altria Group 4.00 31/01/2024 USD 2,800,000 3,137,641 0.52 Ameriprise Financial 5.30 15/03/2020 USD 2,450,000 2,746,786 0.45 Amgen 3.63 22/05/2024 USD 1,000,000 1,074,738 0.18 Amgen 4.00 13/09/2029 GBP 1,500,000 2,290,211 0.38 Anadarko Petroleum 6.45 15/09/2036 USD 1,400,000 1,617,753 0.27 AnheuserBusch InBev Finance 3.65 01/02/2026 USD 2,000,000 2,146,742 0.35 AnheuserBusch InBev Finance 4.70 01/02/2036 USD 870,000 980,815 0.16 AnheuserBusch InBev Worldwide 4.38 15/02/2021 USD 450,000 495,819 0.08 AnheuserBusch InBev Worldwide 8.20 15/01/2039 USD 540,000 863,368 0.14 Anthem 7.00 15/02/2019 USD 840,000 951,308 0.16 Apache 3.63 01/02/2021 USD 1,000,000 1,046,290 0.17 Apache 2.63 15/01/2023 USD 2,990,000 2,966,086 0.49 Apple 2.85 23/02/2023 USD 2,800,000 2,944,894 0.49 ArcherDanielsMidland 1.75 23/06/2023 EUR 750,000 898,029 0.15 AT&T 2.63 01/12/2022 USD 2,440,000 2,446,510 0.40 AT&T 3.40 15/05/2025 USD 1,200,000 1,229,772 0.20 AT&T 5.35 01/09/2040 USD 1,000,000 1,097,722 0.18 AT&T 4.80 15/06/2044 USD 600,000 618,335 0.10 AvalonBay Communities 2.95 15/09/2022 USD 2,700,000 2,782,515 0.46 Bank of America 7.75 30/04/2018 GBP 1,500,000 2,224,770 0.37 Bank of America 2.50 27/07/2020 EUR 400,000 482,528 0.08 Bank of America 6.13 15/09/2021 GBP 200,000 319,291 0.05 Bank of America 1.63 14/09/2022 EUR 250,000 291,878 0.05 Bank of America 5.88 07/02/2042 USD 700,000 886,809 0.15 Bank of America 4.88 01/04/2044 USD 1,050,000 1,201,365 0.20 Berkshire Hathaway 1.13 16/03/2027 EUR 800,000 878,162 0.15 Berkshire Hathaway 4.50 11/02/2043 USD 800,000 916,404 0.15 Berkshire Hathaway Energy 3.75 15/11/2023 USD 2,850,000 3,119,188 0.52 BMW US Capital 2.00 20/11/2019 GBP 1,800,000 2,474,244 0.41 BMW US Capital 2.00 11/04/2021 USD 243,000 246,319 0.04 Boston Properties 3.85 01/02/2023 USD 2,880,000 3,086,338 0.51 Burlington Northern Santa Fe 4.70 01/10/2019 USD 370,000 409,306 0.07 Capital One Financial 4.75 15/07/2021 USD 3,170,000 3,532,626 0.58 Capital One Financial 3.50 15/06/2023 USD 500,000 516,733 0.09 Carnival 1.63 22/02/2021 EUR 1,250,000 1,437,734 0.24 Celgene 3.88 15/08/2025 USD 1,000,000 1,068,671 0.18 CF Industries 3.45 01/06/2023 USD 650,000 650,411 0.11 CF Industries 5.38 15/03/2044 USD 1,000,000 946,347 0.16 Chevron 3.33 17/11/2025 USD 1,300,000 1,391,032 0.23 Chubb INA Holdings 2.70 13/03/2023 USD 1,680,000 1,728,056 0.29 Chubb INA Holdings 3.35 03/05/2026 USD 1,650,000 1,760,901 0.29 Cigna 4.00 15/02/2022 USD 1,100,000 1,186,271 0.20 Cigna 5.38 15/02/2042 USD 800,000 950,322 0.16 Cisco Systems 2.20 28/02/2021 USD 1,675,000 1,727,426 0.29 Cisco Systems 5.90 15/02/2039 USD 600,000 816,186 0.14 Citigroup 5.15 21/05/2026 GBP 1,700,000 2,750,916 0.45 Citigroup 8.13 15/07/2039 USD 150,000 234,696 0.04 Citigroup 4.95 07/11/2043 USD 2,690,000 3,060,819 0.51 Comcast 3.15 01/03/2026 USD 2,510,000 2,674,887 0.44 Comcast 6.95 15/08/2037 USD 320,000 461,156 0.08 Comcast 4.75 01/03/2044 USD 1,700,000 1,987,089 0.33 Commonwealth Edison 2.55 15/06/2026 USD 1,150,000 1,170,701 0.19 Commonwealth Edison 3.70 01/03/2045 USD 355,000 364,886 0.06 Continental Airlines 20071 A Pass Through Trust 5.98 19/04/2022 USD 579,272 649,508 0.11 MGI Funds plc 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%) United States of America (2015: 43.74%) CVS Health 4.13 15/05/2021 USD 1,190,000 1,307,442 0.22 CVS Health 6.13 15/09/2039 USD 2,200,000 3,032,372 0.50 Delta Air Lines 20071 A Pass Through Trust 6.82 10/08/2022 USD 415,831 483,716 0.08 Devon Energy 7.95 15/04/2032 USD 2,000,000 2,297,028 0.38 Discovery Communications 5.63 15/08/2019 USD 1,540,000 1,698,563 0.28 Dow Chemical 8.55 15/05/2019 USD 820,000 974,002 0.16 Dow Chemical 4.13 15/11/2021 USD 1,000,000 1,098,354 0.18 Dow Chemical 4.63 01/10/2044 USD 1,400,000 1,488,467 0.25 Duke Energy Carolinas 4.25 15/12/2041 USD 500,000 561,605 0.09 Duke Energy Indiana 3.75 15/05/2046 USD 3,150,000 3,278,942 0.54 Eastman Chemical 3.60 15/08/2022 USD 1,740,000 1,830,261 0.30 Eastman Chemical 4.80 01/09/2042 USD 400,000 416,152 0.07 Eastman Chemical 4.65 15/10/2044 USD 1,250,000 1,283,550 0.21 Ecolab 2.63 08/07/2025 EUR 2,500,000 3,121,190 0.52 EI du Pont de Nemours 5.75 15/03/2019 USD 1,340,000 1,487,882 0.25 EMC 1.88 01/06/2018 USD 1,600,000 1,568,550 0.26 EMD Finance 3.25 19/03/2025 USD 3,000,000 3,079,722 0.51 Enterprise Products Operating 5.25 31/01/2020 USD 965,000 1,073,345 0.18 Enterprise Products Operating 5.10 15/02/2045 USD 1,700,000 1,867,710 0.31 EOG Resources 5.63 01/06/2019 USD 1,105,000 1,221,729 0.20 EOG Resources 3.90 01/04/2035 USD 1,200,000 1,207,013 0.20 ERP Operating 4.63 15/12/2021 USD 1,620,000 1,831,473 0.30 Express Scripts Holding 3.30 25/02/2021 USD 1,425,000 1,495,857 0.25 Exxon Mobil 3.04 01/03/2026 USD 2,300,000 2,444,484 0.40 FedEx 2.70 15/04/2023 USD 755,000 771,978 0.13 FedEx 4.00 15/01/2024 USD 1,000,000 1,094,467 0.18 FedEx 1.63 11/01/2027 EUR 820,000 928,661 0.15 Ford Motor Credit 2.55 05/10/2018 USD 2,800,000 2,853,315 0.47 Ford Motor Credit 2.02 03/05/2019 USD 220,000 222,024 0.04 Ford Motor Credit 8.13 15/01/2020 USD 750,000 895,207 0.15 General Electric 4.63 07/01/2021 USD 129,000 146,370 0.02 General Electric 6.75 15/03/2032 USD 144,000 202,422 0.03 General Electric 5.88 14/01/2038 USD 1,287,000 1,744,175 0.29 General Motors Financial 5.25 01/03/2026 USD 1,425,000 1,551,995 0.26 Genzyme 5.00 15/06/2020 USD 860,000 978,216 0.16 GeorgiaPacific 5.40 01/11/2020 USD 1,400,000 1,587,204 0.26 Gilead Sciences 4.40 01/12/2021 USD 2,000,000 2,259,782 0.37 Goldman Sachs Group 6.13 15/02/2033 USD 1,935,000 2,419,470 0.40 Goldman Sachs Group 4.80 08/07/2044 USD 1,000,000 1,111,379 0.18 Halliburton 6.70 15/09/2038 USD 650,000 820,881 0.14 Halliburton 4.50 15/11/2041 USD 900,000 883,735 0.15 Halliburton 4.75 01/08/2043 USD 500,000 525,354 0.09 Home Depot 5.88 16/12/2036 USD 2,390,000 3,270,727 0.54 Home Depot 4.88 15/02/2044 USD 950,000 1,173,050 0.19 Honeywell International 1.30 22/02/2023 EUR 4,700,000 5,447,187 0.90 International Business Machines 3.38 01/08/2023 USD 630,000 683,897 0.11 International Paper 7.95 15/06/2018 USD 400,000 451,082 0.07 Jabil Circuit 4.70 15/09/2022 USD 400,000 404,000 0.07 Johns Hopkins University 4.08 01/07/2053 USD 350,000 390,245 0.06 Johnson & Johnson 5.95 15/08/2037 USD 2,300,000 3,410,921 0.56 JPMorgan Chase & Co 4.50 24/01/2022 USD 2,640,000 2,940,094 0.49 JPMorgan Chase & Co 4.85 01/02/2044 USD 1,280,000 1,539,395 0.25 KeyCorp 5.10 24/03/2021 USD 2,480,000 2,792,768 0.46 KimberlyClark 6.63 01/08/2037 USD 2,300,000 3,413,018 0.56 Kinder Morgan Energy Partners 2.65 01/02/2019 USD 1,415,000 1,415,263 0.23 Kinder Morgan Energy Partners 6.85 15/02/2020 USD 220,000 246,407 0.04 Kraft Heinz Foods 2.00 30/06/2023 EUR 2,200,000 2,612,136 0.43 Kroger 2.30 15/01/2019 USD 230,000 234,812 0.04 Kroger 3.30 15/01/2021 USD 1,200,000 1,276,684 0.21 MGI Funds plc 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%) Laboratory of America Holdings 3.75 23/08/2022 USD 2,190,000 2,308,974 0.38 LG&E and KU Energy 3.75 15/11/2020 USD 1,200,000 1,289,957 0.21 Liberty Mutual Group 2.75 04/05/2026 EUR 1,350,000 1,535,388 0.25 Lincoln National 6.25 15/02/2020 USD 1,070,000 1,203,999 0.20 Lowe's 3.13 15/09/2024 USD 2,942,000 3,161,079 0.52 Magellan Midstream Partners 5.15 15/10/2043 USD 1,700,000 1,820,646 0.30 Markel 4.90 01/07/2022 USD 1,000,000 1,111,565 0.18 Marriott International 2.30 15/01/2022 USD 1,380,000 1,390,063 0.23 MasterCard 2.50 01/12/2030 EUR 1,000,000 1,271,026 0.21 Maxim Integrated Products 2.50 15/11/2018 USD 1,295,000 1,318,249 0.22 Medtronic 4.63 15/03/2045 USD 2,500,000 2,947,177 0.49 MetLife 7.72 15/02/2019 USD 1,030,000 1,196,083 0.20 MetLife 4.37 15/09/2023 USD 1,200,000 1,329,718 0.22 Metropolitan Life Global Funding I 2.63 05/12/2022 GBP 1,941,000 2,725,523 0.45 Microsoft 5.20 01/06/2039 USD 2,600,000 3,214,325 0.53 Monsanto 2.85 15/04/2025 USD 845,000 839,374 0.14 Morgan Stanley 6.63 01/04/2018 USD 2,400,000 2,602,135 0.43 Morgan Stanley 3.70 23/10/2024 USD 605,000 634,188 0.10 Morgan Stanley 6.38 24/07/2042 USD 1,900,000 2,582,389 0.43 National Oilwell Varco 1.35 01/12/2017 USD 1,700,000 1,688,258 0.28 NBCUniversal Media 2.88 15/01/2023 USD 1,250,000 1,316,596 0.22 Newell Brands 4.20 01/04/2026 USD 1,000,000 1,085,332 0.18 NIKE 3.88 01/11/2045 USD 2,800,000 3,112,324 0.51 NiSource Finance 5.45 15/09/2020 USD 1,000,000 1,133,028 0.19 NiSource Finance 4.80 15/02/2044 USD 195,000 224,537 0.04 Novartis Capital 3.40 06/05/2024 USD 1,600,000 1,750,746 0.29 Novartis Capital 4.40 06/05/2044 USD 2,700,000 3,262,502 0.54 NYU Hospitals Center 5.75 01/07/2043 USD 1,450,000 1,907,678 0.32 ONEOK Partners 3.38 01/10/2022 USD 2,400,000 2,351,431 0.39 Oracle 2.50 15/10/2022 USD 500,000 512,218 0.08 Oracle 3.40 08/07/2024 USD 2,664,000 2,867,908 0.47 Pfizer 3.00 15/06/2023 USD 1,000,000 1,067,774 0.18 Philip Morris International 2.88 30/05/2024 EUR 2,050,000 2,626,307 0.43 Pioneer Natural Resources 6.65 15/03/2017 USD 1,000,000 1,035,132 0.17 Prologis 1.38 13/05/2021 EUR 1,600,000 1,829,157 0.30 Qwest 6.75 01/12/2021 USD 590,000 639,796 0.11 Realty Income 5.95 15/09/2016 USD 1,050,000 1,059,611 0.18 Realty Income 5.75 15/01/2021 USD 300,000 345,512 0.06 Reliance Holding 4.50 19/10/2020 USD 2,880,000 3,120,523 0.52 Roche Holdings 7.00 01/03/2039 USD 2,100,000 3,328,886 0.55 Roper Technologies 2.05 01/10/2018 USD 1,700,000 1,721,581 0.28 Ryder System 2.65 02/03/2020 USD 2,782,000 2,819,852 0.47 Schlumberger Holdings 3.00 21/12/2020 USD 2,100,000 2,191,556 0.36 Simon Property Group 3.75 01/02/2024 USD 1,900,000 2,074,422 0.34 State Street 3.70 20/11/2023 USD 2,000,000 2,204,376 0.36 SunTrust Bank 2.75 01/05/2023 USD 1,700,000 1,713,297 0.28 Target 4.00 01/07/2042 USD 3,000,000 3,250,731 0.54 Time Warner 4.85 15/07/2045 USD 3,000,000 3,274,830 0.54 Union Pacific 2.75 01/03/2026 USD 995,000 1,038,697 0.17 Union Pacific 4.15 15/01/2045 USD 500,000 549,461 0.09 United Technologies 1.13 15/12/2021 EUR 1,700,000 1,951,950 0.32 United Technologies 6.13 15/07/2038 USD 2,350,000 3,225,485 0.53 United Technologies 4.50 01/06/2042 USD 950,000 1,090,658 0.18 UnitedHealth Group 4.25 15/03/2043 USD 1,000,000 1,097,991 0.18 Verizon Communications 4.60 01/04/2021 USD 1,070,000 1,200,855 0.20 Verizon Communications 4.40 01/11/2034 USD 500,000 517,171 0.09 Verizon Communications 6.55 15/09/2043 USD 2,600,000 3,516,024 0.58 Verizon Communications 4.86 21/08/2046 USD 169,000 185,490 0.03 Verizon Communications 4.52 15/09/2048 USD 259,000 270,859 0.04 MGI Funds plc 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%) Verizon Communications 5.01 21/08/2054 USD 472,000 501,352 0.08 Verizon Communications 4.67 15/03/2055 USD 558,000 566,922 0.09 Viacom 2.50 01/09/2018 USD 1,900,000 1,927,406 0.32 Viacom 5.63 15/09/2019 USD 1,000,000 1,103,138 0.18 Viacom 3.13 15/06/2022 USD 750,000 749,849 0.12 Visa 3.15 14/12/2025 USD 1,400,000 1,498,553 0.25 WalMart Stores 7.55 15/02/2030 USD 690,000 1,054,124 0.17 WalMart Stores 6.50 15/08/2037 USD 2,240,000 3,252,812 0.54 Wells Fargo 4.60 01/04/2021 USD 1,810,000 2,023,911 0.33 Westar Energy 2.55 01/07/2026 USD 2,000,000 2,004,064 0.33 Wisconsin Public Service 4.75 01/11/2044 USD 1,000,000 1,208,969 0.20 WR Berkley 4.63 15/03/2022 USD 1,000,000 1,093,863 0.18 Xerox 6.75 01/02/2017 USD 800,000 821,585 0.14 Xylem 2.25 11/03/2023 EUR 1,300,000 1,545,777 0.26 314,098,583 51.91 Total corporate bonds 603,287,700 99.70 Mortgage backed securities (2015: 3.08%) United States of America (2015: 3.08%) CD 2007CD4 Commercial Mortgage Trust 5.32 11/12/2049 USD 1,143,096 1,155,230 0.19 Citigroup Commercial Mortgage Trust 2007C6 5.71 10/12/2049 USD 2,300,000 2,367,940 0.39 Citigroup Commercial Mortgage Trust 2013GC17 2.96 10/11/2046 USD 1,300,000 1,342,985 0.22 COMM 2013CCRE11 Mortgage Trust 3.98 10/10/2046 USD 2,300,000 2,556,014 0.42 JP Morgan Chase Commercial Mortgage Securities Trust 2006LDP8 5.40 15/05/2045 USD 154,108 153,905 0.03 JP Morgan Chase Commercial Mortgage Securities Trust 2012CIBX 3.14 15/06/2045 USD 461,758 472,122 0.08 JP Morgan Chase Commercial Mortgage Securities Trust 2013C16 3.07 15/12/2046 USD 1,118,030 1,156,724 0.19 MLCFC Commercial Mortgage Trust 20063 5.41 12/07/2046 USD 91,054 91,084 0.01 MLCFC Commercial Mortgage Trust 20064 5.17 12/12/2049 USD 1,012,899 1,018,232 0.17 Morgan Stanley Bank of America Merrill Lynch Trust 2013C8 2.86 15/12/2048 USD 800,000 839,926 0.14 Total mortgage backed securities 11,154,162 1.84 Municipal bonds (2015: 0.86%) United States of America (2015: 0.86%) Bay Area Toll Authority 6.92 01/04/2040 USD 500,000 729,520 0.12 Los Angeles Department of Water & Power 6.57 01/07/2045 USD 500,000 754,150 0.12 Maryland State Transportation Authority 5.89 01/07/2043 USD 560,000 773,198 0.13 Missouri Highway & Transportation Commission 5.45 01/05/2033 USD 300,000 382,167 0.06 New Jersey Turnpike Authority 7.41 01/01/2040 USD 500,000 785,025 0.13 Port Authority of New York & New Jersey 5.65 01/11/2040 USD 600,000 801,708 0.13 Port Authority of New York & New Jersey 4.96 01/08/2046 USD 750,000 948,555 0.16 Port Authority of New York & New Jersey 4.93 01/10/2051 USD 800,000 1,018,376 0.17 State of California 7.63 01/03/2040 USD 500,000 790,875 0.13 Total municipal bonds 6,983,574 1.15 Total bonds 621,425,436 102.69 Total transferable securities 621,425,436 102.69 MGI Funds plc 185

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 1,126,495 0.19 EUR 10* 2,628 GBP 2,160 03/08/2016 35 EUR 2* 19,622,334 GBP 15,400,000 09/09/2016 1,253,653 0.21 EUR 10* 48,563 USD 53,980 03/08/2016 27 USD 10* 15,653,968 EUR 13,913,113 05/07/2016 197,203 0.03 USD 1* 1,494,924 EUR 1,328,399 20/07/2016 18,360 USD 3* 17,043,331 EUR 14,922,203 20/07/2016 456,767 0.08 USD 6* 877,331 EUR 773,388 20/07/2016 17,683 USD 2* 4,565,240 EUR 4,000,000 09/09/2016 111,137 0.02 USD 10* 1,029,784 GBP 715,130 05/07/2016 73,799 0.01 USD 1* 632,510 GBP 434,432 20/07/2016 51,706 0.01 USD 3* 7,564,790 GBP 5,216,028 20/07/2016 591,342 0.10 USD 6* 1,072,310 GBP 753,000 20/07/2016 65,604 0.01 USD 7* 26,055 GBP 18,000 20/07/2016 1,990 USD 2* 10,230,669 GBP 7,025,000 09/09/2016 835,269 0.14 Unrealised gain on open forward foreign currency contracts 4,801,070 0.80 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 77,095 0.01 5 Year US Treasury Notes Futures 8* 12,827,227 30/09/2016 USD 105 190,946 0.03 Euro Bobl Future 9* 5,046,377 08/09/2016 EUR 34 41,550 0.01 Euro Bund Future 9* 6,498,164 08/09/2016 EUR 35 124,038 0.02 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 25 202,662 0.04 US Ultra Bond Futures 8* 2,422,875 21/09/2016 USD 13 88,509 0.01 Unrealised gain on futures contracts 728,772 0.12 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 33,754 0.01 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 43,065 0.01 Fixed 1.15% 4* EUR 6 Month Euribor 05/02/2018 EUR 1,500,000 44,785 0.01 Fixed 1.15% 5* EUR 6 Month Euribor 07/02/2018 EUR 1,300,000 38,964 0.01 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 94,170 0.02 Fixed 1.55% 5* USD 3 Month Libor 24/04/2020 USD 4,400,000 117,180 0.02 Fixed 1.56% 4* USD 3 Month Libor 26/07/2018 USD 600,000 13,297 MGI Funds plc 186

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 600,000 182,249 0.03 Fixed 2.69% 4* EUR 6 Month Libor 13/11/2038 EUR 100,000 48,338 0.01 Fixed 3.24% 4* GBP 6 Month Libor 05/03/2034 GBP 200,000 91,035 0.03 Fixed 3.25% 4* GBP 6 Month Libor 25/11/2033 GBP 300,000 133,084 0.02 Fixed 3.31% 4* GBP 6 Month Libor 11/11/2033 GBP 100,000 45,793 0.01 Fixed 3.36% 4* GBP 6 Month Libor 08/01/2034 GBP 170,000 82,427 0.01 Interest rate swap at positive fair value 1,172,851 0.19 Total financial derivative instruments at positive fair value 6,702,693 1.11 Total financial assets at fair value through profit or loss 628,128,129 103.80 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

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 590,648,128 97.61 Cash (2015: 1.12%) 8,233,297 1.36 Net current assets (2015: 0.81%) 6,251,547 1.03 Net assets attributable to holders of redeemable participating shares 605,132,972 100.00 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; 96.41 Financial derivative instruments dealt in on a regulated market; 0.11 OTC financial derivative instruments; 0.93 Other current assets 2.55 100.00 MGI Funds plc 188

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 2016 30 June 2015 Mercer Global Buy & Maintain Credit Fund % Holding US$ AAA 2.48 15,411,469 AA+ 1.63 10,137,185 AA 2.34 14,526,295 AA 5.43 33,744,255 A+ 7.26 45,127,106 A 17.61 109,408,453 A 18.86 117,198,299 BBB+ 19.47 121,026,360 BBB 16.91 105,065,572 BBB 5.87 36,463,951 BB+ 2.14 13,316,491 BB 100.00 621,425,436 Mercer Global Buy & Maintain Credit Fund % Holding US$ AAA 4.32 29,969,079 AA+ 1.14 7,903,581 AA 3.11 21,536,246 AA 5.42 37,605,243 A+ 9.61 66,632,537 A 15.20 105,412,776 A 19.79 137,274,942 BBB+ 17.78 123,320,573 BBB 16.48 114,267,924 BBB 5.04 34,935,722 BB+ 1.66 11,491,816 BB 0.45 3,112,611 100.00 693,463,050 Concentration Risk Mercer Global Buy & Maintain Credit Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Communications 10.95 10.54 Cyclical Services 6.88 5.97 Energy 11.89 10.06 Financials 25.91 24.00 Industrials 12.05 9.19 NonCyclical Consumer Goods 15.64 18.32 Utilities 7.66 9.39 MGI Funds plc 189

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 14,578 209,389 0.02 Alumina 79,670 76,822 0.01 Amcor 35,390 393,426 0.04 AMP 70,352 270,302 0.03 APA Group 33,878 233,084 0.03 Aristocrat Leisure 21,812 224,129 0.02 Asciano 15,807 104,399 0.01 ASX 6,360 216,704 0.02 Aurizon Holdings 45,556 163,499 0.02 AusNet Services 8,492 10,370 Australia & New Zealand Banking Group 82,301 1,478,106 0.16 Bank of Queensland 14,550 114,731 0.01 Bendigo & Adelaide Bank 7,063 50,487 0.01 BHP Billiton 88,515 1,229,189 0.13 Boral 22,501 104,211 0.01 Brambles 37,226 343,432 0.04 Caltex Australia 8,302 197,195 0.02 Challenger 15,583 100,135 0.01 CIMIC 4,361 116,087 0.01 CocaCola Amatil 23,518 144,120 0.02 Cochlear 1,882 169,912 0.02 Commonwealth Bank of Australia 49,827 2,759,215 0.30 Computershare 6,526 44,559 Crown Resorts 4,859 45,623 0.01 CSL 12,662 1,057,647 0.11 Dexus Property Group REIT 34,440 231,309 0.03 Domino's Pizza Enterprises 1,742 88,371 0.01 DUET Group 56,713 105,571 0.01 Flight Centre Travel Group 1,584 37,247 Fortescue Metals Group 18,377 47,892 0.01 Goodman Group REIT 45,276 239,696 0.03 GPT Group REIT 66,964 269,750 0.03 Harvey Norman Holdings 36,284 124,549 0.01 Healthscope 53,000 112,867 0.01 Incitec Pivot 26,392 58,365 0.01 Insurance Australia Group 72,272 293,285 0.03 LendLease Group 19,225 180,368 0.02 Macquarie Group 7,799 400,112 0.04 Medibank Private 80,570 176,978 0.02 Mirvac Group REIT 125,441 188,675 0.02 National Australia Bank 77,810 1,473,346 0.16 Newcrest Mining 28,451 487,246 0.05 Oil Search 31,435 156,121 0.02 Orica 4,686 43,022 Origin Energy 46,066 197,229 0.02 Platinum Asset Management 17,942 76,951 0.01 Qantas Airways 41,645 87,445 0.01 QBE Insurance Group 41,233 320,223 0.03 Ramsay Health Care 4,037 215,707 0.02 REA Group 223 9,878 Rio Tinto 12,773 432,740 0.05 Santos 58,407 201,793 0.02 Scentre Group REIT 154,481 565,931 0.06 Seek 5,164 58,484 0.01 Sonic Healthcare 12,827 205,824 0.02 South32 260,927 299,201 0.03 Stockland REIT 48,423 169,823 0.02 Suncorp Group 35,338 320,488 0.03 Sydney Airport 36,118 186,641 0.02 Nominal Fair value % of holdings US$ Net assets Australia (2015: 2.59%) Tabcorp Holdings 33,317 113,372 0.01 Tatts Group 24,369 69,315 0.01 Telstra 109,079 451,584 0.05 TPG Telecom 20,966 185,774 0.02 Transurban Group 56,697 506,177 0.06 Treasury Wine Estates 24,421 167,837 0.02 Vicinity Centres REIT 92,812 229,438 0.03 Vocus Communications 16,016 101,605 0.01 Wesfarmers 30,502 910,743 0.10 Westfield REIT 53,897 427,403 0.05 Westpac Banking 94,096 2,059,878 0.22 Woodside Petroleum 21,234 424,363 0.05 Woolworths 34,129 530,866 0.06 24,098,256 2.61 Austria (2015: 0.05%) ANDRITZ 1,194 56,335 0.01 Erste Group Bank 8,009 180,710 0.02 OMV 5,309 148,719 0.01 Raiffeisen Bank International 464 5,812 Voestalpine 1,896 63,233 0.01 454,809 0.05 Belgium (2015: 0.48%) Ageas 6,215 213,937 0.02 AnheuserBusch InBev 22,559 2,947,280 0.32 Colruyt 1,311 72,204 0.01 Delhaize Group 2,815 295,626 0.03 Groupe Bruxelles Lambert 1,768 144,287 0.02 KBC Groep 7,038 343,404 0.04 Proximus 5,388 170,446 0.02 Solvay 2,436 225,649 0.02 Telenet Group Holding 2,151 97,761 0.01 UCB 3,139 234,345 0.02 Umicore 3,508 180,324 0.02 4,925,263 0.53 Bermuda (2015: 0.15%) Arch Capital Group 3,213 231,336 0.02 Axis Capital Holdings 1,718 94,490 0.01 Everest Re Group 949 173,354 0.02 Marvell Technology Group 16,232 154,691 0.02 RenaissanceRe Holdings 1,101 129,301 0.01 783,172 0.08 Canada (2015: 3.55%) Agnico Eagle Mines 5,763 306,810 0.03 Agrium 3,793 341,390 0.04 Alimentation CoucheTard 11,594 495,292 0.05 AltaGas 2,515 60,808 0.01 ARC Resources 13,246 225,509 0.02 Atco 288 10,050 Bank of Montreal 18,539 1,169,840 0.13 Bank of Nova Scotia 33,169 1,616,947 0.18 Barrick Gold 30,912 656,466 0.07 BCE 4,771 224,608 0.02 BlackBerry 11,136 74,343 0.01 Bombardier 18,486 27,614 Brookfield Asset Management 25,074 825,181 0.09 CAE 13,855 166,533 0.02 Cameco 13,007 142,119 0.02 Canadian Imperial Bank of Commerce 11,523 861,009 0.09 MGI Funds plc 190

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 1,298,405 0.14 Canadian Natural Resources 32,204 988,413 0.11 Canadian Pacific Railway 4,074 521,774 0.06 Canadian Tire 2,215 240,056 0.03 Canadian Utilities 5,045 145,403 0.02 CCL Industries 634 109,763 0.01 Cenovus Energy 25,750 354,318 0.04 CGI Group 6,712 285,235 0.03 CI Financial 8,238 170,951 0.02 Constellation Software 584 224,845 0.02 Crescent Point Energy 14,641 230,094 0.03 Dollarama 3,544 246,145 0.03 Eldorado Gold 11,229 50,235 0.01 Element Financial 8,807 92,905 0.01 Empire 2,796 41,358 Enbridge 25,476 1,073,613 0.12 Encana 17,756 137,405 0.01 Fairfax Financial Holdings 654 350,406 0.04 Finning International 4,019 65,111 0.01 First Capital Realty 452 7,713 First Quantum Minerals 15,957 111,442 0.01 Fortis 8,920 299,943 0.03 FrancoNevada 3,816 288,661 0.03 George Weston 987 84,975 0.01 Gildan Activewear 6,577 191,633 0.02 Goldcorp 23,281 443,140 0.05 GreatWest Lifeco 8,313 218,147 0.02 H&R REIT 598 10,365 Husky Energy 8,239 100,045 0.01 Hydro One 5,067 101,285 0.01 IGM Financial 1,633 44,223 Imperial Oil 8,943 281,504 0.03 Industrial Alliance Insurance & Financial Services 2,163 67,636 0.01 Intact Financial 3,698 262,792 0.03 Inter Pipeline 8,507 179,481 0.02 Jean Coutu Group 5,863 90,290 0.01 Keyera 5,943 180,848 0.02 Kinross Gold 36,341 177,410 0.02 Linamar 1,773 62,827 0.01 Loblaw 5,693 302,952 0.03 Magna International 11,770 411,003 0.04 Manulife Financial 55,929 760,965 0.08 Methanex 1,179 34,125 Metro 7,949 275,494 0.03 National Bank of Canada 9,672 329,103 0.04 Onex 2,695 163,937 0.02 Open Text 3,523 207,224 0.02 Pembina Pipeline 10,247 309,769 0.03 Peyto Exploration & Development 2,250 60,083 0.01 Potash of Saskatchewan 23,754 384,103 0.04 Power Financial 8,937 204,036 0.02 Power of Canada 8,968 189,898 0.02 PrairieSky Royalty 3,889 73,426 0.01 Restaurant Brands International 7,089 293,560 0.03 RioCan REIT 6,958 157,140 0.02 Rogers Communications 10,174 409,718 0.04 Royal Bank of Canada 41,797 2,456,905 0.27 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Canada (2015: 3.55%) Saputo 6,829 201,762 0.02 Seven Generations Energy 8,774 166,603 0.02 Shaw Communications 9,518 181,756 0.02 Silver Wheaton 14,571 341,191 0.04 Smart REIT 3,641 107,097 0.01 SNCLavalin Group 6,137 256,405 0.03 Sun Life Financial 16,450 537,567 0.06 Suncor Energy 44,331 1,223,395 0.13 Teck Resources 20,976 274,738 0.03 Telus (Canada listing) 3,158 101,157 0.01 Telus (US listing) 2,095 67,107 0.01 Thomson Reuters 10,538 424,133 0.05 TorontoDominion Bank 53,883 2,301,863 0.25 Tourmaline Oil 4,775 125,046 0.01 TransCanada 21,188 953,762 0.10 Turquoise Hill Resources 54,438 183,179 0.02 Valeant Pharmaceuticals International 8,649 173,486 0.02 Veresen 11,158 94,079 0.01 Vermilion Energy 4,268 135,201 0.01 Waste Connections 3,053 219,969 0.02 Waste Connections 1,313 94,368 0.01 West Fraser Timber 1,838 53,454 0.01 Yamana Gold 38,404 198,718 0.02 32,474,791 3.52 Channel Islands (2015: 0.01%) Randgold Resources 2,712 304,896 0.03 Denmark (2015: 066%) AP Moeller Maersk A 168 210,477 0.02 AP Moeller Maersk B 144 187,182 0.02 Carlsberg 3,186 301,863 0.03 Chr Hansen Holding 2,268 148,303 0.01 Coloplast 3,503 260,340 0.03 Danske Bank 19,845 519,772 0.06 DSV 4,661 195,020 0.02 Genmab 1,337 241,574 0.03 ISS 2,997 112,419 0.01 Novo Nordisk 54,855 2,933,278 0.32 Novozymes 6,721 320,755 0.03 Pandora 3,337 451,956 0.05 TDC 15,723 76,657 0.01 Tryg 5,028 89,346 0.01 Vestas Wind Systems 6,302 425,823 0.05 William Demant Holding 6,205 120,453 0.01 6,595,218 0.71 Finland (2015: 0.33%) Elisa 3,716 142,013 0.01 Fortum 9,246 147,709 0.01 Kone 10,068 461,383 0.05 Metso 2,121 49,553 0.01 Neste 4,231 151,025 0.02 Nokia 163,639 928,062 0.10 Nokian Renkaat 1,740 61,916 0.01 Orion 3,929 151,899 0.02 Sampo 12,037 488,497 0.05 Stora Enso 16,948 135,188 0.01 UPMKymmene 13,785 251,157 0.03 Wartsila 4,367 177,323 0.02 3,145,725 0.34 MGI Funds plc 191

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 6,281 242,062 0.03 Aeroports de Paris 567 62,380 0.01 Air Liquide 9,980 1,042,869 0.11 Alstom 5,744 133,210 0.01 Arkema 2,060 158,071 0.02 AtoS 2,999 248,314 0.03 AXA 55,125 1,090,398 0.12 BNP Paribas 29,930 1,321,882 0.14 Bollore 19,108 64,745 0.01 Bouygues 6,086 175,319 0.02 Bureau Veritas 9,536 201,339 0.02 CapGemini 4,512 391,986 0.04 Carrefour 15,447 381,142 0.04 Casino Guichard Perrachon 661 36,878 Christian Dior 1,664 267,680 0.03 Cie de SaintGobain 12,217 466,282 0.05 Cie Generale des Etablissements Michelin 5,052 478,243 0.05 CNP Assurances 3,711 54,894 0.01 Credit Agricole 36,743 308,596 0.03 Danone 17,185 1,210,603 0.13 Dassault Systemes 3,705 281,045 0.03 Edenred 8,336 171,280 0.02 Eiffage 1,625 115,918 0.01 Electricite de France 10,377 126,466 0.01 Engie 39,456 636,026 0.07 Essilor International 6,030 796,179 0.09 Eurazeo 1,609 95,632 0.01 Eutelsat Communications 6,620 125,210 0.01 Fonciere Des Regions REIT 1,356 120,531 0.01 Gecina REIT 1,158 157,594 0.02 Groupe Eurotunnel 16,270 172,618 0.02 Hermes International 804 300,965 0.03 ICADE REIT 1,424 100,725 0.01 Iliad 805 163,212 0.02 Imerys 1,695 108,332 0.01 Ingenico Group 1,984 231,653 0.03 JCDecaux 1,358 45,841 0.01 Kering 2,193 354,362 0.04 Klepierre REIT 5,057 223,880 0.02 L'Oreal 6,948 1,327,647 0.14 Lagardere 1,926 42,045 0.01 Legrand 7,239 372,433 0.04 LVMH Moet Hennessy Louis Vuitton 7,579 1,145,104 0.12 Natixis 32,939 124,747 0.01 Numericable 2,405 60,424 0.01 Orange 58,859 958,281 0.10 Pernod Ricard 5,610 623,866 0.07 Peugeot 14,231 170,984 0.02 Publicis Groupe 5,549 373,147 0.04 Remy Cointreau 82 7,057 Renault 5,448 414,230 0.05 Rexel 10,939 137,508 0.02 Safran 8,025 543,124 0.06 Sanofi 33,565 2,793,693 0.30 Schneider Electric 14,823 873,771 0.10 SCOR 4,455 132,764 0.01 Societe BIC 853 120,303 0.01 Societe Generale 20,526 643,282 0.07 Portfolio Statement Nominal Fair value % of holdings US$ Net assets France (2015: 3.46%) Sodexo 2,465 264,976 0.03 Suez 10,973 171,642 0.02 Technip 3,273 177,498 0.02 Thales 2,918 243,164 0.03 Total 63,724 3,071,050 0.33 UnibailRodamco REIT 2,898 752,244 0.08 Valeo 6,885 306,950 0.03 Veolia Environnement 13,245 286,492 0.03 Vinci 14,475 1,024,198 0.11 Vivendi 34,509 647,908 0.07 Wendel 407 42,105 0.01 Zodiac Aerospace 3,738 87,664 0.01 30,604,663 3.32 Germany (2015: 3.36%) Adidas 6,136 875,616 0.09 Allianz 13,213 1,875,973 0.20 Axel Springer 1,854 97,063 0.01 BASF 26,266 2,002,929 0.22 Bayer 23,285 2,328,161 0.25 Bayerische Motoren Werke 9,289 678,927 0.07 Bayerische Motoren Werke Pref 2,072 131,392 0.01 Beiersdorf 3,182 300,090 0.03 Brenntag 3,576 172,537 0.02 Commerzbank 31,127 201,397 0.02 Continental 2,895 544,502 0.06 Covestro AG 2,012 89,286 0.01 Daimler 28,024 1,666,251 0.18 Deutsche Bank 38,026 520,669 0.06 Deutsche Boerse 5,546 453,104 0.05 Deutsche Lufthansa 2,589 30,287 Deutsche Post 28,684 802,238 0.09 Deutsche Telekom 94,417 1,602,758 0.17 Deutsche Wohnen 8,874 300,933 0.03 E.ON 56,412 565,667 0.06 Evonik Industries 3,638 108,073 0.01 Fraport Frankfurt Airport Services Worldwide 1,837 98,010 0.01 Fresenius 11,818 864,164 0.09 Fresenius Medical Care 5,887 510,329 0.06 Fuchs Petrolub Pref 1,414 55,429 0.01 GEA Group 5,534 259,906 0.03 Hannover Rueck 1,623 169,146 0.02 HeidelbergCement 4,268 319,911 0.03 Henkel 3,130 336,843 0.04 Henkel Pref 4,507 548,522 0.06 Hochtief 590 75,837 0.01 Hugo Boss 2,284 129,154 0.01 Infineon Technologies 30,929 445,828 0.05 K&S 6,213 126,623 0.01 LANXESS 3,241 141,431 0.02 Linde 5,302 738,343 0.08 MAN 534 54,514 0.01 Merck 3,761 380,432 0.04 METRO 6,093 185,945 0.02 Muenchener Rueckversicherungs 4,623 771,672 0.08 OSRAM Licht 3,602 186,236 0.02 Porsche Automobil Holding Pref 4,938 226,758 0.02 ProSiebenSat.1 Media 5,420 236,127 0.03 RWE 9,858 155,405 0.02 SAP 27,393 2,043,829 0.22 Schaeffler Pref 4,712 62,032 0.01 Siemens 22,606 2,305,728 0.25 MGI Funds plc 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%) Germany (2015: 3.36%) Symrise 3,991 271,127 0.03 Telefonica Deutschland Holding 22,660 92,968 0.01 ThyssenKrupp 7,524 150,542 0.02 TUI 14,950 170,174 0.02 United Internet 3,689 152,457 0.02 Volkswagen 900 120,383 0.01 Volkswagen Pref 5,001 601,699 0.07 Vonovia 12,247 445,590 0.05 Zalando 3,099 81,630 0.01 28,862,577 3.13 Hong Kong (2015: 1.23%) AIA Group 345,800 2,061,530 0.22 ASM Pacific Technology 1,000 7,160 Bank of East Asia 17,854 68,466 0.01 BOC Hong Kong Holdings 113,000 337,924 0.04 Cathay Pacific Airways 34,000 49,611 0.01 Cheung Kong Infrastructure Holdings 21,000 180,144 0.02 Cheung Kong Property Holdings 76,940 481,002 0.05 CK Hutchison Holdings 74,440 811,284 0.09 CLP Holdings 51,500 525,094 0.06 First Pacific 8,000 5,764 Galaxy Entertainment Group 72,000 213,923 0.02 Hang Lung Properties 80,000 161,486 0.02 Hang Seng Bank 17,500 298,661 0.03 Henderson Land Development 36,392 204,290 0.02 HK Electric Investments & HK Electric Investments 106,000 98,650 0.01 HKT Trust & HKT 67,260 97,102 0.01 Hong Kong & China Gas 187,308 341,879 0.04 Hong Kong Exchanges and Clearing 31,992 774,032 0.08 Hongkong Land Holdings 31,900 194,271 0.02 Hysan Development 40,000 177,366 0.02 Jardine Matheson Holdings 6,100 355,691 0.04 Kerry Properties 2,000 4,939 Li & Fung 204,000 98,609 0.01 Link REIT 63,500 432,176 0.05 Melco Crown Entertainment ADR 5,900 74,222 0.01 MTR 50,020 253,390 0.03 New World Development 197,292 199,887 0.02 Noble Group 81,663 12,135 Noble Group Rights 81,663 5,461 NWS Holdings 67,298 106,352 0.01 PCCW 170,500 114,503 0.01 Power Assets Holdings 38,000 348,017 0.04 ShangriLa Asia 38,000 37,961 Sino Land 54,167 88,394 0.01 SJM Holdings 21,000 12,804 Sun Hung Kai Properties 50,166 601,375 0.07 Swire Pacific 19,000 214,909 0.02 Swire Properties 31,400 83,378 0.01 Techtronic Industries 32,000 133,025 0.01 WH Group 219,500 172,025 0.02 Wharf Holdings 44,000 265,998 0.03 Wheelock 16,000 75,071 0.01 Yue Yuen Industrial Holdings 40,500 161,051 0.02 10,941,012 1.19 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Ireland (2015: 1.79%) Accenture 17,432 1,974,871 0.21 Alkermes 4,478 193,539 0.02 Allergan 11,107 2,566,717 0.28 Bank of Ireland 909,235 186,871 0.02 CRH 23,861 689,217 0.08 DCC 2,513 221,215 0.02 Eaton 13,489 805,698 0.09 Endo International 4,661 72,665 0.01 Experian 26,527 500,714 0.06 IngersollRand 7,479 476,263 0.05 James Hardie Industries 13,378 203,708 0.02 Jazz Pharmaceuticals 1,533 216,628 0.02 Kerry Group 4,608 408,824 0.04 Mallinckrodt 3,557 216,194 0.02 Medtronic 39,448 3,422,903 0.37 Paddy Power Betfair 1,900 199,471 0.02 Pentair 4,247 247,558 0.03 Perrigo 3,888 352,525 0.04 Ryanair Holdings 7,550 94,948 0.01 Seagate Technology 8,878 216,268 0.02 Tyco International 11,753 500,678 0.06 Weatherford International 23,839 132,306 0.02 Willis Towers Watson 3,750 466,163 0.05 XL Group 8,310 276,806 0.03 14,642,750 1.59 Israel (2015: 0.20%) Azrieli Group 2,262 96,093 0.01 Bank Hapoalim 30,935 155,836 0.02 Bank Leumi LeIsrael 22,168 77,882 0.01 Bezeq The Israeli Telecommunication 71,386 141,526 0.01 Check Point Software Technologies 3,700 294,816 0.03 Israel Chemicals 6,425 24,892 Mizrahi Tefahot Bank 8,840 101,918 0.01 Nice 1,600 99,753 0.01 Taro Pharmaceutical Industries 600 87,360 0.01 Teva Pharmaceutical Industries 25,143 1,263,320 0.14 2,343,396 0.25 Italy (2015: 0.82%) Assicurazioni Generali 32,827 384,749 0.04 Atlantia 12,086 300,361 0.03 Enel 227,171 1,004,454 0.11 Eni 69,619 1,123,023 0.12 EXOR 4,441 162,714 0.02 Intesa Sanpaolo 344,024 650,493 0.07 Intesa Sanpaolo Pref 30,555 54,278 0.01 LeonardoFinmeccanica 7,454 75,026 0.01 Luxottica Group 5,149 249,633 0.03 Mediobanca 21,999 125,987 0.01 Poste Italiane 14,830 98,193 0.01 Prysmian 4,786 104,426 0.01 Saipem 68,494 27,280 Snam 73,883 439,950 0.05 Telecom Italia 351,719 287,195 0.03 Telecom Italia Pref 193,167 123,824 0.01 Terna Rete Elettrica Nazionale 33,028 183,242 0.02 UniCredit 151,523 331,619 0.04 Unione di Banche Italiane 24,261 66,681 0.01 UnipolSai 48,214 72,150 0.01 5,865,278 0.64 MGI Funds plc 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%) Japan (2015: 8.73%) ABCMart 100 6,677 Acom 1,400 6,714 Aeon 16,600 256,629 0.03 AEON Financial Service 4,700 100,560 0.01 Aeon Mall 2,200 28,607 Air Water 1,000 14,592 Aisin Seiki 5,000 201,530 0.02 Ajinomoto 14,000 328,336 0.04 Alfresa Holdings 5,500 113,978 0.01 Alps Electric 4,900 91,179 0.01 Amada Holdings 12,800 128,761 0.01 ANA Holdings 49,000 139,086 0.02 Aozora Bank 46,000 158,729 0.02 Asahi Glass 33,000 177,561 0.02 Asahi Group Holdings 11,000 354,479 0.04 Asahi Kasei 28,000 193,235 0.02 Asics 5,900 98,688 0.01 Astellas Pharma 60,300 940,443 0.10 Bandai Namco Holdings 2,900 74,429 0.01 Bank of Kyoto 8,000 48,582 0.01 Benesse Holdings 3,200 74,892 0.01 Bridgestone 20,200 643,667 0.07 Brother Industries 4,800 50,906 0.01 Calbee 2,800 116,269 0.01 Canon 30,800 874,403 0.09 Casio Computer 7,800 111,309 0.01 Central Japan Railway 3,700 653,694 0.07 Chiba Bank 31,000 145,346 0.02 Chubu Electric Power 16,500 232,969 0.03 Chugai Pharmaceutical 7,100 251,569 0.03 Chugoku Bank 600 6,071 Chugoku Electric Power 5,100 64,576 0.01 Concordia Financial Group 30,000 116,620 0.01 Credit Saison 2,500 41,744 CYBERDYNE 2,900 64,846 0.01 Dai Nippon Printing 18,000 199,142 0.02 Daiichi Life Insurance 32,500 357,028 0.04 Daicel 12,000 123,170 0.01 Daihatsu Motor 4,600 59,322 0.01 Daiichi Sankyo 17,100 412,290 0.04 Daikin Industries 6,400 531,140 0.06 Daito Trust Construction 1,600 259,518 0.03 Daiwa House Industry 17,300 502,862 0.05 Daiwa Securities Group 42,000 220,051 0.02 Denso 13,300 463,730 0.05 Dentsu 6,500 302,222 0.03 Don Quijote Holdings 4,200 154,752 0.02 East Japan Railway 9,300 855,121 0.09 Eisai 6,900 382,564 0.04 Electric Power Development 2,200 51,017 0.01 FamilyMart 300 18,277 FANUC 5,800 934,818 0.10 Fast Retailing 1,400 372,551 0.04 Fuji Electric 25,000 102,837 0.01 Fuji Heavy Industries 17,400 589,894 0.06 FUJIFILM Holdings 11,800 453,643 0.05 Fujitsu 48,000 174,988 0.02 Fukuoka Financial Group 22,000 71,839 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 8.73%) GungHo Online Entertainment 40,500 108,958 0.01 Hachijuni Bank 16,000 69,247 0.01 Hakuhodo DY Holdings 400 4,765 Hamamatsu Photonics 4,200 116,883 0.01 Hankyu Hanshin Holdings 38,000 282,250 0.03 Hikari Tsushin 1,300 108,597 0.01 Hino Motors 5,000 49,274 0.01 Hirose Electric 400 48,777 0.01 Hiroshima Bank 26,000 86,168 0.01 Hisamitsu Pharmaceutical 2,100 120,363 0.01 Hitachi 129,000 533,026 0.06 Hitachi Chemical 500 9,226 Hitachi Construction Machinery 7,400 106,827 0.01 Hitachi HighTechnologies 4,200 113,853 0.01 Hitachi Metals 3,000 30,091 Hokuriku Electric Power 10,000 123,306 0.01 Honda Motor 46,200 1,158,490 0.13 Hoshizaki 1,400 136,329 0.01 Hoya 11,800 417,986 0.05 Hulic 5,500 57,471 0.01 Idemitsu Kosan 5,000 107,808 0.01 IHI 49,000 129,915 0.01 Iida Group Holdings 600 12,182 Inpex 29,000 224,277 0.02 Isetan Mitsukoshi Holdings 6,200 54,754 0.01 Isuzu Motors 20,400 248,264 0.03 ITOCHU 41,900 506,239 0.05 Iyo Bank 8,200 49,796 0.01 J Front Retailing 5,000 51,418 0.01 Japan Airlines 5,100 163,653 0.02 Japan Airport Terminal 2,300 82,503 0.01 Japan Exchange Group 14,800 168,500 0.02 Japan Post Bank 10,000 116,873 0.01 Japan Post Holdings 10,000 120,967 0.01 Japan Prime Realty Investment REIT 34 146,155 0.02 Japan Real Estate Investment REIT 42 259,557 0.03 Japan Retail Fund Investment REIT 82 209,496 0.02 Japan Tobacco 31,200 1,247,818 0.14 JFE Holdings 11,900 152,534 0.02 JGC 3,000 42,490 Joyo Bank 14,000 51,993 0.01 JSR 8,100 106,274 0.01 JTEKT 9,400 105,096 0.01 JX Holdings 46,100 179,160 0.02 Kajima 31,000 213,939 0.02 Kakaku.com 500 9,869 Kamigumi 1,000 9,182 Kaneka 1,000 6,609 Kansai Electric Power 19,500 188,442 0.02 Kansai Paint 6,000 120,187 0.01 Kao 14,800 855,339 0.09 Kawasaki Heavy Industries 20,000 55,561 0.01 KDDI 54,300 1,647,684 0.18 Keihan Holdings 16,000 110,576 0.01 Keikyu 8,000 80,242 0.01 Keio 10,000 93,869 0.01 Keisei Electric Railway 14,000 179,316 0.02 Keyence 1,200 808,734 0.09 Kikkoman 4,000 146,213 0.02 Kintetsu Group Holdings 62,000 264,704 0.03 Kirin Holdings 25,100 421,555 0.05 Kobe Steel 47,000 38,025 MGI Funds plc 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%) Japan (2015: 8.73%) Koito Manufacturing 3,100 141,266 0.02 Komatsu 26,100 450,180 0.05 Konami Holdings 3,700 140,477 0.02 Konica Minolta 7,700 55,541 0.01 Kose 1,000 83,731 0.01 Kubota 34,100 454,545 0.05 Kuraray 6,100 72,244 0.01 Kurita Water Industries 400 8,882 Kyocera 9,100 429,498 0.05 Kyowa Hakko Kirin 7,000 118,452 0.01 Kyushu Electric Power 15,900 158,396 0.02 Kyushu Financial Group 20,000 98,645 0.01 Lawson 2,100 167,239 0.02 LIXIL Group 8,200 134,682 0.01 M3 6,500 224,924 0.02 Mabuchi Motor 2,700 112,643 0.01 Makita 3,600 237,216 0.03 Marubeni 34,700 155,421 0.02 Marui Group 11,800 157,809 0.02 Maruichi Steel Tube 3,900 135,525 0.01 Mazda Motor 16,300 215,925 0.02 McDonald's Holdings Japan 200 5,449 Medipal Holdings 5,900 96,388 0.01 MEIJI Holdings 3,800 386,334 0.04 Minebea 8,000 53,417 0.01 Miraca Holdings 2,000 86,168 0.01 Mitsubishi 42,700 744,201 0.08 Mitsubishi Chemical Holdings 38,700 175,299 0.02 Mitsubishi Electric 58,000 682,952 0.07 Mitsubishi Estate 36,000 657,257 0.07 Mitsubishi Gas Chemical 1,000 5,176 Mitsubishi Heavy Industries 99,000 393,144 0.04 Mitsubishi Logistics 6,000 83,166 0.01 Mitsubishi Materials 19,000 45,004 Mitsubishi Motors 21,300 97,375 0.01 Mitsubishi Tanabe Pharma 4,600 82,638 0.01 Mitsubishi UFJ Financial Group 368,000 1,635,356 0.18 Mitsubishi UFJ Lease & Finance 26,600 101,121 0.01 Mitsui 47,500 561,860 0.06 Mitsui Chemicals 35,000 126,913 0.01 Mitsui Fudosan 27,000 613,612 0.07 Mitsui OSK Lines 18,000 37,898 Mixi 2,600 106,316 0.01 Mizuho Financial Group 692,200 1,000,617 0.11 MS&AD Insurance Group Holdings 14,300 365,410 0.04 Murata Manufacturing 5,600 621,191 0.07 Nabtesco 5,100 120,702 0.01 Nagoya Railroad 24,000 134,984 0.01 NEC 70,000 161,712 0.02 Nexon 6,500 95,482 0.01 NGK Insulators 9,000 179,579 0.02 NGK Spark Plug 4,000 59,616 0.01 NH Foods 5,000 121,503 0.01 NHK Spring 8,900 71,658 0.01 Nidec 6,300 474,204 0.05 Nikon 5,000 67,550 0.01 Nintendo 3,100 440,720 0.05 Nippon Building Fund REIT 44 271,488 0.03 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 68,135 0.01 Nippon Paint Holdings 5,700 139,014 0.02 Nippon Prologis REIT 65 159,031 0.02 Nippon Steel & Sumitomo Metal 23,100 440,879 0.05 Nippon Telegraph & Telephone 18,900 884,297 0.10 Nippon Yusen KK 26,000 45,365 Nissan Motor 67,100 600,362 0.07 Nisshin Seifun Group 7,500 119,749 0.01 Nissin Foods Holdings 1,200 65,386 0.01 Nitori Holdings 1,900 228,541 0.02 Nitto Denko 5,000 313,676 0.03 NOK 5,200 87,334 0.01 Nomura Holdings 102,300 364,168 0.04 Nomura Real Estate Holdings 500 8,670 Nomura Real Estate Master Fund REIT 79 125,288 0.01 Nomura Research Institute 2,400 87,494 0.01 NSK 8,000 58,641 0.01 NTT Data 3,600 169,490 0.02 NTT DOCOMO 39,000 1,051,696 0.11 NTT Urban Development 10,500 111,765 0.01 Obayashi 12,000 126,913 0.01 Obic 1,900 103,899 0.01 Odakyu Electric Railway 19,000 221,503 0.02 Oji Holdings 14,000 53,494 0.01 Olympus 7,200 266,342 0.03 Omron 6,800 219,398 0.02 Ono Pharmaceutical 12,000 518,413 0.06 Oracle 2,400 127,498 0.01 Oriental Land 5,900 380,949 0.04 ORIX 34,300 437,317 0.05 Osaka Gas 54,000 206,546 0.02 Otsuka 2,600 121,016 0.01 Otsuka Holdings 10,400 478,386 0.05 Panasonic 60,200 516,972 0.06 Park24 3,700 126,772 0.01 Pola Orbis Holdings 700 65,162 0.01 Rakuten 26,300 282,637 0.03 Recruit Holdings 8,400 305,819 0.03 Resona Holdings 73,500 266,517 0.03 Ricoh 20,100 173,198 0.02 Rinnai 1,500 131,592 0.01 Rohm 1,500 58,558 0.01 Ryohin Keikaku 700 169,763 0.02 Sankyo 200 7,467 Santen Pharmaceutical 7,000 109,172 0.01 SBI Holdings 9,800 96,386 0.01 Secom 6,400 471,188 0.05 Sega Sammy Holdings 2,700 28,924 Seibu Holdings 3,700 62,358 0.01 Seiko Epson 4,400 70,038 0.01 Sekisui Chemical 13,800 168,683 0.02 Sekisui House 15,300 265,390 0.03 Seven & I Holdings 20,700 863,795 0.09 Seven Bank 2,300 7,085 Shikoku Electric Power 700 8,229 Shimadzu 10,000 148,553 0.02 Shimamura 900 133,171 0.01 Shimano 2,300 348,172 0.04 Shimizu 17,000 158,417 0.02 ShinEtsu Chemical 11,900 691,566 0.07 Shinsei Bank 34,000 49,050 0.01 MGI Funds plc 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%) Shionogi 7,300 396,202 0.04 Shiseido 11,100 285,317 0.03 Shizuoka Bank 23,000 160,747 0.02 Showa Shell Sekiyu KK 14,300 132,699 0.01 SMC 1,600 388,420 0.04 SoftBank Group 26,600 1,500,998 0.16 Sohgo Security Services 2,200 108,295 0.01 Sompo Japan Nipponkoa Holdings 10,500 276,189 0.03 Sony 37,700 1,098,037 0.12 Sony Financial Holdings 5,900 65,792 0.01 Stanley Electric 3,500 73,930 0.01 Start Today 1,700 89,151 0.01 Sumitomo 38,100 380,480 0.04 Sumitomo Chemical 48,000 195,575 0.02 Sumitomo Dainippon Pharma 700 12,057 Sumitomo Electric Industries 18,900 246,958 0.03 Sumitomo Heavy Industries 16,000 69,247 0.01 Sumitomo Metal Mining 17,000 170,431 0.02 Sumitomo Mitsui Financial Group 39,000 1,112,331 0.12 Sumitomo Mitsui Trust Holdings 95,000 305,400 0.03 Sumitomo Realty & Development 10,000 268,496 0.03 Sumitomo Rubber Industries 6,700 89,016 0.01 Sundrug 1,000 93,186 0.01 Suntory Beverage & Food 4,400 198,148 0.02 Suruga Bank 3,000 67,404 0.01 Suzuken 3,300 103,256 0.01 Suzuki Motor 11,000 295,238 0.03 Sysmex 4,200 286,168 0.03 T&D Holdings 16,000 133,955 0.01 Taiheiyo Cement 19,000 44,634 Taisei 33,000 269,558 0.03 Taisho Pharmaceutical Holdings 800 83,907 0.01 Taiyo Nippon Sanso 8,300 75,565 0.01 Takashimaya 16,000 114,007 0.01 Takeda Pharmaceutical 23,000 991,832 0.11 TDK 2,600 143,698 0.02 Teijin 39,000 128,112 0.01 Terumo 8,700 368,472 0.04 THK 400 6,757 Tobu Railway 16,000 87,494 0.01 Toho 4,200 115,614 0.01 Toho Gas 17,000 138,366 0.02 Tohoku Electric Power 14,900 186,922 0.02 Tokio Marine Holdings 20,100 659,681 0.07 Tokyo Electric Power 36,700 154,541 0.02 Tokyo Electron 4,800 401,209 0.04 Tokyo Gas 67,000 274,557 0.03 Tokyo Tatemono 4,000 47,646 0.01 Tokyu 32,000 279,793 0.03 Tokyu Fudosan Holdings 8,800 54,383 0.01 TonenGeneral Sekiyu KK 8,000 72,522 0.01 Toppan Printing 10,000 85,583 0.01 Toray Industries 38,000 322,031 0.03 Toshiba 115,000 309,835 0.03 TOTO 2,000 79,150 0.01 Toyo Seikan Group Holdings 6,400 121,150 0.01 Toyo Suisan Kaisha 2,800 112,993 0.01 Toyoda Gosei 4,900 86,499 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Japan (2015: 8.73%) Toyota Industries 3,200 125,860 0.01 Toyota Motor 76,200 3,752,436 0.41 Toyota Tsusho 7,700 164,073 0.02 Trend Micro 2,100 74,613 0.01 Tsuruha Holdings 1,000 120,577 0.01 Unicharm 11,200 249,459 0.03 United Urban Investment REIT 46 82,996 0.01 USS 5,500 90,228 0.01 West Japan Railway 4,300 271,061 0.03 Yahoo Japan 40,600 178,879 0.02 Yakult Honsha 1,700 87,494 0.01 Yamada Denki 17,100 90,009 0.01 Yamaguchi Financial Group 1,000 9,406 Yamaha 6,500 173,414 0.02 Yamaha Motor 5,200 78,109 0.01 Yamato Holdings 8,900 203,046 0.02 Yamazaki Baking 5,000 138,902 0.02 Yaskawa Electric 13,700 176,675 0.02 Yokogawa Electric 4,200 46,917 0.01 Yokohama Rubber 500 6,199 77,410,227 8.40 Luxembourg (2015: 0.15%) ArcelorMittal 56,243 255,618 0.03 Millicom International Cellular 2,417 146,914 0.01 RTL Group 520 42,368 SES 7,848 169,231 0.02 Tenaris 10,134 146,471 0.02 760,602 0.08 Macau (2015: 0.02%) MGM China Holdings 3,600 4,659 Sands China 66,000 220,342 0.03 Wynn Macau 15,200 21,905 246,906 0.03 Netherlands (2015: 1.55%) ABN AMRO Group 6,671 110,389 0.01 Aegon 51,675 202,651 0.02 AerCap Holdings 4,900 164,591 0.02 Airbus Group 17,219 989,566 0.11 Akzo Nobel 6,407 401,233 0.04 Altice A 14,897 223,091 0.02 Altice B 1,323 19,879 ASML Holding 10,454 1,026,550 0.11 Boskalis Westminster 2,735 93,858 0.01 CNH Industrial 34,272 246,723 0.03 Core Laboratories 1,373 170,101 0.02 Ferrari 2,613 106,392 0.01 Fiat Chrysler Automobiles 26,134 159,539 0.02 Gemalto 2,404 146,329 0.02 Heineken 6,251 574,800 0.06 Heineken Holding 2,598 211,158 0.02 ING Groep 109,323 1,114,811 0.12 Koninklijke Ahold 22,924 506,801 0.06 Koninklijke DSM 5,562 321,251 0.04 Koninklijke KPN 86,866 314,120 0.03 Koninklijke Philips 28,573 710,888 0.08 Koninklijke Vopak 2,803 139,803 0.02 LyondellBasell Industries 9,844 732,590 0.08 Mobileye 5,000 230,700 0.03 Mylan 12,914 558,401 0.06 MGI Funds plc 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%) Netherlands (2015: 1.55%) NN Group 7,676 211,443 0.02 NXP Semiconductors 8,352 654,296 0.07 OCI 1,330 18,093 QIAGEN 5,869 127,111 0.01 Randstad Holding 4,508 181,070 0.02 RELX 27,732 480,926 0.05 Sensata Technologies Holding 4,411 153,900 0.02 STMicroelectronics 24,788 144,465 0.02 Unilever 46,136 2,148,087 0.23 Wolters Kluwer 7,299 296,458 0.03 13,892,064 1.51 New Zealand (2015: 0.03%) Auckland International Airport 41,530 192,255 0.02 Contact Energy 41,742 153,994 0.02 Fletcher Building 10,162 62,097 0.01 Meridian Energy 52,506 98,535 0.01 Mighty River Power 47,963 102,819 0.01 Ryman Healthcare 1,323 8,791 Spark New Zealand 35,289 89,222 0.01 707,713 0.08 Norway (2015: 0.24%) DNB 25,221 299,441 0.03 Gjensidige Forsikring 3,123 51,764 0.01 Marine Harvest 10,860 181,044 0.02 Norsk Hydro 40,642 147,260 0.01 Orkla 19,336 170,647 0.02 Schibsted A Shares 2,733 81,226 0.01 Schibsted B Shares 2,829 80,597 0.01 Statoil 33,264 572,822 0.06 Telenor 20,216 332,426 0.04 Yara International 5,596 176,414 0.02 2,093,641 0.23 Portugal (2015: 0.07%) Banco Espirito Santo 7,996 Energias de Portugal 74,503 227,946 0.02 Galp Energia 12,785 177,543 0.02 Jeronimo Martins 4,437 69,799 0.01 475,288 0.05 Singapore (2015: 0.63%) Ascendas REIT 84,763 156,187 0.02 Broadcom 10,857 1,687,178 0.18 CapitaLand 97,100 221,485 0.02 CapitaLand Commercial Trust REIT 5,000 5,480 CapitaMall Trust REIT 47,000 74,381 0.01 City Developments 16,700 101,002 0.01 ComfortDelGro 52,000 106,249 0.01 DBS Group Holdings 49,179 575,868 0.06 Flextronics International 18,830 222,194 0.02 Genting Singapore 76,000 40,939 Global Logistic Properties 129,000 173,003 0.02 Golden AgriResources 445,600 115,878 0.01 Hutchison Port Holdings Trust 147,000 66,885 0.01 Jardine Cycle & Carriage 2,222 60,259 0.01 Keppel 24,000 98,076 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Singapore (2015: 0.63%) OverseaChinese Banking 85,079 549,325 0.06 Sembcorp Industries 14,000 29,333 Sembcorp Marine 104,600 120,462 0.01 Singapore Airlines 20,800 164,743 0.02 Singapore Exchange 14,000 79,263 0.01 Singapore Press Holdings 51,000 149,677 0.02 Singapore Technologies Engineering 27,000 63,192 0.01 Singapore Telecommunications 228,600 699,779 0.08 StarHub 3,000 8,448 Suntec REIT 104,400 137,297 0.02 United Overseas Bank 35,600 487,222 0.05 UOL Group 2,000 8,114 Wilmar International 32,000 77,509 0.01 Yangzijiang Shipbuilding Holdings 112,000 74,478 0.01 6,353,906 0.69 Spain (2015: 1.34%) Abertis Infraestructuras 13,234 194,070 0.02 ACS Actividades de Construccion y Servicios 6,348 172,041 0.02 ACS Actividades de Construccion y Servicios Rights 6,348 4,464 Aena 1,610 211,505 0.02 Amadeus IT Holding 11,844 516,784 0.06 Banco Bilbao Vizcaya Argentaria 182,516 1,026,807 0.11 Banco de Sabadell 143,978 188,584 0.02 Banco Popular Espanol 70,132 89,678 0.01 Banco Santander 410,760 1,564,768 0.17 Bankia 146,637 105,237 0.01 Bankinter 25,756 165,043 0.02 CaixaBank 64,187 140,264 0.02 Distribuidora Internacional de Alimentacion 25,668 148,339 0.02 Enagas 5,695 172,755 0.02 Endesa 12,344 247,255 0.03 Ferrovial 11,612 224,918 0.02 Gas Natural SDG 9,317 182,845 0.02 Grifols 8,920 200,770 0.02 Iberdrola 160,038 1,082,233 0.12 Industria de Diseno Textil 31,459 1,045,335 0.11 International Consolidated Airlines Group 23,593 115,982 0.01 Mapfre 15,126 32,903 Red Electrica 2,648 235,844 0.03 Repsol 30,945 392,257 0.04 Repsol Rights 30,945 10,073 Telefonica 129,750 1,219,473 0.13 Zardoya Otis 516 4,821 9,695,048 1.05 Sweden (2015: 1.13%) Alfa Laval 4,284 66,742 0.01 Assa Abloy 30,567 620,886 0.07 Atlas Copco A Shares 19,456 498,989 0.05 Atlas Copco B Shares 8,775 205,272 0.02 Boliden 8,389 161,192 0.02 Electrolux 6,404 172,709 0.02 Getinge 5,977 121,830 0.01 Hennes & Mauritz 27,660 804,725 0.09 Hexagon 7,554 272,731 0.03 Husqvarna 19,103 141,029 0.01 ICA Gruppen 4,071 135,352 0.01 Industrivarden 6,985 112,202 0.01 Investor 11,803 391,311 0.04 MGI Funds plc 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%) Sweden (2015: 1.13%) Kinnevik 6,165 145,526 0.02 Lundin Petroleum 3,649 65,764 0.01 Nordea Bank 90,424 756,673 0.08 Sandvik 33,069 326,877 0.03 Securitas 6,338 96,723 0.01 Skandinaviska Enskilda Banken 40,617 349,713 0.04 Skanska 11,873 245,792 0.03 SKF 13,037 206,341 0.02 Svenska Cellulosa 16,377 519,954 0.06 Svenska Handelsbanken 40,963 492,173 0.05 Swedbank 24,814 514,573 0.06 Swedish Match 5,264 181,727 0.02 Tele2 5,849 50,774 0.01 Telefonaktiebolaget LM Ericsson 90,441 686,364 0.07 Telia 71,254 334,039 0.04 Volvo 42,868 419,942 0.05 9,097,925 0.99 Switzerland (2015: 3.88%) ABB 58,834 1,154,697 0.13 Actelion 2,973 498,043 0.05 Adecco 3,947 198,079 0.02 Aryzta 2,964 109,043 0.01 Baloise Holding 1,124 124,838 0.01 Barry Callebaut 90 110,583 0.01 Chocoladefabriken Lindt & Spruengli 31 184,562 0.02 Chocoladefabriken Lindt & Sprunegli Reg 3 214,330 0.02 Chubb 12,946 1,692,172 0.18 Cie Financiere Richemont 14,355 836,221 0.09 CocaCola HBC 7,512 151,635 0.02 Credit Suisse Group 53,865 570,056 0.06 Dufry 1,010 120,574 0.01 EMSChemie Holding 273 140,816 0.02 Galenica 89 119,769 0.01 Garmin 3,961 168,026 0.02 Geberit 1,086 410,232 0.05 Givaudan 235 471,833 0.05 Glencore 325,111 664,299 0.07 Julius Baer Group 6,869 273,646 0.03 Kuehne & Nagel International 1,506 210,549 0.02 LafargeHolcim 13,712 570,606 0.06 Lonza Group 1,297 214,613 0.02 Nestle 90,624 6,990,755 0.76 Novartis 64,706 5,323,533 0.58 Pargesa Holding 1,874 123,497 0.01 Partners Group Holding 561 239,988 0.03 Roche Holding 19,993 5,255,807 0.57 Schindler Holding 975 177,245 0.02 Schindler Holding (Nonvoting rights) 1,450 261,959 0.03 SGS 142 324,463 0.04 Sika 61 255,221 0.03 Sonova Holding 1,307 173,068 0.02 Swatch Group 664 37,930 0.01 Swatch Group BR 958 278,294 0.03 Swiss Life Holding 966 222,015 0.03 Swiss Prime Site 2,315 209,590 0.02 Swiss Re 9,816 853,938 0.09 Swisscom 596 295,308 0.03 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Switzerland (2015: 3.88%) Syngenta 2,733 1,049,492 0.11 TE Connectivity 10,650 608,222 0.07 UBS Group 100,403 1,295,489 0.14 Wolseley 7,595 392,921 0.04 Zurich Insurance Group 4,359 1,071,181 0.12 34,649,138 3.76 United Kingdom (2015: 7.55%) 3i Group 33,221 243,144 0.03 Aberdeen Asset Management 27,065 101,088 0.01 Admiral Group 7,296 197,992 0.02 Aggreko 9,873 168,673 0.02 Anglo American 43,163 419,424 0.05 Antofagasta 5,268 32,789 Aon 7,191 785,473 0.09 ARM Holdings 37,298 563,916 0.06 Ashtead Group 16,148 229,682 0.03 Associated British Foods 9,404 341,813 0.04 AstraZeneca 35,311 2,108,591 0.23 Auto Trader Group 34,245 161,782 0.02 Aviva 117,437 618,383 0.07 Babcock International Group 6,903 83,467 0.01 BAE Systems 85,895 601,680 0.07 Barclays 460,096 852,468 0.09 Barratt Developments 29,533 160,051 0.02 Berkeley Group Holdings 3,239 109,243 0.01 BHP Billiton 61,452 774,501 0.08 BP 525,806 3,079,745 0.33 British American Tobacco 52,460 3,396,325 0.37 British Land REIT 23,161 187,937 0.02 BT Group 238,680 1,308,177 0.14 Bunzl 10,048 309,209 0.03 Burberry Group 10,185 157,938 0.02 Capita 18,519 238,155 0.03 Carnival 5,575 246,683 0.03 Centrica 150,243 452,905 0.05 Cobham 22,297 46,886 0.01 CocaCola European Partners 6,362 227,060 0.02 Compass Group 47,246 898,113 0.10 Croda International 4,306 180,689 0.02 Delphi Automotive 7,791 487,717 0.05 Diageo 71,454 1,993,019 0.22 Direct Line Insurance Group 36,872 169,954 0.02 Dixons Carphone 33,575 143,626 0.02 easyjet 2,585 37,528 Fresnillo 5,136 112,874 0.01 G4S 49,053 119,935 0.01 GKN 43,466 156,710 0.02 GlaxoSmithKline 141,710 3,039,532 0.33 Hammerson REIT 28,273 203,339 0.02 Hargreaves Lansdown 7,288 121,101 0.01 Hikma Pharmaceuticals 4,077 134,346 0.01 HSBC Holdings 564,071 3,513,120 0.38 ICAP 10,207 57,267 0.01 IMI 3,499 45,231 Imperial Tobacco Group 26,977 1,461,808 0.16 Inmarsat 12,374 133,077 0.01 InterContinental Hotels Group 6,146 226,186 0.02 Intertek Group 5,000 232,536 0.03 Intu Properties REIT 17,972 69,696 0.01 Investec 23,394 144,826 0.02 ITV 104,993 252,217 0.03 MGI Funds plc 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%) United Kingdom (2015: 7.55%) J Sainsbury 44,023 136,708 0.01 Johnson Matthey 4,024 150,674 0.02 Kingfisher 72,342 311,879 0.03 Land Securities Group REIT 21,570 299,593 0.03 Legal & General Group 159,552 406,742 0.04 Liberty Global 19,376 555,122 0.06 Liberty Global A Shares 7,587 220,478 0.02 Liberty Global LiLAC 2,417 78,528 0.01 Liberty Global LiLAC A Shares 946 30,518 Lloyds Banking Group 1,834,541 1,325,775 0.14 London Stock Exchange Group 9,364 316,825 0.03 Marks & Spencer Group 47,348 201,721 0.02 Mediclinic International 10,300 150,771 0.02 Meggitt 25,475 138,229 0.02 Merlin Entertainments 14,944 87,959 0.01 Michael Kors Holdings 5,938 293,812 0.03 Mondi 11,932 222,512 0.02 National Grid 105,883 1,551,327 0.17 Next 4,033 265,792 0.03 Nielsen Holdings 10,962 569,695 0.06 Old Mutual 132,098 353,707 0.04 Pearson 24,571 317,626 0.03 Persimmon 7,900 152,814 0.02 Petrofac 3,329 34,534 Provident Financial 3,371 103,646 0.01 Prudential 73,566 1,236,172 0.13 Reckitt Benckiser Group 18,466 1,848,933 0.20 RELX 29,937 550,672 0.06 Rexam 20,404 175,931 0.02 Rio Tinto 36,043 1,105,302 0.12 RollsRoyce Holdings 57,295 544,952 0.06 Royal Bank of Scotland Group 94,654 217,131 0.02 Royal Dutch Shell A Shares 119,772 3,278,277 0.36 Royal Dutch Shell B Shares 107,166 2,954,011 0.32 Royal Mail 25,794 172,752 0.02 RSA Insurance Group 28,185 188,200 0.02 SABMiller 27,932 1,631,736 0.18 Sage Group 33,122 285,811 0.03 Schroders 2,854 89,887 0.01 Segro REIT 12,441 68,969 0.01 Severn Trent 5,702 185,606 0.02 Sky 26,606 301,607 0.03 Smith & Nephew 26,921 455,968 0.05 Smiths Group 11,712 180,521 0.02 SSE 31,273 649,661 0.07 St James's Place 16,930 177,661 0.02 Standard Chartered 97,017 732,243 0.08 Standard Life 59,231 232,473 0.03 Tate & Lyle 16,744 149,633 0.02 Taylor Wimpey 105,363 186,344 0.02 Tesco 253,875 593,576 0.06 Travis Perkins 6,629 130,621 0.01 Unilever 35,044 1,676,648 0.18 United Utilities Group 20,198 279,457 0.03 Vodafone Group 756,366 2,301,792 0.25 Weir Group 8,608 165,818 0.02 Whitbread 5,748 268,323 0.03 William Hill 28,157 96,924 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United Kingdom (2015: 7.55%) WM Morrison Supermarkets 61,733 154,651 0.02 Worldpay Group 27,446 99,686 0.01 WPP 36,963 766,876 0.08 64,551,439 7.00 United States of America (2015: 53.85%) 3M 17,426 3,051,641 0.33 Abbott Laboratories 41,065 1,614,265 0.17 AbbVie 45,797 2,835,292 0.31 Activision Blizzard 16,374 648,902 0.07 Acuity Brands 1,261 312,678 0.03 Adobe Systems 14,063 1,347,095 0.15 Advance Auto Parts 2,124 343,302 0.04 AES 17,597 219,611 0.02 Aetna 10,134 1,237,665 0.13 Affiliated Managers Group 1,310 184,409 0.02 Aflac 12,380 893,341 0.10 AGCO 1,482 69,847 0.01 Agilent Technologies 9,123 404,696 0.04 AGL Resources 2,754 181,736 0.02 Air Products & Chemicals 5,822 826,957 0.09 Akamai Technologies 5,042 281,999 0.03 Albemarle 2,958 234,599 0.03 Alcoa 37,877 351,120 0.04 Alexandria Real Estate Equities REIT 2,083 215,632 0.02 Alexion Pharmaceuticals 6,261 731,034 0.08 Alleghany 351 192,903 0.02 Alliance Data Systems 1,648 322,876 0.03 Alliant Energy 5,900 234,230 0.03 Allstate 10,552 738,112 0.08 Ally Financial 11,100 189,477 0.02 Alnylam Pharmaceuticals 2,705 150,100 0.02 Alphabet A Shares 8,397 5,907,541 0.64 Alphabet C Shares 8,765 6,066,256 0.66 Altria Group 56,112 3,869,484 0.42 Amazon.com 11,382 8,145,187 0.88 AMERCO 232 86,896 0.01 Ameren 6,303 337,715 0.04 American Airlines Group 5,606 158,706 0.02 American Capital Agency REIT 8,783 174,079 0.02 American Electric Power 14,180 993,876 0.11 American Express 23,722 1,441,349 0.16 American International Group 33,610 1,777,633 0.19 American Tower 11,942 1,356,731 0.15 American Water Works 5,102 431,170 0.05 Ameriprise Financial 4,604 413,669 0.04 AmerisourceBergen 5,570 441,812 0.05 AMETEK 7,220 333,781 0.04 Amgen 21,058 3,203,975 0.35 Amphenol 8,533 489,197 0.05 Anadarko Petroleum 14,248 758,706 0.08 Analog Devices 8,352 473,057 0.05 Annaly Capital Management REIT 22,772 252,086 0.03 ANSYS 2,578 233,954 0.03 Antero Resources 3,098 80,486 0.01 Anthem 7,753 1,018,279 0.11 AO Smith 2,122 186,969 0.02 Apache 11,573 644,269 0.07 Apple 157,512 15,058,147 1.63 Applied Materials 32,875 788,014 0.09 Aramark 7,435 248,478 0.03 ArcherDanielsMidland 16,374 702,281 0.08 MGI Funds plc 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%) United States of America (2015: 53.85%) Arrow Electronics 3,408 210,955 0.02 Arthur J Gallagher 5,267 250,709 0.03 Ashland 1,669 191,551 0.02 Assurant 2,251 194,284 0.02 AT&T 174,632 7,545,849 0.82 Atmos Energy 2,546 207,041 0.02 Autodesk 6,699 362,684 0.04 Autoliv 2,528 271,634 0.03 Automatic Data Processing 13,488 1,239,143 0.13 AutoNation 1,741 81,792 0.01 AutoZone 900 714,456 0.08 AvalonBay Communities REIT 4,097 739,058 0.08 Avery Dennison 2,845 212,664 0.02 Avnet 4,866 197,122 0.02 Axalta Coating Systems 4,276 113,442 0.01 B/E Aerospace 3,827 176,712 0.02 Baker Hughes 11,498 518,905 0.06 Ball 4,121 297,907 0.03 Bank of America 296,255 3,931,304 0.43 Bank of New York Mellon 30,503 1,185,042 0.13 Baxter International 14,998 678,210 0.07 BB&T 21,861 778,470 0.08 Becton Dickinson 5,873 996,002 0.11 Bed Bath & Beyond 5,002 216,186 0.02 Berkshire Hathaway 33,827 4,897,811 0.53 Best Buy 9,395 287,487 0.03 Biogen 6,118 1,479,455 0.16 BioMarin Pharmaceutical 4,117 320,303 0.03 BlackRock 3,475 1,190,292 0.13 Boeing 17,929 2,328,439 0.25 BorgWarner 7,156 211,245 0.02 Boston Properties REIT 4,809 634,307 0.07 Boston Scientific 39,023 911,968 0.10 BristolMyers Squibb 48,089 3,536,946 0.38 Brixmor Property Group REIT 5,985 158,363 0.02 Broadridge Financial Solutions 3,373 219,920 0.02 BrownForman 3,573 356,442 0.04 Bunge 4,264 252,216 0.03 CA 9,659 317,105 0.03 Cabot Oil & Gas 12,654 325,714 0.04 Cadence Design Systems 8,615 209,345 0.02 Calpine 13,061 192,650 0.02 Camden Property Trust REIT 2,378 210,263 0.02 Campbell Soup 5,581 371,304 0.04 Capital One Financial 14,407 914,989 0.10 Cardinal Health 9,462 738,131 0.08 CarMax 6,508 319,087 0.03 Carnival 11,330 500,786 0.05 Caterpillar 16,794 1,273,153 0.14 CBRE Group 9,376 248,276 0.03 CBS 11,545 628,510 0.07 CDK Global 4,710 261,358 0.03 CDW 3,306 132,504 0.01 Celanese 4,450 291,253 0.03 Celgene 22,544 2,223,515 0.24 Centene 5,294 377,833 0.04 CenterPoint Energy 13,039 312,936 0.03 CenturyLink 15,160 439,792 0.05 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 53.85%) Cerner 8,697 509,644 0.06 CF Industries Holdings 6,680 160,988 0.02 CH Robinson Worldwide 3,541 262,919 0.03 Charles Schwab 32,661 826,650 0.09 Charter Communications 5,927 1,355,149 0.15 Cheniere Energy 5,558 208,703 0.02 Chevron 53,472 5,605,470 0.61 Chipotle Mexican Grill 873 351,609 0.04 Church & Dwight 3,983 409,811 0.04 Cigna 7,011 897,338 0.10 Cimarex Energy 2,882 343,880 0.04 Cincinnati Financial 4,396 329,216 0.04 Cintas 2,589 254,059 0.03 Cisco Systems 141,494 4,059,463 0.44 CIT Group 4,455 142,159 0.02 Citigroup 83,191 3,526,466 0.38 Citizens Financial Group 15,687 313,426 0.03 Citrix Systems 4,561 365,290 0.04 Clorox 3,611 499,726 0.05 CME Group 9,236 899,586 0.10 CMS Energy 6,946 318,544 0.03 Coach 8,155 332,235 0.04 CocaCola 117,500 5,326,275 0.58 Cognizant Technology Solutions 17,808 1,019,330 0.11 ColgatePalmolive 24,711 1,808,845 0.20 Columbia Pipeline Group 12,300 313,404 0.03 Comcast 68,932 4,493,677 0.49 Comerica 5,593 230,040 0.02 ConAgra Foods 12,091 578,071 0.06 Concho Resources 3,905 465,749 0.05 ConocoPhillips 34,003 1,482,531 0.16 Consolidated Edison 9,114 733,130 0.08 Constellation Brands 5,059 836,759 0.09 Continental Resources 3,598 162,881 0.02 Cooper 1,523 261,301 0.03 Corning 30,917 633,180 0.07 Costco Wholesale 12,611 1,980,431 0.21 CR Bard 2,235 525,583 0.06 Crown Castle International 9,701 983,972 0.11 Crown Holdings 3,482 176,433 0.02 CSX 24,992 651,791 0.07 Cummins 4,793 538,925 0.06 CVS Health 30,855 2,954,058 0.32 Danaher 17,756 1,793,356 0.19 Darden Restaurants 3,661 231,888 0.03 DaVita HealthCare Partners 5,130 396,652 0.04 Deere 8,242 667,932 0.07 Delta Air Lines 4,290 156,285 0.02 Dentsply Sirona 6,304 391,100 0.04 Devon Energy 13,122 475,672 0.05 Dick's Sporting Goods 1,463 65,923 0.01 Digital Realty Trust REIT 4,902 534,269 0.06 Discover Financial Services 11,974 641,687 0.07 Discovery Communications 2,337 58,963 0.01 Discovery Communications (Nonvoting rights) 8,384 199,958 0.02 DISH Network 6,569 344,216 0.04 Dollar General 7,778 731,132 0.08 Dollar Tree 6,130 577,691 0.06 Dominion Resources 16,957 1,321,459 0.14 Domino's Pizza 1,429 187,742 0.02 Dover 3,764 260,920 0.03 Dow Chemical 31,426 1,562,186 0.17 MGI Funds plc 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 States of America (2015: 53.85%) DR Horton 11,452 360,509 0.04 Dr Pepper Snapple Group 5,279 510,110 0.06 DTE Energy 4,698 465,666 0.05 Duke Energy 19,695 1,689,634 0.18 Duke Realty REIT 8,683 231,489 0.02 Dun & Bradstreet 654 79,683 0.01 E*TRADE Financial 9,117 214,158 0.02 Eastman Chemical 3,993 271,125 0.03 Eaton Vance 1,787 63,153 0.01 ebay 31,293 732,569 0.08 Ecolab 7,461 884,875 0.10 Edgewell Personal Care 2,216 187,053 0.02 Edison International 9,748 757,127 0.08 Edwards Lifesciences 5,666 565,070 0.06 EI du Pont de Nemours 25,003 1,620,194 0.18 Electronic Arts 8,102 613,808 0.07 Eli Lilly 28,278 2,226,892 0.24 EMC 55,833 1,516,983 0.16 Emerson Electric 18,388 959,118 0.10 Entergy 5,131 417,407 0.05 Envision Healthcare Holdings 3,540 89,810 0.01 EOG Resources 15,426 1,286,837 0.14 EQT 4,448 344,409 0.04 Equifax 3,689 473,668 0.05 Equinix REIT 1,990 771,583 0.08 Equity Residential REIT 10,689 736,258 0.08 Essex Property Trust REIT 1,821 415,352 0.04 Estee Lauder 6,138 558,681 0.06 Eversource Energy 8,714 521,969 0.06 Exelon 25,301 919,944 0.10 Expedia 3,933 418,078 0.05 Expeditors International of Washington 5,232 256,577 0.03 Express Scripts Holding 18,932 1,435,046 0.16 Extra Space Storage REIT 3,377 312,508 0.03 Exxon Mobil 117,944 11,056,071 1.20 F5 Networks 1,905 216,865 0.02 Facebook 65,251 7,456,884 0.81 Fastenal 8,086 358,938 0.04 Federal REIT 2,077 343,847 0.04 FedEx 7,678 1,165,367 0.13 Fidelity National Information Services 8,818 649,710 0.07 Fifth Third Bancorp 23,323 410,252 0.04 First Republic Bank 3,566 249,584 0.03 FirstEnergy 12,497 436,270 0.05 Fiserv 6,384 694,132 0.08 FleetCor Technologies 2,882 412,501 0.04 FLIR Systems 2,225 68,864 0.01 Flowserve 4,558 205,885 0.02 Fluor 3,172 156,316 0.02 FMC 4,331 200,569 0.02 FMC Technologies 7,854 209,466 0.02 FNF Group 7,981 299,287 0.03 Foot Locker 4,060 222,732 0.02 Ford Motor 103,011 1,294,848 0.14 Fortinet 3,337 105,416 0.01 Fortune Brands Home & Security 4,926 285,560 0.03 Franklin Resources 11,438 381,686 0.04 FreeportMcMoRan 29,185 325,121 0.04 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 53.85%) Frontier Communications 38,220 188,807 0.02 Gap 6,676 141,665 0.02 Gartner 2,756 268,462 0.03 General Dynamics 7,387 1,028,566 0.11 General Electric 266,955 8,403,743 0.91 General Growth Properties REIT 15,127 451,087 0.05 General Mills 17,664 1,259,796 0.14 General Motors 40,091 1,134,575 0.12 Genuine Parts 3,984 403,380 0.04 Gilead Sciences 40,152 3,349,480 0.36 Global Payments 4,325 308,718 0.03 Goldman Sachs Group 10,634 1,580,000 0.17 Goodyear Tire & Rubber 6,000 153,960 0.02 H&R Block 5,009 115,207 0.01 Halliburton 23,704 1,073,554 0.12 Hanesbrands 9,873 248,108 0.03 HarleyDavidson 5,242 237,463 0.03 Harman International Industries 2,410 173,086 0.02 Harris 3,317 276,770 0.03 Hartford Financial Services Group 11,501 510,414 0.06 Hasbro 2,987 250,878 0.03 HCA Holdings 9,564 736,524 0.08 HCP REIT 12,586 445,293 0.05 Helmerich & Payne 3,725 250,059 0.03 Henry Schein 2,331 412,121 0.04 Hershey 4,048 459,408 0.05 Hess 8,226 494,383 0.05 Hewlett Packard 48,730 890,297 0.10 Hilton Worldwide Holdings 13,926 313,753 0.03 HollyFrontier 4,797 114,025 0.01 Hologic 6,109 211,371 0.02 Home Depot 36,135 4,614,078 0.50 Honeywell International 20,952 2,437,137 0.26 Hormel Foods 7,126 260,812 0.03 Host Hotels & Resorts REIT 17,972 291,326 0.03 HP 49,914 626,421 0.07 Humana 4,180 751,898 0.08 Huntington Bancshares 24,652 220,389 0.02 IDEXX Laboratories 2,543 236,143 0.03 IHS 2,263 261,625 0.03 Illinois Tool Works 8,944 931,607 0.10 Illumina 3,966 556,747 0.06 IMS Health Holdings 3,767 95,531 0.01 Incyte 4,541 363,189 0.04 Ingredion 2,043 264,385 0.03 Intel 134,314 4,405,499 0.48 Intercontinental Exchange 3,586 917,873 0.10 International Business Machines 25,734 3,905,907 0.42 International Flavors & Fragrances 2,196 276,850 0.03 International Paper 10,748 455,500 0.05 Interpublic Group 13,098 302,564 0.03 Intuit 6,908 771,002 0.08 Intuitive Surgical 1,117 738,795 0.08 Invesco 11,960 305,458 0.03 Ionis Pharmaceuticals 2,188 50,959 0.01 Iron Mountain REIT 6,929 275,982 0.03 Jacobs Engineering Group 4,557 226,984 0.02 JB Hunt Transport Services 1,987 160,808 0.02 JM Smucker 3,093 471,404 0.05 Johnson & Johnson 78,508 9,523,020 1.03 Johnson Controls 18,677 826,644 0.09 Jones Lang LaSalle 804 78,350 0.01 MGI Funds plc 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%) JPMorgan Chase & Co 104,631 6,501,770 0.71 Juniper Networks 8,329 187,319 0.02 Kansas City Southern 3,316 298,738 0.03 Kellogg 7,111 580,613 0.06 KeyCorp 27,022 298,593 0.03 KimberlyClark 10,395 1,429,105 0.15 Kimco Realty REIT 11,914 373,861 0.04 Kinder Morgan 53,841 1,007,904 0.11 KLATencor 4,343 318,125 0.03 Kohl's 4,453 168,858 0.02 Kraft Heinz 17,769 1,572,201 0.17 Kroger 25,008 920,044 0.10 L Brands 6,301 422,986 0.05 L3 Communications Holdings 2,058 301,888 0.03 Laboratory of America Holdings 2,752 358,503 0.04 Lam Research 4,767 400,714 0.04 Las Vegas Sands 12,902 561,108 0.06 Lear 1,947 198,127 0.02 Leggett & Platt 4,314 220,489 0.02 Lennar 4,422 203,854 0.02 Leucadia National 6,668 115,556 0.01 Level 3 Communications 9,166 471,957 0.05 Liberty Interactive 13,563 344,093 0.04 Liberty Property Trust REIT 5,487 217,944 0.02 Liberty SiriusXM Group A 1,332 41,772 Liberty SiriusXM Group C 6,265 193,401 0.02 Lincoln National 7,080 274,492 0.03 Linear Technology 6,007 279,506 0.03 LinkedIn 2,923 553,178 0.06 LKQ 8,094 256,580 0.03 Lockheed Martin 7,784 1,931,755 0.21 Loews 8,656 355,675 0.04 Lowe's 25,738 2,037,677 0.22 Lululemon Athletica 3,104 229,261 0.02 M&T Bank 4,262 503,896 0.05 Macerich REIT 3,964 338,486 0.04 Macy's 8,968 301,414 0.03 ManpowerGroup 2,128 136,916 0.01 Marathon Oil 26,028 390,680 0.04 Marathon Petroleum 13,867 526,391 0.06 Markel 435 414,459 0.04 Marriott International 5,720 380,151 0.04 Marsh & McLennan 14,763 1,010,675 0.11 Martin Marietta Materials 1,557 298,944 0.03 Masco 8,844 273,633 0.03 MasterCard 28,163 2,480,034 0.27 Mattel 10,384 324,915 0.03 Maxim Integrated Products 8,229 293,693 0.03 McCormick 3,364 358,838 0.04 McDonald's 25,522 3,071,317 0.33 McKesson 6,574 1,227,037 0.13 Mead Johnson Nutrition 5,794 525,805 0.06 Medivation 5,041 303,972 0.03 MEDNAX 2,153 155,942 0.02 Merck 79,600 4,585,756 0.50 MetLife 26,810 1,067,842 0.12 MettlerToledo International 701 255,809 0.03 MGM Resorts International 11,109 251,397 0.03 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 53.85%) Microchip Technology 4,915 249,485 0.03 Micron Technology 33,623 462,652 0.05 Microsoft 213,677 10,933,852 1.19 MidAmerica Apartment Communities 1,881 200,138 0.02 Mohawk Industries 1,939 367,945 0.04 Molson Coors Brewing 5,378 543,877 0.06 Mondelez International 44,150 2,009,266 0.22 Monsanto 12,393 1,281,560 0.14 Monster Beverage 4,288 689,124 0.07 Moody's 4,754 445,497 0.05 Morgan Stanley 41,210 1,070,636 0.12 Mosaic 9,920 259,706 0.03 Motorola Solutions 4,632 305,573 0.03 MSCI 2,434 187,710 0.02 Murphy Oil 3,612 114,681 0.01 Nasdaq 3,769 243,741 0.03 National Oilwell Varco 9,086 305,744 0.03 Navient 14,835 177,278 0.02 NetApp 9,243 227,285 0.02 Netflix 11,642 1,065,010 0.12 NetSuite 1,213 88,306 0.01 New York Community Bancorp 15,711 235,508 0.03 Newell Brands 13,069 634,761 0.07 Newfield Exploration 5,624 248,468 0.03 Newmont Mining 15,718 614,888 0.07 News 12,642 143,487 0.02 NextEra Energy 13,519 1,762,878 0.19 NIKE 39,009 2,153,297 0.23 NiSource 9,104 241,438 0.03 Noble Energy 11,549 414,263 0.04 Nordstrom 3,190 121,380 0.01 Norfolk Southern 8,318 708,111 0.08 Northern Trust 6,526 432,413 0.05 Northrop Grumman 4,663 1,036,492 0.11 Norwegian Cruise Line Holdings 4,737 188,722 0.02 NRG Energy 6,165 92,413 0.01 Nuance Communications 4,484 70,085 0.01 Nucor 9,692 478,882 0.05 NVIDIA 14,842 697,722 0.08 O'Reilly Automotive 2,904 787,274 0.09 Occidental Petroleum 21,141 1,597,414 0.17 OGE Energy 7,388 241,957 0.03 Omnicom Group 6,366 518,765 0.06 ONEOK 6,722 318,959 0.03 Oracle 89,444 3,660,943 0.40 PACCAR 9,073 470,617 0.05 Packaging of America 2,207 147,715 0.02 Palo Alto Networks 2,326 285,261 0.03 ParkerHannifin 3,765 406,808 0.04 Patterson 2,657 127,244 0.01 Paychex 8,736 519,792 0.06 PayPal Holdings 31,285 1,142,215 0.12 People's United Financial 4,985 73,080 0.01 PepsiCo 40,686 4,310,275 0.47 Pfizer 175,422 6,176,609 0.67 PG&E 13,888 887,721 0.10 Philip Morris International 43,853 4,460,795 0.48 Phillips 66 15,147 1,201,763 0.13 Pinnacle West Capital 2,845 230,616 0.02 Pioneer Natural Resources 4,794 724,901 0.08 Plains GP Holdings 8,621 89,917 0.01 PNC Financial Services Group 14,245 1,159,401 0.13 MGI Funds plc 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%) Polaris Industries 1,698 138,828 0.01 PPG Industries 7,652 796,956 0.09 PPL 17,595 664,211 0.07 Praxair 8,003 899,457 0.10 Priceline Group 1,416 1,767,749 0.19 Principal Financial Group 8,796 361,604 0.04 Procter & Gamble 77,071 6,525,602 0.71 Progressive 15,679 525,246 0.06 Prologis REIT 14,274 699,997 0.08 Prudential Financial 11,960 853,226 0.09 Public Service Enterprise Group 13,255 617,816 0.07 Public Storage REIT 4,023 1,028,239 0.11 PulteGroup 8,927 173,987 0.02 PVH 2,006 189,025 0.02 Qorvo 5,123 283,097 0.03 Qualcomm 42,770 2,291,189 0.25 Quest Diagnostics 3,534 287,703 0.03 Quintiles Transnational Holdings 3,221 210,396 0.02 Ralph Lauren 1,736 155,580 0.02 Range Resources 3,599 155,261 0.02 Raymond James Financial 3,681 181,473 0.02 Raytheon 8,117 1,103,506 0.12 Realogy Holdings 4,071 118,140 0.01 Realty Income REIT 7,736 536,569 0.06 Red Hat 5,818 422,387 0.05 Regency Centers REIT 2,918 244,324 0.03 Regeneron Pharmaceuticals 2,266 791,355 0.09 Regions Financial 31,305 266,406 0.03 Republic Services 7,577 388,776 0.04 ResMed 3,603 227,818 0.02 Reynolds American 24,844 1,339,837 0.15 Rite Aid 30,723 230,115 0.02 Robert Half International 3,523 134,438 0.01 Rockwell Automation 3,901 447,913 0.05 Rockwell Collins 4,181 355,970 0.04 Roper Technologies 2,696 459,830 0.05 Ross Stores 10,818 613,272 0.07 Royal Caribbean Cruises 5,257 353,008 0.04 S&P Global 7,665 822,148 0.09 Sabre 4,085 109,437 0.01 salesforce.com 18,484 1,467,814 0.16 SBA Communications 3,007 324,576 0.03 SCANA 3,279 248,089 0.03 Schlumberger 40,071 3,168,815 0.34 Scripps Networks Interactive 2,807 174,792 0.02 Sealed Air 6,233 286,531 0.03 SEI Investments 3,776 181,663 0.02 Sempra Energy 7,153 815,585 0.09 ServiceNow 4,003 265,799 0.03 SherwinWilliams 2,395 703,340 0.08 Shire 17,197 1,066,917 0.12 Shire 2,705 497,936 0.05 Signature Bank 1,168 145,907 0.02 Signet Jewelers 1,814 149,492 0.02 Simon Property Group REIT 8,863 1,922,385 0.21 Sirius XM Holdings 69,554 274,738 0.03 Skyworks Solutions 5,846 369,935 0.04 SL Green Realty REIT 3,062 326,011 0.04 Portfolio Statement Nominal Fair value % of holdings US$ Net assets United States of America (2015: 53.85%) Snapon 1,723 271,924 0.03 Southern 25,820 1,384,727 0.15 Southwest Airlines 5,370 210,558 0.02 Southwestern Energy 10,662 134,128 0.01 Spectra Energy 18,058 661,465 0.07 Splunk 4,236 229,506 0.02 Sprint 9,545 43,239 St Jude Medical 7,411 578,058 0.06 Stanley Black & Decker 4,126 458,894 0.05 Staples 21,773 187,683 0.02 Starbucks 42,204 2,410,692 0.26 Starwood Hotels & Resorts Worldwide 4,693 347,047 0.04 State Street 12,097 652,270 0.07 Stericycle 2,527 263,111 0.03 Stryker 9,243 1,107,589 0.12 SunTrust Banks 14,124 580,214 0.06 Symantec 18,067 371,096 0.04 Synchrony Financial 22,372 565,564 0.06 Synopsys 3,869 209,236 0.02 Sysco 15,564 789,717 0.09 T Rowe Price Group 6,623 483,280 0.05 TMobile US 7,844 339,410 0.04 Target 16,458 1,149,098 0.12 TD Ameritrade Holding 8,467 241,098 0.03 TECO Energy 5,869 162,219 0.02 Tegna 4,574 105,980 0.01 Tesla Motors 2,902 616,037 0.07 Tesoro 3,784 283,497 0.03 Texas Instruments 27,667 1,733,338 0.19 Textron 6,441 235,483 0.03 Thermo Fisher Scientific 11,046 1,632,157 0.18 Tiffany 3,897 236,314 0.03 Time Warner 22,143 1,628,396 0.18 TJX 19,236 1,485,596 0.16 Toll Brothers 5,690 153,118 0.02 Torchmark 3,134 193,744 0.02 Total System Services 4,099 217,698 0.02 Tractor Supply 3,797 346,210 0.04 TransDigm Group 1,678 442,472 0.05 Travelers 8,475 1,008,864 0.11 Trimble Navigation 8,855 215,708 0.02 TripAdvisor 3,151 202,609 0.02 TwentyFirst Century Fox A 33,984 919,267 0.10 TwentyFirst Century Fox B 12,419 338,418 0.04 Twitter 15,983 270,273 0.03 Tyson Foods 7,932 529,778 0.06 UDR REIT 6,682 246,699 0.03 UGI 4,880 220,820 0.02 Ulta Salon Cosmetics & Fragrance 1,497 364,729 0.04 Under Armour 5,162 187,897 0.02 Under Armour 5,126 205,706 0.02 Union Pacific 23,785 2,075,241 0.23 United Continental Holdings 3,403 139,659 0.02 United Parcel Service 19,827 2,135,764 0.23 United Rentals 2,000 134,200 0.01 United Technologies 22,555 2,313,015 0.25 United Therapeutics 1,670 176,886 0.02 UnitedHealth Group 27,282 3,852,218 0.42 Universal Health Services 2,741 367,568 0.04 Unum Group 7,628 242,494 0.03 US Bancorp 48,755 1,966,289 0.21 Valero Energy 12,499 637,449 0.07 MGI Funds plc 203

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 2,133 230,428 0.02 Vantiv 5,216 295,226 0.03 Varian Medical Systems 3,179 261,409 0.03 Ventas REIT 9,128 664,701 0.07 VEREIT REIT 28,432 288,300 0.03 VeriSign 2,876 248,659 0.03 Verisk Analytics 4,806 389,670 0.04 Verizon Communications 115,603 6,455,272 0.70 Vertex Pharmaceuticals 7,375 634,397 0.07 VF 9,896 608,505 0.07 Viacom 10,338 428,717 0.05 Visa 54,371 4,032,697 0.44 VMware 2,077 118,846 0.01 Vornado Realty Trust REIT 4,488 449,339 0.05 Voya Financial 5,739 142,098 0.02 Vulcan Materials 4,074 490,347 0.05 WABCO Holdings 1,133 103,749 0.01 Wabtec 3,180 223,331 0.02 WalMart Stores 44,923 3,280,277 0.36 Walgreens Boots Alliance 26,090 2,172,514 0.24 Walt Disney 43,690 4,273,756 0.46 Waste Management 11,727 777,148 0.08 Waters 2,013 283,128 0.03 WEC Energy Group 9,288 606,506 0.07 Wells Fargo 137,692 6,516,962 0.71 Welltower REIT 10,800 822,636 0.09 Westar Energy 4,020 225,482 0.02 Western Digital 8,494 401,426 0.04 Western Union 14,975 287,221 0.03 WestRock 7,093 275,705 0.03 Weyerhaeuser REIT 21,846 650,355 0.07 Whirlpool 2,163 360,442 0.04 WhiteWave Foods 5,414 254,133 0.03 Whole Foods Market 10,683 342,070 0.04 Williams 21,164 457,777 0.05 Workday 3,801 283,821 0.03 WR Berkley 3,573 214,094 0.02 WR Grace & Co 1,762 128,996 0.01 WW Grainger 1,687 383,371 0.04 Wyndham Worldwide 2,735 194,814 0.02 Wynn Resorts 2,734 247,810 0.03 Xcel Energy 15,487 693,508 0.07 Xerox 29,041 275,599 0.03 Xilinx 7,029 324,248 0.04 Xylem 5,705 254,728 0.03 Yahoo! 24,981 938,286 0.10 Yum! Brands 11,726 972,320 0.11 Zillow Group 2,614 94,836 0.01 Zimmer Biomet Holdings 5,444 655,349 0.07 Zoetis 12,669 601,271 0.06 523,125,079 56.76 Total equities 909,100,782 98.62 Total transferable securities 909,100,782 98.62 MGI Funds plc 204

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 05/07/2016 1 AUD 2* 156,654 EUR 102,258 05/07/2016 3,042 AUD 2* 2,476,237 USD 1,808,889 18/08/2016 31,956 CAD 2* 25 GBP 13 05/07/2016 1 CAD 2* 195,810 EUR 135,311 05/07/2016 450 CHF 2* 19 GBP 13 05/07/2016 1 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 03/08/2016 10 EUR 2* 1,298 GBP 1,067 03/08/2016 17 EUR 2* 2,215,060 DKK 16,477,205 05/07/2016 360 EUR 2* 3,122,361 SEK 29,051,146 05/07/2016 39,991 EUR 2* 21,500,067 GBP 16,494,879 05/07/2016 1,835,130 0.2 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 05/07/2016 236 ILS 2* 14,544 GBP 2,600 05/07/2016 300 JPY 2* 5,153 GBP 34 05/07/2016 5 JPY 3* 40,398,773 EUR 335,825 05/07/2016 20,704 JPY 3* 637,914,760 USD 5,939,120 18/08/2016 287,423 0.04 NOK 2* 10 GBP 1 05/07/2016 NOK 2* 99,593 EUR 10,685 05/07/2016 32 NZD 2* 1 GBP 05/07/2016 NZD 2* 4,245 EUR 2,641 05/07/2016 89 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 540 25/07/2016 82 USD 2* 3,116 GBP 2,092 02/08/2016 318 USD 3* 5,310 GBP 3,566 08/07/2016 543 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 18/08/2016 45,827 USD 2* 3,331,018 GBP 2,353,155 05/07/2016 185,320 0.02 USD 3* 2,914,900 GBP 2,013,515 18/08/2016 222,400 0.02 USD 2* 16,263,708 EUR 14,430,291 05/07/2016 232,386 0.04 Unrealised gain on open forward foreign currency contracts 2,944,142 0.32 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 23 112,774 0.02 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 157 108,482 0.01 SPI 200 Futures 1* 578,107 16/09/2016 AUD 6 149 Swiss Market Index Futrures 1* 901,047 16/09/2016 CHF 11 22,634 Unrealised gain on futures contracts 252,810 0.03 Total financial derivative instruments at positive fair value 3,196,952 0.35 Total financial assets at fair value through profit or loss 912,297,734 98.96 MGI Funds plc 205

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 723 03/08/2016 (1) EUR 2* 519 AUD 776 03/08/2016 (1) EUR 2* 199 SEK 1,879 03/08/2016 (1) EUR 2* 672 CAD 971 03/08/2016 EUR 2* 42 NOK 393 03/08/2016 EUR 2* 93 SGD 139 03/08/2016 EUR 2* 48 ILS 206 03/08/2016 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

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 894,494,589 97.03 Cash (2015: 1.94%) 21,934,090 2.38 Net current assets (2015: 0.06%) 5,432,718 0.59 Total net assets attributable to holders of redeemable participating shares 921,861,397 100.00 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; 96.69 Financial derivative instruments dealt in on a regulated market; 0.03 OTC financial derivative instruments; 0.31 Other current assets 2.97 100.00 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: 2016 2015 % of NAV % of NAV Consumer Discretionary 12.28 13.03 Consumer Staples 11.14 9.12 Energy 6.86 7.13 Financials 18.74 20.35 Health Care 13.1 13.34 Industrials 10.7 10.04 Information Technology 13.78 13.09 Sovereign MGI Funds plc 207

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) 3.50 15/09/2021 EUR 950,000 1,143,289 0.40 Austria (Government of) 3.65 20/04/2022 EUR 500,000 616,557 0.22 Austria (Government of) 3.40 22/11/2022 EUR 710,000 879,944 0.31 Austria (Government of) 1.75 20/10/2023 EUR 620,000 711,195 0.25 Austria (Government of) 1.65 21/10/2024 EUR 720,000 824,612 0.29 Austria (Government of) 1.20 20/10/2025 EUR 500,000 553,936 0.19 Austria (Government of) 4.85 15/03/2026 EUR 580,000 849,611 0.30 Austria (Government of) 0.75 20/10/2026 EUR 150,000 158,379 0.05 Austria (Government of) 6.25 15/07/2027 EUR 480,000 798,700 0.28 Austria (Government of) 2.40 23/05/2034 EUR 320,000 420,336 0.15 Austria (Government of) 4.15 15/03/2037 EUR 800,000 1,350,036 0.47 Austria (Government of) 3.15 20/06/2044 EUR 420,000 672,330 0.23 Austria (Government of) 1.50 20/02/2047 EUR 50,000 58,861 0.02 Austria (Government of) 3.80 26/01/2062 EUR 230,000 461,939 0.16 9,499,725 3.32 Belgium (2015: 4.06%) Belgium (Government of) 4.25 28/09/2021 EUR 680,000 847,799 0.30 Belgium (Government of) 4.00 28/03/2022 EUR 610,000 764,582 0.27 Belgium (Government of) 4.25 28/09/2022 EUR 510,000 656,894 0.23 Belgium (Government of) 2.25 22/06/2023 EUR 550,000 645,539 0.23 Belgium (Government of) 2.60 22/06/2024 EUR 720,000 873,311 0.31 Belgium (Government of) 0.80 22/06/2025 EUR 720,000 765,563 0.27 Belgium (Government of) 4.50 28/03/2026 EUR 390,000 556,675 0.19 Belgium (Government of) 1.00 22/06/2026 EUR 200,000 215,189 0.07 Belgium (Government of) 5.50 28/03/2028 EUR 830,000 1,330,514 0.46 Belgium (Government of) 1.00 22/06/2031 EUR 200,000 213,073 0.07 Belgium (Government of) 4.00 28/03/2032 EUR 400,000 610,746 0.21 Belgium (Government of) 3.00 22/06/2034 EUR 290,000 407,247 0.14 Belgium (Government of) 5.00 28/03/2035 EUR 810,000 1,436,455 0.50 Belgium (Government of) 1.90 22/06/2038 EUR 200,000 243,997 0.09 Belgium (Government of) 4.25 28/03/2041 EUR 700,000 1,239,234 0.43 Belgium (Government of) 3.75 22/06/2045 EUR 360,000 619,149 0.22 Belgium (Government of) 1.60 22/06/2047 EUR 100,000 114,875 0.04 Belgium (Government of) 2.15 22/06/2066 EUR 60,000 75,265 0.03 11,616,107 4.06 Finland (2015: 2.09%) Finland (Government of) 1.63 15/09/2022 EUR 580,000 650,051 0.23 Finland (Government of) 1.50 15/04/2023 EUR 620,000 693,204 0.24 Finland (Government of) 2.00 15/04/2024 EUR 520,000 605,239 0.21 Finland (Government of) 4.00 04/07/2025 EUR 750,000 1,020,819 0.36 Finland (Government of) 0.88 15/09/2025 EUR 420,000 450,230 0.16 Finland (Government of) 0.50 15/04/2026 EUR 500,000 516,961 0.18 Finland (Government of) 2.75 04/07/2028 EUR 560,000 730,336 0.26 Finland (Government of) 0.75 15/04/2031 EUR 350,000 369,076 0.13 Finland (Government of) 2.63 04/07/2042 EUR 500,000 754,730 0.26 5,790,646 2.03 France (2015: 21.62%) France (Government of) 3.25 25/10/2021 EUR 2,680,000 3,195,958 1.12 France (Government of) 3.00 25/04/2022 EUR 2,870,000 3,424,083 1.20 France (Government of) 8.25 25/04/2022 EUR 60,000 90,100 0.03 France (Government of) 2.25 25/10/2022 EUR 2,140,000 2,478,420 0.87 France (Government of) 8.50 25/04/2023 EUR 690,000 1,102,436 0.39 France (Government of) 1.75 25/05/2023 EUR 2,280,000 2,587,431 0.90 France (Government of) 4.25 25/10/2023 EUR 2,820,000 3,738,179 1.31 France (Government of) 2.25 25/05/2024 EUR 1,960,000 2,322,845 0.81 France (Government of) 1.75 25/11/2024 EUR 2,080,000 2,385,211 0.83 MGI Funds plc 208

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) 0.50 25/05/2025 EUR 2,210,000 2,295,656 0.80 France (Government of) 6.00 25/10/2025 EUR 1,690,000 2,622,374 0.92 France (Government of) 1.00 25/11/2025 EUR 1,800,000 1,946,223 0.68 France (Government of) 3.50 25/04/2026 EUR 2,540,000 3,373,365 1.18 France (Government of) 0.50 25/05/2026 EUR 890,000 916,800 0.32 France (Government of) 2.75 25/10/2027 EUR 2,490,000 3,173,610 1.11 France (Government of) 5.50 25/04/2029 EUR 2,020,000 3,335,378 1.17 France (Government of) 2.50 25/05/2030 EUR 2,090,000 2,677,456 0.94 France (Government of) 1.50 25/05/2031 EUR 1,030,000 1,177,257 0.41 France (Government of) 5.75 25/10/2032 EUR 1,950,000 3,558,319 1.24 France (Government of) 4.75 25/04/2035 EUR 1,730,000 2,999,954 1.05 France (Government of) 1.25 25/05/2036 EUR 450,000 492,115 0.17 France (Government of) 4.00 25/10/2038 EUR 1,840,000 3,068,692 1.07 France (Government of) 4.50 25/04/2041 EUR 1,920,000 3,518,179 1.23 France (Government of) 3.25 25/05/2045 EUR 1,240,000 1,971,566 0.69 France (Government of) 4.00 25/04/2055 EUR 1,000,000 1,920,677 0.67 France (Government of) 4.00 25/04/2060 EUR 830,000 1,640,052 0.57 France (Government of) 1.75 25/05/2066 EUR 200,000 234,941 0.08 62,247,277 21.76 Germany (2015: 29.39%) Bundesrepublik Deutschland 3.25 04/07/2021 EUR 2,490,000 2,973,856 1.04 Bundesrepublik Deutschland 2.25 04/09/2021 EUR 2,070,000 2,376,388 0.83 Bundesrepublik Deutschland 2.00 04/01/2022 EUR 2,690,000 3,071,378 1.07 Bundesrepublik Deutschland 1.75 04/07/2022 EUR 3,230,000 3,674,929 1.29 Bundesrepublik Deutschland 1.50 04/09/2022 EUR 2,410,000 2,711,304 0.95 Bundesrepublik Deutschland 1.50 15/02/2023 EUR 2,350,000 2,658,913 0.93 Bundesrepublik Deutschland 1.50 15/05/2023 EUR 2,470,000 2,805,635 0.98 Bundesrepublik Deutschland 2.00 15/08/2023 EUR 2,350,000 2,764,190 0.97 Bundesrepublik Deutschland 6.25 04/01/2024 EUR 1,360,000 2,051,390 0.72 Bundesrepublik Deutschland 1.75 15/02/2024 EUR 2,430,000 2,831,899 0.99 Bundesrepublik Deutschland 1.50 15/05/2024 EUR 2,330,000 2,675,423 0.94 Bundesrepublik Deutschland 1.00 15/08/2024 EUR 2,450,000 2,716,793 0.95 Bundesrepublik Deutschland 0.50 15/02/2025 EUR 2,980,000 3,179,001 1.11 Bundesrepublik Deutschland 1.00 15/08/2025 EUR 3,150,000 3,498,722 1.22 Bundesrepublik Deutschland 0.50 15/02/2026 EUR 2,430,000 2,579,440 0.90 Bundesrepublik Deutschland 6.50 04/07/2027 EUR 1,490,000 2,596,067 0.91 Bundesrepublik Deutschland 5.63 04/01/2028 EUR 1,950,000 3,259,128 1.14 Bundesrepublik Deutschland 4.75 04/07/2028 EUR 1,470,000 2,337,825 0.82 Bundesrepublik Deutschland 6.25 04/01/2030 EUR 1,220,000 2,271,664 0.79 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 2,290,000 4,116,310 1.44 Bundesrepublik Deutschland 4.75 04/07/2034 EUR 2,630,000 4,807,571 1.68 Bundesrepublik Deutschland 4.00 04/01/2037 EUR 3,050,000 5,385,706 1.88 Bundesrepublik Deutschland 4.25 04/07/2039 EUR 1,890,000 3,582,758 1.25 Bundesrepublik Deutschland 4.75 04/07/2040 EUR 2,090,000 4,270,209 1.49 Bundesrepublik Deutschland 3.25 04/07/2042 EUR 1,990,000 3,455,954 1.21 Bundesrepublik Deutschland 2.50 04/07/2044 EUR 2,450,000 3,860,763 1.35 Bundesrepublik Deutschland 2.50 15/08/2046 EUR 2,020,000 3,245,196 1.13 85,758,412 29.98 Ireland (2015: 1.89%) Ireland (Government of) 0.80 15/03/2022 EUR 450,000 471,757 0.16 Ireland (Government of) 3.90 20/03/2023 EUR 640,000 799,833 0.28 Ireland (Government of) 3.40 18/03/2024 EUR 790,000 976,186 0.34 Ireland (Government of) 5.40 13/03/2025 EUR 1,130,000 1,604,300 0.56 Ireland (Government of) 1.00 15/05/2026 EUR 630,000 659,499 0.23 Ireland (Government of) 2.40 15/05/2030 EUR 750,000 903,805 0.32 Ireland (Government of) 2.00 18/02/2045 EUR 530,000 625,951 0.22 6,041,331 2.11 MGI Funds plc 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%) Italy (2015: 16.42%) Italy Buoni Poliennali Del Tesoro 3.75 01/08/2021 EUR 1,430,000 1,673,644 0.58 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2021 EUR 1,210,000 1,479,955 0.52 Italy Buoni Poliennali Del Tesoro 2.15 15/12/2021 EUR 970,000 1,058,783 0.37 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2022 EUR 1,020,000 1,274,954 0.45 Italy Buoni Poliennali Del Tesoro 1.35 15/04/2022 EUR 850,000 889,099 0.31 Italy Buoni Poliennali Del Tesoro 5.50 01/09/2022 EUR 1,010,000 1,308,942 0.46 Italy Buoni Poliennali Del Tesoro 1.45 15/09/2022 EUR 950,000 997,590 0.35 Italy Buoni Poliennali Del Tesoro 5.50 01/11/2022 EUR 1,030,000 1,338,361 0.47 Italy Buoni Poliennali Del Tesoro 0.95 15/03/2023 EUR 650,000 659,198 0.23 Italy Buoni Poliennali Del Tesoro 4.50 01/05/2023 EUR 900,000 1,124,416 0.39 Italy Buoni Poliennali Del Tesoro 4.75 01/08/2023 EUR 1,220,000 1,555,044 0.54 Italy Buoni Poliennali Del Tesoro 9.00 01/11/2023 EUR 610,000 961,317 0.34 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2024 EUR 1,250,000 1,576,351 0.55 Italy Buoni Poliennali Del Tesoro 3.75 01/09/2024 EUR 1,070,000 1,294,495 0.45 Italy Buoni Poliennali Del Tesoro 2.50 01/12/2024 EUR 970,000 1,080,465 0.38 Italy Buoni Poliennali Del Tesoro 5.00 01/03/2025 EUR 1,160,000 1,529,067 0.53 Italy Buoni Poliennali Del Tesoro 1.50 01/06/2025 EUR 950,000 977,824 0.34 Italy Buoni Poliennali Del Tesoro 2.00 01/12/2025 EUR 900,000 959,881 0.34 Italy Buoni Poliennali Del Tesoro 4.50 01/03/2026 EUR 1,100,000 1,420,722 0.50 Italy Buoni Poliennali Del Tesoro 1.60 01/06/2026 EUR 680,000 697,196 0.24 Italy Buoni Poliennali Del Tesoro 7.25 01/11/2026 EUR 460,000 719,575 0.25 Italy Buoni Poliennali Del Tesoro 6.50 01/11/2027 EUR 1,310,000 1,992,244 0.70 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2028 EUR 980,000 1,327,710 0.46 Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 1,370,000 1,963,087 0.69 Italy Buoni Poliennali Del Tesoro 3.50 01/03/2030 EUR 1,190,000 1,463,841 0.51 Italy Buoni Poliennali Del Tesoro 6.00 01/05/2031 EUR 1,480,000 2,311,958 0.81 Italy Buoni Poliennali Del Tesoro 1.65 01/03/2032 EUR 830,000 824,827 0.29 Italy Buoni Poliennali Del Tesoro 5.75 01/02/2033 EUR 890,000 1,388,525 0.48 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2034 EUR 1,300,000 1,909,304 0.67 Italy Buoni Poliennali Del Tesoro 2.25 01/09/2036 EUR 340,000 355,429 0.12 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 1,310,000 1,740,555 0.61 Italy Buoni Poliennali Del Tesoro 5.00 01/08/2039 EUR 960,000 1,459,135 0.51 Italy Buoni Poliennali Del Tesoro 5.00 01/09/2040 EUR 1,030,000 1,565,922 0.55 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 770,000 1,162,296 0.41 Italy Buoni Poliennali Del Tesoro 3.25 01/09/2046 EUR 650,000 783,615 0.27 Italy Buoni Poliennali Del Tesoro 2.70 01/03/2047 EUR 480,000 517,459 0.18 45,342,786 15.85 Latvia (2015: 0.20%) Latvia (Government of) 2.88 30/04/2024 EUR 500,000 599,601 0.21 Lithuania (2015: 0.35%) Lithuania (Government of) 2.13 29/10/2026 EUR 870,000 1,001,553 0.35 Luxembourg (2015: 0.44%) Luxembourg (Government of) 2.13 10/07/2023 EUR 700,000 821,410 0.29 Luxembourg (Government of) 2.25 21/03/2022 EUR 490,000 565,347 0.20 1,386,757 0.49 Netherlands (2015: 6.62%) Netherlands (Kingdom of) 3.25 15/07/2021 EUR 1,430,000 1,701,628 0.60 Netherlands (Kingdom of) 2.25 15/07/2022 EUR 1,280,000 1,487,283 0.52 Netherlands (Kingdom of) 3.75 15/01/2023 EUR 760,000 966,838 0.34 Netherlands (Kingdom of) 7.50 15/01/2023 EUR 400,000 607,885 0.21 Netherlands (Kingdom of) 1.75 15/07/2023 EUR 1,380,000 1,579,129 0.55 Netherlands (Kingdom of) 2.00 15/07/2024 EUR 1,360,000 1,598,084 0.56 Netherlands (Kingdom of) 0.25 15/07/2025 EUR 1,380,000 1,415,569 0.49 Netherlands (Kingdom of) 0.50 15/07/2026 EUR 300,000 312,458 0.11 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 1,150,000 1,868,350 0.65 MGI Funds plc 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%) Netherlands (2015: 6.62%) Netherlands (Kingdom of) 2.50 15/01/2033 EUR 1,150,000 1,569,799 0.55 Netherlands (Kingdom of) 4.00 15/01/2037 EUR 1,170,000 2,029,615 0.71 Netherlands (Kingdom of) 3.75 15/01/2042 EUR 1,400,000 2,544,264 0.89 Netherlands (Kingdom of) 2.75 15/01/2047 EUR 970,000 1,589,201 0.56 19,270,103 6.74 Slovakia (2015: 0.69%) Slovakia (Government of) 3.00 28/02/2023 EUR 330,000 398,564 0.14 Slovakia (Government of) 3.38 15/11/2024 EUR 300,000 380,376 0.13 Slovakia (Government of) 4.35 14/10/2025 EUR 300,000 415,489 0.15 Slovakia (Government of) 4.50 10/05/2026 EUR 66,388 93,047 0.03 Slovakia (Government of) 1.38 21/01/2027 EUR 160,000 172,781 0.06 Slovakia (Government of) 3.63 16/01/2029 EUR 260,000 348,594 0.12 Slovakia (Government of) 1.63 21/01/2031 EUR 150,000 164,197 0.06 Slovakia (Government of) 3.88 08/02/2033 EUR 100,000 142,238 0.05 2,115,286 0.74 Slovenia (2015: 0.35%) Slovenia (Government of) 2.25 25/03/2022 EUR 100,000 110,800 0.04 Slovenia (Government of) 4.63 09/09/2024 EUR 140,000 182,222 0.06 Slovenia (Government of) 2.13 28/07/2025 EUR 200,000 220,029 0.08 Slovenia (Government of) 5.13 30/03/2026 EUR 150,000 205,025 0.07 Slovenia (Government of) 2.25 03/03/2032 EUR 200,000 213,230 0.08 Slovenia (Government of) 1.50 25/03/2035 EUR 100,000 95,664 0.03 1,026,970 0.36 Spain (2015: 10.67%) Spain (Kingdom of) 0.75 30/07/2021 EUR 100,000 102,580 0.04 Spain (Kingdom of) 5.85 31/01/2022 EUR 1,650,000 2,154,683 0.76 Spain (Kingdom of) 5.40 31/01/2023 EUR 1,350,000 1,773,179 0.62 Spain (Kingdom of) 4.40 31/10/2023 EUR 1,230,000 1,551,373 0.54 Spain (Kingdom of) 4.80 31/01/2024 EUR 1,230,000 1,590,050 0.56 Spain (Kingdom of) 3.80 30/04/2024 EUR 1,360,000 1,656,599 0.58 Spain (Kingdom of) 2.75 31/10/2024 EUR 1,510,000 1,721,459 0.60 Spain (Kingdom of) 1.60 30/04/2025 EUR 1,360,000 1,422,643 0.50 Spain (Kingdom of) 4.65 30/07/2025 EUR 1,270,000 1,659,265 0.58 Spain (Kingdom of) 2.15 31/10/2025 EUR 1,310,000 1,426,006 0.50 Spain (Kingdom of) 1.95 30/04/2026 EUR 1,030,000 1,098,808 0.38 Spain (Kingdom of) 5.90 30/07/2026 EUR 990,000 1,423,365 0.50 Spain (Kingdom of) 5.15 31/10/2028 EUR 880,000 1,243,529 0.43 Spain (Kingdom of) 6.00 31/01/2029 EUR 1,300,000 1,975,309 0.69 Spain (Kingdom of) 1.95 30/07/2030 EUR 1,050,000 1,101,297 0.39 Spain (Kingdom of) 5.75 30/07/2032 EUR 1,260,000 1,986,147 0.69 Spain (Kingdom of) 4.20 31/01/2037 EUR 1,080,000 1,484,579 0.52 Spain (Kingdom of) 4.90 30/07/2040 EUR 1,000,000 1,522,919 0.53 Spain (Kingdom of) 4.70 30/07/2041 EUR 910,000 1,358,880 0.48 Spain (Kingdom of) 5.15 31/10/2044 EUR 730,000 1,173,101 0.41 Spain (Kingdom of) 2.90 31/10/2046 EUR 340,000 383,162 0.13 Spain (Kingdom of) 4.00 31/10/2064 EUR 100,000 141,225 0.05 Spain (Kingdom of) 3.45 30/07/2066 EUR 200,000 232,034 0.08 30,182,192 10.56 MGI Funds plc 211

Mercer Euro Over 5 Year Bond Fund Portfolio Statement Fair value % of Net assets Total government bonds 281,878,746 98.56 Total transferable securities 281,878,746 98.56 Total financial assets at fair value through profit or loss 281,878,746 98.56 Cash (2015: 0.47%) 762,674 0.27 Net current assets (2015: 1.41%) 3,363,491 1.17 Total net assets attributable to holders of redeemable participating shares 286,004,911 100.00 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; 98.52 Other current assets 1.48 100.00 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 2016 30 June 2015 Mercer Euro Over 5 Year Bond Fund % Holding AAA 37.75 106,415,272 AA+ 5.43 15,290,371 AA 22.08 62,247,277 AA 4.12 11,616,107 A+ 2.89 8,156,617 A 0.36 1,026,970 A 0.57 1,601,154 BBB+ 10.71 30,182,192 BBB 16.09 45,342,786 100.00 281,878,746 Mercer Euro Over 5 Year Bond Fund % Holding AAA 36.29 68,920,548 AA+ 26.56 50,432,733 AA 2.38 4,511,040 AA 2.76 5,240,048 A+ 1.93 3,664,356 A 0.71 1,340,684 A 0.91 1,737,085 BBB 27.60 52,417,186 NR 0.86 1,634,919 100.00 189,898,599 Concentration Risk Mercer Euro Over 5 Year Bond Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Sovereign 98.56 98.12 MGI Funds plc 212

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) 4.25 25/10/2023 EUR 47,683,100 63,208,496 6.01 France (Government of)* 25/10/2025 EUR 67,630,100 66,826,654 6.36 France (Government of) 3.50 25/04/2026 EUR 28,335,100 37,631,746 3.58 France (Government of)* 25/04/2029 EUR 53,622,700 50,958,456 4.85 France (Government of)* 25/10/2032 EUR 64,344,700 58,223,267 5.54 France (Government of)* 25/10/2038 EUR 79,686,900 65,510,999 6.23 France (Government of)* 25/04/2055 EUR 71,082,400 43,247,954 4.11 385,607,572 36.68 Germany (2015: 32.01%) Bundesrepublik Deutschland 3.00 04/07/2020 EUR 19,575,400 22,451,614 2.14 Bundesrepublik Deutschland 6.25 04/01/2024 EUR 40,650,300 61,315,896 5.83 Bundesrepublik Deutschland 6.25 04/01/2030 EUR 33,557,000 62,483,795 5.94 Bundesrepublik Deutschland 4.00 04/01/2037 EUR 46,943,800 82,893,613 7.89 Bundesrepublik Deutschland 3.25 04/07/2042 EUR 56,637,000 98,359,224 9.36 327,504,142 31.16 Netherlands (2015: 31.09%) Netherlands (Kingdom of) 4.50 15/07/2017 EUR 12,246,800 12,895,463 1.23 Netherlands (Kingdom of) 4.00 15/07/2018 EUR 12,513,000 13,692,339 1.30 Netherlands (Kingdom of) 5.50 15/01/2028 EUR 32,728,600 53,172,600 5.06 Netherlands (Kingdom of) 4.00 15/01/2037 EUR 65,592,900 113,784,928 10.82 Netherlands (Kingdom of) 3.75 15/01/2042 EUR 72,078,000 130,989,627 12.46 324,534,957 30.87 Total government bonds 1,037,646,671 98.71 Total transferable securities 1,037,646,671 98.71 Total financial assets at fair value through profit or loss 1,037,646,671 98.71 Cash (2015: 0.18%) 2,583,768 0.25 Net current assets (2015: 1.22%) 10,999,214 1.04 Net assets attributable to holders of redeemable participating shares 1,051,229,653 100.00 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; 98.35 Other current assets 1.65 100.00 Country classifications are based upon country of incorporation and/or country of domicile. *These are zero coupon bonds. MGI Funds plc 213

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 2016 30 June 2015 Mercer Euro Nominal Bond Long Duration Fund % Holding AAA 62.84 652,039,099 AA 37.16 385,607,572 100.00 1,037,646,671 Mercer Euro Nominal Bond Long Duration Fund % Holding AAA 78.58 618,088,423 AA+ 12.99 102,204,431 NR 8.43 66,335,867 100.00 786,628,721 Concentration Risk Mercer Euro Nominal Bond Long Duration Fund's exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Soverign Debt 98.71 98.60 MGI Funds plc 214

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 2,016,334 4.18 BlackRock GiltTrak Fund 169,706 4,196,316 8.70 BlackRock UK Index Sub Fund 71,742 2,471,352 5.12 BlackRock Euro Credit Bond Index Fund** 76,306 1,441,397 2.99 BlackRock UK Credit Bond Index Fund 66,264 1,825,982 3.78 BlackRock US Corporate Bond Index Fund*** 39,156 735,223 1.52 Irish Life Investment Managers Indexed Minimum Volatility Global Equity Fund 278,933 3,912,982 8.11 ishares $ High Yield Corporate Bond 84,765 6,425,611 13.32 ishares Global Infrastructure GBP 96,413 1,805,574 3.74 ishares Global Infrastructure USD 2,905 54,126 0.11 ishares JP Morgan $ Emerging Markets Bond Fund 20,520 1,749,227 3.62 Mercer Absolute Return Fixed Income Fund 504 4,995,962 10.36 Mercer Passive Global Equity Fund M2 Hedged (MGI Funds plc) 32,512 3,667,039 7.60 Mercer Passive Global Equity Fund Z1 (MGI Funds plc) 22,470 2,429,015 5.03 MGI UK Cash Fund 14,939 1,504,905 3.12 MGI UK Inflation Linked Bond Fund 24,224 4,726,570 9.79 Total investment funds 43,957,615 91.09 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 15/08/2016 90 EUR 2* 806,650 GBP 637,124 18/08/2016 34,098 0.07 Unrealised gain on open forward foreign currency contracts 34,188 0.07 Total financial derivative instruments at positive fair value 34,188 0.07 Total financial assets at fair value through profit or loss 43,991,803 91.16 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 33,093 0.06 MGI Funds plc 215

Mercer Diversified Retirement Fund Portfolio Statement Fair value GB % of Net assets Total investments at fair value through profit or loss 43,990,708 91.15 Cash (30 Jun 2015: 3.17%) 3,606,957 7.47 Other net assets (30 Jun 2015: 2.70%) 661,833 1.38 Net assets attributable to holders of redeemable participating shares 48,259,498 100.00 Total assets comprised as follows: % of total assets UCITS and NONUCITS CIS; 90.52 OTC financial derivative instruments; 0.07 Other current assets 9.41 100.00 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

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 138 103,551 0.04 United States of America Southwestern Energy Pref 1,593 43,161 0.02 Total equities 146,712 0.06 Coupon Maturity Nominal Fair value % of rate date Currency holdings Net assets Asset backed securities SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes 2015T3 2.92 15/07/2047 USD 175,000 158,212 0.07 Total asset backed securities 158,212 0.07 Convertible securities Austria Steinhoff Finance Holdings 1.25 11/08/2022 EUR 100,000 99,263 0.04 Belgium Bekaert 0.00 09/06/2021 EUR 200,000 200,395 0.08 France Wendel 0.00 31/07/2019 EUR 87,533 87,794 0.04 Germany Deutsche Bank 0.00 05/07/2016 HKD 2,000,000 231,474 0.10 RAGStiftung 0.00 31/12/2018 EUR 100,000 102,396 0.04 333,870 0.14 Hong Kong Asia View 1.50 08/08/2019 USD 250,000 231,784 0.10 ENN Energy Holdings 0.00 26/02/2018 USD 250,000 236,284 0.10 PB Issuer No 4 3.25 03/07/2021 USD 200,000 146,271 0.06 Semiconductor Manufacturing International 0.00 07/07/2022 USD 250,000 220,532 0.09 834,871 0.35 Japan Kansai Paint 0.00 17/06/2019 JPY 20,000,000 184,084 0.08 Kansai Paint 0.00 17/06/2022 JPY 20,000,000 179,001 0.08 Keihan Holdings 0.00 30/03/2021 JPY 10,000,000 89,824 0.04 Suzuki Motor 0.00 31/03/2021 JPY 30,000,000 272,435 0.10 Suzuki Motor 0.00 31/03/2023 JPY 20,000,000 183,597 0.08 Takashimaya 0.00 11/12/2018 JPY 10,000,000 87,521 0.04 Tohoku Electric Power 0.00 03/12/2018 JPY 10,000,000 87,960 0.04 Toray Industries 0.00 30/08/2019 JPY 10,000,000 99,366 0.04 1,183,788 0.50 Jersey Carillion Finance Jersey 2.50 19/12/2019 GBP 200,000 221,168 0.09 Premier Oil Finance Jersey 2.50 27/07/2018 USD 200,000 124,308 0.05 Remgro Jersey 2.63 22/03/2021 GBP 100,000 134,040 0.06 479,516 0.20 Luxembourg Grand City Properties 0.25 02/03/2022 EUR 100,000 103,403 0.04 SAFHolland 1.00 12/09/2020 EUR 300,000 317,349 0.14 420,752 0.18 MGI Funds plc 217

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 0.00 18/09/2021 USD 400,000 353,932 0.15 Mexico America Movil SAB de CV 0.00 28/05/2020 EUR 500,000 494,150 0.21 Netherlands JP Morgan Structured Products 0.00 09/09/2016 JPY 23,000,000 209,109 0.09 OCI 3.88 25/09/2018 EUR 100,000 87,421 0.04 Salzgitter Finance 2.00 08/11/2017 EUR 150,000 157,389 0.07 Siemens Financieringsmaatschappij 1.05 16/08/2017 USD 250,000 233,989 0.09 687,908 0.29 Spain International Consolidated Airlines Group 0.25 17/11/2020 EUR 300,000 267,017 0.11 Taiwan Siliconware Precision Industries 0.00 31/10/2019 USD 250,000 230,659 0.10 United Arab Emirates DP World 1.75 19/06/2024 USD 600,000 532,653 0.22 National Bank of Abu Dhabi 1.00 12/03/2018 USD 200,000 180,026 0.08 712,679 0.30 United Kingdom J Sainsbury 1.25 21/11/2019 GBP 100,000 121,920 0.05 United States of America Intel 2.95 15/12/2035 USD 350,000 408,181 0.17 ON Semiconductor 1.00 01/12/2020 USD 304,000 245,934 0.10 Priceline Group 0.35 15/06/2020 USD 68,000 72,073 0.03 Restoration Hardware Holdings 0.00 15/06/2019 USD 88,000 64,458 0.03 Restoration Hardware Holdings 0.00 15/07/2020 USD 185,000 125,726 0.05 Salesforce.com 0.25 01/04/2018 USD 138,000 160,785 0.07 SanDisk 0.50 15/10/2020 USD 230,000 223,855 0.09 ServiceNow 0.00 01/11/2018 USD 144,000 144,849 0.06 Tesla Motors 0.25 01/03/2019 USD 98,000 78,509 0.03 Toll Brothers Finance 0.50 15/09/2032 USD 100,000 88,550 0.04 1,612,920 0.67 Total convertible securities 8,121,434 3.41 Corporate bonds Argentina Cablevision 6.50 15/06/2021 USD 150,000 138,058 0.06 Australia Transurban Finance 4.13 02/02/2026 USD 200,000 191,620 0.08 British Virgin Islands Huarong Finance II 3.25 03/06/2021 USD 200,000 180,964 0.08 Huarong Finance II 4.63 03/06/2026 USD 200,000 186,428 0.08 Midea Investment Development 2.38 03/06/2019 USD 300,000 271,121 0.11 Sinopec Group Overseas Development 2012 3.90 17/05/2022 USD 600,000 572,249 0.23 State Grid Overseas Investment 2016 1.75 19/05/2025 EUR 200,000 203,785 0.09 1,414,547 0.59 Canada Encana 6.63 15/08/2037 USD 100,000 89,850 0.04 MGI Funds plc 218

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 3.91 31/05/2023 USD 300,000 271,805 0.11 Seagate HDD Cayman 4.75 01/06/2023 USD 100,000 76,139 0.03 Seagate HDD Cayman 4.75 01/01/2025 USD 100,000 71,279 0.03 Three Gorges Finance I Cayman Islands 3.15 02/06/2026 USD 800,000 745,424 0.32 1,164,647 0.49 China Alibaba Group Holding 3.60 28/11/2024 USD 200,000 184,305 0.08 Alibaba Group Holding 4.50 28/11/2034 USD 500,000 470,853 0.19 Biostime International Holdings 7.25 21/06/2021 USD 200,000 186,301 0.08 Country Garden Holdings 7.50 09/03/2020 USD 300,000 291,263 0.12 Proven Honour Capital 4.13 19/05/2025 USD 200,000 187,371 0.08 Tencent Holdings 3.80 11/02/2025 USD 200,000 189,938 0.08 1,510,031 0.63 Denmark Nykredit Realkredit 2.00 01/10/2017 DKK 4,000,000 552,910 0.23 Realkredit Danmark 2.00 01/01/2018 DKK 5,000,000 694,722 0.29 1,247,632 0.52 Finland SATO 2.25 10/09/2020 EUR 205,000 211,585 0.09 France Vivendi 0.75 26/05/2021 EUR 500,000 505,859 0.21 Germany Alstria Office REIT 2.13 12/04/2023 EUR 600,000 629,906 0.26 Aroundtown Property Holdings 1.50 03/05/2022 EUR 1,100,000 1,074,125 0.45 Deutsche Bank 1.24 15/08/2016 USD 1,000,000 899,295 0.38 Unitymedia 3.75 15/01/2027 EUR 250,000 229,569 0.10 2,832,895 1.19 Hong Kong Chalieco Hong Kong 6.88 Perpetual USD 200,000 182,952 0.08 CK Hutchison Finance 16 1.25 06/04/2023 EUR 400,000 402,208 0.17 CK Hutchison Finance 16 2.00 06/04/2028 EUR 200,000 200,502 0.08 CNOOC Finance 2013 3.00 09/05/2023 USD 500,000 447,733 0.19 Hongkong & Shanghai Banking 0.56 29/07/2049 USD 20,000 10,442 1,243,837 0.52 Indonesia Pelabuhan Indonesia II 5.38 05/05/2045 USD 700,000 597,232 0.25 Pertamina Persero 5.63 20/05/2043 USD 400,000 350,581 0.15 947,813 0.40 Ireland AerCap Ireland Capital 2.75 15/05/2017 USD 150,000 135,168 0.06 AIB Mortgage Bank 0.63 27/07/2020 EUR 100,000 102,332 0.04 AIB Mortgage Bank 0.88 04/02/2023 EUR 110,000 113,833 0.05 Ardagh Packaging Finance 3.34 15/12/2019 USD 200,000 181,151 0.08 Bank of Ireland Mortgage Bank 0.63 19/02/2021 EUR 100,000 102,492 0.04 634,976 0.27 Italy Banca Monte dei Paschi di Siena 3.50 20/03/2017 EUR 500,000 511,753 0.21 Intesa Sanpaolo 2.38 13/01/2017 USD 360,000 325,302 0.14 Intesa Sanpaolo 2.86 23/04/2025 EUR 100,000 96,743 0.04 UniCredit 3.25 14/01/2021 EUR 100,000 109,123 0.05 1,042,921 0.44 MGI Funds plc 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 Corporate bonds Japan Mizuho Financial Group 2.63 12/04/2021 USD 300,000 275,174 0.11 Mizuho Financial Group 3.48 12/04/2026 USD 200,000 192,223 0.08 Sumitomo Mitsui Financial Group 1.55 15/06/2026 EUR 200,000 202,981 0.09 670,378 0.28 Luxembourg Actavis Funding 3.45 15/03/2022 USD 125,000 117,002 0.05 Mexico Petroleos Mexicanos 5.13 15/03/2023 EUR 300,000 318,798 0.12 Netherlands Cooperatieve Rabobank 0.50 26/11/2021 ZAR 25,000,000 954,220 0.40 Deutsche Telekom International Finance 6.00 20/01/2017 EUR 2,000,000 2,067,440 0.88 Royal Bank of Scotland 4.70 10/06/2019 EUR 400,000 415,192 0.17 Volkswagen International Finance 1.07 18/08/2016 USD 450,000 404,171 0.17 Vonovia Finance 1.63 15/12/2020 EUR 100,000 105,189 0.04 Vonovia Finance 0.88 10/06/2022 EUR 400,000 405,456 0.17 4,351,668 1.83 Spain Metrovacesa 2.38 23/05/2022 EUR 500,000 511,855 0.22 Supranational European Investment Bank 4.00 16/02/2021 USD 500,000 505,545 0.22 European Investment Bank 6.00 07/12/2028 GBP 150,000 268,453 0.11 773,998 0.33 Sweden Nordea Hypotek 1.25 19/05/2021 SEK 2,500,000 275,482 0.12 Nordea Hypotek 3.25 17/06/2020 SEK 1,300,000 154,615 0.06 430,097 0.18 Switzerland Credit Suisse 1.00 07/06/2023 EUR 200,000 200,557 0.08 Credit Suisse 1.38 31/01/2022 EUR 100,000 103,434 0.04 Credit Suisse 3.63 09/09/2024 USD 250,000 233,058 0.11 537,049 0.23 Turkey Turkiye Vakiflar Bankasi 2.38 04/05/2021 EUR 500,000 501,967 0.21 United Kingdom Barclays Bank 1.00 29/12/2049 USD 300,000 267,084 0.11 Barclays Bank 0.69 29/07/2049 USD 90,000 45,164 0.02 Barclays Bank 2.63 11/11/2025 EUR 200,000 188,360 0.08 Bupa Finance 7.50 04/07/2016 GBP 600,000 722,295 0.30 HSBC Bank 0.00 01/07/2016 EUR 200,000 199,520 0.08 HSBC Bank 0.75 29/06/2049 USD 170,000 87,896 0.04 HSBC Bank 4.13 12/08/2020 USD 800,000 774,014 0.33 ICBC Standard Bank 8.13 02/12/2019 USD 290,000 291,386 0.12 Iceland Bondco 6.25 15/07/2021 GBP 250,000 264,588 0.11 IDH Finance 6.00 01/12/2018 GBP 300,000 349,975 0.15 Lloyds Banking Group 6.41 Perpetual USD 200,000 193,528 0.08 Lloyds Banking Group 6.66 Perpetual USD 200,000 194,428 0.08 NRAM 6.38 02/12/2019 GBP 230,000 321,578 0.14 Royal Bank of Scotland Group 7.65 Perpetual USD 300,000 319,997 0.13 SSE 1.75 08/09/2023 EUR 200,000 210,831 0.09 State Grid Europe Development 2014 1.50 26/01/2022 EUR 200,000 203,871 0.09 MGI Funds plc 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 United Kingdom Thomas Cook Finance 6.75 15/06/2021 EUR 250,000 232,411 0.10 Tullett Prebon 7.04 06/07/2016 GBP 300,000 361,135 0.15 5,228,061 2.20 United States of America AbbVie 2.30 14/05/2021 USD 125,000 114,012 0.05 AbbVie 3.20 14/05/2026 USD 110,000 100,506 0.04 ADT 6.25 15/10/2021 USD 100,000 96,089 0.04 Aetna 3.20 15/06/2026 USD 100,000 92,800 0.04 Ally Financial 3.25 05/11/2018 USD 100,000 90,126 0.04 AnheuserBusch InBev Finance 3.65 01/02/2026 USD 90,000 86,956 0.04 Anixter 5.13 01/10/2021 USD 100,000 91,813 0.04 AT&T 3.95 15/01/2025 USD 125,000 119,810 0.05 AutoNation 3.35 15/01/2021 USD 125,000 115,332 0.05 Bank of America 1.72 22/03/2018 USD 300,000 271,521 0.10 Baxalta 4.00 23/06/2025 USD 105,000 98,806 0.04 Bed Bath & Beyond 3.75 01/08/2024 USD 100,000 91,916 0.04 Carrington Holding 4.00 15/01/2021 USD 800,000 304,244 0.12 CBRE Services 5.25 15/03/2025 USD 225,000 211,264 0.09 Cemex Finance 4.63 15/06/2024 EUR 100,000 98,378 0.04 Charter Communications Operating 4.91 23/07/2025 USD 100,000 98,589 0.04 Coach 4.25 01/04/2025 USD 200,000 184,159 0.08 Cox Communications 5.88 01/12/2016 USD 100,000 91,567 0.04 Denbury Resources 5.50 01/05/2022 USD 220,000 134,660 0.06 Diamond 1 Finance 5.45 15/06/2023 USD 100,000 93,527 0.04 Dresdner Funding Trust I 8.15 30/06/2031 USD 200,000 210,271 0.08 Endo Finance 7.25 15/01/2022 USD 100,000 83,937 0.04 EnLink Midstream Partners 2.70 01/04/2019 USD 100,000 87,543 0.04 Express Scripts Holding 4.50 25/02/2026 USD 125,000 123,854 0.05 Fidelity National Information Services 5.00 15/10/2025 USD 110,000 112,611 0.05 Ford Motor Credit 1.08 08/08/2016 USD 500,000 450,232 0.18 FreeportMcMoran Oil & Gas 6.75 01/02/2022 USD 100,000 88,691 0.04 Frontier Communications 10.50 15/09/2022 USD 75,000 71,687 0.03 GameStop 5.50 01/10/2019 USD 100,000 89,451 0.04 General Motors Financial 3.15 15/01/2020 USD 150,000 136,792 0.06 Goldman Sachs Group 0.45 29/07/2016 EUR 150,000 149,898 0.06 Gray Television 5.88 15/07/2026 USD 100,000 90,463 0.04 HCA 5.88 15/02/2026 USD 100,000 93,614 0.04 Hewlett Packard Enterprise 4.90 15/10/2025 USD 100,000 94,219 0.04 IAC 4.88 30/11/2018 USD 95,000 87,650 0.04 International Lease Finance 7.13 01/09/2018 USD 100,000 99,054 0.04 Kinder Morgan Energy Partners 3.50 01/09/2023 USD 100,000 88,068 0.04 Macy's Retail Holdings 3.63 01/06/2024 USD 125,000 111,066 0.05 Marathon Oil 6.80 15/03/2032 USD 100,000 91,596 0.04 MasTec 4.88 15/03/2023 USD 100,000 83,937 0.04 Morgan Stanley 2.80 16/06/2020 USD 60,000 55,388 0.02 Nasdaq 4.25 01/06/2024 USD 180,000 171,149 0.07 Nord Anglia Education Finance 5.75 15/07/2022 CHF 200,000 187,681 0.08 Regency Energy Partners 5.88 01/03/2022 USD 100,000 96,393 0.04 Reynolds Group Issuer 5.13 15/07/2023 USD 100,000 91,251 0.04 Sabine Pass LNG 7.50 30/11/2016 USD 100,000 91,780 0.04 Sabine Pass Liquefaction 5.88 30/06/2026 USD 200,000 180,926 0.08 Scripps Networks Interactive 3.50 15/06/2022 USD 135,000 126,112 0.05 Tenet Healthcare 4.15 15/09/2016 USD 150,000 134,007 0.06 Time Warner 6.50 15/11/2036 USD 200,000 229,003 0.09 Total System Services 4.80 01/04/2026 USD 125,000 122,245 0.05 Valeant Pharmaceuticals International 7.00 01/10/2020 USD 100,000 79,887 0.03 Wells Fargo & Co 0.32 26/10/2016 EUR 150,000 150,005 0.06 West 4.75 15/07/2021 USD 100,000 89,113 0.04 MGI Funds plc 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 United States of America West 5.38 15/07/2022 USD 100,000 84,050 0.04 Western Digital 10.50 01/04/2024 USD 100,000 96,539 0.04 Williams Partners 7.25 01/02/2017 USD 100,000 92,719 0.04 WPX Energy 5.25 15/01/2017 USD 100,000 90,688 0.04 Wyndham Worldwide 5.10 01/10/2025 USD 225,000 220,466 0.09 7,420,111 3.12 Total corporate bonds 34,037,255 14.30 Government bonds Australia Australia (Goverment of) 3.25 21/04/2025 AUD 200,000 148,110 0.06 Austria Austria (Government of) 3.80 26/01/2062 EUR 220,000 441,854 0.19 Belgium Belgium (Government of) 0.00 11/08/2016 EUR 1,820,000 1,821,210 0.77 Belgium (Government of) 0.00 09/02/2017 EUR 3,640,000 3,652,467 1.53 Belgium (Government of) 0.80 22/06/2025 EUR 260,000 276,453 0.12 Belgium (Government of) 2.15 22/06/2066 EUR 380,000 476,681 0.20 Belgium (Government of) 4.00 28/03/2022 EUR 1,200,000 1,504,096 0.63 7,730,907 3.25 Brazil Brazil Notas do Tesouro Nacional 10.00 01/01/2023 BRL 8,300,000 2,139,855 0.90 Brazil Notas do Tesouro Nacional 10.00 01/01/2025 BRL 11,500,000 2,903,414 1.22 5,043,269 2.12 Bulgaria Bulgaria (Government of) 3.13 26/03/2035 EUR 500,000 472,698 0.20 Chile Chile (Government of) 3.00 01/01/2017 CLP 390,781,050 545,926 0.23 Denmark Denmark (Kingdom of) 3.00 15/11/2021 DKK 13,700,000 2,175,760 0.91 Denmark (Kingdom of) 1.75 15/11/2025 DKK 22,000,000 3,420,587 1.44 5,596,347 2.35 France France (Government of) 0.00 18/08/2016 EUR 7,190,000 7,195,357 3.02 France (Government of) 0.00 04/01/2017 EUR 14,100,000 14,140,397 5.95 France (Government of) 0.00 29/03/2017 EUR 1,680,000 1,686,980 0.71 France (Government of) 0.00 25/05/2021 EUR 3,000,000 3,051,844 1.28 France (Government of) 2.25 25/10/2022 EUR 2,800,000 3,242,792 1.36 France (Government of) 0.50 25/05/2025 EUR 1,000,000 1,038,758 0.44 France (Government of) 3.25 25/05/2045 EUR 660,000 1,049,382 0.44 France (Government of) 1.75 25/05/2066 EUR 430,000 505,123 0.21 31,910,633 13.41 Germany Bundesrepublik Deutschland 0.10 15/04/2046 EUR 854,209 1,125,506 0.47 German Treasury Bill 0.00 27/07/2016 EUR 650,000 650,322 0.27 German Treasury Bill 0.00 25/01/2017 EUR 4,270,000 4,286,589 1.81 6,062,417 2.55 MGI Funds plc 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 Government bonds Greece Hellenic Republic 3.00 24/02/2025 EUR 5,500,000 3,923,755 1.65 Hellenic Republic 4.75 17/04/2019 EUR 2,000,000 1,813,976 0.76 5,737,731 2.41 Hungary Hungary (Government of) 6.00 11/01/2019 EUR 130,000 147,724 0.06 Indonesia Indonesia (Government of) 3.38 30/07/2025 EUR 600,000 617,444 0.25 Indonesia (Government of) 3.75 14/06/2028 EUR 200,000 203,187 0.09 820,631 0.34 Ireland Ireland (Government of) 2.00 18/02/2045 EUR 280,000 330,691 0.14 Ireland (Government of) 2.40 15/05/2030 EUR 400,000 482,029 0.20 812,720 0.34 Italy Italy Buoni Ordinari del Tesoro 0.00 14/11/2016 EUR 12,410,000 12,420,486 5.22 Italy Buoni Ordinari del Tesoro 0.00 12/08/2016 EUR 2,770,000 2,770,803 1.16 Italy Buoni Ordinari del Tesoro 0.00 14/03/2017 EUR 6,970,000 6,980,107 2.93 Italy Buoni Poliennali Del Tesoro 4.50 01/05/2023 EUR 500,000 624,675 0.26 Italy Buoni Poliennali Del Tesoro 3.50 01/03/2030 EUR 250,000 307,530 0.13 Italy Buoni Poliennali Del Tesoro 5.25 01/11/2029 EUR 430,000 616,151 0.26 Italy Buoni Poliennali Del Tesoro 4.75 01/09/2044 EUR 1,900,000 2,868,004 1.21 Italy Buoni Poliennali Del Tesoro 3.25 01/09/2046 EUR 100,000 120,556 0.05 Italy Certificati di Credito del Tesoro 0.66 15/10/2016 EUR 1,800,000 1,816,785 0.76 28,525,097 11.98 Mexico Mexican (Government of) 6.50 09/06/2022 MXN 31,500,000 1,608,654 0.68 Netherlands Netherlands (Kingdom of) 0.00 30/09/2016 EUR 1,920,000 1,923,053 0.81 Netherlands(Kingdom of) 0.25 15/07/2025 EUR 2,780,000 2,851,653 1.20 Netherlands (Kingdom of) 0.50 15/07/2026 EUR 3,500,000 3,645,343 1.53 8,420,049 3.54 Portugal Portugal Obrigacoes do Tesouro 5.65 15/02/2024 EUR 1,000,000 1,190,870 0.50 Portugal Obrigacoes do Tesouro 2.88 15/10/2025 EUR 4,050,000 4,047,692 1.69 Portugal Obrigacoes do Tesouro 2.88 21/07/2026 EUR 1,200,000 1,181,214 0.50 Portugal Obrigacoes do Tesouro 4.10 15/04/2037 EUR 1,850,000 1,921,244 0.81 8,341,020 3.50 Spain Spain (Kingdom of) 0.00 18/11/2016 EUR 10,650,000 10,661,183 4.48 Spain (Kingdom of) 0.00 07/04/2017 EUR 3,880,000 3,887,488 1.63 Spain (Kingdom of) 3.80 30/04/2024 EUR 4,600,000 5,603,201 2.35 Spain (Kingdom of) 4.50 31/01/2018 EUR 1,300,000 1,396,018 0.59 Spain (Kingdom of) 3.45 30/07/2066 EUR 410,000 475,669 0.20 22,023,559 9.25 Sweden Sweden (Kingdom of) 5.00 01/12/2020 SEK 4,700,000 622,047 0.26 Sweden (Kingdom of) 2.50 12/05/2025 SEK 2,500,000 323,527 0.14 Sweden (Kingdom of) 1.00 12/11/2026 SEK 4,800,000 549,022 0.23 Sweden (Kingdom of) 3.50 30/03/2039 SEK 3,100,000 485,829 0.20 1,980,425 0.83 MGI Funds plc 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 Government bonds United Arab Emirates Abu Dhabi Government International Bond 3.13 03/05/2026 USD 200,000 185,969 0.08 United Kingdom United Kingdom (Government of) 3.25 22/01/2044 GBP 350,000 559,923 0.24 United States of America United States Treasury Bond 3.00 15/11/2045 USD 2,000,000 2,070,091 0.86 United States Treasury Bond 3.38 15/05/2044 USD 1,000,000 1,109,675 0.47 United States Treasury Inflation Indexed Bonds 0.63 15/02/2043 USD 728,350 639,762 0.27 3,819,528 1.60 Total government bonds 140,935,191 59.21 Mortgage backed securities United Kingdom Holmes Master Issuer 1.08 15/08/2016 USD 250,000 224,994 0.09 United States of America Cherrywood SB Commercial Mortgage Loan Trust 20161 3.10 25/08/2016 USD 200,000 180,026 0.09 FREMF 2016K52 Mortgage Trust 3.92 25/01/2049 USD 200,000 176,339 0.07 356,365 0.16 Total mortgage backed securities 581,359 0.25 Total transferable securities 183,980,163 77.23 Investment funds Luxembourg Fair value % of Shares Net assets Pioneer Institutional Funds Currency High Alpha 6,600 8,405,628 3.53 Total investment funds 8,405,628 3.53 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 27/07/2016 27,066 0.01 BRL 8* 257,150 USD 69,500 10/08/2016 8,870 BRL 8* 1,281,145 USD 368,000 17/08/2016 23,911 0.01 BRL 7* 690,128 USD 193,100 02/09/2016 16,600 0.01 BRL 8* 334,608 USD 96,000 12/09/2016 5,640 BRL 8* 5,462,547 USD 1,566,400 21/09/2016 88,769 0.05 BRL 8* 1,088,366 USD 295,500 19/10/2016 30,120 0.01 CAD 10* 371,413 USD 282,000 15/07/2016 3,598 CAD 1* 40,235 USD 30,700 15/07/2016 254 CAD 2* 298,865 USD 230,000 15/07/2016 120 CLP 8* 2,313,345,360 USD 3,380,600 21/09/2016 80,732 0.04 EUR 8* 1,240,669 DKK 9,224,253 01/09/2016 755 EUR 8* 5,596,951 DKK 41,606,346 21/09/2016 4,132 EUR 6* 1,562,689 GBP 1,200,000 15/07/2016 119,195 0.06 EUR 1* 467,188 GBP 370,331 15/07/2016 21,713 0.01 EUR 8* 3,033,903 GBP 2,384,663 21/09/2016 170,873 0.08 EUR 6* 349,439 HUF 110,000,000 15/07/2016 1,122 MGI Funds plc 224

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 21/09/2016 731 EUR 8* 201,000 PLN 885,170 21/09/2016 799 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 21/09/2016 30,860 0.01 EUR 11* 9,940,105 USD 11,000,000 15/07/2016 42,072 0.02 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 15/07/2016 31,912 0.01 JPY 7* 100,610,307 USD 975,200 15/07/2016 5,213 JPY 8* 123,190,731 USD 1,177,500 21/09/2016 23,770 0.01 KRW 11* 235,810,200 USD 200,000 19/07/2016 4,212 MXN 10* 24,000,000 EUR 1,140,444 15/07/2016 28,984 0.01 MXN 11* 126,000,000 USD 6,775,506 15/07/2016 42,755 0.02 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 05/07/2016 17,642 0.01 NZD 16* 754,969 EUR 465,000 15/07/2016 18,541 0.01 NZD 7* 1,059,223 EUR 661,700 15/07/2016 16,709 0.01 NZD 8* 210,000 JPY 15,178,044 21/09/2016 559 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 08/07/2016 597 SGD 8* 1,657,899 USD 1,221,000 21/09/2016 8,867 TRY 8* 5,120,403 USD 1,719,800 21/09/2016 25,613 0.01 USD 2* 2,426,985 CAD 3,100,000 15/07/2016 35,903 0.02 USD 11* 1,387,024 CAD 1,780,000 15/07/2016 14,735 0.01 USD 10* 33,000 CAD 42,565 15/07/2016 201 USD 8* 823,000 CAD 1,052,243 21/09/2016 11,360 USD 11* 7,316,575 CHF 7,000,000 15/07/2016 113,781 0.05 USD 8* 2,345,000 CNY 15,562,593 12/09/2016 7,255 USD 16* 140,433,226 EUR 125,425,175 05/07/2016 983,126 0.43 USD 10* 630,995 EUR 552,560 15/07/2016 15,223 0.01 USD 7* 2,140,238 EUR 1,914,025 15/07/2016 11,807 USD 8* 5,904,665 EUR 5,216,726 21/09/2016 83,348 0.04 USD 8* 966,524 GBP 679,937 11/07/2016 51,826 0.02 USD 11* 841,731 INR 56,800,000 28/07/2016 3,352 USD 11* 60,000 INR 4,063,440 10/08/2016 166 USD 11* 190,800 INR 12,900,000 11/08/2016 844 USD 8* 314,500 NOK 2,626,751 21/09/2016 587 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 15/07/2016 494 USD 8* 126,500 ZAR 1,874,715 21/09/2016 466 ZAR 8* 3,494,385 USD 228,000 21/09/2016 6,125 Unrealised gain on open forward foreign currency contracts 2,321,337 0.98 MGI Funds plc 225

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 20,846 0.01 Cross currency swaps at positive fair value 20,846 0.01 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 38,096 0.02 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 43,307 0.02 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 99,434 0.04 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 8,265 0.01 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 15,992 0.01 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 12,776 0.01 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 1,080,000 638 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 16,060,081 404,524 0.17 Fixed 0.91% 11* CAD 3 Month CDOR 11/05/2019 CAD 1,590,000 117 Fixed 0.91% 11* CAD 3 Month CDOR 11/05/2019 CAD 1,590,000 117 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 971,500 386 Fixed 0.98% 11* CAD 3 Month CDOR 05/05/2019 CAD 2,986,000 3,223 MGI Funds plc 226

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 13,329 0.01 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 16,631 0.01 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 5,398,000 702 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 22,709 0.01 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 634,500 127 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 2,328 0.01 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 11,300,000 906 0.01 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 14,643 0.01 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 25,867 0.01 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 3,500,000 208,583 0.09 Fixed 0.94% 11* EUR 12 Month Eonia 20/03/2045 EUR 800,000 67,161 0.03 Fixed 1.09% 11* EUR 12 Month Eonia 20/03/2045 EUR 2,130,000 280,803 0.12 Fixed 1.28% 16* EUR 12 Month Eonia 20/03/2045 EUR 4,070,000 740,949 0.31 Fixed 1.41% 1* EUR 12 Month Eonia 20/03/2045 EUR 4,920,000 1,072,676 0.45 Fixed 1.01% 7* EUR 12 Month Libor 03/03/2026 EUR 2,850,000 14,929 0.01 Fixed 0.77% 11* EUR 12 Month PTFE 15/04/2021 EUR 738,000 431 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

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 3,940 0.02 Fixed 0.98% 11* EUR 6 Month Euribor 17/06/2026 EUR 1,050,000 7,778 0.01 Fixed 1.01% 11* EUR 6 Month Euribor 11/05/2024 EUR 4,146,000 23,830 0.02 Fixed 1.03% 11* EUR 6 Month Euribor 24/06/2026 EUR 438,500 4,270 0.01 Fixed 1.06% 7* EUR 6 Month Euribor 12/04/2025 EUR 2,350,000 16,540 0.02 Fixed 1.06% 11* EUR 6 Month Euribor 09/05/2024 EUR 4,633,500 30,973 0.01 Fixed 1.07% 7* EUR 6 Month Euribor 12/04/2025 EUR 2,350,000 17,359 0.02 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 72,273 0.04 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 73,190 0.03 Fixed 1.79% 2* EUR 6 Month Euribor 08/06/2025 EUR 836,000 13,913 0.01 Fixed 1.79% 2* EUR 6 Month Euribor 12/06/2025 EUR 1,072,000 17,814 0.01 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 5,070,000 116,307 0.05 Fixed 0.84% 11* EUR 6 Month Libor 04/07/2042 EUR 4,730,000 31,336 0.01 Fixed 0.99% 9* EUR 6 Month Libor 16/02/2055 EUR 5,950,000 131,181 0.06 Fixed 1.42% 1* EUR 6 Month Libor 18/06/2036 EUR 2,900,000 47,921 0.02 Fixed 1.67% 3* EUR 6 Month Libor 16/02/2055 EUR 6,000,000 458,019 0.19 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 31,517 0.01 Fixed 1.14% 11* GBP 6 Month Libor 29/06/2046 GBP 409,500 714 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 16,294 0.01 Fixed 1.35% 11* GBP 6 Month Libor 10/05/2024 GBP 1,024,000 38,914 0.02 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 52,477 0.02 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 17,066 0.01 Fixed 1.48% 1* GBP 6 Month Libor 20/04/2026 GBP 400,000 22,486 0.01 Fixed 1.59% 11* GBP 6 Month Libor 28/06/2028 GBP 668,500 567 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 13,952 0.01 Fixed 2.78% 11* GBP 6 Month Libor 11/06/2035 GBP 916,500 95,782 0.04 Fixed 2.89% 11* GBP 6 Month Libor 11/06/2030 GBP 5,000,000 205,588 0.09 Fixed 0.02% 16* JPY 6 Month Libor 18/06/2026 JPY 820,000,000 46,089 0.02 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 27,931 0.01 Fixed 0.12% 11* JPY 6 Month Libor 11/06/2028 JPY 31,752,000 2,683 0.02 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 6,951 0.02 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

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 27,480 0.01 Fixed 1.08% 2* JPY 6 Month Libor 28/02/2031 JPY 740,868,500 177,890 0.10 Fixed 1.48% 2* JPY 6 Month Libor 14/01/2031 JPY 127,856,000 45,350 0.02 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 13,062 0.01 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 17,729 0.01 Fixed 3.73% 9* MYR 3 Month Libor 06/06/2021 MYR 13,000,000 25,766 0.01 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 57,027 0.02 Fixed 1.83% 11* SEK 3 Month TIBO 16/06/2026 SEK 17,936,000 20,985 0.01 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 33,959 0.02 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 39,402,000 208,400 0.09 Fixed 2.50% 11* SEK 3 Month TIBO 10/11/2025 SEK 27,404,500 144,598 0.06 Fixed 2.55% 11* SEK 3 Month TIBO 23/10/2030 SEK 26,000,000 55,986 0.02 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 41,346 0.02 Fixed 3.06% 11* SEK 3 Month TIBO 23/10/2030 SEK 2,735,000 12,085 0.01 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 11,000,000 133,812 0.06 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 35,760 0.02 Fixed 2.38% 11* USD 3 Month Libor 26/06/2045 USD 1,800,000 34,971 0.01 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 24,699 0.01 Fixed 2.44% 11* USD 3 Month Libor 09/05/2046 USD 1,086,000 25,730 0.01 Fixed 2.55% 11* USD 3 Month Libor 18/06/2046 USD 1,224,500 37,527 0.02 Fixed 2.60% 11* USD 3 Month Libor 06/05/2036 USD 2,129,000 34,871 0.01 Fixed 2.86% 11* USD 3 Month Libor 04/09/2045 USD 4,000,000 174,616 0.07 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 47,994 0.02 Fixed 9.60% 9* ZAR 3 Month JIBAR 01/03/2026 ZAR 60,000,000 71,994 0.03 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 14,394 0.01 Interest rate swaps at positive fair value 6,627,802 2.78 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 56,567 0.02 MGI Funds plc 229

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 47,240 0.02 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) 40,428 0.02 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 30 295,320 0.13 US Ultra Bond Futures 16* 3,355,238 21/09/2016 USD 20 199,420 0.09 Unrealised gain on futures contracts 671,078 0.28 Options purchased Strike Maturity Notional Fair value % of price date Currency holding gain Net assets Call at 0.64 EUR 10 Year 17* 0.64 02/12/2016 EUR 7,100,000 190,190 0.10 Call at 0.64 EUR 10 Year Euribor 17* 0.64 02/12/2016 EUR 1,200,000 32,145 0.03 Call at 0.83 EUR Put GBP 8* 0.83 21/07/2016 EUR 36,500 13,215 0.02 Call at 0.84 EUR Put GBP 4* 0.84 16/12/2016 EUR 50,000 7,356 Call at 0.96 USD Put CHF 8* 0.96 14/07/2016 USD 690,000 12,294 0.02 Call at 0.98 NOK Put SEK 8* 0.98 10/01/2017 NOK 3,660,000 16,062 0.02 Call at 1.00 EUR Put GBP 8* 1.00 18/07/2016 EUR 15,000 6,449 Call at 1.00 EUR Put GBP 8* 1.00 20/07/2016 EUR 21,000 4,667 Call at 1.00 EUR Put GBP 8* 1.00 10/08/2016 EUR 44,000 2 Call at 1.00 EUR Put GBP 8* 1.00 28/10/2016 EUR 68,500 12,387 0.02 Call at 1.17 EUR Put USD 11* 1.17 20/07/2016 EUR 1,416,000 127 Call at 126.25 EUR Put JPY 6* 126.25 08/09/2016 EUR 1,000,000 421 Call at 2.10 GBP Put AUD 8* 2.10 21/07/2016 GBP 800,000 1 Call at 2.98 USD Put TRY 8* 2.98 27/07/2016 USD 517,500 2,278 Call at 3.70 USD Put BRL 16* 3.70 17/10/2016 USD 879,500 8,449 Call at 6.40 USD Put CNY 4* 6.40 25/10/2016 USD 1,000,000 40,474 0.02 Call at 6.40 USD Put CNY 8* 6.40 25/10/2016 USD 2,800,000 113,448 0.07 Call at 6.40 USD Put CNY 8* 6.40 25/10/2016 USD 840,000 33,602 0.02 Call at 6.60 USD Put CNH 8* 6.60 10/11/2016 USD 1,040,500 1,516 Call at 6.65 USD Put CNH 11* 6.65 02/09/2016 USD 1,021,000 9,839 Call at 6.65 USD Put CNH 8* 6.65 09/09/2016 USD 1,021,000 10,481 Call at 6.80 USD Put CNH 8* 6.80 03/08/2016 USD 1,211,000 676 Call at 6.85 USD Put CNH 8* 6.85 09/09/2016 USD 1,532,000 4,996 Call at 6.85 USD Put CNH 9* 6.85 02/09/2016 USD 1,532,000 4,366 Call at 8.12 USD Put SEK 8* 8.12 06/07/2016 USD 680,000 27,649 0.01 Call at 9.40 USD Put USD 16* 9.40 19/01/2017 USD 1,280,000 9,054 Call at 9.50 USD Put NOK 8* 9.50 19/01/2017 USD 1,260,000 7,715 Put at 0.64 EUR 10 Year 9* 0.64 02/12/2016 EUR 7,100,000 45,495 0.02 Put at 0.64 EUR 10 Year Euribor 17* 0.64 02/12/2016 EUR 1,200,000 7,689 Put at 0.70 EUR Call GBP 8* 0.70 29/11/2016 EUR 765,000 363 Put at 0.71 EUR Call GBP 6* 0.71 15/11/2016 EUR 480,000 215 Put at 0.73 AUD Call USD 8* 0.73 01/07/2016 AUD 28,500 522 Put at 0.74 EUR Call GBP 8* 0.74 11/10/2016 EUR 610,000 598 Put at 0.74 EUR Call GBP 8* 0.74 10/10/2016 EUR 1,220,000 1,171 Put at 0.74 JPY 20 Year 16* 0.74 23/05/2017 JPY 1,300,000,000 114,175 0.06 Put at 0.74 JPY 20 Year 17* 0.74 23/05/2017 JPY 400,000,000 35,130 0.01 Put at 0.75 EUR Call GBP 8* 0.75 23/01/2017 EUR 945,000 3,848 Put at 0.76 EUR Call GBP 11* 0.76 02/09/2016 EUR 1,455,000 1,474 Put at 0.76 EUR Call GBP 8* 0.76 07/04/2017 EUR 51,500 3,348 Put at 0.77 EUR Call GBP 11* 0.77 14/07/2016 EUR 1,475,000 50 Put at 0.77 EUR Call GBP 8* 0.77 14/07/2016 EUR 1,470,000 91 Put at 0.77 EUR Call GBP 8* 0.77 14/07/2016 EUR 1,820,000 129 Put at 0.96 USD Call CHF 8* 0.96 14/07/2016 USD 690,000 938 Put at 1,100.00 USD Russell 2000 Index 8* 1100.00 19/08/2016 USD 700 10,220 Put at 1.04 AUD Call NZD 16* 1.04 11/08/2016 AUD 1,130,000 8,244 MGI Funds plc 230

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* 1.08 03/08/2016 AUD 1,080,000 24,455 0.01 Put at 1.08 AUD Call NZD 8* 1.08 08/08/2016 AUD 1,245,000 25,144 0.01 Put at 1.08 EUR Call USD 11* 1.08 20/07/2016 EUR 2,124,000 3,583 Put at 1.09 AUD Call NZD 8* 1.09 11/07/2016 AUD 1,095,000 30,463 0.01 Put at 1.11 AUD Call NZD 8* 1.11 11/07/2016 AUD 884,000 33,309 0.01 Put at 1.11 EUR Call USD 6* 1.11 20/07/2016 EUR 1,416,000 11,073 Put at 1.11 EUR Call USD 8* 1.11 13/07/2016 EUR 1,695,000 10,958 Put at 1.36 GBP Call USD 8* 1.36 08/07/2016 GBP 670,000 11,535 Put at 1.36 USD Call CAD 8* 1.36 15/08/2016 USD 760,000 31,495 0.01 Put at 1.44 GBP Call USD 8* 1.44 16/11/2016 GBP 20,500 5,254 Put at 1.95 GBP Call AUD 8* 1.95 21/07/2016 GBP 800,000 66,068 0.04 Put at 112.00 USD Call JPY 11* 112.00 04/11/2016 USD 400,000 36,173 0.02 Put at 112.00 USD Call JPY 6* 112.00 04/11/2016 USD 600,000 54,260 0.02 Put at 14,875.00 JPY Nikkei 225 Index 8* 14875.00 12/08/2016 JPY 3,000 8,423 Put at 16.40 USD Call MXN 8* 16.40 08/08/2016 USD 628,000 11 Put at 17.25 USD Call MXN 6* 17.25 27/07/2016 USD 374,500 85 Put at 17.45 USD Call MXN 8* 17.45 26/07/2016 USD 1,190,000 569 Put at 2,700.00 EUR Euro Stoxx 50 Index 8* 2700.00 19/08/2016 EUR 230 11,868 Put at 2.50 USD 5 Year 11* 2.50 10/06/2019 USD 13,800,000 118,999 0.05 Put at 2.98 USD Call TRY 11* 2.98 27/07/2016 USD 517,500 13,460 0.01 Put at 3.43 USD Call BRL 8* 3.43 15/08/2016 USD 1,412,500 64,281 0.03 Put at 3.53 USD Call BRL 8* 3.53 15/08/2016 USD 1,212,500 78,556 0.03 Put at 3.55 USD Call BRL 11* 3.55 08/08/2016 USD 1,237,500 86,078 0.04 Put at 60 USD Western Digital 8* 60.00 15/07/2016 USD 600 8,571 Put at 65.00 USD Call RUB 8* 65.00 27/10/2016 USD 374,500 11,327 Put at 7.90 USD Call NOK 8* 7.90 19/01/2017 USD 1,260,000 14,808 0.01 Put at 8.00 USD GI 8* 8.00 19/01/2017 USD 1,280,000 18,977 0.01 Put at 8.12 USD Call SEK 8* 8.12 06/07/2016 USD 680,000 1 Put at 8.59 USD Call NOK 8* 8.59 19/01/2017 USD 1,260,000 56,261 0.02 Put at 8.65 USD Call NOK 8* 8.65 19/01/2017 USD 1,280,000 62,389 0.03 Put at 85.00 EUR itraxx Index 11* 85.00 20/07/2016 EUR 14,600,000 13,174 0.01 Put at 85.00 USD 5 Year 8* 85.00 20/07/2016 USD 10,700,000 9,912 Put at 9.00 EUR Call SEK 8* 9.00 14/11/2016 EUR 960,000 4,982 Put at 9.00 EUR Call SEK 8* 9.00 24/11/2016 EUR 765,000 3,730 Put at 9.01 EUR Call SEK 8* 9.01 29/11/2016 EUR 28,000 3,295 Put at 9.05 EUR Call NOK 8* 9.05 24/10/2016 EUR 38,000 4,486 Put at 9.05 EUR Call NOK 8* 9.05 24/10/2016 EUR 19,000 2,243 Put at 9.10 EUR Call SEK 4* 9.10 29/05/2017 EUR 1,237,500 18,444 0.01 Put at 9.10 EUR Call SEK 8* 9.10 20/10/2016 EUR 40,500 4,360 Put at 9.10 EUR Call SEK 8* 9.10 23/11/2016 EUR 1,020,000 6,894 Put at 9.16 EUR Call NOK 1* 9.16 11/07/2016 EUR 930,000 1,019 Put at 9.20 EUR Call SEK 8* 9.20 10/11/2016 EUR 13,000 3,593 Put at 9.30 EUR Call SEK 4* 9.30 28/12/2016 EUR 1,785,000 33,119 0.01 Put at 9.30 EUR Call SEK 11* 9.30 20/10/2016 EUR 1,770,000 19,112 0.01 Put at 9.55 EUR Call NOK 8* 9.55 11/07/2016 EUR 930,000 21,579 0.01 Put at 98.00 EUR 1 Year MidCurve Option 8* 98.00 16/12/2016 USD 562,500 1,266 Unrealised gain on options purchased 1,853,201 0.83 Swaptions Strike Maturity Notional Fair value % of price date Currency holding gain Net assets Call at 0.26 JPY GI 17* 0.26 25/08/2016 JPY 42,900,000 201 Call at 0.27 JPY GI 9* 0.27 20/09/2016 JPY 39,988,500 390 Call at 0.50 JPY GI 9* 0.50 29/05/2018 JPY 49,000,000 13,049 0.01 Call at 0.50 JPY GI 17* 0.50 29/05/2018 JPY 49,000,000 13,049 0.01 Call at 0.86 JPY GI 9* 0.86 30/08/2016 JPY 22,099,000 257 Call at 0.95 GBP GI 8* 0.95 19/09/2016 GBP 5,900,000 17,150 0.01 Call at 0.98 GBP GI 17* 0.98 18/08/2016 GBP 1,960,000 173 MGI Funds plc 231

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* 1.00 16/09/2016 GBP 2,950,000 6,552 Call at 1.00 GBP GI 17* 1.00 12/08/2016 GBP 3,337,000 174 Call at 1.02 JPY GM 11* 1.02 27/11/2017 JPY 91,185,000 2,140 Call at 1.05 GBP GI 11* 1.05 21/09/2016 GBP 2,950,000 5,514 Call at 1.20 GBP GI 9* 1.20 30/01/2017 GBP 3,150,000 1,391 Call at 1.25 USD GI 9* 1.25 21/09/2016 USD 4,130,000 11,172 Call at 1.38 GBP GI 17* 1.38 30/01/2017 GBP 3,150,000 1,151 Call at 1.40 USD GI 11* 1.40 09/04/2018 USD 3,520,000 13,670 0.01 Call at 1.50 GBP GI 9* 1.50 30/01/2017 GBP 3,150,000 633 Call at 1.50 GBP GM 9* 1.50 23/01/2017 GBP 4,718,000 1,009 Call at 1.65 USD GI 17* 1.65 31/03/2017 USD 3,412,500 11,956 0.01 Call at 2.00 GBP GI 17* 2.00 09/07/2018 GBP 2,000,000 3,975 Call at 2.00 GBP GM 16* 2.00 09/07/2018 GBP 2,950,000 5,964 Call at 2.00 GBP GM 9* 2.00 09/07/2018 GBP 2,950,000 5,863 Call at 2.45 USD GI 6* 2.45 05/08/2016 USD 1,677,000 337 Call at 2.75 EUR GM 17* 2.75 30/05/2034 EUR 741,500 29,618 0.02 Call at 2.75 USD GM 9* 2.75 13/02/2017 USD 2,894,500 419 Call at 2.85 USD GI 11* 2.85 05/08/2016 USD 1,677,000 12 Call at 3.65 GBP GM 17* 3.65 16/06/2017 GBP 1,277,000 95 Call at 4.30 USD GM 17* 4.30 27/03/2017 USD 196,750 16 Call at 4.40 USD GM 17* 4.40 08/05/2018 USD 817,500 391 Call at 4.60 USD GM 17* 4.60 12/02/2019 USD 1,185,000 3,685 Call at 4.60 USD GM 9* 4.60 05/03/2019 USD 1,574,000 5,159 Call at 5.42 USD GM 17* 5.42 19/11/2020 USD 426,500 2,300 Call at 5.42 USD GM 17* 5.42 19/11/2020 USD 815,500 2,814 Call at 5.59 USD GM 17* 5.59 07/01/2021 USD 852,500 4,330 Put at 0.65 GBP GI 6* 0.65 25/01/2018 GBP 4,538,500 43,964 0.02 Put at 1.00 JPY GI 11* 1.00 11/06/2018 JPY 118,922,500 39,061 0.02 Put at 1.70 USD GI 16* 1.70 27/05/2021 USD 7,425,000 101,714 0.06 Put at 8.25 ZAR GI 7* 8.25 18/04/2017 ZAR 14,075,500 11,056 Unrealised gain on swaptions 360,404 0.17 Total financial derivative instruments at positive fair value 11,954,102 5.09 Total financial assets at fair value through profit or loss 204,339,893 85.85 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

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

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

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

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

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* 0.83 21/07/2016 EUR (12,500) (4,526) Call at 1.08 NOK Put SEK 8* 1.08 10/01/2017 NOK (5,490,000) (2,934) Call at 1.11 AUD Put NZD 1* 1.11 27/07/2016 AUD (690,000) (26) Call at 1.16 EUR Put USD 8* 1.16 13/07/2016 EUR (1,695,000) (127) Call at 1.17 EUR Put USD 8* 1.17 20/07/2016 EUR (1,416,000) (127) Call at 132.25 USD Put JPY 11* 132.25 04/11/2016 USD (400,000) (16) Call at 132.25 USD Put JPY 6* 132.25 04/11/2016 USD (600,000) (24) Call at 18.50 USD Put MXN 8* 18.50 08/08/2016 USD (628,000) (13,932) (0.01) Call at 2.10 GBP Put AUD 8* 2.10 21/07/2016 GBP (800,000) (1) Call at 4.00 USD Put BRL 1* 4.00 17/10/2016 USD (879,500) (2,901) Call at 6.40 USD Put CNY 8* 6.40 25/10/2016 USD (750,000) (30,388) (0.01) Call at 6.75 USD Put CNH 6* 6.75 09/09/2016 USD (2,553,000) (14,085) (0.01) Call at 6.75 USD Put CNH 6* 6.75 02/09/2016 USD (2,553,000) (12,662) (0.01) Call at 8.12 USD Put SEK 11* 8.12 06/07/2016 USD (680,000) (30,136) (0.01) Call at 9.40 USD Put NOK 8* 9.40 19/01/2017 USD (1,280,000) (9,054) Call at 9.50 USD Put NOK 8* 9.50 19/01/2017 USD (1,260,000) (7,715) Put at 0.44 JPY 20 Year 17* 0.44 23/05/2017 JPY (650,000,000) (91,089) (0.05) Put at 0.44 JPY 20 Year 17* 0.44 23/05/2017 JPY (200,000,000) (28,027) (0.01) Put at 0.67 EUR Call GBP 8* 0.67 15/11/2016 EUR (1,920,000) (88) Put at 0.67 EUR Call GBP 8* 0.67 29/11/2016 EUR (1,530,000) (127) Put at 0.67 EUR Call GBP 8* 0.67 23/11/2016 EUR (1,020,000) (69) Put at 0.71 EUR Call GBP 9* 0.71 15/11/2016 EUR (480,000) (215) Put at 0.71 EUR Call GBP 8* 0.71 11/10/2016 EUR (1,220,000) (260) Put at 0.71 EUR Call GBP 8* 0.71 23/01/2017 EUR (1,890,000) (2,723) Put at 0.71 EUR Call GBP 8* 0.71 10/10/2016 EUR (2,440,000) (500) Put at 0.73 EUR Call GBP 1* 0.73 23/08/2016 EUR (1,475,000) (145) Put at 0.74 EUR Call GBP 8* 0.74 02/09/2016 EUR (2,910,000) (943) Put at 0.74 EUR Call GBP 8* 0.74 15/08/2016 EUR (1,820,000) (169) Put at 0.74 EUR Call GBP 8* 0.74 16/08/2016 EUR (1,470,000) (154) MGI Funds plc 237

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* 0.75 14/07/2016 EUR (2,950,000) (3) Put at 0.75 EUR Call GBP 8* 0.75 14/07/2016 EUR (2,940,000) (6) Put at 0.75 EUR Call GBP 8* 0.75 14/07/2016 EUR (3,640,000) (11) Put at 0.88 NOK Call SEK 8* 0.88 10/01/2017 NOK (3,660,000) (539) Put at 1.03 AUD Call NZD 8* 1.03 11/08/2016 AUD (2,260,000) (7,510) Put at 1.05 AUD Call NZD 8* 1.05 08/08/2016 AUD (2,490,000) (25,806) (0.01) Put at 1.06 AUD Call NZD 8* 1.06 03/08/2016 AUD (2,160,000) (25,636) (0.01) Put at 1.07 AUD Call NZD 8* 1.07 11/07/2016 AUD (2,190,000) (33,113) (0.01) Put at 1.08 EUR Call USD 4* 1.08 20/07/2016 EUR (2,124,000) (3,583) Put at 1.08 EUR Call USD 8* 1.08 13/07/2016 EUR (2,542,500) (2,403) Put at 1.11 AUD Call NZD 1* 1.11 27/07/2016 AUD (690,000) (27,068) (0.01) Put at 1.11 AUD Call NZD 8* 1.11 11/07/2016 AUD (884,000) (33,309) (0.01) Put at 1.11 EUR Call USD 11* 1.11 20/07/2016 EUR (1,416,000) (16,253) (0.01) Put at 1.12 AUD Call NZD 8* 1.12 14/07/2016 AUD (897,000) (41,078) (0.02) Put at 1.23 USD Call CAD 11* 1.23 27/10/2016 USD (749,000) (2,977) Put at 1.29 GBP Call USD 8* 1.29 08/07/2016 GBP (670,000) (732) Put at 1.36 USD Call CAD 8* 1.36 15/08/2016 USD (760,000) (31,495) (0.01) Put at 1.75 GBP Call AUD 8* 1.75 21/07/2016 GBP (800,000) (66,068) (0.03) Put at 100.00 EUR itraxx Index 11* 100.00 20/07/2016 EUR (14,600,000) (44,889) (0.02) Put at 100.00 USD 5 Year 16* 100.00 20/07/2016 USD (10,700,000) (1,945) Put at 116.00 EUR Call JPY 9* 116.00 08/09/2016 EUR (1,000,000) (33,259) (0.01) Put at 16.85 USD Call MXN 11* 16.85 27/07/2016 USD (749,000) (14) Put at 17.00 USD Call MXN 8* 17.00 26/07/2016 USD (2,380,000) (163) Put at 3.28 USD Call BRL 8* 3.28 17/10/2016 USD (1,055,000) (25,183) (0.01) Put at 3.33 USD Call BRL 8* 3.33 15/08/2016 USD (2,825,000) (79,037) (0.03) Put at 3.43 USD Call BRL 8* 3.43 15/08/2016 USD (2,425,000) (110,359) (0.05) Put at 3.45 USD Call BRL 8* 3.45 08/08/2016 USD (2,475,000) (123,495) (0.06) Put at 7.90 USD Call NOK 8* 7.90 19/01/2017 USD (1,260,000) (14,808) (0.01) Put at 8.00 USD Call NOK 8* 8.00 19/01/2017 USD (1,280,000) (18,977) (0.01) Put at 8.12 USD Call SEK 1* 8.12 06/07/2016 USD (680,000) (215) Put at 8.59 USD Call NOK 8* 8.59 19/01/2017 USD (1,260,000) (56,261) (0.02) Put at 8.65 USD Call USD 16* 8.65 19/01/2017 USD (1,280,000) (62,389) (0.03) Put at 8.70 EUR Call SEK 8* 8.70 24/11/2016 EUR (1,530,000) (2,535) Put at 8.82 EUR Call SEK 9* 8.82 27/05/2017 EUR (2,475,000) (20,208) (0.01) Put at 8.82 EUR Call SEK 8* 8.82 14/11/2016 EUR (960,000) (2,155) Put at 8.90 EUR Call SEK 8* 8.90 23/11/2016 EUR (1,020,000) (3,469) Put at 9.00 EUR Call SEK 11* 9.00 24/11/2016 EUR (765,000) (3,730) Put at 9.05 EUR Call SEK 1* 9.05 28/12/2016 EUR (3,570,000) (30,631) (0.01) Put at 9.10 EUR Call SEK 6* 9.10 20/10/2016 EUR (3,540,000) (17,806) (0.01) Put at 9.16 EUR Call NOK 8* 9.16 11/07/2016 EUR (930,000) (1,019) Put at 9.55 EUR Call NOK 8* 9.55 11/07/2016 EUR (930,000) (21,579) (0.01) Put at 98.75 EUR 1 Year MidCurve Option 8* 98.75 16/12/2016 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* 1.00 30/08/2016 JPY (86,240,000) (234) Call at 1.00 JPY GI 11* 1.00 20/09/2016 JPY (79,262,500) (353) Call at 1.00 JPY GI 11* 1.00 25/08/2016 JPY (85,800,000) (201) Call at 1.05 GBP GI 9* 1.05 29/07/2016 GBP (3,150,000) (12) Call at 1.10 USD GI 6* 1.10 10/04/2017 USD (3,520,000) (7,329) Call at 1.14 GBP GI 8* 1.14 19/09/2016 GBP (11,800,000) (10,876) Call at 1.16 GBP GI 17* 1.16 18/08/2016 GBP (3,920,000) (56) Call at 1.18 GBP GI 17* 1.18 12/08/2016 GBP (6,674,000) (45) Call at 1.19 GBP GI 1* 1.19 16/09/2016 GBP (5,900,000) (5,063) Call at 1.23 GBP GI 8* 1.23 21/09/2016 GBP (5,900,000) (5,063) Call at 1.30 JPY GI 4* 1.30 29/05/2018 JPY (49,000,000) (5,519) MGI Funds plc 238

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* 1.30 29/05/2018 JPY (49,000,000) (5,519) Call at 1.44 USD GI 9* 1.44 21/09/2016 USD (8,260,000) (8,970) Call at 1.50 USD GI 9* 1.50 30/09/2016 USD (3,412,500) (3,146) Call at 1.85 GBP GI 17* 1.85 23/01/2017 GBP (4,718,000) (198) Call at 2.15 GBP GI 17* 2.15 10/07/2017 GBP (2,000,000) (385) Call at 2.15 GBP GM 17* 2.15 10/07/2017 GBP (2,950,000) (569) Call at 2.15 GBP GM 17* 2.15 10/07/2017 GBP (2,950,000) (415) Call at 2.65 USD GI 6* 2.65 05/08/2016 USD (3,354,500) (127) Call at 4.30 USD GM 4* 4.30 08/05/2018 USD (3,515,500) (108) Call at 4.42 USD GM 8* 4.42 27/03/2017 USD (767,500) (5) Call at 5.05 USD GM 9* 5.05 12/02/2019 USD (4,479,500) (1,769) Call at 5.14 USD GM 9* 5.14 05/03/2019 USD (6,029,500) (2,343) Put at 0.10 JPY GI 7* 0.10 29/05/2018 JPY (58,800,000) (24,710) (0.01) Put at 0.70 USD GI 17* 0.70 27/05/2021 USD (7,425,000) (48,721) (0.02) Put at 0.81 GBP GI 9* 0.81 25/01/2018 GBP (1,860,000) (44,632) (0.03) Put at 1.00 JPY GI 1* 1.00 11/06/2018 JPY (118,922,500) (39,040) (0.02) Put at 1.20 USD GI 17* 1.20 27/05/2021 USD (7,425,000) (71,920) (0.04) Put at 8.78 ZAR GI 11* 8.78 18/04/2017 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 186,887,902 78.52 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 1,000,000 0.42 Mitsubishi Corporation Finance 0.00% 19/07/2016 USD 2,000,000 1,799,810 0.76 RWE 0.00% 28/10/2016 EUR 1,000,000 999,850 0.42 Santander Commercial Paper 0.00% 02/08/2016 USD 1,000,000 899,554 0.38 Santander Consumer Finance 0.00% 31/10/2016 EUR 2,000,000 1,999,932 0.83 Total deposits with credit institutions 6,699,146 2.81 Total financial assets at amortised cost 6,699,146 2.81 Cash 44,193,292 18.57 Net current assets 226,491 0.10 Total net assets attributable to holders of redeemable participating shares 238,006,831 100.00 MGI Funds plc 239

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; 64.28 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 26.32 100.00 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

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 7.85 14,407,305 AA+ 0.72 1,320,435 AA 4.94 9,073,868 AA 1.85 3,407,345 A+ 2.16 3,977,972 A 1.35 2,485,646 A 1.66 3,059,462 BBB+ 7.18 13,206,608 BBB 5.69 10,452,654 BBB 2.12 3,888,610 BB+ 6.85 12,596,222 BB 3.72 6,836,804 BB 0.31 572,022 B+ 0.52 958,903 B 0.78 1,438,850 B 3.28 6,034,185 CCC+ 0.07 134,660 NR 48.95 89,981,900 100.00 183,833,451 Concentration Risk Mercer Absolute Return Fixed Income Fund exposure to industries above 5% was as follows: 2016 2015 % of NAV % of NAV Financials 14.30 Governments 59.21 MGI Funds plc 241

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 67,862 0.03 Ambev 344,999 2,051,424 0.73 Banco Bradesco 56,389 475,409 0.17 Banco Bradesco Pref 202,779 1,593,757 0.57 Banco do Brasil 56,299 301,906 0.11 Banco Santander Brasil 29,099 165,130 0.06 BB Seguridade Participacoes 53,999 473,800 0.17 BM&FBovespa 132,499 744,440 0.27 BR Malls Participacoes 40,499 162,442 0.06 Braskem Pref 12,900 76,665 0.03 BRF 46,299 652,210 0.23 CCR 59,899 314,106 0.11 Centrais Eletricas Brasileiras 12,900 70,907 0.03 CETIP Mercados Organizados 17,500 239,196 0.09 Cia Brasileira de Distribuicao Pref 11,800 172,041 0.06 Cia de Saneamento Basico do Estado de Sao Paulo 23,299 211,490 0.08 Cia Energetica de Minas Gerais 63,499 144,293 0.05 Cia Energetica de Sao Paulo Pref 9,800 36,401 0.01 Cia Paranaense de Energia 5,600 51,075 0.02 Cia Siderurgica Nacional 32,199 78,596 0.03 Cielo 77,199 815,916 0.29 Cosan Industria e Comercio 5,000 51,985 0.02 CPFL Energia 18,388 118,176 0.04 Duratex 16,800 44,572 0.02 EDP Energias do Brasil Receipt 3,401 14,649 0.01 EDP Energias do Brasil 28,399 120,735 0.04 Embraer 42,999 234,880 0.08 Equatorial Energia 13,400 203,483 0.07 Fibria Celulose 14,100 94,755 0.03 Gerdau Pref 46,199 84,937 0.03 Hypermarcas 28,399 206,899 0.07 Itau Unibanco Holding Pref 212,299 2,007,862 0.72 Itausa Investimentos Itau Pref 298,599 707,412 0.25 JBS 44,699 139,523 0.05 Klabin 36,499 175,678 0.06 Kroton Educacional 96,599 410,069 0.15 Localiza Rent a Car 11,200 120,608 0.04 Lojas Americanas 13,500 47,826 0.02 Lojas Americanas Pref 51,939 260,692 0.09 Lojas Renner 41,999 310,567 0.11 M Dias Branco 1,800 59,498 0.02 Multiplan Empreendimentos Imobiliarios 6,100 114,736 0.04 Natura Cosmeticos 12,700 101,084 0.04 Odontoprev 12,400 51,515 0.02 Petroleo Brasileiro 226,899 815,175 0.29 Petroleo Brasileiro Pref 296,099 870,624 0.31 Porto Seguro 4,700 39,243 0.01 Qualicorp 19,300 112,110 0.04 Raia Drogasil 15,300 301,534 0.11 Rumo Logistica Operadora Multimodal 52,358 80,080 0.03 Sul America 6,900 33,684 0.01 Suzano Papel e Celulose Pref 31,499 111,399 0.04 Telefonica Brasil Pref 34,599 475,193 0.17 TIM Participacoes 59,699 127,459 0.05 Totvs 9,600 91,512 0.03 Tractebel Energia 12,500 149,473 0.05 Transmissora Alianca de Energia Eletrica 5,400 32,362 0.01 Ultrapar Participacoes 28,299 628,142 0.23 Nominal Fair value % of holdings US$ Net assets Brazil Vale 101,099 513,428 0.18 Vale Pref 145,999 593,797 0.21 WEG 50,399 216,151 0.08 19,772,573 7.07 Cayman Islands Haitian International Holdings 58,983 104,477 0.04 Qunar Cayman Islands ADR 2,883 86,374 0.03 190,851 0.07 Chile AES Gener 213,220 104,396 0.04 Aguas Andinas 148,174 85,046 0.03 Banco de Chile 1,666,608 178,172 0.06 Banco de Credito e Inversiones 1,887 81,813 0.03 Banco Santander Chile 5,359,211 258,948 0.09 Cencosud 85,984 244,969 0.09 Cia Cervecerias Unidas 12,902 151,136 0.05 Colbun 433,775 105,018 0.04 Embotelladora Andina Pref 30,609 107,788 0.04 Empresa Nacional de Electricidad 274,412 253,661 0.09 Empresa Nacional de Telecomunicaciones 9,084 82,332 0.03 Empresa Nacional de Telecomunicaciones Rights 2,488 2,404 0.00 Empresas CMPC 106,111 219,753 0.08 Empresas COPEC 37,113 325,143 0.12 Endesa Americas 243,935 112,375 0.04 Enersis Americas 1,411,583 241,863 0.09 Enersis Chile 1,147,961 135,244 0.05 Itau Corpbanca 11,248,349 95,464 0.03 Latam Airlines Group 21,098 139,582 0.05 SACI Falabella 30,584 232,736 0.08 Sociedad Quimica y Minera de Chile 6,884 170,463 0.06 3,328,306 1.19 China 3SBIO 76,000 77,881 0.03 58.Com ADR 5,300 243,217 0.09 AAC Technologies Holdings 56,500 479,940 0.17 Agricultural Bank of China 1,852,999 675,950 0.24 Air China 100,000 67,930 0.02 Alibaba Group Holding ADR 72,300 5,750,019 2.06 Aluminum of China 317,999 100,016 0.04 Anhui Conch Cement 82,000 197,021 0.07 Anta Sports Products 74,000 148,039 0.05 AviChina Industry & Technology 198,000 136,799 0.05 Baidu ADR 19,700 3,253,455 1.16 Bank of China 5,812,999 2,322,817 0.83 Bank of Communications 675,999 426,097 0.15 Beijing Capital International Airport 112,000 121,124 0.04 Belle International Holdings 528,999 310,256 0.11 BYD 52,000 311,010 0.11 CGN Power 897,999 248,867 0.09 China Cinda Asset Management 569,999 191,764 0.07 China CITIC Bank 598,999 362,892 0.13 China Coal Energy 97,000 50,513 0.02 China Communications Construction 344,999 369,105 0.13 China Communications Services 188,000 97,902 0.04 China Conch Venture Holdings 90,000 178,191 0.06 China Construction Bank 6,143,999 4,062,764 1.45 China COSCO Holdings 276,999 97,475 0.04 China Everbright Bank 153,000 69,420 0.02 MGI Funds plc 242

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 209,000 186,964 0.07 China Huishan Dairy Holdings 391,999 160,176 0.06 China Life Insurance 554,999 1,188,986 0.43 China Longyuan Power Group 271,999 224,038 0.08 China Medical System Holdings 88,000 134,076 0.05 China Mengniu Dairy 216,000 375,315 0.13 China Merchants Bank 299,499 667,876 0.24 China Minsheng Banking 464,499 447,858 0.16 China National Building Material 180,000 78,422 0.03 China Oilfield Services 100,000 76,695 0.03 China Pacific Insurance Group 201,400 677,568 0.24 China Petroleum & Chemical 1,875,999 1,351,754 0.48 China Railway Construction 142,500 177,988 0.06 China Railway Group 266,000 197,495 0.07 China Shenhua Energy 270,500 497,210 0.18 China Shipping Container Lines 173,000 35,679 0.01 China Southern Airlines 144,000 81,299 0.03 China Telecom 1,095,999 488,809 0.17 China Vanke 103,700 203,177 0.07 Chongqing Rural Commercial Bank 135,000 68,388 0.02 CITIC Securities 169,500 372,299 0.13 Country Garden Holdings 404,999 170,186 0.06 CRRC 273,999 244,404 0.09 Ctrip.com International ADR 25,400 1,046,480 0.37 Dalian Wanda Commercial Properties 41,400 254,282 0.09 Dongfeng Motor Group 170,000 177,057 0.06 ENN Energy Holdings 50,000 246,521 0.09 Evergrande Real Estate Group 285,999 174,004 0.06 Geely Automobile Holdings 354,999 191,274 0.07 GF Securities 84,000 190,565 0.07 GOME Electrical Appliances Holding 903,999 106,038 0.04 Great Wall Motor 220,500 181,903 0.07 Guangzhou Automobile Group 184,000 218,676 0.08 Guangzhou R&F Properties 70,800 89,162 0.03 Haitong Securities 208,800 350,962 0.13 Hengan International Group 57,000 475,003 0.17 Huadian Power International 64,000 30,441 0.01 Huaneng Power International 301,999 186,464 0.07 Huaneng Renewables 287,999 95,035 0.03 Huatai Securities 122,000 258,532 0.09 Industrial & Commercial Bank of China 5,341,999 2,954,025 1.06 JD.com ADR 51,600 1,095,468 0.39 Jiangsu Expressway 92,000 127,837 0.05 Jiangxi Copper 65,000 72,306 0.03 Kingsoft 59,000 113,620 0.04 Longfor Properties 103,500 134,212 0.05 Luye Pharma Group 114,000 69,799 0.03 NetEase ADR 5,800 1,120,676 0.40 New China Life Insurance 51,600 183,241 0.07 New Oriental Education & Technology Group 8,700 364,356 0.13 People's Insurance Group of China 467,999 179,769 0.06 PetroChina 1,545,999 1,054,188 0.38 PICC Property & Casualty 353,999 553,955 0.20 Ping An Insurance Group of China 379,999 1,672,735 0.60 Qihoo 360 Technology ADR 6,800 496,740 0.18 Qinqin Foodstuffs Group Cayman 11,400 15,429 0.01 Semiconductor Manufacturing International2,383,999 190,524 0.07 Shandong Weigao Group Medical Polymer 152,000 86,012 0.03 Shanghai Electric Group 208,000 86,868 0.03 Portfolio Statement Nominal Fair value % of holdings US$ Net assets China Shanghai Fosun Pharmaceutical Group 15,000 36,504 0.01 Shanghai Pharmaceuticals Holding 39,300 86,523 0.03 Shenzhou International Group Holdings 36,000 173,783 0.06 Shui On Land 148,000 37,772 0.01 Sinopec Engineering Group 116,500 104,217 0.04 Sinopec Shanghai Petrochemical 309,999 142,254 0.05 Sinopharm Group 92,800 441,993 0.16 Sinotrans 79,000 34,928 0.01 SOHO China 82,500 39,772 0.01 SouFun Holdings ADR 17,400 87,522 0.03 Sunac China Holdings 129,000 79,981 0.03 TAL Education Group ADR 3,800 235,828 0.08 Tencent Holdings 411,699 9,355,913 3.34 Tingyi Cayman Islands Holding 114,000 107,711 0.04 Travelsky Technology 48,000 91,818 0.03 Tsingtao Brewery 24,000 83,063 0.03 Vipshop Holdings ADR 27,200 303,824 0.11 Want Want China Holdings 381,999 269,834 0.10 Weichai Power 81,000 82,900 0.03 Yanzhou Coal Mining 186,000 119,877 0.04 YY ADR ADR 1,900 64,353 0.02 Zhejiang Expressway 134,000 125,571 0.05 Zhuzhou CSR Times Electric 35,000 191,738 0.07 Zijin Mining Group 369,999 123,525 0.04 ZTE 54,800 69,224 0.02 55,791,713 19.94 Colombia Bancolombia Pref 36,203 317,134 0.11 Cementos Argos 24,144 98,946 0.04 Corp Financiera Colombiana voting 7,912 103,825 0.04 Ecopetrol 380,844 182,630 0.06 Grupo Argos 20,738 131,907 0.05 Grupo Aval Acciones y Valores Pref 216,145 87,674 0.03 Grupo de Inversiones Suramericana 15,825 208,401 0.07 Grupo de Inversiones Suramericana Pref 8,076 104,365 0.04 Interconexion Electrica ESP 14,822 45,560 0.02 1,280,442 0.46 Czech Republic CEZ 10,613 180,604 0.06 Komercni Banka 5,753 215,154 0.08 O2 Czech Republic 3,830 34,179 0.01 429,937 0.15 Egypt Commercial International Bank Egypt GDR114,761 408,291 0.15 Greece Alpha Bank 106,789 192,196 0.07 Eurobank Ergasias 127,004 77,601 0.03 FF Group 1,994 37,202 0.01 Hellenic Telecommunications Organization 17,079 153,151 0.05 Jumbo 4,989 65,340 0.02 National Bank of Greece 464,060 98,982 0.04 OPAP 16,671 115,222 0.04 Piraeus Bank 468,037 83,711 0.03 Titan Cement 3,749 77,109 0.03 900,514 0.32 MGI Funds plc 243

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 203,999 149,621 0.05 Alibaba Pictures Group 799,999 185,615 0.07 Beijing Enterprises Holdings 33,500 189,782 0.07 Beijing Enterprises Water Group 287,999 173,364 0.06 Brilliance China Automotive Holdings 187,999 191,684 0.07 China Everbright 69,999 134,442 0.05 China Everbright International 162,999 180,691 0.07 China Gas Holdings 123,999 188,925 0.07 China Jinmao Holdings Group 325,999 91,606 0.03 China Merchants Holdings International 87,999 233,669 0.08 China Mobile 444,499 5,085,025 1.82 China Overseas Land & Investment 297,999 941,098 0.34 China Power International Development 185,999 68,569 0.03 China Resources Beer Holdings Company 81,999 178,206 0.06 China Resources Gas Group 63,999 194,690 0.07 China Resources Land 213,999 499,280 0.18 China Resources Power Holdings 137,999 205,631 0.07 China State Construction International Holdings 121,999 161,031 0.06 China Taiping Insurance Holdings 126,399 235,269 0.08 China Unicom Hong Kong 469,999 487,086 0.17 CITIC 339,999 495,233 0.18 CNOOC 1,314,999 1,632,318 0.58 COSCO Pacific 117,999 117,118 0.04 CSPC Pharmaceutical Group 285,999 253,264 0.09 Far East Horizon 152,999 118,724 0.04 Fosun International 204,999 263,716 0.09 GCLPoly Energy Holdings 891,999 117,277 0.04 Guangdong Investment 229,999 351,020 0.13 Haier Electronics Group 81,999 125,357 0.05 Kunlun Energy 229,999 189,740 0.07 Lenovo Group 547,999 329,875 0.12 Nine Dragons Paper Holdings 125,999 95,986 0.03 Shanghai Industrial Holdings 39,000 88,174 0.03 Shimao Property Holdings 94,999 119,638 0.04 Sino Biopharmaceutical 352,999 229,783 0.08 SinoOcean Land Holdings 139,999 60,634 0.02 Sun Art Retail Group 194,499 136,636 0.05 14,499,777 5.18 Hungary MOL Hungarian Oil & Gas 2,236 130,033 0.05 OTP Bank 18,034 403,271 0.14 Richter Gedeon Nyrt 8,927 177,711 0.06 711,015 0.25 India ACC 3,281 78,941 0.03 Adani Ports & Special Economic Zone 71,962 220,702 0.08 Ambuja Cements 44,907 170,230 0.06 Apollo Hospitals Enterprise 4,939 96,244 0.03 Ashok Leyland 82,979 121,221 0.04 Asian Paints 22,779 336,662 0.12 Aurobindo Pharma 17,118 188,185 0.07 Axis Bank 46,211 365,273 0.13 Bajaj Auto 7,028 281,036 0.10 Bajaj Finance 1,397 165,375 0.06 Bharat Forge 8,539 96,156 0.03 Bharat Heavy Electricals 24,917 47,292 0.02 Portfolio Statement Nominal Fair value % of holdings US$ Net assets India Bharat Petroleum 6,252 99,756 0.04 Bharti Airtel 79,296 427,648 0.15 Bharti Infratel 40,173 206,063 0.07 BOSCH 491 164,406 0.06 Cadila Healthcare 14,092 68,690 0.03 Cairn India 22,967 47,845 0.02 Cipla 28,828 213,905 0.08 Coal India 43,301 200,936 0.07 Container Of India 2,989 63,238 0.02 Dabur India 33,384 152,444 0.05 Divi's Laboratories 5,535 91,908 0.03 Dr Reddy's Laboratories 9,328 467,816 0.17 Eicher Motors 813 230,680 0.08 GAIL India 16,221 92,502 0.03 GlaxoSmithKline Consumer Healthcare 442 38,375 0.01 Glenmark Pharmaceuticals 9,073 107,539 0.04 Godrej Consumer Products 7,918 188,515 0.07 Havells India 15,106 80,728 0.03 HCL Technologies 44,553 481,680 0.17 Hero MotoCorp 3,046 142,428 0.05 Hindalco Industries 68,495 124,976 0.05 Hindustan Unilever 48,789 649,063 0.23 Housing Development Finance 110,077 2,042,872 0.73 ICICI Bank 75,614 269,321 0.10 Idea Cellular 77,739 122,665 0.04 Indiabulls Housing Finance 18,630 185,761 0.07 Infosys 132,033 2,292,475 0.82 ITC 170,009 929,456 0.33 JSW Steel 7,787 169,480 0.06 Larsen & Toubro 24,670 547,554 0.20 LIC Housing Finance 18,806 138,004 0.05 Lupin 14,546 332,923 0.12 Mahindra & Mahindra 28,695 607,124 0.22 Mahindra & Mahindra Financial Services 21,415 106,527 0.04 Marico 31,626 123,940 0.04 Maruti Suzuki India 8,318 517,565 0.19 Motherson Sumi Systems 20,370 87,929 0.03 Nestle India 1,546 149,572 0.05 NTPC 137,887 317,983 0.11 Oil & Natural Gas 74,078 237,564 0.09 Piramal Enterprises 5,306 113,321 0.04 Power Finance 19,187 48,667 0.02 Reliance Industries 94,966 1,363,405 0.49 Shree Cement 577 123,871 0.04 Shriram Transport Finance 9,853 175,571 0.06 Siemens 6,420 125,042 0.05 State Bank of India 125,286 407,073 0.15 Sun Pharmaceutical Industries 71,352 808,198 0.29 Tata Consultancy Services 34,255 1,293,221 0.46 Tata Motors 120,931 821,502 0.29 Tata Motors 26,069 113,132 0.04 Tata Power 83,204 90,669 0.03 Tata Steel 22,543 107,880 0.04 Tech Mahindra 15,573 117,325 0.04 Titan 18,512 111,738 0.04 Ultratech Cement 2,462 124,415 0.04 United Spirits 4,443 163,646 0.06 UPL 18,914 154,559 0.06 Vedanta 70,122 137,139 0.05 Wipro 47,911 397,450 0.14 MGI Funds plc 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 India Yes Bank 5,575 91,023 0.03 Zee Entertainment Enterprises 38,473 259,847 0.09 22,835,867 8.16 Indonesia Adaro Energy 762,899 49,079 0.02 AKR Corporindo 182,199 88,255 0.03 Astra International 1,541,298 863,244 0.31 Bank Central Asia 897,999 905,645 0.32 Bank Danamon Indonesia 141,299 37,857 0.01 Bank Mandiri Persero 710,799 512,420 0.18 Bank Negara Indonesia Persero 570,699 224,607 0.08 Bank Rakyat Indonesia Persero 839,199 685,967 0.25 Bumi Serpong Damai 647,399 103,387 0.04 Charoen Pokphand Indonesia 511,999 145,316 0.05 Global Mediacom 476,999 35,559 0.01 Gudang Garam 34,599 180,691 0.06 Hanjaya Mandala Sampoerna 599,999 172,563 0.06 Indocement Tunggal Prakarsa 108,099 138,064 0.05 Indofood CBP Sukses Makmur 72,799 94,907 0.03 Indofood Sukses Makmur 384,699 211,093 0.08 Jasa Marga Persero 124,499 49,705 0.02 Kalbe Farma 1,879,798 217,679 0.08 Lippo Karawaci 916,398 79,414 0.03 Matahari Department Store 151,599 229,479 0.08 Media Nusantara Citra 246,599 41,060 0.02 Perusahaan Gas Negara Persero 651,499 115,383 0.04 Semen Indonesia Persero 274,599 194,323 0.07 Summarecon Agung 790,999 108,359 0.04 Surya Citra Media 335,499 83,795 0.03 Telekomunikasi Indonesia Persero 3,717,498 1,119,821 0.40 Tower Bersama Infrastructure 193,899 96,857 0.03 Unilever Indonesia 119,299 406,996 0.15 United Tractors 120,699 135,201 0.05 Waskita Karya Persero 330,499 63,785 0.02 XL Axiata 160,874 44,685 0.02 7,435,196 2.66 Isle Of Man New Europe Property Investments 17,845 205,064 0.07 Korea Amorepacific 2,434 911,812 0.33 Amorepacific Pref 607 130,163 0.05 AMOREPACIFIC Group 2,275 330,826 0.12 BGF retail 716 132,713 0.05 BNK Financial Group 15,717 110,122 0.04 Celltrion 5,696 475,306 0.17 Cheil Worldwide 5,883 86,330 0.03 CJ 981 172,038 0.06 CJ CheilJedang 542 182,807 0.07 CJ E&M 1,454 87,478 0.03 CJ Korea Express 520 97,964 0.04 Coway 4,351 394,738 0.14 Daelim Industrial 1,968 129,850 0.05 Daewoo Engineering & Construction 7,440 36,241 0.01 DGB Financial Group 9,875 74,337 0.03 Dongbu Insurance 3,148 189,396 0.07 Dongsuh 1,392 40,303 0.01 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Korea Doosan Heavy Industries & Construction 2,157 39,700 0.01 EMart 1,281 192,397 0.07 GS Engineering & Construction 4,073 98,125 0.04 GS Holdings 3,688 151,925 0.05 GS Retail 2,119 100,261 0.04 Hana Financial Group 23,121 466,715 0.17 Hankook Tire 6,101 270,176 0.10 Hanmi Pharm 346 212,072 0.08 Hanmi Science 916 121,672 0.04 Hanon Systems 10,904 99,407 0.04 Hanssem 706 97,455 0.03 Hanwha 2,784 85,561 0.03 Hanwha Chemical 7,022 144,807 0.05 Hanwha Life Insurance 13,890 69,826 0.03 Hotel Shilla 2,133 125,737 0.04 Hyosung 1,859 200,933 0.07 Hyundai Department Store 1,061 118,825 0.04 Hyundai Development CoEngineering & Construction 3,378 115,987 0.04 Hyundai Engineering & Construction 6,545 189,529 0.07 Hyundai Glovis 1,259 187,453 0.07 Hyundai Heavy Industries 2,784 254,991 0.09 Hyundai Marine & Fire Insurance 4,745 120,494 0.04 Hyundai Mobis 5,133 1,123,208 0.40 Hyundai Motor 10,618 1,249,185 0.45 Hyundai Motor 2,283 190,869 0.07 Hyundai Motor Pref 1,497 122,816 0.04 Hyundai Steel 6,582 262,040 0.09 Hyundai Wia 768 59,407 0.02 Industrial Bank of Korea 16,654 161,221 0.06 Kakao 2,033 164,320 0.06 Kangwon Land 7,763 281,077 0.10 KB Financial Group 29,465 833,955 0.30 KCC 340 112,315 0.04 KEPCO Plant Service & Engineering 2,034 114,427 0.04 Kia Motors 19,717 739,521 0.26 Korea Aerospace Industries 4,011 254,899 0.09 Korea Electric Power 19,038 998,355 0.36 Korea Gas 1,215 41,929 0.02 Korea Investment Holdings 1,840 67,252 0.02 Korea Zinc 577 254,474 0.09 Korean Air Lines 1,561 35,167 0.01 KT 2,130 54,828 0.02 KT&G 8,551 1,013,455 0.36 Kumho Petrochemical 690 35,642 0.01 LG 7,494 414,491 0.15 LG Chem 3,484 786,422 0.28 LG Chem Pref 396 65,665 0.02 LG Display 17,409 399,031 0.14 LG Electronics 8,403 393,259 0.14 LG Household & Health Care 696 674,942 0.24 LG Household & Health Care Pref 159 91,105 0.03 LG Innotek 1,292 88,388 0.03 LG Uplus 14,290 135,236 0.05 Lotte Chemical 969 238,075 0.09 Lotte Chilsung Beverage 24 37,213 0.01 Lotte Confectionery 625 106,079 0.04 Lotte Shopping 819 143,983 0.05 Mirae Asset Daewoo 11,711 79,208 0.03 Mirae Asset Securities 3,888 77,804 0.03 NAVER 2,047 1,261,770 0.45 NCSoft 1,115 228,450 0.08 MGI Funds plc 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 Korea NH Investment & Securities 11,298 89,560 0.03 OCI 1,238 97,054 0.03 Orion 240 196,275 0.07 Ottogi 97 69,306 0.02 Paradise 3,489 45,890 0.02 POSCO 5,219 913,165 0.33 Posco Daewoo 4,647 100,859 0.04 S1 1,777 166,615 0.06 SOil 2,837 186,448 0.07 Samsung C&T 5,809 620,419 0.22 Samsung Card 2,693 97,026 0.03 Samsung ElectroMechanics 4,738 206,080 0.07 Samsung Electronics 7,409 9,167,209 3.28 Samsung Electronics 1,343 1,379,319 0.49 Samsung Fire & Marine Insurance 2,566 587,004 0.21 Samsung Heavy Industries 9,328 74,188 0.03 Samsung Life Insurance 4,773 416,448 0.15 Samsung SDI 3,602 337,731 0.12 Samsung SDS 2,635 328,274 0.12 Samsung Securities 4,155 127,335 0.05 Shinhan Financial Group 32,270 1,064,633 0.38 Shinsegae 517 87,524 0.03 SK Holdings 3,495 614,435 0.22 SK Hynix 42,936 1,207,760 0.43 SK Innovation 4,925 600,740 0.21 SK Networks 7,197 37,119 0.01 SK Telecom 1,683 314,873 0.11 Woori Bank 20,276 167,588 0.06 Yuhan 531 141,065 0.05 39,879,897 14.25 Malaysia AirAsia 73,399 47,336 0.02 Alliance Financial Group 100,399 100,362 0.04 AMMB Holdings 129,799 142,951 0.05 Astro Malaysia Holdings 124,299 90,338 0.03 Axiata Group 215,699 301,225 0.11 Berjaya Sports Toto 62,599 47,203 0.02 British American Tobacco Malaysia 10,100 132,027 0.05 CIMB Group Holdings 238,257 258,262 0.09 Dialog Group 183,299 70,018 0.03 DiGi.Com 225,999 267,959 0.10 Felda Global Ventures Holdings 104,899 39,290 0.01 Gamuda 152,599 183,960 0.07 Genting 178,599 363,268 0.13 Genting Malaysia 251,999 278,159 0.10 Genting Plantations 14,600 38,459 0.01 HAP Seng Consolidated 52,699 100,915 0.04 Hartalega Holdings 35,199 37,806 0.01 Hong Leong Bank 37,699 123,250 0.04 Hong Leong Financial Group 13,000 47,336 0.02 IHH Healthcare 203,699 333,478 0.12 IJM 198,399 171,751 0.06 IOI 132,099 142,208 0.05 IOI Properties Group 67,199 39,171 0.01 Kuala Lumpur Kepong 28,600 165,009 0.06 Lafarge Malaysia 17,800 34,570 0.01 Malayan Banking 267,346 539,799 0.19 Malaysia Airports Holdings 52,499 79,697 0.03 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Malaysia Maxis 126,399 184,669 0.07 MISC 81,999 151,734 0.05 Petronas Chemicals Group 194,399 318,735 0.11 Petronas Dagangan 12,000 69,651 0.02 Petronas Gas 45,799 249,931 0.09 PPB Group 33,300 136,288 0.05 Public Bank 198,899 957,127 0.34 RHB Capital 33,386 42,401 0.02 SapuraKencana Petroleum 311,999 113,763 0.04 Sime Darby 172,999 325,702 0.12 Telekom Malaysia 79,999 134,341 0.05 Tenaga Nasional 256,599 897,447 0.32 UMW Holdings 17,800 25,298 0.01 Westports Holdings 80,999 84,385 0.03 YTL 404,699 167,641 0.06 YTL Power International 105,099 36,758 0.01 8,071,678 2.89 Malta Brait 27,619 264,222 0.10 Mexico Alfa 223,098 380,070 0.14 America Movil 2,309,498 1,407,036 0.50 Arca Continental 28,199 200,556 0.07 Cemex 1,016,042 622,867 0.22 CocaCola Femsa 41,299 339,143 0.12 El Puerto de Liverpool 12,669 132,843 0.05 Fibra Uno Administracion REIT 186,798 394,370 0.14 Fomento Economico Mexicano 133,799 1,227,600 0.44 Gentera 63,799 113,253 0.04 Gruma 13,609 194,014 0.07 Grupo Aeroportuario del Pacifico 28,299 288,302 0.10 Grupo Aeroportuario del Sureste 15,299 241,591 0.09 Grupo Bimbo 128,999 400,929 0.14 Grupo Carso 35,199 150,115 0.05 Grupo Comercial Chedraui 13,999 34,587 0.01 Grupo Financiero Banorte 181,798 1,006,886 0.36 Grupo Financiero Inbursa 178,699 301,137 0.11 Grupo Financiero Santander Mexico 121,499 218,510 0.08 Grupo Lala 32,699 71,445 0.03 Grupo Mexico 279,898 649,939 0.23 Grupo Televisa 183,198 946,620 0.34 Industrias Penoles 9,189 217,425 0.08 KimberlyClark de Mexico 101,599 237,846 0.08 Mexichem 83,599 174,637 0.06 OHL Mexico 69,999 84,989 0.03 Promotora y Operadora de Infraestructura 17,559 214,173 0.08 WalMart de Mexico 397,098 946,620 0.34 11,197,503 4.00 Netherlands Steinhoff International Holdings 211,453 1,216,900 0.44 Peru Cia de Minas Buenaventura ADR 11,283 135,018 0.05 Credicorp 5,083 787,066 0.28 922,084 0.33 Philippines Aboitiz Equity Ventures 127,148 210,665 0.08 Aboitiz Power 88,098 86,231 0.03 MGI Funds plc 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 Philippines Alliance Global Group 108,498 34,130 0.01 Ayala 19,849 358,204 0.13 Ayala Land 564,698 465,706 0.17 Bank of the Philippine Islands 37,749 78,070 0.03 BDO Unibank 112,268 267,265 0.10 DMCI Holdings 354,598 94,965 0.03 Energy Development 757,598 88,886 0.03 Globe Telecom 2,869 144,696 0.05 GT Capital Holdings 6,519 199,559 0.07 International Container Terminal Services 27,199 35,554 0.01 JG Summit Holdings 222,468 406,660 0.15 Jollibee Foods 25,349 130,392 0.05 Megaworld 956,998 94,585 0.03 Metro Pacific Investments 955,298 141,524 0.05 Metropolitan Bank & Trust 49,119 94,329 0.03 Philippine Long Distance Telephone 7,844 358,503 0.13 Robinsons Land 64,798 40,630 0.01 Security Bank 38,359 156,463 0.06 SM Investments 10,929 224,650 0.08 SM Prime Holdings 544,798 316,127 0.11 Universal Robina 56,509 249,833 0.09 4,277,627 1.53 Poland Alior Bank 8,100 106,912 0.04 Bank Handlowy w Warszawie 1,842 33,357 0.01 Bank Millennium 27,518 32,511 0.01 Bank Pekao 10,477 362,504 0.13 Bank Zachodni WBK 2,439 161,840 0.06 CCC 2,634 106,194 0.04 Cyfrowy Polsat 12,259 68,092 0.02 Enea 13,675 34,179 0.01 Energa 11,866 28,458 0.01 Eurocash 6,024 70,114 0.03 Grupa Azoty 3,864 67,086 0.02 Grupa Lotos 5,517 42,442 0.02 KGHM Polska Miedz 12,100 201,613 0.07 LPP 93 119,570 0.04 mbank 1,102 86,023 0.03 Orange Polska 61,083 78,179 0.03 PGE Polska Grupa Energetyczna 72,909 217,553 0.08 Polski Koncern Naftowy Orlen 22,324 389,161 0.14 Polskie Gornictwo Naftowe i Gazownictwo 102,186 144,457 0.05 Powszechna Kasa Oszczednosci Bank Polski 68,064 400,008 0.14 Powszechny Zaklad Ubezpieczen 36,925 266,136 0.10 Synthos 37,803 34,355 0.01 Tauron Polska Energia 49,259 35,315 0.01 3,086,059 1.10 Qatar Barwa Real Estate 4,232 38,369 0.01 Commercial Bank 11,413 115,998 0.04 Doha Bank 9,946 96,583 0.04 Ezdan Holding Group 51,476 253,483 0.09 Industries Qatar 11,949 321,667 0.12 Masraf Rayan 25,361 236,829 0.09 Ooredoo 5,586 135,658 0.05 Qatar Electricity & Water 2,642 151,029 0.05 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Qatar Qatar Gas Transport 19,328 122,100 0.04 Qatar Insurance 9,810 198,592 0.07 Qatar Islamic Bank 3,022 79,723 0.03 Qatar National Bank 16,177 622,083 0.22 Vodafone Qatar 20,930 60,819 0.02 2,432,933 0.87 Russia ALROSA PJSC 130,798 141,308 0.05 Gazprom 872,618 1,911,150 0.68 Lukoil 31,239 1,309,535 0.46 Magnit GDR 20,763 689,779 0.25 MegaFon OAO GDR 7,347 76,418 0.03 MMC Norilsk Nickel 4,283 570,585 0.21 Mobile Telesystems ADR 34,599 286,487 0.10 Moscow Exchange MICEXRTS OAO 93,398 164,069 0.06 Novatek GDR 6,909 704,819 0.25 PhosAgro OJSC GDR 5,297 78,144 0.03 ROSNEFT PJSC 92,378 476,957 0.17 Rostelecom 70,409 101,528 0.04 Rushydro 12,642,998 121,510 0.04 Sberbank of Russian Federation 791,808 1,657,312 0.59 Severstal 13,579 148,304 0.05 Sistema GDR Nonvoting 8,823 66,443 0.02 Surgutneftegas 488,898 252,954 0.09 Surgutneftegaz Pref 420,598 252,843 0.09 Tatneft 105,628 541,778 0.20 Transneft Pref 101 264,589 0.09 VTB Bank 402,459,996 431,258 0.16 10,247,770 3.66 South Africa Anglo American Platinum 3,645 91,409 0.03 AngloGold Ashanti 31,802 581,096 0.21 Aspen Pharmacare Holdings 25,379 627,836 0.23 Barclays Africa Group 34,153 336,012 0.12 Bid 20,857 393,090 0.14 Bidvest Group 19,023 180,159 0.06 Capitec Bank Holdings 2,701 109,736 0.04 Coronation Fund Managers 8,387 38,306 0.01 Discovery 23,557 197,053 0.07 Exxaro Resources 6,526 30,060 0.01 FirstRand 254,405 778,939 0.28 Fortress Income Fund 36,739 39,612 0.01 Fortress Income Fund 57,212 140,014 0.05 Foschini Group 15,223 144,485 0.05 Gold Fields 64,770 315,208 0.11 Growthpoint Properties REIT 126,375 221,600 0.08 Hyprop Investments REIT 17,736 157,313 0.06 Impala Platinum Holdings 43,806 141,187 0.05 Imperial Holdings 11,477 117,144 0.04 Investec 17,489 107,662 0.04 Liberty Holdings 4,146 34,254 0.01 Life Healthcare Group Holdings 84,321 208,429 0.08 Massmart Holdings 4,722 40,626 0.02 MMI Holdings 77,501 119,811 0.04 Mondi 7,660 140,238 0.05 Mr Price Group 15,522 218,600 0.08 MTN Group 124,736 1,217,303 0.44 Naspers 31,849 4,871,538 1.74 Nedbank Group 11,932 151,869 0.05 Netcare 64,619 137,579 0.05 MGI Funds plc 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 South Africa Pick n Pay Stores 19,714 96,427 0.04 Pioneer Foods 7,891 93,053 0.03 PSG Group 6,848 90,704 0.03 Rand Merchant Investment Holdings 45,055 126,753 0.05 Redefine Properties REIT 291,981 225,690 0.08 Remgro 37,517 652,395 0.23 Resilient REIT 25,653 230,877 0.08 RMB Holdings 48,633 186,798 0.07 Sanlam 111,831 460,920 0.17 Sappi 37,600 175,796 0.06 Sasol 41,521 1,126,069 0.40 Shoprite Holdings 34,130 387,617 0.14 Sibanye Gold 50,982 174,480 0.06 Spar Group 16,354 225,572 0.08 Standard Bank Group 97,054 846,952 0.30 Telkom SOC 10,828 49,004 0.02 Tiger Brands 10,773 266,680 0.10 Truworths International 37,622 220,420 0.08 Tsogo Sun Holdings 27,638 50,182 0.02 Vodacom Group 24,517 281,090 0.10 Woolworths Holdings 75,104 430,885 0.15 18,286,532 6.54 Taiwan Acer 224,999 105,319 0.04 Advanced Semiconductor Engineering 494,999 562,378 0.20 Advantech 26,000 197,061 0.07 Asia Cement 166,000 143,569 0.05 Asia Pacific Telecom 98,000 32,505 0.01 Asustek Computer 55,000 452,664 0.16 AU Optronics 602,999 204,682 0.07 Casetek Holdings 8,000 27,899 0.01 Catcher Technology 52,000 382,838 0.14 Cathay Financial Holding 618,999 671,595 0.24 Chailease Holding 75,000 121,129 0.04 Chang Hwa Commercial Bank 336,999 174,982 0.06 Cheng Shin Rubber Industry 157,000 328,999 0.12 Chicony Electronics 43,000 96,639 0.03 China Airlines 244,999 73,593 0.03 China Development Financial Holding 1,018,999 245,439 0.09 China Life Insurance 252,999 195,285 0.07 China Steel 889,999 576,614 0.21 Chunghwa Telecom 281,999 1,018,413 0.36 Compal Electronics 288,999 181,414 0.06 CTBC Financial Holding 1,234,999 645,083 0.23 Delta Electronics 147,000 710,871 0.25 E.Sun Financial Holding 474,999 279,766 0.10 Eclat Textile 15,000 144,378 0.05 Eva Airways 156,000 71,087 0.03 Evergreen Marine Taiwan 107,000 39,637 0.01 Far Eastern New Century 218,999 162,931 0.06 Far EasTone Telecommunications 111,000 268,046 0.10 Feng TAY Enterprise 17,000 70,089 0.03 First Financial Holding 724,999 379,816 0.14 Formosa Chemicals & Fibre 246,999 620,199 0.22 Formosa Petrochemical 71,000 192,582 0.07 Formosa Plastics 311,999 752,459 0.27 Formosa Taffeta 43,000 41,388 0.01 Foxconn Technology 63,000 147,252 0.05 Portfolio Statement Nominal Fair value % of holdings US$ Net assets Taiwan Fubon Financial Holding 512,999 598,730 0.21 Giant Manufacturing 21,000 130,196 0.05 Hermes Microvision 3,000 122,291 0.04 Highwealth Construction 63,000 103,506 0.04 Hiwin Technologies 9,000 41,430 0.01 Hon Hai Precision Industry 1,023,999 2,618,804 0.94 Hotai Motor 18,000 175,764 0.06 HTC 46,000 147,586 0.05 Hua Nan Financial Holdings 571,999 296,115 0.11 Innolux 583,999 195,517 0.07 Inotera Memories 234,999 182,848 0.07 Inventec 177,999 126,082 0.05 Largan Precision 7,000 639,046 0.23 LiteOn Technology 145,000 198,223 0.07 MediaTek 114,000 862,271 0.31 Mega Financial Holding 829,999 625,220 0.22 Merida Industry 24,000 100,809 0.04 Nan Ya Plastics 358,999 678,849 0.24 Nanya Technology 50,000 61,068 0.02 Nien Made Enterprise 9,000 81,744 0.03 Novatek Microelectronics 34,000 125,949 0.05 OBI Pharma 8,000 126,476 0.05 Pegatron 154,000 323,667 0.12 Phison Electronics 11,000 94,454 0.03 Pou Chen 147,000 196,173 0.07 Powertech Technology 38,000 84,224 0.03 President Chain Store 46,000 357,915 0.13 Quanta Computer 217,999 412,226 0.15 Realtek Semiconductor 36,000 111,485 0.04 Ruentex Development 28,000 32,505 0.01 Ruentex Industries 25,000 37,509 0.01 Shin Kong Financial Holding 603,999 118,145 0.04 Siliconware Precision Industries 152,000 230,645 0.08 Simplo Technology 12,000 41,848 0.02 SinoPac Financial Holdings 612,999 180,713 0.06 Standard Foods 16,000 39,133 0.01 Synnex Technology International 83,000 89,409 0.03 TaiMed Biologics 11,000 73,483 0.03 Taishin Financial Holding 504,999 194,116 0.07 Taiwan Business Bank 151,000 38,289 0.01 Taiwan Cement 215,999 214,600 0.08 Taiwan Cooperative Financial Holding 469,999 206,888 0.07 Taiwan Fertilizer 28,000 37,192 0.01 Taiwan Mobile 129,000 449,874 0.16 Taiwan Semiconductor Manufacturing 1,798,999 9,063,199 3.24 Teco Electric and Machinery 102,000 85,687 0.03 Transcend Information 14,000 42,357 0.02 UniPresident Enterprises 365,999 720,450 0.26 United Microelectronics 799,999 312,471 0.11 Vanguard International Semiconductor 63,000 103,115 0.04 Wistron 143,000 99,296 0.04 WPG Holdings 80,000 92,873 0.03 Yuanta Financial Holding 715,999 230,831 0.08 Yulon Motor 43,000 36,389 0.01 Zhen Ding Technology Holding 19,000 33,984 0.01 32,942,270 11.77 Thailand Advanced Info Service 77,299 347,563 0.12 Airports of Thailand 26,799 297,438 0.11 Bangkok Bank 18,599 85,747 0.03 Bangkok Dusit Medical Services 243,299 165,476 0.06 MGI Funds plc 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 Thailand Bangkok Expressway & Metro 439,799 86,357 0.03 Banpu 124,649 52,143 0.02 BEC World 65,599 42,563 0.01 BTS Group Holdings 508,299 138,863 0.05 Bumrungrad Hospital 29,999 155,804 0.06 Central Pattana 83,699 142,318 0.05 Charoen Pokphand Foods 179,999 147,267 0.05 CP ALL 365,299 522,376 0.19 Delta Electronics Thailand 16,299 31,657 0.01 Electricity Generating 11,299 60,294 0.02 Energy Absolute A 81,299 49,279 0.02 Glow Energy 29,999 73,206 0.03 Home Product Center A 368,199 103,732 0.04 Indorama Ventures 127,599 105,304 0.04 IRPC 521,399 70,627 0.02 Kasikornbank 33,699 165,430 0.06 Kasikornbank (Alien market) 88,399 433,949 0.15 Krung Thai Bank 311,799 144,630 0.05 Minor International A 128,399 147,071 0.05 PTT 75,299 670,713 0.24 PTT Exploration & Production 92,699 220,933 0.08 PTT Global Chemical 143,199 241,450 0.09 Robinson Department Store 36,899 71,142 0.03 Siam Cement 28,499 386,055 0.14 Siam Commercial Bank 133,099 526,490 0.19 Thai Oil 69,799 119,179 0.04 Thai Union Group 195,099 122,145 0.04 TMB Bank 578,799 35,577 0.01 True (Alien market) 819,888 167,990 0.06 True 2,801 573 0.00 6,131,341 2.19 Turkey Akbank 144,966 414,891 0.15 Anadolu Efes Biracilik Ve Malt Sanayii 11,583 78,349 0.03 Arcelik 12,342 81,251 0.03 BIM Birlesik Magazalar 13,907 271,083 0.10 CocaCola Icecek 6,840 83,547 0.03 Emlak Konut Gayrimenkul Yatirim Ortakligi REIT 139,142 138,385 0.05 Eregli Demir ve Celik Fabrikalari 83,647 118,099 0.04 Ford Otomotiv Sanayi 2,956 31,464 0.01 Haci Omer Sabanci Holding 64,082 209,924 0.07 KOC Holding 46,870 213,845 0.08 Petkim Petrokimya Holding 71,145 95,005 0.03 TAV Havalimanlari Holding 19,075 81,791 0.03 Tofas Turk Otomobil Fabrikasi 12,717 104,550 0.04 Tupras Turkiye Petrol Rafinerileri 8,026 177,948 0.06 Turk Hava Yollari 28,942 57,570 0.02 Turk Telekomunikasyon 51,191 107,700 0.04 Turkcell Iletisim Hizmetleri 65,722 241,580 0.09 Turkiye Garanti Bankasi 173,754 458,007 0.16 Turkiye Halk Bankasi 45,219 134,291 0.05 Turkiye Is Bankasi 115,659 183,406 0.07 Turkiye Sise ve Cam Fabrikalari 30,424 37,558 0.01 Turkiye Vakiflar Bankasi 69,662 109,255 0.04 Nominal Fair value % of holdings US$ Net assets Turkey Ulker Biskuvi Sanayi 12,159 88,799 0.03 Yapi ve Kredi Bankasi 59,981 83,017 0.03 3,601,315 1.29 United Arab Emirates Abu Dhabi Commercial Bank 143,930 237,070 0.09 Aldar Properties 203,364 148,933 0.05 Arabtec Holding 243,690 90,227 0.03 DP World 10,934 181,442 0.07 Dubai Financial Market 104,943 35,997 0.01 Dubai Islamic Bank 91,450 127,226 0.05 Emaar Malls Group 108,194 83,064 0.03 Emaar Properties 268,307 452,892 0.16 Emirates Telecommunications Group 131,515 678,515 0.24 First Gulf Bank 73,708 252,851 0.09 National Bank of Abu Dhabi 35,325 92,907 0.03 2,381,124 0.85 United States of America Southern Copper 6,466 175,336 0.06 Total equities 272,904,137 97.54 Total transferable securities 272,904,137 97.54 Financial derivative instruments Portfolio Statement Warrants Malaysia Gamuda 4,916 1,146 0.00 Thailand Banpu 41,550 10,878 0.00 Total warrants 12,024 0.00 MGI Funds plc 249

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 22/07/2016 31 0.00 USD 1* 12,897 HKD 100,000 12/08/2016 1 0.00 Unrealised gain on open forward foreign currency contracts 32 0.00 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 144 138,003 0.05 Unrealised gain on futures contracts at positive fair value 138,003 0.05 Total financial derivative instruments 150,059 0.05 Total financial assets at fair value through profit or loss 273,054,196 97.59 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 273,054,163 97.59 Cash 5,335,566 1.91 Net current assets 1,391,569 0.50 Total net assets attributable to holders of redeemable participating shares 279,781,298 100.00 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; 97.49 OTC financial derivative instruments; 0.05 Other current assets 2.46 100.00 MGI Funds plc 250

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 10.23 Consumer Staples 8.24 Energy 7.28 Financials 25.47 Industrials 5.98 Information Technology 21.99 Materials 6.18 Telecommunication Services 6.49 MGI Funds plc 251

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 8 790,234 5.25 Ireland Fundlogic Alternatives MS Lynx UCITS Fund EUR 835 866,637 5.76 Fundlogic Alternatives IPM Systematic Macro UCITS Fund EUR 1,001 1,079,804 7.18 Gam Star Discretionary FX EUR 93,209 898,902 5.98 Mercer MGI Euro Cash Fund EUR 9,698 1,089,687 7.24 Russell Investment Acadian Global Leveraged Market Neutral Equity UCITS EUR 160,638 1,337,308 8.89 QC VPRO Dynamic UCITS Fund EUR 1,110 1,109,112 7.37 6,381,450 42.42 Luxembourg AQR UCITS Funds Style Premia UCITS Fund EUR 14,996 1,633,509 10.86 Merrill Lynch Investment Solutions AQR Global Relative Value UCITS Fund EUR 11,409 1,353,577 9.00 Portland Hill EUR 13,400 1,336,566 8.88 Winton Alternative Investment Fund SICAVSIFDiversified Fund Lux EUR 10,200 996,934 6.63 5,320,586 35.37 United Kingdom BlackRock UK Absolute Alpha Fund GBP 1,226,745 2,079,875 13.82 Total investment funds 14,572,145 96.86 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 27/07/2016 38,808 0.26 Unrealised gain on open forward foreign currency contracts 38,808 0.26 Total financial derivatives instruments 38,808 0.26 Total financial assets at fair value through profit or loss 14,610,953 97.12 Total investments at fair value through profit or loss 14,610,953 97.12 Cash 437,363 2.91 Net current liabilities (4,121) (0.03) Net assets attributable to holders of redeemable participating shares 15,044,195 100.00 MGI Funds plc 252

Mercer UCITS Alternatives Strategies Portfolio Statement Total assets comprised as follows: % of total assets UCITS and NONUCITS CIS; 96.76 OTC financial derivative instruments; 0.26 Other current assets 2.98 100.00 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

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) 4.25 21/04/2026 AUD 6,920,000 5,571,403 1.77 Australia (Government of) 3.75 21/04/2037 AUD 3,895,000 3,103,687 0.99 8,675,090 2.76 Belgium Belgium (Government of) 1.00 22/06/2031 EUR 955,000 1,017,422 0.32 Brazil Brazilian Government International Bond 4.88 22/01/2021 USD 665,000 632,108 0.20 Canada Canada Housing Trust No 1 3.35 15/12/2020 CAD 4,335,000 3,317,043 1.06 Canada Housing Trust No 1 3.80 15/06/2021 CAD 12,375,000 9,727,240 3.10 Canada Housing Trust No 1 2.55 15/03/2025 CAD 3,320,000 2,504,583 0.80 Canada Housing Trust No 1 2.25 15/12/2025 CAD 5,190,000 3,815,799 1.21 Province of Ontario Canada 1.90 08/09/2017 CAD 1,750,000 1,230,127 0.39 20,594,792 6.56 Denmark Denmark (Kingdom of) 3.00 15/11/2021 DKK 12,960,000 2,058,238 0.66 France France (Government of) 0.50 25/11/2019 EUR 855,000 883,539 0.28 France (Government of) 2.50 25/10/2020 EUR 760,000 856,619 0.27 France (Government of) 3.25 25/10/2021 EUR 225,000 268,317 0.09 France (Government of) 0.50 25/05/2025 EUR 2,574,000 2,673,764 0.85 France (Government of) 2.50 25/05/2030 EUR 664,000 850,637 0.27 France (Government of) 3.25 25/05/2045 EUR 1,000,000 1,589,972 0.51 7,122,848 2.27 Germany Bundesrepublik Deutschland 2.00 04/01/2022 EUR 445,000 508,090 0.16 Bundesrepublik Deutschland 6.25 04/01/2030 EUR 1,380,000 2,569,587 0.82 Bundesrepublik Deutschland 5.50 04/01/2031 EUR 900,000 1,617,764 0.51 Bundesrepublik Deutschland 2.50 04/07/2044 EUR 2,365,000 3,726,818 1.19 8,422,259 2.68 Indonesia Indonesia (Government of) 3.38 15/04/2023 USD 985,000 894,767 0.29 Italy Italy Buoni Poliennali Del Tesoro 4.25 01/09/2019 EUR 1,615,000 1,829,193 0.58 Italy Buoni Poliennali Del Tesoro 4.00 01/09/2020 EUR 216,000 250,365 0.08 Italy Buoni Poliennali Del Tesoro 3.75 01/03/2021 EUR 695,000 806,459 0.26 Italy Buoni Poliennali Del Tesoro 3.75 01/05/2021 EUR 3,282,000 3,817,201 1.22 Italy Buoni Poliennali Del Tesoro 1.35 15/04/2022 EUR 5,046,000 5,278,109 1.68 Italy Buoni Poliennali Del Tesoro 5.50 01/11/2022 EUR 1,070,000 1,390,337 0.44 Italy Buoni Poliennali Del Tesoro 4.50 01/05/2023 EUR 590,000 737,117 0.23 Italy Buoni Poliennali Del Tesoro 2.00 01/12/2025 EUR 890,000 949,215 0.30 Italy Buoni Poliennali Del Tesoro 4.00 01/02/2037 EUR 1,125,000 1,494,751 0.48 Italy Buoni Poliennali Del Tesoro 3.25 01/09/2046 EUR 2,280,000 2,748,680 0.88 19,301,427 6.15 Japan Japan Government Ten Year Bond 0.10 20/03/2026 JPY 815,600,000 7,402,875 2.36 Japan Government Thirty Year Bond 2.00 20/12/2033 JPY 77,300,000 916,744 0.29 Japan Government Thirty Year Bond 2.30 20/12/2036 JPY 90,000,000 1,144,714 0.36 Japan Government Thirty Year Bond 2.00 20/03/2042 JPY 49,750,000 643,115 0.21 MGI Funds plc 254

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 2.10 20/06/2029 JPY 1,028,200,000 11,680,340 3.72 Japan Government Twenty Year Bond 1.40 20/09/2034 JPY 618,150,000 6,787,288 2.16 28,575,076 9.10 Mexico Mexican (Government of) 6.50 10/06/2021 MXN 92,720,000 4,732,374 1.51 Mexican (Government of) 10.00 05/12/2024 MXN 16,456,100 1,031,053 0.33 Mexican (Government of) 5.75 05/03/2026 MXN 44,310,000 2,147,982 0.68 Mexican (Government of) 7.75 13/11/2042 MXN 23,345,000 1,328,067 0.42 9,239,476 2.94 Netherlands Netherlands (Kingdom of) 0.25 15/07/2025 EUR 2,053,274 2,106,196 0.67 New Zealand New Zealand (Government of) 5.50 15/04/2023 NZD 1,080,000 842,357 0.27 Peru Fondo MIVIVIENDA 3.50 31/01/2023 USD 535,000 482,774 0.15 Poland Poland Government Bond 5.75 25/10/2021 PLN 2,220,000 593,381 0.19 Poland Government Bond 3.25 25/07/2025 PLN 5,280,000 1,241,364 0.40 1,834,745 0.59 Singapore Singapore (Government of) 3.38 01/09/2033 SGD 328,000 253,937 0.08 Spain FADE Fondo de Amortizacion del Deficit Electrico 4.13 17/03/2017 EUR 700,000 720,702 0.23 Spain Government Bond 4.40 31/10/2023 EUR 655,000 826,138 0.26 Spain Government Bond 1.95 30/07/2030 EUR 676,000 709,025 0.23 Spain Government Bond 4.70 30/07/2041 EUR 1,665,000 2,486,302 0.79 4,742,167 1.51 Sweden Kommuninvest I Sverige 2.50 01/12/2020 SEK 12,760,000 1,490,750 0.48 Turkey Turkey 9.40 08/07/2020 TRY 926,575 296,416 0.09 United Kingdom United Kingdom (Government of) 1.75 22/07/2019 GBP 1,572,000 1,980,484 0.63 United Kingdom (Government of) 1.75 07/09/2022 GBP 3,865,000 4,989,775 1.59 United Kingdom (Government of) 5.00 07/03/2025 GBP 3,055,000 4,966,366 1.58 United Kingdom (Government of) 2.00 07/09/2025 GBP 7,080,000 9,338,890 2.98 United Kingdom (Government of) 4.75 07/12/2030 GBP 1,060,000 1,844,235 0.59 United Kingdom (Government of) 4.25 07/12/2040 GBP 530,000 961,977 0.31 United Kingdom (Government of) 4.50 07/12/2042 GBP 1,590,000 3,048,364 0.97 United Kingdom (Government of) 3.25 22/01/2044 GBP 479,000 766,295 0.24 United Kingdom (Government of) 2.50 22/07/2065 GBP 720,000 1,161,459 0.37 29,057,845 9.26 United States of America Fannie Mae Pool 4.00 01/12/2044 USD 1,448,086 1,433,543 0.46 Federal National Mortgage Association 09/10/2019 USD 780,000 674,774 0.21 Ginnie Mae II Pool 3.50 20/07/2046 USD 3,160,000 3,019,190 0.96 United States Treasury Bond 5.38 15/02/2031 USD 2,690,000 3,592,776 1.14 United States Treasury Bond 3.00 15/11/2045 USD 3,385,000 3,503,628 1.12 MGI Funds plc 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 United States of America United States Treasury Inflation Indexed Bonds 0.13 15/04/2019 USD 6,794,163 6,247,264 1.99 United States Treasury Note 1.25 31/01/2020 USD 5,185,000 4,736,095 1.51 United States Treasury Note 1.38 31/03/2020 USD 2,895,000 2,655,605 0.85 United States Treasury Note 1.38 30/04/2020 USD 2,625,000 2,407,747 0.77 United States Treasury Note 1.25 31/03/2021 USD 10,005,000 9,110,998 2.90 United States Treasury Note 1.63 15/08/2022 USD 2,027,000 1,871,356 0.60 United States Treasury Note 2.00 15/02/2025 USD 2,475,000 2,331,340 0.74 41,584,316 13.25 Total government bonds 189,225,006 60.28 Corporate bonds Australia Australia & New Zealand Banking Group 3.63 18/07/2022 EUR 540,000 654,279 0.21 Commonwealth Bank of Australia 3.00 03/05/2022 EUR 890,000 1,040,372 0.33 National Australia Bank 2.00 22/02/2019 USD 1,127,000 1,033,016 0.33 Rio Tinto Finance USA 3.75 15/06/2025 USD 761,000 717,922 0.23 Westpac Banking 0.63 14/01/2022 EUR 1,226,000 1,265,255 0.40 4,710,844 1.50 Belgium AnheuserBusch InBev 0.88 17/03/2022 EUR 755,000 775,239 0.25 AnheuserBusch InBev SA/NV 1.50 17/03/2025 EUR 755,000 797,054 0.25 1,572,293 0.50 British Virgin Islands State Grid Overseas Investment 2016 1.25 19/05/2022 EUR 214,000 217,278 0.07 Canada Bank of Nova Scotia 1.75 22/03/2017 USD 950,000 859,034 0.27 Bell Canada 3.35 18/06/2019 CAD 167,000 120,829 0.04 Bell Canada 3.25 17/06/2020 CAD 329,000 239,744 0.08 Bell Canada 4.70 11/09/2023 CAD 225,000 178,270 0.06 National Bank of Canada 1.50 25/03/2021 EUR 732,000 786,320 0.25 Rogers Communications 4.00 06/06/2022 CAD 395,000 299,359 0.10 Yamana Gold 4.95 15/07/2024 USD 396,000 351,251 0.11 2,834,807 0.91 Cayman Islands Seagate HDD Cayman 4.75 01/01/2025 USD 431,000 307,213 0.10 Yorkshire Power Finance 7.25 04/08/2028 GBP 200,000 352,258 0.11 659,471 0.21 Channel Islands UBS Group Funding Jersey 4.13 24/09/2025 USD 367,000 343,077 0.11 Chile Empresa de Transporte de Pasajeros Metro 4.75 04/02/2024 USD 728,000 704,170 0.22 China Tencent Holdings 3.38 02/05/2019 USD 378,000 353,187 0.11 Colombia Ecopetrol 7.38 18/09/2043 USD 255,000 229,533 0.07 Ecopetrol 5.88 28/05/2045 USD 267,000 210,053 0.07 MGI Funds plc 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 Corporate bonds Colombia Empresa de Energia de Bogota 6.13 10/11/2021 USD 695,000 654,525 0.21 Oleoducto Central 4.00 07/05/2021 USD 411,000 362,370 0.12 1,456,481 0.47 Curacao SUAM Finance 4.88 17/04/2024 USD 476,000 445,601 0.14 Denmark Danske Bank 3.50 16/04/2018 EUR 443,000 472,771 0.15 Danske Bank 0.38 26/08/2019 EUR 602,000 613,079 0.20 1,085,850 0.35 France BNP Paribas 2.38 14/09/2017 USD 479,000 437,449 0.14 BNP Paribas 5.00 15/01/2021 USD 575,000 581,665 0.19 BPCE 5.70 22/10/2023 USD 915,000 886,371 0.28 Dexia Credit Local 1.88 17/07/2017 GBP 1,000,000 1,213,997 0.39 Dexia Credit Local 0.63 21/01/2022 EUR 1,950,000 2,007,574 0.64 Dexia Credit Local SA/New York NY 1.25 18/10/2016 USD 390,000 351,426 0.11 Dexia Credit Local SA/New York NY 1.50 07/10/2017 USD 555,000 502,602 0.16 Societe Generale 2.63 16/09/2020 USD 878,000 810,638 0.26 Total 3.88 29/12/2049 EUR 155,000 161,168 0.05 Veolia Environnement 6.13 25/11/2033 EUR 224,000 386,776 0.12 7,339,666 2.34 Germany Daimler 1.63 02/12/2016 GBP 800,000 965,365 0.31 FMS Wertmanagement AoeR 3.38 17/06/2021 EUR 300,000 354,600 0.11 Muenchener Rueckversicherungs 6.25 26/05/2042 EUR 100,000 120,589 0.04 1,440,554 0.46 Guernsey Credit Suisse Group Funding Guernsey 2.75 26/03/2020 USD 805,000 716,032 0.23 Credit Suisse Group Funding Guernsey 4.55 17/04/2026 USD 350,000 327,467 0.10 1,043,499 0.33 Ireland Bank of Ireland Mortgage Bank 0.50 20/01/2020 EUR 234,000 238,175 0.08 Perrigo Finance Unlimited 3.50 15/12/2021 USD 217,000 201,261 0.06 439,436 0.14 Japan Mitsubishi UFJ Financial Group 3.85 01/03/2026 USD 234,000 230,075 0.07 Mizuho Bank 2.45 16/04/2019 USD 460,000 422,339 0.13 Nomura Holdings 2.00 13/09/2016 USD 855,000 770,977 0.25 1,423,391 0.45 Luxembourg Actavis Funding SCS 3.00 12/03/2020 USD 477,000 443,191 0.14 Actavis Funding SCS 3.85 15/06/2024 USD 255,000 240,604 0.08 Actavis Funding SCS 3.80 15/03/2025 USD 410,000 385,184 0.12 1,068,979 0.34 Morocco OCP 5.63 25/04/2024 USD 313,000 299,581 0.10 Netherlands Cooperatieve Rabobank 4.38 04/08/2025 USD 488,000 459,683 0.15 Deutsche Telekom International Finance 1.50 03/04/2028 EUR 313,000 329,841 0.11 MGI Funds plc 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 Corporate bonds Netherlands E.ON International Finance 6.00 30/10/2019 GBP 550,000 754,164 0.24 Myriad International Holdings 6.00 18/07/2020 USD 865,000 852,613 0.27 RWE Finance 5.50 06/07/2022 GBP 550,000 755,282 0.24 Teva Pharmaceutical Finance Netherlands II 1.88 31/03/2027 EUR 300,000 295,857 0.09 3,447,440 1.10 Peru Minsur 6.25 07/02/2024 USD 264,000 242,387 0.08 Portugal TagusSociedade de Titularizacao de Creditos 2.98 16/02/2018 EUR 179,533 181,418 0.06 Spain Banco de Sabadell 0.88 12/11/2021 EUR 600,000 619,286 0.20 Banco Popular Espanol 1.00 03/03/2022 EUR 800,000 834,391 0.27 CaixaBank 1.00 09/01/2018 EUR 400,000 399,936 0.13 CaixaBank 3.88 17/02/2025 EUR 200,000 254,403 0.08 Santander Issuances SAU 5.18 19/11/2025 USD 800,000 720,732 0.23 2,828,748 0.91 Sweden Nordea Bank 3.13 20/03/2017 USD 780,000 712,377 0.23 Nordea Bank 4.88 13/05/2021 USD 755,000 748,172 0.24 Nordea Hypotek 1.25 19/05/2021 SEK 13,700,000 1,509,639 0.44 Skandinaviska Enskilda Banken AB 1.50 15/12/2021 SEK 7,000,000 778,005 0.25 Stadshypotek AB 4.50 21/09/2022 SEK 6,000,000 778,763 0.25 Swedbank Hypotek 1.00 16/12/2020 SEK 13,800,000 1,507,053 0.48 6,034,009 1.89 Switzerland Credit Suisse AG/Guernsey 0.75 17/09/2021 EUR 721,000 747,881 0.24 UBS 7.63 17/08/2022 USD 250,000 255,412 0.08 1,003,293 0.32 Turkey Turkiye Vakiflar Bankasi Tao 2.38 04/05/2021 EUR 203,000 203,799 0.06 United Arab Emirates Abu Dhabi National Energy PJSC 3.63 22/06/2021 USD 324,000 306,225 0.10 United Kingdom Bank of Scotland 4.75 08/06/2022 EUR 985,000 1,250,059 0.40 Barclays 2.63 11/11/2025 EUR 325,000 306,085 0.10 Barclays Bank 10.00 21/05/2021 GBP 175,000 261,984 0.08 BP Capital Markets 2.18 28/09/2021 EUR 446,000 485,860 0.15 British Telecommunications 9.38 15/12/2030 USD 178,000 247,418 0.08 Centrica 4.00 16/10/2023 USD 635,000 608,826 0.19 Lloyds Banking Group 4.58 10/12/2025 USD 555,000 503,154 0.16 Nationwide Building Society 6.25 25/02/2020 USD 840,000 866,929 0.28 Royal Bank of Scotland 9.50 16/03/2022 USD 985,000 924,188 0.29 Royal Bank of Scotland Group 1.63 25/06/2019 EUR 346,000 350,544 0.11 Santander UK 0.88 13/01/2020 EUR 208,000 208,466 0.07 Santander UK 4.25 12/04/2021 EUR 450,000 539,378 0.17 Santander UK 5.00 07/11/2023 USD 630,000 584,038 0.19 7,136,929 2.27 United States of America 21st Century Fox America 3.00 15/09/2022 USD 235,000 220,623 0.07 AbbVie 2.50 14/05/2020 USD 223,000 205,395 0.07 MGI Funds plc 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 United States of America AbbVie 3.60 14/05/2025 USD 649,000 613,260 0.20 Aetna 2.40 15/06/2021 USD 630,000 579,246 0.18 Ahold Finance USA LLC 6.88 01/05/2029 USD 376,000 448,712 0.14 Air Products & Chemicals 2.75 03/02/2023 USD 640,000 594,125 0.19 American Tower 4.70 15/03/2022 USD 635,000 631,551 0.20 Apache 2.63 15/01/2023 USD 835,000 745,598 0.24 AT&T 3.80 15/03/2022 USD 289,000 276,705 0.09 AT&T 3.60 17/02/2023 USD 838,000 788,011 0.25 AT&T 2.50 15/03/2023 EUR 625,000 689,699 0.22 AT&T 4.45 01/04/2024 USD 550,000 544,763 0.17 AT&T 3.95 15/01/2025 USD 263,000 252,081 0.08 AT&T 3.40 15/05/2025 USD 90,000 83,022 0.03 Bank of America 2.60 15/01/2019 USD 1,145,000 1,055,275 0.34 Bank of America 4.00 22/01/2025 USD 515,000 473,371 0.15 Bank of America 4.88 01/04/2044 USD 305,000 314,117 0.10 Baxalta 5.25 23/06/2045 USD 330,000 322,919 0.10 Becton Dickinson and 2.68 15/12/2019 USD 283,000 262,220 0.08 Becton Dickinson and 3.73 15/12/2024 USD 197,000 191,344 0.06 Berkshire Hathaway 1.13 16/03/2027 EUR 100,000 98,808 0.03 Biogen 2.90 15/09/2020 USD 315,000 295,786 0.09 Bunge Finance 8.50 15/06/2019 USD 640,000 674,495 0.21 CBS 3.50 15/01/2025 USD 696,000 645,304 0.21 Charter Communications Operating LLC / Charter Communications Operating Capital 4.91 23/07/2025 USD 935,000 921,805 0.29 Citigroup 1.70 27/04/2018 USD 805,000 726,089 0.23 Compass Bank 2.75 29/09/2019 USD 410,000 364,742 0.12 ConocoPhillips 5.75 01/02/2019 USD 805,000 797,665 0.25 Cox Communications 2.95 30/06/2023 USD 225,000 195,488 0.06 Devon Energy 5.00 15/06/2045 USD 495,000 417,189 0.13 Discovery Communications LLC 3.45 15/03/2025 USD 338,000 298,224 0.10 ebay 3.80 09/03/2022 USD 221,000 211,644 0.07 Energy Transfer Partners 4.65 01/06/2021 USD 500,000 465,192 0.15 Energy Transfer Partners 3.60 01/02/2023 USD 155,000 133,887 0.04 EnLink Midstream Partners 4.15 01/06/2025 USD 835,000 693,953 0.22 Entergy 4.00 15/07/2022 USD 568,000 549,360 0.18 Enterprise Products Operating LLC 4.90 15/05/2046 USD 330,000 321,297 0.10 Exelon Generation 4.25 15/06/2022 USD 875,000 841,102 0.27 FedEx 1.00 11/01/2023 EUR 1,070,000 1,085,451 0.32 Fidelity National Information Services 3.50 15/04/2023 USD 94,000 87,979 0.03 Fidelity National Information Services 5.00 15/10/2025 USD 3,000 3,071 0.00 Fifth Third Bancorp 2.30 01/03/2019 USD 404,000 371,378 0.12 Five Corners Funding Trust 4.42 15/11/2023 USD 565,000 549,737 0.18 Ford Motor Credit 5.00 15/05/2018 USD 340,000 324,409 0.10 Ford Motor Credit 5.88 02/08/2021 USD 850,000 878,490 0.28 General Motors Financial 3.25 15/05/2018 USD 47,000 43,203 0.01 General Motors Financial 3.10 15/01/2019 USD 670,000 616,463 0.20 Gilead Sciences 3.65 01/03/2026 USD 326,000 319,702 0.10 Glencore Funding 2.13 16/04/2018 USD 415,000 364,372 0.12 Glencore Funding 4.13 30/05/2023 USD 195,000 161,721 0.05 Glencore Funding LLC 4.00 16/04/2025 USD 350,000 279,317 0.09 Goldman Sachs Group 7.50 15/02/2019 USD 390,000 401,707 0.13 Goldman Sachs Group 6.00 15/06/2020 USD 285,000 292,978 0.09 Goldman Sachs Group 3.75 22/05/2025 USD 1,305,000 1,229,054 0.39 Halliburton 5.00 15/11/2045 USD 405,000 402,559 0.13 Hartford Financial Services Group 5.13 15/04/2022 USD 845,000 866,134 0.28 Healthcare Trust of America Holdings 3.38 15/07/2021 USD 204,000 188,914 0.06 Hess 8.13 15/02/2019 USD 265,000 265,983 0.08 Hewlett Packard Enterprise 4.90 15/10/2025 USD 665,000 626,558 0.20 HP 3.75 01/12/2020 USD 72,000 68,528 0.02 MGI Funds plc 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 United States of America HP 4.38 15/09/2021 USD 62,000 60,184 0.02 HP 4.65 09/12/2021 USD 155,000 151,054 0.05 Humana 7.20 15/06/2018 USD 515,000 513,564 0.16 Kinder Morgan 5.00 15/02/2021 USD 890,000 845,191 0.27 Kinder Morgan Energy Partners 2.65 01/02/2019 USD 214,000 192,664 0.06 Kinder Morgan Inc/DE 2.25 16/03/2027 EUR 442,000 408,085 0.13 KLATencor 4.65 01/11/2024 USD 575,000 565,566 0.18 Kohl's 4.25 17/07/2025 USD 469,000 424,085 0.14 Kraft Heinz Foods 2.80 02/07/2020 USD 500,000 467,799 0.15 Kraft Heinz Foods 3.50 15/07/2022 USD 352,000 336,956 0.11 Lincoln National 8.75 01/07/2019 USD 255,000 271,702 0.09 Marathon Oil 6.60 01/10/2037 USD 185,000 168,823 0.05 Mellon Capital III 6.37 05/09/2066 GBP 500,000 600,288 0.19 MetLife 4.75 08/02/2021 USD 710,000 714,102 0.23 MetLife Capital Trust IV 7.88 15/12/2067 USD 108,000 116,414 0.04 Monongahela Power 4.10 15/04/2024 USD 375,000 371,671 0.12 Morgan Stanley 3.88 29/04/2024 USD 470,000 453,618 0.14 Mosaic 5.63 15/11/2043 USD 239,000 239,471 0.08 Nationwide Mutual Insurance 9.38 15/08/2039 USD 270,000 371,683 0.12 Newell Brands 3.15 01/04/2021 USD 619,000 581,089 0.19 Newell Brands 3.85 01/04/2023 USD 253,000 241,901 0.08 Noble Energy 3.90 15/11/2024 USD 473,000 433,285 0.14 ONEOK Partners 3.20 15/09/2018 USD 215,000 195,662 0.06 Penske Truck Leasing / PTL Finance 3.38 01/02/2022 USD 840,000 772,024 0.25 Plains All American Pipeline / PAA Finance 3.60 01/11/2024 USD 576,000 487,759 0.16 Prudential Financial 5.63 15/06/2043 USD 202,000 189,840 0.06 Qualcomm 3.00 20/05/2022 USD 825,000 784,311 0.25 Reynolds American 4.45 12/06/2025 USD 655,000 661,503 0.21 Reynolds American 5.85 15/08/2045 USD 262,000 302,504 0.10 S&P Global 4.40 15/02/2026 USD 273,000 276,338 0.09 Schlumberger Holdings 2.35 21/12/2018 USD 815,000 748,187 0.24 Time Warner 3.55 01/06/2024 USD 460,000 440,635 0.14 Time Warner 3.60 15/07/2025 USD 320,000 305,365 0.10 Time Warner 7.63 15/04/2031 USD 150,000 185,651 0.06 Time Warner Cable 4.13 15/02/2021 USD 940,000 896,633 0.29 TransAllegheny Interstate Line 3.85 01/06/2025 USD 412,000 397,232 0.13 Verizon Communications 4.86 21/08/2046 USD 557,000 550,294 0.18 Wells Fargo & Co 4.13 15/08/2023 USD 865,000 839,032 0.27 Welltower 4.00 01/06/2025 USD 963,000 912,710 0.29 Williams Partners 4.13 15/11/2020 USD 685,000 611,333 0.19 Williams Partners 4.50 15/11/2023 USD 300,000 259,386 0.08 Williams Partners 3.90 15/01/2025 USD 338,000 277,032 0.09 45,994,401 14.67 Total corporate bonds 94,816,814 30.21 Mortgage backed securities United States of America Banc of America Commercial Mortgage Trust 20074 5.77 10/02/2051 USD 1,540,492 1,432,439 0.46 BHMS 2014ATLS Mortgage Trust 3.60 05/07/2033 USD 950,000 899,568 0.29 Citigroup Commercial Mortgage Trust 2006C5 5.43 15/10/2049 USD 807,149 727,972 0.23 COMM 2007C9 Mortgage Trust 6.01 10/12/2049 USD 777,447 721,662 0.23 COMM 2014SAVA Mortgage Trust 1.59 15/06/2034 USD 323,869 291,552 0.09 Commercial Mortgage Loan Trust 2008LS1 6.30 10/12/2049 USD 1,208,508 1,140,452 0.36 Commercial Mortgage Trust 2007GG9 5.44 10/03/2039 USD 817,560 742,752 0.24 Fannie Mae Connecticut Avenue Securities 2.05 25/01/2024 USD 544,434 489,906 0.16 Fannie Mae Connecticut Avenue Securities 2.40 25/11/2024 USD 594,189 537,140 0.17 Fannie Mae Connecticut Avenue Securities 2.55 25/11/2024 USD 295,784 267,306 0.09 MGI Funds plc 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 Mortgage backed securities United States of America Fannie Mae Connecticut Avenue Securities 1.95 25/02/2025 USD 214,982 193,662 0.06 Fannie Mae Connecticut Avenue Securities 1.65 25/05/2025 USD 529,697 476,131 0.15 Fannie Mae Connecticut Avenue Securities 1.95 25/07/2025 USD 1,040,874 941,649 0.30 Fannie Mae Connecticut Avenue Securities 1.95 25/07/2025 USD 303,867 274,353 0.09 Fannie Mae Connecticut Avenue Securities 2.40 25/08/2028 USD 1,111,616 1,008,987 0.32 Fannie Mae Connecticut Avenue Securities 2.55 25/08/2028 USD 411,772 372,407 0.12 Fannie Mae Connecticut Avenue Securities 2.60 25/09/2028 USD 1,204,993 1,097,889 0.35 Fannie Mae Connecticut Avenue Securities 2.45 25/10/2028 USD 462,000 418,943 0.13 Fannie Mae Connecticut Avenue Securities 2.65 25/10/2028 USD 974,000 886,106 0.28 Freddie Mac Structured Agency Credit Risk Debt Notes 2.65 25/02/2024 USD 760,000 693,709 0.22 Freddie Mac Structured Agency Credit Risk Debt Notes 2.85 25/08/2024 USD 382,616 347,139 0.11 Freddie Mac Structured Agency Credit Risk Debt Notes 2.95 25/08/2024 USD 1,490,000 1,363,809 0.44 Freddie Mac Structured Agency Credit Risk Debt Notes 1.90 25/09/2024 USD 674,193 610,367 0.19 Freddie Mac Structured Agency Credit Risk Debt Notes 2.10 25/10/2024 USD 11,288 10,167 0.00 Freddie Mac Structured Agency Credit Risk Debt Notes 2.65 25/03/2025 USD 560,000 506,453 0.16 Freddie Mac Structured Agency Credit Risk Debt Notes 2.40 25/05/2025 USD 115,000 102,769 0.03 Freddie Mac Structured Agency Credit Risk Debt Notes 2.30 25/10/2027 USD 345,000 310,458 0.10 Freddie Mac Structured Agency Credit Risk Debt Notes 3.05 25/12/2027 USD 996,673 914,942 0.29 Freddie Mac Structured Agency Credit Risk Debt Notes 3.10 25/03/2028 USD 830,000 764,957 0.24 Freddie Mac Structured Agency Credit Risk Debt Notes 3.30 25/04/2028 USD 498,105 461,278 0.15 Freddie Mac Structured Agency Credit Risk Debt Notes 3.25 25/05/2028 USD 584,038 538,698 0.17 Freddie Mac Structured Agency Credit Risk Debt Notes 3.35 25/07/2028 USD 412,225 382,893 0.12 Freddie Mac Structured Agency Credit Risk Debt Notes 3.20 25/09/2028 USD 448,253 407,720 0.13 Freddie Mac Structured Agency Credit Risk Debt Notes 2.65 25/10/2028 USD 350,000 317,805 0.10 GS Mortgage Securities Trust 2013G1 2.06 10/04/2031 USD 419,158 376,536 0.12 JP Morgan Chase Commercial Mortgage Securities Trust 2007LDP10 5.42 15/01/2049 USD 395,040 360,971 0.12 JP Morgan Chase Commercial Mortgage Securities Trust 2007LDP10 5.44 15/01/2049 USD 842,941 772,299 0.25 JP Morgan Chase Commercial Mortgage Securities Trust 2012CIBX 5.22 15/06/2045 USD 311,607 279,517 0.09 JP Morgan Chase Commercial Mortgage Securities Trust 2014INN 1.36 15/06/2029 USD 960,000 854,506 0.27 LBUBS Commercial Mortgage Trust 2006C6 5.37 15/09/2039 USD 185,166 166,813 0.05 MLCFC Commercial Mortgage Trust 20064 5.17 12/12/2049 USD 141,396 128,021 0.04 MLCFC Commercial Mortgage Trust 20079 5.70 12/09/2049 USD 787,617 737,635 0.24 Rabobank Capital Funding Trust III 5.25 29/12/2049 USD 670,000 603,842 0.19 Rabobank Capital Funding Trust IV 5.56 29/10/2049 GBP 160,000 197,966 0.06 Resource Capital Corp 2014CRE2 1.48 15/04/2032 USD 231,486 205,354 0.07 SBA Tower Trust 2.90 15/10/2044 USD 460,000 420,177 0.13 SBA Tower Trust 3.87 15/10/2049 USD 374,000 345,715 0.11 Starwood Retail Property Trust 2014STAR 1.65 15/11/2027 USD 591,129 526,537 0.17 Total mortgage backed securities 26,629,929 8.48 Total bonds 310,671,749 98.97 Total transferable securities 310,671,749 98.97 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 1,528 0.00 EUR 2* 39,286,852 GBP 30,095,387 21/07/2016 3,090,972 0.99 EUR 3* 3,235,078 GBP 2,467,471 21/07/2016 267,437 0.09 EUR 3* 3,051,879 SEK 28,396,884 09/09/2016 33,474 0.01 INR 4* 171,401,516 USD 2,528,046 15/07/2016 5,816 0.00 MGI Funds plc 261

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 05/08/2016 234,253 0.07 JPY 3* 295,659,681 EUR 2,482,583 05/08/2016 111,143 0.04 JPY 5* 39,212,771 EUR 332,646 05/08/2016 11,355 0.00 MXN 1* 3,965,420 EUR 188,518 04/08/2016 4,184 0.00 MYR 2* 10,415,446 USD 2,556,565 15/07/2016 22,427 0.01 RUB 4* 113,490,120 USD 1,737,714 18/08/2016 16,322 0.01 RUB 1* 57,257,859 USD 869,176 18/08/2016 15,004 0.00 TRY 2* 6,669,593 EUR 1,986,091 10/08/2016 80,669 0.03 TWD 3* 73,459,764 USD 2,272,651 05/08/2016 5,514 0.00 TWD 4* 72,363,350 USD 2,239,658 05/08/2016 4,598 0.00 USD 2* 6,989,412 CNY 46,082,691 20/07/2016 51,581 0.02 USD 4* 3,533,097 EUR 3,103,476 20/07/2016 75,095 0.02 USD 2* 1,930,164 EUR 1,697,654 20/07/2016 38,830 0.01 USD 1* 2,994,897 EUR 2,661,693 20/07/2016 32,684 0.01 USD 5* 6,944,215 EUR 6,242,823 20/07/2016 4,581 0.00 ZAR 5* 26,399,212 EUR 1,557,638 12/07/2016 61,869 0.02 ZAR 1* 6,346,783 EUR 370,841 12/07/2016 18,514 0.01 Unrealised gain on open forward foreign currency contracts 4,187,850 1.34 Total financial derivative instruments at positive fair value 4,187,850 1.34 Total financial assets at fair value through profit or loss 314,859,599 100.31 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

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 309,864,495 98.72 Cash 4,984,297 1.57 Net current liabilities (954,442) (0.29) Net assets attributable to holders of redeemable participating shares 313,894,350 100.00 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; 96.21 OTC financial derivative instruments; 1.30 Other current assets 2.49 100.00 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

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 31.85 98,956,301 AA+ 10.07 31,278,829 AA 4.23 13,150,867 AA 0.76 2,362,783 A+ 10.85 33,700,282 A 4.38 13,619,591 A 5.98 18,561,051 BBB+ 7.73 24,027,169 BBB 12.87 39,977,921 BBB 7.55 23,452,638 BB+ 0.80 2,476,291 BB 0.20 632,108 NR 2.73 8,475,918 100.00 310,671,749 Concentration Risk Mercer Investment Fund 6 s exposure to industries above 5% was as follows: 2016 % of NAV Financials 12.49 Sovereign 56.87 MGI Funds plc 264

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 1,472,787 314,935 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 28,449 502,342 41,464,714 10,081,771 52,306,403 (22,060) (3,165) (38,405) (63,630) 52,242,773 MGI Euro Cash Fund 5,238,107 528,491 4,306 343,370,624 349,141,528 (82,759) (135,935) (43,169) (261,863) 348,879,665 MGI Eurozone Equity Fund 5,308,485 192,707 2,871 866,553 247,259,650 363,340 253,993,606 (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 4,534,571 780,719 5,387,679 (103) (4,963) (5,066) 5,382,613 MGI Global Equity Fund US$ 28,770,346 6,092,397 25,703,656 118,339 1,107,470 29,022,770 538,491,748 1,817,381 631,124,107 (9,534,606) (430,816) (243,956) (21,563,617) (31,772,995) 599,351,112 MGI Japanese Equity Fund 11,943,126 1,282,290 853,885,650 867,111,066 (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 1,817,619 195,792 26,009 20,077 373,245 30,423,652 1,459,601 234,032 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 544,415 170,000 132,917 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

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$ 1,716,022 180,846 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 1,278,338 869,217,939 967,273,820 (363,313) (95,389,855) (95,753,168) 871,520,652 MGI UK Long Gilt Fund GB 163,457 8,684,804 1,115,903 186,271,820 196,235,984 (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 20,912,623 973,102,486 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 15,443,104 408,695 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 1,490,896 868,090 1,426,414 974,580,067 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$ 69,482 731 64,500 134,713 (732) (133,981) (134,713) Mercer Global High Yield Bond Fund US$ 19,323,890 400,000 2,436,951 1,125,719 10,465,190 681,819,070 6,027,086 721,597,906 (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 5,242,449 546,454,975 2,630,610 579,885,010 (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 19,200,000 468,199,908 10,347,734 510,847,826 (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 2016. The accompanying notes form an integral part of these financial statements. MGI Funds plc 266

Re erse Ceposis Iran Fnanciaf Rnannai MGI Funds plc Statement of Financial Position 45.25, 133627 76,755,.., 43.957515 (126. (266.182) 183950 (9,805) (30,493,982) 11.965 14,572115 310,871743 (4995104) (3,966.370) 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$ 7:756:126 19 713.817 75267.1 2553.768 3,468330 33267,902 4099,135 137,363 4446157 1637.171 2291 631 4305.320 1,326.123 614.562 3,336.537 2634,821 28.831 53,924 4 363.108 952.092 6,645209 1,535441 3,479393 11364.25 8080 I 264,225 1,509,241 11825 3,070,565 MGI Funds plc 464463261 75100214 256459341 43281.316 79591734, 17.251264 403679093 521425436 933109782 151.876716 1 037.626.671 163 172,:4,137 Ii 695683915 8405,626 1765757950 6702633 3,196 952 34,198 11,954,102 150,059 38.605 4 187,850 83,700253 644,280559 940,345,286 286,120.819 1,055,007,985 48,558,932 286231400 279,939799 15,060,141 322,993,403 14,321,195,379 (37430001) (17993 145). (1035) (171Sf.991) (33) (195827.874) (1,220,000). (80,000) (41.533,224) 118) (175,958,467) (55,001.179) (447,566) (256,141) (115903) (451652) (20.570) (188,791) (132,031) (15,946) (76 322) (58657) (2764471) (9172.497). (145764) (3,323480) (277,669) (3446) (22,941) (39,147,587) (18,483889) (115,908) (3118,332) (299,434) (48224569) (158501) (15,946) (9,099053) (524,433,496) 605,132,972 921,861,397 286,004,911 1,051,229653 482Sf 238,006831 279,781,298 15,044,195 313,891360 13,796,761.883 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